Document:

EX-10.16

 Exhibit 10.16 

XPERI INC. 
 2022
EMPLOYEE STOCK PURCHASE PLAN 
 Xperi Inc., a Delaware corporation, hereby adopts this Xperi Inc. 2022 Employee Stock Purchase Plan,
effective as of the Effective Date (as defined herein). 
 1.    Purpose. The purposes of the Plan are as
follows: 
 (a)    To assist employees of the Company and its Designated Subsidiaries (as defined below) in acquiring a
stock ownership interest in the Company. 
 (b)    To help employees provide for their future security and to encourage
them to remain in the employment of the Company and its Designated Subsidiaries. 
 2.    Definitions. The
following definitions shall be in effect under the Plan, unless determined otherwise by the Administrator. 

(a)    “Administrator” shall mean the administrator of the Plan, as determined pursuant to
Section 14 hereof. 
 (b)    “Board” shall mean the Board of Directors of the Company. 

(c)    “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended. 

(d)    “Committee” shall mean the committee appointed to administer the Plan pursuant to Section 14
hereof. 
 (e)    “Common Stock” shall mean the common stock of the Company. 

(f)    “Company” shall mean Xperi Inc., a Delaware corporation, and any successor by merger,
consolidation or otherwise. 
 (g)    “Company Group” shall mean the Company, any Subsidiary and an
Eligible Employee’s Employer, if different, and their affiliates. 
 (h)    “Compensation” shall
mean all base straight time earnings and commissions, after the deduction of any payroll taxes and social security and national health insurance contributions and other amounts required by law to be deducted from the same, exclusive of payments for
overtime, shift premium, incentive compensation, incentive payments, bonuses, expense reimbursements, fringe benefits and other compensation. 

(i)    “Designated Subsidiary” shall mean any Subsidiary which has been designated by the Administrator
from time to time in its sole discretion as eligible to participate in the Plan. The Administrator may designate, or terminate the designation of, a subsidiary as a Designated Subsidiary without the approval of the stockholders of the Company. 

(j)    “Effective Date” shall have the meaning given to such term in Section 23. 

 (k)    “Eligible Employee” shall mean an Employee of
the Company or a Designated Subsidiary: (i) who does not, immediately after the option is granted, own stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company, a Parent or a
Subsidiary (as determined under Section 423(b)(3) of the Code); (ii) except as otherwise required by applicable local laws, whose customary employment is for more than twenty (20) hours per week; and (iii) except as otherwise
required by applicable local laws, whose customary employment is for more than five (5) months in any calendar year. For purposes of clause (i), the rules of Section 424(d) of the Code with regard to the attribution of stock ownership
shall apply in determining the stock ownership of an individual, and stock which an employee may purchase under outstanding options shall be treated as stock owned by the employee. Notwithstanding the foregoing, the Administrator may exclude from
participation in the Plan as an Eligible Employee any Employee that is a “highly compensated employee” of the Company or any Designated Subsidiary (within the meaning of Section 414(q) of the Code), or that is such a “highly
compensated employee” (A) with compensation above a specified level, (B) who is an officer and/or (C) is subject to the disclosure requirements of Section 16(a) of the Exchange Act; provided that any such exclusion
shall be applied in an identical manner under each Offering Period to all Employees of all Designated Subsidiaries. Notwithstanding the foregoing, (x) the Administrator may also limit eligibility further within a Designated Subsidiary so as to
only designate some Employees of a Designated Subsidiary as Eligible Employees, and (y) the foregoing eligibility rules shall apply only to the extent such rules are consistent with applicable local laws. 

(l)    “Employee” shall mean any person who renders services to the Company or a Subsidiary in the status
of an employee. “Employee” shall not include any director of the Company or a Subsidiary who does not render services to the Company or a Subsidiary in the status of an employee. For purposes of the Plan, the employment relationship shall
be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or Designated Subsidiary and meeting the requirements of Treasury Regulation
Section 1.421-7(h)(2), or as otherwise required by applicable law. Where the period of leave exceeds three (3) months, and the individual’s right to reemployment is not guaranteed either by
statute or by contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three (3)-month period, unless otherwise required under applicable law. 

(m)    “Employer” shall mean an Eligible Employee’s employing entity. 

(n)    “Enrollment Date” shall mean the first Trading Day of each Offering Period. 

(o)    “Exercise Date” shall mean the last Trading Day of each Purchase Period. 

(p)    “Fair Market Value” shall mean, as of any date, the value of Common Stock determined as follows:

 (i)    If the Common Stock is listed on any established stock exchange, including without limitation The Nasdaq
Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange 

  
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or system for such date (or if there is no closing sales price or closing bid on such date, the last market Trading Day prior to such date), as reported in The Wall Street Journal or such
other source as the Administrator deems reliable; 
 (ii)    If the Common Stock is regularly quoted by a recognized
securities dealer but selling prices are not reported, its Fair Market Value shall be the mean of the closing bid and asked prices for the Common Stock on such date (or if there are no closing bid and asked prices on such date, the last market
Trading Day prior to such date), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(iii)    In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined
in good faith by the Administrator. 
 (q)    “Offering Period” shall mean the approximately
twenty-four (24) month period commencing on each December 1 and June 1 during the term of the Plan and terminating on the last Trading Day in the period ending twenty-four (24) months later. The duration and timing of Offering
Periods may be changed pursuant to Section 4 of this Plan, but in no event may an Offering Period exceed twenty-seven (27) months. 

(r)    “Parent” means any corporation, other than the Company, in an unbroken chain of corporations
ending with the Company if, at the time of the determination, each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain. 
 (s)    “Plan” shall mean this Xperi Inc. 2022 Employee Stock Purchase Plan, as it may be
amended from time to time. 
 (t)    “Purchase Period” shall mean the approximately six (6) month
period commencing after one Exercise Date and ending with the next Exercise Date, except that the first Purchase Period of any Offering Period shall commence on the Enrollment Date and end with the next Exercise Date. 

(u)    “Purchase Price” shall mean 85% of the Fair Market Value of a share of Common Stock on the
Enrollment Date or on the Exercise Date, whichever is lower; provided, however, that the Purchase Price may be adjusted by the Administrator pursuant to Section 20. 

(v)    “Subsidiary” shall mean any corporation, other than the Company, in an unbroken chain of
corporations beginning with the Company if, at the time of the determination, each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain. In addition, with respect to any Non-Statutory Offering, a Subsidiary shall include any entity in which the Company has a direct or indirect equity interest 

(w)    “Trading Day” shall mean a day on which U.S. national stock exchanges and the Nasdaq Stock Market
are open for trading. 

  
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 3.    Eligibility. 

(a)    Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date for
an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of Section 5 hereof. 

(b)    Unless otherwise provided by the Administrator, an Eligible Employee may be granted rights under the Plan only if
such rights, together with any other rights granted to such Eligible Employee under “employee stock purchase plans” of the Company, any Parent or any Subsidiary, as specified by Section 423(b) of the Code, do not permit such
employee’s rights to purchase stock of the Company or any Parent or Subsidiary to accrue at a rate which exceeds the limit set forth in Section 423(b)(8) of the Code and the Treasury Regulations thereunder. 

4.    Offering Periods. Subject to Section 24, the Plan shall be implemented by consecutive, overlapping
Offering Periods which shall continue until the Plan expires or is terminated in accordance with Section 20 hereof. The Administrator shall have the power to change the duration of Offering Periods (including the commencement dates thereof)
with respect to future offerings without shareholder approval if such change is announced at least five (5) days prior to the scheduled beginning of the first Offering Period to be affected thereafter. 

5.    Participation. 

(a)    Except as set forth in Section 6(f) below, an Eligible Employee may become a participant in the Plan by
completing a subscription agreement authorizing payroll deductions in the form approved by the Administrator and filing it with the Company’s payroll office, or online as determined by the Administrator, fifteen (15) days (or such shorter
or longer period as may be determined by the Administrator, in its sole discretion) prior to the applicable Enrollment Date. 

(b)    Payroll deductions for a participant shall commence on the first payroll following the Enrollment Date and shall
end on the last payroll in the Offering Period to which such authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof. 

(c)    During a leave of absence approved by the Company or a Designated Subsidiary employing a participant, a participant
may continue to participate in the Plan by making cash payments to the Company on each pay day equal to the amount of the participant’s payroll deductions under the Plan for the pay day immediately preceding the first day of such
participant’s leave of absence. If a leave of absence is unapproved, the participant will cease automatically to participate in the Plan. In such event, the Company or a Designated Subsidiary will automatically cease to deduct the
participant’s payroll under the Plan. The Company or a Designated Subsidiary will pay to the participant his or her total payroll deductions for the Purchase Period, in cash in one lump sum (without interest), as soon as practicable after the
participant ceases to participate in the Plan. 
 (d)    A participant’s completion of a subscription agreement
will enroll such participant in the Plan for each successive Purchase Period and each subsequent Offering Period on the terms contained therein until the participant either submits a new subscription agreement, withdraws from participation under the
Plan as provided in Section 10 hereof or otherwise becomes ineligible to participate in the Plan. 

  
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 6.    Payroll Deductions. 

(a)    At the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions
made on each pay day during the Offering Period in an amount from one percent (1%) to one hundred percent (100%), or such lesser amount as determined by the Administrator, of the Compensation which he or she receives on each pay day during the
Offering Period, in no event to exceed the net amount of pay after taxes and authorized deductions have been taken out of his or her total compensation earned during each payroll period during each Offering Period. 

(b)    All payroll deductions made for a participant under Section 6(a) above shall be credited to his or her account
under the Plan and shall be withheld in whole percentages only. Except as described in Section 5(c) or 6(f) hereof, a participant may not make any additional payments into such account. 

(c)    A participant may discontinue his or her participation in the Plan as provided in Section 10 hereof, or may
increase or decrease the rate of his or her payroll deductions or suspend his or her payroll deductions during the Offering Period by completing or filing with the Company a new subscription agreement authorizing a change in payroll deduction rate.
The Administrator may, in its discretion, limit the number of participation rate changes during any Offering Period. The change in rate shall be effective with the first full payroll period following five (5) business days after the
Company’s receipt of the new subscription agreement (or such shorter or longer period as may be determined by the Administrator, in its sole discretion). 

(d)    Notwithstanding the foregoing, to the extent necessary to comply with Section 3(b) hereof, a
participant’s payroll deductions may be decreased to zero percent (0%) at any time during a Purchase Period. 

(e)    At the time the option is exercised, in whole or in part, or at the time some or all of the Company’s Common
Stock issued under the Plan is disposed of, the participant must make adequate provision for the Company’s obligations to withhold, collect or account for with respect to any federal, state, foreign or other taxes or amounts, if any, which
arise upon the exercise of the option or the disposition of the Common Stock. At any time, the Company may, but shall not be obligated to, withhold from the participant’s compensation the amount necessary for the Company to meet applicable
withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Employee. 

(f)    Notwithstanding any other provisions of the Plan to the contrary, in
non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited, the Administrator may provide that an Eligible Employee may elect to participate through contributions to his or
her account under the Plan in a form acceptable to the Administrator in lieu of or in addition to payroll deductions. 

  
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 7.    Grant of Option. On the Enrollment Date of each Offering
Period, each Eligible Employee participating in such Offering Period shall be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of the Company’s Common
Stock determined by dividing the balance in such participant’s Plan account as of the Exercise Date by the applicable Purchase Price; provided, however, that in no event shall a participant be permitted to purchase during each Offering
Period more than 8,000 shares of the Company’s Common Stock (subject to any adjustment pursuant to Section 19) and during each Purchase Period more than 2,000 shares of the Company’s Common Stock (subject to any adjustment pursuant to
Section 19); and provided, further, that such purchase shall be subject to the limitations set forth in Sections 3(b) and 13 hereof. The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the
maximum number of shares of the Company’s Common Stock a participant may purchase during each Purchase Period and Offering Period. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn
pursuant to Section 10 hereof or otherwise becomes ineligible to participate in the Plan. The option shall expire on the last day of the Offering Period. 

8.    Exercise of Option. 

(a)    Unless a participant withdraws from the Plan as provided in Section 10 hereof or otherwise becomes ineligible
to participate in the Plan, his or her option for the purchase of shares shall be exercised automatically on the Exercise Date, and the maximum number of full shares (or fractional shares if permitted by the Administrator) subject to the option
shall be purchased for such participant at the applicable Purchase Price with the balance in such participant’s Plan account. Any additional balance of the amount credited to the account of each participant which has not been applied to the
purchase of shares of stock shall be paid to such participant in one lump sum in cash as soon as reasonably practicable after the Exercise Date, without any interest thereon. Notwithstanding the foregoing, the Administrator may exercise discretion
in the treatment of any fractional shares including, without limitation, electing to refund payroll deductions attributable to fractional shares to the participant as soon as administratively practicable or hold such amounts for the purchase of
shares as the next Exercise Date in lieu of purchasing fractional shares on behalf of the participant. During a participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her. 

(b)    If the Administrator determines that, on a given Exercise Date, the number of shares with respect to which options
are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering Period, or (ii) the number of shares available for sale under the Plan on
such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company shall make a pro rata allocation of the shares of Common Stock available for purchase on such Enrollment Date or Exercise Date, as applicable, in as
uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and continue all Offering Periods then in effect, or
(y) provide that the Company shall make a pro rata allocation of the shares available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole
discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date, and terminate any or all Offering Periods then in effect pursuant to Section 20 hereof. The Company may make pro rata

  
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allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for issuance
under the Plan by the Company’s stockholders subsequent to such Enrollment Date. The balance of the amount credited to the account of each participant which has not been applied to the purchase of shares of stock because of the limitations set
forth in Section 3(b), Section 7 or this Section 8(b) shall be paid to such participant in one lump sum in cash as soon as reasonably practicable after the Exercise Date, without any interest thereon. 

9.    Deposit of Shares. As promptly as practicable after each Exercise Date on which a purchase of shares occurs,
the Company may arrange for the deposit, into each participant’s account with any broker designated by the Company to administer this Plan, of the number of shares purchased upon exercise of his or her option. 

10.    Withdrawal. 

(a)    A participant may withdraw all but not less than all of the balance in such participant’s Plan account and not
yet used to exercise his or her option under the Plan at any time by giving written notice to the Company in a form acceptable to the Administrator. All amounts credited to a participant’s Plan account during the Offering Period shall be paid
to such participant as soon as reasonably practicable after receipt of notice of withdrawal and such participant’s option for the Offering Period shall be automatically terminated, and no further payroll deductions or contributions for the
purchase of shares shall be made for such Offering Period. If a participant withdraws from an Offering Period, participation in the Plan shall not resume at the beginning of the succeeding Offering Period unless the participant delivers to the
Company a new subscription agreement. 
 (b)    A participant’s withdrawal from an Offering Period shall not have
any effect upon his or her eligibility to participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant
withdraws. 
 (c)    Upon a Designated Subsidiary ceasing to be such, an Eligible Employee of the Designated Subsidiary
shall be deemed to have elected to withdraw from the Plan and the amounts credited to such participant’s account during the Offering Period shall be paid to such participant, or in the case of his or her death, to the person or persons entitled
thereto under Section 15 hereof, as soon as reasonably practicable and such participant’s option for the Offering Period shall be automatically terminated. 

11.    Termination of Employment. Upon a participant’s ceasing to be an Eligible Employee, for any reason, he
or she shall be deemed to have elected to withdraw from the Plan and the balance in such participant’s Plan account shall be paid to such participant or, in the case of his or her death, to the person or persons entitled thereto under
Section 15 hereof, as soon as reasonably practicable and such participant’s option for the Offering Period shall be automatically terminated. 

12.    Interest. No interest shall accrue on the payroll deductions or lump sum contributions of a participant in
the Plan. 

  
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 13.    Shares Subject to Plan. 

(a)    Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the
maximum number of shares of the Company’s Common Stock which shall be made available for sale under the Plan shall be 5,000,000 shares. If any right granted under the Plan shall for any reason terminate without having been exercised, the Common
Stock not purchased under such right shall again become available for issuance under the Plan. The stock subject to the Plan may be unissued shares or reacquired shares, bought on the market or otherwise. 

(b)    With respect to shares of stock subject to an option granted under the Plan, a participant shall not be deemed to
be a stockholder of the Company, and the participant shall not have any of the rights or privileges of a stockholder, until such shares have been issued to the participant or his or her nominee following exercise of the participant’s option. No
adjustments shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distribution or other rights for which the record date occurs prior to the date of such issuance, except as otherwise expressly
provided herein. 
 14.    Administration. 

(a)    The Plan shall be administered by the Compensation Committee of the Board, and the term “Committee”
shall apply to such committee. The Committee shall have, in connection with the administration of the Plan, the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise, and the term
“Committee” shall apply to either the Compensation Committee of the Board or any such subcommittee. References in this Plan to the “Administrator” shall mean the Compensation Committee of the Board unless
administration is delegated to a subcommittee, in which case references in this Plan to the Administrator shall thereafter be to the Compensation Committee or subcommittee. 

(b)    It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with the
provisions of the Plan. The Administrator shall have the power to interpret the Plan and the terms of the options and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to
interpret, amend or revoke any such rules. The Administrator at its option may utilize the services of an agent to assist in the administration of the Plan including establishing and maintaining an individual securities account under the Plan for
each participant. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Administrator under the Plan. 

(c)    The Administrator may adopt sub-plans applicable to particular Designated
Subsidiaries or locations. The rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Sections 13, 20 and 23 hereof, but unless otherwise superseded by the terms
of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. Without limiting the generality of the foregoing, the Administrator is
specifically authorized to adopt rules and procedures regarding the exclusion of particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other
contributions by participants, payment of interest, conversion of local 

  
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currency, data privacy security, payroll tax, withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions, determination of beneficiary designation
requirements, and handling of stock certificates. The Administrator shall not be required to obtain the approval of the stockholders of the Company prior to the adoption, amendment or termination of any such
sub-plan, rules or procedures. 
 (d)    All expenses and liabilities incurred
by the Administrator in connection with the administration of the Plan shall be borne by the Company or its Designated Subsidiaries. The Administrator may, with the approval of the Board, employ attorneys, consultants, accountants, appraisers,
brokers or other persons. The Administrator, the Company and its officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the
Administrator in good faith shall be final and binding upon all participants, the Company, each Designated Subsidiary and all other interested persons. No member of the Board shall be personally liable for any action, determination or interpretation
made in good faith with respect to the Plan or the options, and all members of the Board shall be fully protected by the Company in respect to any such action, determination, or interpretation. 

15.    Designation of Beneficiary. 

(a)    A participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from
the participant’s account under the Plan in the event of such participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares and cash. In addition, a participant
may file a written designation of a beneficiary who is to receive any cash from the participant’s account under the Plan in the event of such participant’s death prior to exercise of the option. If a participant is married and the
designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 

(b)    Such designation of beneficiary may be changed by the participant at any time by written notice to the Company. In
the event of the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company shall deliver such shares and/or cash to the executor or
administrator of the estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more
dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

16.    Transferability. Neither amounts credited to a participant’s account nor any rights with regard to the
exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the
participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10
hereof. 

  
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 17.    Use of Funds. All amounts received or held by the Company
under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such amounts, except for funds contributed in which the local law of a non-U.S.
jurisdiction requires that contributions to the Plan by participants be segregated from the Company’s general corporate funds and/or deposited with an independent third party for participants in non-U.S.
jurisdictions. 
 18.    Reports. Individual accounts shall be maintained for each participant in the Plan.
Statements of account shall be given to participating Employees at least annually, which statements shall set forth the amounts of payroll deductions or contributions, the Purchase Price, the number of shares purchased and the remaining cash
balance, if any. 
 19.    Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset
Sale. 
 (a)    Changes in Capitalization. Subject to any required action by the shareholders of the Company,
the number of shares of Common Stock which have been authorized for issuance under the Plan but not yet placed under option, the maximum number of shares each participant may purchase each Purchase Period (pursuant to Section 7), as well as the
price per share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised shall be proportionately adjusted for any change made to the Common Stock resulting from a stock split, reverse stock
split, stock dividend, recapitalization, reorganization, merger, consolidation, combination or reclassification of the Common Stock, exchange of shares, spin-off transaction or other change affecting the
outstanding Common Stock as a class without the Company’s receipt of consideration, or should the value of outstanding shares of Common Stock be substantially reduced as a result of a spin-off transaction
or an extraordinary dividend or distribution; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by
the Administrator, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any
class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. 

(b)    Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the
Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided
otherwise by the Administrator. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each participant in writing, at least ten (10) business days prior to the
New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise Date, unless prior to such date the
participant has withdrawn from the Offering Period as provided in Section 10 hereof. 
 (c)    Merger or Asset
Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation, 

  
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each outstanding option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor
corporation refuses to assume or substitute for the option, any Purchase Periods then in progress shall be shortened by setting a New Exercise Date and any Offering Periods then in progress shall end on the New Exercise Date. The New Exercise Date
shall be before the date of the Company’s proposed sale or merger. The Administrator shall notify each participant in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the
participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise Date, unless prior to such date the participant has withdrawn from the Offering Period as
provided in Section 10 hereof. 
 20.    Amendment or Termination. 

(a)    The Board may at any time and for any reason terminate or amend the Plan. Except as provided in Section 19
hereof, no such termination can affect options previously granted, provided that an Offering Period may be terminated by the Board if the Board determines that the termination of the Offering Period or the Plan is in the best interests of the
Company and its stockholders. Except as provided in Section 19 and this Section 20 hereof, no amendment may make any change in any option theretofore granted which adversely affects the rights of any participant without the consent of such
participant. To the extent necessary to comply with any applicable law, regulation or stock exchange rule, the Company shall obtain stockholder approval of the Plan in such a manner and to such a degree as required. 

(b)    Without stockholder consent and without regard to whether any participant rights may be considered to have been
“adversely affected,” the Administrator shall be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts
withheld in a currency other than U.S. dollars (“USD”), permit payroll withholding in excess of the amount designated by a participant in order to adjust for delays or mistakes in the Company’s or a Designated Subsidiary’s
processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each participant properly
correspond with amounts withheld from the participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable which are consistent with the Plan. 

(c)    In the event the Board determines that the ongoing operation of the Plan may result in unfavorable financial
accounting consequences, the Board may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(i)    altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the
change in Purchase Price; 
 (ii)    shortening any Offering Period so that the Offering Period ends on a new Exercise
Date, including an Offering Period underway at the time of the Administrator action; and 

  
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 (iii)    allocating shares. 

Such modifications or amendments shall not require stockholder approval or the consent of any Plan participants. 

21.    Notices. All notices or other communications by a participant to the Company or a Designated Subsidiary
under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company or such Designated Subsidiary at the location, or by the person, designated by the Company or such Designated Subsidiary
for the receipt thereof. 
 22.    Conditions To Issuance of Shares. The Company shall not be required to issue
or deliver any certificate or certificates for shares of Common Stock purchased upon the exercise of options prior to fulfillment of all the following conditions: 

(a)    The admission of such shares to listing on all stock exchanges, if any, on which is then listed; 

(b)    The completion of any registration or other qualification of such shares under any state, federal or foreign law or
under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 

(c)    The obtaining of any approval or other clearance from any state, federal or foreign governmental agency which the
Administrator shall, in its absolute discretion, determine to be necessary or advisable; 
 (d)    The payment to the
Company or a Designated Subsidiary of all amounts which it is required to withhold under federal, state or local law upon exercise of the option; and 

(e)    The lapse of such reasonable period of time following the exercise of the option as the Administrator may from time
to time establish for reasons of administrative convenience. 
 23.    Term of Plan. Subject to stockholder
approval, as provided in the following sentence, this Plan shall be effective on October 1, 2022 (the “Effective Date”). This Plan shall be submitted for the approval of the Company’s stockholders within twelve
(12) months before or after the Effective Date. The Plan shall be in effect until terminated under Section 20 hereof. No options granted under this Plan shall be exercised, and no shares of Common Stock shall be issued hereunder, until
this Plan shall have been approved by the stockholders of the Company. In the event this Plan shall not have been approved by the stockholders of the Company prior to the end of said 12-month period, all
options granted under this Plan shall be canceled and become null and void without being exercised. The Plan shall be in effect until terminated under Section 20 hereof. 

24.    Automatic Transfer to Low Price Offering Period. To the extent permitted by any applicable laws,
regulations, or stock exchange rules, if the Fair Market Value of the Common Stock on any Exercise Date in an Offering Period is lower than the Fair Market Value of the Common Stock on the Enrollment Date of such Offering Period, then (i) a new
twenty-four (24) 

  
 12 

 
month Offering Period will automatically begin on the first trading day following that Exercise Date, and (ii) all participants in such Offering Period shall be automatically withdrawn from
such Offering Period immediately after the exercise of their option on such Exercise Date and automatically re-enrolled in the immediately following Offering Period as of the first day thereof. 

25.    No Employment Rights. Notwithstanding any other provision of this Plan: 

(a)    the Plan is established voluntarily by the Company and the Plan may be modified, amended, suspended or terminated
by the Company at any time, and all decisions with respect to future offerings, if any, will be at the sole discretion of the Administrator; 

(b)    a participant’s participation in the Plan is voluntary; 

(c)    the Plan shall not form part of any contract of employment between the Company Group and an Eligible Employee; 

(d)    unless expressly so provided in his or her contract of employment, an Eligible Employee has no right or entitlement
to be granted an award or any expectation that an award might be made to him or her, whether subject to any conditions or at all; 

(e)    the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of
limitation, any awards held by him or her) shall not form any part of his or her remuneration or count as his or her remuneration for any purpose and shall not (to the extent permitted by law) be pensionable; 

(f)    the rights or opportunity granted to an Eligible Employee on the making of an award shall not give the Eligible
Employee any rights or additional rights and if an Eligible Employee ceases to be employed by the Company Group, the Eligible Employee shall not be entitled to compensation for the loss of any right or benefit or prospective right or benefit under
the Plan (including, in particular but not by way of limitation, any awards held by him or her which lapse by reason of his or her ceasing to be employed by the Company or any Parent or Subsidiary) whether by way of damages for unfair dismissal,
wrongful dismissal, breach of contract or otherwise; 
 (g)    the rights or opportunity granted to an Eligible Employee
on the making of an award shall not give the Eligible Employee any rights or additional rights in respect of any pension scheme operated by the Company Group; 

(h)    the Eligible Employee shall not be entitled to any compensation or damages for any loss or potential loss which the
Eligible Employee may suffer by reason of being unable to acquire or retain shares of Common Stock, or any interest in shares of Common Stock pursuant to an award in consequence of the loss or termination of his or her office or employment with the
Company or any present or past Parent or Subsidiary for any reason whatsoever (whether or not the termination is ultimately held to be wrongful or unfair); 

(i)    the value of the awards under the Plan are outside the scope of an Eligible Employee’s employment contract, if
any; 

  
 13 

 (j)    the value of the awards under the Plan are not part of normal or
expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; 

(k)    no claim or entitlement to compensation or damages arises if the awards under the Plan or the Common Stock issued
pursuant to the Plan do not increase in value and each Eligible Employee irrevocably releases the Company Group, their affiliates and third-party vendors from any such claim that does arise; 

(l)    no member of the Company Group shall be liable for any foreign exchange rate fluctuation between the
participant’s local currency and the United States Dollar that may affect the value of the purchase rights or the shares acquired under the Plan; and 

(m)    by accepting the grant of an award and not renouncing it, the Eligible Employee is deemed to have agreed to the
provisions of this Section 25. 
 26.    Data Protection. Each participant must agree to provide such
consent and other documentation, and comply with such requirements, as determined by the Administrator in order to comply with applicable data protection and privacy laws. 

27.    Notice of Disposition of Shares. Each participant shall give prompt notice to the Company of any disposition
or other transfer of any shares of stock purchased upon exercise of an option if such disposition or transfer is made: (a) within two (2) years from the Enrollment Date of the Offering Period in which the shares were purchased or
(b) within one (1) year after the Exercise Date on which such shares were purchased. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or
other consideration, by the participant in such disposition or other transfer. Alternatively, the Administrator shall have the discretionary authority to require that the shares purchased on behalf of each participant be held in the
participant’s Company-designated brokerage account for the time period set forth in (a) and (b) above. The foregoing procedures shall not in any way limit when the participant may sell the participant’s shares. 

28.    Structure of the Plan. 

(a)    This Plan document is an omnibus document which includes the primary Plan document (the “Statutory
Plan”) designed to permit offerings of grants to employees of the Company and any subsidiary of the Company where such offerings are intended to satisfy the requirements of Section 423 of the Code (although the Company makes no
undertaking nor representation to obtain or maintain qualification under Section 423 for any subsidiary, individual, offering or grant) and also a separate international plan (the “Non-Statutory
Plan”) which permits offerings of grants to employees of certain Non-U.S. subsidiaries that are not intended to satisfy the requirements of Section 423 of the Code. 

(b)    The Statutory Plan shall be a separate and independent plan from the
Non-Statutory Plan, provided, however, that the total number of shares authorized to be issued under the Plan applies in the aggregate to both the Statutory Plan and the
Non-Statutory Plan. Offerings under the Non-Statutory Plan may be made to achieve desired tax or other objectives in particular locations outside the United States or to
comply with local laws applicable to offerings in such foreign jurisdictions. 

  
 14 

 (c)    The terms of the Statutory Plan shall be those set forth in this
Plan document to the extent such terms are consistent with the requirements for qualification under Section 423 of the Code. The Board may adopt a Non-Statutory Plan applicable to particular subsidiaries,
which shall be designed to achieve tax, securities law or other Company compliance objectives in particular locations outside the United States. The terms of a Non-Statutory Plan may take precedence over other
provisions in this document, with the exception of Section 13(a) of the Plan with respect to the total number of shares available to be offered under the Plan. Unless otherwise superseded by the terms of such
Non-Statutory Plan, the provisions of this Plan document shall govern the operation of such Non-Statutory Plan. Except to the extent expressly set forth herein or where
the context suggests otherwise, any reference herein to “Plan” shall be construed to include a reference to the Statutory Plan and the Non-Statutory Plan. 

29.    Governing law and Jurisdiction. The validity and enforceability of this Plan shall be governed by and
construed in accordance with the laws of the State of Delaware without regard to otherwise governing principles of conflicts of law. The courts of the State of California shall have jurisdiction to settle any dispute which may arise out of, or in
connection with, the Plan. The jurisdiction agreement contained in this Section 29 is made for the benefit of the Company and its Designated Subsidiaries only, which accordingly retain the right to bring proceedings in any other court of
competent jurisdiction. By completing a subscription agreement, a participant is deemed to have agreed to submit to such jurisdiction. 

  
 15Exhibit 4.1

 

THIS NOTE HAS NOT 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.

 

WISA TECHNOLOGIES, INC.

 

Form of Senior
Secured

Convertible Promissory

Note due August 15, 2024

 

	Note No. 08152022

                                           
	$3,600,000

	Dated: August 15, 2022 (the “Issuance Date”)	 

 

For value received, WISA TECHNOLOGIES,
INC., a Delaware corporation (the “Maker” or the “Company”), hereby promises to pay to the order
of [_____], a Delaware limited partnership (together with its successors and representatives, the “Holder”),
in accordance with the terms hereinafter provided, the principal amount of THREE MILLION SIX HUNDRED THOUSAND DOLLARS ($3,600,000.00)
(the “Principal Amount”).

 

All payments under or pursuant
to this Senior Secured 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 outstanding principal balance of this Note shall be due and payable
on August 15, 2024 (the “Maturity Date”) or at such earlier time as provided herein; provided, that the Holder, in
its sole discretion, may extend the Maturity Date to any date after the original Maturity Date. In the event that the Maturity Date shall
fall on Saturday or Sunday, such Maturity Date shall be the next succeeding Business Day. All calculations made pursuant to this Note
shall be rounded down to three decimal places.

 

     

     

    

 

ARTICLE
1 

 

1.1             
Purchase Agreement. This Note has been executed and delivered pursuant to the Securities Purchase Agreement, dated as of
August 15, 2022 (as the same may be amended from time to time, the “Purchase Agreement”), by and between 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.

 

1.2             
Interest. Except as set forth in Section 2.2, this Note shall not bear interest.

 

1.3             
Prepayment.At any time after the Issuance Date, the Maker may repay all (but not less than all) of the Outstanding Principal
Amount upon at least ten (10) days’ written notice of the Holder (the “Prepayment Notice”). If the Maker elects
to prepay this Note pursuant to the provisions of this Section 1.3, the Holder shall have the right, upon written notice to the
Maker (a “Prepayment Conversion Notice”) within five (5) Business Days of the Holder’s receipt of a Prepayment
Notice, to convert up to thirty-three percent (33%) of the Principal Amount (the “Maximum Amount”) at the Conversion
Price (as defined below), in accordance with the provisions of Article 3, specifying the Principal Amount (up to the Maximum Amount) that
the Holder will convert. Upon delivery of a Prepayment Notice, the Maker irrevocably and unconditionally agrees to, within five (5) Business
Days of receiving a Prepayment Conversion Notice, and if no Prepayment Conversion Notice is received, within ten (10) Business Days of
delivery of a Prepayment Notice: (i) repay the Outstanding Principal Amount minus the Principal Amount set forth in the Prepayment Conversion
Notice and (ii) issue the applicable Conversion Shares to the Holder in accordance with Article 3. The foregoing notwithstanding, the
Maker may not deliver a Prepayment Notice with respect to any Outstanding Principal Amount that is subject to a Conversion Notice delivered
by the Holder in accordance with Article 3.

 

1.4             
Delisting from a Trading Market.If at any time the Common Stock ceases to be listed on a Trading Market, (i) the Holder
may deliver a demand for payment to the Company and, if such a demand is delivered, the Company shall, within ten (10) Business Days following
receipt of the demand for payment from the Holder, pay all of the Outstanding Principal Amount or (ii) the Holder may, at its election,
after the six-month anniversary of the Issuance Date or earlier if a Registration Statement covering the Conversion Shares has been declared
effective, upon notice to the Company in accordance with Section 5.1, convert all or a portion of the Outstanding Principal
Amount and the Conversion Price shall be adjusted to the lower of (A) the then-current Conversion Price and (A) eighty percent (80%) of
the average of the three (3) lowest daily VWAPs during the twenty (20) Trading Days prior to delivery by the Holder of its notice of conversion
pursuant to this Section 1.4.

 

1.5             
Payment on Non-Business Days. Whenever any payment to be made shall be due on a day which is not a Business Day, such payment
may be due on the next succeeding Business Day.

 

1.6             
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.

 

    	 	2	 

     

    

 

1.7             
Replacement. Upon receipt of a duly executed and notarized written statement from the Holder with respect to the loss, theft
or destruction of this Note (or any replacement hereof), or, in the case of a mutilation of this Note, upon surrender and cancellation
of such Note, the Maker shall issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note.

 

1.8             
Use of Proceeds. The Maker shall use the proceeds of this Note as set forth in the Purchase Agreement.

 

1.9             
Status of Note and Security Interest. The obligations of the Maker under this Note shall be senior to all other existing
Indebtedness and 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 Indebtedness of the Maker or any class of capital stock of
the Maker, an amount equal to the Outstanding Principal Amount. 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.

 

1.10         
Secured Note. The full amount of this Note is secured by the Collateral (as defined in the Security Agreement) identified
and described as security therefor in the Security Agreement, the Pledge Agreement, the Company Patent Security Agreement and the Company
Trademark Security Agreement. In addition, the obligations are also guaranteed by the Company’s wholly-owned subsidiary, WiSA, LLC
(“WiSA LLC”) pursuant to the WiSA LLC Guaranty, and all of WiSA LLC’s obligations under the WiSA LLC Guaranty
are secured by the “Collateral” (as defined in the WiSA LLC Security Agreement) identified and described as security therefor
in the WiSA LLC Security Agreement and the WiSA LLC Trademark Security Agreement.

 

1.11         
Tax Treatment. The Maker and the Holder agree that for U.S. federal income tax purposes, and applicable state, local and
non-U.S. income tax purposes, this Note is not intended to be, and shall not be, treated as indebtedness. Neither the Maker nor the Holder
shall take any contrary position on any tax return, or in any audit, claim, investigation, inquiry or proceeding in respect of Taxes,
unless otherwise required pursuant to a final determination within the meaning of Section 1313 of the Internal Revenue Code of 1986, as
amended (the “Code”), or any analogous provision of applicable state, local or non-U.S. law.

 

ARTICLE
2 

 

2.1             
Events of Default. An “Event of Default” under this Note shall mean the occurrence of any of the events
defined in the Purchase Agreement, and any of the additional events described below:

 

(a)     
any default in the payment of (i) the Principal Amount hereunder when due; or (ii) liquidated damages in respect of this Note
as and when the same shall become due and payable (whether on the Maturity Date or by acceleration or otherwise);

 

    	 	3	 

     

    

 

(b)     
the Maker shall fail to observe or perform any other covenant, condition or agreement contained in this Note or any Transaction
Document or WiSA LLC shall fail to observe or perform any covenant, condition or agreement contained in any Transaction Document to which
it is a party;

 

(c)     
the Maker’s notice to the Holder, including by way of public announcement, at any time, of its inability to comply (including
for any of the reasons described in Section 3.6(a) hereof) or its intention not to comply with proper requests for conversion of
this Note into shares of Common Stock;

 

(d)     
the Maker shall fail to (i) timely deliver the shares of Common Stock as and when required in Section 3.2; or (ii) make
the payment of any fees and/or liquidated damages under this Note, the Purchase Agreement or the other Transaction Documents;

 

(e)     
default shall be made in the performance or observance of any material covenant, condition or agreement contained in the Purchase
Agreement or any other Transaction Document that is not covered by any other provisions of this Section 2.1;

 

(f)      
at any time the Maker shall fail to have a sufficient number of shares of Common Stock authorized, reserved and available for issuance
to satisfy the potential conversion in full (disregarding for this purpose any and all limitations of any kind on such conversion) of
this Note or upon exercise of the Warrant;

 

(g)     
any representation or warranty made by the Maker or any of its Subsidiaries herein or in the Purchase Agreement, this Note, the
Warrant or any other Transaction Document shall prove to have been false or incorrect or breached in a material respect on the date as
of which made;

 

(h)     
unless otherwise approved in writing in advance by the Holder, the Maker shall, or shall announce an intention to pursue or consummate
a Change of Control, 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;

 

(i)       
the Maker or any of its Subsidiaries shall (A) default in any payment of any amount or amounts of principal of or interest (if
any) on any Indebtedness (other than the Indebtedness hereunder), the aggregate principal amount of which Indebtedness is in excess of
$250,000 or (B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained
in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect
of which default or other event or condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries of such Indebtedness
to cause with the giving of notice if required, such Indebtedness to become due prior to its stated maturity;

 

(j)       
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;

 

    	 	4	 

     

    

 

(k)     
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 forty-five (45) 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 forty-five (45) days;

 

(l)       
one or more final judgments or orders for the payment of money aggregating in excess of $250,000 (or its equivalent in the relevant
currency of payment) are rendered against one or more of the Company and its Subsidiaries;

 

(m)   
the failure of the Maker to instruct its transfer agent to remove any legends from shares of Common Stock and issue such unlegended
certificates to the Holder within three (3) Trading Days of the Holder’s request so long as the Holder has provided reasonable assurances
to the Maker that such shares of Common Stock can be sold pursuant to Rule 144 or any other applicable exemption;

 

(n)     
the Maker’s shares of Common Stock are no longer publicly traded or cease to be listed on the Trading Market or, after the
six month anniversary of the Issuance Date, any Investor Shares may not be immediately resold under Rule 144 without restriction on the
number of shares to be sold or manner of sale, unless such Investor Shares have been registered for resale under the 1933 Act and may
be sold without restriction;

 

(o)     
the Maker consummates a “going private” transaction and as a result the Common Stock is no longer registered under
Sections 12(b) or 12(g) of the 1934 Act;

 

    	 	5	 

     

    

 

(p)     
there shall be any SEC or judicial stop trade order or trading suspension stop-order or any restriction in place with the transfer
agent for the Common Stock restricting the trading of such Common Stock;

 

(q)     
the Depository Trust Company places any restrictions on transactions in the Common Stock or the Common Stock is no longer tradeable
through the Depository Trust Company Fast Automated Securities Transfer program;

 

(r)      
the Company’s Market Capitalization is below $2,500,000 for ten (10) consecutive days; or

 

(s)      
the occurrence of a Material Adverse Effect in respect of the Maker, or the Maker and its Subsidiaries taken as a whole.

 

For the avoidance of doubt,
any default pursuant to clause (i) above shall not be subject to any cure periods pursuant to the instrument governing such Indebtedness
or this Note.

 

2.2             
Remedies Upon an Event of Default.

 

(a)     
Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default
occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 3.2 of this
Note, or (ii) ten (10) Business Days for all other Events of Default, provided, however, that there shall be no cure period
for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Maker shall be obligated to pay to the
Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving
rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment
of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

 

(b)     
Upon the occurrence of any Event of Default, the Maker shall, as promptly as possible but in any event within one (1) Business
Day of the occurrence of such Event of Default, notify the Holder of the occurrence of such Event of Default, describing the event or
factual situation giving rise to the Event of Default and specifying the relevant subsection or subsections of Section 2.1 hereof
under which such Event of Default has occurred.

 

(c)     
If an Event of Default shall have occurred and shall not have been remedied within (i) two (2) Business Days for an Event of Default
occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 3.2 of this
Note, or (ii) ten (10) Business Days for all other Events of Default, provided, however, that there shall be no cure period
for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Holder may at any time at its option declare
the Mandatory Default Amount 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; provided, further,
however, that (x) upon the occurrence of an Event of Default described above, the Holder, in its sole and absolute discretion, may:
(a) from time-to-time demand that all or a portion of the Outstanding Principal Amount be converted into shares of Common Stock at the
lower of (i) the then-current Conversion Price and (ii) eighty-percent (80%) of the average of the three (3) lowest daily VWAPs during
the twenty (20) Trading Days prior to the delivery by the Holder of the applicable notice of conversion, which price shall not be lower
than the Floor Price (as defined below) in the event Stockholder Approval has not been obtained; or (b) exercise or otherwise enforce
any one or more of the Holder’s rights, powers, privileges, remedies and interests under this Note, the Purchase Agreement, the
other Transaction Documents or applicable law and (y) upon the occurrence of an Event of Default described in clauses (k) or (l) above,
the Mandatory Default Amount shall become immediately due and payable without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Maker. No course of delay on the part of the Holder shall operate as a waiver thereof or otherwise
prejudice the rights of the Holder. 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.

 

    	 	6	 

     

    

 

ARTICLE
3 

 

3.1             
Conversion.

 

(a)     
Conversion. At any time following the Conversion Trigger Date, subject to Section 3.3, 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 Amount that the Holder elects to convert (the “Conversion Amount”)
by (y) the Conversion Price then in effect on the date on which the Holder delivers a notice of conversion, in substantially the form
attached hereto as Exhibit B (the “Conversion Notice”), in accordance with Section 5.1 to the Maker;
provided, that, in the event that the Conversion Price is the Variable Conversion Price, the Maker shall have the right, upon written
notice to the Holder (a “Cash Conversion Notice”) within three (3) Business Days of the Maker’s receipt of a
Conversion Notice, to, in lieu of delivering Conversion Shares, satisfy the Conversion Notice by paying in cash one hundred and five percent
(105%) of the Conversion Amount set forth in the applicable Conversion Notice. 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 the lesser of: (i) ninety percent (90%) of the average
of the five (5) lowest daily VWAPs during the twenty (20) Trading Days prior to the delivery of the applicable Conversion Notice (the
 “Variable Conversion Price”); and (ii) $0.926 (the “Base Conversion Price”), provided, that the
Conversion Price shall not be lower than $0.50 (the “Floor Price”) until Stockholder Approval has been obtained; provided,
that if the Conversion Price is deemed to be the Floor Price, then the Maker will also pay to the Holder a cash amount equal to the following
formula; and provided further, that the Floor Price shall be reduced to no lower than $0.25 in the event that Stockholder Approval has
been obtained:

 

    	 	7	 

     

    

 

(A – B) x C

 

Where:

 

A: Number of shares
of Common Stock that would be issued to the Holder on such Conversion Date determined by dividing the Principal Amount being paid in shares
of Common Stock by ninety percent (90%) of the average of the five (5) lowest daily VWAPs during the twenty (20) Trading Days prior to
such Conversion Date (notwithstanding the Floor Price);

 

B: Number of Conversion
Shares issued to the Holder in connection with such Conversion Date; and

 

C: the VWAP on the Conversion
Date.

 

provided
further, that, following any transaction or event that would, but for the preceding proviso, lower the Conversion Price to below the Floor
Price, upon the delivery of a Conversion Notice the Holder may, in its sole discretion, either (i) receive the number of shares
of Common Stock equal to the relevant Conversion Amount divided by the Floor Price or (ii) require the Maker to redeem the relevant Conversion
Amount at 103% of the applicable Conversion Amount in immediately available funds.

 

(c)     
Conversion Limitation. During the Limitation Period, this Note shall only be convertible by the Holder to the extent that
the aggregate amount of Outstanding Principal Amount voluntary converted pursuant to Section 3.1(a) does not exceed $250,000 during
any calendar month; provided, (i) during any period where the Maker’s Market Capitalization is greater than $18 million or less
than $5 million, (ii) upon the occurrence of any Event of Default that has not been remedied, or (iii) in the event Stockholder Approval
has been obtained, the limitations set forth in this Section 3.1(c) shall not apply and there shall be no limitation on the Holder’s
ability to convert this Note pursuant to Section 3.1(a).

 

(d)     
Stockholder Approval. The Company shall not be required to issue any Conversion Shares if such issuance would cause the
Company to be required to obtain the Stockholder Approval either pursuant to the rules and regulations of the Trading Market or otherwise
until such Stockholder Approval has been obtained.

 

3.2             
Delivery of Conversion Shares. As soon as practicable after any conversion in accordance with this Note and in any event
within three (3) 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 non-assessable 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 1933 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).

 

    	 	8	 

     

    

 

3.3             
Ownership Cap. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled to receive shares
representing 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. Any purported delivery of Equity Interests in connection with the conversion of this Note prior to the termination of this
restriction in accordance herewith shall be void and have no effect to the extent (but only to the extent) that such delivery would result
in the Holder Group becoming the beneficial owner of more than the Maximum Percentage of the Equity Interests of a class that is registered
under the 1934 Act that is outstanding at such time. If any delivery of Equity Interests owed to the Holder following conversion of this
Note is not made, in whole or in part, as a result of this limitation, the Company’s obligation to make such delivery shall not
be extinguished and the Company shall deliver such Equity Interests as promptly as practicable after the Holder gives notice to the Company
that such delivery would not result in such limitation being triggered or upon termination of the restriction in accordance with the terms
hereof. 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%; provided, that if at any time after the date hereof the Holder Group beneficially owns in excess of 4.99% of any class
of Equity Interests in the Company that is registered under the 1934 Act, then the Maximum Percentage shall automatically increase to
9.99% so long as the Holder Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt, automatically
decrease to 4.99% upon the Holder Group ceasing to own in excess of 4.99% of such class of Equity Interests); 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.
For any reason at any time, upon written or oral request of the Holder, the Company shall, within one (1) Business Day of such request,
confirm orally and in writing to the Holder the number of Equity Interests of any class then outstanding. Anything herein to the contrary,
any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
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.

 

    	 	9	 

     

    

 

3.4             
Adjustment of Base Conversion Price.

 

(a)     
Until the Note has been paid in full or converted in full, the Base 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 Base 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 Base
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.

 

(ii)             
Adjustments for Certain Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing
Date (but whether before or after the Issuance Date) make or issue or set a record date for the determination of holders of Common Stock
entitled to receive a dividend or other distribution payable in shares of Common Stock, then, and in each event, the applicable Base Conversion
Price in effect immediately prior to such event shall be decreased as of the time of such issuance or, in the event such record date shall
have been fixed, as of the close of business on such record date, by multiplying the applicable Base Conversion Price then in effect by
a fraction:

 

(1)              
the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time
of such issuance or the close of business on such record date; and

 

(2)              
the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time
of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend
or distribution.

 

(iii)           
Adjustment for Other Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing
Date (but whether before or after the Issuance Date) make or issue or set a record date for the determination of holders of Common Stock
entitled to receive a dividend or other distribution payable in other than shares of Common Stock, then, and in each event, an appropriate
revision to the applicable Base Conversion Price shall be made and provision shall be made (by adjustments of the Base Conversion Price
or otherwise) so that the Holder of this Note shall receive upon conversions thereof, in addition to the number of shares of Common Stock
receivable thereon, the number of securities of the Maker or other issuer (as applicable) or other property that it would have received
had this Note been converted into Common Stock in full (without regard to any conversion limitations herein) on the date of such event
and had thereafter, during the period from the date of such event to and including the Conversion Date, retained such securities (together
with any distributions payable thereon during such period) or assets, giving application to all adjustments called for during such period
under this Section 3.4(a)(iii) with respect to the rights of the holders of this Note; provided, however, that if such record
date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the
Base Conversion Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.

 

    	 	10	 

     

    

 

(iv)            
Adjustments for Reclassification, Exchange or Substitution. If the Common Stock at any time or from time to time after the
Closing Date (but whether before or after the Issuance Date) shall be changed to the same or different number of shares or other securities
of any class or classes of stock or other property, whether by reclassification, exchange, substitution or otherwise (other than by way
of a stock split or combination of shares or stock dividends provided for in Sections 3.4(a)(i), (ii) and (iii) hereof, or a reorganization,
merger, consolidation, or sale of assets provided for in Section 3.4(a)(v) hereof), then, and in each event, an appropriate revision
to the Base Conversion Price shall be made and provisions shall be made (by adjustments of the Base Conversion Price or otherwise) so
that the Holder shall have the right thereafter to convert this Note into the kind and amount of shares of stock or other securities or
other property receivable upon reclassification, exchange, substitution or other change, by holders of the number of shares of Common
Stock into which such Note might have been converted immediately prior to such reclassification, exchange, substitution or other change,
all subject to further adjustment as provided herein.

 

(v)              
Adjustments for Issuance of Additional Shares of Common Stock. In the event the Maker shall at any time or from time to
time after the Closing Date (but whether before or after the Issuance Date) issue or sell any additional shares of Common Stock (“Additional
Shares of Common Stock”), other than (A) as provided in this Note (including the foregoing subsections (i) through (iv) of this
Section 3.4(a)), pursuant to any Equity Plan (including pursuant to Common Stock Equivalents granted or issued under any Equity
Plan), (B) pursuant to Common Stock Equivalents granted or issued prior to the Closing Date, or (C) Exempted Securities, in any case,
at an effective price per share that is less than the Base Conversion Price then in effect or without consideration, then
the Base Conversion Price upon each such issuance shall be reduced to a price equal to the consideration per share paid for such Additional
Shares of Common Stock. For purposes of clarification, the amount of consideration received for such Additional Shares of Common Stock
shall not include the value of any additional securities or other rights received in connection with such issuance of Additional Shares
of Common Stock (i.e. warrants, rights of first refusal or other similar rights).

 

(vi)            
Issuance, Amendment or Adjustment of Common Stock Equivalents. Except for Exempted Securities, if (x) the Maker, at any
time after the Closing Date (but whether before or after the Issuance Date), shall issue any securities convertible into or exercisable
or exchangeable for, directly or indirectly, Common Stock (“Convertible Securities”), or any rights or warrants or
options to purchase any such Common Stock or Convertible Securities, other than Common Stock Equivalents granted or issued under any Equity
Plan (collectively with the Convertible Securities, the “Common Stock Equivalents”) and the price per share for which
shares of Common Stock may be issuable pursuant to any such Common Stock Equivalent shall be less than the applicable Base
Conversion Price then in effect, or (y) the price per share for which shares of Common Stock may be issuable under any Common Stock Equivalents
is amended or adjusted, pursuant to the terms of such Common Stock Equivalents or otherwise, and such price as so amended or adjusted
shall be less than the applicable Base Conversion Price in effect at the time of such amendment or adjustment, then, in each such case
(x) or (y), the applicable Base Conversion Price upon each such issuance or amendment or adjustment shall be adjusted as provided in subsection
(vi) of this Section 3.4(a) as if the maximum number of shares of Common Stock issuable upon conversion, exercise or exchange of
such Common Stock Equivalents had been issued on the date of such issuance or amendment or adjustment.

 

    	 	11	 

     

    

 

(vii)         
Consideration for Stock. In case any shares of Common Stock or any Common Stock Equivalents shall be issued or sold:

 

(1)              
in connection with any merger or consolidation in which the Maker is the surviving corporation (other than any consolidation or
merger in which the previously outstanding shares of Common Stock of the Maker shall be changed to or exchanged for the stock or other
securities of another corporation), the amount of consideration therefor shall be, deemed to be the fair value, as determined reasonably
and in good faith by the Board of Directors of the Maker and approved by the Holder, of such portion of the assets and business of the
nonsurviving corporation as such Board of Directors may determine to be attributable to such shares of Common Stock, Convertible Securities,
rights or warrants or options, as the case may be; or

 

(2)              
in the event of any consolidation or merger of the Maker in which the Maker is not the surviving corporation or in which the previously
outstanding shares of Common Stock of the Maker shall be changed into or exchanged for the stock or other securities of another corporation
or other property, or in the event of any sale of all or substantially all of the assets of the Maker for stock or other securities or
other property of any corporation, the Maker shall be deemed to have issued shares of its Common Stock, at a price per share equal to
the valuation of the Maker’s Common Stock based on the actual exchange ratio on which the transaction was predicated, as applicable,
and the fair market value on the date of such transaction of all such stock or securities or other property of the other corporation.
If any such calculation results in adjustment of the applicable Base Conversion Price, or the number of shares of Common Stock issuable
upon conversion of the Note, the determination of the applicable Base Conversion Price or the number of shares of Common Stock issuable
upon conversion of the Note immediately prior to such merger, consolidation or sale, shall be made after giving effect to such adjustment
of the number of shares of Common Stock issuable upon conversion of the Note. In the event Common Stock is issued with other shares or
securities or other assets of the Maker for consideration which covers both, the consideration computed as provided in this Section
3.4(a)(vii) shall be allocated among such securities and assets as determined in good faith by the Board of Directors of the Maker,
and approved by the Holder.

 

    	 	12	 

     

    

 

(viii)       
Record Date. In case the Maker shall take record of the holders of its Common Stock for the purpose of entitling them to
subscribe for or purchase Common Stock or Convertible Securities, then the date of the issue or sale of the shares of Common Stock shall
be deemed to be such record date.

 

(b)     
No Impairment. The Maker shall not, by amendment of its Certificate of Incorporation or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the Maker, but will at all times in good faith assist in the
carrying out of all the provisions of this Section 3.4 and in the taking of all such action as may be necessary or appropriate
in order to protect the conversion rights of the Holder against impairment. In the event the Holder shall elect to convert this Note as
provided herein, the Maker cannot refuse conversion based on any claim that the Holder or anyone associated or affiliated with the Holder
has been engaged in any violation of law, violation of an agreement to which the Holder is a party or for any reason whatsoever, unless,
an injunction from a court, or notice, restraining and or adjoining conversion of this Note shall have issued and the Maker posts a surety
bond for the benefit of the Holder in an amount equal to one hundred fifty percent (150%) of the Principal Amount of the Note the Holder
has elected to convert, which bond shall remain in effect until the completion of arbitration/litigation of the dispute and the proceeds
of which shall be payable to the Holder (as liquidated damages) in the event it obtains judgment.

 

(c)     
Certificates as to Adjustments. Upon occurrence of each adjustment or readjustment of the Base 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 Base 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.

 

(d)     
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.

 

    	 	13	 

     

    

 

(e)     
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.

 

(f)      
Reservation of Common Stock. The Maker shall at all times while this Note shall be outstanding, reserve and keep available
out of its authorized but unissued Common Stock, such number of shares of Common Stock as shall from time to time be sufficient to effect
the conversion of this Note (disregarding for this purpose any and all limitations of any kind on such conversion). The Maker shall, from
time to time, increase the authorized number of shares of Common Stock or take other effective action if at any time the unissued number
of authorized shares shall not be sufficient to satisfy the Maker’s obligations under this Section 3.4(g).

 

(g)     
Regulatory Compliance. If any shares of Common Stock to be reserved for the purpose of conversion of this Note require registration
or listing with or approval of any governmental authority, stock exchange or other regulatory body under any federal or state law or regulation
or otherwise before such shares may be validly issued or delivered upon conversion, the Maker shall, at its sole cost and expense, in
good faith and as expeditiously as possible, secure such registration, listing or approval, as the case may be.

 

(h)     
Effect of Events Prior to the Issuance Date. If the Issuance Date of this Note is after the Closing Date, then, if the Base
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.

 

3.5             
Prepayment Following a Change of Control.

 

(a)     
Mechanics of Prepayment at Option of Holder in Connection with a Change of Control. No sooner than fifteen (15) days prior
to entry into an agreement for a Change of Control nor later than ten (10) days prior to the consummation of a Change of Control, but
not prior to the public announcement of such Change of Control, the Maker shall deliver written notice (“Notice of Change of
Control”) to the Holder. At any time after receipt of a Notice of Change of Control (or, in the event a Notice of Change of
Control is not delivered at least ten (10) days prior to a Change of Control, at any time within ten (10) days prior to a Change of Control),
the Holder may require the Maker to prepay, effective immediately prior to the consummation of such Change of Control, an amount equal
to 105% of the Outstanding Principal Amount(the “COC Repayment Price”), by delivering written notice thereof (“Notice
of Prepayment at Option of Holder Upon Change of Control”) to the Maker.

 

(b)     
Payment of COC Repayment Price. Upon the Maker’s receipt of a Notice(s) of Prepayment at Option of Holder Upon Change
of Control from the Holder, the Maker shall deliver the COC Repayment Price to the Holder immediately prior to the consummation of the
Change of Control; provided that the Holder’s original Note shall have been so delivered to the Maker.

 

    	 	14	 

     

    

 

3.6             
Inability to Fully Convert.

 

(a)     
Holder’s Option if Maker Cannot Fully Convert. If, upon the Maker’s receipt of a Conversion Notice or as otherwise
required under this Note, including with respect to repayment of principal in shares of Common Stock as permitted under this Note, the
Maker cannot issue shares of Common Stock for any reason, including, without limitation, because the Maker (x) does not have a sufficient
number of shares of Common Stock authorized and available, (y) is unable to issue the Holder freely tradable shares of Common Stock or
(z) is otherwise prohibited by applicable law or by the rules or regulations of any stock exchange, interdealer quotation system or other
self-regulatory organization with jurisdiction over the Maker or any of its securities from issuing all of the Common Stock which is to
be issued to the Holder pursuant to this Note, 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:

 

(i)                
require the Maker to prepay that portion of this Note for which the Maker is unable to issue Common Stock or for which shares of
Common Stock were not timely issued (the “Mandatory Prepayment”) at a price equal to the number of shares of Common
Stock that the Maker is unable to issue multiplied by the VWAP on the date of the Conversion Notice (the “Mandatory Prepayment
Price”);

 

(ii)             
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); or

 

(iii)           
defer issuance of the applicable Conversion Shares until such time as the Maker can legally issue such shares; provided, that the
Principal Amount underlying such Conversion Shares shall remain outstanding until the delivery of such Conversion Shares; provided, further,
that if the Holder elects to defer the issuance of the Conversion Shares, it may exercise its rights under either clause (i) or (ii) above
at any time prior to the issuance of the Conversion Shares upon two (2) Business Days’ notice to the Maker.

 

(b)     
Mechanics of Fulfilling Holder’s Election. The Maker shall immediately send to the Holder, upon receipt of a Conversion
Notice from the Holder, which cannot be fully satisfied as described in Section 3.6(a) above, a notice of the Maker’s inability
to fully satisfy the Conversion Notice (the “Inability to Fully Convert Notice”). Such Inability to Fully Convert Notice
shall indicate (i) the reason why the Maker is unable to fully satisfy the Holder’s Conversion Notice; and (ii) the amount of this
Note which cannot be converted. The Holder shall notify the Maker of its election pursuant to Section 3.6(a) above by delivering
written notice to the Maker (“Notice in Response to Inability to Convert”).

 

    	 	15	 

     

    

 

(c)     
Payment of Mandatory Prepayment Price. If the Holder shall elect to have its Note prepaid pursuant to Section 3.6(a)(i)
above, the Maker shall pay the Mandatory Prepayment Price to the Holder within five (5) Business Days of the Maker’s receipt of
the Holder’s Notice in Response to Inability to Convert; provided that prior to the Maker’s receipt of the Holder’s
Notice in Response to Inability to Convert the Maker has not delivered a notice to the Holder stating, to the satisfaction of the Holder,
that the event or condition resulting in the Mandatory Prepayment has been cured and all Conversion Shares issuable to the Holder can
and will be delivered to the Holder in accordance with the terms of this Note. If the Maker shall fail to pay the applicable Mandatory
Prepayment Price to the Holder on the date that is one (1) Business Day following the Maker’s receipt of the Holder’s Notice
in Response to Inability to Convert, in addition to any remedy the Holder may have under this Note and the Purchase Agreement, such unpaid
amount shall bear interest at the rate of two percent (2%) per month (prorated for partial months) until paid in full. Until the full
Mandatory Prepayment Price is paid in full to the Holder, the Holder may (i) void the Mandatory Prepayment with respect to that portion
of the Note for which the full Mandatory Prepayment Price has not been paid and (ii) receive back such Note.

 

(d)     
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.

 

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)     
Payment of Taxes, Etc. The Maker shall, and shall cause each of its Subsidiaries to, promptly pay and discharge, or cause
to be paid and discharged, when due and payable, all lawful taxes, assessments and governmental charges or levies imposed upon the income,
profits, property or business of the Maker and the Subsidiaries, except for such failures to pay that, individually or in the aggregate,
have not had and would not reasonably be expected to have a Material Adverse Effect; provided, however, that any such tax, assessment,
charge or levy need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and if the
Maker or such Subsidiaries shall have set aside on its books adequate reserves with respect thereto, and provided, further, that the Maker
and such Subsidiaries will pay all such taxes, assessments, charges or levies forthwith upon the commencement of proceedings to foreclose
any lien which may have attached as security therefor.

 

    	 	16	 

     

    

 

(c)     
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 necessary to the conduct of its business.

 

(d)     
Investment Company Act. The Maker shall conduct its businesses in a manner so that it will not become subject to, or required
to be registered under, the Investment Company Act of 1940, as amended.

 

(e)     
Sale of Collateral; Liens. From the date hereof until the full release of the security interest in the Collateral and the
 “Collateral” (as such term is defined in the WiSA LLC Security Agreement) (the “WiSA LLC Collateral”),
(i) the Maker shall not, and shall not permit WiSA LLC to, sell, lease, transfer or otherwise dispose of any of the Collateral or the
WiSA LLC Collateral, or attempt or contract to do so or permit WiSA LLC to attempt or contract to do so, other than sales of inventory
in the ordinary course of business consistent with past practices; and (ii) the Maker shall not, and shall not permit WiSA LLC to, directly
or indirectly, create, permit or suffer to exist, and shall defend the Collateral and cause WiSA LLC to defend the WiSA LLC Collateral
against and take such other action, and cause WiSA LLC to take such other action, as is necessary to remove, any lien, security interest
or other encumbrance on the Collateral and the WiSA LLC Collateral (except for the pledge, assignment and security interest created under
the Security Agreement, the WiSA LLC Security Agreement, any Permitted Liens (as defined in the Security Agreement) or any “Permitted
Lien” (as defined in the WiSA LLC Security Agreement)).

 

(f)      
Prohibited Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions until thirty
(30) days after such time as this Note has been converted into Conversion Shares or repaid in full.

 

(g)     
Repayment of This Note. If the Company or WiSA LLC issue any debt (other than this Note), or issue any preferred stock,
other than Exempted Securities, while this Note remains outstanding, then unless otherwise waived in writing by and at the discretion
of the Holder, the Company will immediately utilize the proceeds of such issuance to repay the Note. If the Company or WiSA LLC issue
any Equity Interests, other than Exempted Securities, while this Note remains outstanding, then unless otherwise waived in writing by
and at the discretion of the Holder, the Company will immediately direct twenty percent (20%) of the proceeds from such issuance to repay
this Note.

 

4.2             
Set-Off. This Note shall be subject to the set-off provisions set forth in the Purchase Agreement.

 

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.

 

    	 	17	 

     

    

 

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             
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall
be cumulative and in addition to all other remedies available under this Note, at law or in equity (including, without limitation, a decree
of specific performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with the provisions
giving rise to such remedy and nothing herein shall limit the Holder’s right to pursue actual damages for any failure by the Maker
to comply with the terms of this Note. Amounts set forth or provided for herein with respect to payments, conversion and the like (and
the computation thereof) shall be the amounts to be received by the holder thereof and shall not, except as expressly provided herein,
be subject to any other obligation of the Maker (or the performance thereof). The Maker acknowledges that a breach by it of its obligations
hereunder will cause irreparable and material harm to the Holder and that the remedy at law for any such breach would be inadequate. Therefore,
the Maker agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available
rights and remedies, at law or in equity, to equitable relief, including but not limited to an injunction restraining any such breach
or threatened breach, without the necessity of showing economic loss and without any bond or other security being required.

 

5.5             
Enforcement Expenses. The Maker agrees to pay all costs and expenses of enforcement of this Note, including, without limitation,
reasonable attorneys’ fees and expenses.

 

5.6             
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.

 

5.7             
Amendments; Waivers. No provision of this Note may be waived or amended except in a written instrument signed by the Company
and the Holder. 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.

 

    	 	18	 

     

    

 

5.8             
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:

 

“THIS NOTE HAS NOT 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.”

 

5.9             
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.

 

5.10         
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.

 

5.11         
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege.

 

    	 	19	 

     

    

 

5.12         
Maker Waivers. Except as otherwise specifically provided herein, the Maker and all others that may become liable for all
or any part of the obligations evidenced by this Note, hereby waive presentment, demand, notice of nonpayment, protest and all other demands’
and notices in connection with the delivery, acceptance, performance and enforcement of this Note, and do hereby consent to any number
of renewals of extensions of the time or payment hereof and agree that any such renewals or extensions may be made without notice to any
such persons and without affecting their liability herein and do further consent to the release of any person liable hereon, all without
affecting the liability of the other persons, firms or Maker liable for the payment of this Note, AND DO HEREBY WAIVE TRIAL BY JURY.

 

(a)     
No delay or omission on the part of the Holder in exercising its rights under this Note, or course of conduct relating hereto,
shall operate as a waiver of such rights or any other right of the Holder, nor shall any waiver by the Holder of any such right or rights
on any one occasion be deemed a waiver of the same right or rights on any future occasion.

 

(b)     
THE MAKER ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART IS A COMMERCIAL TRANSACTION, AND TO THE EXTENT ALLOWED
BY APPLICABLE LAW, HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH THE HOLDER OR ITS SUCCESSORS
OR ASSIGNS MAY DESIRE TO USE.

 

5.13         
Definitions. Capitalized terms used herein and not defined shall have the meanings set forth in the Purchase Agreement.
For the purposes hereof, the following terms shall have the following meanings:

 

(a)     
“Conversion Trigger Date” means the day that is the six (6) month anniversary of the Issuance Date.

 

(b)     
“Indebtedness” means: (a) all obligations for borrowed money; (b) all obligations evidenced by bonds, debentures,
notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, current
swap agreements, interest rate hedging agreements, interest rate swaps, or other financial products; (c) all capital lease obligations
that exceed $150,000 in the aggregate in any fiscal year; (d) all obligations or liabilities secured by a lien or encumbrance on any asset
of the Maker, irrespective of whether such obligation or liability is assumed; (e) all obligations for the deferred purchase price of
assets, together with trade debt and other accounts payable that exceed $150,000 in the aggregate in any fiscal year; (f) all synthetic
leases; (g) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted
or sold with recourse) any of the foregoing obligations of any other person; (h) trade debt; and (i) endorsements for collection or deposit.

 

(c)     
“Limitation Period” means the period commencing on the Conversion Trigger Date and ending on the nine-month
anniversary of the Conversion Trigger Date.

 

    	 	20	 

     

    

 

(d)     
“Mandatory Default Amount” means an amount equal to one hundred twenty percent (120%) of the Outstanding Principal
Amount of this Note on the date on which the first Event of Default has occurred hereunder.

 

(e)     
“Market Capitalization” means, as of any date of determination, the product of (a) the number of issued and
outstanding shares of Common Stock as of such date (exclusive of any shares of common stock issuable upon the exercise of options or warrants
or conversion of any convertible securities), multiplied by (b) the closing price of the Common Stock on the Trading Market on the date
of determination.

 

(f)      
“Outstanding Principal Amount” means, at the time of determination, the Principal Amount outstanding after giving
effect to any conversions or prepayments pursuant to the terms hereof.

 

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

 

(h)     
“VWAP” means, as of any date, the price determined by the first of the following clauses that applies: (a) if
the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of one share of Common Stock on
the applicable Trading Price for such date (or the nearest preceding date) on such Trading Market as reported by Bloomberg Financial L.P.
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York city time)); (b) if the Common Stock is not then listed
on a Trading Market and if the Common Stock is traded in the over-the-counter market, as reported by the OTC Bulletin Board, the volume
weighted average price of one share of Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, as reported
by Bloomberg Financial L.P.; (c) if the Common Stock is not then listed or quoted on the OTC Bulletin Board and if prices for the Common
Stock is then reported in the “Pink Sheets” published by the Pink OTC Markets Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price of one share of Common Stock so reported, as reported by Bloomberg Financial
L.P.; or (d) in all other cases, the fair market value of one share of Common Stock as determined by an independent appraiser selected
in good faith by the Holder and reasonably acceptable to the Company.

 

[Signature Pages Follow]

 

    	 	21	 

     

    

 

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.

 

	 	WISA TECHNOLOGIES, INC.
	 	 
	 	 
	 	By:	            
	 	Name:  Brett Moyer
	 	Title:    Chairman & Chief Executive Officer

 

    	 	 	 

     

    

 

EXHIBIT
A

 

WIRE
INSTRUCTIONS

 

	Name of Bank: 	
	        	
	 	
	Routing #:	
	For credit to:	
	Account #:	
	Address:         	
	 	

 

    	 	 	 

     

    

 

EXHIBIT
B

 

FORM
OF CONVERSION NOTICE

 

(To be Executed by the Registered Holder in order
to Convert the Note)

 

The undersigned hereby irrevocably
elects to convert $ ________________ of the principal amount of the above Note No. ___ into shares of Common Stock of WiSA Technologies,
Inc. (the “Maker”) according to the conditions hereof, as of the date written below.

 

Date
of Conversion:

 

Conversion
Price:

 

Number of shares of Common Stock beneficially owned or deemed
beneficially owned by the Holder on the Conversion Date:

 

 

	 	[HOLDER]
	 	 
	 	 
	 	By: 	      
	 	Name:
	 	Title:
	 	 
		Address:

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