Document:

Blueprint

 

Exhibit 10.2

 

NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF
THIS NOTE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY
A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
SECURED BY SUCH SECURITIES.

 

PARKERVISION, INC.

 

Convertible
Promissory

 

Note due January 8, 2025

 

Note
No. PV-2020-[▪]  $[▪]

 

Dated: January 8, 2020

 

For
value received, PARKERVISION, INC., a Florida corporation (the
“
Maker” or the
“Company”), hereby
promises to pay to the order of [▪] (the “Holder”), in accordance
with the terms hereinafter provided, the principal amount of
$[▪].

 

All
payments under or pursuant to this Convertible Promissory Note
(this “Note”) shall be made in
United States Dollars in immediately available funds to the Holder
at the address of the Holder set forth in the Purchase Agreement
(as hereinafter defined) or at such other place as the Holder may
designate from time to time in writing to the Maker or by wire
transfer of funds to the Holder’s account, instructions for
which are attached hereto as Exhibit A. The aggregate
unconverted and outstanding principal balance of this Note (the
“Outstanding
Principal Amount”) plus all accrued interest thereon
(if any) shall be due and payable on January 8, 2025 (the “Maturity Date”) or at
such other time as provided herein.

 

ARTICLE 1

 

1.1 Purchase Agreement. This Note
has been executed and delivered pursuant to the Securities Purchase
Agreement, dated as of January 8,
2020 (as the same may be amended from time to time, the
“Purchase
Agreement”), by and among the Maker and the Holder.
Capitalized terms used and not otherwise defined herein shall have
the meanings set forth for such terms in the Purchase Agreement.
This Note is one of a series of notes issued or to be issued by the
Maker pursuant to the Purchase Agreement (collectively, the
“Purchase Agreement
Notes”).

 

1.2 Payment of
Interest.

 

(a) The Maker shall pay
interest to the Holder on the Outstanding Principal Amount at the
rate of eight percent (8.0%) per annum. Interest shall be payable
quarterly on the 15th of April, July,
October and January of each year (each an “Interest Payment
Date”) during the term of the Note; however the first
interest payment shall not commence until the first quarterly
payment date following the effectiveness of the Registration
Statement (as defined in the Purchase Agreement). In addition,
Holder has the option to request deferral of each interest payment
for a period of six (6) months provided that Holder notifies Maker
one (1) trading day in advance of the scheduled interest payment
date. Interest payments shall be made, at the Maker’s option,
and subject to the Equity Conditions, in (i) cash, (ii) shares of
Common Stock (the “Repayment Shares”), or
(iii) a combination of cash and Repayment Shares. Interest shall
cease to accrue with respect to any principal amount
converted.

 

(b) The number of
Repayment Shares shall be determined by dividing the payment amount
by the closing price of the Common Stock on the trading day prior
to the Interest Payment Date. The Maker may only issue Repayment
Shares if (i) no Event of Default has occurred or is occurring;
(ii) the Holder has not been issued greater than 14.99% of the
Company’s outstanding shares, inclusive of the Repayment
Shares being issued, unless expressly waived by the Company’s
Board of Directors, (iii) the Repayment Shares are registered on an
effective Registration Statement or otherwise subject to an
exemption therefrom; (iv) the aggregate number of Repayment Shares,
together with any Conversion Shares, will not exceed the shares
reserved in accordance with Section 4.9 of the Securities Purchase
Agreement and (v) the Company’s shares are listed or quoted
on a Trading Market as defined in the Purchase Agreement
(collectively, the “Equity
Conditions”)

 

 

1

 

 

1.3 Payment of
Principal.

 

(a) The Outstanding
Principal Amount of the Note is payable in cash on the Maturity
Date unless otherwise extended in accordance with Section
1.3(b).

 

(b) The Maturity Date
of the Note shall be automatically extended by up to ten (10) one
(1) year increments, for an aggregate of ten (10) additional years,
provided that (i)
the Holder does not provide written notice to Maker revoking the
automatic extension option at least ten (10) trading days prior to
the Maturity Date, and, if applicable, each subsequent annual
maturity date and (ii) the interest rate following the Maturity
Date shall be reduced to two percent (2%) per annum on the
Outstanding Principal Amount and such interest shall be payable
annually on the new extended maturity date.

 

1.4 Transfer. This Note may be
transferred or sold, subject to the provisions of Section 5.8 of
this Note, or pledged, hypothecated or otherwise granted as
security by the Holder.

 

1.5 Use of Proceeds. The Maker
shall use the proceeds of this Note as set forth in the Purchase
Agreement.

 

1.6 Senior Status of Note. The
obligations of the Maker under the Purchase Agreement Notes shall
be senior to all equity of the Company. Upon any Liquidation Event
(as hereinafter defined), the Holder will be entitled to receive,
before any distribution or payment is made upon, or set apart with
respect to, any class of capital stock of the Maker, an amount
equal to the Outstanding Principal Amount plus all accrued interest
thereon (if any). For purposes of this Note, “Liquidation Event” means
a liquidation pursuant to a filing of a petition for bankruptcy
under applicable law or any other insolvency or debtor’s
relief, an assignment for the benefit of creditors, or a voluntary
or involuntary liquidation, dissolution or winding up of the
affairs of the Maker.

 

ARTICLE 2

 

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

 

(a) any default in the
payment of (1) the principal amount or accrued interest (if any)
hereunder or under any other Purchase Agreement Note when due; or
(2) liquidated damages in respect of, this Note or any other
Purchase Agreement Note, as and when the same shall become due and
payable (whether on a Payment Date, the Maturity Date or by
acceleration or otherwise);

 

(b) the Maker shall
fail to observe or perform any other covenant, condition or
agreement contained in this Note, any other Purchase Agreement Note
or any Transaction Document which failure is not cured, if possible
to cure, within three (3) Business Days after notice of such
default sent by the Holder;

 

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

 

 

2

 

 

(d) the Maker or any of
its Subsidiaries shall: (i) apply for or consent to the appointment
of, or the taking of possession by, a receiver, custodian, trustee
or liquidator of itself or of all or a substantial part of its
property or assets; (ii) make a general assignment for the benefit
of its creditors; (iii) commence a voluntary case under the United
States Bankruptcy Code (as now or hereafter in effect) or under the
comparable laws of any jurisdiction (foreign or domestic); (iv)
file a petition seeking to take advantage of any bankruptcy,
insolvency, moratorium, reorganization or other similar law
affecting the enforcement of creditors’ rights generally; (v)
acquiesce in writing to any petition filed against it in an
involuntary case under United States Bankruptcy Code (as now or
hereafter in effect) or under the comparable laws of any
jurisdiction (foreign or domestic); (vi) issue a notice of
bankruptcy or winding down of its operations or issue a press
release regarding same; or (vii) take any action under the laws of
any jurisdiction (foreign or domestic) analogous to any of the
foregoing;

 

(e) a proceeding or
case shall be commenced in respect of the Maker or any of its
Subsidiaries, without its application or consent, in any court of
competent jurisdiction, seeking: (i) the liquidation,
reorganization, moratorium, dissolution, winding up, or composition
or readjustment of its debts; (ii) the appointment of a trustee,
receiver, custodian, liquidator or the like of it or of all or any
substantial part of its assets in connection with the liquidation
or dissolution of the Maker or any of its Subsidiaries; or (iii)
similar relief in respect of it under any law providing for the
relief of debtors, and such proceeding or case described in clause
(i), (ii) or (iii) shall continue undismissed, or unstayed and in
effect, for a period of thirty (30) days or any order for relief
shall be entered in an involuntary case under United States
Bankruptcy Code (as now or hereafter in effect) or under the
comparable laws of any jurisdiction (foreign or domestic) against
the Maker or any of its Subsidiaries or action under the laws of
any jurisdiction (foreign or domestic) analogous to any of the
foregoing shall be taken with respect to the Maker or any of its
Subsidiaries and shall continue undismissed, or unstayed and in
effect for a period of thirty (30) days;

 

(f) the Maker shall, or
shall announce an intention to pursue or consummate a Change of
Control (as defined in the Purchase Agreement), or a Change of
Control shall be consummated, or the Maker shall negotiate, propose
or enter into any agreement, understanding or arrangement with
respect to any Change of Control.

 

2.2 Remedies Upon an Event of
Default.

 

(a) Upon the occurrence
and during the continuation of any Event of Default, the Maker
shall pay interest on the Outstanding Principal Amount hereunder at
an interest rate per annum at all times equal to twelve percent
(12%) to the fullest extent permitted by applicable Law. 
Accrued and unpaid interest (including interest on past due
interest) shall be due and payable upon demand.

 

(b) If an Event of
Default shall have occurred and shall be continuing, Holders
representing greater than fifty percent (50%) of the outstanding
principal balance of the Notes (the “Holder Majority”)
may at any time at its option declare the entire Outstanding
Principal Amount plus all accrued interest thereon (if any) due and
payable, and thereupon, the same shall be accelerated and so due
and payable, without presentment, demand, protest, or notice, all
of which are hereby expressly unconditionally and irrevocably
waived by the Maker. No course of delay on the part of the Holder
Majority shall operate as a waiver thereof or otherwise prejudice
the rights of the Holder Majority. No remedy conferred hereby shall
be exclusive of any other remedy referred to herein or now or
hereafter available at law, in equity, by statute or
otherwise.

 

 

3

 

 

ARTICLE 3

 

3.1 Conversion.

 

(a) Voluntary Conversion. At any
time and from time to time, subject to Section 3.3 herein and
Section 4.9 of the Securities Purchase Agreement, this Note shall
be convertible (in whole or in part), at the option of the Holder,
into such number of fully paid and non-assessable shares of Common
Stock as is determined by dividing (x) that portion of the
Outstanding Principal plus any accrued interest thereon by (y) the
Conversion Price then in effect on the date on which the Holder
delivers a notice of conversion (the “Conversion Notice”) in
accordance with Section 5.1 to the Maker. The Holder shall deliver
this Note to the Maker at the address designated in the Purchase
Agreement at such time that this Note is fully converted. With
respect to partial conversions of this Note, the Maker shall keep
written records of the amount of this Note converted as of the date
of such conversion (each, a “Conversion
Date”).

 

(b) Conversion Price. The
“Conversion
Price” means $0.13, and shall be subject to adjustment
as provided herein.

 

3.2 Delivery of Conversion Shares.
As soon as practicable after any conversion in accordance with this
Note and in any event within two (2) Trading Days thereafter (such
date, the “Share
Delivery Date”), the Maker shall, at its expense,
cause to be issued in the name of and delivered to the Holder, or
as the Holder may direct, a certificate or certificates evidencing
the number of fully paid and nonassessable shares of Common Stock
to which the Holder shall be entitled on such conversion (the
“Conversion
Shares”), in such denominations as may be requested by
the Holder, which certificate or certificates shall be free of
restrictive and trading legends (except for any such legends as may
be required under the Securities Act). In lieu of delivering
physical certificates for the shares of Common Stock issuable upon
any conversion of this Note, provided the Company’s transfer
agent is participating in the Depository Trust Company
(“DTC”)
Fast Automated Securities Transfer program or a similar program,
upon request of the Holder, the Company shall cause its transfer
agent to electronically transmit such shares of Common Stock
issuable upon conversion of this Note to the Holder (or its
designee), by crediting the account of the Holder’s (or such
designee’s) broker with DTC through its Deposit Withdrawal
Agent Commission system (provided that the same time periods herein
as for stock certificates shall apply) as instructed by the Holder
(or its designee).

 

3.3 Ownership Cap. Notwithstanding
anything to the contrary contained herein, the Holder shall not be
entitled to receive shares of Common Stock or other securities
(together with Common Stock, “Equity Interests”) upon
conversion of this Note to the extent (but only to the extent) that
such exercise or receipt would cause the Holder Group (as defined
below) to become, directly or indirectly, a “beneficial
owner” (within the meaning of Section 13(d) of the 1934 Act
and the rules and regulations promulgated thereunder) of a number
of Equity Interests of a class that is registered under the 1934
Act which exceeds the Maximum Percentage (as defined below) of the
Equity Interests of such class that are outstanding at such time.
To the extent limitations contained in this Section 3.3 apply, the
determination of whether this Note is convertible and of which
portion of this Note is convertible shall be the sole
responsibility and in the sole determination of the Holder, and the
submission of a notice of conversion shall be deemed to constitute
the Holder’s determination that the issuance of the full
number of Conversion Shares requested in the notice of conversion
is permitted hereunder, and the Company shall not have any
obligation to verify or confirm the accuracy of such determination.
For purposes of this Section 3.3, (i) the term “Maximum Percentage” shall
mean 4.99% through April 1, 2020 and shall increase to 9.99% after
April 1, 2020 ; provided, that, at the request of the Holder, the
Maker may permit the Holder to increase the Maximum Percentage to
14.99% subject to the Maker’s analysis of its
“ownership change” as defined by Section 382 of the
Internal Revenue Code of 1986, as amended; it being agreed and
understood that any such increase in the Maximum Percentage shall
not take effect until 61 days following the date the Maker grants
such request and (ii) the term “Holder Group” shall mean
the Holder plus any other Person with which the Holder is
considered to be part of a group under Section 13 of the 1934 Act
or with which the Holder otherwise files reports under Sections 13
and/or 16 of the 1934 Act. In determining the number of Equity
Interests of a particular class outstanding at any point in time,
the Holder may rely on the number of outstanding Equity Interests
of such class as reflected in (x) the Company’s most recent
Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission, as the case may be,
(y) a more recent public announcement by the Company or (z) a more
recent notice by the Company or its transfer agent to the Holder
setting forth the number of Equity Interests of such class then
outstanding. The provisions of this Section 3.3 shall be construed,
corrected and implemented in a manner so as to effectuate the
intended beneficial ownership limitation herein
contained.

 

 

4

 

 

3.4 Adjustment of Conversion
Price.

 

(a) Until the Note has
been paid in full or converted in full, the Conversion Price shall
be subject to adjustment from time to time as follows (but shall
not be increased, other than pursuant to Section 3.4(a)(i)
hereof):

 

(i) Adjustments for Stock Splits and
Combinations. If the Maker shall at any time or from time to
time after the Closing Date (but whether before or after the
Issuance Date) effect a split of the outstanding Common Stock, the
applicable Conversion Price in effect immediately prior to the
stock split shall be proportionately decreased. If the Maker shall
at any time or from time to time after the Closing Date (but
whether before or after the Issuance Date), combine the outstanding
shares of Common Stock, the applicable Conversion Price in effect
immediately prior to the combination shall be proportionately
increased. Any adjustments under this Section 3.4(a)(i) shall be
effective at the close of business on the date the stock split or
combination occurs.

 

(b) Certificates as to Adjustments.
Upon occurrence of each adjustment or readjustment of the
Conversion Price or number of shares of Common Stock issuable upon
conversion of this Note pursuant to this Section 3.4, the Maker at
its expense shall promptly compute such adjustment or readjustment
in accordance with the terms hereof and furnish to the Holder a
certificate setting forth such adjustment and readjustment, showing
in detail the facts upon which such adjustment or readjustment is
based. The Maker shall, upon written request of the Holder, at any
time, furnish or cause to be furnished to the Holder a like
certificate setting forth such adjustments and readjustments, the
applicable Conversion Price in effect at the time, and the number
of shares of Common Stock and the amount, if any, of other
securities or property which at the time would be received upon the
conversion of this Note. Notwithstanding the foregoing, the Maker
shall not be obligated to deliver a certificate unless such
certificate would reflect an increase or decrease of at least one
percent (1%) of such adjusted amount.

 

3.5 Issue Taxes. The Maker shall
pay any and all issue and other taxes, excluding federal, state or
local income taxes, that may be payable in respect of any issue or
delivery of shares of Common Stock on conversion of this Note
pursuant thereto; provided,
however, that the Maker shall not be obligated to pay any
transfer taxes resulting from any transfer requested by the Holder
in connection with any such conversion.

 

3.6 Fractional Shares. No
fractional shares of Common Stock shall be issued upon conversion
of this Note. In lieu of any fractional shares to which the Holder
would otherwise be entitled, the Maker shall pay cash equal such
fractional shares multiplied by the Conversion Price then in
effect.

 

3.7 Reservation of Common Stock.
The Maker shall reserve and keep available out of its authorized
but unissued Common Stock, such number of shares of Common Stock
equal to the Required Minimum as defined in the Purchase
Agreement.

 

3.8 Effect of Events Prior to the Issuance
Date. If the Issuance Date of this Note is after the Closing
Date, then, if the Conversion Price or any other right of the
Holder of this Note would have been adjusted or modified by
operation of any provision of this Note had this Note been issued
on the Closing Date, such adjustment or modification shall be
deemed to apply to this Note as of the Issuance Date as if this
Note had been issued on the Closing Date.

 

3.9 Inability to Fully Convert. If,
upon the Maker’s receipt of a Conversion Notice or as
otherwise required under this Note, the Maker cannot issue shares
of Common Stock for any reason, including, without limitation,
because the Maker does not have a sufficient number of shares of
Common Stock authorized and available then the Maker shall issue as
many shares of Common Stock as it is able to issue and, with
respect to the unconverted portion of this Note or with respect to
any shares of Common Stock not timely issued in accordance with
this Note, the Holder, solely at Holder’s option, can elect
to void its Conversion Notice and retain or have returned, as the
case may be, this Note that was to be converted pursuant to the
Conversion Notice (provided that the Holder’s voiding its
Conversion Notice shall not affect the Maker’s obligations to
make any payments which have accrued prior to the date of such
notice).

 

3.10 No
Rights as Stockholder. Nothing contained in this Note shall
be construed as conferring upon the Holder, prior to the conversion
of this Note, the right to vote or to receive dividends or to
consent or to receive notice as a stockholder in respect of any
meeting of stockholders for the election of directors of the Maker
or of any other matter, or any other rights as a stockholder of the
Maker.

 

 

5

 

 

ARTICLE 4

 

4.1 Covenants. For so long as any
Note is outstanding, without the prior written consent of the
Holder:

 

(a) Compliance with Transaction
Documents. The Maker shall, and shall cause its Subsidiaries
to, comply with its obligations under this Note and the other
Transaction Documents.

 

(b) Corporate Existence. The Maker
shall, and shall cause each of its Subsidiaries to, maintain in
full force and effect its corporate existence, rights and
franchises and all licenses and other rights to use property owned
or possessed by it and reasonably deemed to be

 

ARTICLE 5

 

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

 

5.2 Governing Law. This Agreement
shall be governed by and construed in accordance with the Laws of
the State of New York, without reference to principles of conflict
of laws or choice of laws. This Note shall not be interpreted or
construed with any presumption against the party causing this Note
to be drafted.

 

5.3 Headings. Article and section
headings in this Note are included herein for purposes of
convenience of reference only and shall not constitute a part of
this Note for any other purpose.

 

5.4 Binding Effect. The obligations
of the Maker and the Holder set forth herein shall be binding upon
the successors and assigns of each such party, whether or not such
successors or assigns are permitted by the terms
herein.

 

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

 

5.6 Compliance with Securities
Laws. The Holder of this Note acknowledges that this Note is
being acquired solely for the Holder’s own account and not as
a nominee for any other party, and for investment, and that the
Holder shall not offer, sell or otherwise dispose of this Note in
violation of securities laws. This Note and any Note issued in
substitution or replacement therefor shall be stamped or imprinted
with a legend in substantially the following form:

 

 

“NEITHER THIS
NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.”

 

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

 

5.8 Parties in Interest. This Note
shall be binding upon, inure to the benefit of and be enforceable
by the Maker, the Holder and their respective successors and
permitted assigns.

 

 

 

 [Signature
Pages Follow]

 

 

6

 

 

IN
WITNESS WHEREOF, the Maker has caused this Note to be duly executed
by its duly authorized officer as of the date first above
indicated.

 

PARKERVISION,
INC.

 

By:                                                     

Name:
Cynthia Poehlman

Title:
Chief Financial Officer

 

 

7Blueprint

 

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and
entered into as of January 8, 2020, between ParkerVision, Inc., a
Florida corporation (the “Company”), and each of
the several purchasers signatory hereto (each such purchaser, a
“Purchaser” and,
collectively, the “Purchasers”).

 

               This
Agreement is made pursuant to the Securities Purchase Agreement,
dated as of the date hereof, between the Company and each Purchaser
(the “Purchase
Agreement”).

 

               The
Company and each Purchaser hereby agrees as follows:

 

        1.                       

Definitions.

 

               Capitalized
terms used and not otherwise defined herein that are defined in the
Purchase Agreement shall have the meanings given such terms in the
Purchase Agreement. As used in this Agreement, the following
terms shall have the following meanings:

 

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

 

“Effectiveness Date”
means, with respect to the Initial Registration Statement required
to be filed hereunder, the 180th calendar day following the date
hereof (or, in the event of a “full review” by the
Commission, the 210th calendar day
following the date hereof) 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 (or, in the event of a “full
review” by the Commission, the 180th calendar day
following the date such 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 fifth Trading Day
following the date on which the Company is so notified if such date
precedes the dates otherwise required above, 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).

 

“Filing Date” means, with
respect to the Initial Registration Statement required hereunder,
the 120th
calendar day following the date hereof 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.

 

 

1

 

 

“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.

 

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

 

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

 

“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 shares of Common
Stock then issued and issuable upon conversion in full of the Notes
(assuming on such date the Notes are converted in full without
regard to any conversion limitations therein), (b) all shares of
Common Stock issued and issuable as interest on the Notes assuming
all permissible interest payments are made in shares of Common
Stock and the Notes are held until maturity and (c) 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) if (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 current public
information pursuant to Rule 144 as set forth in a written opinion
letter to such effect, addressed, delivered and acceptable to the
Transfer Agent and the affected Holders, as reasonably determined
by the Company, upon the advice of counsel to the
Company.

 

“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.

 

“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 and the rules and regulations
promulgated thereunder.

 

 

2

 

 

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-1 and shall contain (unless otherwise
directed by at least 85% in interest of the Holders) substantially
the “Plan of
Distribution” attached hereto as Annex A; provided, however, that no Holder shall
be required to be named as an “underwriter” without
such Holder’s express prior written consent; provided, further, that in the event the
Commission requires that a Holder be named as an
“underwriter” and such Holder does not so consent, the
Company shall not be required to include such Holder’s
Registrable Securities in a Registration Statement, notwithstanding
any provision to the contrary contained herein. Subject to the
terms of this Agreement, the Company shall use its 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 best efforts to keep such
Registration Statement continuously effective under the Securities
Act until 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 to such effect, addressed and
acceptable to the Transfer Agent and the affected Holders (the
“Effectiveness
Period”). The Company shall 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-1, subject to the provisions of Section 2(d)
with respect to the payment of liquidated damages; 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.

 

(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:

 

a.

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

 

b.

Second,
the Company shall reduce Registrable Securities represented by
Shares (applied, in the case that some Shares may be registered, to
the Holders on a pro rata basis based on the total number of shares
underlying the Notes 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 best efforts to file
with the Commission, as promptly as allowed by Commission or SEC
Guidance provided to the Company or to registrants of securities in
general, one or more registration statements on Form S-1 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.

 

 

3

 

 

(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 ten (10) 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, or (vi) any time during the period commencing from
the six (6) month anniversary of the date hereof and ending at such
time that all of the Registrable Securities may be sold without the
requirement for the Company to be in compliance with Rule 144(c)(1)
and otherwise without restriction or limitation pursuant to Rule
144, if the Company shall fail for any reason to satisfy the
current public information requirement under Rule 144(c) (any such
failure or breach being referred to as an “Event”, and for purposes
of clauses (i), (iv) and (vi), 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 ten (10) 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 “Event
Date”), then except during any period of time in which
the Holders may sell the Registrable Securities pursuant to Rule
144 without volume limitations, in addition to any other rights the
Holders may have hereunder or under applicable law, on each such
Event Date and on each monthly 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 liquidated damages and not as a
penalty, equal to the product of 1.0% multiplied by the aggregate
Subscription Amount paid by such Holder pursuant to the Purchase
Agreement with respect to the Registrable Securities affected by
such Event and held by such Holder on such Event Date and each
monthly anniversary thereof, up to a maximum of 6.0% of the
aggregate purchase price paid by such Holder pursuant to the
Purchase Agreement for such Registrable Securities. If the Company
fails to pay any liquidated damages pursuant to this Section in
full within seven days after the date payable, the Company will pay
interest thereon at a rate of 12% 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 liquidated damages are
due until such amounts, plus all such interest thereon, are paid in
full. The liquidated damages pursuant to the terms hereof shall
apply on a daily pro rata basis for any portion of a month prior to
the cure of an Event.

 

(e) Notwithstanding
anything to the contrary contained herein, in no event shall the
Company be permitted to name any Holder or affiliate of a Holder as
any underwriter without the prior written consent of such Holder;
provided,
however, that in
the event the Commission requires that a Holder be named as an
“underwriter” and such Holder does not so consent, the
Company shall not be required to include such Holder’s
Registrable Securities in a Registration Statement, notwithstanding
any provision to the contrary contained herein.

 

3.            

Registration
Procedures.

 

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

 

(a) Not less than two
(2) Trading Days 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 each Holder 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 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 a
majority of the Registrable Securities shall reasonably object in
good faith, provided that, the Company is notified of such
objection in writing no later than two (2) Trading Days after the
Holders have been so furnished copies of a Registration Statement
or one (1) Trading Day after the Holders have 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 this Agreement as
Annex B (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 such Holder receives draft materials in
accordance with this Section, whichever occurs first.

 

 

4

 

 

(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.

 

(e) Use its 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 each
Holder, 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.

 

 

5

 

 

(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.

 

(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, 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 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 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.

 

 

6

 

 

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

 

(m) The Company shall
use its best efforts to maintain eligibility for use of Form S-1
(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 in connection with an
issuer filing under FINRA Rule 5110, 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. In no
event shall the Company be responsible for any broker or similar
commissions of any Holder or, except to the extent provided for in
the Transaction Documents, any legal fees or other costs of the
Holders.

 

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).
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).

 

 

7

 

 

(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, 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 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). 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
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.

 

               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.

 

 

8

 

 

(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.

 

               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. Except
as set forth on Schedule
6(b) attached hereto, 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 until all Registrable
Securities are registered pursuant to a Registration Statement that
is declared effective by the Commission, provided that this Section
6(b) (i) shall not prohibit the Company from filing amendments to
registration statements filed prior to the date of this Agreement
and (ii) shall not prohibit the Company from filing a shelf
registration statement on Form S-3 for a primary offering by the
Company, provided that the Company makes no offering of securities
pursuant to such shelf registration statement prior to the
effective date of the Registration Statement required hereunder
that includes all of the Registrable Securities.

 

(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
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).

 

 

9

 

 

(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 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.

 

(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 a majority of the then outstanding
Registrable Securities. 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. Except as set forth
on Schedule 6(i),
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.

 

 

10

 

 

(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.

 

(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 Purchase 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)

 

11

 

 

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

 

	

PARKERVISION, INC.

 

 

	

By:__________________________________________

     Name:
Cynthia Poehlman

     Title:
Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

[SIGNATURE
PAGE OF HOLDERS FOLLOWS]

 

 

12

 

[SIGNATURE
PAGE OF HOLDERS TO PRKR RRA]

 

 

Name of
Holder: __________________________

 

Signature of Authorized Signatory of
Holder: __________________________

 

Name of
Authorized Signatory: _________________________

 

Title
of Authorized Signatory: __________________________

 

 

 

[SGNATURE PAGES
CONTINUE]

 

13

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