Document:

exv10w32

EXHIBIT 10.32

SUBSCRIPTION AGREEMENT

Wireless Ronin Technologies, Inc.

Baker Technology Plaza

5929 Baker Road, Suite 475

Minnetonka, MN 55345

Ladies and Gentlemen:

     The undersigned (the “Investor”) hereby confirms its agreement with Wireless Ronin
Technologies, Inc., a Minnesota corporation (the “Company”), as follows:

     1. This Subscription Agreement, together with the Annex and Exhibits attached hereto
(collectively, this “Agreement”) is made as of the date set forth below between the Company and the
Investor.

     2. The Company has authorized the sale and issuance to certain investors of up to an aggregate
of 1,480,000 units (the “Units”), with each Unit consisting of (i) one share (a “Share,”
collectively the “Shares”) of its common stock, $0.01 par value per share (the “Common Stock”) and
(ii) one warrant (a “Warrant,” collectively the “Warrants”) to purchase 0.20 shares of Common Stock
(the fractional amount being the “Warrant Ratio”) in substantially the form attached hereto as
Exhibit B, for a purchase price of $1.25 per Unit (the “Purchase Price”). Units will not be issued
or certificated. The Shares and the Warrants are immediately separable and will be issued
separately. The shares of Common Stock issuable upon exercise of the Warrants are referred to
herein as the “Warrant Shares” and, together with the Units, the Shares and the Warrants, are
referred to herein as the “Offered Securities.”

     3. The offering and sale of the Units (the “Offering”) are being made pursuant to (a) an
effective Registration Statement on Form S-3 — File No. 333-161700 ( the “Registration Statement”)
filed by the Company with the United States Securities and Exchange Commission (the “Commission”),
including the Prospectus contained therein dated September 29, 2009 (the “Base Prospectus”), (b) if
applicable, certain “free writing prospectuses” (as that term is defined in Rule 405 under the
Securities Act of 1933, as amended (the “Act”)), that have been or will be filed, if required, with
the Commission and delivered to the Investor on or prior to the date hereof (the “Issuer Free
Writing Prospectus”), containing certain supplemental information regarding the Units, the terms of
the Offering and the Company, and (c) a Prospectus Supplement (the “Prospectus Supplement” and,
together with the Base Prospectus, the “Prospectus”) containing certain supplemental information
regarding the Units and terms of the Offering that has been or will be filed with the Commission
and delivered to the Investor (or made available to the Investor by the filing by the Company of an
electronic version thereof with the Commission).

     4. The Company and the Investor agree that the Investor will purchase from the Company and the
Company will issue and sell to the Investor the Units set forth below for the aggregate purchase
price set forth below. The Units shall be purchased pursuant to the “Terms

 

 

and Conditions for Purchase of Units” attached hereto as Annex I and incorporated
herein by this reference as if fully set forth herein. The Investor acknowledges that the Offering
is not being underwritten by the placement agent for the Offering named in the Prospectus
Supplement (the “Placement Agent”) and that there is no minimum offering amount.

     5. The manner of settlement of the Shares included in the Units purchased by the Investor
shall be determined by such Investor as follows (check one):

[____] A.    Delivery versus payment (“DVP”) through The Depository Trust & Clearing Corporation
(“DTC”) (i.e., on the Closing Date (as defined in Section 3.1 of Annex I), the Company
shall deliver Shares registered in the Investor’s name and address as set forth below and
released by the Transfer Agent to the Investor through DTC at the Closing directly to the
account at Northland Securities, Inc. (“Northland”) identified by the Investor; upon receipt
of such Shares, Northland shall promptly electronically deliver such Shares to the Investor,
and simultaneously therewith payment shall be made by Northland by wire transfer to the
Company). NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE
INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

(I) NOTIFY NORTHLAND OF THE ACCOUNT OR ACCOUNTS AT NORTHLAND TO BE CREDITED
WITH THE SHARES BEING PURCHASED BY SUCH INVESTOR, AND

(II) CONFIRM THAT THE ACCOUNT OR ACCOUNTS AT NORTHLAND TO BE CREDITED WITH
THE UNITS BEING PURCHASED BY THE INVESTOR HAVE A MINIMUM BALANCE EQUAL TO
THE AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR.

— OR —

[____] B.    Delivery by crediting the account of the Investor’s prime broker (as specified by such
Investor on Exhibit A annexed hereto) with the Depository Trust Company (“DTC”) through its
Deposit/Withdrawal At Custodian (“DWAC”) system, whereby Investor’s prime broker shall
initiate a DWAC transaction on the Closing Date (as defined in Section 3.1 of Annex I hereto)
using its DTC participant identification number, and released by Registrar and Transfer
Company, the Company’s transfer agent (the “Transfer Agent”), at the Company’s direction. NO
LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE
INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

(I) DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE CREDITED
WITH THE SHARES ARE MAINTAINED TO SET UP A DWAC INSTRUCTING THE

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TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE SHARES; AND

(II) REMIT BY WIRE TRANSFER THE AMOUNT OF FUNDS EQUAL TO THE AGGREGATE
PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR TO THE ACCOUNT
DESIGNATED BY THE COMPANY.

IT IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE
PROPER ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT BY WAY OF DWAC OR WIRE
TRANSFER TO THE COMPANY IN A TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE
PURCHASE PRICE FOR THE UNITS OR DOES NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY
MANNER, THE UNITS MAY NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED
FROM THE CLOSING ALTOGETHER, AT THE COMPANY’S DISCRETION.

     6. The executed Warrant shall be delivered in accordance with the terms thereof.

     7. The Investor represents that, except as set forth below, (a) it has had no position, office
or other material relationship within the past three years with the Company or persons known to it
to be affiliates of the Company, (b) it is not a FINRA member or an Associated Person (as such term
is defined under the FINRA Membership and Registration Rules Section 1011) as of the Closing, and
(c) neither the Investor nor any group of Investors (as identified in a public filing made with the
Commission) of which the Investor is a part in connection with the Offering of the Units, acquired,
or obtained the right to acquire, 20% or more of the Common Stock (or securities convertible into
or exercisable for Common Stock) or the voting power of the Company on a post-transaction basis.

     Exceptions:

      

(If no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

     8. The Investor represents that it has received (or otherwise had made available to it by the
filing by the Company of an electronic version thereof with the Commission) the Base Prospectus,
the documents incorporated by reference therein and any free writing prospectus (collectively, the
"Disclosure Package”), prior to or in connection with the receipt of this Agreement. The Investor
acknowledges that, prior to delivery of this Agreement to the Company, the Investor will receive
certain additional information regarding the Offering, including pricing information (the “Offering
Information”). Such information may be provided to the Investor by any means permitted under the
Act, including the Prospectus Supplement, a free writing prospectus and oral communications.

     9. No offer by the Investor to buy Units will be accepted and no part of the Purchase Price
will be delivered to the Company until the Investor has received the Offering Information

3

 

and the Company has accepted such offer by countersigning a copy of this Agreement, and any
such offer may be withdrawn or revoked by the Investor, without obligation or commitment of any
kind, at any time prior to the Company (or the Placement Agent on behalf of the Company) sending
(orally, in writing or by electronic mail) notice of its acceptance of such offer. An indication of
interest will involve no obligation or commitment of any kind until the Investor has been delivered
the Offering Information and this Agreement is accepted and countersigned by or on behalf of the
Company. The Investor understands and agrees that the Company, in its sole discretion, reserves the
right to accept or reject this subscription for the Units, in whole or in part.

[Remainder of Page Left Blank Intentionally. Signature Page Follows.]

4

 

Signature Page to Subscription Agreement

	 	 	 	 
	Number of Units:

	 	

	Purchase Price Per Unit:

	 	$	1.25
	Aggregate Purchase Price:

	 	$

     Please confirm that the foregoing correctly sets forth the agreement between us by signing in
the space provided below for that purpose.

     Dated this ____ day of November, 2010.

	 	 	 	 	 
	EXACT NAME OF INVESTOR

 	 
	By:  	 	 
		Print Name:	  
	 	Title:	 	 
	 
	Address:
 	 
	 	 
	 	 
	 	 
	 

     Agreed and Accepted this ____ day 

     of November, 2010:

	 	 	 	 	 
	WIRELESS RONIN TECHNOLOGIES, INC.

 	 
	By:  	 	 
	 	Name:  	Darin P. McAreavey 	 
	 	Title:  	Vice President and Chief Financial Officer 	 
	 

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ANNEX I

TERMS AND CONDITIONS FOR PURCHASE OF UNITS

     Capitalized terms used in this Annex I but not defined herein shall have the meaning ascribed
to them in the Subscription Agreement to which these Terms and Conditions for Purchase of Units are
attached as Annex I (said Subscription Agreement, together with the Annex and Exhibits attached
thereto, collectively this “Agreement”). All references to dollar amounts used herein refer to
United States dollars unless expressly noted otherwise.

          1. Authorization and Sale of the Units

          Subject to the terms and conditions of this Agreement, the Company has authorized the sale of
the Units.

          2. Agreement to Sell and Purchase the Units; Placement Agent

     2.1 At the Closing (as defined in Section 3.1), the Company will sell to the Investor,
and the Investor will purchase from the Company, upon the terms and conditions set forth
herein, the number of Units set forth on the last page of the Agreement to which these Terms
and Conditions for Purchase of Units are attached as Annex I (the “Signature Page”)
for the aggregate purchase price therefor set forth on the Signature Page.

     2.2 The Company proposes to enter into substantially this same form of Agreement in all
material respects with certain other investors (the “Other Investors”) and expects to
complete sales of Units to them. The Investor and the Other Investors are hereinafter
sometimes collectively referred to as the “Investors,” and this Agreement and the Agreements
executed by the Other Investors are hereinafter sometimes collectively referred to as the
“Agreements.”

     2.3 Investor acknowledges that the Company has agreed to pay the Placement Agent a fee
(the “Placement Fee”) in respect of the sale of Units to the Investor.

     2.4 The Company has entered into a Placement Agent Agreement, dated October 26, 2010
(the “Placement Agreement”), with the Placement Agent that contains certain representations,
warranties, covenants and agreements of the Company that may be relied upon by the Investor,
which shall be a third party beneficiary thereof. The Company confirms that neither it nor
any other Person acting on its behalf has provided the Investor with any information that
constitutes or could reasonably be expected to constitute material, nonpublic information,
except for knowledge of the existence of this Offering and except as will be disclosed in
the Prospectus and the Company’s Form 8-K filed with the Commission in connection with the
Offering.

     3. Closings and Delivery of the Units and Funds.

     3.1 Closing. The completion of the purchase and sale of the Units (the
“Closing”) shall occur at a place and time (the “Closing Date”) to be specified by the

Annex I-1

 

Company and the Placement Agent, and of which the Investors will be notified in advance
by the Placement Agent, in accordance with Rule 15c6-1 promulgated under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) (for purposes of this Section 3.1,
notice by e-mail is sufficient); provided, however, in no event will the Closing Date be
more than seven calendar days after than the date on which the Investor delivers the funds
to the Company as described in Section 3.3 below (or the next business day if the seventh
day after the date on which the Investor delivers the funds to the Company is a Saturday,
Sunday, federal legal holiday, or a day on which banking institutions in the State of
Minnesota or New York are authorized or required by law or other governmental action to
close). At the Closing, (a) the Company shall cause the Transfer Agent to deliver to the
Investor the number of Shares included in the Units as set forth on the Signature Page
registered in the name of the Investor or, if so indicated on the Investor Questionnaire
attached hereto as Exhibit A, in the name of a nominee designated by the Investor,
(b) the Company shall cause to be delivered to the Investor a Warrant to purchase a number
of whole Warrant Shares determined by multiplying the number of Shares included in the Units
as set forth on the signature page by the Warrant Ratio and rounding down to the nearest
whole number and (c) the aggregate purchase price for the Units being purchased by the
Investor will be delivered by or on behalf of the Investor to the Company, subject to
Section 3.3 hereof.

     3.2 Conditions to the Obligations of the Parties.

     (a) Conditions to the Company’s Obligations. The Company’s obligation to issue
and sell the Units to the Investor shall be subject to: (i) the Company having accepted the
Investor’s offer to purchase the Units, which shall be evidenced by the Company
countersigning this Agreement; (ii) the receipt by the Company of the purchase price for the
Units being purchased hereunder as set forth on the Signature Page; and (iii) the accuracy
of the representations and warranties made by the Investor and the fulfillment of those
undertakings of the Investor to be fulfilled prior to the Closing.

     (b) Conditions to the Investor’s Obligations. The Investor’s obligation to
purchase the Units will be subject to the accuracy of the representations and warranties
made by the Company and the fulfillment of those undertakings of the Company to be fulfilled
prior to the Closing Date, including without limitation, those contained in the Placement
Agreement, and to the condition that the Placement Agent shall not have: (i) terminated the
Placement Agreement pursuant to the terms thereof or (ii) determined that the conditions to
the closing in the Placement Agreement have not been satisfied. The Investor’s obligations
are expressly not conditioned on the purchase by any or all of the Other Investors of the
Units that they have agreed to purchase from the Company. The Investor understands and
agrees that, in the event that the Placement Agent in its sole discretion determines that
the conditions to closing in the Placement Agreement have not been satisfied or if the
Placement Agreement may be terminated for any other reason permitted thereby, then the
Placement Agent may, but shall not be obligated to, terminate such Placement Agreement,
which shall have the effect of terminating this Agreement pursuant to Section 14 below.

     3.3 Delivery of Funds.

Annex I-2

 

          (a) Delivery Versus Payment through DTC. If the Investor elects to settle the
Shares included in the Units purchased by such Investor by delivery versus payment through
DTC, no later than one (1) business day after the execution of this Agreement by the
Investor and the Company, the Investor shall confirm that the account at Northland
Securities, Inc. (“Northland”) to be credited with the Units being purchased by the Investor
have a minimum balance equal to the aggregate purchase price for the Units being purchased
by the Investor.

          (b) Wire Transfer Delivery. If the Investor elects to settle the Shares
included in the Units purchased by such Investor through wire transfer to the Company, no
later than one (1) business day after the execution of this Agreement by the Investor and
the Company, the Investor shall remit by wire transfer the amount of funds equal to the
aggregate purchase price for the Units being purchased by the Investor to the account
designated by the Company. Such funds shall be held in trust by the Company for the benefit
of the Investor until (a) the Closing upon the satisfaction, in the sole judgment of the
Placement Agent, of the conditions set forth in Section 3.2(b) hereof (at which time the
Company will issue the Warrant to the Investor) and (b) the Company has irrevocably directed
its Transfer Agent to credit the Investor’s account or accounts with the Shares pursuant to
the information contained in the DWAC (as defined below), at which time the funds shall
become the Company’s sole and exclusive property.

     3.4 Delivery of Shares.

          (a) Delivery Versus Payment through DTC. If the Investor elects to settle the
Shares included in the Units purchased by such Investor by delivery versus payment through
DTC, no later than one (1) business day after the execution of this Agreement by the
Investor and the Company, the Investor shall notify Northland of the account at Northland to
be credited with the Shares included in the Units being purchased by such Investor. On the
Closing Date, the Company shall deliver the Shares to the Investor through DTC directly to
the account at Northland identified by Investor and simultaneously therewith payment shall
be made by Northland by wire transfer to the Company.

          (b) Wire Transfer Delivery. If the Investor elects to settle the Shares
included in the Units purchased by such Investor through wire transfer delivery, no later
than one (1) business day after the execution and delivery of this Agreement by the Investor
and the Company, the Investor shall direct the broker-dealer at which the account or
accounts to be credited with the Shares being purchased by such Investor are maintained,
which broker/dealer shall be a DTC participant, to set up a DWAC instructing the Company’s
Transfer Agent to credit such account or accounts with the Shares by means of an electronic
book-entry delivery. Simultaneously with the release of funds to the Company held in trust
pursuant to Section 3.3 hereof, the Company shall direct the Transfer Agent to credit the
Investor’s account or accounts with the Shares pursuant to the information contained in the
DWAC.

Annex I-3

 

          4. Representations, Warranties and Covenants of the Investor.

     The Investor acknowledges, represents and warrants to, and agrees with, the Company and the
Placement Agent as at the date hereof and at the Closing Date, that:

     4.1 The Investor: (a) is knowledgeable, sophisticated and experienced in making, and is
qualified to make decisions with respect to, investments in securities presenting an
investment decision like that involved in the purchase of the Units, including investments
in securities issued by the Company and investments in comparable companies, (b) has
answered all questions on the Signature Page and the Investor Questionnaire and the answers
thereto are true and correct as of the date hereof and will be true and correct as of the
Closing Date and (c) in connection with its decision to purchase the number of Units set
forth on the Signature Page, has received and is relying only upon the Disclosure Package
and the documents incorporated by reference therein and the Offering Information.

     4.2 (a) No action has been or will be taken in any jurisdiction outside the United
States by the Company or the Placement Agent that would permit an offering of the Units, or
possession or distribution of offering materials in connection with the issue of the Units,
in any jurisdiction outside the United States where action for that purpose is required, (b)
if the Investor is outside the United States, it will comply with all applicable laws and
regulations in each foreign jurisdiction in which it purchases, offers, sells or delivers
Offered Securities or has in its possession or distributes any offering material, in all
cases at its own expense, and (c) the Placement Agent is not authorized to make and has not
made any representation, disclosure or use of any information in connection with the issue,
placement, purchase and sale of the Units, except as set forth in the Disclosure Package and
the documents incorporated by reference therein and the Offering Information.

     4.3 (a) The Investor has full right, power, authority and capacity to enter into this
Agreement and to consummate the transactions contemplated hereby and has taken all necessary
action to authorize the execution, delivery and performance of this Agreement, and (b) this
Agreement constitutes a valid and binding obligation of the Investor enforceable against the
Investor in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and
contracting parties’ rights generally and except as enforceability may be subject to general
principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law) and except as to the enforceability of any rights to
indemnification or contribution that may be violative of the public policy underlying any
law, rule or regulation (including any federal or state securities law, rule or regulation).

     4.4 The Investor understands that nothing in this Agreement, the Disclosure Package,
the Prospectus, the Offering Information or any other materials presented to the Investor in
connection with the purchase and sale of the Units constitutes legal, tax or investment
advice. The Investor has consulted such legal, tax and investment advisors

Annex I-4

 

and made such investigation as it, in its sole discretion, has deemed necessary or
appropriate in connection with its purchase of Units.

     4.5 Since the first date on which the Company or the Placement Agent contacted such
Investor about the Offering, the Investor has not disclosed any information regarding the
Offering to any third parties (other than its legal, accounting and other advisors) and has
not engaged in any transactions involving the securities of the Company (including, without
limitation, any Short Sales (as defined herein) involving the Company’s securities). The
Investor covenants that it will not engage in any transactions in the securities of the
Company (including Short Sales) prior to the time that the transactions contemplated by this
Agreement are publicly disclosed. The Investor agrees that it will not use any of the Shares
or Warrants acquired pursuant to this Agreement to cover any short position in the Common
Stock if doing so would be in violation of applicable securities laws. For purposes hereof,
“Short Sales” include, without limitation, all “short sales” as defined in Rule 200
promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and
all types of direct and indirect stock pledges, forward sales contracts, options, puts,
calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the
Exchange Act) and similar arrangements (including on a total return basis), and sales and
other transactions through non-U.S. broker dealers or foreign regulated brokers.

     5. Survival of Representations, Warranties and Agreements; Third Party Beneficiary.

     Notwithstanding any investigation made by any party to this Agreement or by the Placement
Agent, all covenants, agreements, representations and warranties made by the Company and the
Investor herein will survive the execution of this Agreement, the delivery to the Investor of the
Shares and Warrants included in the Units being purchased and the payment therefor. The Placement
Agent shall be a third party beneficiary with respect to the representations, warranties and
agreements of the Investor in Section 4 hereof.

          6. Notices.

     All notices, requests, consents and other communications hereunder will be in writing, will be
mailed (a) if within the domestic United States, by first-class registered or certified airmail, or
nationally recognized overnight express courier, postage prepaid, or by facsimile or (b) if
delivered from outside the United States, by International Federal Express or facsimile, and (c)
will be deemed given (i) if delivered by first-class registered or certified mail domestic, three
business days after so mailed, (ii) if delivered by nationally recognized overnight carrier, one
business day after so mailed, (iii) if delivered by International Federal Express, two business
days after so mailed and (iv) if delivered by facsimile, upon electric confirmation of receipt and
will be delivered and addressed as follows:

Annex I-5

 

If to the Company, to:

Wireless Ronin Technologies, Inc.

Baker Technology Plaza

5929 Baker Road, Suite 475

Minnetonka, MN 55345

Attention: Darin P. McAreavey, Vice President and Chief Financial Officer

Facsimile: (952) 974-7887

with copies to:

Briggs and Morgan, P.A.

2200 IDS Center

80 S. 8th Street

Minneapolis, MN 55402

Attention: Brett D. Anderson

Facsimile: (612) 977-8650

     If to the Investor, at its address on the Signature Page hereto, or at such other address or
addresses as may have been furnished to the Company in writing.

          7. Changes.

     This Agreement may not be modified or amended except pursuant to an instrument in writing
signed by the Company and the Investor.

          8. Headings.

     The headings of the various sections of this Agreement have been inserted for convenience of
reference only and will not be deemed to be part of this Agreement.

          9. Severability.

     In case any provision contained in this Agreement should be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained
herein will not in any way be affected or impaired thereby.

          10. Governing Law.

     This Agreement will be governed by, and construed in accordance with, the internal laws of the
State of Minnesota, without giving effect to the principles of conflicts of law that would require
the application of the laws of any other jurisdiction.

          11. Execution, Counterparts and Delivery of the Prospectus Supplement.

     This Agreement may be executed in two or more counterparts, each of which will constitute an
original, but all of which, when taken together, will constitute but one instrument, and will
become effective when one or more counterparts have been signed by each party hereto

Annex I-6

 

and delivered to the other parties. The parties shall be entitled to rely upon delivery by
facsimile or e-mail of an executed copy of this Agreement, and acceptance by a party of such
facsimile or e-mail copy shall be legally effective to create a valid and binding agreement between
the Investor and the Company in accordance with the terms of this Agreement. The Company and the
Investor acknowledge and agree that the Company shall deliver its counterpart to the Investor along
with the Prospectus Supplement (or the filing by the Company of an electronic version thereof with
the Commission).

          12. Confirmation of Sale.

     The Investor acknowledges and agrees that such Investor’s receipt of the Company’s signed
counterpart to this Agreement, together with the Prospectus Supplement (or the filing by the
Company of an electronic version thereof with the Commission) shall constitute written confirmation
of the Company’s agreement to sell Units to such Investor in accordance with the terms of this
Agreement.

          13. Press Release.

     The Company and the Investor agree that the Company shall issue a press release announcing the
Offering and disclosing all material information regarding the Offering prior to the opening of the
financial markets in New York City on the business day immediately after the date hereof; provided,
however, that the Company shall not issue any press release or other announcement naming the
Investor without the Investor’s prior approval.

          14. Termination.

     In the event that the Placement Agreement is terminated by the Placement Agent pursuant to the
terms thereof, this Agreement shall terminate without any further action on the part of the parties
hereto.

[Exhibit A (Investor Questionnaire) Follows]

Annex I-7

 

Exhibit A

WIRELESS RONIN TECHNOLOGIES, INC.

INVESTOR QUESTIONNAIRE

     Pursuant to Section 3 of Annex I to the Agreement, please provide us with the
following information. PLEASE COMPLETE VERY CAREFULLY. THE COMPANY WILL INSTRUCT ITS TRANSFER
AGENT TO ISSUE SHARES ELECTRONICALLY TO THE CLEARING BROKER (THE DTC PARTICIPANT) SPECIFIED BELOW.
IT WILL BE YOUR CLEARING BROKER’S RESPONSIBILITY TO PULL THE SHARES FROM DTC.

	1.	 	The exact name in which your Units are to be registered. You may use a nominee name if
appropriate:
	 	 	 
	 	 	 
	 	 	 
	2.	 	The relationship between the Investor and the registered holder listed in response to item 1
above:
	 	 	 
	 	 	 
	 
	3.	 	The mailing address of the registered holder listed in response to item 1 above:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 		Fax:

	 
	4.	 	The Social Security Number or Tax Identification Number of the registered holder listed in
the response to item 1 above:
	 	 	 
	 	 	 
	 
	5.	 	Name of DTC Participant (broker-dealer at which the account or accounts to be credited with
the Shares are maintained):
	 	 	 
	 	 	 
	 
	6.	 	DTC Participant Number:
	 	 	 
	 	 	 
	 
	7.	 	Name of Account at DTC Participant being credited with the Shares:
	 	 	 
	 	 	 
	 
	8.	 	Account Number at DTC Participant being credited with the Shares:
	 	 	 
	 	 	 

A-1

 

Exhibit B

WARRANT AGREEMENT

WIRELESS RONIN TECHNOLOGIES, INC.

WARRANT TO PURCHASE SHARES OF COMMON STOCK

Date of Issuance: November 19, 2010

VOID AFTER NOVEMBER 19, 2013

     THIS CERTIFIES THAT, for value received, [______________], or permitted registered assigns
(the “Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined below)
from Wireless Ronin Technologies, Inc., a Minnesota corporation (the “Company”), up to
[____________] shares of the common stock of the Company, par value $0.01 per share (the “Common
Stock”). This warrant is one of a series of warrants issued by the Company as of the date hereof
(individually a “Warrant”; collectively, the “Warrants”) pursuant to those certain subscription
agreements between the Company and the investors identified therein, dated as of November 15, 2010
(collectively, the “Subscription Agreement”).

     1. DEFINITIONS. Capitalized terms used herein but not otherwise defined herein shall
have their respective meanings as set forth in the Subscription Agreement. As used herein, the
following terms shall have the following respective meanings:

               (A) “Eligible Market” means any of the New York Stock Exchange, the American Stock Exchange,
the NASDAQ Global Market, the NASDAQ Global Select Market or the NASDAQ Capital Market.

               (B) “Exercise Period” shall mean the period commencing the date hereof and ending 5:00 P.M.
New York City time on November 19, 2013, unless sooner terminated as provided below.

               (C) “Exercise Price” shall mean $1.4375 per share, subject to adjustment pursuant to
Section 4 below.

               (D) “Exercise Shares” shall mean the shares of Common Stock issuable upon exercise of this
Warrant.

               (E) “Trading Day” shall mean (a) any day on which the Common Stock is listed or quoted and
traded on its primary Trading Market, (b) if the Common Stock is not then listed or quoted and
traded on any Eligible Market, then a day on which trading occurs on the OTC Bulletin Board (or any
successor thereto), or (c) if trading does not occur on the OTC Bulletin Board (or any successor
thereto), any business day.

               (F) “Trading Market” shall mean the NASDAQ Capital Market or any other Eligible Market, or any
national securities exchange, market or trading or quotation facility on which the Common Stock is
then listed or quoted.

     2. EXERCISE OF WARRANT. The rights represented by this Warrant may be exercised in
whole or in part at any time during the Exercise Period, by delivery of the following

B-1

 

to the Company at its address set forth on the signature page hereto (or at such other address
as it may designate by notice in writing to the Holder):

               (A) An executed Notice of Exercise in the form attached hereto;

               (B) Payment of the Exercise Price in cash or by check; and

               (C) This Warrant.

     Execution and delivery of the Notice of Exercise shall have the same effect as cancellation of
the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining
number of Exercise Shares, if any.

     Certificates for Exercise Shares purchased hereunder shall be transmitted by the Company’s
transfer agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s prime
broker with the Depository Trust & Clearing Corporation through its Deposit Withdrawal Agent
Commission system if the Company is a participant in such system, and otherwise by physical
delivery to the address specified by the Holder in the Notice of Exercise within three (3) business
days from the delivery to the Company of the Notice of Exercise, surrender of this Warrant and
payment of the aggregate Exercise Price as set forth above. This Warrant shall be deemed to have
been exercised on the date the latest of the Warrant, Notice of Exercise and Exercise Price are
received by the Company.

     The person in whose name any certificate or certificates for Exercise Shares are to be issued
upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on
the date on which the Notice of Exercise was delivered, this Warrant was surrendered and payment of
the Exercise Price was made, irrespective of the date of delivery of such certificate or
certificates, except that, if the date of such surrender and payment is a date when the stock
transfer books of the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the stock transfer books
are open.

     Upon any partial exercise of this Warrant, the Company, at its expense, will forthwith and, in
any event within five business days, issue and deliver to the Holder a new warrant or warrants of
like tenor, registered in the name of the Holder, exercisable during the balance of the Exercise
Period, in the aggregate, for the balance of the number of shares of Common Stock remaining
available for purchase under this Warrant.

     3. COVENANTS OF THE COMPANY.

          3.1 COVENANTS AS TO EXERCISE SHARES. The Company covenants and agrees that all
Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant
will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from
all taxes, liens (other than those imposed by the Holder) and charges with respect to the issuance
thereof. The Company further covenants and agrees that the Company will at all times during the
Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of
shares of Common Stock to provide for the exercise of the rights represented by this Warrant. If
at any time during the Exercise Period the number of

B-2

 

authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of
this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be
necessary to increase its authorized but unissued shares of Common Stock to such number of shares
as shall be sufficient for such purposes.

          3.2 NO IMPAIRMENT. Except and to the extent as waived or consented to by the holder
of the Warrants representing at least a majority of the number of shares of Common Stock then
subject to outstanding Warrants, the Company will not, by amendment of its Articles of
Incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed hereunder by the Company,
but will at all times in good faith assist in the carrying out of all the provisions of this
Warrant and in the taking of all such action as may be necessary or appropriate in order to protect
the exercise rights of the Holder against impairment.

          3.3 NOTICES OF RECORD DATE AND CERTAIN OTHER EVENTS. In the event of any taking by
the Company of a record of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend or other distribution, the Company
shall mail to the Holder, at least twenty (20) days prior to the date on which any such record is
to be taken for the purpose of such dividend or distribution, a notice specifying such date. In
the event of any voluntary dissolution, liquidation or winding up of the Company, the Company shall
mail to the Holder, at least twenty (20) days prior to the date of the occurrence of any such
event, a notice specifying such date. In the event the Company authorizes or approves, enters into
any agreement contemplating, or solicits stockholder approval for any Fundamental Transaction, as
defined in Section 6 herein, the Company shall mail to the Holder, at least twenty (20)
days prior to the date of the occurrence of such event, a notice specifying such date.

     4. ADJUSTMENT OF EXERCISE PRICE AND SHARES.

     In the event of changes in the outstanding Common Stock of the Company by reason of stock
dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares,
separations, reorganizations, liquidations, consolidation, acquisition of the Company (whether
through merger or acquisition of substantially all the assets or stock of the Company), or the
like, the number, class and type of shares available under this Warrant in the aggregate and the
Exercise Price shall be correspondingly adjusted to give the Holder of this Warrant, on exercise
for the same aggregate Exercise Price, the total number, class, and type of shares or other
property as the Holder would have owned had this Warrant been exercised prior to the event and had
the Holder continued to hold such shares until the event requiring adjustment. The form of this
Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to
this Warrant.

     Upon the occurrence of each adjustment pursuant to this Section 4, the Company at its
expense will, at the written request of the Holder, promptly compute such adjustment in accordance
with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a
statement of the adjusted Exercise Price and adjusted number or type of Exercise Shares or other
securities issuable upon exercise of this Warrant (as applicable), describing the

B-3

 

transactions giving rise to such adjustments and showing in detail the facts upon which such
adjustment is based. Upon written request, the Company will promptly deliver a copy of each such
certificate to the Holder.

     5. FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this
Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including
fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining
whether the exercise would result in the issuance of any fractional share. If, after aggregation,
the exercise would result in the issuance of a fractional share, the Company shall, in lieu of
issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash
equal to the product resulting from multiplying the then current fair market value of an Exercise
Share by such fraction.

     6. FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i)
the Company effects any merger of the Company with or into another entity and the Company is not
the surviving entity, (ii) the Company effects any sale of all or substantially all of its assets
in one or a series of related transactions, (iii) any tender offer or exchange offer (whether by
the Company or by another individual or entity, and approved by the Company) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock
for other securities, cash or property or (iv) the Company effects any reclassification of the
Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property (other than as a result of a
subdivision or combination of shares of Common Stock covered by Section 4 above) (in any such case,
a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive the number of shares of Common Stock of the successor or acquiring
corporation or of the Company and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or
disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such event (disregarding any limitation on exercise contained
herein solely for the purpose of such determination). For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of
Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Common Stock are given any
choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental Transaction. To the extent necessary to
effectuate the foregoing provisions, any successor to the Company or surviving entity in such
Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing
provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration.
Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, then the
Company or any successor entity shall at the Holder’s option, exercisable at any time concurrently
with or within thirty (30) days after the consummation of the Fundamental Transaction, purchase
this Warrant from the Holder by paying to the Holder an amount of cash equal to the value of this
Warrant as determined in accordance with the Black Scholes Option

B-4

 

Pricing Model obtained from the “OV” function on Bloomberg L.P. using (i) a price per share of
Common Stock equal to the Volume-Weighted Average Price of the Common Stock for the Trading Day
immediately preceding the date of consummation of the applicable Fundamental Transaction, (ii) a
risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining
term of this Warrant as of the date of consummation of the applicable Fundamental Transaction and
(iii) an expected volatility equal to the lesser of (1) the thirty (30) day volatility obtained
from the “HVT” function on Bloomberg L.P. determined as of the end of the Trading Day immediately
following the public announcement of the applicable Fundamental Transaction or (2) 70%. The terms
of any agreement pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions of this Section 6
and ensuring that this Warrant (or any such replacement security) will be similarly adjusted upon
any subsequent transaction analogous to a Fundamental Transaction.

     7. NO STOCKHOLDER RIGHTS. Other than as provided in Section 3.3, this Warrant
in and of itself shall not entitle the Holder to any voting rights or other rights as a stockholder
of the Company.

     8. TRANSFER OF WARRANT. Subject to applicable laws and the restriction on transfer
set forth in the Subscription Agreement, this Warrant and all rights hereunder are transferable, by
the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of
assignment attached hereto to any transferee designated by Holder. The transferee shall sign an
investment letter in form and substance reasonably satisfactory to the Company and its counsel. Any
proposed transfer of all or any portion of this Warrant in violation of the provisions of this
Warrant or the Subscription Agreement shall be null and void. Upon surrender of this Warrant and
delivery of an assignment, the Company shall execute and deliver a new Warrant or Warrants in the
name of the transferee or transferees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the transferor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be
cancelled.

     9. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen,
mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may
reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or
destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company.

     10. NOTICES, ETC.. All notices required or permitted hereunder shall be in writing
and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b)
when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if
not, then on the next business day, (c) five days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt.
All communications shall be sent to the Company at the address listed on the signature page hereto
and to Holder at the applicable address set forth on the applicable signature page to

B-5

 

the Subscription Agreement or at such other address as the Company or Holder may designate by
ten (10) days advance written notice to the other parties hereto.

     11. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of
and agreement to all of the terms and conditions contained herein.

     12. GOVERNING LAW. This Warrant and all rights, obligations and liabilities hereunder
shall be governed by, and construed in accordance with, the internal laws of the State of
Minnesota, without giving effect to the principles of conflicts of law that would require the
application of the laws of any other jurisdiction.

     13. AMENDMENT OR WAIVER. Any term of this Warrant may be amended or waived (either
generally or in a particular instance and either retroactively or prospectively) with the written
consent of the Company and the holders of the Warrants representing at least a majority of the
number of shares of Common Stock then subject to outstanding Warrants.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

B-6

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly authorized
officer as of November 19, 2010.

	 	 	 	 	 
	 	WIRELESS RONIN TECHNOLOGIES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Darin P. McAreavey 	 
	 	 	Title:  	Vice President and Chief Financial Officer 	 
	 
	 	Baker Technology Plaza

5929 Baker Road, Suite 475

Minnetonka, MN 55345

 	 
	 	 	 
	 	 	 
	 	 	 

B-7

 

	 	 	 	 	 

NOTICE OF EXERCISE

TO: WIRELESS RONIN TECHNOLOGIES, INC.

     (1) The undersigned hereby elects to purchase [__________] shares of the common stock, par
value $0.01 (the “Common Stock”), of WIRELESS RONIN TECHNOLOGIES, INC. (the “Company”) pursuant to
the terms of the attached Warrant, and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

     (2) Please issue the certificate for shares of Common Stock in the name of, and pay any cash
for any fractional share to:

      

Print or Type Name

 

Taxpayer Identification Number

 

Street Address

 

City, State and Zip Code

     (3) If such number of shares shall not be all the shares purchasable upon the exercise of this
Warrant, a new warrant certificate for the balance of such Warrant remaining unexercised shall be
registered in the name of and delivered to the Holder.

	 	 	 	 	 

	Dated:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	(Signature of Holder)
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	(Printed Name of Holder)

B-8

 

ASSIGNMENT FORM

     (To assign the foregoing Warrant, execute this form and supply required information. Do not
use this form to purchase shares.)

     FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

	 	 	 

	Name:
	 	 
	 

	 	 
	 

	 	(Please Print)
	 
	 	 
	Address:
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 

	 	(Please Print)

Dated: ____________________

	 	 	 	 	 

	Holder’s Signature:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Holder’s Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the
face of the Warrant, without alteration or enlargement or any change whatever. Officers of
corporations and those acting in a fiduciary or other representative capacity should file proper
evidence of authority to assign the foregoing Warrant.

B-9exv10w34

EXHIBIT 10.34

FIRST AMENDMENT TO

ENGAGEMENT AGREEMENT

     THIS FIRST AMENDMENT TO ENGAGEMENT AGREEMENT (this “Amendment”) is made and entered into
effective as of December 20, 2010 by and among Northland Securities, Inc. (“Northland”) and
Wireless Ronin Technologies, Inc. (the “Company”).

RECITALS

     WHEREAS, the Company and Northland are parties to that certain Engagement Agreement,
dated October 26, 2010, regarding an offering of equity securities of the Company (the “Offering”);
and

     WHEREAS, on November 19, 2010, the Company closed on the sale of 1,425,000 units at a price of
$1.25 per unit, each consisting of one share of the Company’s common stock and one three-year
warrant to purchase 0.20 shares of the Company’s common stock at an exercise price of $1.4375 per
share, for which the Company has paid Northland the Financing Fee (as defined below) and related
expenses; and

     WHEREAS, the Company and Northland desire to amend the Engagement Agreement in response to
comments received from the Financial Industry Regulatory Authority (“FINRA”).

AGREEMENT

     NOW, THEREFORE, the parties hereto agree as follows:

     1. Amendment of Engagement Agreement. Paragraph C.1 of the Engagement Agreement shall
be amended in its entirety as follows:

     “1. FINANCING FEE. The Company hereby agrees to pay Northland, as compensation for its services
hereunder, a fee (the “Financing Fee”) of seven percent (7.0%) of the gross proceeds from the sale
of Securities, if during the Term: (i) an Offering of Securities is closed, or (ii) a definitive
agreement or letter of intent or other evidence of commitment is entered into that subsequently
results in an Offering of Securities of the Company. The Financing Fee shall be paid to Northland
in cash in its entirety by wire transfer upon the closing of the applicable Offering and receipt of
the corresponding funds.”

     2. Continuing Validity. Except as expressly modified by this Amendment, the terms and
provisions of the Engagement Agreement remain unchanged and in full force and effect (to the extent
that such terms and provisions are in effect as of the date of this Amendment), and are expressly
incorporated by reference in this Amendment. In the event of a conflict between the provisions of
this Amendment and the Engagement Agreement, the provisions of this Amendment shall prevail.

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

NORTHLAND SECURITIES, INC.

	 	 	 	 	 
	 	 
	By:  	/s/ Jeff Peterson
 	 
	 	Jeff Peterson 	 
	 	Director of Investment Banking 	 
	 

WIRELESS RONIN TECHNOLOGIES, INC.

	 	 	 	 	 
	 	 
	By:  	/s/ Darin P. McAreavey
 	 
	 	Darin P. McAreavey 	 
	 	Vice President and Chief Financial

Officer

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