Document:

Exhibit 10.1

 

SUMMIT WIRELESS TECHNOLOGIES, INC.

 

SETTLEMENT AGREEMENT AND RELEASE

 

This Confidential Settlement
Agreement and Release (the “Settlement Agreement”) is made by and between the stockholder executing the signature page
to this Agreement (the “Securityholder”), on the one hand, and Summit Wireless Technology, Inc. (the “Company”)
on the other hand. The Securityholder and the Company are each referred to as a “Party” and are collectively referred
to as the “Parties.”

 

WHEREAS, the Securityholder
purchased units of the Company (“Units”), pursuant to (i) a Unit Purchase Agreement, dated February 4, 2020 and (ii)
a Subscription Agreement executed and entered into on February 28, 2020 (the “Subscription Agreement”), in connection
with which Alexander Capital LLP served as placement agent (“Alexander Capital”), which Units were comprised of shares
of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) and common stock purchase warrants
to purchase shares of Common Stock (the “Warrants”); and

 

WHEREAS, Alexander
Capital has advised the Company of certain potential claims, on behalf of the Securityholder and the other investors that purchased
Units under the terms of the Subscription Agreement (the “Investors”), against that the Company as to its alleged failure
to timely register the shares of Common Stock and the shares issuable upon exercise of the Warrants (the “Claims”),
which alleged failure may have resulted in damages to the Securityholder and the other Investors; and

 

WHEREAS, the Company
denies any liability relating to the Claims and maintains a number of affirmative defenses thereto; and

 

WHEREAS, the Company
and the Investors have reached an agreement to settle their disputes relating to the Claims and desire to reduce said agreement
to writing; and

 

WHEREAS, after the
execution of the Subscription Agreement and the sale of the Units to the Securityholder, effective as of April 9, 2020, the Company
effected a reverse stock split of its shares of Common Stock so that all shares of Common Stock issued to the Securityholder and
the number of shares exercisable pursuant to the Securityholder’s Warrant were reduced to 1/20 of the number of shares of
Common Stock set forth under the Subscription Agreement and the Securityholder’s Warrant and the exercise price of the Securityholder’s
Warrant was proportionately increased, and all share amounts and the exercise prices set forth herein give effect to such reverse
stock split;

 

    	 	 	 

     

    

 

NOW THEREFORE, in consideration
for the mutual promises contained herein, and for the good and valuable consideration recited herein, the receipt and sufficiency
of which is hereby acknowledged, the Securityholder and the Company agree as follows:

 

1.              Amendment to Securityholder’s Warrant. As consideration for the Release provided by the Securityholder, as
provided in Section 4 hereafter, the Company agrees to execute, enter into and deliver to the Securityholder, the Warrant
Amendment with the Securityholder, in the form of Exhibit A annexed hereto (the “Warrant Amendment”), pursuant
to which the Warrant issued to the Securityholder, dated as of May 5, 2020, shall be amended to (a) to increase the number of shares
of Common Stock available for exercise under the Securityholder’s Warrant to the number of shares set forth on the signature
page to this Settlement Agreement and (b) to reduce the current exercise price of the Securityholder’s Warrant from $9.80
per share to $2.55 per share. In addition, the additional shares of Common Stock available for exercise under the Securityholder’s
Warrant shall be entitled to the registration rights set forth in a Registration Rights Agreement, in the form of Exhibit B
annexed hereto (the “Registration Rights Agreement”). The Warrant Amendment shall be delivered to Alexander Capital
for delivery to the Securityholder.

 

2.              Settlement Shares. As additional consideration for the Release provided by the Securityholder, as provided in Section
4 hereafter, within five (5) business days after the execution and delivery of this Settlement Agreement by both Parties, the
Company shall issue to the Securityholder such number of additional shares of Common Stock, as set forth on the signature page
to this Settlement Agreement (the “Settlement Shares”), which Settlement Shares shall be entitled to the registration
rights set forth in the Registration Rights Agreement. Sale of the Settlement Shares shall be subject to the restrictions set forth
in a Leak-Out Agreement, in the form of Exhibit C annexed hereto. The Settlement Shares shall be transferred into the Securityholder’s
possession according to the instructions provided by Alexander Capital.

 

3.              Settlement
Warrant. As further consideration for the Release provided by the Securityholder, as provided in Section 4 hereafter,
within five (5) business days after the execution and delivery of this Settlement Agreement by both Parties, the Company shall
issue to the Securityholder an additional common stock purchase warrant, in the form of Exhibit D annexed hereto (the “Settlement
Warrant”) to purchase up to such number of shares of Common Stock, as set forth on the signature page to this Settlement
Agreement (the “Settlement Warrant Shares”). The Settlement Warrant Shares shall be entitled to the registration rights
set forth in the Registration Rights Agreement. The Settlement Warrant shall be delivered to Alexander Capital for delivery to
the Securityholder.

 

4.              General Release of the Company. In exchange for the consideration detailed in Sections 1, 2 and 3
above, the Securityholder for itself, its administrators, representatives, successors and assigns (the “Securityholder Releasors”)
agrees to release any and all claims it may have against the Company and its predecessors and successors in interest, affiliates,
representatives, subsidiaries, parents, divisions, claims managers, heirs, assigns, insurers, re-insurers, shareholders, creditors,
liquidators, administrators, executors, former and present directors and officers, all employees, principals, agents or registered
representatives (“Company’s Related Persons and Entities”) from any and all manner of action and actions, cause
and causes of action, suits, proceedings, arbitrations, claims, grievances, debts, sums of money, claims for attorney fees, interest,
expenses and costs, covenants, contracts, controversies, agreements, promises, damages, losses, and demands of any nature whatsoever,
known or unknown, suspected or unsuspected, in law or in equity, civil or criminal, vested or contingent, which the Securityholder
ever had or now has or asserts against the Company and/or Company’s Related Persons and Entities, for, upon, or by reason
of any matter, cause, or thing whatsoever from the beginning of the world to the date hereof, except for any and all obligations
of the Company under this Settlement Agreement and the other agreements that are exhibits hereto (the “Securityholder Released
Claims”).

 

    	 	2	 

     

    

 

5.           Default. It is a material breach of this Settlement Agreement for the obligations described in Sections 1,
2 and 3 above, to not be completed how and when due, subject to the Securityholder’s compliance with its obligations
set forth in this Settlement Agreement including, without limitation, the restrictions set forth in the Leak-Out Agreement. If
the Company is in material breach of this Settlement Agreement, by failing to meet those obligations, or in any other manner, the
Securityholder is explicitly permitted to seek damages for such a breach. Either Party is entitled to costs or fees incurred by
the other Party in the event of its material breach.

 

6.           Fees. Each Party shall be responsible for their own attorneys’ fees and costs, in connection with the preparation
and negotiation of this Settlement Agreement and the other agreements that are exhibits hereto.

 

7.           Non-Disparagement. Each Party shall refrain from disparaging the other Party in public or private comment or writing.
Further, no Party shall disparage any employee, director, or independent contractor working for the other Party. Notwithstanding
the foregoing, the Company and the Securityholder will respond accurately and fully to any question, inquiry or request for information
as may be required by legal process, law, or regulation. Violation of this clause shall be a material breach of this Settlement
Agreement

 

8.           Representations, Warranties and Covenants of Securityholder. The Securityholder hereby represents, warrants, covenants
and agrees as follows:

 

(a)            No Assignment of Claims. Neither the Securityholder, nor any other Securityholder Releasor, nor anyone acting on
any of their behalves, has ever sold, assigned, transferred, conveyed or otherwise disposed of all or any part of the Securityholder
Released Claims released thereby hereunder, whether known or unknown.

 

(b)            No Proceedings Initiated. Neither the Securityholder, nor any other Securityholder Releasor, nor any individual or
entity related to any of them, nor anyone acting on any of their behalves, has filed or initiated any charge or claim, relating
to any of the Securityholder Released Claims, against the Company or any of the Company’s Related Persons and Entities in
any administrative or judicial proceeding.

 

(c)            No Voluntary Assistance. Provided that the Company is in material compliance with the terms of this Settlement Agreement,
neither the Securityholder, nor any other Securityholder Releasor, nor any individual or entity related to any of them, will voluntarily
assist, support, or cooperate with, directly or indirectly, any entity or person alleging or pursuing any claim, administrative
charge, or cause of action, relating to any of the Securityholder Released Claims, against the Company or any of or any of Company’s
Related Persons and Entities hereunder, including, without limitation, by providing testimony or other information, audio or video
recordings, or documents, other than as legally required.

 

    	 	3	 

     

    

 

(d)             Covenant Not-to-Sue. Provided that the Company is in material compliance with the terms of this Agreement, the Securityholder,
for itself and the other Securityholder Releasors, hereby covenants and agrees not to file, initiate or pursue a lawsuit against
the Company or any of the Company’s Related Persons and Entities, with respect to any of the Securityholder Released Claims,
and will not ask any other person or entity to initiate such a lawsuit on its or their behalves.

 

(e)             No Admission. The releases granted by the Securityholder hereunder shall not be construed as an admission by the
Company or any of Company’s Related Persons and Entities of any liability, or any acts of wrongdoing, or the violation of
any federal, state or local law, ordinance, regulation or custom, nor shall it be considered as evidence of any such alleged liability,
wrongdoing, or violation of any federal, state or local law, ordinance, regulation or custom.

 

(f)              Investigation. Each Securityholder Releasor acknowledges and agrees that it has made an acceptable investigation
of the facts pertaining to this settlement, this Settlement Agreement, and the matters pertaining hereto and thereto. Each Securityholder
Releasor further acknowledges and agrees that no Party to this Settlement Agreement has made representations outside of those contained
in this Settlement Agreement, and each Securityholder Releasor expressly agrees and represents that it has not relied on any representation
outside of this Settlement Agreement.

 

		9.	General Representations and Warranties.

 

(a)             Securityholder. The Securityholder hereby represents and warrants to the Company as follows: (i) the Securityholder,
if an entity, is duly organized, validly existing, and in good standing and has all requisite power and authority to carry on its
business as presently conducted and as proposed to be conducted; (ii) the individual signing this Settlement Agreement, on behalf
of the Securityholder, is an individual with capacity to enter into this Agreement on the Securityholder’s behalf; (iii)
all action required to be taken by the Securityholder in order to authorize its entrance into this Settlement Agreement has been
taken as of the date hereof, and the person signing this Agreement on behalf of the Securityholder, is duly authorized to do so;
(iv) this Settlement Agreement has been, or when executed and delivered, will be, duly and validly executed and delivered by the
Securityholder and will constitute valid and legally binding obligations of the Securityholder, enforceable against the Securityholder
in accordance with its terms, subject to (A) any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and similar laws of general applicability affecting creditors’ rights generally and (B) general principles of equity, whether
considered in a proceeding at law or in equity; and (v) the Securityholder has conferred with legal counsel of its choosing as
to the significance and legal effect of this Settlement Agreement.

 

    	 	4	 

     

    

 

(b)             Company. The Company hereby represents and warrants to the Securityholder as follows: (i) the Company is duly organized,
validly existing, and in good standing and has all requisite power and authority to carry on its business as presently conducted
and as proposed to be conducted; (ii) the individual signing this Settlement Agreement, on behalf of the Company, is an individual
with capacity to enter into this Agreement on the Company’s behalf; (iii) all action required to be taken by the Company
in order to authorize its entrance into this Settlement Agreement has been taken as of the date hereof, and the person signing
this Agreement on behalf of the Company, is duly authorized to do so; (iv) this Settlement Agreement has been, or when executed
and delivered, will be, duly and validly executed and delivered by the Company and will constitute valid and legally binding obligations
of the Company, enforceable against the Company in accordance with its terms, subject to (A) any applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar laws of general applicability affecting creditors’ rights generally
and (B) general principles of equity, whether considered in a proceeding at law or in equity; and (v) the Company has conferred
with legal counsel of its choosing as to the significance and legal effect of this Settlement Agreement.

 

(c)             Each Party covenants and agrees that all representations and warranties made thereby herein shall be true and correct on
the date of this Settlement Agreement.

 

10.         Integration.
This Settlement Agreement contains all agreements, covenants, representations and warranties, express or implied, oral or written,
of the Parties hereto concerning the subject matter hereof. No other agreements, covenants, representations, or warranties, express
or implied, oral or written, have been made by any Party hereto to any other Party concerning the subject matter hereof. All prior
and contemporaneous conversations, negotiations, possible and alleged agreements, representations, covenants, and warranties concerning
the subject matter hereof are merged and integrated herein.

 

11.         Modification and Waiver. This Settlement Agreement may not be modified, amended, or terminated except by an instrument
in writing, signed by each of the Parties affected thereby. No failure to exercise and no delay in exercising any right, remedy,
or power under this Settlement Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
remedy, or power under this agreement preclude any other or further exercise thereof, or the exercise of any other right, remedy,
or power provided herein, or by law or in equity.

 

    	 	5	 

     

    

 

12.         No Admissions. This Settlement Agreement represents the compromise of disputed claims and causes of action and there
is no admission of liability by any Party hereto, liability being expressly denied.

 

13.         Construction. In signing this Settlement Agreement, the Parties have relied wholly upon their own judgment and advice
of their own counsel and have not been influenced to any extent whatsoever in making this Settlement Agreement by any representations
or statements made by any other Party hereto. The Parties have jointly drafted this Settlement Agreement and no Party shall be
entitled to the benefit of any rule of law that states that in the event of an ambiguity the document shall be interpreted against
the interests of the drafting Party. The Parties each acknowledge that they have read this Settlement Agreement, that they are
relying solely upon the contents of this Settlement Agreement, and are not relying upon any other oral or written representations,
warranties, or inducements whatsoever as an inducement to enter into this Settlement Agreement, other than those referenced herein,
and acknowledge that no oral or written, express or implied representations, warranties, or covenants have been made which are
not referenced in this Settlement Agreement.

 

14.         Severability. If for any reason any provision of this Settlement Agreement is determined to be invalid or unenforceable,
the remaining provisions of this Settlement Agreement nevertheless shall be construed, performed, and enforced as if the invalidated
or unenforceable provision had not been included in the Settlement Agreement’s text. In the event that any term hereof is
found or deemed to be illegal or otherwise invalid or unenforceable, the other terms shall stand, and the Parties may attempt to
negotiate a valid new provision concerning the same subject matter.

 

15.         Choice of Law; Venue. This Settlement Agreement is to be interpreted and construed in accordance with the laws of
the State of New York without reference to any choice of law provisions of that State. Any disputes regarding this Settlement Agreement
or the interpretation thereof shall be litigated exclusively within the federal or state courts located in New York County, New
York, and the Parties waive any objection to such jurisdiction and venue as it relates to a dispute regarding this Settlement Agreement
or the interpretation thereof.

 

    	 	6	 

     

    

 

16.         Confidentiality. The Parties acknowledge that confidentiality and nondisclosure are material considerations for the
Parties entering into this Settlement Agreement. As such, the provisions of this Settlement Agreement shall be held in strictest
confidence by the Parties and shall not be publicized or disclosed in any manner whatsoever, including but not limited to, the
print or broadcast media, any public network such as the Internet, any other outbound data program such as computer generated mail,
reports, faxes, or any source likely to result in publication or computerized access. Notwithstanding the prohibition in the preceding
sentence: (a) the Parties may disclose this Settlement Agreement in confidence to their respective attorneys, accountants, auditors,
tax preparers, and financial advisors; (b) the Parties may disclose this Settlement Agreement as necessary to fulfill standard
or legally required corporate reporting or disclosure requirements; (c) the Parties may disclose this Settlement Agreement upon
request from any government entity, regulatory organization, or court of law; and (d) the Parties may disclose this Settlement
Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. Nothing contained in
this Section 16 shall prevent either Party from stating that the Parties have “amicably resolved all differences,”
provided, however, that in so doing, the Parties shall not disclose the fact or amount of any payments made or to be made hereunder
and shall not disclose any other terms of this Settlement Agreement or the settlement described herein. Notwithstanding the foregoing,
neither Party shall disclose any information, the disclosure of which would be prohibited by law. Additionally, each Party shall
continue to comply with all obligations of confidentiality and the treatment of material non-public information, which obligations
shall survive the termination of this Settlement Agreement. Notwithstanding anything to the contrary set forth in this Settlement
Agreement, the Parties understand that this Settlement Agreement does not restrict either of them from initiating communications
directly with, or responding to, any inquiry from, or providing testimony before, the SEC, FINRA, any other self-regulatory organization
or any other state or federal regulatory authority, regarding this Settlement Agreement or its underlying facts or circumstances.

 

17.         Notices; Method of Delivery. Written notice under this Agreement must be delivered personally or by email to the
persons identified in this Section 17. Notice may also be given by (a) certified mail (postage prepaid, return receipt requested),
(b) by personal delivery, (c) by any reputable and commercially available overnight delivery service or (d) by email and shall
be deemed given (i) within five (5) days after deposited in the U.S. mail by certified mail (postage prepaid, return receipt requested),
(ii) when delivered personally, (iii) one (1) day after deposited with a reputable overnight delivery service, or (iv) upon receipt
by the sending party of confirmation of receipt of an email notice. Any notices permitted or required under this Agreement shall
be sent in the manner set forth in this Section 17, addressed to the following:

 

If to the Securityholder, to the address
set forth on the signature page to this Settlement Agreement.

 

If to the Company

 

Summit Wireless Technologies, Inc.

6840 Via Del Oro, Suite 280

San Jose, CA 95119

Attention: Brett Moyer, CEO

Email: bmoyer@summitwireless.com

 

    	 	7	 

     

    

 

Copies of all notices to the Company
(which shall not constitute notice under this Agreement) should be sent to: 

 

Sullivan & Worcester LLP

1633 Broadway

New York, NY 10019

Attention: David E. Danovitch, Esq.

Email: ddanovitch@sullivanlaw.com

 

Or to such other address as provided by one Party to the other
Party, in writing, pursuant to the provisions of this Section 17.

 

18.         Counterparts. If this Settlement Agreement is executed in facsimile or electronic counterparts (such as a pdf file),
then each counterpart shall be deemed an original, and all counterparts so executed shall constitute one agreement binding on all
of the Parties hereto, notwithstanding that all of the Parties are not a signatory to the same counterpart.

 

19.         Headings. Paragraph headings are included for convenience only and do not affect the substantive provisions in this
Settlement Agreement.

 

20.         Representations of Knowledge, Authority, and Volition. The Parties have read the foregoing Settlement Agreement and
know the contents thereof. The undersigned signing on behalf of the Company represents that he/she is authorized to execute this
Settlement Agreement on behalf of the other person(s) or entity(ies) for whom he/she executes this Settlement Agreement. The undersigned
signing on behalf of the Securityholder represents that he/she is authorized to execute this Settlement Agreement on behalf of
the other person(s) or entity(ies) for whom he/she executes this Settlement Agreement, as applicable.

 

EACH OF THE UNDERSIGNED REPRESENTS THAT
THEY HAVE SIGNED THIS SETTLEMENT AGREEMENT AS THEIR OWN FREE ACT AND DEED, HAVING HAD SUFFICIENT TIME TO REVIEW AND TO CONSULT
WITH COUNSEL BEFORE SIGNING.

 

Signature Page Follows

 

    	 	8	 

     

    

 

IN WITNESS WHEREOF,
the Parties hereto have caused this Settlement Agreement and Release to be executed as of the dates set forth below.

 

	Dated: November ___, 2020	 	 	 
	 	Summit Wireless Technologies, Inc.
	 	 	 	 
	 	By:	 
	 	 	Name:	Brett Moyer
	 	 	Title: 	Chief Executive Officer

 

[Summit Signature Page to Settlement and Release Agreement]

 

    	 	 	 

     

    

 

Total Shares Available Under Warrant after Amendment:

 

Number of Settlement Shares:

 

Number of Settlement Warrant Shares:

 

	
         

        If the Securityholder is an INDIVIDUAL,
        and if Units were purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

         

	
        Securityholder:

         
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Print Name	 	 	 	Social Security Number	 
	 	
         
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Signature	 	Date	 	Mailing Address	 
	 	 	 	 	 	 	 
	
        Co-Securityholder (if applicable):

         
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Print Name	 	 	 	Social Security Number	 
	 	
         
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Signature	 	Date	 	
        Address (if different from above)

         
	 

 

By executing this Settlement Agreement,
the above Securityholder also agrees to all of the terms and conditions of the Registration Rights Agreement, the form of which
is annexed hereto as Exhibit B, and is deemed to have executed the Registration Rights Agreement.

 

    	 	 	 

     

    

 

Total Shares Available Under Warrant after Amendment:

 

Number of Settlement Shares:

 

Number of Settlement Warrant Shares:

 

	If the Securityholder is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST:
	 	
         

         
	 	 	 	 	 
	 	Name of Partnership, Corporation, Limited Liability Company or Trust	 	 	 	Federal Taxpayer Identification Number	 
	 	
         
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Signature	 	Date	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Print Name	 	 	 	Business Address	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Title	 	 	 	 	 

 

By executing this Settlement Agreement,
the above Securityholder also agrees to all of the terms and conditions of the Registration Rights Agreement, the form of which
is annexed hereto as Exhibit B, and is deemed to have executed the Registration Rights Agreement.

 

    	 	 	 

     

    

 

EXHIBIT A

 

Warrant Amendment

 

Attached

 

    	 	 	 

     

    

 

EXHIBIT B

 

Form of Registration Rights Agreement

 

Attached

 

    	 	 	 

     

    

 

EXHIBIT C

 

Form of Leak-Out Agreement

 

Attached

 

    	 	 	 

     

    

 

EXHIBIT D

 

Form of Settlement Warrant

 

AttachedExhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of November __, 2020 among Summit Wireless Technologies,
Inc., a Delaware corporation (the “Company”), and each of the several securityholders signatory hereto (each
such securityholder, a “Securityholder” and, collectively, the “Securityholders”).

 

WHEREAS,
in connection with those certain Settlement Agreements and Release, dated November ___, 2020, by the Company and each Securityholder
(each a “Settlement Agreement” and collectively, the “Settlement Agreements”)), the Company
has agreed to issue to the Securityholders (i) an aggregate amount of 236,375 shares (the “Settlement Shares”);
(ii) common stock purchase warrants (the “Settlement Warrants”) to purchase up to an aggregate of 236,369 shares
of Common Stock at an exercise price of $2.55 per share (the “Settlement Warrant Shares”) and (iii) the right
to purchase an aggregate of up to an additional 45,534 shares of Common Stock pursuant to amendments (the “Warrant Amendments”)
to the common stock purchase warrants issued to the Securityholders in February 2020 (the “Original Warrants”),
at an exercise price of $2.55 per share (the “Additional Warrant Shares”); and

 

WHEREAS,
pursuant to the provisions of the Settlement Agreement and the other Transaction Documents, the Company has agreed to grant the
Securityholders certain rights with respect to registration of Registrable Securities (as defined below) under the Securities Act
pursuant to the terms of this Agreement.

 

NOW, THEREFORE,
the Company and each Securityholder hereby agree as follows:

 

		1.	Definitions.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

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

 

“Additional
Warrant Shares” shall have the meaning set forth in the recitals.

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Alexander
Capital” means Alexander Capital LLP.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

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

 

“Common
Stock” shall have the meaning set forth in the recitals.

 

“Cut-Off
Date” shall have the meaning set forth in Section 2(a).

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 120th
calendar day following the Filing Date and with respect to any additional Registration Statements which may be required pursuant
to Section 2(c) or Section 3(c), the 90th calendar day following the date on which an additional Registration Statement
is required to be filed hereunder; provided, however, that in the event the Company is notified by the Commission
that one or more of the above Registration Statements will not be reviewed or is no longer subject to further review and comments,
the Effectiveness Date as to such Registration Statement shall be the 10th calendar day following the date on which
the Company is so notified if such date precedes the dates otherwise required above (unless the Company is required to update its
financial statements prior to requesting acceleration of such Registration Statement, which will require the Company to file an
amendment to such Registration Statement, in which case the Company shall file any necessary amendment to such Registration Statement
and request effectiveness thereof as soon as reasonably practicable and in no event later than the 60th calendar day
following the Filing Date); provided, further, if such Effectiveness Date falls on a day that is not a Trading Day,
then the Effectiveness Date shall be the next succeeding Trading Day.

 

     

     

    

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(d).

 

“Event
Date” shall have the meaning set forth in Section 2(d).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the 45th calendar day
following the execution of the Transaction Documents by the Securityholders and the Company and, with respect to any additional
Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the earliest practical date on which the
Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Leak-Out
Agreements” means the Leak-Out Agreements, each dated October [29], 2020, between each Holder and the Company.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Original
Warrants” shall have the meaning set forth in the recitals.

 

“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.

 

“Plan
of Distribution” shall have the meaning set forth in Section 2(a).

 

    1

     

    

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, (a) all of the Additional Warrant Shares then issuable upon Original
Warrants, as amended (assuming on such date the Original Warrants, as amended, are exercised in full without regard to any exercise
limitations therein), (b) all of the Settlement Shares, (c) all of the Settlement Warrant Shares then issuable upon exercise of
the Settlement Warrants (assuming on such date the Settlement Warrants are exercised in full without regard to any exercise limitations
therein), (d) any additional shares of Common Stock issuable in connection with any anti-dilution provisions in the Original Warrants,
as amended, and the Settlement Warrants (without giving effect to any limitations on exercise set forth therein), and (e) any securities
issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to
the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable Securities (and the
Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect
thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective
by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with
such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or
(c) such securities become eligible for resale without volume or manner-of-sale restrictions and without the requirement for the
Company to be in compliance with the current public information requirement under Rule 144, as determined by counsel to the Company
pursuant to a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected
Holders (assuming that such securities, any securities upon the exercise, conversion or exchange of or as a dividend upon which
such securities were issued, or any securities issuable upon the exercise, conversion or exchange of, or as a dividend upon such
securities, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of
counsel to the Company. For the avoidance of doubt, any such Registrable Securities shall cease to be Registrable Securities after
the Cut-Off Date.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements
to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

    2

     

    

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

“SEC
Guidance” means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (ii) the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Securityholder”
and “Securityholders” shall have the meanings set forth in the recitals.

 

“Settlement
Agreement” and “Settle Agreements” shall have the meanings set forth in the recitals.

 

“Settlement
Shares” shall have the meaning set forth in the recitals.

 

“Settlement
Warrants” shall have the meaning set forth in the recitals.

 

“Settlement
Warrant Shares” shall have the meaning set forth in the recitals.

 

“Subsidiary”
means any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading; provided, that in the event that the Common
Stock is not listed or quoted for trading on a Trading Market on the date in question, then Trading Day shall mean a Business Day.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange, the OTC Bulletin Board, the OTC QB Marketplace or the OTC QX Marketplace (or any successors to any of the
foregoing).

 

“Transaction
Documents” means the Settlement Agreements, the Warrant Amendments, the Settlement Warrants, this Agreement and the Lock-Up
Agreements.

 

“Transfer
Agent” means a transfer agent for the Company’s Common Stock and any successor transfer agent of the Company.

 

“Warrant
Amendments” shall have the meaning set forth in the recitals.

 

    3

     

    

 

		2.	Shelf Registration.

 

(a)               
On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering
the resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering
to be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-3 (except
if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration
shall be on another appropriate form in accordance herewith, subject to the provisions of Section 2(e)) and shall contain (unless
otherwise directed by at least 51% in interest of the Holders) substantially the “Plan of Distribution” attached
hereto as Annex A. Subject to the terms of this Agreement, the Company shall use its reasonable best efforts to cause a
Registration Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective
under the Securities Act as promptly as possible after the filing thereof, but in any event no later than the applicable Effectiveness
Date, and shall use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities
Act until the first to occur of: (A) the date that is one (1) year from the date the Registration Statement is declared effective
by the Commission (the “Cut-Off Date”) and (B) the date that all Registrable Securities covered by such Registration
Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions
pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement
under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter which shall be obtained at the
company’s expense, to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming
that such securities, any securities upon the exercise, conversion or exchange of or as a dividend upon which such securities were
issued, or any securities issuable upon the exercise, conversion or exchange of, or as a dividend upon such securities, were at
no time held by any Affiliate of the Company) (the “Effectiveness Period”). The Company shall telephonically
request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall immediately
notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement on the same Trading Day that the
Company telephonically confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such
Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective date of such Registration
Statement, file a final Prospectus with the Commission as required by Rule 424. Failure to so notify the Holder within one (1)
Trading Day of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an Event under
Section 2(d).

 

(b)               
 Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that all
of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering
on a single registration statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially
reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum
number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register
for resale the Registrable Securities as a secondary offering, subject to the provisions of Section 2(e); provided, however,
that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for
the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance
and Disclosure Interpretation 612.09.

 

    4

     

    

 

(c)               
Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages pursuant to Section
2(d), if the Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered
on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate
with the Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing
by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement
will be reduced as follows:

 

		(i)	First,
                                         the Company shall reduce or eliminate any securities to be included by any Person other
                                         than a Holder;

 

		(ii)	Second,
                                         the Company shall reduce Registrable Securities represented by Additional Warrant Shares
                                         and Settlement Warrant Shares (applied to the Holders on a pro rata basis based on the
                                         total number of unregistered Additional Warrant Shares and Settlement Warrant Shares,
                                         in the aggregate, held by such Holders, collectively); and 

 

		(iii)	Third,
                                         the Company shall reduce Registrable Securities represented by the Settlement Shares
                                         (applied, in the case that some Settlement Shares may be registered, to the Holders on
                                         a pro rata basis based on the total number of unregistered Settlement Shares held by
                                         such Holders). 

 

In
the event of a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along
with the calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement
in accordance with the foregoing, the Company will use its reasonable best efforts to file with the Commission, as promptly as
allowed by the Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration
statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered
for resale on the Initial Registration Statement, as amended. 

 

(d)               
If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial
Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a)
herein, the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission
a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the
Securities Act, within five Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier)
by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review,
or (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise
respond in writing to comments made by the Commission in respect of such Registration Statement within thirty (30) calendar days
after the receipt of comments by or notice from the Commission that such amendment is required in order for such Registration Statement
to be declared effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared
effective by the Commission by the Effectiveness Date of the Initial Registration Statement, or (v) after the effective date of
a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as to all Registrable
Securities included in such Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein
to resell such Registrable Securities, for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15)
calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure or breach being referred
to as an “Event”, and for purposes of clauses (i) and (iv), the date on which such Event occurs, and for purpose
of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such
thirty (30) calendar day period is exceeded, and for purpose of clause (v) the date on which such ten (10) or fifteen (15) calendar
day period, as applicable, is exceeded being referred to as an “Event Date”), then, in addition to any other
rights the Holders may have hereunder or under applicable law, on each such Event Date and on each thirty (30) calendar day anniversary
of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the
Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to 1.0% of the aggregate
purchase price paid by such Holder pursuant to the Subscription Agreement; provided, however, that the Company shall
not be required to make any payments pursuant to this Section 2(d) if an Event occurred at such time that all Registrable Securities
are eligible for resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated
by the Commission pursuant to the Securities Act; provided, further, that the Company shall not be required to make
any payments pursuant to this Section 2(d) with respect to any Registrable Securities the Company is unable to register due to
limits imposed by the Commission’s interpretation of Rule 415 under the Securities Act. The parties agree that the maximum
aggregate liquidated damages payable to a Holder under this Agreement shall be 6.0% of the aggregate subscription amount paid by
such Holder pursuant to the Subscription Agreement. If the Company fails to pay any partial liquidated damages pursuant to this
Section in full within seven (7) days after the date payable, the Company will pay interest thereon at a rate of 18% per annum
(or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such
partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated
damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a thirty (30) calendar day period
prior to the cure of an Event.

 

    5

     

    

 

(e)               
If Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i)
register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities
on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared
effective by the Commission.

 

3.        Registration
Procedures.

 

In connection with
the Company’s registration obligations hereunder, the Company shall:

 

(a)               
Not less than one (1) Trading Day prior to the filing of each Registration Statement and not less than one (1) Trading Day
prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated
or deemed to be incorporated therein by reference), the Company shall (i) furnish to Alexander Capital, as representative of the
Holders, copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated
by reference) will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent
registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel
to each Holder, to conduct a reasonable investigation within the meaning of the Securities Act. Notwithstanding the above, the
Company shall not be obligated to provide the Alexander Capital or the Holders advance copies of any universal shelf registration
statement registering securities in addition to those required hereunder, or any Prospectus prepared thereto. The Company shall
not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of 67% or
more of the Registrable Securities shall reasonably object in good faith, provided that, the Company is notified of such objection
in writing no later than five (5) Trading Days after Alexander Capital has been so furnished copies of a Registration Statement
or one (1) Trading Day after Alexander Capital has been so furnished copies of any related Prospectus or amendments or supplements
thereto. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to the Subscription Agreement
(a “Selling Stockholder Questionnaire”) on a date that is not less than two (2) Trading Days prior to the Filing
Date or by the end of the fourth (4th) Trading Day following the date on which Alexander Capital, as representative
of the Holders, receives draft materials in accordance with this Section.

 

    6

     

    

 

(b)               
(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as
to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause
the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement),
and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments
received from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably
possible to the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement
(provided that, the Company shall excise any information contained therein which would constitute material non-public information
regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the
Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement
during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by
the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)               
If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares
of Common Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but
in any case, prior to the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not
less than the number of such Registrable Securities.

 

(d)               
Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof,
be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as
reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested
by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus
or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission
notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments
in writing on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when
the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments
or supplements to a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the Commission
or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement
covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the receipt by
the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose, (v) of
the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible
for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement,
Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any 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, and (vi) of the occurrence
or existence of any pending corporate development with respect to the Company that the Company believes may be material and that,
in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration
Statement or Prospectus, provided, however, in no event shall any such notice contain any information which would
constitute material, non-public information regarding the Company or any of its Subsidiaries.

 

    7

     

    

 

(e)               
Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping
or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)                
Furnish to Alexander Capital, as representative of the Holders, without charge, at least one conformed copy of each such
Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or
deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested
by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents
with the Commission; provided, that any such item which is available on the EDGAR system (or successor thereto) need not be furnished
in physical form.

 

(g)               
Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or
supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered
by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)               
 The Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities
in effecting a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder,
and the Company shall pay the filing fee required by such filing within two (2) Business Days of request therefor.

 

(i)                
Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify
or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the registration
or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions
within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption
therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable
the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that, the
Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject
the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of
process in any such jurisdiction.

 

    8

     

    

 

(j)                
If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement and applicable law, of all restrictive legends, and to enable such Registrable
Securities to be in such denominations and registered in such names as any such Holder may request.

 

(k)               
Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances
taking into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders
of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration
Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference,
and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will
contain 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, in light of the circumstances under which they were made, not misleading. If
the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any
Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus.
The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.
The Company shall be entitled to exercise its right under this Section 3(k) to suspend the availability of a Registration Statement
and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period
not to exceed 60 calendar days (which need not be consecutive days) in any 12-month period.

 

(l)                
Comply with all applicable rules and regulations of the Commission.

 

(m)             
The Company shall use its reasonable best efforts to maintain eligibility for use of Form S-3 (or any successor form thereto)
for the registration of the resale of Registrable Securities.

 

(n)               
The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of
Common Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting
and dispositive control over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect
to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three Trading
Days of the Company’s request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled
and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until such information
is delivered to the Company.

 

4.     Registration
Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred
to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made
with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then
listed for trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in
writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications
or exemptions of the Registrable Securities) and (D) if not previously paid by the Company, with respect to any filing that may
be required to be made by any broker through which a Holder intends to make sales of Registrable Securities with FINRA pursuant
to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale,
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance,
if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection
with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all
of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense
of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities
exchange as required hereunder. Notwithstanding the foregoing, the Company shall be responsible for the legal fees or other costs
of the Holders (including the reasonable counsel fees of Alexander Capital, as representative of the Holders; provided, however,
that any such counsel fees of Alexander Capital shall not exceed $10,000 in the aggregate and any related expenses shall not exceed
$10,000 in the aggregate) incurred in connection with the transactions contemplated hereby.

 

    9

     

    

 

		5.	Indemnification.

 

(a)               
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and
hold harmless each Holder, the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable
Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors
and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack
of such title or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and
employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of
such title or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against
any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement
of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the
performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements
or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly
for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution
of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration
Statement, such Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A
hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the
use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in
writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by
such Holder of the Advice contemplated in Section 6(d), but only if and to the extent that following the receipt of the Advice
the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly
of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this
Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in
accordance with Section 6(h).

 

    10

     

    

 

(b)               
Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company,
its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons (and any
other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any
other title), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising
out of or based solely upon: (x) such Holder’s failure to comply with any applicable prospectus delivery requirements of
the Securities Act or the plan of distribution in any Registration Statement through no fault of the Company or (y) any untrue
or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue
statement or omission is contained in any information so furnished in writing by such Holder to the Company expressly for inclusion
in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such information relates
to such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing
by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for
this purpose), such Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence of an event of the
type specified in Section 3(d)(iii)-(vi), to the extent, but only to the extent, related to the use by such Holder of an outdated,
defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated,
defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in
Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to
such Loss would have been corrected. In no event shall the liability of any selling Holder under this Section 5(b) be greater in
amount than the dollar amount of the net proceeds actually received by such Holder upon the sale of the Registrable Securities
giving rise to such indemnification obligation.

 

(c)               
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled
to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from
whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right
to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment
of all fees and expenses incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and
only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject
to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

    11

     

    

 

An Indemnified
Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense
of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same
counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one separate
counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any
such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

 

Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying
Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and
expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(d)               
Contribution. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable
by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or
alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party
or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such
party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification
provided for in this Section was available to such party in accordance with its terms.

 

    12

     

    

 

The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute
pursuant to this Section 5(d), in the aggregate, any amount in excess of the amount by which the net proceeds actually received
by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

The indemnity
and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to
the Indemnified Parties.

 

		6.	Miscellaneous.

 

(a)               
Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under this
Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law
and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.
Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred
by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action
for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be
adequate.

 

(b)               
No Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Neither the Company nor any of
its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration
Statements other than the Registrable Securities. The Company shall not file any other registration statements (other than any
registration statement on Form S-1 or Form S-3 for an underwritten public offering of any of the Company’s securities (an
 “Underwritten Offering”)) until all Registrable Securities are registered pursuant to a Registration Statement
that is declared effective by the Commission, provided that this Section 6(b) shall not prohibit the Company from filing amendments
to registration statements filed prior to the date of this Agreement.

 

(c)               
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the
Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities
pursuant to a Registration Statement.

 

(d)               
Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of
a notice from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will
forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing
(the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or
amended) may be resumed. The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed
as promptly as is practicable. The Company agrees and acknowledges that any periods during which the Holder is required to discontinue
the disposition of the Registrable Securities hereunder shall be subject to the provisions of Section 2(d).

 

(e)               
Piggy-Back Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration
Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a
registration statement, other than with respect to an Underwritten Offering, relating to an offering for its own account or the
account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated
under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition
of any entity or business or equity securities issuable in connection with the Company’s stock option or other employee benefit
plans, then the Company shall deliver to each Holder a written notice of such determination and, if within fifteen days after the
date of the delivery of such notice, any such Holder shall so request in writing, the Company shall include in such registration
statement all or any part of such Registrable Securities such Holder requests to be registered; provided, however,
that the Company shall not be required to register any Registrable Securities pursuant to this Section 6(e) that are eligible for
resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the Commission
pursuant to the Securities Act or that are the subject of a then effective Registration Statement.

 

    13

     

    

 

(f)                
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall
be in writing and signed by the Company and the Holders of 67% or more of the then outstanding Registrable Securities (for purposes
of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security). If a Registration
Statement does not register all of the Registrable Securities pursuant to a waiver or amendment done in compliance with the previous
sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders
and each Holder shall have the right to designate which of its Registrable Securities shall be omitted from such Registration Statement.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively
to the rights of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given
only by such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates; provided, however,
that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of
the first sentence of this Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this
Agreement.

 

(g)               
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be delivered as set forth in the Purchase Agreement.

 

(h)               
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its
rights or obligations hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities.
Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.7 of the
Purchase Agreement.

 

(i)                
No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor
shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to
its securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts
with the provisions hereof. Neither the Company nor any of its Subsidiaries has previously entered into any agreement granting
any registration rights with respect to any of its securities to any Person that have not been satisfied in full.

 

(j)                
Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together
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, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

    14

     

    

 

(k)               
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be determined in accordance with the provisions of the Settlement Agreement.

 

(l)                
Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided
by law.

 

(m)             
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(n)               
Headings. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and
shall not be deemed to limit or affect any of the provisions hereof.

 

(o)               
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several
and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership,
an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting
in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other
matters, and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert
any such claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights,
including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be
joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations
of the Company contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely
for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly understood
and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company
and the Holders collectively and not between and among Holders.

 

********************

(Signature
Pages Follow)

 

    15

     

    

 

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

 

		SUMMIT WIRELESS TECHNOLOGIES, INC., a

                                                       DELAWARE corporation 

	 	 
	 	By:	 
	 	 	Name: Brett Moyer
	 	 	Title: Chief Executive Officer  

 

[SIGNATURE PAGE OF SECURITYHOLDERS FOLLOWS]

 

     

     

    

 

SIGNATURE
PAGE OF SECURITYHOLDERS TO SUMMIT WIRELESS TECHNOLOGIES, INC. REGISTRATION RIGHTS AGREEMENT

 

Securityholders:

 

Each of the Securityholders have executed a Settlement Agreement with the Company which provides, among other things, that by executing the Subscription Agreement each Investor is deemed to have executed this REGISTRATION RIGHTS AGREEMENT.          

 

     

     

    

 

Annex A

 

Plan of Distribution

 

Each selling stockholder
(the “Selling Stockholders”) of the securities of Summit Wireless Technologies, Inc., a Delaware corporation
(the “Company”), and any of their pledgees, assignees and successors-in-interest may, from time to time, sell
any or all of their Company securities covered hereby on the Nasdaq Capital Market or any other stock exchange, market or trading
facility on which such securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling
Stockholder may use any one or more of the following methods when selling securities:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion
of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a
part;

 

		·	in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities
at a stipulated price per security;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell securities under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”),
if available, rather than under this prospectus.

 

Broker-dealers engaged
by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction
not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction
a markup or markdown in compliance with FINRA IM-2440.

 

     

     

    

 

In connection with
the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions
they assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions,
or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter
into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities
which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which
securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).

 

The Selling Stockholders
and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within
the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the securities. In no event shall any broker-dealer receive
fees, commissions and markups which, in the aggregate, would exceed eight percent (8%).

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed
to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the
Securities Act.

 

Because Selling Stockholders
may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to the prospectus
delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus
which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.
The Selling Stockholders have advised us that there is no underwriter or coordinating broker acting in connection with the proposed
sale of the resale securities by the Selling Stockholders.

 

We agreed to keep
this prospectus effective until the earliest of (i) one (1) year from the date the Registration Statement is declared
effective by the Commission, (ii) the date on which the securities may be resold by the Selling Stockholders without
registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement
for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other
rule of similar effect or (iii) the date on which all of the securities have been sold pursuant to this prospectus or Rule
144 under the Securities Act or any other rule of similar effect. The resale securities will be sold only through registered
or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale
securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or
an exemption from the registration or qualification requirement is available and is complied with.

 

Under applicable rules
and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and
sales of securities of the common stock by the Selling Stockholders or any other person. We will make copies of this prospectus
available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser
at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

    2

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