Document:

Exhibit 10.23

 

PHUNCOIN,
INC.

TOKEN RIGHTS AGREEMENT

 

NOTICE TO RESIDENTS OF THE UNITED STATES

 

THIS SECURITIES INSTRUMENT AND ANY SECURITIES
ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT OR AN EXEMPTION THEREFROM.

 

NOTICE TO RESIDENTS OF THE STATE OF NEW YORK

 

THE OFFER AND SALE OF THIS SECURITIES INSTRUMENT
HAS NOT BEEN APPROVED BY THE NEW YORK DEPARTMENT OF FINANCIAL SERVICES (THE “DFS”) NOR HAS PHUNCOIN,
INC. APPLIED FOR A LICENSE WITH THE DFS TO CONDUCT VIRTUAL CURRENCY BUSINESS ACTIVITIES WITHIN THE STATE OF NEW YORK. PHUNCOIN,
INC. HAS NOT FILED A NOTICE ON FORM 99 WITH THE NEW YORK ATTORNEY GENERAL OF AN OFFERING EXEMPT FROM REGISTRATION PURSUANT TO SECTION
18 OF THE SECURITIES ACT OF 1933 OR REGISTERED PHUNCOIN, INC. AS A DEALER IN ITS OWN SECURITIES. ANY SECURITIES ISSUANCE PURSUANT
HERETO ARE NOT BEING OFFERED TO ANY PERSON IN THE STATE OF NEW YORK AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED, PLEDGED
OR HYPOTHECATED, DIRECTLY OR INDIRECTLY, WITHIN THE STATE OF NEW YORK.

 

NOTICE TO RESIDENTS OF THE STATE OF FLORIDA

 

THE SECURITIES REFERRED TO HEREIN WILL
BE SOLD TO, AND ACQUIRED BY, THE HOLDER IN A TRANSACTION EXEMPT UNDER SECTION 517.061 OF THE FLORIDA SECURITIES ACT. THE SECURITIES
HAVE NOT BEEN REGISTERED UNDER SAID ACT IN THE STATE OF FLORIDA. IN ADDITION, ALL FLORIDA RESIDENTS SHALL HAVE THE PRIVILEGE OF
VOIDING THE PURCHASE WITHIN THREE DAYS AFTER THE FIRST TENDER OF CONSIDERATION IS MADE BY SUCH PURCHASER TO THE ISSUER, AN AGENT
OF THE ISSUER, OR AN ESCROW AGENT OR WITHIN THREE DAYS AFTER THE AVAILABILITY OF THAT PRIVILEGE IS COMMUNICATED TO SUCH PURCHASER,
WHICHEVER OCCURS LATER.

 

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

 

NO MONEY OR OTHER CONSIDERATION IS BEING
SOLICITED PURSUANT TO A REGULATION A (TIER 2) (“REG A+”) OFFERING, AND IF SENT IN RESPONSE TO PHUNCOIN, INC.,
WILL NOT BE ACCEPTED. NO OFFER TO BUY THE SECURITIES OF PHUNCOIN, INC. PURSUANT TO A REG A+ OFFERING CAN BE ACCEPTED AND NO PART
OF THE PURCHASE PRICE CAN BE RECEIVED UNTIL THE OFFERING STATEMENT FILED BY PHUNCOIN, INC. WITH THE SECURITIES AND EXCHANGE COMMISSION
(THE “SEC”) HAS BEEN QUALIFIED BY THE SEC. ANY SUCH OFFER TO BUY SECURITIES MAY BE WITHDRAWN OR REVOKED, WITHOUT OBLIGATION
OR COMMITMENT OF ANY KIND, AT ANY TIME BEFORE NOTICE OF ITS ACCEPTANCE IS GIVEN AFTER THE DATE OF QUALIFICATION. ANY INDICATION
OF INTEREST IN PHUNCOIN, INC.’S REG A+ OFFERING INVOLVES NO OBLIGATION OR COMMITMENT OF ANY KIND.

 

     

     

    

 

PhunCoin,
Inc.

 

Token Rights Agreement

 

THIS CERTIFIES THAT in exchange for the
payment by the undersigned purchaser (the “Purchaser”) of the amount reflected on page 10 (as it may
be discounted pursuant to this Agreement, the “Purchase Amount”), PhunCoin, Inc., a Wyoming corporation
(the “Company”), a wholly-owned subsidiary of Phunware, Inc., a Delaware corporation (“Parent Company”),
hereby issues to the Purchaser the rights (the “Rights”) to a certain amount of PhunCoin (the “Token”
or “PhunCoin”), subject to the terms set forth below.

 

This Token Rights Agreement (the “Agreement”
or “instrument”) is issued as part of a series of similar Agreements issued in multiple closings to certain
persons and entities.

 

1. Events

 

(a) Token Distribution.
Upon the expiration of the Lock-Up Period (provided such expiration is before the expiration or termination of this instrument),
this instrument shall automatically convert into, and the Company shall automatically issue, a number of Tokens to the Purchaser
equal to the Purchase Amount divided by the Token Price (rounded up to the next whole number if such number is a fraction). “Lock-Up
Period” means the period beginning on the date of this instrument and ending on the earliest of (i) a System Launch,
(ii) one (1) year after the issuance date of this instrument to the Purchaser or (iii) the date the Company determines, in its
sole discretion, that Resale Restrictions are available with respect to the Tokens. “Resale Restrictions”
means an alternative trading system and/or technology that allows resale restrictions with respect to the Tokens that are required
by applicable securities laws to be embedded in the blockchain, the Tokens or any smart contract related to the foregoing.

 

In connection with and prior to the issuance
of Tokens by the Company to the Purchaser pursuant to this Section 1(a) (the “Token Distribution”):

 

(i) The Purchaser will execute and deliver
to the Company any and all other transaction documents related to this Agreement as are reasonably requested by the Company, including
verification of accredited investor status or non-United States person status under applicable securities laws, and provide any
identification documents as required pursuant to the Company’s anti-money laundering policy; and

 

(ii) The Purchaser will be required to
create an account with a supported wallet, subject to approval of the Company, to which Purchaser's Tokens will be sent in connection
with the Token Distribution. For avoidance of doubt, the account address must be under the direct or indirect control of the Purchaser
and shall not be under the direct or indirect control of a third party.

 

Purchasers who subscribe for the first
$15M of Rights sold pursuant to the Agreement will be issued Tokens qualified pursuant to the expected Reg A+ offering in connection
with the Token Distribution.

 

Upon the expiration of the Lock-Up Period,
the Tokens shall be placed in a smart contract created by the Company that will automatically release the Tokens to the wallet
address designated by the Purchaser.

 

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(b) Dissolution
Event. If there is a Dissolution Event before this instrument expires or terminates, the Company will pay an
amount equal to the Purchase Amount due and payable to the Purchaser immediately prior to, or concurrent with, the
consummation of the Dissolution Event, subject to the rights and preferences of the holders of the Company’s capital
stock and/or debt, as set forth in the Company’s Certificate of Incorporation, as it may be amended
from time to time. If immediately prior to the consummation of the Dissolution Event, the assets of the Company that remain
legally available for distribution to the Purchaser and all holders of Agreements (the “Dissolving
Purchasers”), as determined in good faith by the Company’s board of directors, are insufficient to permit
the payment to the Dissolving Purchasers of their respective Purchase Amounts, then the remaining assets of the Company
legally available for distribution, following all distributions to the holders of the Company’s capital stock and/or
debt, will be distributed with equal priority and pro rata among the Dissolving Purchasers in proportion to the Purchase
Amounts they would otherwise be entitled to receive pursuant to this Section 1(b). For the avoidance of doubt, funds from the
Parent Company or the business operations of the Company (other than the offer and sale of the Rights pursuant to this
Agreement and any other Rights pursuant to the Agreements sold to Dissolving Purchasers) shall not be available for the
Dissolving Purchasers. Any distributed amounts shall be in United States dollars.

 

(c) Termination. This
instrument will expire and terminate upon the earlier of (i) the issuance of Tokens to the Purchaser pursuant to Section 1(a);
(ii) the payment, or setting aside for payment, of amounts due the Purchaser pursuant to Section 1(b); and (iii) twelve months
from the date hereof (as it may be extended, the “Deadline Date”), should the System Launch not have
occurred as of such date; provided that, the Company shall have the right to extend the Deadline Date by six (6) months, in its
sole discretion. Upon such termination, any right to receive the Tokens shall also be terminated and have no force or effect.

 

2. Definitions

 

In addition to the capitalized terms defined
elsewhere in this Agreement, the following terms shall have the meanings set forth in this Section 2.

 

“Token Price”
means $0.008 per Token, which is the anticipated per Token price for the Tokens to be sold or otherwise issued by the Company to
the public during the System Launch (which price may be higher or lower than $0.008), before taking into consideration the Discount
Rate.

 

“Discount Rate”
means a sliding scale based on the timing and purchase size associated with the amount of Tokens purchased during each period based
on the “retail” price of $0.008/Token:

 

	Tier	 	Discount Rate	 	Per Token 
 US $ Equivalent 
 (Discount Rate 
 Range)	 	Applicable Offering Period for 
 Rights
	Crypto - Gold	 	80% - 50%	 	$0.0016 - $0.0040	 	Up to $20M
	Platinum – Gold	 	70% - 50%	 	$0.0024 - $0.0040	 	Over $20M up to $50M
	Platinum- Silver	 	70% - 30%	 	$0.0024 - $0.0056	 	Over $50M up to $100M

 

CRYPTONIUM / GOLD TIER

The Crypto / Gold tier expires upon the receipt by the Company
of the first $20,000,000 in aggregate Purchase Amounts in United States dollar equivalent.

 

In United States dollar equivalent, the incremental purchase
is rewarded up to an 80% discount as follows:

 

	 	Up to $249,999	50% off the first 40% purchased; 80% off the last 60% purchased
	 	$250,000 to $499,999	50% off the first 40% purchased; 80% off the last 60% purchased
	 	$500,000 to $999,999	50% off the first 40% purchased; 80% off the last 60% purchased

 

    	 	2	 

     

    

 

	 	$1,000,000 to $2,499,999	50% off the first 40% purchased; 80% off the last 60% purchased
	 	$2,500,000 to $4,999,999	50% off the first 30% purchased; 80% off the last 70% purchased
	 	$5,000,000 & Above	50% off the first 30% purchased; 80% off the last 70% purchased

 

Example: A purchase of $3,500,000 by a Purchaser would receive
a 50% discount on the first 30% or $1,050,000 worth of Rights (e.g., the first $1,050,000 is buying Rights for $0.004 / Token,
or 50% off) and an 80% discount on the last 70%, or $2,450,000 worth of Rights (e.g., the $2,450,000 is buying Rights for $0.0016
/ Token, or 80% off):

 

	 	First 40% ($1,050,000 / (.5 X $0.008))	=	262,500,000 Tokens	 
	 	Last 60% ($2,450,000 / (.2 X $0.008))	=	1,531,250,000 Tokens	 
	 	$3,500,000 buys 1,793,750,000 Tokens Total	 

 

PLATINUM / GOLD TIER

The Platinum / Gold tier expires upon the receipt by the Company
of the next $30,000,000 (after the first $20,000,000) in aggregate Purchase Amounts in United States dollar equivalent.

 

50% discount up to a $249,999 in United States dollar equivalent
purchase. For $250,000 or more in United States dollar equivalent, incremental purchase is rewarded up to a 70% discount as follows:

 

	 	$250,000 to $499,999	50% off the first 90% purchased; 70% off the last 10% purchased
	 	$500,000 to $999,999	50% off the first 80% purchased; 70% off the last 20% purchased
	 	$1,000,000 to $2,499,999	50% off the first 70% purchased; 70% off the last 30% purchased
	 	$2,500,000 to $4,999,999	50% off the first 60% purchased; 70% off the last 40% purchased
	 	$5,000,000 & Above	50% off the first 50% purchased; 70% off the last 50% purchased

 

Example: A purchase of $2,000,000 by a Purchaser would receive
a 50% discount on the first 70% or $1,400,000 worth of Rights (e.g., the first $1,400,000 is buying Rights for $0.004 / Token,
or 50% off) and a 70% discount on the last 30% or $600,000 worth of Rights (e.g., the $600,000 is buying Rights for $0.0024 / Token,
or 70% off):

 

	 	First 70% ($1,400,000 / (.5 X $0.008))	=	350,000,000 Tokens	 
	 	Last 30% ($600,000    / (.3 X $0.008))	=	250,000,000 Tokens	 
	 	$2,000,000 buys 600,000,000 Tokens	 

 

PLATINUM / SILVER TIER

The Platinum / Gold tier expires upon the receipt by the Company
of the next $50,000,000 (after the first $50,000,000) in aggregate Purchase Amounts in United States dollar equivalent.

 

30% discount up to a $249,999 in United States dollar equivalent
purchase. For $250,000 or more in United States dollar equivalent, incremental purchase is rewarded up to a 70% discount as follows:

 

	 	$250,000 to $499,999	30% off the first 90% purchased; 70% off the last 10% purchased
	 	$500,000 to $999,999	30% off the first 80% purchased; 70% off the last 20% purchased
	 	$1,000,000 to $2,499,999	30% off the first 70% purchased; 70% off the last 30% purchased
	 	$2,500,000 to $4,999,999	30% off the first 60% purchased; 70% off the last 40% purchased
	 	$5,000,000 & Above	30% off the first 50% purchased; 70% off the last 50% purchased

 

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Example: A purchase of $750,000
by a Purchaser in United States dollar equivalent would receive a 30% discount on the first 80% or $600,000 worth of Rights (e.g.,
the first $600,000 is buying Rights for $0.0056 / Token, or 30% off) and a 70% discount on the last 20% or $150,000 worth of Rights
(e.g., the $150,000 is buying Rights for $0.0024 / Token, or 70% off):

 

	 	First 80% ($600,000 / (.7 X $0.008))	=	107,142,857 Tokens	 
	 	Last 20% ($150,000 / (.3 X $0.008))	=	62,500,000 Tokens	 
	 	$750,000 buys 169,642,857 Tokens	 

 

 

“Dissolution Event”
means (i) a voluntary termination of operations of the Company, (ii) a general assignment for the benefit of the Company’s
creditors, (iii) a change in U.S. law or other laws which makes the use of the Tokens on the System, issuance of the Tokens or
a System Launch impractical or unfeasible, as determined by the Company in its sole discretion, or (iv) any other liquidation,
dissolution or winding up of the Company, whether voluntary or involuntary.

 

“System” means
the PhunCoin ecosystem, which is intended to be a rewards marketplace and data exchange whereby users receive PhunCoin in exchange
for their information and PhunCoin can be redeemed by users for goods and services. The System is currently in the development
stage and is intended to enhance and augment Phunware’s current mobile application platform, which enables businesses to
engage, manage and monetize their end users / customers.

 

“System Launch” means
the Company’s initial issuance of Tokens pursuant to an offering qualified under Regulations A under the Securities Act of
1933, as amended for use on the System, which will occur only if the System is operational on a blockchain technology that will
enable the Company to comply with the requirements of the federal securities laws and other applicable laws and regulations.

 

3. Company Representations

 

(a) The Company is a corporation duly organized,
validly existing and in good standing under the laws of Wyoming and has the power and authority to own, lease and operate its properties
and carry on its business as now conducted.

 

(b) The execution, delivery and performance
by the Company of this instrument is within the power of the Company and, other than with respect to the actions to be taken when
Rights or the Tokens are to be issued to the Purchaser, has been duly authorized by all necessary actions on the part of the Company.
This instrument constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement
of creditors’ rights generally and general principles of equity. To the knowledge of the Company, it is not in violation
of (i) its current articles of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company,
or (iii) any material indenture or contract to which the Company is a party or by which it is bound, where, in each case, such
violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material
adverse effect on the Company.

 

(c) To the
knowledge of the Company, the performance and consummation of the transactions contemplated by this instrument do not and
will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the
acceleration of any material indenture or contract to which the Company is a party or by which it is bound; or (iii) result
in the creation or imposition of any lien upon any property, asset or revenue of the Company or
the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its
business or operations.

 

    	 	4	 

     

    

 

(d) No consents or approvals are required
in connection with the performance of this instrument, other than: (i) the Company’s corporate approvals; and (ii) any qualifications
or filings under applicable securities laws.

 

(e) To its knowledge, the Company owns
or possesses sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses,
information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed
to be conducted, without an infringement of the rights of others. PhunCoin is a proprietary trade name of the Company.

 

(f) THE COMPANY MAKES NO WARRANTY WHATSOEVER
WITH RESPECT TO THE RIGHTS OR THE TOKENS, INCLUDING ANY (i) WARRANTY OF MERCHANTABILITY; (ii) WARRANTY OF FITNESS FOR A PARTICULAR
PURPOSE; (iii) WARRANTY OF TITLE; OR (iv) WARRANTY AGAINST INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF A THIRD PARTY; WHETHER
ARISING BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE, OR OTHERWISE. EXCEPT AS EXPRESSLY SET FORTH HEREIN, PURCHASER
ACKNOWLEDGES THAT IT HAS NOT RELIED UPON ANY REPRESENTATION OR WARRANTY MADE BY THE COMPANY, OR ANY OTHER PERSON ON THE COMPANY'S
BEHALF.

 

4. Purchaser Representations

 

(a) The Purchaser has full legal capacity,
power and authority to execute and deliver this instrument and to perform its obligations hereunder. This instrument constitutes
a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency
or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general
principles of equity.

 

(b) The
Purchaser is an accredited investor as such term is defined in Rule 501 of Regulation D under the Securities Act. The
Purchaser has been advised that this instrument is a security and has not been registered under the Securities Act, or any
state securities laws, and, therefore, cannot be resold unless it is registered under the Securities Act and applicable state
securities laws or unless an exemption from such registration requirements is available. Purchaser agrees to comply with
applicable securities laws with respect to resales of the Rights or the Tokens, which includes a one-year holding period for
resales pursuant to Rule 144 of the Securities Act. The Company may generally limit the transferability of the Rights and
Tokens to be delivered pursuant to this Agreement. Purchaser has also been advised that this Agreement may be considered a
hybrid instrument as such term is defined in the Commodities Exchange Act. The Purchaser further represents that it has
received the Private Placement Memorandum dated [________] (the “PPM”) and it has been provided the
opportunity to ask the Company questions, and where applicable, has received answers from the Company regarding the Rights
pursuant to the Agreements generally and this Agreement and has reviewed and understands the disclosures provided in
connection with the Agreement, including the risk factors set forth in the section of the PPM titled “Risk
Factors”. The Purchaser is purchasing this instrument for its own account, not as a nominee or agent, and not with a
view to, or for resale in connection with, the distribution thereof, and the Purchaser has no present intention of selling,
granting any participation in, or otherwise distributing the same. The Purchaser has such knowledge and experience in
financial and business matters that the Purchaser is capable of evaluating the merits and risks of such purchase, is able to
incur a complete loss of such purchase without impairing the Purchaser’s financial condition and is able to bear the
economic risk of such purchase for an indefinite period of time.

 

(c) The
Purchaser acknowledges its understanding that neither this Agreement nor PhunCoins are legal tender or are backed by the
government, and accounts and value balances are not subject to Federal Deposit Insurance
Corporation (“FDIC”) or Securities Investor Protection Corporation (“SIPC”) protections, and
therefore, accounts and value balances are not subject to FDIC or SIPC protections.

 

    	 	5	 

     

    

 

(d) The Purchaser is not a resident of
the state of New York nor a resident of any country in which the ownership of the Rights or the Tokens is prohibited.

 

(e) If the Purchaser is not a United States
person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), the Purchaser hereby represents that
it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe
for the Rights and the Tokens, including (i) the legal requirements within its jurisdiction for the purchase of the Rights and
the Tokens, (ii) any foreign exchange restrictions applicable to such Rights or Token purchase, (iii) any governmental or other
consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the
purchase, holding, redemption, sale, or transfer of the Rights or the Tokens. The Purchaser’s subscription and payment for,
and continued ownership of, the Rights or the Tokens will not violate any applicable securities or other laws of the Purchaser’s
jurisdiction.

 

(f) The Purchaser hereby has sufficient
knowledge and experience in business and financial matters to be able to evaluate the risks and merits of its purchase of the Rights
pursuant to this Agreement and of the Tokens and is able to bear the risks thereof. The Purchaser is aware of Company’s business
affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable
decision to acquire the Rights pursuant to this Agreement. The Purchaser understands that the Tokens involve risks, all of which
the Purchaser fully and completely assumes, including, but not limited to, the risk that (i) the technology associated with the
System will not function as intended; (ii) the System and System Launch will not be completed; (iii) the System will fail to attract
sufficient interest from key stakeholders; and (iv) the Company and/or the System may be subject to investigation and punitive
actions from Governmental Authorities. The Purchaser understands and expressly accepts that the Tokens will be created and delivered
to the Purchaser at the sole risk of the Purchaser on an “AS IS” and “UNDER DEVELOPMENT” basis. The Purchaser
understands and expressly accepts that the Purchaser has not relied on any representations or warranties made by the Company outside
of this instrument, including, but not limited to, conversations of any kind, whether through oral or electronic communication,
or any white paper.

 

WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, THE PURCHASER ASSUMES ALL RISK AND LIABILITY FOR THE RESULTS OBTAINED BY THE USE OF ANY RIGHTS OR TOKENS AND REGARDLESS
OF ANY ORAL OR WRITTEN STATEMENTS MADE BY THE COMPANY, BY WAY OF TECHNICAL ADVICE OR OTHERWISE, RELATED TO THE USE OF THE RIGHTS
OR THE TOKENS.

 

(g) The Purchaser understands that it has
no right against the Company or any other Person except in the event of the Company’s breach of this instrument or intentional
fraud.

 

THE COMPANY’S AGGREGATE LIABILITY
ARISING OUT OF OR RELATED TO THIS INSTRUMENT, WHETHER ARISING OUT OF OR RELATED TO BREACH OF CONTRACT, TORT OR OTHERWISE, SHALL
NOT EXCEED THE TOTAL OF THE AMOUNTS PAID TO THE COMPANY PURSUANT TO THIS INSTRUMENT. NEITHER THE COMPANY NOR ITS REPRESENTATIVES
SHALL BE LIABLE FOR CONSEQUENTIAL, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR ENHANCED DAMAGES, LOST PROFITS OR REVENUES
OR DIMINUTION IN VALUE, ARISING OUT OF OR RELATING TO ANY BREACH OF THIS INSTRUMENT.

 

(h) The
Purchaser understands that it bears sole responsibility for any taxes as a result of the matters and transactions the subject
of this instrument, and any future acquisition, ownership, use, sale or other disposition of the Rights or Tokens held by the
Purchaser. To the extent permitted by law, the Purchaser agrees to indemnify, defend and hold the Company or any of its
affiliates, employees or agents (including developers, auditors, contractors or founders) harmless for any claim, liability,
assessment or penalty with respect to any taxes (other than any net income taxes of the Company
that result from the issuance of the Rights or the Tokens to the Purchaser associated with or arising from the
Purchaser’s purchase of the Rights and the Tokens hereunder, or the use or ownership of the Rights and the
Tokens).

 

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(i) The Purchaser hereby represents that
neither it nor any of its Rule 506(d) Related Parties is a “bad actor” within the meaning of Rule 506(d) of Regulation
D under the Securities Act. For purposes of this Agreement, “Rule 506(d) Related Party” shall mean a person or entity
covered by the “Bad Actor disqualification” provision of Rule 506(d).

 

(j) The Purchaser has sufficient understanding
of cryptographic tokens, token storage mechanisms (such as token wallets), and blockchain technology to understand the Tokens,
including their risks, uses and limitations and terms in this Agreement and to appreciate the risks and implications of purchasing
the Rights pursuant to this Agreement. The Purchaser represents that it has obtained sufficient information about the Tokens to
make an informed decision to purchase the Rights pursuant to the Agreement, and has read and understood the terms in this Agreement.
The Purchaser is responsible for implementing reasonable measures for securing the wallet, vault or other storage mechanism the
Purchaser uses to receive and hold Tokens it receives from the Company, including any requisite private key(s) or other credentials
necessary to access such storage mechanism(s). If the Purchaser’s private key(s) or other access credentials are lost, the
Purchaser acknowledges that it may lose access to its Tokens. The Company is not responsible for any such losses.

 

(k) The Purchaser agrees to be bound by
any affirmation, assent or agreement that it transmits to the Company or the Company’s affiliates by computer or other electronic
devise, including internet, telephonic and wireless devices, including, but not limited to, any consent it gives to receive communications
from the Company or any of the Company’s affiliates solely through electronic transmission. The Purchaser agrees that when
it clicks on an “I Agree,” “I Consent,” or other similarly worded button or entry field with its mouse,
keystroke or other device, the Purchaser’s agreement or consent will be legally binding and enforceable against it and will
be the legal equivalent of its handwritten signature on an agreement that is printed on paper. The Purchaser agrees that the Company
and any of the Company’s affiliates may send the Purchaser electronic copies of any and all communications associated with
its purchase of Tokens.

 

5. Know Your Customer Acknowledgement.

 

The Purchaser
acknowledges and agrees that it is required to provide user information and must pass a Know Your Customer (“KYC”)
test, whereby the Purchaser will be screened against Office of Foreign Assets Control lists and other watch lists. The benefits
provided by the Tokens shall be denied to the Purchaser if it fails to meet the KYC suitability screening requirements, in which
event the Company shall not accept the Purchase Amount from the Purchaser. Prior to accepting the Purchase Amount, the Company,
or its nominee, shall perform the relevant KYC checks from a suitable independent KYC provider and keep a copy of same for its
records, and the Purchaser agrees to provide the relevant information and assistance in this process in a timely manner. The Company
may be required to obtain certain information about Purchaser in order to complete the sale of the Tokens to the Purchaser. If
the Company is so required, and the Purchaser does not provide the information, then the Company shall not be obligated to complete
the sale or deliver Tokens to the Purchaser. The Company plans to retain the services of Comply API (https://coinlist.co/complyapi)
to perform KYC compliance due diligence on the Purchaser, but retains the right to retain another service provider.

 

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6. Procedures for Purchase of Rights and Valuation of
Purchase Amount.

 

(a) The Company
will accept payment for the Rights purchased under this Agreement in United States dollars, Bitcoin (BTC) and/or Ether (ETH)
only. Purchaser shall make the required payment to the Company in consideration for
Purchaser’s purchase of the Rights pursuant to the Agreement through the procedures set forth in the payment procedures
described in Exhibit A hereof.

 

(b) For purposes of this instrument, the value of the
Purchase Amount shall be deemed in United States dollar equivalent whether the Purchaser pays in United States dollars,
Bitcoin (BTC) and/or Ether (ETH) set forth in the payment procedures described in Exhibit A hereof.

 

7. Miscellaneous

 

(a) This instrument sets forth the entire
agreement and understanding of the parties relating to the subject matter herein and supersedes all prior or contemporaneous disclosures,
discussions, understandings and agreements, whether oral of written, between them. This instrument is one of a series of similar
instruments entered into by the Company from time to time. Any provision of this instrument may be amended, waived or modified
only upon the written consent of the Company and the holders of a majority, in the aggregate, of the Purchase Amounts paid to the
Company with respect to all Rights pursuant to the Agreements outstanding at the time of such amendment, waiver or modification.

 

(b) Any notice required or permitted by
this instrument will be deemed sufficient when sent by email to the relevant address listed on the signature page, as subsequently
modified by written notice received by the appropriate party.

 

(c) The Purchaser is not entitled, as a
holder of this instrument, to vote or receive dividends or be deemed the holder of capital stock of the Company for any purpose,
nor will anything contained herein be construed to confer on the Purchaser, as such, any of the rights of a stockholder of the
Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action or to receive notice of meetings, or to receive subscription rights or otherwise.

 

(d) Neither this instrument nor the rights
contained herein may be assigned, by operation of law or otherwise, by either party without the prior written consent of the other,
provided, however, that the Company may assign this instrument in whole, without the consent of the Purchaser, in connection with
a reincorporation to change the Company’s domicile.

 

(e) In the event any one or more of the
provisions of this instrument is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect,
or in the event that any one or more of the provisions of this instrument operate or would prospectively operate to invalidate
this instrument, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other
provision of this instrument and the remaining provisions of this instrument will remain operative and in full force and effect
and will not be affected, prejudiced, or disturbed thereby.

 

(f) All rights and obligations hereunder
will be governed in the United States by the laws of Delaware, without regard to the conflicts of law provisions of such jurisdiction.
Any disputes arising from this agreement shall be exclusively resolved through binding arbitration in the United States in Austin,
Texas.

 

(g) For U.S. federal, state and local income
tax purposes, each of the Company and the Purchaser agree to treat this agreement as a contract for the purchase of Tokens, and
will not take any position on any tax return, report, statement or other tax document that is inconsistent with such treatment,
unless a contrary tax treatment is otherwise determined by the Company, an applicable tax authority or a court of competent jurisdiction.

 

    	 	8	 

     

    

 

(h) The
Purchaser shall, and shall cause its affiliates to, execute and deliver such additional documents, instruments, conveyances
and assurances and take such further actions as may be reasonably requested by Company to carry
out the provisions of this instrument and give effect to the transactions contemplated by this instrument, including, without
limitation, to enable the Company or the transactions contemplated by this instrument to comply with applicable
laws.

 

(i) The Company shall not be liable or
responsible to the Purchaser, nor be deemed to have defaulted under or breached this instrument, for any failure or delay in fulfilling
or performing any term of this instrument, including without limitation, launching the System, consummating the System Launch or
distributing Tokens, when and to the extent such failure or delay is caused by or results from acts beyond the affected party's
reasonable control, including, without limitation: (a) acts of God; (b) flood, fire, hurricane, earthquake or explosion; (c) war,
invasion, hostilities (whether war is declared or not), terrorist threats or acts, or other civil unrest; (d) Law; or (e) action
by any Governmental Authority. There is no guarantee that the Company will be successful at developing the Tokens or the System.
A state or country could prohibit the commercial or non-commercial use of the cryptographic methods necessary to the release of
the Tokens and operation of the System. Any of these negative outcomes may lead the Company to forgo its plan to conduct the System
Launch and/or otherwise release the Tokens. As a result, the Company may be unable to deliver Tokens pursuant to this Agreement
or reimburse the Purchase Price received under this Agreement.

 

(Signature page follows)

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the undersigned
have caused this instrument to be duly executed and delivered.

 

	PhunCoin, Inc.	 
	 	 	 
	By:	 	 
	 	Matthew Aune, Chief Financial Officer	 
	 	 
	7800 Shoal Creek Blvd., Suite 230-S Austin, Texas 78757	 
	Email: maune@phunware.com	 

 

	 	PURCHASER:
	 	 	 
	 	By:	 
	 	 	 	 
	 	 	Print Name:	 
	 	 	 	 
	 	 	Entity (if applicable):	 
	 	 	 	 
	 	 	Title (if on behalf of an entity):	 
	 	 	 	 
	 	 	Address:	 
	 	 	 	 
	 	 	Email:	 
	 	 	 	 
	 	 	Method of Purchase (BTC, ETH or USD):	 
	 	 	 	 
	 	 	Purchase Amount (USD):	 
	 	 	 	 
	 	 	Transaction ID:	 

 

	TO BE COMPLETED BY PHUNCOIN, INC:	 
	 	 	 
	Transaction ID:	 	 
	 	 	 
	PhunCoin Tokens Purchased: 	 	 
	 	 	 
	Effective Date:	 	 

 

    	 	10	 

     

    

 

Exhibit A - Payment Procedure

 

		1.	Purchaser signs up for CoinList
via https://complyapi.coinlist.co/phuncoin/.

 

		2.	Purchaser completes the application process on CoinList
in order to verify and satisfy “know your customer” (KYC), “anti-money laundering” (AML), and investor
accreditation requirements (the “Verification Process”).

 

		3.	Once the Purchaser has completed his/her Verification Process
and has been approved via CoinList, he/she will digitally sign the Token Rights Agreement via CoinList’s internal software
or sign manually in coordination with an Officer of the Company.

 

		4.	The Purchaser’s purchase instructions (i.e., BTC
address, ETH address, Wire Information) will be provided by the Company if purchasing directly or via CoinList if the Purchaser
uses CoinList’s payment processing solution.

 

		5.	The Company will countersign
the Token Rights Agreement and record the BTC Transaction ID, ETH Transaction ID or Wire Ref Number (the “Transaction
ID”), PhunCoin Tokens purchased and Effective Date. The exchange rate for BTC and ETH will be determined based on
the time and date reflected by the Transaction ID as displayed by https://blockchain.info/,
https://etherscan.io/ or bank records.

 

		6.	Company will verify the Purchase Amount and countersign
the Token Rights Agreement to complete the purchase.

 

    	 	1THIRD AMENDMENT TO CREDIT AGREEMENT

AND OMNIBUS AMENDMENT TO LOAN DOCUMENTS

This Third Amendment to Credit Agreement and Omnibus Amendment to Loan Documents (this "Amendment") is made as of this 28th day of September, 2018, by and among MVP REIT II Operating Partnership, LP, a Delaware limited partnership (the "Borrower"), The Parking REIT, Inc. ("Guarantor"), the undersigned subsidiaries of Borrower and subsidiary guarantors, the financial institutions party to the Credit Agreement (as hereinafter defined) (collectively, together with their successors and assigns, the "Lenders"), and KeyBank National Association, as administrative agent for itself and the other Lenders (together with its successors, "Administrative Agent" or "Agent").

W I T N E S S E T H:

WHEREAS, Borrower, certain of its subsidiaries, the Lenders, the Administrative Agent and the other parties thereto from time to time, have entered into that certain loan arrangement (the "Loan Arrangement") evidenced by, inter alia, (i) that certain Credit Agreement dated December 29, 2017 wherein Administrative Agent and the Lenders agreed to provide a credit facility to Borrower in the aggregate principal amount of up to $350,000,000.00, as amended by that certain First Amendment to Credit Agreement and Omnibus Amendment to Loan Documents (the "First Amendment") dated May 9, 2018 and that certain Second Amendment to Credit Agreement and Omnibus Amendment to Loan Documents (the "Second Amendment") dated as of June 21, 2018 and as amended by Joinder Agreements (collectively, the "Joinders") dated February 1, 2018, June 15, 2018 and June 21, 2018 (as amended and as the same may be further amended, restated, supplemented or modified from time to time, the "Credit Agreement"), (ii) that certain Revolving Note dated December 29, 2017 as amended by the First Amendment and the Second Amendment (amended and as the same may be further amended, restated, supplemented or modified from time to time, the "Revolving Note") and (iii) that certain Swingline Note dated December 29, 2017 as amended by the First Amendment and the Second Amendment (amended and as the same may be further amended, restated, supplemented or modified from time to time, the "Swingline Note" and together with the Revolving Note, hereinafter, as the same may be further amended, restated, supplemented or modified from time to time, collectively, the "Notes"); and

WHEREAS, the obligations of the Borrower under the Loan Arrangement are secured by a certain Equity Interests Pledge and Security Agreement from Borrower and certain of its subsidiaries dated December 29, 2017 as amended by the First Amendment, the Second Amendment and the Joinders (as amended, and as the same may be further amended, restated, supplemented or modified from time to time, the "Pledge"); and

WHEREAS, as a condition to the Lenders entering into the Loan Arrangement, the Parent Guarantor and the Subsidiary Guarantors entered into that certain Guaranty dated December 29, 2017 in favor of the Administrative Agent for the benefit of the Lenders, as amended by the First Amendment, the Second Amendment and the Joinders (as amended, and as the same may be further amended, restated, supplemented or modified from time to time, the "Guaranty");

WHEREAS, the Borrower, the Parent Guarantor and the Subsidiary Guarantors agreed to indemnify the Administrative Agent and the Lenders in accordance with the terms and provisions of that certain Environmental Compliance and Indemnity Agreement dated as of December 29, 2017, as amended by the First Amendment, the Second Amendment and the Joinders (as amended, and as the same may be further amended, restated, supplemented or modified from time to time, the "Environmental Agreement") (hereinafter, the Credit Agreement, the Notes, the Pledge, the Guaranty and the Environmental Agreement, together with any and all other documents, instruments and agreements executed in conjunction with the establishment of the Loan Arrangement and evidencing and/or securing the Loan Arrangement, as the same may be amended, restated, supplemented or modified from time to time, the "Loan Documents"); and

WHEREAS, the Borrower has requested and the Lenders have agreed to, inter alia, modify certain terms of the Credit Agreement;

WHEREAS, in connection with the foregoing, the Credit Parties and the other subsidiaries of Borrower party hereto, Agent and the Lenders have agreed to amend the Credit Agreement and the Loan Documents as set forth herein.

NOW, THEREFORE, the parties hereto agree as follows:

1. Recitals; Defined Terms; References.  The foregoing recitals are hereby incorporated into and made a part of this Amendment.  Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.  Each reference to "hereof", "hereunder", "herein" and "hereby" and each other similar reference and each reference to "this Amendment" and each other similar reference contained in the Credit Agreement and other Loan Documents shall, after this Amendment becomes effective, refer to the Credit Agreement and the Loan Documents as amended hereby.

2. Enforceability of Agreement Against the Administrative Agent and the Lenders.  This Amendment shall only become enforceable against the Administrative Agent and the Lenders if and when the Borrower has delivered to the Administrative Agent evidence in form and substance satisfactory to the Administrative Agent that the Borrower has executed a loan application, in form and substance satisfactory to the Administrative Agent, for the Payoff Loan (as defined below).

3. Amendments.  The Loan Documents are hereby amended as follows:

	
(a)

	
All references in the Loan Documents to the "Credit Agreement" shall mean the Credit Agreement as amended and modified by this Amendment, as the same may be further amended, restated, supplemented, extended, modified or otherwise in effect from time to time.

	
(b)

	
All references in the Loan Documents to the "Loan Documents" or to any of the Loan Documents, individually, shall mean and refer to the Loan Documents (or the applicable Loan Document), as amended and modified by this Amendment, as the same may be further amended, restated, supplemented, extended, modified or otherwise in effect from time to time.

	
(c)

	
The definition of BB Stated Maturity Date is hereby deleted in its entirety and the following substituted therefor:

"BB Stated Maturity Date" means the earlier of: (i) November 30, 2018 or (ii) the closing of the Payoff Loan.

	
(d)

	
The definition of WC Stated Maturity Date is hereby deleted in its entirety and the following substituted therefor:

"WC Stated Maturity Date" means the earliest of: (i) November 30, 2018, (ii) the closing of the Payoff Loan or (iii) the WC Satisfaction Date.

	
(e)

	
The following definitions are hereby inserted in Section 1.01 of the Credit Agreement in appropriate alphabetical order:

"Beneficial Ownership Certification" means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

"Beneficial Ownership Regulation" means 31 C.F.R. § 1010.230.

"Payoff Loan" means a loan from LoanCore Capital Funding Corporation LLC or its affiliate or another lender in an amount sufficient to satisfy in full all of the Obligations of the Borrower under this Agreement and the other Loan Documents.

	
(f)

	
Section 2.19 is hereby deleted in its entirety and the Borrower shall have no right to extend the BB Stated Maturity Date.

	
(g)

	
The Credit Agreement is hereby amended by deleting the last paragraph of Section 5.13(a) and substituting the following therefor:

The foregoing notwithstanding, no Pool Property nor any other Collateral shall be released from the lien of the Pledge Agreement and the other Loan Documents prior to the satisfaction in full of the Borrower's Obligations hereunder and under the other Loan Documents.

	
(h)

	
Section 5.18 of the Credit Agreement is hereby deleted in its entirety.

	
(i)

	
Section 9.01(b) of the Credit Agreement is hereby amended by deleting the words "Three Center Plaza" and substituting the following therefor: "1 Center Plaza".

4. Notwithstanding anything to the contrary contained in the Credit Agreement, as of the date hereof, the BB Availability Period shall terminate and the Lenders' obligation to make BB Revolving Loans, participate in BB Letters of Credit, and participate in BB Swingline Loans shall be terminated.  No amounts prepaid with respect to the BB Revolving Loans and the BB Swingline Loans shall be re-borrowed.  From and after the date hereof, the Maximum BB Revolving Loan Available Amount and the Maximum BB Loan Available Amount will be $0.  Furthermore, notwithstanding anything to the contrary contained in the Loan Documents, no further Borrowings of any Type shall be permitted, no Letters of Credit shall be issued and no additional Loans of any Class shall be made to Borrower pursuant to the Loan Documents and any portion of the Indebtedness under the Loan Documents which is repaid may not be reborrowed.  The Revolving Commitment is hereby reduced to $39,119,949.00 and, notwithstanding anything to the contrary contain in the Credit Agreement, Borrower shall have no further options to increase or reduce the amount thereof.

5. Notwithstanding anything to the contrary contained in the Credit Agreement, from and after the date hereof and after payment of the Unused Fee for the quarter ending September 30, 2018 in the amount of $2,585.99, the Borrower will no longer be required to pay to the Unused Fee.

6. Notwithstanding anything to the contrary contained in the Credit Agreement, the Credit Parties hereby agree that all Obligations and Hedging Obligations of the Borrower under the Credit Agreement and the other Loan Documents shall be satisfied in full by Borrower on or prior to the BB Stated Maturity Date.

7. Upon the satisfaction in full of the Borrower's Obligations hereunder and under the other Loan Documents, the Administrative Agent shall, at Borrower's sole cost and expense, promptly execute and deliver to the Borrower such termination statements, lien releases and other documents reasonably necessary and appropriate to evidence (i) that the Loan Documents and all Obligations (other than contingent indemnification obligations and any other obligations which by their terms are intended to survive such satisfaction) of the Administrative Agent, the Borrower and the Guarantors under the Loan Documents are satisfied and (ii) the termination and release of the Liens on the Collateral, and take all such further actions, that may be required under any applicable law, or that Borrower or Guarantors may otherwise reasonably request, to effect such termination and release.

8. Representations and Warranties.  The Credit Parties and the other subsidiaries of Borrower party hereto hereby represent, warrant and covenant with Administrative Agent and the Lenders that, as of the date hereof and the effectiveness of this Amendment:

	
(i)

	
All representations and warranties made in the Credit Agreement and other Loan Documents remain and continue to be true and correct in all material respects.

	
(ii)

	
There exists no Default or Event of Default under any of the Loan Documents.

	
(iii)

	
Such parties have taken all necessary action to authorize the execution, delivery and performance of this Amendment.

	
(iv)

	
This Amendment has been duly authorized, executed and delivered by each such party so as to constitute the legal, valid and binding obligations of each party, enforceable in accordance with its terms, except as the same may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors' rights or by general equitable principles.

	
(v)

	
No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance of this Amendment by any of the parties.

9. General Terms.  This Amendment, which may be executed in multiple counterparts, constitutes the entire agreement of the parties regarding the matters contained herein and shall not be modified by any prior oral or written discussions.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging transmission (e.g. PDF by email) shall be effective as delivery of a manually executed counterpart of this Amendment.  The Credit Parties and the other subsidiaries of Borrower party hereto hereby ratify, confirm and reaffirm all of the terms and conditions of the Credit Agreement, and each of the other Loan documents, to which each is a party, and further acknowledge and agree that all of the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect except as expressly provided in this Amendment.  Except where the context clearly requires otherwise, all references to the Credit Agreement in any other Loan Document shall be to the Credit Agreement as amended by this Amendment.

10. Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto.

11. Fees and Expenses.  Upon the execution hereof, the Borrower shall pay to the Administrative Agent all costs and expenses (including reasonable attorneys' fees and expenses) incurred by the Administrative Agent in connection with this Amendment.

12. Beneficial Ownership.  At least two (2) days prior to the date hereof, any Borrower that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall deliver, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Borrower.

13. Illegality.  Any determination that any provision of this Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality or enforceability of such provision in any other instance, or the validity, legality or enforceability of any other provisions of this Amendment.

14. Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

15. Reliance.  The Credit Parties and the other subsidiaries of Borrower party hereto warrants and represents that, each has consulted with independent legal counsel of their selection in connection with this Amendment and are not relying on any representations or warranties of the Administrative Agent or the Lenders or their respective counsel in entering into this Amendment and any other documents entered into in connection herewith.

16. Release.  The Credit Parties and the other subsidiaries of Borrower party hereto acknowledges and agrees that each has no claims, counterclaims, offsets, defenses or causes of action against the Administrative Agent or any Lender with respect to amounts outstanding and owing to Administrative Agent and/or any of the Lenders under the Loan Arrangement.  To the extent such claims, counterclaims, offsets, defenses and/or causes of actions should exist, whether known or unknown at law or in equity, the Borrower WAIVES same and RELEASES the Administrative Agent and the Lenders from any and all liability in connection therewith.

[Signature Pages Follow]

	 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized representatives as of the day and year first above written.

	
BORROWER:

 

	
MVP REIT II OPERATING PARTNERSHIP, LP,

 a Delaware limited partnership

 

By: The Parking REIT, Inc., a Maryland corporation, its General Partner

 

By:  /s/ Michael Shustek 

Name:  Michael Shustek

Title:  Chief Executive Officer

	 

	
REIT GUARANTOR:

 

	
THE PARKING REIT, INC.,

 a Maryland corporation

 

 

By:  /s/ Michael Shustek 

Name:  Michael Shustek

Title:  Chief Executive Officer

 

	 

SUBSIDIARY GUARANTORS:

MVP REAL ESTATE HOLDINGS, LLC, a Nevada limited liability company

By: MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By:  /s/ Michael Shustek 

Name:  Michael Shustek

Title:  Manager

MVP MERGER SUB, LLC, a Delaware limited liability company

By: MVP REIT II Operating Partnership LP,

            a Delaware limited partnership, its sole member and manager

           By:  The Parking REIT, Inc., a Maryland

                   corporation, its General Partner

     By:  /s/ Michael Shustek 

     Name:  Michael Shustek

     Title:  Chief Executive Officer

MVP MILWAUKEE WELLS LLC,

 a Nevada limited liability company

By: MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By:  /s/ Michael Shustek 

Name:  Michael Shustek

Title:  Manager

MVP RAIDER PARK GARAGE, LLC,

 a Delaware limited liability company

By: MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

Name: Michael Shustek

Title: Manager

	 

MVP ACQUISITIONS, LLC,

a Delaware limited liability company

By:     MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

  Name:  Michael Shustek

Title:  Manager

MVP NEW ORLEANS RAMPART, LLC,

a Delaware limited liability company

By:     MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

  Name:  Michael Shustek

Title:  Manager

MVP INDIANAPOLIS WASHINGTON STREET LOT, LLC,

a Delaware limited liability company

By:     MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

  Name:  Michael Shustek

Title:  Manager

MVP INDIANAPOLIS CITY PARK GARAGE, LLC, a Delaware limited liability company

By:     MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

  Name:  Michael Shustek

Title:  Manager

	 

MVP HAWAII MARKS GARAGE, LLC, a Delaware limited liability company

By:     MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

  Name:  Michael Shustek

Title:  Manager

	 

Acknowledged and Agreed:

MVP ST. LOUIS CERRE, LLC,

a Delaware limited liability company

		By:	
MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

  Name:  Michael Shustek

Title:  Manager

MVP ST. LOUIS BROADWAY, LLC,

a Delaware limited liability company

		By:	
MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

  Name:  Michael Shustek

Title:  Manager

CLEVELAND LINCOLN GARAGE, LLC,

a Delaware limited liability company

		By:	
MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

  Name:  Michael Shustek

Title:  Manager

CHAPMAN PROPERTIES, LLC,

a Tennessee limited liability company

		By:	
MVP Realty Advisors, LLC, a Nevada limited liability company, its Manager

By: /s/ Michael Shustek

  Name:  Michael Shustek

Title:  Manager

	 

ADMINISTRATIVE AGENT:

KEYBANK NATIONAL ASSOCIATION,

as Administrative Agent and as a Lender

By: /s/ Christopher T. Neil

Name: Christopher T. Neil

Title: Senior Relationship Manager

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