Document:

Exhibit 10.1

 

Summit Wireless Technologies, Inc.

6840 Via Del Oro, Ste. 280

San Jose, CA 95119

(408) 627-4716

 

Dated as of January 18, 2021

 

To Holder of Common Stock Purchase Warrants

 

Re:       Inducement
Offer to Exercise Common Stock Purchase Warrants

 

Dear Holder:

 

Summit Wireless Technologies,
Inc. (the “Company”) is pleased pursuant to this letter agreement (this “Agreement”) to offer
to you the opportunity to exercise all of the common stock purchase warrants of the Company issued to you on (i) June 8, 2020 with
an exercise price of $2.55 per share (the “June 8th Warrant”), and (ii) June 11, 2020, with an exercise
price of $2.61 per share (the “June 11th Warrant”, and together with the June 8th Warrant,
the “Existing Warrants”), set forth on the signature page hereto, which are currently held by you (the “Holder”).
The Existing Warrants and all of the shares of common stock, par value $0.0001 per share, of the Company (the “Common
Stock”) underlying the Existing Warrants (“Existing Warrant Shares”) have been registered pursuant
to a resale registration statement on Form S-1 (File No. 333-239750), which was declared effective by the U.S. Securities Exchange
Commission (the “Commission”) on July 22, 2020 (the “Registration Statement”) in connection
with two separate registered direct and concurrent private placement offerings by the Company placed by Maxim Group LLC in June
2020 (collectively, the “Offerings”). The Registration Statement is currently effective and, upon exercise of
the Existing Warrants pursuant to this letter agreement, will be effective for the issuance or sale, as the case may be, of the
Existing Warrant Shares. Capitalized terms not otherwise defined herein shall have the meanings set forth in each Existing Warrant.

 

In consideration for
exercising in full all of the Existing Warrants held by you and set forth on the signature page hereto (the “Warrant
Exercise”), the Company hereby offers to issue you or your designee a new common stock purchase warrant (the “New
Warrant”) pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (“Securities Act”),
to purchase a quantity of shares of Common Stock (the “New Warrant Shares”) equal to 25% of the number
of Existing Warrant Shares issued pursuant to the exercise of the Existing Warrants hereunder, which New Warrant shall be substantially
in the form of the Existing Warrants, will be exercisable immediately and on a cashless basis if the New Warrant Shares have not
been registered on or before 6 months after the date of issuance and there is no current registration statement effective covering
the New Warrant Shares at the time of exercise, with an expiration date on January 19, 2026, and an exercise price equal to $4.20.

 

The original New Warrants
will be delivered within two (2) business days following the date hereof. Notwithstanding anything herein to the contrary, in the
event that the exercise of an Existing Warrant would otherwise cause you to exceed the applicable Beneficial Ownership Limitation
set forth in Section 2(e) of the Existing Warrants, the Company shall only issue such number of Existing Warrant Shares to you
that would not cause you to exceed the maximum number of Existing Warrant Shares permitted thereunder, with the balance to be held
in abeyance until notice from you that such balance (or portion thereof) may be issued in compliance with such Beneficial Ownership
Limitation, which abeyance shall be evidenced through the Existing Warrants, which shall be deemed prepaid thereafter, and exercised
pursuant to a Notice of Exercise in the Existing Warrant (provided no additional exercise shall be payable).

 

Expressly subject
to the paragraph immediately following this paragraph below, you may accept this offer by signing this letter below, with such
acceptance constituting your exercise in full of the Existing Warrants for an aggregate exercise price set forth on your signature
page hereto (the “Warrants Exercise Price”) on or before January 18, 2021.

 

     

     

    

 

Additionally, the Company
agrees to the representations, warranties and covenants set forth on Annex A attached hereto. You represent and
warrant that you are an “accredited investor” as defined in Rule 501 of the Securities Act, and agree that the New
Warrants will contain restrictive legends when issued, and subject to this Agreement and the obligation of the Company to register
the New Warrant Shares under the terms of the New Warrant, neither the New Warrant nor the New Warrant Shares will be registered
under the Securities Act, except in the discretion of the Company.

 

You understand that
the New Warrant will not be, and the Company is under no obligation to register the New Warrant under the Securities Act, and that
the Company will undertake to register the New Warrant Shares under the Securities Act, pursuant to the terms of the New Warrant.
In furtherance thereof, the New Warrant and each certificate evidencing New Warrant Shares, if, for any reason, the New Warrant
Shares, if any, are not then currently covered under an effective registration statement, shall bear a legend substantially similar
to the following:  

 

“NEITHER THIS SECURITY
NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE 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.  THIS SECURITY AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.”

 

Certificates evidencing
New Warrant Shares shall not contain any legend (including the legend set forth above), (i) while a registration statement covering
the resale of such New Warrant Shares is effective under the Securities Act, (ii) following any sale of such New Warrant Shares
pursuant to Rule 144 under the Securities Act, (iii) if such New Warrant Shares are eligible for sale under Rule 144, without the
requirement for the Company to be in compliance with the current public information required under Rule 144 as to such New Warrant
Shares and without volume or manner-of-sale restrictions, (iv) if such New Warrant Shares may be sold under Rule 144 and the
Company is then in compliance with the current public information required under Rule 144 as to such New Warrant Shares, or (v)
if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission and the earliest of clauses (i) through (v), the “Delegend Date”)). The
Company shall cause its counsel to issue a legal opinion to the transfer agent promptly after the Delegend Date if required by
the Company and/or the transfer agent to effect the removal of the legend hereunder, which opinion shall be in form and substance
reasonably acceptable to you. If such New Warrant Shares may be sold under Rule 144 without the requirement for the Company to
be in compliance with the current public information required under Rule 144 or if such legend is not otherwise required under
applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the
Commission) then such New Warrant Shares shall be issued free of all legends. The Company agrees that following the Delegend Date
or at such time as such legend is no longer required under this paragraph, it will, no later than two (2) Trading Days following
the delivery by you to the Company or the Transfer Agent of a certificate representing the New Warrant Shares issued with a restrictive
legend (such second Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to you a certificate
representing such New Warrant Shares that is free from all restrictive and other legends or, at your request shall credit the account
of your prime broker with the Depository Trust Company System as directed by you.  

 

In addition
to your other available remedies, the Company shall pay to you, in cash, (i) as partial liquidated damages and not as a
penalty, for each $1,000 of New Warrant Shares (based on the VWAP of the shares of Common Stock on the date such New Warrant
Shares are submitted to the Transfer Agent) delivered for removal of the restrictive legend, $10 per Trading Day (increasing
to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend
Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver (or
cause to be delivered) to you by the Legend Removal Date a certificate representing the New Warrant Shares so delivered to
the Company by you that is free from all restrictive and other legends and (b) if after the Legend Removal Date you purchase
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by you of all or any
portion of the number of New Warrant Shares, or a sale of a number of shares of Common Stock equal to all or any portion of
the number of New Warrant Shares that you anticipated receiving from the Company without any restrictive legend, then, an
amount equal to the excess of your total purchase price (including brokerage commissions and other out-of-pocket expenses, if
any) for the shares of Common Stock so purchased (including brokerage commissions and other out-of-pocket expenses, if any)
over the product of (A) such number of New Warrant Shares that the Company was required to deliver to you by the Legend
Removal Date multiplied by (B) the lowest closing sale price of the shares of Common Stock on any Trading Day during the
period commencing on the date of the delivery by you to the Company of the applicable New Warrant Shares (as the case may be)
and ending on the date of such delivery and payment under this clause (ii).

 

     

     

    

 

At 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 New Warrant
Shares 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 there is no effective registration statement covering the resale of all of the New Warrant
Shares and the Company (i) shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or
(ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and the Company shall fail to satisfy
any condition set forth in Rule 144(i)(2) (a “Public Information Failure”) then, in addition to your other available
remedies, the Company shall pay to you, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay
in or reduction of its ability to sell the New Warrant Shares, an amount in cash equal to two percent (2.0%) of the aggregate exercise
price of the New Warrant on the day of a Public Information Failure and on every thirtieth (30th) day (pro-rated for
periods totaling less than thirty (30) days) thereafter until the earlier of (a) the date such Public Information Failure is cured
and (b) such time that such public information is no longer required for the undersigned to transfer the New Warrant Shares pursuant
to Rule 144. The payments to which the undersigned shall be entitled pursuant to this paragraph are referred to herein as “Public
Information Failure Payments.” Public Information Failure Payments shall be paid on the earlier of (i) the last day of
the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd) business
day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event that the Company fails
to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at
the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit your right to pursue actual
damages for the Public Information Failure, and you shall have the right to pursue all remedies available to you at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief.

 

From the date
hereof until the end of the fifteen (15) Trading Day following the date hereof, neither the Company nor any subsidiary of the
Company shall (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of
Common Stock or any securities of the Company or any subsidiaries which would entitle the holder thereof to acquire at any
time shares of Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, shares of Common Stock, or (ii) file any registration statement, or amendment or supplement thereto, with the
Commission other than those filed pursuant to this Agreement or Other Warrant Exercise Agreements (as defined below).
Notwithstanding the foregoing, the foregoing shall not apply in respect of an Exempt Issuance. “Exempt
Issuance” means the issuance of (a) shares of Common Stock, stock units or options to employees, consultants,
officers or directors of the Company pursuant to any incentive stock or option plan duly adopted for such purpose or pursuant
to the compensation agreements previously authorized by the Company’s board of directors, (b) common stock purchase
warrants of the Company held by Other Holders (defined below), including, but not limited to, new common stock purchase
warrants of the Company offered and issued pursuant to Other Warrant Exercise Agreements, (c) securities upon the exercise or
exchange of or conversion of securities exercisable or exchangeable for or convertible into shares of Common Stock issued and
outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this
Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of
such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, and
(d) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
directors of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule
144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is,
itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business
of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not
include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity
whose primary business is investing in securities.

 

     

     

    

 

If this offer is
accepted and the transaction documents are executed on or before January 18, 2021, then on or before 9:30 a.m. Eastern
Time on the next Trading Day, the Company shall issue a press release disclosing all material terms of the transactions
contemplated hereunder. From and after the issuance of such press release, the Company represents to you that it shall have
publicly disclosed all material, non-public information delivered to you by the Company, or any of their respective officers,
directors, employees or agents in connection with the transactions contemplated hereunder. In addition, effective upon the
issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of its subsidiaries or any of their respective
officers, directors, agents, employees or Affiliates on the one hand, and you and your Affiliates on the other hand, shall
terminate. The Company represents, warrants and covenants that, upon acceptance of this offer, the shares underlying the
Existing Warrants shall be issued free of any legends or restrictions on resale by you, subject to the application of the
Beneficial Ownership Limitation and any Existing Warrant Shares being held in abeyance until notice from you that such
balance (or portion thereof) may be issued in compliance with such Beneficial Ownership Limitation, and all of the Existing
Warrant Shares shall be delivered electronically through the Depository Trust Company within one (1) business day of the date
the Company receives the payment of the aggregate Exercise Price of the Existing Warrants (or, with respect to Existing
Warrant Shares that would otherwise be in excess of the Beneficial Ownership Limitation, within two (2) business days of the
date on which the Company is notified by you that its ownership is less than the Beneficial Ownership Limitation). The terms
of the Existing Warrants, including but not limited to the obligations to deliver the Existing Warrant Shares, shall
otherwise remain in effect as if the acceptance of this offer were a formal Notice of Exercise (including but not limited to
any liquidated damages and compensation in the event of late delivery of the Existing Warrant Shares).

 

As soon as practicable
(and in any event within 60 calendar days of the date of this Agreement), the Company shall file a registration statement on Form
S-3 (or Form S-1 or other appropriate form if the Company is not then S-3 eligible) providing for the resale by you of the New
Warrant Shares issued and issuable upon exercise of the New Warrants and all Other Holders of their respective shares of Common
Stock issued and issuable upon exercise of their newly issued common stock purchase warrants pursuant to Other Warrant Exercise
Agreements.  The Company shall use commercially reasonable efforts to cause such registration to become effective within 180
days following the closing date of the issuance of the New Warrants and to keep such registration statement effective at all times
until no such holder owns any such warrants or shares of Common Stock issuable upon exercise thereof.

 

The Company acknowledges
and agrees that your obligations under this Agreement are several and not joint with the obligations of any other holder (each,
an “Other Holder”) of newly issued common stock purchase warrants of the Company offered and issued to Other
Holders pursuant to substantially similar agreements containing similar inducement offers under such other agreements related to
the exercise of such warrants as contained in this Agreement (“Other Warrant Exercise Agreements”), and you
shall not be responsible in any way for the performance of the obligations of any Other Holder or under any such Other Warrant
Exercise Agreement. Nothing contained in this letter agreement, and no action taken by you pursuant hereto, shall be deemed to
constitute you and the Other Holders as a partnership, an association, a joint venture or any other kind of entity, or create a
presumption that you and the Other Holders are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated by this Agreement and the Company acknowledges that you and the Other Holders are not acting in concert
or as a group with respect to such obligations or the transactions contemplated by this Agreement or any Other Warrant Exercise
Agreement. The Company and you confirm that you have independently participated in the negotiation of the transactions contemplated
hereby with the advice of your own counsel and advisors. You shall be entitled to independently protect and enforce your 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.

  

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

 

     

     

    

 

Within one (1) business day from your execution
of this letter, you shall make available for “Delivery Versus Payment” to the Company immediately available funds equal
to the aggregate of (i) the number of June 8th Warrants being exercised multiplied by $2.55 and (ii)
the number of June 11th Warrants being exercised multiplied by $2.61, and the Company shall deliver
the Existing Warrant Shares via “Delivery Versus Payment” to you and shall deliver the New Warrants registered in your
name.

 

Please do not hesitate
to call me if you have any questions.

 

	 	Sincerely yours,
	 	 
	 	Summit Wireless Technologies, Inc.

	 	 
		
	 	By: 	 
	 	Name: 	Brett Moyer
	 	Title:	Chief Executive Officer

 

Accepted and Agreed to:

 

	Name of Holder:  	 
	Signature of Authorized Signatory of Holder:	 
	Name of Authorized Signatory:	 
	Title of Authorized Signatory:	 
	New Warrants: (25% of total Existing Warrants being exercised):  	 
	DTC Instructions:	 

 

     

     

    

 

Annex A

 

Representations,
Warranties and Covenants of the Company. The Company hereby makes the following representations and warranties to you:

 

(a)       Affirmation of Prior Representations, Warranties and Covenants. The Company hereby represents and warrants to you that the Company’s representations and warranties as set forth in Section 3.1 of that certain (i) securities purchase agreement, dated as of June 4, 2020, between the Company and each purchaser identified on the signature pages thereto, and (ii) securities purchase agreement, dated as of June 9, 2020, between the Company and each purchaser identified on the signature pages thereto ((i) and (ii), collectively, the “Purchase Agreement”), together with any updates in the Company’s public reports filed with the Commission subsequent to the Purchase Agreement, are true and correct as of the date hereof and have been fully performed as of the date hereof.

 

 (b)       Authorization;  Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or its stockholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(c)        No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s certificate of incorporation, as amended, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any  liens, claims, security interests, other encumbrances or defects upon any of the properties or assets of the Company in connection with, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing Company debt or otherwise) or other material understanding to which such Company is a party or by which any property or asset of the Company is bound or affected; or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected, except, in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a material adverse effect upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company, taken as a whole, or in its ability to perform its obligations under this letter agreement.

 

(d)       Nasdaq Corporate Governance. The transactions contemplated under this letter agreement, comply with all rules of the Nasdaq Stock Market LLC.

 

(e)        Registration Statement. The Existing Warrant Shares are registered for issuance on the Registration Statement and the Company knows of no reason why such registration statement shall not remain effective for the foreseeable future. The Company shall use commercially reasonable efforts to keep the Registration Statement effective and available for use by you until all Existing Warrant Shares underlying the Existing Warrants are sold by you.

 

(f)         Issuance of the New Warrant. The issuance of the New Warrant is duly authorized and, upon the execution of this Agreement by the undersigned, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company, and the New Warrant Shares, when issued in accordance with the terms of the New Warrant, will be validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company. The Company has reserved from its duly authorized capital stock a number of shares of Common Stock for issuance of the New Warrant Shares in full.

 

(g)        Listing of Common Stock. The Company shall apply to list or quote all of the New Warrant Shares on the Nasdaq Capital Market and promptly secure the listing of all of the New Warrant Shares on the Nasdaq Capital Market.Exhibit 10.2

 

 

 

	SUBJECT TO MAXIM COMMITMENT COMMITTEE APPROVAL

 

CONFIDENTIAL

 

January 15, 2021

 

Mr. Brett A. Moyer

Chief Executive Officer, Chairman
of the Board and President

Mr. George Oliva, Chief Financial
Officer

Summit Wireless Technologies,
Inc.

6840 Via Del Oro Suite 280

San Jose, CA 95119

 

RE: Warrant Solicitation

 

Dear Mr. Moyer,

 

We
are pleased that Summit Wireless Technologies, Inc. (the “Company”) has decided to retain Maxim Group LLC (“Maxim”
or the “Solicitation Agent”) to provide financial advisory and investment banking services to the Company
as set forth herein. This letter agreement (“Agreement”) will confirm the Solicitation Agent’s acceptance
of such retention and set forth the terms and conditions of our engagement.

 

Pursuant
to this Agreement, the Company agrees to retain the Solicitation Agent as its exclusive lead warrant solicitation agent in connection
with its contemplated solicitation of the exercise of the Company’s warrants (the “Warrant Solicitation”)
for the period of time set forth herein. It is also understood and agreed that the Warrant Solicitation may include, as part of
the global transaction, the issuance of new warrants (the "New Warrant Issuance") to existing warrant holders
that may participate in the Warrant Solicitation.

 

We understand
that, in June of 2020, the Company completed two registered direct offerings of securities, in which, amongst other securities,
the Company issued Warrants to purchase 2,275,000 shares of common stock at an exercise price of $2.55 and Warrants to purchase
2,040,000 shares of common stock at an exercise price of $2.61 (together, the “Existing Warrants”).

 

NOW, THEREFORE,
in consideration of the premises and mutual agreements herein set forth, the parties hereto agree as follows:

 

		1.	Compliance with Applicable
Securities Laws/Best Efforts. Each of the Company and the Solicitation Agent agrees that the Warrant Solicitation by the Solicitation
Agent’s shall be consistent with applicable federal and state securities laws, the guidelines of the Financial Industry
Regulatory Authority (“FINRA”), applicable SEC rules and regulations, including but not limited to Regulation
M, regulations, instruments and rules, the rules, regulations and policies of all relevant stock exchange(s), any applicable “most
favored nation” provisions in the Existing Warrants regarding amendments thereto, and that disclosure of the Company’s
compensation arrangement with the Solicitation Agent will be made in documents provided to the holders of the Warrants. Moreover,
the Solicitation Agent shall, consistent with its obligations under applicable laws and the rules and regulations of FINRA, use
its reasonable best efforts to maximize the number of Existing Warrants which are exercised, including appropriate communications
with the record owners and beneficial owners of the Warrants, as well as said owners’ brokers, agents or other representatives.

 

Members
FINRA & SIPC

405 Lexington
Ave. * New York, NY10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

Summit Wireless Technologies,
Inc.

January 15, 2021

Page 2

 

		2.	Compensation.
                                         As compensation for services rendered and to be rendered hereunder by the Solicitation
                                         Agent, the Company agrees to provide the Solicitation Agent with the following:

 

		(a)	The
                                         Company shall pay to the Solicitation Agent a fee consisting of a cash payment equal
                                         to seven percent (7.0%) of the total net proceeds received from the exercise of any and
                                         all of the Company’s Existing Warrants that are subject to the Warrant Solicitation
                                         (the “Solicitation Fee”) by existing warrant holders receiving new
                                         warrants under the New Warrant Issuance.

 

		3.	Timing
                                         of Payment. Within fifteen (15) days after the end of the Solicitation Period (as
                                         defined below), the Company will deliver a notice to the Solicitation Agent setting forth
                                         the number of Existing Warrants which have been properly exercised by holders of the
                                         Existing Warrants in accordance with the terms of the Warrant Solicitation, together
                                         with payment of the Solicitation Fee with respect to the Existing Warrants so exercised
                                         and any documentation reasonably requested by the Solicitation Agent.

 

		4.	Representation
                                         and Warranties of the Company.

 

(a)             
The Company is a corporation duly organized, validly existing and in good standing under the laws of Delaware and has full
corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.

 

(b)            
The execution and delivery of this Agreement and the consummation by it of the transactions contemplated hereby and thereby
have been duly authorized by the board of directors of the Company and the stockholders of the Company, if required, and no further
consent or authorization is required by the Company, the board of directors of the Company or of its stockholders. No other corporate
proceedings on the part of the Company are necessary to approve and authorize the execution and delivery of this Agreement. This
Agreement constitutes the legal, valid and binding agreement of the Company, enforceable against it in accordance with its terms,
except as enforceability may be limited by insolvency, bankruptcy or other similar laws affecting creditors’ rights generally.

 

(c)             
The Company’s Registration Statement (“Registration Statement”) on Form S-1 (File No. 333239750),
registering the sale of Common Shares issuable upon exercise of the Warrants (the “Warrant Shares”) was declared
effective by the Securities and Exchange Commission (the “Commission”) July 22, 2020 and remains effective
and shall remain effective during the term of this Agreement. The Commission has not issued any orders preventing or suspending
the use of the Prospectus contained in the Registration Statement and the Prospectus (as modified or supplemented by information
incorporated by reference into such Prospectus) as well as the Company’s other public filings (the “SEC filings”)
conforms, and during the effectiveness of this Agreement will conform, in all material respects with the requirements of the Securities
Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange
Act”), as amended and do not, and during the effectiveness of this Agreement will not, include any untrue statement
of 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.

 

Members
FINRA & SIPC

405
Lexington Ave. * New York, NY10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

Summit Wireless Technologies,
Inc.

January 15, 2021

Page 3

 

(d)               
The Warrant Shares have been duly authorized, have been duly reserved for issuance and upon exercise of the Warrants and
payment to the Company of the exercise price therefore, the Warrant Shares will be validly issued, fully paid and non-assessable.

 

(e)               
Neither the execution and delivery of this Agreement by the Company nor the consummation of the transactions contemplated
hereby will (i) conflict with or result in any breach of any provisions of the Articles of Incorporation or Bylaws of the Company,
each as amended to date; (ii) require any consent, approval, authorization or permit from, or filing with or notification to,
any United States or foreign governmental or regulatory authority or other third party, except for any such consents approvals,
authorizations, permits, filings or notifications, the absence of which would not have a material adverse effect on the Company
or the Warrants, (iii) result in a breach of the terms, conditions or provisions of, constitute a default under or cause, permit
or give rise to any right of termination, cancellation or acceleration under any of the terms, conditions or provisions of any
material agreement to which the Company is a party to.

 

		5.	Information. In
connection with the Solicitation Agent’s potential activities hereunder, the Company will fully cooperate with the Solicitation
Agent and furnish the Solicitation Agent upon request with all information regarding the business, operations, properties, financial
condition, legal condition, litigation status, management and prospects of the Company (all such information so furnished being
the “Information”) that the Solicitation Agent reasonably deems appropriate and necessary for conducting its
due diligence and will provide the Solicitation Agent with access to the Company’s officers, directors, employees, consultants,
independent accountants and legal counsel. The Company represents and warrants to the Solicitation Agent that all Information
made available to the Solicitation Agent hereunder will be complete and correct in all material respects and will not contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not
misleading in light of the circumstances under which such statements are or will be made. The Company further represents and warrants
that any projections and other forward-looking information provided by it to the Solicitation Agent will have been prepared in
good faith and will be based upon assumptions (which shall be disclosed by the Company) which, in light of the circumstances under
which they are made, are reasonable. The Company recognizes and confirms that the Solicitation Agent: (i) will use and rely primarily
on the Information and on information available from generally recognized public sources in performing the services contemplated
by this Agreement without having independently verified the same; (ii) does not assume responsibility for the accuracy or completeness
of the Information and such other information; and (iii) will not make an appraisal of any assets of the Company. Any advice rendered
by the Solicitation Agent pursuant to this Agreement may not be disclosed publicly without the Solicitation Agent’s prior
written consent. The Solicitation Agent hereby acknowledges that certain of the Information received by the Solicitation Agent
may be confidential and/or proprietary, including Information with respect to the Company’s technologies, products, business
plans, marketing, and other Information which must be maintained by the Solicitation Agent as confidential. The Solicitation Agent
agrees that it will not disclose such confidential and/or proprietary Information to any other companies in the industry in which
the Company is involved without the Company’s prior written consent.

 

Members
FINRA & SIPC

405 Lexington
Ave. * New York, NY10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

Summit Wireless Technologies,
Inc.

January 15, 2021

Page 4

 

		6.	Indemnification.
                                         The Company agrees to indemnify the Solicitation Agent in accordance with the indemnification
                                         and other provisions attached to this Agreement as Exhibit A (the “Indemnification
                                         Provisions”), which provisions are incorporated herein by reference and shall
                                         survive the termination or expiration of this Agreement.

 

		7.	Other
                                         Activities. The Company acknowledges that the Solicitation Agent has been, and may
                                         in the future be, engaged to provide services as an underwriter, placement agent, finder,
                                         advisor and investment banker to other companies in the industry in which the Company
                                         is or may be involved. Subject to the confidentiality provisions of the Solicitation
                                         Agent contained in Section 5 hereof, the Company acknowledges and agrees that nothing
                                         contained in this Agreement shall limit or restrict the right of the Solicitation Agent
                                         or of any past, present or future member, manager, partner, officer, director, owner,
                                         employee, agent or representative of or investor in the Solicitation Agent, to be a member,
                                         manager, partner, officer, director, owner, employee, agent or representative of, investor
                                         in, or to engage in, any other business, whether or not of a similar, dissimilar or conflicting
                                         nature to the Company’s business, nor to limit or restrict the right of the Solicitation
                                         Agent and the foregoing persons and entities to render services of any kind to any other
                                         corporation, firm, individual or association. The Solicitation Agent may, but shall not
                                         be required to, present opportunities to the Company.

 

		8.	Termination;
                                         Survival of Provisions. The Agreement shall become effective upon the date of mutual
                                         execution by both parties to this Agreement, and shall continue to be in effect for a
                                         period of one (1) month from (the “Solicitation Period”). The Solicitation
                                         Agent shall be entitled to terminate this Agreement prior to the exercise of all of the
                                         Warrants at any time upon five (5) business days prior notice to the Company. Notwithstanding
                                         any such termination, the Solicitation Agent shall be entitled to receive a Solicitation
                                         Fee for the exercise of any Warrant that has already been delivered to the Company prior
                                         to any such termination and the fees and expenses set forth in Section Error! Reference
                                         source not found.. Notwithstanding anything expressed or implied herein to the contrary:
                                         the terms and provisions of Sections 2, 6 (including, but not limited to, the Indemnification
                                         Provisions attached to this Agreement and incorporated herein by reference), this Section
                                         8, and 9-16, shall survive the termination of this Agreement.

 

		9.	Right
                                         of First Refusal. For a period of two hundred and eighty (280) days from the exercise
                                         of any of the Existing Warrants during the period of this Agreement, the Company grants
                                         to the Solicitation Agent a right of first refusal to act as lead manager or lead placement
                                         agent in any and all future private or public equity offerings during such two hundred
                                         and eighty (280) day period.

 

		10.	Notices.
                                         All notices provided hereunder shall be given in writing and either delivered personally
                                         or by overnight courier service or sent by certified mail, return receipt requested,
                                         or by facsimile transmission, if to the Solicitation Agent, to Maxim Group LLC, 405 Lexington
                                         Avenue, 2nd Floor, New York, New York 10174, Attention: James Siegel, Esq.,
                                         Assistant General Counsel, Fax No. (212) 895-3860, and if to the Company, to the address,
                                         set forth on the first page of this Agreement, Attention: ---------------------. Any
                                         notice delivered personally or by fax shall be deemed given upon receipt (with confirmation
                                         of receipt required in the case of fax transmissions); any notice given by overnight
                                         courier shall be deemed given on the next business day after delivery to the overnight
                                         courier; and any notice given by certified mail shall be deemed given upon the second
                                         business day after certification thereof.

 

Members
FINRA & SIPC

405 Lexington
Ave. * New York, NY10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

Summit Wireless Technologies,
Inc.

January 15, 2021

Page 5

 

		11.	Governing
                                         Law; Venue; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed
                                         by construed and enforced in accordance with the laws of the State of New York applicable
                                         to agreements made and to be fully performed therein, without regard to conflicts of
                                         law principles. The Company irrevocably agrees that any suit, claim, action or proceeding
                                         of any kind or nature whatsoever arising out of this Agreement or any of the agreements,
                                         transactions or matters contemplated hereby, which is brought by or against the Company
                                         shall be brought in the Supreme Court of the State of New York, County of New York or
                                         the United States District Court for the Southern District of New York. The Company further
                                         irrevocably submits to the exclusive jurisdiction of the Supreme Court of the State of
                                         New York, County of New York or the United States District Court for the Southern District
                                         of New York for the purpose of any suit, claim, action or other proceeding of any kind
                                         or nature whatsoever arising out of this Agreement, or any of the agreements, transactions
                                         or matters contemplated hereby, which is brought by or against the Company, and agrees
                                         that service of process in connection with any such suit, claim, action or proceeding
                                         may be made upon the Company in accordance with Section 9 hereof it being agreed that
                                         such service shall be good and valid service to which the Company shall not challenge
                                         by way of objection, defense or otherwise. The parties hereby expressly waive all rights
                                         to trial by jury in any suit, claim, action or proceeding arising under this Agreement,
                                         or any of the agreements, transactions or matters contemplated hereby.

 

		12.	Amendments.
                                         This Agreement may not be modified or amended except in a writing duly executed by the
                                         parties hereto.

 

		13.	Headings.
                                         The section headings in this Agreement have been inserted as a matter of reference and
                                         are not part of this Agreement.

 

		14.	Successors
                                         and Assigns. The benefits of this Agreement shall inure to the parties hereto, their
                                         respective successors and assigns and to the indemnified parties hereunder and their
                                         respective successors and assigns, and the obligations and liabilities assumed in this
                                         Agreement shall be binding upon the parties hereto and their respective successors and
                                         assigns. Notwithstanding anything contained herein to the contrary, neither the Solicitation
                                         Agent nor the Company shall assign any of its obligations hereunder without the prior
                                         written consent of the other party.

 

		15.	No
                                         Third Party Beneficiaries. This Agreement does not create, and shall not be construed
                                         as creating, any rights enforceable by any person or entity not a party hereto, except
                                         those entitled to the benefits of the Indemnification Provisions. Without limiting the
                                         foregoing, the Company acknowledges and agrees that the Solicitation Agent is not being
                                         engaged as, and shall not be deemed to be, an agent or fiduciary of the Company’s
                                         shareholders or any other person by virtue of this Agreement or the retention of the
                                         Solicitation Agent hereunder, all of which are hereby expressly waived.

 

		16.	Waiver.
                                         Any waiver or any breach of any of the terms or conditions of this Agreement shall not
                                         operate as a waiver of any of the terms or conditions of this Agreement or of any other
                                         breach of such terms or conditions or of any other term or condition, nor shall any failure
                                         to insist upon strict performance or to enforce any provision hereof on any occasion
                                         operate as a waiver of such provision or of any other provision hereof or a waiver of
                                         the right to insist upon strict performance or to enforce such provision or any other
                                         provision on any subsequent occasion. Any waiver must be in writing.

 

		17.	Counterparts.
                                         This Agreement may be executed in any number of counterparts and by facsimile transmission,
                                         each of which shall be deemed to be an original instrument, but all of which taken together
                                         shall constitute one and the same agreement. Facsimile signatures shall be deemed to
                                         be original signatures for all purposes.

 

(signature page to follow)

 

Members
FINRA & SIPC

405 Lexington
Ave. * New York, NY10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

Summit Wireless Technologies,
Inc.

January 15, 2021

Page 6

 

If the foregoing
correctly sets forth our agreement, please sign the enclosed copy of this Agreement in the space provided below and return it
to us.

 

	 	Best Regards,
	 	 
	 	MAXIM GROUP LLC
	 	 
	 	By:	/s/
    Chris Avery
	 	 	Chris Avery
	 	 	Managing Director, Investment Banking
	 	 
	 	By:	/s/ Eddie
    Grossman
	 	 	Eddie Grossman
	 	 	Director, Investment Banking
	 	 
	 	By:	/s/ Clifford
    A. Teller
	 	 	Clifford A. Teller

    Executive Managing Director, Head of Investment Banking

 

	Agreed to and accepted
    this 15th day of January, 2021	 
	 	 
	SUMMIT WIRELESS TECHNOLOGIES,
    INC	 
	 	 
	By:	/s/ Brett A. Moyer	 
	 	Name: Brett A. Moyer	 
	 	Title: Chief Executive Officer, Chairman of the Board and President	 

 

Members
FINRA & SIPC

405 Lexington
Ave. * New York, NY10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

Summit Wireless Technologies,
Inc.

January 15, 2021

Page 7

 

Exhibit
A

 

INDEMNIFICATION
PROVISIONS

 

Capitalized
terms used in this Exhibit shall have the meanings ascribed to such terms in the Agreement to which this Exhibit is attached.

 

The
Company agrees to indemnify and hold harmless Maxim and each of the other Indemnified Parties (as hereinafter defined) from and
against any and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, attorney’s fees, costs,
expenses and disbursements of any kind or nature whatsoever, and any and all actions, suits, proceedings and investigations of
any kind or nature whatsoever in respect thereof and any and all legal fees and other costs, expenses and disbursements in giving
testimony or furnishing documents in response to a subpoena or otherwise (including, without limitation, the legal fees, consulting
or expert fees, costs, expenses and disbursements, as and when incurred, of investigating, preparing, pursing or defending any
such action, suit, proceeding or investigation (whether or not in connection with litigation in which any Indemnified Party is
a party)) (collectively, “Losses”), directly or indirectly, caused by, relating to, based upon, arising out
of, or in connection with, Maxim’s acting for the Company, including, without limitation, any act or omission by Maxim in
connection with its acceptance of or the performance or non-performance of its obligations under the Agreement between the Company
and Maxim to which these indemnification provisions are attached and form a part (the “Agreement”), any breach
by the Company of any representation, warranty, covenant or agreement contained in the Agreement (or in any instrument, document
or agreement relating thereto, including any Agency Agreement), or the enforcement by Maxim of its rights under the Agreement
or these indemnification provisions, except to the extent that any such Losses are found in a final judgment by a court of competent
jurisdiction (not subject to further appeal) to have resulted primarily and directly from the gross negligence or willful misconduct
of the Indemnified Party seeking indemnification hereunder. The Company also agrees that no Indemnified Party shall have any liability
(whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with the engagement of Maxim
by the Company or for any other reason, except to the extent that any such liability is found in a final judgment by a court of
competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from such Indemnified Party’s
gross negligence or willful misconduct.

 

These
Indemnification Provisions shall extend to the following persons (collectively, the “Indemnified Parties”):
Maxim, its present, former and future affiliated entities, managers, members, officers, directors, owners ,partners, stockholders,
employees, legal counsel, agents, representatives and controlling persons (within the meaning of the federal securities laws),
and its and their affiliated entities, managers, members, officers, directors, owners, partners, stockholders, employees, legal
counsel, agents, representatives and controlling persons of any of them. These indemnification provisions shall be in addition
to any liability which the Company may otherwise have to any Indemnified Party.

 

If
any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification,
it shall notify the Company with reasonable promptness; provided, however, that any failure by an Indemnified Party
to notify the Company shall not relieve the Company from its obligations hereunder. An Indemnified Party shall have the right
to retain counsel of its own choice to represent it, and the fees, expenses and disbursements of such counsel shall be borne by
the Company. Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Company
and any counsel designated by the Company. The Company shall be liable for and pay any settlement of any claim against any Indemnified
Party made with the Company’s written consent. The Company shall not, without the prior written consent of Maxim, settle
or compromise any claim, or permit a default
or consent to the entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an
unconditional term thereof, the giving by the claimant or claimants to all of the Indemnified Parties of an unconditional release
from all liability in respect of such claim, and (ii) does not contain any factual or legal admission by or with respect to an
Indemnified Party or an adverse statement with respect to the character, professionalism, expertise or reputation of any Indemnified
Party or any action or inaction of any Indemnified Party.

 

Members
FINRA & SIPC

405 Lexington
Ave. * New York, NY10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

 

     

     

    

 

Summit Wireless Technologies,
Inc.

January 15, 2021

Page 8

 

In
order to provide for just and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions
is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification
may not be enforced in such case, even though the express provisions hereof provide for indemnification in such case, then the
Company shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits
received by the Company and its stockholders, subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the
other hand, and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law,
in such proportion as to reflect not only the relative benefits, but also the relative fault of the Company, on the one hand,
and the Indemnified Party, on the other hand, in connection with the statements, acts or omissions which resulted in such Losses
as well as any relevant equitable considerations. No person found liable for a fraudulent misrepresentation shall be entitled
to contribution from any person who is not also found liable for fraudulent misrepresentation. The relative benefits received
(or anticipated to be received) by the Company and its stockholders, subsidiaries and affiliates shall be deemed to be equal to
the aggregate consideration payable or receivable by such parties in connection with the transaction or transactions to which
the Agreement relates relative to the amount of fees actually received by Maxim in connection with such transaction or transactions.
Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed the amount of fees previously
received by Maxim pursuant to the Agreement.

 

Neither
termination nor completion of the Agreement shall affect these Indemnification Provisions which shall remain operative and in
full force and effect. The Indemnification Provisions shall be binding upon the Company and its successors and assigns and shall
inure to the benefit of the Indemnified Parties and their respective successors, assigns, heirs and personal representatives.

 

The
Company shall be required to advance to the Indemnified Parties all legal fees, consultant and expert fees, costs, disbursements
and other expenses relating to, associated with or arising from the Losses.

 

Members
FINRA & SIPC

405 Lexington
Ave. * New York, NY10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com

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