PARKERVISION, INC. Convertible Promissory Note due June 7, 2024
Exhibit 10.2
NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF
THIS NOTE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY
A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
SECURED BY SUCH SECURITIES.
PARKERVISION, INC.
Convertible
Promissory
Note due June 7, 2024
Note
No. PV-2019-009 $150,000
Dated: June 7, 2019
For
value received, PARKERVISION, INC., a Florida corporation (the
“
Maker” or the
“Company”), hereby
promises to pay to the order of ▇▇▇▇ ▇▇▇▇▇▇ (the “Holder”), in accordance
with the terms hereinafter provided, the principal amount of
$150,000.
All
payments under or pursuant to this Convertible Promissory Note
(this “Note”) shall be made in
United States Dollars in immediately available funds to the Holder
at the address of the Holder set forth in the Purchase Agreement
(as hereinafter defined) or at such other place as the Holder may
designate from time to time in writing to the Maker or by wire
transfer of funds to the Holder’s account, instructions for
which are attached hereto as Exhibit A. The aggregate
unconverted and outstanding principal balance of this Note (the
“Outstanding
Principal Amount”) plus all accrued interest thereon
(if any) shall be due and payable on June 7, 2024 (the “Maturity Date”) or at
such earlier time as provided herein.
ARTICLE 1
1.1 Purchase Agreement. This Note
has been executed and delivered pursuant to the Securities Purchase
Agreement, dated as of June 7,
2019 (as the same may be amended from time to time, the
“Purchase
Agreement”), by and among the Maker and the Holder.
Capitalized terms used and not otherwise defined herein shall have
the meanings set forth for such terms in the Purchase
Agreement.
1.2 Payment of
Interest.
(a) The Maker shall pay
interest to the Holder on the Outstanding Principal Amount at the
rate of eight percent (8%) per annum. Interest shall be payable in
quarterly increments, commencing on the earlier of (i) the first
quarterly anniversary date following the effectiveness of the
Registration Statement (as defined in the Purchase Agreement) or
(ii) the ninety (90) day anniversary of the Initial Closing Date
(such date being hereinafter referred to as the “Issuance Date”), provided
the Registration Statement has been declared effective. Interest
payments shall be made, at the Maker’s option, and subject to
the Equity Conditions, in (i) cash, (ii) shares of Common Stock
(the “Repayment
Shares”), or (iii) a combination of cash and Repayment
Shares. Interest shall cease to accrue with respect to any
principal amount converted.
(b) The number of
Repayment Shares shall be determined by dividing the payment amount
by the closing price of the Common Stock on the trading day prior
to the interest payment date. The Maker may only issue Repayment
Shares if (i) no Event of Default has occurred or is occurring;
(ii) the Holder has not been issued greater than 14.99% of the
Company’s outstanding shares, inclusive of the Repayment
Shares being issued, unless expressly waived by the Company’s
Board of Directors, (iii) the Repayment Shares are registered on an
effective Registration Statement or otherwise subject to an
exemption therefrom; (iv) the aggregate number of Repayment Shares,
together with any Conversion Shares, will not exceed the shares
reserved in accordance with Section 4.9 of the Securities Purchase
Agreement and (v) the Company’s shares are listed or quoted
on a Trading Market as defined in the Purchase Agreement
(collectively, the “Equity
Conditions”)
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1.3 Payment of
Principal.
(a) The Outstanding
Principal Amount of the Note is payable in cash on the Maturity
Date.
(b) At any time after
the one-year anniversary of the Issuance Date, the Maker may repay
the Outstanding Principal Amount plus all accrued interest thereon
(the “Prepayment
Amount”) in cash, upon at least thirty (30) 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 twenty (20) Business Days of the
Holder’s receipt of a Prepayment Notice, to convert all or a
portion of the Prepayment Amount at the Conversion Price in
accordance with the provisions of Article 3, specifying the
Prepayment Amount that the Holder will convert. Upon delivery of a
Prepayment Notice, the Maker irrevocably and unconditionally agrees
to, within ten (10) Business Days of receiving a Prepayment
Conversion Notice, and if no Prepayment Conversion Notice is
received, within thirty (30) Business Days of delivery of a
Prepayment Notice: (i) repay the Prepayment Amount less any amount
set forth in the Prepayment Conversion Notice (“Cash Prepayment Amount”)
provided that the Cash Prepayment Amount shall include a premium
equal to the Cash Prepayment Amount multiplied by (a) twenty five
percent (25%) if Prepayment Notice is given on or before the
two-year anniversary of the Issuance Date, (b) twenty percent (20%)
if Prepayment Notice is made after the two-year anniversary and on
or prior to the three-year anniversary of the Issuance Date, (c)
fifteen percent (15%) if Prepayment Notice is made after the
three-year and on or prior to the four-year anniversary of the
Issuance Date, or (d) ten percent (10%) if the Prepayment Notice is
given after the four-year anniversary of the Issuance Date 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 Transfer. This Note may be
transferred or sold, subject to the provisions of Section 5.8 of
this Note, or pledged, hypothecated or otherwise granted as
security by the Holder.
1.5 Use of Proceeds. The Maker
shall use the proceeds of this Note as set forth in the Purchase
Agreement.
1.6 Senior Status of Note. The
obligations of the Maker under this Note shall be secured by the IP
Collateral identified and described as security in the Security
Agreement between Maker and Holder (“Note Security
Agreement”), subject to an amendment of security interest and
amendment to the Claims Proceeds Investment Agreement between Maker
and Brickell Key Investments, LP (“BKI”) whereby BKI
agrees to release the IP Collateral. Holder shall release the IP
Collateral and relinquish Holder’s senior status upon the
earlier of (i) Maker’s repayment of the Note or (ii)
Maker’s receipt of $6 million in new debt or equity
capital.
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ARTICLE 2
2.1 Events of Default. The
occurrence of any of the following events shall be an
“Event of
Default” under this Note:
(a) any default in the
payment of (1) the principal amount or accrued interest (if any)
hereunder; or (2) liquidated damages in respect of this Note as and
when the same shall become due and payable (whether on a Payment
Date, the Maturity Date or by acceleration or
otherwise);
(b) the Maker shall
fail to observe or perform any other covenant, condition or
agreement contained in this Note or any Transaction Document which
failure is not cured, if possible to cure, within three (3)
Business Days after notice of such default sent by the
Holder;
(c) any of the
representations or warranties made by the Maker or any of its
agents, officers, directors, employees or representatives in any
Transaction Document or public filing being inaccurate, false or
misleading in any material respect, as of the date as of which it
is made or deemed to be made, or any certificate or financial or
other written statements furnished by or on behalf of the Maker to
the Holder or any of its representatives, is inaccurate, false or
misleading, in any material respect, as of the date as of which it
is made or deemed to be made, or on the Issuance Date;
(d) the Maker or any of
its Subsidiaries shall: (i) apply for or consent to the appointment
of, or the taking of possession by, a receiver, custodian, trustee
or liquidator of itself or of all or a substantial part of its
property or assets; (ii) make a general assignment for the benefit
of its creditors; (iii) commence a voluntary case under the United
States Bankruptcy Code (as now or hereafter in effect) or under the
comparable laws of any jurisdiction (foreign or domestic); (iv)
file a petition seeking to take advantage of any bankruptcy,
insolvency, moratorium, reorganization or other similar law
affecting the enforcement of creditors’ rights generally; (v)
acquiesce in writing to any petition filed against it in an
involuntary case under United States Bankruptcy Code (as now or
hereafter in effect) or under the comparable laws of any
jurisdiction (foreign or domestic); (vi) issue a notice of
bankruptcy or winding down of its operations or issue a press
release regarding same; or (vii) take any action under the laws of
any jurisdiction (foreign or domestic) analogous to any of the
foregoing;
(e) a proceeding or
case shall be commenced in respect of the Maker or any of its
Subsidiaries, without its application or consent, in any court of
competent jurisdiction, seeking: (i) the liquidation,
reorganization, moratorium, dissolution, winding up, or composition
or readjustment of its debts; (ii) the appointment of a trustee,
receiver, custodian, liquidator or the like of it or of all or any
substantial part of its assets in connection with the liquidation
or dissolution of the Maker or any of its Subsidiaries; or (iii)
similar relief in respect of it under any law providing for the
relief of debtors, and such proceeding or case described in clause
(i), (ii) or (iii) shall continue undismissed, or unstayed and in
effect, for a period of thirty (30) days or any order for relief
shall be entered in an involuntary case under United States
Bankruptcy Code (as now or hereafter in effect) or under the
comparable laws of any jurisdiction (foreign or domestic) against
the Maker or any of its Subsidiaries or action under the laws of
any jurisdiction (foreign or domestic) analogous to any of the
foregoing shall be taken with respect to the Maker or any of its
Subsidiaries and shall continue undismissed, or unstayed and in
effect for a period of thirty (30) days;
(f) the Maker shall, or
shall announce an intention to pursue or consummate a Change of
Control (as defined in the Purchase Agreement), or a Change of
Control shall be consummated, or the Maker shall negotiate, propose
or enter into any agreement, understanding or arrangement with
respect to any Change of Control.
2.2 Remedies Upon an Event of
Default.
(a) Upon the occurrence
and during the continuation of any Event of Default, the Maker
shall pay interest on the Outstanding Principal Amount hereunder at
an interest rate per annum at all times equal to twelve percent
(12%) to the fullest extent permitted by applicable Law.
Accrued and unpaid interest (including interest on past due
interest) shall be due and payable upon demand.
(b) If an Event of
Default shall have occurred and shall be continuing, Holder may at
any time at its option declare the entire Outstanding Principal
Amount plus all accrued interest thereon (if any) due and payable,
and thereupon, the same shall be accelerated and so due and
payable, without presentment, demand, protest, or notice, all of
which are hereby expressly unconditionally and irrevocably waived
by the Maker. No course of delay on the part of the Holder 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.
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ARTICLE 3
3.1 Conversion.
(a) Voluntary Conversion. At any
time and from time to time, subject to Section 3.3 herein and
Section 4.9 of the Securities Purchase Agreement, this Note shall
be convertible (in whole or in part), at the option of the Holder,
into such number of fully paid and non-assessable shares of Common
Stock as is determined by dividing (x) that portion of the
Outstanding Principal plus any accrued interest thereon by (y) the
Conversion Price then in effect on the date on which the Holder
delivers a notice of conversion (the “Conversion Notice”) in
accordance with Section 5.1 to the Maker. The Holder shall deliver
this Note to the Maker at the address designated in the Purchase
Agreement at such time that this Note is fully converted. With
respect to partial conversions of this Note, the Maker shall keep
written records of the amount of this Note converted as of the date
of such conversion (each, a “Conversion
Date”).
(b) Conversion Price. The
“Conversion
Price” means $0.10, and shall be subject to adjustment
as provided herein.
3.2 Delivery of Conversion Shares.
As soon as practicable after any conversion in accordance with this
Note and in any event within two (2) Trading Days thereafter (such
date, the “Share
Delivery Date”), the Maker shall, at its expense,
cause to be issued in the name of and delivered to the Holder, or
as the Holder may direct, a certificate or certificates evidencing
the number of fully paid and nonassessable shares of Common Stock
to which the Holder shall be entitled on such conversion (the
“Conversion
Shares”), in such denominations as may be requested by
the Holder, which certificate or certificates shall be free of
restrictive and trading legends (except for any such legends as may
be required under the Securities Act). In lieu of delivering
physical certificates for the shares of Common Stock issuable upon
any conversion of this Note, provided the Company’s transfer
agent is participating in the Depository Trust Company
(“DTC”)
Fast Automated Securities Transfer program or a similar program,
upon request of the Holder, the Company shall cause its transfer
agent to electronically transmit such shares of Common Stock
issuable upon conversion of this Note to the Holder (or its
designee), by crediting the account of the Holder’s (or such
designee’s) broker with DTC through its Deposit Withdrawal
Agent Commission system (provided that the same time periods herein
as for stock certificates shall apply) as instructed by the Holder
(or its designee).
3.3 Ownership Cap. Notwithstanding
anything to the contrary contained herein, the Holder shall not be
entitled to receive shares of Common Stock or other securities
(together with Common Stock, “Equity Interests”) upon
conversion of this Note to the extent (but only to the extent) that
such exercise or receipt would cause the Holder Group (as defined
below) to become, directly or indirectly, a “beneficial
owner” (within the meaning of Section 13(d) of the 1934 Act
and the rules and regulations promulgated thereunder) of a number
of Equity Interests of a class that is registered under the 1934
Act which exceeds the Maximum Percentage (as defined below) of the
Equity Interests of such class that are outstanding at such time.
To the extent limitations contained in this Section 3.3 apply, the
determination of whether this Note is convertible and of which
portion of this Note is convertible shall be the sole
responsibility and in the sole determination of the Holder, and the
submission of a notice of conversion shall be deemed to constitute
the Holder’s determination that the issuance of the full
number of Conversion Shares requested in the notice of conversion
is permitted hereunder, and the Company shall not have any
obligation to verify or confirm the accuracy of such determination.
For purposes of this Section 3.3, (i) the term “Maximum Percentage” shall
mean 4.99%; provided, that, at the request of the Holder, the Maker
may permit the Holder to increase the Maximum Percentage to 9.99%
subject to the Maker’s analysis of its “ownership
change” as defined by Section 382 of the Internal Revenue
Code of 1986, as amended; it being agreed and understood that any
such increase in the Maximum Percentage shall not take effect until
61 days following the date the Maker grants such request and (ii)
the term “Holder
Group” shall mean the Holder plus any other Person
with which the Holder is considered to be part of a group under
Section 13 of the 1934 Act or with which the Holder otherwise files
reports under Sections 13 and/or 16 of the 1934 Act. In determining
the number of Equity Interests of a particular class outstanding at
any point in time, the Holder may rely on the number of outstanding
Equity Interests of such class as reflected in (x) the
Company’s most recent Annual Report on Form 10-K or Quarterly
Report on Form 10-Q filed with the Securities and Exchange
Commission, as the case may be, (y) a more recent public
announcement by the Company or (z) a more recent notice by the
Company or its transfer agent to the Holder setting forth the
number of Equity Interests of such class then outstanding. The
provisions of this Section 3.3 shall be construed, corrected and
implemented in a manner so as to effectuate the intended beneficial
ownership limitation herein contained.
3.4 Adjustment of Conversion
Price.
(a) Until the Note has
been paid in full or converted in full, the Conversion Price shall
be subject to adjustment from time to time as follows (but shall
not be increased, other than pursuant to Section 3.4(a)(i)
hereof):
(i) Adjustments for Stock Splits and
Combinations. If the Maker shall at any time or from time to
time after the Closing Date (but whether before or after the
Issuance Date) effect a split of the outstanding Common Stock, the
applicable Conversion Price in effect immediately prior to the
stock split shall be proportionately decreased. If the Maker shall
at any time or from time to time after the Closing Date (but
whether before or after the Issuance Date), combine the outstanding
shares of Common Stock, the applicable Conversion Price in effect
immediately prior to the combination shall be proportionately
increased. Any adjustments under this Section 3.4(a)(i) shall be
effective at the close of business on the date the stock split or
combination occurs.
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(b) Certificates as to Adjustments.
Upon occurrence of each adjustment or readjustment of the
Conversion Price or number of shares of Common Stock issuable upon
conversion of this Note pursuant to this Section 3.4, the Maker at
its expense shall promptly compute such adjustment or readjustment
in accordance with the terms hereof and furnish to the Holder a
certificate setting forth such adjustment and readjustment, showing
in detail the facts upon which such adjustment or readjustment is
based. The Maker shall, upon written request of the Holder, at any
time, furnish or cause to be furnished to the Holder a like
certificate setting forth such adjustments and readjustments, the
applicable Conversion Price in effect at the time, and the number
of shares of Common Stock and the amount, if any, of other
securities or property which at the time would be received upon the
conversion of this Note. Notwithstanding the foregoing, the Maker
shall not be obligated to deliver a certificate unless such
certificate would reflect an increase or decrease of at least one
percent (1%) of such adjusted amount.
3.5 Issue Taxes. The Maker shall
pay any and all issue and other taxes, excluding federal, state or
local income taxes, that may be payable in respect of any issue or
delivery of shares of Common Stock on conversion of this Note
pursuant thereto; provided,
however, that the Maker shall not be obligated to pay any
transfer taxes resulting from any transfer requested by the Holder
in connection with any such conversion.
3.6 Fractional Shares. No
fractional shares of Common Stock shall be issued upon conversion
of this Note. In lieu of any fractional shares to which the Holder
would otherwise be entitled, the Maker shall pay cash equal such
fractional shares multiplied by the Conversion Price then in
effect.
3.7 Reservation of Common Stock.
The Maker shall reserve and keep available out of its authorized
but unissued Common Stock, such number of shares of Common Stock
equal to the Required Minimum as defined in the Purchase
Agreement.
3.8 Effect of Events Prior to the Issuance
Date. If the Issuance Date of this Note is after the Closing
Date, then, if the Conversion Price or any other right of the
Holder of this Note would have been adjusted or modified by
operation of any provision of this Note had this Note been issued
on the Closing Date, such adjustment or modification shall be
deemed to apply to this Note as of the Issuance Date as if this
Note had been issued on the Closing Date.
3.9 Inability to Fully Convert. If,
upon the Maker’s receipt of a Conversion Notice or as
otherwise required under this Note, the Maker cannot issue shares
of Common Stock for any reason, including, without limitation,
because the Maker does not have a sufficient number of shares of
Common Stock authorized and available then the Maker shall issue as
many shares of Common Stock as it is able to issue and, with
respect to the unconverted portion of this Note or with respect to
any shares of Common Stock not timely issued in accordance with
this Note, the Holder, solely at Holder’s option, can elect
to void its Conversion Notice and retain or have returned, as the
case may be, this Note that was to be converted pursuant to the
Conversion Notice (provided that the Holder’s voiding its
Conversion Notice shall not affect the Maker’s obligations to
make any payments which have accrued prior to the date of such
notice).
3.10 No
Rights as Stockholder. Nothing contained in this Note shall
be construed as conferring upon the Holder, prior to the conversion
of this Note, the right to vote or to receive dividends or to
consent or to receive notice as a stockholder in respect of any
meeting of stockholders for the election of directors of the Maker
or of any other matter, or any other rights as a stockholder of the
Maker.
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ARTICLE 4
4.1 Covenants. For so long as any
Note is outstanding, without the prior written consent of the
Holder:
(a) Compliance with Transaction
Documents. The Maker shall, and shall cause its Subsidiaries
to, comply with its obligations under this Note and the other
Transaction Documents.
(b) Corporate Existence. The Maker
shall, and shall cause each of its Subsidiaries to, maintain in
full force and effect its corporate existence, rights and
franchises and all licenses and other rights to use property owned
or possessed by it and reasonably deemed to be
ARTICLE 5
5.1 Notices. Any and all notices or
other communications or deliveries required or permitted to be
provided hereunder shall be in writing and shall be deemed given
and effective on the earliest of (a) the date of transmission, if
such notice or communication is delivered via email at the email
address specified in this Section prior to 5:00 p.m. (New York
time) on a Business Day, (b) the next Business Day after the date
of transmission, if such notice or communication is delivered via
email at the email address specified in this Section on a day that
is not a Business Day or later than 5:00 p.m. (New York time) on
any date and earlier than 11:59 p.m. (New York time) on such date,
(c) the Business Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service, or (d) upon actual
receipt by the party to whom such notice is required to be given.
The addresses for notice shall be as set forth in the Purchase
Agreement.
5.2 Governing Law. This Agreement
shall be governed by and construed in accordance with the Laws of
the State of Florida, without reference to principles of conflict
of laws or choice of laws. This Note shall not be interpreted or
construed with any presumption against the party causing this Note
to be drafted.
5.3 Headings. Article and section
headings in this Note are included herein for purposes of
convenience of reference only and shall not constitute a part of
this Note for any other purpose.
5.4 Binding Effect. The obligations
of the Maker and the Holder set forth herein shall be binding upon
the successors and assigns of each such party, whether or not such
successors or assigns are permitted by the terms
herein.
5.5 Amendments; Waivers. No
provision of this Note may be waived or amended except in a written
instrument signed by the Company and the Holder Majority No waiver
of any default with respect to any provision, condition or
requirement of this Note shall be deemed to be a continuing waiver
in the future or a waiver of any subsequent default or a waiver of
any other provision, condition or requirement hereof, nor shall any
delay or omission of either party to exercise any right hereunder
in any manner impair the exercise of any such right.
5.6 Compliance with Securities
Laws. The Holder of this Note acknowledges that this Note is
being acquired solely for the Holder’s own account and not as
a nominee for any other party, and for investment, and that the
Holder shall not offer, sell or otherwise dispose of this Note in
violation of securities laws. This Note and any Note issued in
substitution or replacement therefor shall be stamped or imprinted
with a legend in substantially the following form:
“NEITHER THIS
NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.”
5.7 Jurisdiction; Venue. Any
action, proceeding or claim arising out of, or relating in any way
to this Agreement shall be brought and enforced in the state of
Florida. The Company and the Holder irrevocably submit to the
jurisdiction of such courts, which jurisdiction shall be exclusive,
and hereby waive any objection to such exclusive jurisdiction or
that such courts represent an inconvenient forum. The prevailing
party in any such action shall be entitled to recover its
reasonable and documented attorneys’ fees and out-of-pocket
expenses relating to such action or proceeding.
5.8 Parties in Interest. This Note
shall be binding upon, inure to the benefit of and be enforceable
by the Maker, the Holder and their respective successors and
permitted assigns.
[Signature
Pages Follow]
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IN
WITNESS WHEREOF, the Maker has caused this Note to be duly executed
by its duly authorized officer as of the date first above
indicated.
PARKERVISION,
INC.
By:
/s/▇▇▇▇▇▇▇
▇▇▇▇▇▇
Name:
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Title:
Chief Executive Officer
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