Document:

Exhibit
10.15

 

PHUNWARE,
INC.

 

2009
EQUITY INCENTIVE PLAN

 

		1.	Purposes
                                         of the Plan. The purposes of this Plan are:

 

		●	to
                                         attract and retain the best available personnel for positions of substantial responsibility,

 

		●	to
                                         provide additional incentive to Employees, Directors and Consultants, and

 

		●	to
                                         promote the success of the Company’s business.

 

The
Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and
Restricted Stock Units.

 

		2.	Definitions.
As used herein, the following definitions will apply:

 

(a)       “Administrator”
means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.

 

(b)       “Applicable
Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws,
U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or
quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.

 

(c)       “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, or Restricted
Stock Units.

 

(d)       “Award
Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award
granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

 

(e)       “Board”
means the Board of Directors of the Company.

 

(f)       “Change
in Control” means the occurrence of any of the following events:

 

(i)       Change
in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more
than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the
stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that any change
in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will
not be considered a Change in Control; or

 

     

     

    

 

(ii)       Change
in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the Exchange
Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced
during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of
the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be
in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered
a Change in Control; or

 

(iii)       Change
in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of
the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period
ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair
market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior
to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such
assets.

 

For
purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event
within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury
Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.

 

Further
and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the
state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company’s securities immediately before such transaction.

 

(g)       “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any
successor or amended section of the Code.

 

(h)       “Committee”
means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by the compensation
committee of the Board, in accordance with Section 4 hereof.

 

(i)        “Common
Stock” means the common stock of the Company.

 

(j)        “Company”
means Phunware, Inc., a Delaware corporation, or any successor thereto.

 

    	 	-2-	 

     

    

 

(k)       “Consultant”
means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.

 

(l)       “Director”
means a member of the Board.

 

(m)       “Disability”
means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive
Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance
with uniform and non-discriminatory standards adopted by the Administrator from time to time.

 

(n)       “Employee”
means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither
service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment”
by the Company.

 

(o)       “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(p)       “Exchange
Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the
same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii)
Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity
selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator
will determine the terms and conditions of any Exchange Program in its sole discretion.

 

(q)       “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:

 

(i)       If
the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq
Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value
will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system
on the day of determination, 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, the Fair Market Value
of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if
no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), 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 will be determined in good faith by the Administrator.

 

    	 	-3-	 

     

    

 

(r)       “Incentive
Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock
option within the meaning of Code Section 422 and the regulations promulgated thereunder.

 

(s)       “Nonstatutory
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock
Option.

 

(t)       “Option”
means a stock option granted pursuant to the Plan.

 

(u)       “Parent”
means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).

 

(v)       “Participant”
means the holder of an outstanding Award.

 

(w)       “Period
of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions
and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time,
the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

 

(x)       “Plan”
means this 2009 Equity Incentive Plan.

 

(y)       “Restricted
Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or issued pursuant
to the early exercise of an Option.

 

(z)       “Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant
to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

(aa)       “Service
Provider” means an Employee, Director or Consultant.

 

(bb)      “Share”
means a share of the Common Stock, as adjusted in accordance with Section 13 of the Plan.

 

(cc)       “Stock
Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is designated
as a Stock Appreciation Right.

 

(dd)      “Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).

 

		3.	Stock
Subject to the Plan.

 

(a)       Stock
Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may
be subject to Awards and sold under the Plan is 5,000,000 Shares. The Shares may be authorized but unissued, or reacquired Common
Stock.

 

    	 	-4-	 

     

    

 

(b)       Lapsed
Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an
Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company
due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited
or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan
has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right
will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future
grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any
Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however,
that if Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are repurchased by the Company or are forfeited
to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay
the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available for future
grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment
will not result in reducing the number of Shares available for issuance under the Plan. Notwithstanding the foregoing and, subject
to adjustment as provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock
Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Code Section 422 and
the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section
3(b).

 

(c)       Share
Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as
will be sufficient to satisfy the requirements of the Plan.

 

		4.	Administration
of the Plan.

 

(a)       Procedure.

 

(i)       Multiple
Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan.

 

(ii)      Other
Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which Committee
will be constituted to satisfy Applicable Laws.

 

(b)       Powers
of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties
delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

(i)       to
determine the Fair Market Value;

 

(ii)      to
select the Service Providers to whom Awards may be granted hereunder;

 

(iii)     to
determine the number of Shares to be covered by each Award granted hereunder;

 

(iv)     to
approve forms of Award Agreements for use under the Plan;

 

    	 	-5-	 

     

    

 

(v)      to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based
on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding
any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

 

(vi)     to
institute and determine the terms and conditions of an Exchange Program;

 

(vii)    to
construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

 

(viii)   to
prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable
foreign laws;

 

(ix)      to
modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary authority to
extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d));

 

(x)      to
allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14;

 

(xi)     to
authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
by the Administrator;

 

(xii)    to
allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such
Participant under an Award; and

 

(xiii)   to
make all other determinations deemed necessary or advisable for administering the Plan.

 

(c)       Effect
of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and
binding on all Participants and any other holders of Awards.

 

5.            Eligibility.
Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be granted to Service
Providers. Incentive Stock Options may be granted only to Employees.

 

6.            Stock
Options.

 

(a)       Grant
of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant
Options in such amounts as the Administrator, in its sole discretion, will determine.

 

    	 	-6-	 

     

    

 

(b)       Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term
of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such
other terms and conditions as the Administrator, in its sole discretion, will determine.

 

(c)       Limitations.
Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding
such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock
Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any
Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options.
For purposes of this Section 6(c), Incentive Stock Options will be taken into account in the order in which they were granted,
the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted, and calculation
will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder.

 

(d)       Term
of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more
than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at
the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting
power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five
(5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

 

(e)       Option
Exercise Price and Consideration.

 

(i)       Exercise
Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by
the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.
In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will
be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing
provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than one hundred percent (100%)
of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with,
Code Section 424(a).

 

(ii)       Waiting
Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option
may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.

 

(iii)       Form
of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration
at the time of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note, to the extent permitted
by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which such Option will be exercised and provided further that accepting such Shares
will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion;
(5) consideration received by the Company under cashless exercise program (whether through a broker or otherwise) implemented
by the Company in connection with the Plan; (6) by net exercise, (7) such other consideration and method of payment for the issuance
of Shares to the extent permitted by Applicable Laws, or (8) any combination of the foregoing methods of payment. In making its
determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may
be reasonably expected to benefit the Company.

 

    	 	-7-	 

     

    

 

(f)       Exercise
of Option.

 

(i)       Procedure
for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan
and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option
may not be exercised for a fraction of a Share.

 

An
Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify
from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which
the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and method of
payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option
will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her
spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect
to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued)
such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record
date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan.

 

Exercising
an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised.

 

(ii)       Termination
of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s
termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within
such period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option
as set forth in the Award Agreement) to the extent that the Option is vested on the date of termination. In the absence of a specified
time in the Award Agreement, the Option shall remain exercisable for three (3) months following the Participant’s termination.
Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire
Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant
does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares
covered by such Option will revert to the Plan.

 

    	 	-8-	 

     

    

 

(iii)       Disability
of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant
may exercise his or her Option within such period of time as is specified in the Award Agreement (but in no event later than the
expiration of the term of such Option as set forth in the Award Agreement) to the extent the Option is vested on the date of termination.
In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for twelve (12) months following
the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant
is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan.
If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate,
and the Shares covered by such Option will revert to the Plan.

 

(iv)       Death
of Participant. If a Participant dies while a Service Provider, the Option may be exercised within such period of time as
is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the
Award Agreement) to the extent that the Option is vested on the date of death, by the Participant’s designated beneficiary,
provided such beneficiary has been designated prior to the Participant’s death in a form acceptable to the Administrator.
If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative
of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will
or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option
shall remain exercisable for twelve (12) months following the Participant’s termination. Unless otherwise provided by the
Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested
portion of the Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein,
the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

		7.	Stock
Appreciation Rights.

 

(a)       Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to
Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

(b)       Number
of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock
Appreciation Rights.

 

(c)       Exercise
Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be received
upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will be no
less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject
to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights
granted under the Plan.

 

(d)       Stock
Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify
the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions
as the Administrator, in its sole discretion, will determine.

 

    	 	-9-	 

     

    

 

(e)       Expiration
of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the
Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section
6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.

 

(f)       Payment
of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive
payment from the Company in an amount determined by multiplying:

 

(i)       The
difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

 

(ii)      The
number of Shares with respect to which the Stock Appreciation Right is exercised.

 

At
the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent
value, or in some combination thereof.

 

		8.	Restricted
Stock.

 

(a)       Grant
of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

(b)       Restricted
Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions
on such Shares have lapsed.

 

(c)       Transferability.
Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

 

(d)       Other
Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock
as it may deem advisable or appropriate.

 

(e)       Removal
of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock
grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction
or at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which
any restrictions will lapse or be removed.

 

(f)       Voting
Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise
full voting rights with respect to those Shares, unless the Administrator determines otherwise.

 

    	 	-10-	 

     

    

 

(g)       Dividends
and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled
to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise.
If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability
and forfeitability as the Shares of Restricted Stock with respect to which they were paid.

 

(h)       Return
of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan.

 

		9.	Restricted
Stock Units.

 

(a)       Grant.
Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator
determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions,
and restrictions related to the grant, including the number of Restricted Stock Units.

 

(b)       Vesting
Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to
which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The
Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including,
but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion.

 

(c)       Earning
Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout
as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the
Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

 

(d)       Form
and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined
by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted
Stock Units in cash, Shares, or a combination of both.

 

(e)       Cancellation.
On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 

10.          Compliance
With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application
of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the Administrator.
The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed
and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To
the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be
granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment,
settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A.

 

    	 	-11-	 

     

    

 

11.          Leaves
of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will
be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of
absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any
Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration
of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company
is not so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive Stock Option held
by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory
Stock Option.

 

12.          Limited
Transferability of Awards.

 

(a)       Unless
determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in
any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant,
only by the Participant.

 

(b)       Further,
until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator
determines that it is, will, or may no longer be relying upon the exemption from registration under the Exchange Act as set forth
in Rule 12h-1(f) promulgated under the Exchange Act, an Option, or prior to exercise, the Shares subject to the Option, may not
be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any short position,
any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule
16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are “family members” (as defined in Rule
701(c)(3) of the Securities Act of 1933, as amended (the “Securities Act”)) through gifts or domestic relations orders,
or (ii) to an executor or guardian of the Participant upon the death or disability of the Participant. Notwithstanding the foregoing
sentence, the Administrator, in its sole discretion, may determine to permit transfers to the Company or in connection with a
Change in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f).

 

13.          Adjustments;
Dissolution or Liquidation; Merger or Change in Control.

 

(a)       Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting
the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended
to be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the
number, class, and price of Shares covered by each outstanding Award.

 

    	 	-12-	 

     

    

 

(b)       Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each
Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously
exercised, an Award will terminate immediately prior to the consummation of such proposed action.

 

(c)       Merger
or Change in Control. In the event of a merger or Change in Control, each outstanding Award will be treated as the Administrator
determines without a Participant’s consent, including, without limitation, that (i) Awards will be assumed, or substantially
equivalent Awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments
as to the number and kind of shares and prices; (ii) upon written notice to a Participant, that the Participant’s Awards
will terminate upon or immediately prior to the consummation of such merger or Change in Control (subject to the provisions of
the proceeding paragraph); (iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions
applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and,
to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger of Change
in Control; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount
that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date
of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction
the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization
of the Participant’s rights, then such Award may be terminated by the Company without payment), or (B) the replacement of
such Award with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing.
In taking any of the actions permitted under this subsection 13(c), the Administrator will not be obligated to treat all Awards,
all Awards held by a Participant, or all Awards of the same type, similarly.

 

In
the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will
fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares
as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock
Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria
will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met. In addition, if
an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator
will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a
period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate
upon the expiration of such period.

 

For
the purposes of this subsection 13(c), an Award will be considered assumed if, following the merger or Change in Control, the
Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change
in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control
by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however,
that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation
or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received
upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject
to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or Change in Control.

 

    	 	-13-	 

     

    

 

Notwithstanding
anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more
performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without
the Participant’s consent; provided, however, a modification to such performance goals only to reflect the successor corporation’s
post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

 

Notwithstanding
anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is subject to Code Section 409A and if the
change in control definition contained in the Award Agreement does not comply with the definition of “change of control”
for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated under this
Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering
any penalties applicable under Code Section 409A.

 

		14.	Tax
Withholding.

 

(a)       Withholding
Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have
the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with
respect to such Award (or exercise thereof).

 

(b)       Withholding
Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time,
may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash,
(ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the minimum statutory
amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the statutory
amount required to be withheld, provided the delivery of such Shares will not result in any adverse accounting consequences, as
the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable to the
Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise)
equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount which
the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum
federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the
amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered will be determined
as of the date that the taxes are required to be withheld.

 

    	 	-14-	 

     

    

 

15.          No
Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing
the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s
right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted
by Applicable Laws.

 

16.          Date
of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination
granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided
to each Participant within a reasonable time after the date of such grant.

 

17.          Term
of Plan. Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the Board. Unless sooner terminated
under Section 18, it will continue in effect for a term of ten (10) years from the later of (a) the effective date of the Plan,
or (b) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance
under the Plan.

 

18.          Amendment
and Termination of the Plan.

 

(a)       Amendment
and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

 

(b)       Stockholder
Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply
with Applicable Laws.

 

(c)       Effect
of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of any
Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing
and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise
the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

19.          Conditions
Upon Issuance of Shares.

 

(a)       Legal
Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance
and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company
with respect to such compliance.

 

(b)       Investment
Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

20.          Inability
to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority
will not have been obtained.

 

21.          Stockholder
Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date
the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable
Laws.

 

22.          Information
to Participants. Beginning on the earlier of (i) the date that the aggregate number of Participants under this Plan is five
hundred (500) or more and the Company is relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act and (ii)
the date that the Company is required to deliver information to Participants pursuant to Rule 701 under the Securities Act, and
until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, is no
longer relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act or is no longer required to deliver information
to Participants pursuant to Rule 701 under the Securities Act, the Company shall provide to each Participant the information described
in paragraphs (e)(3), (4), and (5) of Rule 701 under the Securities Act not less frequently than every six (6) months with the
financial statements being not more than 180 days old and with such information provided either by physical or electronic delivery
to the Participants or by written notice to the Participants of the availability of the information on an Internet site that may
be password-protected and of any password needed to access the information. The Company may request that Participants agree to
keep the information to be provided pursuant to this section confidential. If a Participant does not agree to keep the information
to be provided pursuant to this section confidential, then the Company will not be required to provide the information unless
otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange Act or Rule 701 of the Securities Act.

 

    	 	-15-	 

     

    

 

APPENDIX
A

 

To

 

PHUNWARE
2009 EQUITY INCENTIVE PLAN

 

(for
California residents only, to the extent required by 25102(o))

 

This
Appendix A to the Phunware, Inc., 2009 Equity Incentive Plan shall apply only to the Participants who are residents of the State
of California and who are receiving an Award under the Plan. Capitalized terms contained herein shall have the same meanings given
to them in the Plan, unless otherwise provided by this Appendix A. Notwithstanding any provisions contained in the Plan to the
contrary and to the extent required by Applicable Laws, the following terms shall apply to all Awards granted to residents of
the State of California, until such time as the Administrator amends this Appendix A or the Administrator otherwise provides.

 

(a)           The
term of each Option shall be stated in the Award Agreement, provided, however, that the term shall be no more than ten (10) years
from the date of grant thereof.

 

(b)           Unless
determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in
any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant,
only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i) by will, (ii)
by the laws of descent and distribution, or (iii) as permitted by Rule 701 of the Securities Act of 1933, as amended (the “Securities
Act”).

 

(c)            If
a Participant ceases to be a Service Provider, such Participant may exercise his or her Option within such period of time as specified
in the Award Agreement, which shall not be less than thirty (30) days following the date of the Participant’s termination,
to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of the
Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option shall remain
exercisable for three (3) months following the Participant’s termination.

 

(d)            If
a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise
his or her Option within such period of time as specified in the Award Agreement, which shall not be less than six (6) months
following the date of the Participant’s termination, to the extent the Option is vested on the date of termination (but
in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified
time in the Award Agreement, the Option shall remain exercisable for twelve (12) months following the Participant’s termination.

 

(e)            If
a Participant dies while a Service Provider, the Option may be exercised within such period of time as specified in the Award
Agreement, which shall not be less than six (6) months following the date of the Participant’s death, to the extent the
Option is vested on the date of death (but in no event later than the expiration of the term of such Option as set forth in the
Award Agreement) by the Participant’s designated beneficiary, personal representative, or by the person(s) to whom the Option
is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. In the absence
of a specified time in the Award Agreement, the Option shall remain exercisable for twelve (12) months following the Participant’s
termination.

 

(f)            No
Award shall be granted to a resident of California more than ten (10) years after the earlier of the date of adoption of the Plan
or the date the Plan is approved by the stockholders.

 

(g)           In
the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting
the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended
to be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the
number, class, and price of Shares covered by each outstanding Award; provided, however, that the Administrator will make such
adjustments to an Award required by Section 25102(o) of the California Corporations Code to the extent the Company is relying
upon the exemption afforded thereby with respect to the Award.

 

(h)           This
Appendix A shall be deemed to be part of the Plan and the Administrator shall have the authority to amend this Appendix A in accordance
with Section 18 of the Plan.

 

    	 	-16-	 

     

    

 

PHUNWARE,
INC.

 

2009
EQUITY INCENTIVE PLAN

 

STOCK
OPTION AGREEMENT

 

Unless
otherwise defined herein, the terms defined in the 2009 Equity Incentive Plan (the “Plan”) shall have the same defined
meanings in this Stock Option Agreement (the “Option Agreement”).

 

	I.	NOTICE OF STOCK OPTION GRANT

 

Name:

 

Address:

 

The
undersigned Participant has been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions
of the Plan and this Option Agreement, as follows:

 

	 	Date of Grant:	                                                                          
	 	 	 
	 	Vesting Commencement Date:	                                                                          
	 	 	 
	 	Exercise Price per Share:	$                                                                        
	 	 	 
	 	Total Number of Shares Granted: 	                                                                          
	 	 	 
	 	Total Exercise Price :	$                                                                        
	 	 	 
	 	Type of Option:	___      Incentive Stock Option
	 	 	 
	 	 	___      Nonstatutory Stock Option
	 	 	 
	 	Term/Expiration Date:	                                                                          

 

Vesting
Schedule:

 

This
Option shall be exercisable, in whole or in part, according to the following vesting schedule:

 

[Insert
Vesting Schedule]

 

Termination
Period:

 

This
Option shall be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is
due to Participant’s death or Disability, in which case this Option shall be exercisable for twelve (12) months after Participant
ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration
Date as provided above and this Option may be subject to earlier termination as provided in Section 13(c) of the Plan.

 

     

     

    

 

	II.	AGREEMENT

 

1.             Grant
of Option. The Administrator of the Company hereby grants to the Participant named in the Notice of Stock Option Grant in
Part I of this Agreement (“Participant”), an option (the “Option”) to purchase the number of Shares set
forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the
“Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference.
Subject to Section 18(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Option
Agreement, the terms and conditions of the Plan shall prevail.

 

If
designated in the Notice of Stock Option Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify
as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule
of Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason
this Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion
thereof) shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or
Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the
failure of the Option to qualify for any reason as an ISO.

 

2.             Exercise
of Option.

 

(a)       Right
to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice
of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement.

 

(b)       Method
of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as Exhibit A (the
“Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which shall
state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such
other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of
the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. This Option shall be deemed
to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price,
together with any applicable tax withholding.

 

No
Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws.
Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which
the Option is exercised with respect to such Shares.

 

3.             Participant’s
Representations. In the event the Shares have not been registered under the Securities Act of 1933, as amended, at the time
this Option is exercised, Participant shall, if required by the Company, concurrently with the exercise of all or any portion
of this Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit
B.

 

    	 	-2-	 

     

    

 

4.             Lock-Up
Period. Participant hereby agrees that Participant shall not offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer
or dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common
Stock (or other securities) of the Company held by Participant (other than those included in the registration) for a period specified
by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred and eighty
(180) days following the effective date of any registration statement of the Company filed under the Securities Act (or such other
period as may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or
other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions
contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto).

 

Participant
agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are
consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company
or the representative of the underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within
ten (10) days of such request, such information as may be required by the Company or such representative in connection with the
completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities
Act. The obligations described in this Section 4 shall not apply to a registration relating solely to employee benefit plans on
Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission
Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer
instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end
of said one hundred and eighty (180) day (or other) period. Participant agrees that any transferee of the Option or shares acquired
pursuant to the Option shall be bound by this Section 4.

 

5.             Method
of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election
of the Participant:

 

(a)       cash;

 

(b)       check;

 

(c)       consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 

(d)       surrender
of other Shares which (i) shall be valued at its Fair Market Value on the date of exercise, and (ii) must be owned free and clear
of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator,
shall not result in any adverse accounting consequences to the Company.

 

    	 	-3-	 

     

    

 

6.             Restrictions
on Exercise. This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company,
or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute
a violation of any Applicable Law.

 

7.             Non-Transferability
of Option.

 

(a)       This
Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised
during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon
the executors, administrators, heirs, successors and assigns of Participant.

 

(b)       Further,
until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator
determines that it is, will, or may no longer be relying upon the exemption from registration of Options under the Exchange Act
as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the “Reliance End Date”), Participant shall not
transfer this Option or, prior to exercise, the Shares subject to this Option, in any manner other than (i) to persons who are
“family members” (as defined in Rule 701(c)(3) of the Securities Act of 1933, as amended) through gifts or domestic
relations orders, or (ii) to an executor or guardian of Participant upon the death or disability of Participant. Until the Reliance
End Date, the Options and, prior to exercise, the Shares subject to this Option, may not be pledged, hypothecated or otherwise
transferred or disposed of, including by entering into any short position, any “put equivalent position” or any “call
equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted
in clauses (i) and (ii) of this paragraph.

 

8.             Term
of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised
during such term only in accordance with the Plan and the terms of this Option.

 

9.             Tax
Obligations.

 

(a)       Tax
Withholding. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or
retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements
applicable to the Option exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse
to deliver the Shares if such withholding amounts are not delivered at the time of exercise.

 

(b)       Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after
the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant shall immediately notify the Company
in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on
the compensation income recognized by Participant.

 

    	 	-4-	 

     

    

 

(c)       Code
Section 409A. Under Code Section 409A, an Option that vests after December 31, 2004 (or that vested on or prior to such date
but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by
the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the date of grant (a
“discount option”) may be considered “deferred compensation.” An Option that is a “discount option”
may result in (i) income recognition by Participant prior to the exercise of the Option, (ii) an additional twenty percent (20%)
federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional
state income, penalty and interest tax to the Participant. Participant acknowledges that the Company cannot and has not guaranteed
that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on
the date of grant in a later examination. Participant agrees that if the IRS determines that the Option was granted with a per
Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely responsible
for Participant’s costs related to such a determination.

 

10.           Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to
the Participant’s interest except by means of a writing signed by the Company and Participant. This Agreement is governed
by the internal substantive laws but not the choice of law rules of Texas.

 

11.           No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR
RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT
FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH
HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR
ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT
OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME,
WITH OR WITHOUT CAUSE.

 

    	 	-5-	 

     

    

 

Participant
acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and
hereby accepts this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option
in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands
all provisions of the Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations
of the Administrator upon any questions arising under the Plan or this Option. Participant further agrees to notify the Company
upon any change in the residence address indicated below.

 

	PARTICIPANT	 	PHUNWARE, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	 	 	 
	Residence Address	 	 

 

    	 	-6-	 

     

    

 

EXHIBIT
A

 

2009
EQUITY INCENTIVE PLAN

 

EXERCISE
NOTICE

 

Phunware,
Inc.

9211
Waterford Center Blvd, Suite 200

Austin,
TX 78717

 

Attention:
Corporate Secretary

 

1.             Exercise
of Option. Effective as of today, ________________, ____, the undersigned (“Participant”) hereby elects to exercise
Participant’s option (the “Option”) to purchase ________________ shares of the Common Stock (the “Shares”)
of Phunware, Inc. (the “Company”) under and pursuant to the 2009 Equity Incentive Plan (the “Plan”) and
the Stock Option Agreement dated ______________, _____ (the “Option Agreement”).

 

2.             Delivery
of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3.             Representations
of Participant. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement
and agrees to abide by and be bound by their terms and conditions.

 

4.             Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall
exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of the Option. The Shares shall be issued
to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall
be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section
13 of the Plan.

 

5.             Company’s
Right of First Refusal. Before any Shares held by Participant or any transferee (either being sometimes referred to herein
as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company
or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section
5 (the “Right of First Refusal”).

 

(a)       Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating:
(i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser
or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee;
and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered
Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s).

 

     

     

    

 

(b)       Exercise
of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s)
may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred
to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

 

(c)       Purchase
Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) under
this Section 5 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value
of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith.

 

(d)       Payment.
Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation
of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee,
to the assignee), or by any combination thereof within thirty (30) days after receipt of the Notice or in the manner and at the
times set forth in the Notice.

 

(e)       Holder’s
Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased
by the Company and/or its assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer such Shares
to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated
within one hundred and twenty (120) days after the date of the Notice, that any such sale or other transfer is effected in accordance
with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section 5 shall
continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred
to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees
shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

 

(f)       Exception
for Certain Family Transfers. Anything to the contrary contained in this Section 5 notwithstanding, the transfer of any or
all of the Shares during the Participant’s lifetime or on the Participant’s death by will or intestacy to the Participant’s
immediate family or a trust for the benefit of the Participant’s immediate family shall be exempt from the provisions of
this Section 5. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother,
brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to
the provisions of this Section 5, and there shall be no further transfer of such Shares except in accordance with the terms of
this Section 5.

 

(g)       Termination
of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale
of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity
securities that are publicly traded.

 

    	 	-2-	 

     

    

 

6.             Tax
Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant
deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company
for any tax advice.

 

7.             Restrictive
Legends and Stop-Transfer Orders.

 

(a)       Legends.
Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent
thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required
by the Company or by state or federal securities laws:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF
COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
THEREWITH.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE
ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY
OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING
ON TRANSFEREES OF THESE SHARES.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE
OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL
HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT
THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

 

(b)       Stop-Transfer
Notices. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.

 

(c)       Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred
in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right
to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

    	 	-3-	 

     

    

 

8.             Successors
and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this
Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors
and assigns.

 

9.             Interpretation.
Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Company forthwith
to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator
shall be final and binding on all parties.

 

10.           Governing
Law; Severability. This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of
Texas. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Exercise Notice shall continue in full force and effect.

 

11.           Entire
Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the Option
Agreement and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject
matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect
to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing
signed by the Company and Participant.

 

	Submitted by:	 	Accepted by:
	PARTICIPANT	 	PHUNWARE, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Date Received

 

    	 	-4-	 

     

    

 

EXHIBIT
B

 

INVESTMENT
REPRESENTATION STATEMENT

 

	PARTICIPANT	:	 
	 	 	 
	COMPANY	:	PHUNWARE, INC.
	 	 	 
	SECURITY	:	COMMON STOCK
	 	 	 
	AMOUNT	:	 
	 	 	 
	DATE	:	 

 

In
connection with the purchase of the above-listed Securities, the undersigned Participant represents to the Company the following:

 

(a)            Participant
is aware of the 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 Securities. Participant is acquiring these Securities for investment
for Participant’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

(b)           Participant
acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have
not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among
other things, the bona fide nature of Participant’s investment intent as expressed herein. In this connection, Participant
understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable
if Participant’s representation was predicated solely upon a present intention to hold these Securities for the minimum
capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price
of the Securities, or for a period of one (1) year or any other fixed period in the future. Participant further understands that
the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from
such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register
the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required
under applicable state securities laws.

 

(c)            Participant
is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit
limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the
time of the grant of the Option to Participant, the exercise shall be exempt from registration under the Securities Act. In the
event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934,
ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under
Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case
of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being sold during
any three (3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s
transaction”, transactions directly with a “market maker” or “riskless principal transactions” (as
those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable.

 

     

     

    

 

In
the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold
in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public
information about the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within
the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction
of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately above.

 

(d)           Participant
further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under
the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding
the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion
that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to
Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from registration is available for
such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own
risk. Participant understands that no assurances can be given that any such other registration exemption shall be available in
such event.

 

	 	PARTICIPANT
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Date

 

    	 	-2-	 

     

    

 

PHUNWARE,
INC.

 

2009
EQUITY INCENTIVE PLAN

 

STOCK
OPTION AGREEMENT — EARLY EXERCISE

 

Unless
otherwise defined herein, the terms defined in the 2009 Equity Incentive Plan (the “Plan”) shall have the same defined
meanings in this Stock Option Agreement – Early Exercise (the “Option Agreement”).

 

	I.	NOTICE OF STOCK OPTION GRANT

 

Name:

 

Address:

 

The
undersigned Participant has been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions
of the Plan and this Option Agreement, as follows:

 

	 	Date of Grant:	                                                                          
	 	 	 
	 	Vesting Commencement Date:	                                                                          
	 	 	 
	 	Exercise Price per Share:	$                                                                        
	 	 	 
	 	Total Number of Shares Granted: 	                                                                          
	 	 	 
	 	Total Exercise Price:	$                                                                        
	 	 	 
	 	Type of Option:	___      Incentive Stock Option
	 	 	 
	 	 	___      Nonstatutory Stock Option
	 	 	 
	 	Term/Expiration Date:	 

 

Vesting
Schedule:

 

This
Option shall be exercisable, in whole or in part, according to the following vesting schedule:

 

[Insert
Vesting Schedule]

 

Notwithstanding
the foregoing vesting schedule, in the event of a Change of Control (as defined below), 100% of the remaining unvested Shares
subject to the Option, shall immediately become fully vested and exercisable, subject to Participant continuing to be a Service
Provider through such date.

 

      

     

    

 

“Change
of Control” shall mean either: (i) the acquisition of the Company by another entity by means of any transaction or series
of related transactions (including, without limitation, any reorganization, merger or consolidation or stock transfer, but excluding
any such transaction effected primarily for the purpose of changing the domicile of the Company), unless the Company’s stockholders
of record immediately prior to such transaction or series of related transactions hold, immediately after such transaction or
series of related transactions, at least 50% of the voting power of the surviving or acquiring entity (provided that the sale
by the Company of its securities for the purposes of raising additional funds shall not constitute a Change of Control hereunder);
or (ii) a sale of all or substantially all of the assets of the Company.

 

Termination
Period:

 

This
Option shall be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is
due to Participant’s death or Disability, in which case this Option shall be exercisable for twelve (12) months after Participant
ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration
Date as provided above and this Option may be subject to earlier termination as provided in Section 13(c) of the Plan.

 

	II.	AGREEMENT

 

1.             Grant
of Option. The Administrator of the Company hereby grants to the Participant named in the Notice of Stock Option Grant in
Part I of this Agreement (“Participant”), an option (the “Option”) to purchase the number of Shares set
forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the
“Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference.
Subject to Section 18(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Option
Agreement, the terms and conditions of the Plan shall prevail.

 

If
designated in the Notice of Stock Option Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify
as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule
of Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason
this Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion
thereof) shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or
Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the
failure of the Option to qualify for any reason as an ISO.

 

    	 	-2-	 

     

    

 

2.             Exercise
of Option. This Option shall be exercisable during its term in accordance with the provisions of Section 6 of the Plan as
follows:

 

(a)       Right
to Exercise.

 

(i)       Subject
to subsections 2(a)(ii) and 2(a)(iii) below, this Option shall be exercisable cumulatively according to the vesting schedule set
forth in the Notice of Stock Option Grant. Alternatively, at the election of Participant, this Option may be exercised in whole
or in part at any time as to Shares that have not yet vested. Vested Shares shall not be subject to the Company’s repurchase
right (as set forth in the Restricted Stock Purchase Agreement, attached hereto as Exhibit C-1).

 

(ii)       As
a condition to exercising this Option for unvested Shares, Participant shall execute the Restricted Stock Purchase Agreement.

 

(iii)       This
Option may not be exercised for a fraction of a Share.

 

(b)       Method
of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as Exhibit A (the
“Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which shall
state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such
other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of
the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. This Option shall be deemed
to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price,
together with any applicable tax withholding.

 

No
Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws.
Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which
the Option is exercised with respect to such Shares.

 

3.             Participant’s
Representations. In the event the Shares have not been registered under the Securities Act of 1933, as amended, at the time
this Option is exercised, Participant shall, if required by the Company, concurrently with the exercise of all or any portion
of this Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit
B.

 

4.             Lock-Up
Period. Participant hereby agrees that Participant shall not offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer
or dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common
Stock (or other securities) of the Company held by Participant (other than those included in the registration) for a period specified
by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred and eighty
(180) days following the effective date of any registration statement of the Company filed under the Securities Act (or such other
period as may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or
other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions
contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto).

 

    	 	-3-	 

     

    

 

Participant
agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are
consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company
or the representative of the underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within
ten (10) days of such request, such information as may be required by the Company or such representative in connection with the
completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities
Act. The obligations described in this Section 4 shall not apply to a registration relating solely to employee benefit plans on
Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission
Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer
instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end
of said one hundred and eighty (180) day (or other) period. Participant agrees that any transferee of the Option or shares acquired
pursuant to the Option shall be bound by this Section 4.

 

5.             Method
of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election
of the Participant:

 

(a)       cash;

 

(b)       check;

 

(c)       consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 

(d)       surrender
of other Shares which (i) shall be valued at its Fair Market Value on the date of exercise, and (ii) must be owned free and clear
of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator,
shall not result in any adverse accounting consequences to the Company.

 

6.             Restrictions
on Exercise. This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company,
or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute
a violation of any Applicable Law.

 

7.             Non-Transferability
of Option.

 

(a)       This
Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised
during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon
the executors, administrators, heirs, successors and assigns of Participant.

 

(b)       Further,
until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator
determines that it is, will, or may no longer be relying upon the exemption from registration of Options under the Exchange Act
as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the “Reliance End Date”), Participant shall not
transfer this Option or, prior to exercise, the Shares subject to this Option, in any manner other than (i) to persons who are
“family members” (as defined in Rule 701(c)(3) of the Securities Act of 1933, as amended) through gifts or domestic
relations orders, or (ii) to an executor or guardian of Participant upon the death or disability of Participant. Until the Reliance
End Date, the Options and, prior to exercise, the Shares subject to this Option, may not be pledged, hypothecated or otherwise
transferred or disposed of, including by entering into any short position, any “put equivalent position” or any “call
equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted
in clauses (i) and (ii) of this paragraph.

 

    	 	-4-	 

     

    

 

8.             Term
of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised
during such term only in accordance with the Plan and the terms of this Option.

 

9.             Tax
Obligations.

 

(a)       Tax
Withholding. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or
retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements
applicable to the Option exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse
to deliver the Shares if such withholding amounts are not delivered at the time of exercise.

 

(b)       Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after
the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant shall immediately notify the Company
in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on
the compensation income recognized by Participant.

 

(c)       Code
Section 409 A. Under Code Section 409A, an Option that vests after December 31, 2004 (or that vested on or prior to such date
but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by
the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the date of grant (a
“discount option”) may be considered “deferred compensation.” An Option that is a “discount option”
may result in (i) income recognition by Participant prior to the exercise of the Option, (ii) an additional twenty percent (20%)
federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional
state income, penalty and interest tax to the Participant. Participant acknowledges that the Company cannot and has not guaranteed
that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on
the date of grant in a later examination. Participant agrees that if the IRS determines that the Option was granted with a per
Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely responsible
for Participant’s costs related to such a determination.

 

    	 	-5-	 

     

    

 

10.           Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to
the Participant’s interest except by means of a writing signed by the Company and Participant. This Agreement is governed
by the internal substantive laws but not the choice of law rules of Texas.

 

11.           No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR
RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT
FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH
HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR
ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT
OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME,
WITH OR WITHOUT CAUSE.

 

    	 	-6-	 

     

    

 

Participant
acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and
hereby accepts this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option
in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands
all provisions of the Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations
of the Administrator upon any questions arising under the Plan or this Option. Participant further agrees to notify the Company
upon any change in the residence address indicated below.

 

	PARTICIPANT	 	PHUNWARE, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	 	 	 
	Residence Address	 	 
	 	 	 
	 	 	 
	Email Address	 	 

 

    	 	-7-	 

     

    

 

EXHIBIT
A

 

2009
EQUITY INCENTIVE PLAN 

 

EXERCISE
NOTICE

 

Phunware,
Inc.

7800
Shoal Creek Blvd., Suite 210 West

Austin,
TX 78757

 

Attention:
Corporate Secretary

 

1.             Exercise
of Option. Effective as of today, ________________, ____, the undersigned (“Participant”) hereby elects to exercise
Participant’s option (the “Option”) to purchase ________________ shares of the Common Stock (the “Shares”)
of Phunware, Inc. (the “Company”) under and pursuant to the 2009 Equity Incentive Plan (the “Plan”) and
the Stock Option Agreement dated ____________ (the “Option Agreement”).

 

2.             Delivery
of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3.             Representations
of Participant. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement
and agrees to abide by and be bound by their terms and conditions.

 

4.             Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall
exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of the Option. The Shares shall be issued
to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall
be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section
13 of the Plan.

 

5.             Company’s
Right of First Refusal. Before any Shares held by Participant or any transferee (either being sometimes referred to herein
as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company
or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section
5 (the “Right of First Refusal”).

 

(a)       Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating:
(i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser
or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee;
and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered
Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s).

 

      

     

    

 

(b)       Exercise
of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s)
may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred
to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

 

(c)       Purchase
Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) under
this Section 5 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value
of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith.

 

(d)       Payment.
Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation
of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee,
to the assignee), or by any combination thereof within thirty (30) days after receipt of the Notice or in the manner and at the
times set forth in the Notice.

 

(e)       Holder’s
Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased
by the Company and/or its assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer such Shares
to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated
within one hundred and twenty (120) days after the date of the Notice, that any such sale or other transfer is effected in accordance
with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section 5 shall
continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred
to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees
shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

 

(f)       Exception
for Certain Family Transfers. Anything to the contrary contained in this Section 5 notwithstanding, the transfer of any or
all of the Shares during the Participant’s lifetime or on the Participant’s death by will or intestacy to the Participant’s
immediate family or a trust for the benefit of the Participant’s immediate family shall be exempt from the provisions of
this Section 5. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother,
brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to
the provisions of this Section 5, and there shall be no further transfer of such Shares except in accordance with the terms of
this Section 5.

 

(g)       Termination
of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale
of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity
securities that are publicly traded.

 

6.             Tax
Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant
deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company
for any tax advice.

 

    	 	-2-	 

     

    

 

7.             Restrictive
Legends and Stop-Transfer Orders.

 

(a)       Legends.
Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent
thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required
by the Company or by state or federal securities laws:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF
COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
THEREWITH.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE
ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY
OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING
ON TRANSFEREES OF THESE SHARES.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE
OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL
HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT
THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

 

(b)       Stop-Transfer
Notices. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.

 

(c)       Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred
in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right
to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

    	 	-3-	 

     

    

 

8.             Successors
and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this
Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors
and assigns.

 

9.             Interpretation.
Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Company forthwith
to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator
shall be final and binding on all parties.

 

10.           Governing
Law; Severability. This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of
Texas. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Exercise Notice shall continue in full force and effect.

 

11.           Entire
Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the Restricted
Stock Purchase Agreement, the Option Agreement and the Investment Representation Statement constitute the entire agreement of
the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of
the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s
interest except by means of a writing signed by the Company and Participant.

 

	Submitted by:	 	Accepted by:
	PARTICIPANT	 	PHUNWARE, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Date Received

 

    	 	-4-	 

     

    

 

EXHIBIT
B

 

INVESTMENT
REPRESENTATION STATEMENT

 

	PARTICIPANT	:	 
	 	 	 
	COMPANY	:	PHUNWARE, INC.
	 	 	 
	SECURITY	:	COMMON STOCK
	 	 	 
	AMOUNT	:	 
	 	 	 
	DATE	:	 

 

In
connection with the purchase of the above-listed Securities, the undersigned Participant represents to the Company the following:

 

(a)       Participant
is aware of the 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 Securities. Participant is acquiring these Securities for investment
for Participant’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

(b)       Participant
acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have
not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among
other things, the bona fide nature of Participant’s investment intent as expressed herein. In this connection, Participant
understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable
if Participant’s representation was predicated solely upon a present intention to hold these Securities for the minimum
capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price
of the Securities, or for a period of one (1) year or any other fixed period in the future. Participant further understands that
the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from
such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register
the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required
under applicable state securities laws.

 

(c)       Participant
is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit
limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the
time of the grant of the Option to Participant, the exercise shall be exempt from registration under the Securities Act. In the
event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934,
ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under
Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case
of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being sold during
any three (3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s
transaction”, transactions directly with a “market maker” or “riskless principal transactions” (as
those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable.

 

     

     

    

 

In
the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold
in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public
information about the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within
the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction
of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately above.

 

(d)       Participant
further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under
the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding
the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion
that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to
Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from registration is available for
such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own
risk. Participant understands that no assurances can be given that any such other registration exemption shall be available in
such event.

 

	 	PARTICIPANT
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Date

 

    	 	-2-	 

     

    

 

EXHIBIT
C-1

 

PHUNWARE,
INC.

 

2009
EQUITY INCENTIVE PLAN

 

RESTRICTED
STOCK PURCHASE AGREEMENT

 

THIS
RESTRICTED STOCK PURCHASE AGREEMENT (the “Agreement”) is made between _____________________________ (the “Purchaser”)
and Phunware, Inc. (the “Company”) or its assignees of rights hereunder as of __________________, ____.

 

Unless
otherwise defined herein, the terms defined in the 2009 Equity Incentive Plan shall have the same defined meanings in this Agreement.

 

RECITALS

 

A.            Pursuant
to the exercise of the option granted to Purchaser under the Plan and pursuant to the Stock Option Agreement (the “Option
Agreement”) dated March 8, 2013 by and between the Company and Purchaser with respect to such grant (the “Option”),
which Plan and Option Agreement are hereby incorporated by reference, Purchaser has elected to purchase _________ of those shares
of Common Stock which have not become vested under the vesting schedule set forth in the Option Agreement (“Unvested Shares”).
The Unvested Shares and the shares subject to the Option Agreement, which have become vested are sometimes collectively referred
to herein as the “Shares.”

 

B.             As
required by the Option Agreement, as a condition to Purchaser’s election to exercise the option, Purchaser must execute
this Agreement, which sets forth the rights and obligations of the parties with respect to Shares acquired upon exercise of the
Option.

 

1.             Repurchase
Option.

 

(a)       If
Purchaser’s status as a Service Provider is terminated for any reason, including for death and Disability, the Company shall
have the right and option for ninety (90) days from such date to purchase from Purchaser, or Purchaser’s personal representative,
as the case may be, all of the Purchaser’s Unvested Shares as of the date of such termination at the price paid by the Purchaser
for such Shares (the “Repurchase Option”).

 

(b)       Upon
the occurrence of such termination, the Company may exercise its Repurchase Option by delivering personally or by registered mail,
to Purchaser (or his or her transferee or legal representative, as the case may be) with a copy to the escrow agent described
in Section 2 below, a notice in writing indicating the Company’s intention to exercise the Repurchase Option AND, at the
Company’s option, (i) by delivering to the Purchaser (or the Purchaser’s transferee or legal representative) a check
in the amount of the aggregate repurchase price, or (ii) by the Company canceling an amount of the Purchaser’s indebtedness
to the Company equal to the aggregate repurchase price, or (iii) by a combination of (i) and (ii) so that the combined payment
and cancellation of indebtedness equals such aggregate repurchase price. Upon delivery of such notice and payment of the aggregate
repurchase price in any of the ways described above, the Company shall become the legal and beneficial owner of the Unvested Shares
being repurchased and the rights and interests therein or relating thereto, and the Company shall have the right to retain and
transfer to its own name the number of Unvested Shares being repurchased by the Company.

 

      

     

    

 

(c)       Whenever
the Company shall have the right to repurchase Unvested Shares hereunder, the Company may designate and assign one or more employees,
officers, directors or stockholders of the Company or other persons or organizations to exercise all or a part of the Company’s
Repurchase Option under this Agreement and purchase all or a part of such Unvested Shares.

 

(d)       If
the Company does not elect to exercise the Repurchase Option conferred above by giving the requisite notice within ninety (90)
days following the termination, the Repurchase Option shall terminate.

 

(e)       The
Repurchase Option shall terminate in accordance with the vesting schedule contained in Purchaser’s Option Agreement.

 

2.             Transferability
of the Shares; Escrow.

 

(a)       Purchaser
hereby authorizes and directs the Secretary of the Company, or such other person designated by the Company, to transfer the Unvested
Shares as to which the Repurchase Option has been exercised from Purchaser to the Company.

 

(b)       To
insure the availability for delivery of Purchaser’s Unvested Shares upon repurchase by the Company pursuant to the Repurchase
Option under Section 1, Purchaser hereby appoints the Secretary, or any other person designated by the Company as escrow agent
(the “Escrow Agent”), as its attorney-in-fact to sell, assign and transfer unto the Company, such Unvested Shares,
if any, repurchased by the Company pursuant to the Repurchase Option and shall, upon execution of this Agreement, deliver and
deposit with the Escrow Agent, the share certificates representing the Unvested Shares, together with the stock assignment duly
endorsed in blank, attached hereto as Exhibit C-2. The Unvested Shares and stock assignment shall be held by the Escrow
Agent in escrow, pursuant to the Joint Escrow Instructions of the Company and Purchaser attached as Exhibit C-3 hereto,
until the Company exercises its Repurchase Option, until such Unvested Shares are vested, or until such time as this Agreement
no longer is in effect. Upon vesting of the Unvested Shares, the Escrow Agent shall promptly deliver to the Purchaser the certificate
or certificates representing such Shares in the Escrow Agent’s possession belonging to the Purchaser, and the Escrow Agent
shall be discharged of all further obligations hereunder; provided, however, that the Escrow Agent shall nevertheless retain such
certificate or certificates as Escrow Agent if so required pursuant to other restrictions imposed pursuant to this Agreement.

 

(c)       Neither
the Company nor the Escrow Agent shall be liable for any act it may do or omit to do with respect to holding the Shares in escrow
and while acting in good faith and in the exercise of its judgment.

 

(d)       Transfer
or sale of the Shares is subject to restrictions on transfer imposed by any applicable state and federal securities laws. Any
transferee shall hold such Shares subject to all the provisions hereof and the Exercise Notice executed by the Purchaser with
respect to any Unvested Shares purchased by Purchaser and shall acknowledge the same by signing a copy of this Agreement.

 

    	 	-2-	 

     

    

 

3.             Ownership,
Voting Rights, Duties. This Agreement shall not affect in any way the ownership, voting rights or other rights or duties of
Purchaser, except as specifically provided herein.

 

4.             Legends.
The share certificate evidencing the Shares issued hereunder shall be endorsed with the following legend (in addition to any legend
required under applicable federal and state securities laws):

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER AND RIGHTS OF REPURCHASE AS SET FORTH
IN AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

5.             Adjustment
for Stock Split. All references to the number of Shares and the purchase price of the Shares in this Agreement shall be appropriately
adjusted to reflect any stock split, stock dividend or other change in the Shares, which may be made by the Company pursuant to
Section 13 of the Plan after the date of this Agreement.

 

6.             Notices.
Notices required hereunder shall be given in person or by registered mail to the address of Purchaser shown on the records of
the Company, and to the Company at their respective principal executive offices.

 

7.             Survival
of Terms. This Agreement shall apply to and bind Purchaser and the Company and their respective permitted assignees and transferees,
heirs, legatees, executors, administrators and legal successors.

 

8.             Section
83(b) Election. Purchaser hereby acknowledges that he or she has been informed that, with respect to the exercise of an Option
for Unvested Shares, an election (the “Election”) may be filed by the Purchaser with the Internal Revenue Service,
within thirty (30) days of the purchase of the exercised Shares, electing pursuant to Section 83(b) of the Code to be taxed currently
on any difference between the purchase price of the exercised Shares and their Fair Market Value on the date of purchase. In the
case of a Nonstatutory Stock Option, this will result in the recognition of taxable income to the Purchaser on the date of exercise,
measured by the excess, if any, of the Fair Market Value of the exercised Shares, at the time the Option is exercised over the
purchase price for the exercised Shares. Absent such an Election, taxable income will be measured and recognized by Purchaser
at the time or times on which the Company’s Repurchase Option lapses. In the case of an Incentive Stock Option, such an
Election will result in a recognition of income to the Purchaser for alternative minimum tax purposes on the date of exercise,
measured by the excess, if any, of the Fair Market Value of the exercised Shares, at the time the option is exercised, over the
purchase price for the exercised Shares. Absent such an Election, alternative minimum taxable income will be measured and recognized
by Purchaser at the time or times on which the Company’s Repurchase Option lapses.

 

    	 	-3-	 

     

    

 

This
discussion is intended only as a summary of the general United States income tax laws that apply to exercising Options as to Shares
that have not yet vested and is accurate only as of the date this form Agreement was approved by the Board. The federal, state
and local tax consequences to any particular taxpayer will depend upon his or her individual circumstances. Purchaser is strongly
encouraged to seek the advice of his or her own tax consultants in connection with the purchase of the Shares and the advisability
of filing of the Election under Section 83(b) of the Code. A form of Election under Section 83(b) is attached hereto as Exhibit
C-4 for reference.

 

PURCHASER
ACKNOWLEDGES THAT IT IS PURCHASER’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION
83(b) OF THE CODE, EVEN IF PURCHASER REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON PURCHASER’S BEHALF.

 

9.             Representations.
Purchaser has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of this investment
and the transactions contemplated by this Agreement. Purchaser is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. Purchaser understands that he or she (and not the Company) shall be responsible
for his or her own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.

 

10.           Entire
Agreement; Governing Law. The Plan and Option Agreement are incorporated herein by reference. The Plan, the Option Agreement,
the Exercise Notice, this Agreement, and the Investment Representation Statement constitute the entire agreement of the parties
with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company
and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except
by means of a writing signed by the Company and Purchaser. This Agreement is governed by the internal substantive laws but not
the choice of law rules of Texas.

 

    	 	-4-	 

     

    

 

Purchaser
represents that he or she has read this Agreement and is familiar with its terms and provisions. Purchaser hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the Board upon any questions arising under this Agreement.

 

IN
WITNESS WHEREOF, this Agreement is deemed made as of the date first set forth above.

 

	PARTICIPANT	 	PHUNWARE, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	 	 	 
	Residence Address	 	 
	 	 	 
	Dated: _________________________,
    __________	 	 

 

    	 	-5-	 

     

    

 

EXHIBIT
C-2 

 

ASSIGNMENT
SEPARATE FROM CERTIFICATE

 

FOR
VALUE RECEIVED I, __________________________, hereby sell, assign and transfer unto Phunware, Inc. _____________ shares of the
Common Stock of Phunware, Inc. standing in my name of the books of said corporation represented by Certificate No. _____ herewith
and do hereby irrevocably constitute and appoint __________________________ to transfer the said stock on the books of the within
named corporation with full power of substitution in the premises.

 

This
Stock Assignment may be used only in accordance with the Restricted Stock Purchase Agreement between Phunware, Inc. and the undersigned
dated ______________, _____ (the “Agreement”).

 

	Dated: _______________, ____	Signature: ___________________________________

 

INSTRUCTIONS:
Please do not fill in any blanks other than the signature line. The purpose of this assignment is to enable the Company to exercise
its “repurchase option,” as set forth in the Agreement, without requiring additional signatures on the part of the
Purchaser.

 

      

     

    

 

EXHIBIT
C-3

 

JOINT
ESCROW INSTRUCTIONS

 

_________________,
____

 

Phunware,
Inc.

7800
Shoal Creek Blvd., Suite 210 West

Austin,
TX 78757

 

Dear
Corporate Secretary:

 

As
Escrow Agent for both Phunware, Inc. (the “Company”), and the undersigned purchaser of stock of the Company (the “Purchaser”),
you are hereby authorized and directed to hold the documents delivered to you pursuant to the terms of that certain Restricted
Stock Purchase Agreement (the “Agreement”) between the Company and the undersigned, in accordance with the following
instructions:

 

1.       In
the event the Company and/or any assignee of the Company (referred to collectively for convenience herein as the “Company”)
exercises the Company’s repurchase option set forth in the Agreement, the Company shall give to Purchaser and you a written
notice specifying the number of shares of stock to be purchased, the purchase price, and the time for a closing hereunder at the
principal office of the Company. Purchaser and the Company hereby irrevocably authorize and direct you to close the transaction
contemplated by such notice in accordance with the terms of said notice.

 

2.       At
the closing, you are directed (a) to date the stock assignments necessary for the transfer in question, (b) to fill in the number
of shares being transferred, and (c) to deliver the stock assignments, together with the certificate evidencing the shares of
stock to be transferred, to the Company or its assignee, against the simultaneous delivery to you of the purchase price (by cash,
a check, or some combination thereof) for the number of shares of stock being purchased pursuant to the exercise of the Company’s
repurchase option.

 

3.       Purchaser
irrevocably authorizes the Company to deposit with you any certificates evidencing shares of stock to be held by you hereunder
and any additions and substitutions to said shares as defined in the Agreement. Purchaser does hereby irrevocably constitute and
appoint you as Purchaser’s attorney-in-fact and agent for the term of this escrow to execute with respect to such securities
all documents necessary or appropriate to make such securities negotiable and to complete any transaction herein contemplated,
including but not limited to the filing with any applicable state blue sky authority of any required applications for consent
to, or notice of transfer of, the securities. Subject to the provisions of this paragraph 3, Purchaser shall exercise all rights
and privileges of a stockholder of the Company while the stock is held by you.

 

4.       Upon
written request of the Purchaser, but no more than once per calendar year, unless the Company’s repurchase option has been
exercised, you shall deliver to Purchaser a certificate or certificates representing so many shares of stock as are not then subject
to the Company’s repurchase option. Within one hundred and twenty (120) days after cessation of Purchaser’s continuous
employment by or services to the Company, or any parent or subsidiary of the Company, you shall deliver to Purchaser a certificate
or certificates representing the aggregate number of shares held or issued pursuant to the Agreement and not purchased by the
Company or its assignees pursuant to exercise of the Company’s repurchase option.

 

      

     

    

 

5.       If
at the time of termination of this escrow you should have in your possession any documents, securities, or other property belonging
to Purchaser, you shall deliver all of the same to Purchaser and shall be discharged of all further obligations hereunder.

 

6.       Your
duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto.

 

7.       You
shall be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected
in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented
by the proper party or parties. You shall not be personally liable for any act you may do or omit to do hereunder as Escrow Agent
or as attorney-in-fact for Purchaser while acting in good faith, and any act done or omitted by you pursuant to the advice of
your own attorneys shall be conclusive evidence of such good faith.

 

8.       You
are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or
corporation, excepting only orders or process of courts of law and are hereby expressly authorized to comply with and obey orders,
judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree, you shall not be liable
to any of the parties hereto or to any other person, firm or corporation by reason of such compliance, notwithstanding any such
order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without
jurisdiction.

 

9.       You
shall not be liable in any respect on account of the identity, authorities or rights of the parties executing or delivering or
purporting to execute or deliver the Agreement or any documents or papers deposited or called for hereunder.

 

10.       You
shall not be liable for the outlawing of any rights under the Statute of Limitations with respect to these Joint Escrow Instructions
or any documents deposited with you.

 

11.       You
shall be entitled to employ such legal counsel and other experts as you may deem necessary properly to advise you in connection
with your obligations hereunder, may rely upon the advice of such counsel, and may pay such counsel reasonable compensation therefor.

 

12.       Your
responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be an officer or agent of the Company or if you
shall resign by written notice to each party. In the event of any such termination, the Company shall appoint a successor Escrow
Agent.

 

13.       If
you reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect
hereto, the necessary parties hereto shall join in furnishing such instruments.

 

    	 	-2-	 

     

    

 

14.       It
is understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of
the securities held by you hereunder, you are authorized and directed to retain in your possession without liability to anyone
all or any part of said securities until such disputes shall have been settled either by mutual written agreement of the parties
concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and
no appeal has been perfected, but you shall be under no duty whatsoever to institute or defend any such proceedings.

 

15.       Any
notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery
or upon deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to
each of the other parties thereunto entitled at the following addresses or at such other addresses as a party may designate by
ten (10) days’ advance written notice to each of the other parties hereto.

 

16.       By
signing these Joint Escrow Instructions, you become a party hereto only for the purpose of said Joint Escrow Instructions; you
do not become a party to the Agreement.

 

17.       This
instrument shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted
assigns.

 

18.       These
Joint Escrow Instructions shall be governed by the internal substantive laws, but not the choice of law rules, of Texas.

 

	PURCHASER	 	PHUNWARE, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	 	 	 
	Residence Address	 	 
	 	 	 
	ESCROW AGENT	 	 
	 	 	 
	 	 	 
	Corporate Secretary	 	 
	 	 	 
	Dated: _______________________________________	 	 

 

    	 	-3-	 

     

    

 

EXHIBIT
C-4

 

ELECTION
UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

 

The
undersigned taxpayer hereby elects, pursuant to Sections 55 and 83(b) of the Internal Revenue Code of 1986, as amended, to include
in taxpayer’s gross income or alternative minimum taxable income, as the case may be, for the current taxable year the amount
of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below.

 

		1.	The
                                         name, address, taxpayer identification number and taxable year of the undersigned are
                                         as follows:

 

	 	 	TAXPAYER	 	SPOUSE
	 	NAME:       	__________________________  	 	__________________________
	 	ADDRESS:	__________________________  	 	__________________________
	 	 	__________________________  	 	__________________________
	 	TAX ID NO.: 	__________________________  	 	__________________________ 
	 	TAXABLE YEAR: 	________	 	 

 

		2.	The
                                         property with respect to which the election is made is described as follows: __________
                                         shares (the “Shares”) of the Common Stock of Phunware, Inc. (the “Company”).

 

		3.	The
                                         date on which the property was transferred is:___________________ ,______.

 

		4.	The
                                         property is subject to the following restrictions:

 

The
Shares may not be transferred and are subject to forfeiture under the terms of an agreement between the taxpayer and the Company.
These restrictions lapse upon the satisfaction of certain conditions contained in such agreement.

 

		5.	The
                                         Fair Market Value at the time of transfer, determined without regard to any restriction
                                         other than a restriction which by its terms shall never lapse, of such property is: $_________________.

 

		6.	The
                                         amount (if any) paid for such property is: $_________________.

 

The
undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s
receipt of the above-described property. The transferee of such property is the person performing the services in connection with
the transfer of said property.

 

The
undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner.

 

	Dated: ______________________, _____ 	 	__________________________________________
	 	 	Taxpayer
	 	 	 
	The undersigned spouse of taxpayer joins in this election.	 	 
	 	 	 
	Dated: ______________________, _____ 	 	 __________________________________________
	 	 	Spouse of TaxpayerExhibit 10.16

 

 

 

 

 

 

 

LEASE

 

BY AND BETWEEN

 

HUB PROPERTIES TRUST

LANDLORD

 

AND

 

PHUNWARE, INC.

TENANT

 

 

 

 

7800 Shoal Creek Boulevard

Austin, Texas

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Article 1 Reference Data	1
	1.1	Introduction and Subjects Referred To.	1
	1.2	Exhibits	2
	 	 	 
	Article 2 Premises and Term	3
	2.1	Premises	3
	2.2	Term	3
	2.3	Measurement of the Premises	3
	 	 	 
	Article 3 Commencement and Condition	3
	3.1	Commencement Date	3
	3.2	Preparation of the Premises	4
	 	 	 
	Article 4 Rent, Additional Rent, Insurance and Other Charges	4
	4.1	The Annual Fixed Rent	4
	4.2	Additional Rent	5
	 	4.2.1	Real Estate Taxes	5
	 	4.2.2	Operating Costs	6
	4.3	Personal Property and Sales Taxes	7
	4.4	Insurance.	7
	 	4.4.1	Insurance Policies	7
	 	4.4.2	Requirements	8
	 	4.4.3	Waiver of Subrogation	8
	4.5	Utilities	8
	4.6	Late Payment of Rent	8
	4.7	Security Deposit	9
	 	 	 
	Article 5 Landlord’s Covenants	10
	5.1	Affirmative Covenants	10
	 	5.1.1	Heat and Air-Conditioning	10
	 	5.1.2	Electricity	10
	 	5.1.3 	Cleaning; Water	10
	 	5.1.4 	Elevator and Lighting	10
	 	5.1.5 	Repairs	11
	 	5.1.6 	Parking	11
	5.2 	Interruption	12
	5.3 	Access to Building	12

 

     

     

    

 

	Article 6 Tenant’s Additional Covenants	12
	6.1	Affirmative Covenants	12
	 	6.1.1 	Perform Obligations	12
	 	6.1.2 	Use	12
	 	6.1.3	Repair and Maintenance	13
	 	6.1.4 	Compliance with Law	13
	 	6.1.5 	Indemnification	13
	 	6.1.6 	Landlord’s Right to Enter	14
	 	6.1.7 	Payment of Landlord’s Cost of Enforcement	14
	 	6.1.8 	Yield Up	14
	 	6.1.9 	Rules and Regulations	14
	 	6.1.10	Estoppel Certificate	14
	 	6.1.11	Landlord’s Expenses For Consents	14
	6.2	Negative Covenants	15
	 	6.2.1	Assignment and Subletting	15
	 	6.2.2 	Nuisance	18
	 	6.2.3 	Floor Load; Heavy Equipment	18
	 	6.2.4 	Electricity	19
	 	6.2.5 	Installation, Alterations or Additions	19
	 	6.2.6 	Signs	20
	 	6.2.7 	Oil and Hazardous Materials	20
	 	 	 	 
	Article 7 Casualty or Taking	21
	7.1	Termination	21
	7.2	Restoration	21
	7.3	Award	22
	 	 	 
	Article 8 Defaults	22
	8.1	Default of Tenant	22
	8.2	Remedies	22
	8.3	Other Remedies	23
	8.4	Landlord’s Right to Cure Defaults	24
	8.5	Holding Over	24
	8.6	Effect of Waivers of Default	24
	8.7	No Waiver, Etc	24
	8.8	No Accord and Satisfaction	24
	 	 	 
	Article 9 Rights of Holders	25
	 	 
	Article 10 Miscellaneous Provisions	26
	10.1	Notices	26
	10.2	Quiet Enjoyment; Landlord’s Right to Make Alterations, Etc	26
	10.3	Waiver of Jury Trial	27
	10.4	Lease not to be Recorded; Confidentiality of Lease Terms	27
	10.5	Limitation of Landlord’s Liability	27
	10.6	Landlord’s Default	28
	10.7	Brokerage	28
	10.8	Applicable Law and Construction	28
	10.9	Waiver of Consumer Right Under DTPA	29
	10.10	Waiver of Rights Under Section 93.012 of the Texas Property Code	29
	10.11	Waiver of Right to Contest Taxes	29

 

     

     

    

 

LEASE

 

Article 1

Reference Data

 

1.1 Introduction and Subjects Referred To.

 

This lease (this “Lease”)
is entered into by and between Hub Properties Trust, a Maryland real estate investment trust (“Landlord”), and
Phunware, Inc., a Delaware corporation (“Tenant”).

 

Each reference in this Lease to any of
the following terms or phrases shall be construed to incorporate the corresponding definition stated in this Section 1.1.

 

	Date of this Lease:	 	November 1, 2011.
	 	 	 
	Building and Property:	 	That building in the City of Austin, Texas known as Exchange Park and located at 7800 Shoal Creek Boulevard (the “Building”). The Building, the surface parking lot appurtenant to the Building, the sidewalks and driveways adjacent thereto, all other exterior common areas, and the land parcels on which all of the same are located are hereinafter collectively referred to as the “Property”.
	 	 	 
	Premises:	 	A portion of the second (2nd) floor of the Building known as Suite 210W, substantially as shown on Exhibit A hereto.
	 	 	 
	Premises Rentable Area: 	 	3,646 square feet.
	 	 	 
	Original Term:	 	The period commencing on the Commencement Date (hereinafter defined) and expiring on the day that is two (2) months following the day preceding the second (2nd) anniversary of the Commencement Date, except that if such day is not the last day of a calendar month, the Original Term shall expire on the last day of the calendar month in which such day occurs.
	 	 	 
	Commencement Date:	 	November 1, 2011, subject to the provisions of Section 3.1.
	 	 	 
	Annual Fixed Rent:	 	The sum of the following amounts:

 

	 	Dates	 	Annual Fixed

Rent (per annum)	 	 	Monthly

Installments	 
	 	Rent Commencement Date — 10/31/12	 	$	36,460.00	 	 	$	3,038.33	 
	 	11/1/12 — 10/31/13	 	$	38,283.00	 	 	$	3,190.25	 
	 	11/1/13 — 12/31/13	 	$	40,106.00	 	 	$	3,342.17	 

 

     

     

    

 

	 	 	The “Rent Commencement Date” shall be the date that is two (2) months following the Commencement Date. Tenant shall have no obligation to pay Annual Fixed Rent for the period commencing on the Commencement Date and expiring on the day immediately preceding the Rent Commencement Date.
	 	 	 
	Tenant's Percentage: 	 	Two and forty hundredths percent (2.40%).
	 	 	 
	Permitted Uses:	 	General office purposes, subject to the provisions of Section 6.1.2.
	 	 	 
	Commercial General Liability Insurance Limits:	 	$3,000,000 per occurrence (combined single limit) for property damage, bodily and personal injury and death.
	 	 	 
	Original Address of Landlord:	 	800 W. 34th Street, Suite 220

Austin, TX 78705-1102

Attention: Vice President, Central Region
	 	 	 
	Original Address of Tenant:	 	9211 Waterford Centre Boulevard

Suite 200

Austin, TX 78758
	 	 	 
	Address for Payment of Rent:	 	c/o Reit Management & Research LLC

P.O. Box 845992

Boston, MA 02284-5992
	 	 	 
	Security Deposit:	 	$11,642.89.

 

1.2 Exhibits. The
Exhibits listed below in this section are incorporated in this Lease by reference and are to be construed as a part of
this Lease.

 

EXHIBIT A. Plan showing the Premises.

EXHIBIT B. Rules and Regulations.

 

    - 2 -

     

    

 

Article 2

Premises and Term

 

2.1 Premises. Landlord hereby
leases to Tenant and Tenant hereby leases from Landlord, subject to and with the benefit of the terms, covenants, conditions
and provisions of this Lease, the Premises, excluding exterior faces of exterior walls, the common lobbies, hallways,
stairways, stairwells, elevator shafts and other common areas, and the escalators, elevators, pipes, ducts, conduits, wires
and appurtenant fixtures and other common facilities serving the common areas, the Premises and the premises of other tenants
in the Building.

 

If Landlord so requests, Tenant shall vacate the Premises and
relinquish its rights with respect to the same provided that Landlord shall provide to Tenant substitute space in the Building,
such space to be reasonably comparable in size, layout, finish and utility to the Premises, and further provided that Landlord
shall, at its sole cost and expense, move Tenant and its equipment, furniture and other removable personal property from the Premises
to such new space in such manner as will minimize, to the greatest extent practicable, undue interference with the business or
operations of Tenant. Any such substitute space shall, from and after the date such space is so provided, be treated as the Premises
demised under this Lease, and shall be occupied by Tenant under the same terms, provisions and conditions as are set forth in this
Lease.

 

2.2 Term. The term of this
Lease shall be for a period beginning on the Commencement Date and continuing for the Original Term and any extension thereof
in accordance with the provisions of this Lease, unless sooner terminated as hereinafter provided. The Original Term and any
extension thereof in accordance with the provisions of this Lease is hereinafter referred to as the “term” of this
Lease.

 

2.3 Measurement of the
Premises. Landlord and Tenant agree that the Premises Rentable Area identified in Section 1.1 is recited for Landlord’s
administrative purposes only and that, although the Annual Fixed Rent has been determined by reference to such square footage
(regardless of the possibility that the actual measurement of the Premises may be more or less than the number identified,
irrespective of measurement method used), Annual Fixed Rent and Tenant’s Percentage shall not be changed except as expressly
provided in this Lease.

 

Article 3

Commencement and Condition

 

3.1 Commencement Date. The
Commencement Date shall be the date set forth in Section 1.1, subject to the provisions of this Section 3.1. Tenant
acknowledges that it is in possession of the Premises pursuant to that certain sublease (the “Sublease”)
between Tenant and Pape-Dawson Consulting Engineers, Inc. (“Pape-Dawson”) dated June 2, 2010 and that
certain Consent to Sublease Agreement by and among Landlord, Pape-Dawson and Tenant dated June 25, 2010. The term of said
Sublease and the term of Pape-Dawson’s lease with respect to the Premises are coterminous, expiring on October 31, 2011.
Tenant shall remain in the Premises upon expiration of the Sublease and Pape-Dawson’s lease with respect to the Premises and
shall accept the Premises in their “as is” condition as of the Commencement Date subject, however, to Landlord’s
obligation to perform Landlord’s Work, as hereinafter defined. In the event of a termination of PapeDawson’s Lease prior to
October 31, 2011, the Commencement Date shall be the day following such termination without the
execution of any additional documents (i.e., other than this Lease).

 

    - 3 -

     

    

 

 

3.2 Preparation of the
Premises. After the Date of this Lease, Landlord shall, pursuant to a construction schedule reasonably determined by
Landlord, construct and finish a demising wall in place of the existing door between the Premises and the adjacent premises (“Landlord’s
Work”). Landlord shall exercise all reasonable efforts to substantially complete Landlord’s Work promptly after the
Commencement Date, but Tenant shall have no claim against Landlord for failure so to complete Landlord’s Work by any
particular date. Landlord’s Work shall be performed in a good and workmanlike manner, in compliance with all applicable laws
and codes, using materials and installations meeting Landlord’s minimum standards for the Building.

 

Landlord shall pay the entire cost of Landlord’s Work and Tenant
shall not be liable therefor, except that Tenant shall pay upon demand therefor any increase in the cost of Landlord’s Work that
is attributable to any act or omission of Tenant, its employees, agents or contractors, including, without limitation, changes
made in Landlord’s Work at the request of Tenant (which changes must first be approved by Landlord at its sole discretion).

 

Tenant acknowledges that Landlord’s Work may be performed during
Normal Building Operating Hours (as defined in the Rules and Regulations), and Tenant shall provide Landlord’s contractor with
access to the Premises during such hours. Landlord shall direct its contractor to use all reasonable efforts to coordinate such
access and its activities within the Premises with Tenant and to use reasonable efforts to minimize, to the extent practicable,
any interference with Tenant’s use of the Premises provided, however, Tenant shall not be entitled to any abatement of Annual Fixed
Rent or Additional Rent on account of Taxes or Operating Costs, and Landlord shall incur no liability to Tenant, for any disruption
of Tenant’s business caused by the performance of Landlord’s Work including, without limitation, any temporary suspension of services
in connection therewith.. Tenant agrees to cooperate with Landlord and Landlord’s contractor and to follow all reasonable directions
given by Landlord in connection with the performance of Landlord’s Work. Tenant shall determine what measures are necessary to
protect Tenant’s computers, equipment, furnishings and other personal property in the Premises from dirt and dust caused by the
performance of Landlord’s Work, and Tenant shall be fully responsible for taking such measures.

 

Article 4

Rent, Additional Rent, Insurance and
Other Charges

 

4.1 The Annual Fixed Rent.
Commencing on the Rent Commencement Date, Tenant shall pay Annual Fixed Rent to Landlord, or as otherwise directed by
Landlord, without offset, abatement (except as provided in Article 7), deduction or demand. Annual Fixed Rent shall be
payable in equal monthly installments, in advance, commencing on the Rent Commencement Date and thereafter on the first day
of each and every calendar month during the term of this Lease, at the Address for Payment of Rent, or at such other place as
Landlord shall from time to time designate by notice, by check drawn on a domestic bank.

 

Annual Fixed Rent for any partial
month shall be prorated on a daily basis (based on a 360 day year), and if Annual Fixed Rent commences on a day other than the
first day of a calendar month, the first payment which Tenant shall make to Landlord shall be payable on the date Annual Fixed Rent commences and shall be equal to such pro-rated amount plus the installment of Annual
Fixed Rent for the succeeding calendar month.

 

    - 4 -

     

    

 

4.2 Additional Rent. Tenant
shall pay to Landlord, as Additional Rent, Tenant’s Percentage of Taxes and Operating Costs as provided in Sections 4.2.1 and
4.2.2, and all other charges and amounts payable by or due from Tenant to Landlord (all such amounts referred to in this
sentence being “Additional Rent”).

 

4.2.1 Real Estate Taxes.
Commencing on the Rent Commencement Date, Tenant shall pay to Landlord, as Additional Rent, Tenant’s Percentage of Taxes (as
hereinafter defined) assessed against the Property (or estimated to be due by governmental authority) for any fiscal tax
period (a “Tax Year”) during the term of this Lease (Tenant’s Percentage of Taxes being “Tenant’s
Tax Obligation”). Tenant shall pay to Landlord, as Additional Rent commencing on the Rent Commencement Date and
thereafter on the first day of each calendar month during the term but otherwise in the manner provided for the payment of
Annual Fixed Rent, estimated payments on account of Tenant’s Tax Obligation, such monthly amounts to be sufficient to provide
Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to Tenant’s Tax Obligation for the then
current Tax Year, as reasonably estimated by Landlord from time to time. Within a reasonable period of time after the end of
each Tax Year during the term, Landlord shall give Tenant a notice setting forth the amount of Taxes for the preceding Tax
Year and a computation of Tenant’s Tax Obligation. If the total of Tenant’s monthly remittances on account of Tenant’s Tax
Obligation for any Tax Year is greater than Tenant’s Tax Obligation for such Tax Year, Landlord shall credit such overpayment
against Tenant’s subsequent obligations on account of Taxes (or promptly refund such overpayment if the term of this Lease
has ended and Tenant has no further obligations to Landlord); if the total of such remittances is less than Tenant’s Tax
Obligation for such Tax Year, Tenant shall pay the difference to Landlord within ten (10) days after being so notified by
Landlord.

 

In the event that the Rent Commencement Date shall occur or
the term of this Lease shall expire or be terminated during any Tax Year, or should the Tax Year or period of assessment of real
estate taxes be changed or be more or less than one (1) year, or should Tenant’s Percentage be modified during any Tax Year due
to a change in the rentable area of the Building and/or the Premises or otherwise, as the case may be, then the amount of Tenant’s
Tax Obligation which may be otherwise payable by Tenant as provided in this Section 4.2.1 shall be pro-rated on a daily basis based
on a 360 day Tax Year.

 

“Taxes” shall mean all taxes, assessments,
excises and other charges and impositions which are general or special, ordinary or extraordinary, foreseen or unforeseen, of any
kind or nature which are levied, assessed or imposed by any governmental authority upon or against or with respect to the Property,
Landlord, or the owner or lessee of personal property used by or on behalf of Landlord in connection with the Property, or taxes
in lieu thereof, and additional types of taxes to supplement real estate taxes due to legal limits imposed thereon. If, at any
time any tax or excise on rents or other taxes, however described, are levied or assessed against Landlord, either wholly or partially
in substitution for, or in addition to, real estate taxes assessed or levied on the Property, such tax or excise on rents or other
taxes shall be included in Taxes; however, Taxes shall not include franchise, estate, inheritance, succession, capital levy, income
taxes (except to the extent that a tax on income or revenue is levied solely on rental revenues and not on other types of income
and then only from rental revenue generated by or attributable to the Property) or excess profits taxes assessed on Landlord. Taxes
also shall include all court costs, attorneys’, consultants’ and accountants’ fees, and other expenses incurred by Landlord in
analyzing and contesting Taxes through and including all appeals. Taxes shall include any estimated payment made by Landlord on
account of a fiscal tax period for which the actual and final amount of taxes for such period has not been determined by the governmental
authority as of the date of any such estimated payment.

 

    - 5 -

     

    

 

4.2.2 Operating Costs. Commencing on the Rent Commencement
Date, Tenant shall pay to Landlord, as Additional Rent, Tenant’s Percentage of all Operating Costs, as hereinafter defined, paid
or incurred by Landlord with respect to the Property in any twelve-month period established by Landlord (an “Operating
Year”) during the term of this Lease (Tenant’s Percentage of Operating Costs being “Tenant’s Operating Cost Obligation”).
Tenant shall pay to Landlord, as Additional Rent, commencing on the Rent Commencement Date and thereafter on the first day of each
calendar month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on
account of Tenant’s Operating Cost Obligation, such monthly amounts to be sufficient to provide to Landlord, by the end of each
Operating Year, a sum equal to Tenant’s Operating Cost Obligation for such Operating Year, as estimated by Landlord from time to
time. Within a reasonable period of time after the end of each Operating Year during the term, Landlord shall furnish to Tenant
an itemized statement setting forth the amount of Operating Costs for the preceding Operating Year and a computation of Tenant’s
Operating Cost Obligation, prepared and computed in accordance with then prevailing customs and practices of the real estate industry
in the greater Austin, Texas area, consistently applied. Any such year-end statement by Landlord relating to Operating Costs shall
be final and binding upon Tenant unless it shall within thirty (30) days after receipt thereof, contest any items therein by giving
notice to Landlord specifying each item contested and the reasons therefor. If, at the expiration of each Operating Year in respect
of which monthly installments on account of Tenant’s Operating Cost Obligation shall have been made as aforesaid, the total of
such monthly remittances is greater than Tenant’s Operating Cost Obligation for such Operating Year, Landlord shall credit such
overpayment against Tenant’s subsequent obligations on account of Operating Costs (or promptly refund such overpayment if the term
of this Lease has ended and Tenant has no further obligation to Landlord); if the total of such remittances is less than Tenant’s
Operating Cost Obligation for such Operating Year, Tenant shall pay the difference to Landlord within ten (10) days after being
so notified by Landlord.

 

In the event that the Rent Commencement Date shall occur or
the term of this Lease shall expire or be terminated during any Operating Year or Tenant’s Percentage shall be modified during
any Operating Year due to a change in the rentable area of the Building and/or the Premises or otherwise, as the case may be, then
the amount of Tenant’s Operating Cost Obligation which may be payable by Tenant as provided in this Section 4.2.2 shall be pro-rated
on a daily basis based on a 360 day Operating Year.

 

“Operating Costs” shall be all costs and expenses
paid or incurred for the operation, cleaning, management, maintenance, insurance, repair, replacement, decoration, upkeep, protection
and security of the Property or any part or component thereof.

 

    - 6 -

     

    

 

If any item of Operating Costs is a capital expenditure, Landlord
may include in Operating Costs for such Operating Year in which such expenditure was made and in Operating Costs for each succeeding Operating Year an annual charge-off of such capital expenditure.
Annual charge-offs shall be determined by dividing the original capital expenditure plus an interest factor, reasonably determined
by Landlord as being the interest rate then being charged for long-term mortgages by institutional lenders on like properties within
the locality in which the Building is located, by the number of years of useful life of the improvement, repair, alteration or
replacement made with the capital expenditure; as determined reasonably by Landlord.

 

In addition, if during any portion of any Operating Year for
which Operating Costs are being computed, less than ninety five percent (95%) of the rentable area of the Building was leased to
tenants or if Landlord is supplying less than ninety five percent (95%) of the rentable area of the Building with the services
and utilities being supplied hereunder, actual Operating Costs incurred shall be reasonably projected by Landlord on an item-by-item
basis to the estimated Operating Costs that would have been incurred if ninety five percent (95%) of the Building were occupied
for such Operating Year and such services and utilities were being supplied to ninety five percent (95%) of the rentable area of
the Building, and such projected amount shall, for the purposes hereof, be deemed to be the Operating Costs for such Operating
Year.

 

4.3 Personal Property and Sales
Taxes. Tenant shall pay all taxes charged, assessed or imposed upon the personal property of Tenant and all taxes on the
sales of inventory, merchandise and any other goods by Tenant in or upon the Premises.

 

4.4 Insurance.

 

4.4.1 Insurance
Policies. Tenant shall, at its expense, take out and maintain, throughout the term of this Lease, the following
insurance:

 

(a) Commercial general liability insurance (on an occurrence
basis, including without limitation, broad form contractual liability, bodily injury, property damage, fire legal liability, and
products and completed operations coverage) under which Tenant is named as an insured and Landlord and Landlord’s managing agent
(and the holder of any mortgage on the Premises or Property, as set out in a notice from time to time) are named as additional
insureds as their interests may appear, in an amount which shall, at the beginning of the term, be at least equal to the Commercial
General Liability Insurance Limits, and, which, from time to time during the term, shall be for such higher limits, if any, as
Landlord shall determine to be customarily carried in the area in which the Premises are located at property comparable to the
Premises and used for similar purposes;

 

(b) Worker’s compensation insurance with statutory limits covering
all of Tenant’s employees working on the Premises;

 

(c) So-called “special form” property insurance on
a “replacement cost” basis with an agreed value endorsement covering all furniture, furnishings, fixtures and equipment
and other personal property brought to the Premises by Tenant and anyone acting under Tenant and all improvements and betterments
to the Premises performed at Tenant’s expense; and

 

(d) So-called “business income and extra expense”
insurance covering twelve months loss of income.

 

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4.4.2 Requirements. All such
policies shall contain a clause confirming that such policy and the coverage evidenced thereby shall be primary with respect
to any insurance policies carried by Landlord and shall be obtained from responsible companies qualified to do business and
in good standing in the State of Texas and shall have a general policy holder’s rating in Best’s of at least A+ X. A
certificate of the insurer, certifying that such policy has been issued and paid in full, providing the coverage required by
this Section and containing provisions specified herein, shall be delivered to Landlord prior to the commencement of the term
of this Lease and, upon renewals, not less than thirty (30) days prior to the expiration of such coverage. Each such policy
shall be non-cancelable and not materially changed with respect to the interest of Landlord and such mortgagees of the
Property without at least thirty (30) days’ prior written notice thereto. Landlord may, at any time, and from time to time,
inspect and/or copy any and all insurance policies required to be procured by Tenant hereunder.

 

4.4.3 Waiver of Subrogation.
Landlord and Tenant shall each endeavor to secure an appropriate clause in, or an endorsement upon, each property damage
insurance policy obtained by it and covering the Building, the Premises or the personal property, fixtures and equipment
located therein or thereon, pursuant to which the respective insurance companies waive subrogation and permit the insured,
prior to any loss, to agree with a third party to waive any claim it might have against said third party. The waiver of
subrogation or permission for waiver of any claim hereinbefore referred to shall extend to the agents of each party and its
employees and, in the case of Tenant, shall also extend to all other persons and entities occupying or using the Premises by,
through or under Tenant.

 

Subject to the foregoing provisions of this Section 4.4.3, and
insofar as may be permitted by the terms of the property insurance policies carried by it, each party hereby releases the other
with respect to any claim which it might otherwise have against the other party for any loss or damage to its property to the extent
such damage is actually covered or would have been covered by policies of property insurance required by this Lease to be carried
by the respective parties hereunder. In addition, Tenant agrees to exhaust any and all claims against its insurer(s) prior to commencing
an action against Landlord for any loss covered by insurance required to be carried by Tenant hereunder.

 

4.5 Utilities. Tenant
shall pay all charges for telephone and other utilities or services not supplied by Landlord pursuant to Section 5.1.1 and
the first sentence of Section 5.1.2, whether designated as a charge, tax, assessment, fee or otherwise, all such charges
to be paid as the same from time to time become due. Except as otherwise provided in this Section 4.5 or in Article 5, it is
understood and agreed that Tenant shall make its own arrangements for the installation or provision of all utilities and
services and that Landlord shall be under no obligation to furnish any utilities to the Premises.

 

4.6 Late Payment of Rent. If
any installment of Annual Fixed Rent or any Additional Rent is not paid on or before the date the same is due, it shall bear
interest (as Additional Rent) from the date due until the date paid at the Default Rate (as defined in Section 8.4). In
addition, if any installment of Annual Fixed Rent or Additional Rent is unpaid for more than five (5) days after the date
due, Tenant shall pay to Landlord a late charge equal to the greater of One Hundred Dollars ($100) or five percent (5%) of
the delinquent amount. The parties agree that the amount of such late charge represents a reasonable estimate of the cost and
expense that would be incurred by Landlord in processing and administration of each delinquent payment by Tenant, but the
payment of such late charges shall not excuse or cure any default by Tenant under this Lease. Absent specific provision to
the contrary, all Additional Rent shall be due and payable in full ten (10) days after demand by Landlord.

 

    - 8 -

     

    

 

 

4.7 Security Deposit. Upon
execution of this Lease, Tenant shall deposit with Landlord the Security Deposit. The Security Deposit shall be held by
Landlord as security for the faithful performance of all the terms of this Lease to be observed and performed by Tenant. The
Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Tenant and any such act on the part of Tenant
shall be without force and effect and shall not be binding upon Landlord. Tenant shall cause the Security Deposit to be
maintained throughout the term in the amount set forth in Section 1.1.

 

If the Annual Fixed Rent or Additional Rent payable hereunder
shall be overdue and unpaid or should Landlord make any payment on behalf of the Tenant, or Tenant shall fail to perform any of
the terms of this Lease, then Landlord may, at its option and without notice or prejudice to any other remedy which Landlord may
have on account thereof, appropriate and apply the entire Security Deposit or so much thereof as may be necessary to compensate
Landlord toward the payment of Annual Fixed Rent, Additional Rent or other sums or loss or damage sustained by Landlord due to
such breach by Tenant; and Tenant shall forthwith upon demand restore the Security Deposit to the amount stated in Section 1.1.
Notwithstanding the foregoing, upon the application by Landlord of all or any portion of the Security Deposit (with or without
notice thereof to Tenant) to compensate Landlord for a failure by Tenant to pay any Annual Fixed Rent or Additional Rent when due
or to perform any other obligation hereunder, and until Tenant shall have restored the Security Deposit to the amount required
by Section 1.1, Tenant shall be deemed to be in default in the payment of Additional Rent for purposes of Section 8.1(i) hereof.
So long as Tenant shall not be in default of its obligations under this Lease, Landlord shall return the Security Deposit, or so
much thereof as shall have not theretofore been applied in accordance with the terms of this Section 4.7 (and less any amounts
Landlord shall estimate shall be due from Tenant following yearend reconciliation of Operating Costs and Taxes), to Tenant promptly
following the expiration or earlier termination of the term of this Lease and the surrender of possession of the Premises by Tenant
to Landlord in accordance with the terms of this Lease. While Landlord holds the Security Deposit, Landlord shall have no obligation
to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s
interest under this Lease, the Security Deposit, or any part thereof not previously applied, shall be turned over by Landlord to
Landlord’s grantee, and Tenant shall look solely to such grantee for proper application of the Security Deposit in accordance with
the terms of this Section 4.7 and the return thereof in accordance herewith. The holder of a mortgage on the Property shall not
be responsible to Tenant for the return or application of the Security Deposit, whether or not it succeeds to the position of Landlord
hereunder, unless such holder actually receives the Security Deposit.

 

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Article 5

Landlord’s Covenants

 

5.1 Affirmative Covenants. Landlord
shall, during the term of this Lease provide the following:

 

5.1.1 Heat and
Air-Conditioning. Landlord shall furnish heat, ventilation and air-conditioning (“1IVAC”) to the
Premises sufficient to maintain the Premises at comfortable temperatures for general office use, subject to all federal,
state and municipal regulations, during Normal Building Operating Hours. If Tenant shall require HVAC service outside the
hours and days above specified, Landlord may furnish such service and Tenant shall pay therefor such charges as may from time
to time be in effect. In the event Tenant locates an excessive number of persons or heat-generating equipment in the Premises
which overloads the capacity of the Building HVAC systems or in any other way interferes with such system’s ability to
perform adequately its proper functions, supplementary systems may, if and as needed, at Landlord’s option, be provided by
Landlord, at Tenant’s expense. Landlord shall have no responsibility for providing any service from Separate HVAC Equipment,
as defined in Section 6.1.3.

 

5.12 Electricity. Landlord
shall furnish to the Premises electricity in reasonable amounts for customary office uses. Electrical service to any Separate
HVAC Equipment shall be separately metered by Tenant at its sole cost and expense and Tenant shall pay all charges for such
electrical service directly to the provider.

 

5.1.3 Cleaning; Water.
Landlord shall provide cleaning, maintenance and landscaping to the common areas of the Building and Property (including snow
removal to the extent necessary to maintain reasonable access to the Building) in accordance with standards generally
prevailing throughout the term hereof in comparable office buildings in the greater Austin, Texas area; and furnish water for
ordinary drinking, lavatory and toilet facilities (as opposed to special laboratory or other uses in excess of general office
uses) and shall cause the Premises to be cleaned in accordance with standards of comparable office buildings in the greater
Austin, Texas area.

 

Landlord, its cleaning contractor and their respective employees
shall have access to the Premises after 6:00 p.m. and before 8:00 a.m. and shall have the right to use, without charge therefor,
all light, power and water in the Premises reasonably required to clean the Premises as required hereunder.

 

If Tenant uses water for any purpose other than ordinary drinking,
lavatory and toilet purposes, Landlord may assess a reasonable charge for the additional water so used, or install a water meter
and thereby measure Tenant’s water consumption for all purposes. In the latter event, Tenant shall pay the cost of the meter and
the cost of installation thereof and shall keep such meter and installation equipment in good working order and repair. Tenant
agrees to pay for water consumed, as shown on such meter, together with the sewer charge based on such meter charges, as and when
bills are rendered, and if Tenant shall fail to make such payment, Landlord may pay such charges and collect the same from Tenant
as Additional Rent.

 

5.1.4 Elevator and Lighting.
Landlord shall furnish non-exclusive passenger elevator service from the lobby to the Premises; purchase and install all
building standard lamps, tubes, bulbs, starters and ballasts for lighting fixtures in the Premises at Tenant’s expense; and
provide lighting to public and common areas of the Property.

 

    - 10 -

     

    

 

5.1.5 Repairs. Except as otherwise expressly provided
herein, Landlord shall make such repairs and replacements to the roof, exterior walls, floor slabs and other structural components of the Building, and to the common areas and facilities of the Building
(including any common plumbing, electrical and HVAC equipment, elevators and any other common equipment or systems in the Building)
as may be necessary to keep them in good repair and condition (exclusive of equipment installed by Tenant and except for those
repairs required to be made by Tenant pursuant to Section 6.1.3 hereof and repairs or replacements occasioned by any act or negligence
of Tenant, its servants, agents, customers, contractors, employees, invitees, or licensees).

 

5.1.6 Parking.
During the term of this Lease, Landlord shall provide Tenant with access to parking spaces at the Property as follows:

 

(a) Tenant and Tenant’s employees shall have the right to use
not snore than sixteen (16) parking spaces in the surface parking lots (the “Parking Facility”) appurtenant to
the Building. All parking spaces shall be unreserved until further notice.

 

(b) Tenant shall use its parking spaces in the Parking Facility
for the parking of passenger vehicles of Tenant and its employees only. No vehicles shall be left in the Parking Facility overnight.

 

(c) Landlord reserves the right to implement and modify systems
to regulate access to and use of the Parking Facility, including, without limitation, creating of reserved parking, parking passes,
parking stickers, and card key access or any other system reasonably designated by Landlord.

 

(d) Tenant acknowledges that Landlord is not required to provide
any security or security services for the Parking Facility. If the whole or any part of such personal property shall be lost, destroyed
or damaged by fire, water (including, without limitation, leaks from pipes, groundwater, or flooding from any other source) or
other casualty, by theft or from any other cause, no part of such loss or damage is to be charged to or borne by Landlord unless
the same is caused by the willful misconduct of Landlord or Landlord’s agents or employees. Tenant acknowledges and agrees that
the owners of the vehicles parked in the Parking Facility shall be solely responsible for insuring said vehicles.

 

(e) Tenant shall indemnify and shall hold Landlord harmless
from and against all claims, loss, cost, or damage arising out of the use by Tenant and its employees and invitees of the Parking
Facility, except to the extent caused by the willful misconduct of Landlord or Landlord’s agent or employees.

 

(f) Landlord reserves the right to
designate and redesignate reserved and unreserved parking areas within the Parking Facility, to change entrances or exits and
alter traffic flow within the Parking Facility, and to modify the Parking Facility to any extent.

 

(g) Tenant shall cause its employees and
invitees to comply with the Rules and Regulations pertaining to the Parking Facility, as the same may be amended, revised or supplemented
(the “Parking Facility Rules and Regulations”). The failure of Landlord to enforce any of the Parking Facility
Rules and Regulations against any person shall not be deemed to be a waiver of such Parking Facility Rules and Regulations. Tenant
shall be liable for all injuries or damages sustained by Landlord or by other tenants, occupants or invitees of the Building arising
by reason of any breach of the Parking Facility Rules or Regulations by Tenant or by Tenant’s employees or invitees.

 

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5.2 Interruption. Landlord
shall have no responsibility or liability to Tenant for failure, interruption, inadequacy, defect or unavailability of any
services, facilities, utilities, repairs or replacements or for any failure or inability to provide access or to perform any
other obligation under this Lease caused by breakage, accident, fire, flood or other casualty, strikes or other labor
trouble, order or regulation of or by any governmental authority, inclement weather, repairs, inability to obtain or
shortages of utilities, supplies, labor or materials, war, civil commotion or other emergency, transportation difficulties or
due to any act or neglect of Tenant or Tenant’s servants, agents, employees or licensees or for any other cause beyond the
reasonable control of Landlord, and in no event shall Landlord be liable to Tenant for any indirect or consequential damages
suffered by Tenant due to any such failure, interruption, inadequacy, defect or unavailability; and failure or omission on
the part of Landlord to furnish any of same for any of the reasons set forth in this paragraph shall not be construed as an
eviction of Tenant, actual or constructive, nor entitle Tenant to an abatement of rent, nor render Landlord liable in
damages, nor release Tenant from prompt fulfillment of any of its covenants under this Lease.

 

Landlord reserves the right to deny access to the Building and
to interrupt the services of the HVAC, plumbing, electrical or other mechanical systems or facilities in the Building when necessary
from time to time by reason of accident or emergency, or for repairs, alterations, replacements or improvements which in the reasonable
judgment of Landlord are desirable or necessary, until such repairs, alterations, replacements or improvements shall have been
completed. Landlord shall use reasonable efforts to minimize the duration of any such interruption and to give to Tenant at least
three (3) days’ notice if service is to be interrupted, except in cases of emergency.

 

53 Access to Building. During
Normal Building Operating Hours, the Building shall, subject to the provisions of Section 5.2, be open and access to the
Premises shall be freely available, subject to the Rules and Regulations. During periods other than Normal Building Operating
Hours, Tenant shall have access to the Premises, but such access shall also be subject to the Rules and Regulations.

 

Article 6

Tenant’s Additional Covenants

 

6.1 Affirmative Covenants. Tenant shall do the following:

 

6.1.1 Perform Obligations. Tenant shall perform promptly
all of the obligations

of Tenant set forth in this Lease; and pay when due the Annual
Fixed Rent and Additional Rent and all other amounts which by the terms of this Lease are to be paid by Tenant.

 

6.1.2 Use.
Tenant shall, during the term of this Lease, use the Premises only for the Permitted Uses and from time to time, procure and maintain
all licenses and permits necessary therefor and for any other use or activity conducted at the Premises, at Tenant’s sole
expense. The Permitted Uses shall expressly exclude use for utility company offices, or employment agency or governmental or quasi-governmental
offices.

 

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6.1.3 Repair and Maintenance.
Tenant shall, during the term of this Lease, maintain the Premises in neat and clean order and condition and perform all
repairs to the Premises and all fixtures, systems, and equipment therein (including Tenant’s equipment and other personal
property and any HVAC equipment serving all or any portion of the Premises to the exclusion of any other space in the
Building (“Separate H.VAC Equipment”)) as are necessary to keep them in good and clean working order,
appearance and condition, reasonable use and wear thereof and damage by fire or by unavoidable casualty only excepted and
shall replace any damaged or broken glass in windows and doors of the Premises (except glass in the exterior walls of the
Building) with glass of the same quality as that damaged or broken.

 

6.1.4 Compliance with Law. Tenant shall, during the term
of this Lease, make all repairs, alterations, additions or replacements to the Premises required by any law or ordinance or any
order or regulation of any public authority; keep the Premises safe and equipped with all safety appliances so required; and comply
with, and perform all repairs, alterations, additions or replacements required by, the orders and regulations of all governmental
authorities with respect to zoning, building, fire, health and other codes, regulations, ordinances or laws applicable to the Premises
or other portions of the Property and arising out of any use being conducted in or on the Premises or arising out of any work performed
by Tenant.

 

6.1.5 Indemnification. Tenant shall
neither hold, nor attempt to hold, Landlord or its employees or Landlord’s agents or their employees liable for, and Tenant shall
indemnify and hold harmless Landlord, its employees and Landlord’s agents and their employees from and against, any and all demands,
claims, causes of action, fines, penalties, damage, liabilities, judgments and expenses (including, without limitation, attorneys’
fees) incurred in connection with or arising from: (i) the use or occupancy or manner of use or occupancy of the Premises by Tenant
or any person claiming under Tenant; (ii) any matter occurring on the Premises during the term; (iii) any acts, omissions or negligence
of Tenant or any person claiming under Tenant, or the contractors, agents, employees, invitees or visitors of Tenant or any such
person; (iv) any breach, violation or nonperformance by Tenant or any person claiming under Tenant or the employees, agents, contractors,
invitees or visitors of Tenant or any such person of any term, covenant or provision of this Lease or any law, ordinance or governmental
requirement of any kind; (v) claims of brokers or other persons for commissions or other compensation arising out of any actual
or proposed sublease of any portion of the Premises or assignment of Tenant’s interest under this Lease, or Landlord’s denial
of consent thereto or exercise of any of Landlord’s other rights under Section 6.2.1; and (vi ) any injury or damage to the person,
property or business of Tenant, its employees, agents, contractors, invitees, visitors or any other person entering upon the Property
under the express or implied invitation of Tenant. If any action or proceeding is brought against Landlord or its employees or
Landlord’s agents or their employees by reason of any such claim, Tenant, upon notice from Landlord, shall defend the same, at
Tenant’s expense, with counsel reasonably satisfactory to Landlord. Notwithstanding the foregoing in no event shall this Section
6.1.5 require Tenant to indemnify or defend Landlord or its employees or Landlord’s agents or their employees against any loss,
cost, damage, liability, claim, or expense to the extent arising out of the gross negligence or willful misconduct of Landlord
or its employees or Landlord’s agents or their employees.

 

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6.1.6 Landlord’s Right to
Enter. Tenant shall, during the term of this Lease, permit Landlord and its agents and invitees to enter into and examine
the Premises at reasonable times and to show the Premises to prospective lessees, lenders,
partners and purchasers and others having a bonafide interest in the Premises, and to make such repairs, alterations and
improvements and to perform such testing and investigation as Landlord shall reasonably determine to make or perform, and,
during the last six (6) months prior to the expiration of this Lease, to keep affixed in suitable places notices of
availability of the Premises.

 

6.1.7 Payment of Landlord’s Cost
of Enforcement. Tenant shall pay on demand Landlord’s expenses, including reasonable attorneys’ fees, incurred in
enforcing any obligation of Tenant under this Lease.

 

6.1.8 Yield Up. Tenant shall,
at the expiration or earlier termination of the term of this Lease, surrender all keys to the Premises; remove all of its
trade fixtures and personal property in the Premises; remove such installations (including wiring and cabling wherever
located), alterations and improvements made (or if applicable, restore any items removed) by or on behalf of Tenant as
Landlord may request and all Tenant’s signs wherever located; repair all damage caused by such removal; and vacate and yield
up the Premises (including all installations, alterations and improvements made by or on behalf of Tenant except as Landlord
shall request Tenant to remove), broom clean and in the same good order and repair in which Tenant is obliged to keep and
maintain the Premises by the provisions of this Lease. Any property not so removed shall be deemed abandoned and may be
removed and disposed of by Landlord in such manner as Landlord shall determine and Tenant shall pay Landlord the entire cost
and expense incurred by it in effecting such removal and disposition.

 

6.1.9 Rules and Regulations.
Tenant shall, during the term of this Lease, observe and abide by the Rules and Regulations of the Building set forth as
Exhibit B, as the same may from time to time be amended, revised or supplemented (the “Rules and
Regulations”). Tenant shall further be responsible for compliance with the Rules and Regulations by the employees,
servants, agents and visitors of Tenant.

 

6.1.10 Estoppel Certificate. Tenant shall, within ten
(10) days’ following written request by Landlord, execute, acknowledge and deliver to Landlord a statement in form satisfactory
to Landlord in writing certifying that this Lease is unmodified and in full force and effect and that Tenant has no defenses, offsets
or counterclaims against its obligations to pay the Annual Fixed Rent and Additional Rent and any other charges and to perform
its other covenants under this Lease (or, if there have been any modifications, that this Lease is in full force and effect as
modified and stating the modifications and, if there are any defenses, offsets or counterclaims, setting them forth in reasonable
detail), the dates to which the Annual Fixed Rent and Additional Rent and other charges have been paid, and any other matter pertaining
to this Lease. Any such statement delivered pursuant to this Section 6.1.10 may be relied upon by any prospective purchaser or
mortgagee of the Property, or any prospective assignee of such mortgage.

 

6.1.11 Landlord’s Expenses For Consents. Tenant shall
reimburse Landlord, as Additional Rent, promptly on demand for all reasonable legal, engineering and other professional services
expenses incurred by Landlord in connection with all requests by Tenant for consent or approval hereunder.

 

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6.2 Negative Covenants.
Tenant shall not do the following.

 

6.2.1 Assignment and Subletting. Tenant shall not assign, mortgage, pledge, hypothecate, encumber or otherwise
transfer this Lease or sublease (which term shall be deemed to include the granting of concessions and licenses and the like) all
or any part of the Premises or suffer or permit this Lease or the leasehold estate hereby created or any other rights arising under
this Lease to be assigned, transferred, mortgaged, pledged, hypothecated or encumbered, in whole or in part, whether voluntarily,
involuntarily or by operation of law, or permit the use or occupancy of the Premises by anyone other than Tenant, except as hereinafter
provided. Unless Tenant’s stock shall be traded on a domestic national securities exchange, any transfer of the stock or partnership
or beneficial interests or other evidences of ownership of Tenant or the issuance of additional stock or partnership or beneficial
interests or other indicia of ownership in Tenant or any transaction pursuant to which Tenant is merged or consolidated with another
entity or pursuant to which all or substantially all of Tenant’s assets are transferred to any other entity shall be deemed to
be an assignment of this Lease.

 

Notwithstanding the foregoing, Tenant may, without the need
for Landlord’s consent, but only upon not less than ten (10) days prior notice to Landlord, assign its interest in this Lease (a
“Permitted Assignment”) to (i) any entity which shall be a successor to Tenant either by merger or consolidation
(a “Merger”) or to a purchaser of all or substantially all of Tenant’s assets in either case provided the successor
or purchaser shall have a tangible net worth, after giving effect to the transaction, of not less than the greater of the net worth
of Tenant named in Section 1.1 as of the Date of this Lease or the net worth of Tenant named in Section 1.1 immediately prior to
such Merger or sale (the “Required Net Worth”) or (ii) any entity (an “Affiliate”) which is a
direct or indirect subsidiary or parent (or a direct or indirect subsidiary of a parent) of the named Tenant set forth in Section
1.1, in either case of (i) or (ii) only so long as (1) the principal purpose of such assignment is not the acquisition of Tenant’s
interest in this Lease (except if such assignment is made for a valid intracorporate business purpose to an Affiliate) and is not
made to circumvent the provisions of this Section 6.2.1, (II) except if pursuant to a Merger permitted by clause (i) above, Tenant
shall, contemporaneously with such assignment, provide Landlord with a fully executed counterpart of any such assignment, which
assignment shall comply with the provisions of this Section 6.2.1 and shall include an agreement by the assignee in form reasonably
satisfactory to Landlord, to assume all of Tenant’s obligations under this Lease and be bound by all of the terms of this Lease,
(Ill) in the case of an actual or deemed assignment pursuant to clause (i), Tenant shall provide Landlord, not less than ten (10)
days in advance of any such assignment, evidence reasonably satisfactory to Landlord of the Required Net Worth of the successor
or purchaser, and (IV) there shall not be a Default of Tenant at the effective date of such assignment. Tenant shall also be permitted,
without the need for Landlord’s consent, but only upon not less than ten (10) days prior notice to Landlord, to enter into any
sublease (a “Permitted Sublease”) with any Affiliate provided that such sublease shall expire upon any event pursuant
to which the sublessee thereunder shall cease to be an Affiliate. Any assignment to an Affiliate shall provide that it may, at
Landlord’s election, be terminated and deemed void if during the term of this Lease such assignee or any successor to the interest
of Tenant hereunder shall cease to be an Affiliate.

 

    - 15 -

     

    

 

In the event that Tenant shall intend to enter into any sublease
or assignment other than a Permitted Sublease or Permitted Assignment, then Tenant shall, not later than sixty (60) days prior
to the proposed commencement of such sublease or assignment, give Landlord notice of such intent, identifying the proposed subtenant
or assignee, all of the terms and conditions of the proposed sublease or assignment and such other information as the Landlord
may reasonably request. In such case Landlord may elect (a) to terminate the term of this Lease if Tenant intends to assign this
Lease, or to sublease (including expansion options) more than fifty percent (50%) of the Premises for a term (including extension
options) of more than half of the remaining term hereof or (b) to exclude from the Premises, for the term of such proposed sublease,
the portion thereof to be sublet if the conditions set forth in (a) do not prevail, by giving notice to Tenant of such election
not later than thirty (30) days after receiving notice of such intent from Tenant. If Landlord shall give such notice within such
thirty (30) day period, upon the later to occur of (A) the proposed date of commencement of such proposed sublease or assignment,
or (B) the date which is thirty (30) days after Landlord’s notice, the term of this Lease shall terminate or the Premises shall
be reduced to exclude the portion of the Premises intended for subletting, in which case Annual Fixed Rent and Tenant’s Percentage
shall be correspondingly reduced. If Landlord shall not give such notice, but Tenant shall not enter into such sublease or assignment
on the terms and conditions set forth in such notice from Tenant within one hundred twenty (120) days of the initially proposed
sublease commencement date and shall still desire to enter into any sublease or assignment, the first sentence of this paragraph
shall again become applicable.

 

If Landlord shall not elect to terminate the term of this Lease
or to exclude from the Premises the area to be sublet pursuant to the preceding paragraph, then Landlord shall not unreasonably
condition or withhold its consent to the applicable assignment or sublease, provided that, in addition to any other grounds for
withholding of consent, Landlord may withhold its consent if in Landlord’s good faith judgment: (i) the proposed assignee or subtenant
does not have the financial strength to perform its obligations under the proposed assignment or sublease; (ii) the business and
operations of the proposed assignee or subtenant are not of comparable quality to the business and operations being conducted by
the majority of other tenants in the Building; (iii) the proposed assignee or subtenant is a business competitor of Landlord or
is an affiliate of a business competitor of Landlord; (iv) the identity of the proposed assignee or subtenant is, or the intended
use of any part of the Premises would be, in Landlord’s determination, inconsistent with first-class office space or Landlord’s
commitments to other tenants in the Building or any covenants, conditions or restrictions affecting the Property; (v) at the time
of the proposed assignment or subleasing Landlord is able to meet the space requirements of Tenant’s proposed assignee or subtenant
by leasing available space in the Building to such person or entity and either (a) the proposed assignee or subtenant is a tenant
or other occupant of the Building (or is an entity affiliated with any such tenant or occupant), or (b) the proposed assignee or
subtenant is a party, or is affiliated with any party, which shall have entered into negotiation with Landlord for space in the
Building within the preceding twelve (12) months; (vi) the use of the Premises or the Building by the proposed assignee or subtenant
would increase Operating Costs, require any alterations to the Building to cause the Building to comply with applicable laws, or
otherwise cause Landlord to incur any additional cost or expense or (vii) any such sublease shall result in the Premises being
occupied by more than two (2) parties (including Tenant) at any one time.

 

If this Lease is assigned or if the Premises or any part thereof
are sublet (or occupied by any party other than Tenant and its employees) Landlord may collect the rents from such assignee, subtenant
or occupant, as the case may be, and apply the net amount collected to the Annual Fixed Rent and Additional Rent herein reserved,
but no such collection shall be deemed a waiver of the provisions set forth in the first paragraph of this Section 6.2.1, the acceptance
by Landlord of such assignee, subtenant or occupant, as the case may be, as a tenant, or a release of Tenant from the future performance
by Tenant of its covenants, agreements or obligations contained in this Lease.

 

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Any sublease of all or any portion of the Premises shall provide
that it is subject and subordinate to this Lease and to the matters to which this Lease is or shall be subject or subordinate,
that other than the payment of Annual Fixed Rent and Additional Rent due pursuant to Sections 4.1, 4.2.1 and 4.2.2 or any obligation
relating solely to those portions of the Premises which are not part of the subleased premises, the subtenant shall comply with
and be bound by all of the obligations of Tenant hereunder, that unless Landlord waives such prohibition, the subtenant may not
enter into any sub-sublease, sublease assignment, license or any other agreement granting any right of occupancy of any portion
of the subleased premises; and that Landlord shall be an express beneficiary of any such obligations, and that in the event of
termination of this Lease or reentry or dispossession of Tenant by Landlord under this Lease, Landlord may, at its option, take
over all of the right, title and interest of Tenant, as sublessor under such sublease, and such subtenant shall, at Landlord’s
option, attorn to Landlord pursuant to the then executory provisions of such sublease, except that neither Landlord nor any mortgagee
of the Property, as holder of a mortgage or as Landlord under this Lease if such mortgagee succeeds to that position, shall (a)
be liable for any act or omission of Tenant under such sublease, (b) be subject to any credit, counterclaim, offset or defense
which theretofore accrued to such subtenant against Tenant, or (c) be bound by any previous modification of such sublease unless
consented to by Landlord and such mortgagee or by any previous prepayment of more than one (1) month’s rent, (d) be bound by any
covenant of Tenant to undertake or complete any construction of the Premises or any portion thereof, (e) be required to account
for any security deposit of the subtenant other than any security deposit actually received by Landlord, (f) be bound by any obligation
to make any payment to such subtenant or grant any credits unless specifically agreed to by Landlord and such mortgagee, (g) be
responsible for any monies owing by Tenant to the credit of subtenant or (h) be required to remove any person occupying the Premises
or any part thereof; and such sublease shall provide that the subtenant thereunder shall, at the request of Landlord, execute a
suitable instrument in confirmation of such agreement to attorn. The provisions of this paragraph shall not be deemed a waiver
of the provisions set forth in the first paragraph of this Section 6.2.1.

 

Tenant shall not enter into, nor shall it permit any person
having an interest in the possession, use, occupancy or utilization of any part of the Premises to enter into, any sublease, license,
concession, assignment or other agreement for use, occupancy or utilization of the Premises (i) which provides for rental or other
compensation based on the income or profits derived by any person or on any other formula such that any portion of such sublease
rental, or other consideration for a license, concession, assignment or other occupancy agreement, would fail to qualify as “rents
from real property” within the meaning of Section 856(d) of the Internal Revenue Code or any similar or successor provision
thereto, or (ii) under which fifteen percent (15%) or more of the total rent or other compensation received by Tenant is attributable
to personal property and any such purported lease, sublease, license, concession or other agreement shall be absolutely void and
ineffectual as a conveyance of any right or interest in the possession, use, occupancy or utilization of such part of the Premises.

 

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No subletting or assignment shall in any way impair the continuing
primary liability of the named Tenant set forth in Section 1.1 and any immediate or remote successor in interest, and no consent
to any subletting or assignment in a particular instance shall be deemed to be a waiver of the obligation to obtain Landlord’s
written approval in the case of any other subletting or assignment. Tenant shall reimburse Landlord immediately upon demand for
its reasonable attorneys’ fees incurred in connection with documenting Landlord’s consent to any assignment or sublease. The joint
and several liability of Tenant named herein and any immediate and remote successor in interest of Tenant (by assignment or otherwise),
and the due performance of the obligations of this Lease on Tenant’s part to be performed or observed, shall not in any way be
discharged, released or impaired by any (a) agreement which modifies any of the rights or obligations of the parties under this
Lease, (b) stipulation which extends the time within which an obligation under this Lease is to be performed, (c) waiver of the
performance of an obligation required under this Lease, or (d) failure to enforce any of the obligations set forth in this Lease.
No assignment, subletting or occupancy shall affect the Permitted Uses. Any subletting, assignment or other transfer of Tenant’s
interest in this Lease in contravention of this Section 6.2.1 shall be voidable at Landlord’s option. Tenant shall not occupy any
space in the Building (by assignment, sublease or otherwise) other than the Premises.

 

If the rent and other sums (including, without limitation, all
monetary payments plus the reasonable value of any services performed or any other thing of value given by any assignee or subtenant
in consideration of such assignment or sublease), either initially or over the term of any assignment or sublease (other than a
Permitted Assignment of a Permitted Sublease), payable by such assignee or subtenant exceed the Annual Fixed Rent plus Additional
Rent called for hereunder with respect to the space assigned or sublet, Tenant shall pay one hundred percent (100%) of such excess
to Landlord, as Additional Rent, payable monthly at the time for payment of Annual Fixed Rent provided that in computing the amount
of any such excess the amortized portion of the following “Transfer Expenses” paid by Tenant in connection with
such assignment or sublease may first be deducted from the monthly amount of any such excess: (i) the cost of alterations or improvements
made by Tenant to the Premises in order to consummate an assignment or to the portion of Premises that is subleased in order to
consummate a sublease, (ii) reasonable brokerage commissions or fees, and (iii) reasonable attorneys fees. Any such Transfer Expenses
shall be amortized in equal monthly installments over the term of the assignment or sublease and shall be verified by Tenant by
written documentation reasonably satisfactory to Landlord within sixty (60) days after the date of delivery of possession to the
assignee or sublessee. Nothing in this paragraph shall be deemed to abrogate the provisions of this Section 6.2.1 and Landlord’s
acceptance of any sums pursuant to this paragraph shall not be deemed a granting of consent to any assignment of the Lease or sublease
of all or any portion of the Premises.

 

6.2.2 Nuisance. Tenant shall
not injure, deface or otherwise harm the Premises; nor commit any nuisance; nor permit in the Premises any inflammable fluids
or chemicals (except such as are customarily used in connection with standard office equipment); nor permit any cooking to
such extent as requires special exhaust venting; nor permit the emission of any objectionable noise or odor; nor make, allow
or suffer any waste; nor make any use of the Premises which is improper, offensive or contrary to any law or ordinance or
which will invalidate or increase the premiums for any of Landlord’s insurance or which is liable to render necessary any
alteration or addition to the Building; nor conduct any auction, fire, “going out of business” or bankruptcy
sales.

 

6.2.3 Floor Load; Heavy Equipment. Tenant shall not place
a load upon any floor of the Premises exceeding the lesser of the floor load capacity which such floor was designed to carry or
which is allowed by law. Landlord reserves the right to prescribe the weight and position of all heavy business machines and equipment, including safes, which shall be placed so as to distribute
the weight. Business machines and mechanical equipment which cause vibration or noise shall be placed and maintained by Tenant
at Tenant’s expense in settings sufficient to absorb and prevent vibration, noise and annoyance.

 

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6.2.4 Electricity.
Tenant shall not connect to the electrical distribution system serving the Premises a total load exceeding the lesser of the
capacity of such system or the maximum load permitted from time to time under applicable governmental regulations. The
capacity of the electrical distribution system serving the Premises shall be the lesser of (i) the capacity of the branch of
the system serving the Premises exclusively or (ii) the allocation to the Premises of the capacity of the system serving the
entire Building, Landlord and Tenant agreeing that such capacity shall be allocated equally over the entire rentable area of
the Building.

 

6.2.5 Installation, Alterations or
Additions. Tenant shall not make any installations, alterations or additions in, to or on the Premises nor permit the making
of any holes in the walls, partitions, ceilings or floors without on each occasion obtaining the prior consent of Landlord, and
then only pursuant to plans and specifications approved by Landlord in advance in each instance. All work to be performed to the
Premises by Tenant shall (i) be performed in a good and workmanlike manner by contractors approved in advance by Landlord and
in compliance with all applicable zoning, building, fire, health and other codes, regulations, ordinances and laws, (ii) be made
at Tenant’s sole cost and expense and at such times and in such a manner as Landlord may from time to time designate, and (iii)
become part of the Premises and the property of Landlord without being deemed additional rent for tax purposes, Landlord and Tenant
agreeing that Tenant shall be treated as the owner for tax purposes until the expiration or earlier termination of the term hereof,
subject to Landlord’s rights pursuant to Section 6.1.8 to require Tenant to remove the same at or prior to the expiration or earlier
termination of the term hereof. Tenant shall pay promptly when due the entire cost of any work to the Premises so that the Premises,
Building and Property shall at all times be free of liens for labor and materials, and, at Landlord’s request, Tenant shall furnish
to Landlord a bond or other security acceptable to Landlord assuring that any such work will be completed in accordance with the
plans and specifications theretofore approved by Landlord and assuring that the Premises will remain free of any mechanics’ lien
or other encumbrances that may arise out of such work. Prior to the commencement of any such work, and throughout and until completion
thereof, Tenant shall maintain, or cause to be maintained, such insurance with coverage limits as shall be reasonably required
by Landlord. Whenever and as often as any mechanic’s or materialmen’s lien shall have been filed against the Property based upon
any act of Tenant or of anyone claiming through Tenant, Tenant shall within three (3) days of notice from Landlord to Tenant take
such action by bonding, deposit or payment as will remove or satisfy the lien.

 

In the event that Landlord or any of its agents, employees or
contractors manage any installations, alterations or additions in, to or on the Premises at Tenant’s request, Tenant shall pay
to Landlord, promptly upon the completion of such work, an administrative fee (the “Administrative Fee”) in an
amount equal to ten percent (10%) of the entire cost of such work. Notwithstanding the foregoing, Tenant shall not be required
to pay the Administrative Fee for merely seeking Landlord’s consent to any such work although Tenant shall pay any third party
expenses related to Landlord’s consent.

 

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6.2.6 Signs. Tenant shall not paint
or place any signs or place any curtains,b linds, shades, awnings, aerials, or the like, visible from outside the Premises.
Landlord shall not unreasonably withhold consent for signs or lettering on or adjacent to the entry doors to the Premises
provided such signs conform to building standards adopted by Landlord and Tenant has submitted to Landlord a plan or sketch
of the sign to be placed on such entry doors. Landlord agrees, however, to maintain a tenant directory in the lobby of the
Building in which will be placed Tenant’s name and the location of the Premises in the Building.

 

6.2.7 Oil and Hazardous
Materials. Tenant shall not introduce on or transfer to the Premises or Property, any Hazardous Materials (as hereinafter
defined); nor dump, flush or otherwise dispose of any Hazardous Materials into the drainage, sewage or waste disposal systems
serving the Premises or Property; nor generate, store, use, release, spill or dispose of any Hazardous Materials in or on the
Premises or the Property, or to transfer any Hazardous Materials from the Premises to any other location; and Tenant shall
not commit or suffer to be committed in or on the Premises or Property any act which would require any reporting or filing of
any notice with any governmental agency pursuant to any statutes, laws, codes, ordinances, rules or regulations, present or
future, applicable to the Property or to Hazardous Materials.

 

Tenant agrees that if it shalt generate, store, release, spill,
dispose of or transfer to the Premises or Property any Hazardous Materials, it shall forthwith remove the same, at its sole cost
and expense, in the manner provided by all applicable Environmental Laws (as hereinafter defined), regardless of when such Hazardous
Materials shall be discovered. Furthermore, Tenant shall pay any fines, penalties or other assessments imposed by any governmental
agency with respect to any such Hazardous Materials and shall forthwith repair and restore any portion of the Premises or Property
which it shall disturb in so removing any such Hazardous Materials to the condition which existed prior to Tenant’s disturbance
thereof

 

Tenant agrees to deliver promptly to Landlord any notices, orders
or similar documents received from any governmental agency or official concerning any violation of any Environmental Laws or with
respect to any Hazardous Materials affecting the Premises or Property. In addition, Tenant shall, within ten (10) days of receipt,
accurately complete any questionnaires from Landlord or other informational requests relating to Tenant’s use of the Premises and,
in particular, to Tenant’s use, generation, storage and/or disposal of Hazardous Materials at, to, or from the Premises.

 

Tenant shall indemnify, defend (by counsel
satisfactory to Landlord), protect, and hold Landlord free and harmless from and against any and all claims, or threatened claims,
including without limitation, claims for death of or injury to any person or damage to any property, actions, administrative proceedings,
whether formal or informal, judgments, damages, punitive damages, liabilities, penalties, fines, costs, taxes, assessments, forfeitures,
losses, expenses, attorneys’ fees and expenses, consultant fees, and expert fees that arise from or are caused in whole or in
part, directly or indirectly, by (i) Tenant’s use, analysis, storage, transportation, disposal, release, threatened release, discharge
or generation of Hazardous Materials to, in, on, under, about or from the Premises, or (ii) Tenant’s failure to comply with any
Environmental Laws. Tenant’s obligations hereunder shall include, without limitation, and whether foreseeable or unforeseeable,
all costs (including, without limitation, capital, operating and maintenance costs) incurred in connection with any investigation
or monitoring of site conditions, repair, cleanup, containment, remedial, removal or restoration work, or detoxification or decontamination
of the Premises, and the preparation and implementation of any closure, remedial action or other required plans in connection
therewith. For purposes of this Section 6.2.7, any acts or omissions of Tenant, or its subtenants or assignees or its or their
employees, agents, or contractors (whether or not they are negligent, intentional, willful or unlawful) shall be attributable
to Tenant.

 

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The term “Hazardous Materials” shall mean and
include any oils, petroleum products, asbestos, radioactive, biological, medical or infectious wastes or materials, and any other
toxic or hazardous wastes, materials and substances which are defined, determined or identified as such in any Environmental Laws,
or in any judicial or administrative interpretation of Environmental Laws.

 

The term “Environmental Laws” shall mean any
and all federal, state and municipal statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, codes, plans,
injunctions, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions relating to the
environment or to emissions, discharges or releases of pollutants, contaminants, petroleum or petroleum products, medical, biological,
infectious, toxic or hazardous substances or wastes into the environment including, without limitation, ambient air, surface water,
ground water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of pollutants, contaminants, petroleum or petroleum products, medical, biological, infectious, toxic or hazardous substances
or wastes or the cleanup or other remediation thereof.

 

Article 7

Casualty or Taking

 

7.1 Termination. In the event
that the Premises or the Property, or any material part thereof shall be destroyed or damaged by lire or casualty, shall be
taken by any public authority or for any public use or shall be condemned by the action of any public authority, then the
term of this Lease may be terminated at the election of Landlord. Such election, which may be made notwithstanding the fact
that Landlord’s entire interest may have been divested, shall be made by the giving of notice by Landlord to Tenant within
one hundred twenty (120) days after the date of the taking or casualty.

 

7.2 Restoration. If Landlord
does not elect to so terminate, this Lease shall continue in force and (so long as the damage is not caused by the negligence
or other wrongful act of Tenant or its employees, agents, contractors or invitees) a just proportion of the Annual Fixed Rent
and Additional Rent for Taxes and Operating Costs, according to the nature and extent of the damages sustained by the
Premises, shall be suspended or abated until the Premises (excluding any improvements to the Premises made at Tenant’s
expense), or what may remain thereof, shall be put by Landlord in proper condition for use, which Landlord covenants to do
with reasonable diligence to the extent permitted by the net proceeds of insurance recovered or damages awarded for such
destruction, taking, or condemnation and subject to zoning and building laws or ordinances then in existence. “Net
proceeds of insurance recovered or damages awarded” refers to the gross amount of such insurance or damages actually
made available to Landlord (and not retained by any Superior Lessor or Superior Mortgagee) less the reasonable expenses of
Landlord incurred in connection with the collection of the same, including without limitation, fees and expenses for legal
and appraisal services.

 

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7.3 Award. Irrespective of
the form in which recovery may be had by law, all rights to seek reimbursement for damages or compensation arising from fire
or other casualty or any taking by eminent domain or condemnation shall belong to Landlord in all cases. Tenant hereby grants
to Landlord all of Tenant’s rights to such claims for damages and compensation and covenants to deliver such further
assignments thereof as Landlord may from time to time request. Nothing contained herein shall be construed to prevent Tenant
from prosecuting in any condemnation proceedings a claim for relocation expenses, provided that such action shall not affect
the amount of compensation otherwise recoverable by Landlord from the taking authority.

 

Article 8

Defaults

 

8.1 Default of
Tenant. (i) If Tenant shall default in its obligations to pay the Annual Fixed Rent or Additional Rent or any other
charges under this Lease when due or shall default in complying with its obligations under Section 6.1.11 of this Lease and
if any such default shall continue for five (5) days after notice from Landlord designating such default, or (ii) if as
promptly as possible but in any event within thirty (30) days after notice from Landlord to Tenant specifying any default or
defaults other than those set forth in clause (i) Tenant has not cured the default or defaults so specified, then, and in any
of such cases indicated in clauses (i) and (ii) hereof (collectively and individually, a “Default of
Tenant”), Landlord may, in addition to and not in derogation of any remedies for any preceding breach of covenant,
immediately or at any time thereafter give notice to Tenant terminating this Lease and the term hereof, which notice shall
specify the date of termination, whereupon on the date so specified, the term of this Lease and all of Tenant’s rights
and privileges under this Lease shall expire and terminate but Tenant shall remain liable as hereinafter provided.

 

8.2 Remedies. In the event of
any termination pursuant to Section 8.1, Tenant shall pay the Annual Fixed Rent, Additional Rent and other charges payable
hereunder up to the time of such termination. Thereafter, whether or not the Premises shall have been re-let, Tenant shall be
liable to Landlord for, and shall pay to Landlord the Annual Fixed Rent, Additional Rent and other charges which would be
payable hereunder for the remainder of the term of this Lease had such termination not occurred, less the net proceeds, if
any, of any reletting of the Premises, after deducting all expenses in connection with such reletting, including, without
limitation, all repossession costs, brokerage commissions, attorneys’ fees and expenses, advertising costs, administration
expenses, alteration costs, the value of any tenant inducements (including but without limitation free rent, moving costs,
and contributions toward leasehold improvements) and any other expenses incurred in preparation for such reletting. Tenant
shall pay such damages to Landlord monthly on the days on which the Annual Fixed Rent, Additional Rent or other charges would
have been payable hereunder if the term of this Lease had not been so terminated.

 

At any time after such termination, in lieu of recovering damages
pursuant to the provisions of the immediately preceding paragraph with respect to any period after the date of demand therefor,
at Landlord’s election, Tenant shall pay to Landlord the amount, if any, by which (A) the Annual Fixed Rent, Additional Rent and
other charges which would be payable hereunder from the date of such demand to the end of what would be the then unexpired term
of this Lease had such termination not occurred, shall exceed (B) the then fair rental value of the Premises for the same period,
reduced to amortize over such period all costs or expenses which Landlord would incur to obtain such fair market rent.

 

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Nothing contained in this Lease shall, however, limit or prejudice
the right of Landlord to prove for and obtain in proceedings for bankruptcy or insolvency by reason of the termination of this
Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings
in which, the damages are to be proved, whether or not the amount be greater than, equal to, or less than the amount of the loss
or damages referred to above.

 

In case of any Default of Tenant, re-entry, expiration and repossession
by summary proceedings or otherwise, Landlord may (i) relet the Premises or any part or parts thereof, either in the name of Landlord
or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise
have constituted the balance of the term of this Lease and may grant concessions or free rent to the extent that Landlord considers
advisable and necessary to relet the same and (ii) may make such alterations, repairs and decorations in the Premises as Landlord
in its sole judgment considers advisable and necessary for the purpose of reletting the Premises; and the making of such alterations,
repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord shall
in no event be liable in any way whatsoever for failure to relet the Premises, or, in the event that the Premises are relet, for
failure to collect the rent under such reletting.

 

To the fullest extent permitted by law, Tenant hereby expressly
waives any and all rights of redemption granted under any present or future laws in the event of Tenant being evicted or dispossessed,
or in the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the covenants
and conditions of this Lease.

 

TENANT EXPRESSLY WAIVES THE SERVICE OF ANY STATUTORY DEMAND
OR NOTICE WHICH IS A PREREQUISITE TO LANDLORD’S COMMENCEMENT OF EVICTION PROCEEDINGS AGAINST TENANT, INCLUDING THE DEMANDS AND
NOTICES SPECIFIED IN THE TEXAS PROPERTY CODE.

 

8.3 Other Remedies. In the
event of any Default of Tenant and at any time prior to Landlord’s election to terminate the
term of this Lease or Tenant’s right of possession, Landlord may change the locks of the Premises without Tenant’s consent,
whereupon Landlord shall post a notice on the door of the Premises informing Tenant where a new key may be obtained. Landlord
shall, however, be under no obligation to furnish Tenant with a new key for the Premises unless and until Tenant has cured
the Default of Tenant and Tenant waives any and all duties and/or liabilities imposed upon Landlord by Section 93.002 of the
Texas Property Code. In the event of any Default of Tenant at any time prior to Landlord’s election to terminate the term of
this Lease, Landlord may terminate Tenant’s right to possession of the Premises, enter upon and take possession of the
Premises and expel or remove Tenant and any other person who may be occupying any portion of the Premises, by force if
necessary, without being liable for prosecution or any claim for damages therefor, and without terminating this Lease. If
Tenant’s right to possession of the Premises is terminated, Tenant shall nonetheless remain liable (in addition to accrued
liabilities) for prompt payment of the Annual Fixed Rent and Additional Rent and all other charges Tenant would have been
required to pay until the date this Lease would have expired had such termination of Tenant’s right to possession of
the Premises not occurred less the avails of reletting, if any, or, at Landlord’s option, upon notice to Tenant, Landlord may
demand and Tenant shall become immediately liable to Landlord for the amount by which the Annual Fixed Rent and Additional
Rent that would be payable by Tenant during the unexpired balance of the term of this Lease exceeds the fair market value of
the Premises as of the time of the default by Tenant hereunder for such balance of the term of this Lease. Tenant shall also
pay within ten (10) days after notice, any amounts expended or incurred by Landlord for costs of reletting the Premises or
any portion thereof, including, but without limitation, all repossession costs, brokerage commissions, legal
expenses, attorneys’ fees, advertising, expenses of employees, alterations costs and the value of any tenant inducements
(including but without limitation free rent, moving costs and contributions toward leasehold improvements). Landlord shall
have the right, at its option, to recover sums due hereunder through litigation or otherwise from time to time on one or more
occasions without being obligated to wait until the expiration of the term of this Lease before filing suit. Notwithstanding
Landlord’s exercise of the remedy set forth in this Section 8.3, Landlord shall have the continuing right, at its option, to
terminate the term of this Lease in accordance with Section 8.1 and to recover any amounts provided in Section 8.2.

 

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8.4 Landlord’s Right to Cure
Defaults. At any time with or without notice, Landlord shall have the right, but shall not be required, to pay such sums
or do any act which requires the expenditure of monies which may be necessary or appropriate by reason of the failure or
neglect of Tenant to comply with any of its obligations under this Lease (irrespective of whether the same shall have ripened
into a Default of Tenant), and in the event of the exercise of such right by Landlord, Tenant agrees to pay to Landlord
forthwith upon demand, as Additional Rent, all such sums including reasonable attorneys fees, together with interest thereon
at a rate (the “Default Rate”) equal to the lesser of 6% over the Prime Rate or the maximum rate allowed by
law. “Prime Rate” shall mean a rate of interest, determined daily, which is two hundred basis points above
the 14-day moving average closing trading price of 90-day U.S. Treasury Bills.

 

8.5 Holding. Over. Any
holding over by Tenant of all or any portion of the Premises after the expiration or early termination of the term of this
Lease shall be treated as a daily tenancy at sufferance at a rental rate equal to one hundred and fifty percent (150%) of the
sum of Annual Fixed Rent plus Additional Rent on account of Operating Costs and Taxes in effect immediately prior to the
expiration or earlier termination of the term (prorated on a daily basis). Tenant shall also pay to Landlord all damages,
direct and/or consequential (foreseeable and unforeseeable), sustained by reason of any such holding over. Otherwise, all of
the covenants, agreements and obligations of Tenant applicable during the term of this Lease shall apply and be performed by
Tenant during such period of holding over as if such period were part of the term of this Lease.

 

8.6 Effect of Waivers of
Default. Any consent or permission by Landlord to any act or omission by Tenant shall not be deemed to be consent or
permission by Landlord to any other similar or dissimilar act or omission and any such consent or permission in one instance
shall not be deemed to be consent or permission in any other instance.

 

8.7 No
Waiver, Etc. The failure of Landlord or Tenant to seek redress for violation of, or to insist upon the strict performance
of, any covenant or condition of this Lease shall not be deemed a waiver of such violation nor prevent a subsequent act,
which would have originally constituted a violation, from having all the force and effect of an original violation. The
receipt by Landlord to the credit of Tenant, (c) subject to any counterclaim or setoff which theretofore accrued to Tenant
against Landlord, (d) bound by any modification of this Lease subsequent to such Superior Lease or Superior Mortgage, or by
any previous prepayment of Annual Fixed Rent or Additional Rent for more than one (1) month, which was not approved in
writing by the Successor Landlord, (e) liable to the Tenant beyond the Successor Landlord’s interest in the Property,
(f) responsible for the performance of any work to be done by Landlord under this Lease to render the Premises ready for
occupancy by the Tenant, or (g) required to remove any person occupying the Premises or any part thereof, except if such
person claims by, through or under the Successor Landlord. Tenant agrees at any time and from time to time to execute a
suitable instrument in confirmation of Tenant’s agreement to attorn, as aforesaid.

 

8.8 No Accord and
Satisfaction. No acceptance by Landlord of a lesser sum than the Annual Fixed Rent, Additional Rent or any other charge
then due shall be deemed to be other than on account of the earliest installment of such rent or charge due, nor shall any
endorsement or statement on any check or any letter accompanying any check or payment as rent or other charge be deemed an
accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the
balance of such installment or pursue any other remedy in this Lease provided.

 

    - 24 -

     

    

 

Article 9

Rights of Holders

 

This Lease, and all rights of Tenant hereunder, are and shall
be subject and subordinate to any ground or master lease, and to any and all mortgages, which may now or hereafter affect the Building
or the Property and/or any such lease. This Section shall be self-operative and no further instrument of subordination shall be
required. In confirmation of such subordination, Tenant shall promptly execute, acknowledge and deliver any instrument that Landlord,
the lessor under any such lease or the holder of any such mortgage or any of their respective successors in interest may reasonably
request to evidence such subordination. Any lease to which this Lease is subject and subordinate is herein called “Superior
Lease” and the lessor of a Superior Lease or its successor in interest, at the time referred to, is herein called “Superior
Lessor”; and any mortgage to which this Lease is subject and subordinate, is herein called “Superior Mortgage”
and the holder of a Superior Mortgage is herein called “Superior Mortgagee”. Notwithstanding the foregoing to
the contrary, any Superior Lessor or Superior Mortgagee may, at its option, subordinate the Superior Lease or Superior Mortgage
of which it is the lessor or holder to this Lease by giving Tenant ten (10) days prior written notice of such election, whereupon
this Lease shall, irrespective of dates of execution, delivery and recording, be superior to such Superior Lease or Superior Mortgage
and no other documentation shall be necessary to effect such change.

 

If any Superior Lessor or Superior Mortgagee or the nominee
or designee of any Superior Lessor or Superior Mortgagee shall succeed to the rights of Landlord under this Lease, whether through
possession or foreclosure action or delivery of a new lease or deed, or otherwise (except pursuant to the last sentence of the
preceding paragraph), then at the request of such party so succeeding to Landlord’s rights (herein called “Successor Landlord”)
and upon such Successor Landlord’s written agreement to accept Tenant’s attornment, Tenant shall attorn to and recognize such Successor
Landlord as Tenant’s landlord under this Lease and shall promptly execute and deliver any instrument that such Successor Landlord
may reasonably request to evidence such attornment. Upon such attornment, this Lease shall continue in full force and effect as
a direct lease between the Successor Landlord and Tenant upon all of the terms, conditions and covenants as are set forth in this
Lease, except that the Successor Landlord (unless formerly the landlord under this Lease) shall not be (a) liable in any way to
Tenant for any act or omission, neglect or default on the part of Landlord under this Lease, (b) responsible for any monies owing
by or on deposit with Premises) the
arrangement and/or location of entrances or passageways, doors and doorways, corridors, elevators, or other common areas of the
Building and Property.

 

    - 25 -

     

    

 

Article 10

Miscellaneous Provisions

 

10.1 Notices. Except as may be expressly provided herein
otherwise, all notices, requests, demands, consents, approval or other communications to or upon the respective parties hereto
shall be in writing, shall be delivered by hand or mailed by certified or registered mail, return receipt requested, or by a nationally
recognized courier service that provides a receipt for delivery such as Federal Express, United Parcel Service or U.S. Postal Service
Express Mail and shall be addressed as follows: If intended for Landlord, to the Original Address of Landlord set forth in Section
1.1 of this Lease with a copy to Reit Management & Research LLC, Two Newton Place, 255 Washington Street, Suite 300,
Newton, MA 02458, Attention: Jennifer B. Clark (or to such other address or addresses as may from time to time hereafter be designated
by Landlord by notice to Tenant); and if intended for Tenant, addressed to Tenant at the Original Address of Tenant set forth in
Section 1.1 of this Lease until the Commencement Date and thereafter to the Property (or to such other address or addresses as
may from time to time hereafter be designated by Tenant by notice to Landlord). Notices shall be effective on the date delivered
to (or the first date such delivery is attempted and refused by) the party to which such notice is required or permitted to be
given or made under this Lease. Notices from Landlord may be given by Landlord’s Agent, if any, or Landlord’s attorney; and any
bills or invoices for Annual Fixed Rent or Additional Rent may be given by mail(which need not be registered or certified) and,
if so given, shall be deemed given on the third Business Day following the date of posting.

 

10.2 Quiet Enjoyment; Landlord’s Right to Make Alterations,
Etc. Landlord agrees that upon Tenant’s paying the rent and performing and observing the agreements, conditions and other provisions
on its part to be performed and observed, Tenant shall and may peaceably and quietly have, hold and enjoy the Premises during the
term hereof without any manner of hindrance or molestation from Landlord or anyone claiming under Landlord, subject, however, to
the terms of this Lease; provided, however, Landlord reserves the right at any time and from time to time, without the same constituting
breach of Landlord’s covenant of quiet enjoyment or an actual or constructive eviction, and without Landlord incurring any liability
to Tenant or otherwise affecting Tenant’s obligations under this Lease, to make such changes, alterations, improvements, repairs
or replacements in or to the interior and exterior of the Building (including the Premises) and the fixtures and equipment thereof,
and in or to the Property, or properties adjacent thereto, as Landlord may deem necessary or desirable, and to change (provided
that there be no unreasonable obstruction of the right of access to the Premises by Tenant and that Landlord use commercially reasonable
efforts to minimize, to the extent practical, any interference with the conduct of business at the Landlord of rent with knowledge of the breach of any covenant of this Lease shall not be deemed to have been
a waiver of such breach by Landlord, or by Tenant, unless such waiver be in writing signed by the party to be charged. No consent
or waiver, express or implied, by Landlord or Tenant to or of any breach of any agreement or duty shall be construed as a waiver
or consent to or of any other breach of the same or any other agreement or duty.

 

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10.3 Waiver of Jury Trial. LANDLORD AND TENANT HEREBY
WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THEM AGAINST THE OTHER IN CONNECTION WITH THIS
LEASE.

 

10.4 Lease not to be Recorded; Confidentiality of Lease Terms.
Tenant agrees that it will not record this Lease. Both parties shall, upon the request of either (and at the expense of the requesting
party), execute and deliver a notice or short form of this Lease in such form, if any, as may be acceptable for recording with
the land records of the governmental entity responsible for keeping such records for Austin, Texas. In no event shall such document
set forth the rent or other charges payable by Tenant pursuant to this Lease; and any such document shall expressly state that
it is executed pursuant to the provisions contained in this Lease and is not intended to vary the terms and conditions of this
Lease.

 

Tenant shall not make or permit to be made any press release
or other similar public statement regarding this Lease without the prior approval of Landlord, which approval shall not be unreasonably
withheld.

 

10.5 Limitation of Landlord’s Liability. The term “Landlord”,
so far as covenants or obligations to be performed by Landlord are concerned, shall be limited to mean and include only the owner
or owners at the time in question of Landlord’s interest in the Property, and in the event of any transfer or transfers of such
title to said property, Landlord (and in case of any subsequent transfers or conveyances, the then grantor) shall be concurrently
freed and relieved from and after the date of such transfer or conveyance, without any further instrument or agreement, of all
liability with respect to the performance of any covenants or obligations on the part of Landlord contained in this Lease thereafter
to be performed, it being intended hereby that the covenants and obligations contained in this Lease on the part of Landlord, shall,
subject as aforesaid, be binding on Landlord, its successors and assigns, only during and in respect of their respective period
of ownership of such interest in the Property. Notwithstanding the foregoing, in no event shall the acquisition of Landlord’s interest
in the Property by a purchaser which, simultaneously therewith, leases Landlord’s entire interest in the Property back to Landlord,
be treated as an assumption by operation of law or otherwise, of Landlord’s obligations hereunder. Tenant shall look solely to
such seller-lessee, and its successors from time to time in title, for performance of Landlord’s obligations hereunder. The seller-lessee,
and its successors in title, shall be Landlord hereunder unless and until such purchaser expressly assumes in writing Landlord’s
obligations hereunder.

 

Tenant shall not assert nor seek to enforce any claim for breach
of this Lease against any of Landlord’s assets other than Landlord’s interest in the Property, and Tenant agrees to look solely
to such interest for the satisfaction of any liability or claim against Landlord under this Lease, it being specifically agreed
that in no event whatsoever shall Landlord ever be personally liable for any such liability. In addition, Landlord hereby notifies
Tenant that the Declaration of Trust of Hub Properties Trust provides, and Tenant agrees, that no trustee, officer, shareholder,
employee or agent of Hub Properties Trust shall be held to any personal liability, jointly or severally, for any obligation of,
or claim against, Hub Properties Trust.

 

    - 27 -

     

    

 

10.6 Landlord’s Default. Landlord shall not be deemed to be in breach of,
or in default in the performance of, any of its obligations under this Lease unless it shall fail to perform such obligation(s)
and such failure shall continue for a period of thirty (30) days, or such additional time as is reasonably required to correct
any such breach or default, after written notice has been given by Tenant to Landlord specifying the nature of Landlord’s alleged
breach or default. Tenant shall have no right to terminate this Lease for any breach or default by Landlord hereunder and no right,
for any such breach or default, to offset or counterclaim against any rent due hereunder. In addition, Tenant, to the fullest extent
permitted by law, hereby waives the provisions of Section 91.004 of the Texas Property Code or any similar statute. In no event
shall Landlord ever be liable to Tenant for any punitive damages or for any loss of business or any other indirect, special or
consequential damages suffered by Tenant from whatever cause.

 

Where provision is made in this Lease for Landlord’s consent
and Tenant shall request such consent and Landlord shall fail or refuse to give such consent, Tenant shall not be entitled to any
damages for any withholding by Landlord of its consent, it being intended that Tenant’s sole remedy shall be an action for specific
performance or injunction, and that such remedy shall be available only in those cases where Landlord is expressly required not
to withhold its consent unreasonably.

 

10.7 Brokerage. Tenant
warrants and represents that it has dealt with no broker in connection with the consummation of this Lease, other than HP’
and Transwestern, and in the event of any brokerage claims or liens, other than by HPI and/or Transwestern, against Landlord
or the Property predicated upon or arising out of prior dealings with Tenant, Tenant agrees to defend the same and indemnify
and hold Landlord harmless against any such claim, and to discharge any such lien.

 

10.8 Applicable Law and Construction.
This Lease shall be governed by and construed in accordance with the laws of the State of Texas and if any provisions of this Lease
shall to any extent be invalid, the remainder of this Lease shall not be affected thereby. Tenant expressly acknowledges and agrees
that Landlord has not made and is not making, and Tenant, in executing and delivering this Lease, is not relying upon, any warranties,
representations, promises or statements, except to the extent that the same are expressly set forth in this Lease or in any other
written agreement which may be made between the parties concurrently with the execution and delivery of this Lease and which shall
expressly refer to this Lease. All understandings and agreements heretofore made between the parties are merged in this Lease and
any other such written agreement(s) made concurrently herewith, which alone fully and completely express the agreement of the parties
and which are entered into after full investigation, neither party relying upon any statement or representation not embodied in
this Lease or any other such written agreement(s) made concurrently herewith. This Lease may be amended, and the provisions hereof
may be waived or modified, only by instruments in writing executed by Landlord and Tenant. The titles of the several Articles and
Sections contained herein are for convenience only and shall not be considered in construing this Lease. The submission of this
document for examination and negotiation does not constitute an offer to lease, or a reservation of, or option for, the Premises,
and Tenant shall have no right to the Premises hereunder until the execution and delivery hereof by both Landlord and Tenant. Except
as herein otherwise provided, the terms hereof shall be binding upon and shall inure to the benefit of the successors and assigns,
respectively, of Landlord and Tenant and, if Tenant shall be an individual, upon and to his heirs, executors, administrators, successors
and assigns. If two or more
persons or parties are named as Tenant herein, (i) each of such persons or parties shall be jointly and severally liable for the
obligations of the Tenant hereunder, and Landlord may proceed against any one without first having commenced proceedings against
any other of them, and (ii) any notices, requests, demands, consents, approvals or other communications delivered by Tenant under
this Lease which are not executed by each person or party named as Tenant herein may be deemed void, if Landlord shall so elect.
Each term and each provision of this Lease to be performed by Tenant shall be construed to be both an independent covenant and
a condition and time is of the essence with respect to the exercise of any of Tenant’s rights, and the performance of any and all
of Tenant’s obligations, under this Lease. The reference contained to successors and assigns of Tenant is not intended to constitute
a consent to assignment by Tenant. Except as otherwise set forth in this Lease, any obligations of Tenant (including, without limitation,
rental and other monetary obligations, repair and maintenance obligations and obligations to indemnify Landlord), shall survive
the expiration or earlier termination of this Lease.

 

    - 28 -

     

    

 

10.9 Waiver of Consumer Right Under DTPA. As a material
consideration for Landlord’s entering into this Lease, Tenant acknowledges and agrees as follows:

 

TENANT HEREBY WAIVES TENANT’S
RIGHTS UNDER THE DECEPTIVE TRADE PRACTICES-CONSUMER PROTECTION ACT, SECTION 17.41 ET SEQ., TEXAS BUSINESS AND COMMERCE CODE, A
LAW THAT GIVES CONSUMERS SPECIAL RIGHTS AND PROTECTIONS. AFTER CONSULTATION WITH AN ATTORNEY OF ITS OWN SELECTION, TENANT VOLUNTARILY
CONSENTS TO THIS WAIVER.

 

10.10 Waiver of Rights Under Section 93.012 of the Texas
Property Code. Landlord and Tenant are knowledgeable and experienced in commercial transactions and hereby agree that the provisions
of this Lease for determining charges, amounts, Additional Rent payable by Tenant (including, without limitation, payments under
Section 4.1 and 4.2 of this Lease) are commercially reasonable and valid even though such methods may not state a precise mathematical
formula for determining such charges. ACCORDINGLY, TENANT VOLUNTARILY AND KNOWINGLY WAIVES ALL RIGHTS AND BENEFITS OF TENANT UNDER
SECTION 93.012 OF THE TEXAS PROPERTY CODE AS SUCH SECTION NOW EXISTS OR MAY BE HEREAFTER AMENDED OR SUCCEEDED.

 

10.11 Waiver of Right to Contest
Taxes. Tenant hereby waives any right it may have under Section 41.413 of Texas Property Tax Code to protest the
appraised value of all or any portion of the Premises and the Property, and any right it may have under Section 42.015 of the
Texas Property Tax Code to appeal an order of the appraisal review board with respect to all or any portion of the Premises
and/or Property. Tenant agrees that Landlord shall have the sole right to protest any appraisals of the Premises and the
Property. Tenant also hereby waives any right it may have to receive a copy of any notice received by Landlord of reappraisal
of all or any portion of the Premises and/or the Property, including without limitation any notice required under Section
41.413(d) of the Texas Property Tax Code. Tenant agrees that Landlord shall not be liable to Tenant for any damages for
Landlord’s failure to send to Tenant a copy of any invoice of reappraisal concerning the Premises and/or the Property,
irrespective of any obligation under applicable law of Landlord to provide such notice. Notwithstanding the foregoing, if
Tenant protests, challenges or appeals any valuation for property tax purposes of all or any portion of the Premises and/or
the Property, and such valuation increases from the value protested, appealed or challenged, Tenant agrees to indemnify
Landlord on an after-tax basis for any property taxes due as a result of such increase.

 

    - 29 -

     

    

 

WITNESS the execution hereof under seal on the day and year
first above written.

 

	 	Landlord:
	 	 
	 	Hub
    Properties Trust
	 	 	 
	 	By:	/s/
    David M. Lepore
	 	 	David M. Lepore
	 	 	Senior Vice President
	 	 	 
	 	Tenant:
	 	 
	 	Phunware,
    Inc.
	 	 	 
	 	By:	/s/
    Alan Kane
	 	Name:	Alan Kane
	 	Title:	CFO

 

    - 30 -

     

    

 

EXHIBIT A

 

PLAN SHOWING THE PREMISES

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT A

Premises is
comprised of 3,646 RSF shown as Suite 210W and hatched.

 

 

    A-2

     

    

 

EXHIBIT B

 

RULES AND REGULATIONS 

 

1. The sidewalks, entrances, passages, corridors, vestibules,
halls, elevators or stairways in or about the Building shall not be obstructed by Tenant.

 

2. Tenant shall not place objects against glass partitions,
doors or windows which would be unsightly from the Building corridor or from the exterior of the Building. No sign, advertisement,
notice or other lettering shall be exhibited, inscribed, painted or fixed by Tenant on any window or part of the outside or inside
of the Buildings without prior consent of Landlord.

 

3. Tenant shall not place a load upon any floor of the Building
exceeding the lesser of the floor load which such floor was designed to carry or that allowed by law.

 

4. Tenant shall not waste electricity or water in the Building
and shall cooperate fully with Landlord to assure the most effective operation of the Building HVAC system. All regulating and
adjusting of HVAC equipment shall be done by Landlord’s agents or employees.

 

5. No additional or different locks or bolts shall be affixed
on doors by Tenant. Tenant shall return all keys to Landlord upon termination of Tenant’s lease. Tenant shall not allow peddlers,
solicitors or beggars in the Building and shall report such persons to Landlord.

 

6. Tenant shall not use the Premises so as to cause any increase
above normal insurance premiums on the Building.

 

7. No bicycles, vehicles or animals of any kind shall be brought
into or kept in or about the Premises provided that Landlord shall provide bicycle racks on the Property for the non-exclusive
use by Tenant. No space in the Building shall be used for manufacturing or for the sale of merchandise of any kind at auction or
for storage thereof preliminary to such sale.

 

8. Tenant shall not engage or pay any employees of the Building
without approval from Landlord. Tenant shall not employ any persons other than the janitor or employees of Landlord for the purpose
of cleaning Premises without the prior written consent of Landlord.

 

9. All removals from the Building or the carrying in or out
of the Building or the Premises of any freight, furniture or bulky matter of any description must take place at such time and in
such manner as Landlord may determine from time to time. Landlord reserves the right to inspect all freight to be brought into
the Building and to exclude from the Building all freight which violates any of the rules and regulations or provisions of Tenant’s
lease.

 

10. Normal Building Operating Hours are 7:00 a.m. to 6:00 p.m.
Mondays through Fridays and 9:00 a.m. to 1:00 p.m. on Saturdays excluding New Years Day, Memorial Day, Independence Day, Labor
Day, Thanksgiving Day, Christmas Day (and the applicable weekday when any such day occurs on a weekend day) and all other federal,
state, county or municipal holidays and all Sundays. Any day (other than a Saturday) on which Normal Building Operating Hours shall
occur shall be a “Business Day”.

 

     

     

    

 

11. Tenant shall cooperate with Landlord in minimizing loss
and risk thereof from fire and associated perils.

 

12. Tenant shall, at Tenant’s expense, provide artificial light
and electric current for Landlord and/or its contractors, agents and employees during the making of repairs, alterations, additions
or improvements in or to the demised premises.

 

13. The water and wash closets and other plumbing fixtures shall
not be used for any purposes other than those for which they were designed and constructed and no sweepings, rubbish, rags, acid
or like substance shall be deposited therein. All damages resulting from any misuse of the fixtures shall be borne by Tenant.

 

14. Tenant may request HVAC service outside of Normal Building
Operating Hours by submitting a request in writing to the Building Manager’s office by noon of the preceding workday.

 

15. Landlord reserves the right to establish, modify and enforce
parking rules and regulations.

 

16. All refuse from the Premises shall be disposed of in accordance
with the requirements established therefor by Landlord and no dumpster shall be overloaded by Tenant.

 

17. Landlord reserves the right at any time to rescind, alter
or waive any rule or regulation at any time prescribed for the Building and to impose additional rules and regulations when in
its judgment Landlord deems it necessary, desirable or proper for its best interest and for the best interest of tenants and other
occupants and invitees thereof. No alteration or waiver of any rule or regulation in favor of one tenant shall operate as an alteration
or waiver in favor of any other tenant. Landlord shall not be responsible to any tenant for the non-observance or violation by
any other tenant however resulting of any rules or regulations at any time prescribed for the Building.

 

    	 	B-2	 

     

    

 

FIRST
AMENDMENT TO LEASE

 

This
First Amendment to Lease (this “Amendment”) is entered into as of September 6, 2012 by and between Hub Properties
Trust, a Maryland real estate investment trust (“Landlord”), and Phunware, Inc., a Delaware corporation (“Tenant”).

 

W
I T N E S S E T H:

 

WHEREAS,
Landlord and Tenant entered into that certain Lease dated November 1, 2011 for certain premises (sometimes referred to herein
as the “Original Premises”) in the building located at 7800 Shoal Creek Boulevard, Austin, Texas, as more particularly
described in the Lease; and

 

WHEREAS,
Landlord and Tenant desire to amend the Lease to expand the premises leased to Tenant and to extend the term of the Lease, subject
to and upon the terms and conditions hereinafter provided;

 

NOW,
THEREFORE, in consideration of the foregoing and for other consideration, the receipt and sufficiency of which are hereby acknowledged,
Landlord and Tenant agree as follows:

 

1. Capitalized
terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Lease.

 

2. The
term of the Lease is hereby extended for a period of two (2) years and shall expire on December 31, 2015.

 

3. For
the portion of the term of the Lease commencing on the Expansion Date, as hereinafter defined, the Premises shall be expanded
to include Suite 220A-W (the “Expansion Premises”) consisting of 2,104 rentable square feet as shown on Exhibit
A-1 attached hereto. Accordingly, for the portion of the term of the Lease commencing on the Expansion Date Section 1.1 of the
Lease shall be amended to provide (i) that the Premises shall consist of Suites 210W and 220A-W, (ii) the Premises Rentable Area
shall be 5,750 square feet and (iii) Tenant’s Percentage shall be three and seventy-seven hundredths percent (3.77%).

 

4. The
“Expansion Date” shall be the earlier of (i) the date on which Landlord delivers the Expansion Premises to Tenant
with Landlord’s Expansion Work (hereinafter defined) substantially complete, or (ii) the date on which any of Tenant’s personnel
occupy all or any of part of the Expansion Premises for the conduct of Tenant’s business. The parties shall confirm the Expansion
Date in a written memorandum in the form attached hereto as Exhibit C after the occurrence of the Expansion Date, but the failure
of Landlord or Tenant to execute or deliver such memorandum shall not affect such date.

 

     

     

    

 

5. For
the portion of the term of the Lease commencing on the Expansion Date, Section 1.1 of the Lease shall be amended to provide that
Tenant shall pay Annual Fixed Rent in accordance with the following schedule:

 

	Dates	 	Annual Fixed Rent	 	 	Monthly Installments	 
	 	 	 	 	 	 	 
	Expansion Date - 10/31/12	 	$	57,500.00	 	 	$	4,791.67	 
	11/1/12 - 10/31/13	 	$	60,375.00	 	 	$	5,031.25	 
	11/1/13 - 10/31/14	 	$	63,250.00	 	 	$	5,270.83	 
	11/1/14 - 10/31/15	 	$	66,125.00	 	 	$	5,510.42	 
	11/1/15 - 12/31/15	 	$	69,000.00	 	 	$	5,750.00	 

 

6. Tenant
acknowledges that it currently occupies the Original Premises and has been given adequate opportunity to inspect the Expansion
Premises and Tenant accepts the same in their “as is” condition as of the date of this Amendment. Landlord shall have
no obligation to make any improvements or alterations to the Original Premises or the Expansion Premises in connection with this
Amendment except as set forth herein.

 

Landlord
shall complete the improvements (“Landlord’s Expansion Work”) shown on the plans and specifications (the “Space
Plan”) attached to this Amendment as Exhibit A-2 (excluding any furniture, furnishings or other personal property depicted
thereon), using Building-standard materials and installations. Landlord’s Expansion Work shall be completed without material deviation
from the Space Plan, in a good and workmanlike manner, and in compliance with all laws, codes and regulations applicable thereto.
Landlord and Landlord’s contractor shall, in consultation with Tenant, develop a schedule for the completion of Landlord’s Expansion
Work and Landlord shall exercise all reasonable efforts to complete Landlord’s Expansion Work according to said schedule, subject,
however, to Tenant Delay and delays caused by Force Majeure. As used in this paragraph, “Tenant Delay” shall
be defined as any delay in the completion of Landlord’s Expansion Work caused, directly or indirectly, by (i) any request by Tenant
that Landlord delay in the commencement or completion of Landlord’s Expansion Work; (ii) any request by Tenant for any change
in any of Landlord’s Expansion Work after the date hereof; (iii) any interference with the performance of Landlord’s Expansion
Work by Tenant or its employees, agents or contractors; or (iv) any breach of Tenant’s obligations under the Lease by Tenant,
its employees, agents or contractors. “Force Majeure” shall be defined as any strike or other labor trouble,
fire, flood or other casualty, breakage, accident, repairs, unusually severe weather, governmental preemption of priorities or
other controls in connection with a national or other public emergency, governmental moratoria, or inaction of governmental authority
(or shortages of fuel, supplies or labor resulting therefrom), war, civil commotion, labor or transportation difficulties, inability
to obtain supplies, or any other cause, whether similar or dissimilar, beyond Landlord’s reasonable control.

 

Tenant
acknowledges that Landlord’s Expansion Work may be performed during Normal Building Operating Hours or during evenings
and/or weekends, as determined by Landlord in its sole discretion, and Tenant shall provide Landlord’s contractor with
access to the Premises during such times. Landlord shall direct its contractor to use all reasonable efforts to coordinate
such access and its activities within the Premises with Tenant and to use reasonable efforts to minimize any interference
with Tenant’s use of the Premises, provided that Landlord shall incur no liability to Tenant for any disruption
of Tenant’s business caused by the performance of Landlord’s Expansion Work including, without limitation, any
temporary suspension of services in connection therewith. Tenant agrees to cooperate with Landlord and Landlord’s
contractor and to follow all reasonable directions given by Landlord in connection with the performance of Landlord’s
Expansion Work. Without limiting the foregoing, Tenant agrees to remove Tenant’s furniture, equipment and other
personal property from the work area within the Premises promptly upon receiving a request to do so from Landlord’s
contractor. Tenant shall determine what measures are necessary to protect Tenant’s computers, equipment, furnishings
and other personal property in the Premises from Landlord’s Expansion Work, and Tenant shall be fully responsible for
taking such measures. Under no circumstance shall Landlord be liable for damage to any such property resulting from
Tenant’s failure to take such measures.

 

    	 	- 2 -	 

     

    

 

7. In
addition to Landlord’s Expansion Work, Landlord shall, at Tenant’s sole cost and expense, perform the work shown on Exhibit A-3
attached hereto (the “Additional Work”, and together with Landlord’s Expansion Work, “Landlord’s Amendment
Work”). The Additional Work shall be performed in the same manner and subject to the same terms and conditions as set
forth in paragraph 6 above with regards to Landlord’s Expansion Work.

 

Tenant
shall pay to Landlord (as Additional Rent) the full cost of the Additional Work within fifteen (15) days after delivery to Tenant
of a final accounting of the cost of the Additional Work. For purposes of this Section 7, “cost” shall be the
actual cost to Landlord of performing the Additional Work including, without limitation, all architectural and engineering fees
and expenses and all contractor charges for the cost of work and materials, profit, general conditions and overhead and supervision
and all filing fees and other permitting costs. In addition, to the extent that the substantial completion of Landlord’s Expansion
Work would have occurred but for the Additional Work, Tenant shall pay to Landlord (as Additional Rent) the amount of Annual Fixed
Rent, Additional Rent and other charges that would have been payable hereunder as if the Expansion Date had occurred.

 

Landlord
shall pay the entire cost of Landlord’s Expansion Work only and Tenant shall not be liable therefor, except that Tenant shall
pay upon demand therefor any increase in the cost of Landlord’s Amendment Work that is attributable to any act or omission of
Tenant, its employees, agents or contractors including, without limitation, changes made in Landlord’s Amendment Work at the request
of Tenant (which changes must first be approved by Landlord at its sole discretion).

 

Both
Landlord and Tenant shall appoint one individual as its “Construction Representative” who is authorized
to act on its behalf in connection with any matters arising pursuant to Sections 6 and 7 hereof. The Construction
Representative may be changed from time to time by notice hereunder from the then current Construction Representative to the
other party’s Construction Representative or by notice from Landlord or Tenant pursuant to Section 10.1. The initial
Construction Representatives shall be Tammy Counts (Landlord) and Hans Erickson or Alan Michael Kane (Tenant).
Notwithstanding Section 10.1, any notices or other communication under Sections 6 and 7 hereof may be made by letter or other
writing sent by U.S. mail, facsimile or email, provided the communication is made by one party’s Construction
Representative to the other party’s Construction Representative.

 

    	 	- 3 -	 

     

    

 

8.
For the portion of the term of the Lease commencing on the Expansion Date, Subsection 5.l.6(a) of the Lease shall be amended
by deleting therefrom “sixteen (16)” and inserting in its place “twenty-four (24)”.

 

9.
Concurrently with the execution of this Amendment, Tenant shall deposit with Landlord an additional security deposit in the
amount of $6,834.11, whereupon the definition of “Security Deposit” set forth in Section  1.1 of the Lease shall
be amended to be $18,477.00.

 

10. Reference
is hereby made to the letter agreement (“Letter Agreement”) by and between Landlord and Tenant dated July 18,
2012 with respect to Suite 202W of the Building. Notwithstanding anything contained in the Letter Agreement to the contrary, the
term of the Letter Agreement shall expire on the Expansion Date, unless sooner terminated pursuant to the terms thereof.

 

11. Tenant
warrants and represents that it has dealt with no broker in connection with the consummation of this Amendment, other than Transwestem
and HPI Corporate Services, and in the event of any brokerage claims or liens, other than by Transwestem and/or HPI Corporate
Services, against Landlord or the Property predicated upon or arising out of prior dealings with Tenant, Tenant agrees to defend
the same and indemnify and hold Landlord harmless against any such claim, and to discharge any such lien.

 

 12. As amended hereby, the Lease is hereby ratified and confirmed.

 

IN
WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the date above first written.

 

	 	LANDLORD:
	 	 	 
	 	Hub
    Properties Trust
	 	 	 
	 	By:	/s/
    David M. Lepore
	 	 	David
    M. Lepore
	 	 	Senior
    Vice President

 

	 	TENANT:
	 	 
	 	Phunware,
    Inc
	 	 	 
	 	By:	/s/
    Alan Kane
	 	 	Name:
    Alan Kane
	 	 	Title:
    CFO

 

    	 	- 4 -	 

     

    

 

Exhibit
C

 

DECLARATION
BY LANDLORD AND TENANT 

AS TO DATE OF DELIVERY AND ACCEPTANCE OF

 POSSESSION OF EXPANSION PREMISES

 

Attached
to and made a part of the Lease dated November 1, 2011, as amended by that certain First Amendment to Lease dated August_, 2012
(as so amended, the “Lease”), entered into by and between Hub Properties Trust, a Maryland real estate investment
trust, as Landlord, and Phunware, Inc., a Delaware corporation, as Tenant, covering space comprising approximately 5,750 square
feet as further described in the Lease in the building located at 7800 Shoal Creek Boulevard, Austin, Texas.

 

The
undersigned Landlord and Tenant hereby certify that (i) possession of the Expansion Premises (as defined in the Lease) was
delivered by Landlord to Tenant on                        ,      ;
(ii)Landlord’s Expansion Work (as defined in the Lease) and all other improvements to be constructed by Landlord in
accordance with the Lease have been satisfactorily completed by Landlord and accepted by Tenant; (iii) the Lease is in full
force and effect; (iv) the Expansion Date (as defined in the Lease) occurred on                         ,        ; and (iv) as of the
date hereof, there is no default of Landlord and Tenant claims no right to setoff against rents.

 

IN
WITNESS WHEREOF, the parties have caused this Declaration to be executed as a sealed instrument as of this        
day of                       ,             .

 

	 	LANDLORD:
	 	 	 
	 	HUB
    PROPERTIES TRUST
	 	 	 
	 	By:	 
	 	 	David
    M. Lepore
	 	 	Senior
    Vice President

  

	 	TENANT:
	 
	 	PHUNWARE, INC.
	 	 	 
	 	By:	/s/
    Alan Kane
	 	 	Name:
    Alan Kane
	 	 	Title:
      CFO
	 	 	Hereunto
    duly authorized

 

     

     

    

 

Exhibit
A-1

 

Expansion
Premises

 

 

 

     

     

    

 

ExhibitA-2

 

Space
Plan

 

 

 

	1.	Add
                                         (2) two new walls to create (2) two new offices.
	2.	Add
new door.
	3.	Add electrical and data drops for new offices.
	4.	Paint new walls to match existing.

 

     

     

    

 

Exhibit
A-3

 

Additional
Work

 

 

 

	1.	Add (2) two floor outlets.
	2.	Install new carpet in ’(2) ,two new offices.

 

     

     

    

 

 

SECOND
AMENDMENT TO LEASE

 

This
Second Amendment to Lease (this “Second Amendment”) is entered into as of July 3, 2013 by and between Hub Properties
Trust, a Maryland real estate investment trust (“Landlord”), and Phunware, Inc., a Delaware corporation (“Tenant”).

 

W
I T N E S S E T H:

 

WHEREAS,
Landlord and Tenant entered into that certain Lease dated November 1, 2011, as amended by that certain First Amendment to Lease
dated September 6, 2012 (as so amended, the “Lease”) for certain premises (sometimes referred to herein as the
“Existing Premises”) in the building located at 7800 Shoal Creek Boulevard, Austin, Texas, as more particularly
described in the Lease; and

 

WHEREAS,
the Lease is scheduled to expire on December 31, 2015; and

 

WHEREAS,
Landlord and Tenant desire to amend the Lease to extend the term thereof and to relocate and expand the premises demised thereby,
subject to and upon the terms and conditions hereinafter provided;

 

NOW,
THEREFORE, in consideration of the foregoing and for other consideration, the receipt and sufficiency of which are hereby acknowledged,
Landlord and Tenant agree that the tease is hereby amended as follows:

 

1.        Defined
Terms. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed,to such terms in the Lease.

 

2.        Term.
The term of the Lease is hereby extended and shall expire on the last day of the month which is seventy four (74) full calendar
months following the Second Expansion Date (as defined in Section 6(f) hereof).

 

3.        Relocation
Premises. Commencing on the Relocation Date (as defined in Section 6(f)):

 

(a)        The
Existing Premises shall be excluded from the Premises and the Premises demised under the Lease shall be those certain premises
(the “Relocation Premises”) consisting of Suite 230S containing approximately 6,556 rentable square feet and
Suite 240S containing approximately 1,489 rentable square feet, as shown on Exhibit A attached hereto.

 

(b)        The
definition of “Premises” set forth in Section 1.1 of the Lease is hereby amended to be the Relocation Premises;

 

(c)        The
definition of “Premises Rentable Area” set forth in Section 1.1 of the Lease is hereby amended to be 8,045 square feet;
and

 

(d)        The
definition of “Tenant’s Percentage” set forth in Section 1.1 of the Lease is hereby amended to be five and 30/100 percent
(5.30%).

 

     

     

    

 

4.        Second
Expansion Premises. Commencing on the Second Expansion Date:

 

(a)        The
Premises shall be expanded to include the Relocation Premises plus those certain premises (the “Second Expansion Premises”)
consisting of Suite 2425, containing approximately 1,988 rentable square feet, and Suite 243S, containing approximately 590 rentable
square. feet, as shown on Exhibit B attached hereto;

 

(b)        The
definition of “Premises” set forth in Section 1.1 of the Lease is hereby amended to be the Relocation Premises plus
the Second Expansion Premises;

 

(c)        The
definition of “Premises Rentable Area” set forth in Section 1.1 of the Lease is hereby amended to be 10,623 square feet;
and

 

(d)        The
definition of “Tenant’s Percentage” set forth in Section 1.1 of the Lease is hereby amended to be six and 99/100 percent
(6.99%).

 

5.        Annual
Fixed Rent.

 

(a)       
For the period commencing on the Relocation Date and ending on the day preceding the Second Expansion Date (Which period, as of
the date of this Second Amendment, is estimated to be, approximately three (3) months), Annual Fixed Rent shall be
payable in equal monthly installments of $7,374.58. If the Relocation Date is not the first day of a calendar month, Annual Fixed
Rent for the month in which the Relocation Date occurs shall be (i) $5,031.25 multiplied by a fraction, the numerator of Which
is the number of days from the first day of such month through the day preceding the Relocation Date (inclusive of both days)
and the denominator of which is the number of days in such month; plus (ii) $7,374.58 multiplied by a fraction, the numerator
of which is the number of days from the Relocation Date through the last day of such month (inclusive of both days) and the denominator
of which is the last day of such month. If the Second Expansion Date is not the first day of a calendar month, Annual Fixed Rent
for the month in which the Second Expansion Date occurs shall be determined as provided in (c) below.

 

(b)        For
the period commencing on the Second Expansion Date and ending on the last day of the month which is seventy four (74) full calendar
months following the Second Expansion Date, Annual Fixed Rent shall be payable in accordance with the following schedule:

 

	Months	 	Annual Fixed Rent	 	Monthly Installment
	 	 	(per annum)	 	 
	1	 	---	 	$5,270.83
	2	 	---	 	$9,737.75
	3-14	 	$122,164.50	 	$10,180.38
	15-26	 	$127,476.00	 	$10,623.00
	27-38	 	$132,787.50	 	$11,065.63
	39-50	 	$138,099.00	 	$11,508.25
	51-62	 	$143,410.50	 	$11,950.88
	63-74	 	$148,722.00	 	$12,393.50

 

    	 	-2-	 

     

    

 

(c)
       For the purpose of the timing of the adjustment of Annual Fixed Rent in the above
schedule, the first “Month” shall commence on the Second Expansion Date, except that, if the Second
Expansion Date is not the first day of a calendar month, the first Month shall commence on the first day of the calendar
month following the Second Expansion Date and Annual Fixed Rent for the month in which the Second Expansion Date occurs shall
be (i) $7,354.58 multiplied by a fraction, the numerator of which is the number of days from the first day of such month
through the day preceding the Second Expansion Date (inclusive of both days) and the denominator of which is the number of
days in such month; plus (ii) $9,737.75 multiplied by a fraction, the numerator of which is the number of days from the
Second Expansion Date through the last day of such month (inclusive of both days) and the denominator of which is the last
day of such month. In addition, Tenant acknowledges that the Annual Fixed Rent for Month 1  set forth in the
above schedule is partially abated in the amount of $4,466.92, and agrees that if a Default of Tenant shall occur at any time
prior to the Second Expansion Date, Tenant shall no longer be entitled to such abatement and, notwithstanding the foregoing
schedule, Annual Fixed Rent for Month 1 shall be $9,737.75.

 

6.        Condition
and Preparation of Relocation Premises and Second Expansion Premises.

 

(a)        Tenant
acknowledges that it has been given adequate opportunity to inspect the Relocation Premises and Second Expansion Premises and
Tenant accepts the same in their “as is” condition but with the Improvement Work (as hereinafter defined) substantially
complete, as hereinafter provided.

 

(b)        Landlord
shall make the initial improvements to the Relocation Premises as shown on the plan (the “Relocation Space Plan”)
attached hereto as Exhibit A-1, and the initial improvements to the Second Expansion Premises as shown and described on the plan
(the “Second Expansion Space Plan”) attached hereto as Exhibit B-1, excluding any furniture, furnishings or other
personal property shown or described thereon or any items of work designated as Tenant’s responsibility. Tenant shall be permitted
to select the finishes and colors for such initial improvements and Landlord’s approval shall not be required for any selections
from Landlord’s Building-standard samples. If Tenant shall select finishes or colors that are not Building-standard (“Non-Standard
Selections”), such Non-Standard Selections shall be subject to Landlord’s review and approval, which approval shall not
be unreasonably, withheld, conditioned or delayed, provided such Non-Standard Selections meet or exceed Landlord’s minimum standards
for the Building and the initial improvements incorporating such Non-Standard Selections are not visible from the common areas
of the Building or Property. Without limiting any provision of this Section 6, to the extent any Non-Standard Selections shall
cause the Improvement Work to exceed the Improvement Contribution (as such terms are hereinafter defined), Tenant shall comply
with the provisions of paragraph (e) below with respect to any excess cost. Tenant agrees to submit to Landlord Tenant’s selection
of all such finishes and colors within three (3) Business Days after Landlord’s request therefor and, in the event any Non-Standard
Selections shall not be approved, Tenant shall submit a replacement selection for each selection Landlord does not approve within
three (3) Business Days after Landlord’s notice of non-approval thereof. Landlord’s approval of any Non-Standard Selections shall
have no effect on any rights Landlord may have under Subsection 6.1.8 or any other provision of the Lease with respect to the
removal, upon the expiration or earlier termination of the term of the Lease of any alterations or improvements made
by or on behalf of Tenant unless such rights are expressly waived in writing by Landlord.

 

    	 	-3-	 

     

    

 

(c)        Landlord
shall cause its architect to prepare drawings and specifications (collectively, the “Improvement Plans”) for
the improvements to the Relocation Premises and the Second Expansion Premises, sufficient to enable Landlord’s contractor to construct
the improvements shown and described on the Relocation Space Plan with respect to the Relocation Premises and the Second Expansion
Space Plan with respect to the Second Expansion Premises. The Improvement Plans shall be delivered to Tenant for its approval,
which approval shall, be given unless there are errors or omissions in the Improvement Plans. Tenant shall have five (5) Business
Days after receipt thereof to review the Improvement Plans and to notify Landlord, in writing of any such errors or omissions
(which shall be limited to material inconsistencies with the Relocation Space Plan with respect to improvements to the Relocation
Premises or the Second Expansion Space Plan with respect to the Second Expansion Premises, and Tenant shall describe particularly
how each such inconsistency differs therefrom). If Tenant fails to give Landlord such notice within said period, the Improvement
Plans shall be deemed approved. In the event Tenant gives Landlord a timely notice of any such errors or omissions, Landlord shall
make the necessary corrections to the Improvement Plans and shall resubmit the Improvement Plans to Tenant for Tenant’s approval
(in which case Tenant shall have three (3) Business Days to review the corrected Improvement Plans and to notify Landlord of any
errors or omissions as aforesaid, and if Tenant fails to so notify Landlord, such resubmission shall be deemed approved) and this
process shall continue until final Improvement Plans are approved by Landlord and Tenant with respect to the Relocation Premises
and the Second Expansion Premises.

 

(d)        Following
approval of the Improvement Plans by Landlord and Tenant, Landlord shall perform the work shown on the Improvement Plans with
respect to the Relocation Premises and, subsequently, with respect to the Second Expansion Premises (collectively, the “Improvement
Work”) in a good and workmanlike manner, in compliance with applicable laws and codes, and in accordance with construction
schedules reasonably established by Landlord, using Building standard materials and installations, except as expressly provided
otherwise in the Improvement Plans. Tenant agrees that Landlord may make any changes in the Improvement Work from that shown on
the Improvement Plans, the necessity or desirability of which becomes apparent following approval of the Improvement Plans, upon
prior written notice to Tenant for non-substantial changes and with the approval of Tenant (which approval shall not be unreasonably
withheld, conditioned or delayed) for substantial changes. Landlord shall use reasonable efforts to complete the Improvement Work
with respect to the Relocation Premises by August 1, 2013 and the Improvement Work with respect to the Second Expansion Premises
by November 1, 2013, but Tenant shall have no claim against Landlord for failure so to complete the Improvement Work by any particular
date.

 

(e)
       Landlord shall provide Tenant with an allowance (the “Improvement Contribution”) of up to One Hundred Forty
Eight Thousand Seven Hundred Twenty Two and 00/100 Dollars ($148,722.00) for the performance of the Improvement Work, and
Tenant shall not be liable for any cost of the Improvement Work to the extent that the cost thereof is less than or equal to
the Improvement Contribution. To the extent that the cost of the Improvement Work exceeds the Improvement Contribution,
Tenant shall pay the entire excess within ten (10) days after delivery to Tenant of a final accounting of the cost of the
Improvement Work. For purposes of this subsection (b), “cost” shall be the actual cost to Landlord of performing
the Improvement Work including, without limitation, all architectural and engineering fees and expenses (including, without
limitation, the cost of preparing and revising the Improvement Plans), all contractor charges for the cost of work and
materials, profit, general conditions and overhead and supervision, and all filing fees and other permitting costs. Tenant
shall, if requested by Landlord, execute an agreement (the “Excess Cost Agreement”) confirming Landlord’s
estimate of such excess costs, and Tenant’s obligation therefor, prior to the time Landlord shall be required to commence the
Improvement Work.

 

    	 	-4-	 

     

    

  

(f)
       The “Relocation Date” shall be the first day as of which the Improvement
Work with respect to the Relocation Premises has been completed except for items of work (and, if applicable, adjustment of equipment
and fixtures) which can be completed after occupancy, of the Relocation Premises has been taken without causing undue interference
with Tenant’s use thereof (i.e. so-called punch list items). Landlord shall complete as soon as conditions permit all punch
list items and Tenant shall afford Landlord access to the Relocation Premises for such purposes. The “Second Expansion
Date” shall be the first day as of which the Improvement Work with respect to the Second Expansion Premises has been
completed except for such so-called punch list items which can be completed after occupancy of the Second Expansion Premises has
been taken without causing undue interference with Tenant’s use thereof. Landlord shall complete as soon as conditions permit
all punch list items and Tenant shall afford Landlord access to the Second Expansion Premises for such purposes.

 

(g)        Tenant
acknowledges that, following the Relocation Date, portions of the Improvement. Work with respect to the Second Expansion Premises
may be performed in the Relocation Premises during Normal Building Operating Hours or evenings and/or weekends, as determined
by Landlord in its sole discretion, and Tenant shall provide Landlord’s contractor with access to the Relocation Premises during
such times. Landlord shall direct its contractor to use all reasonable efforts to coordinate such access and its activities within
the Relocation Premises with Tenant and to use reasonable efforts to minimize any interference with Tenant’s use of the Relocation
Premises, provided that Landlord shall incur no liability to Tenant for any disruption of Tenant’s business caused by the performance
of such Improvement Work including, without limitation, any temporary suspension of services in connection therewith. Tenant agrees
to cooperate with Landlord and Landlord’s contractor and to follow all reasonable directions given by either of them in connection
with the performance of such Improvement Work. Without limiting the foregoing, Tenant agrees to remove Tenant’s fixtures, equipment
and other personal property from the work area(s) within the Relocation Premises promptly upon receiving a request to do so from
Landlord’s contractor. Tenant shall determine what measures are necessary to protect Tenant’s computers, equipment, furnishings
and other personal property in the Relocation Premises from dust and other hazards caused by such Improvement Work, and Tenant
shall be fully, responsible for taking such measures and any cost incurred in connection therewith.

 

(h)        Both
Landlord and Tenant shall appoint one individual as its “Construction Representative” who is authorized to act
on its behalf in connection with any matters arising pursuant to this Section 6. The Construction Representative may be changed
from time to time by notice hereunder from the then current Construction Representative to the other party’s Construction Representative
or by notice from Landlord or Tenant pursuant to Section 10.1. The initial Construction Representatives shall be Jason
Wyatt (Landlord) and Scott Kenyon (Tenant). Notwithstanding Section 10.1, any notices or other communication under this Section
6 may be made by letter or other writing sent by U.S. mail, facsimile or email, provided the communication is made by one party’s
Construction Representative to the other party’s Construction Representative.

 

    	 	-5-	 

     

    

 

7.        Surrender
of Existing Premises. Tenant shall deliver possession of the Existing Premises to Landlord on or before the date which
is three Business Days following the Relocation Date (the “Move-Out Period”), in the condition required in
Subsection 6.1.8 of the Lease as if the term of the Lease had expired with respect to the Existing Premises. Without limiting
the foregoing, Tenant, at Tenant’s sole cost and expense, shall remove all of Tenant’s furniture, fixtures,
equipment and all other personal property from the Existing Premises on or before the expiration of the Move-Out Period. All
of the provisions of the Lease shall apply to the Existing Premises as if the Existing Premises were still the Premises
demised under the Lease during such Move-Out Period except there shall be no obligation to pay Annual Fixed Rent or
Additional Rent on account of Taxes or Operating costs during such Move-Out Period. Any failure by Tenant to deliver
possession of the Existing Premises to Landlord in the condition required in Subsection 6.1.8 on or before the expiration of
the Move-Out Period shall be treated as a holding over in the Existing Premises as if the Existing Premises were still the
Premises demised under the Lease and, in addition to all other amounts payable under the Lease, Tenant shall pay to Landlord
Four Hundred Forty Four and 96/100 Dollars ($444.96) per day for each day in the period commencing on the day following the
expiration of the Move-Out Period and ending on the date Tenant shall deliver possession of the Existing Premises to Landlord
in the condition required in said Subsection 6.1.8 (inclusive of both days). Tenant shall also pay to Landlord all damages,
direct and/or consequential (foreseeable and, unforeseeable), sustained by reason of any such holding over following the
expiration of the Move-Out Period. Otherwise, all of the covenants, agreements and obligations of Tenant under the Lease
shall apply and be performed by Tenant during such period of holding over as if the Existing Premises were still the Premises
and the Lease were still in effect with respect thereto.

 

8.        Heat
and Air-Conditioning. Subsection 5.1.1 of the Lease is hereby amended to provide that, as of the date of this, Second Amendment,
the charges for HVAC outside of the Normal Building Operating Hours are $5.00 per unit per hour with a $20.00 minimum charge per
request. Such charges may be changed by Landlord from time to time, as provided in said Subsection 5.1.1.

 

9.        Parking.
Commencing on the Relocation Date and continuing through the day preceding the Second Expansion Date, Subsection 5.1.6(a) of the
Lease is hereby amended to provide that Tenant shall have the right to use up to thirty-five (35) uncovered, unreserved parking
spaces in the Parking Facility; and commencing on the Second Expansion Date, said Subsection 5.1.6(a) is hereby amended to provide
that. Tenant shall have the right to use up to forty-six (46) such uncovered, unreserved parking spaces in the Parking Facility.
All such parking spaces shall be made available to Tenant without additional charge and the use of such parking spaces shall be
subject to the provisions of Subsection 5.1.6 and all other applicable provisions of the Lease.

 

    	 	-6-	 

     

    

 

10.        Security
Deposit. Concurrently with the execution of this Amendment, Tenant shall deposit with Landlord an additional $15,746.76, whereupon
the definition of “Security Deposit” set forth in Section 1.1 of the Lease shall be amended to be “$34,223.76”.
Notwithstanding the provisions of Section 4.7 or any other applicable provision of the Lease to the contrary, if at the time
of request by Tenant at least twenty (24) months shall have then elapsed in the term of the Lease since the Second Expansion Date
and Tenant shall have fully and timely performed all of its obligations under the Lease, then at Tenant’s request, the definition
of “Security Deposit” in Section 1.1 Of the Lease shall be amended to be “$18,477.00”, and Landlord’ shall
promptly refund $15,746.76 to Tenant.

 

11.        Notices.
Sections 1.1 and 10.1 are hereby amended to, provide that the address for notices to Landlord and Tenant shall be as follows:

 

	 	If
    to Landlord:	Hub
    Properties Trust
	 	 	c/o
    Reit Management & Research LLC 

    800 West 34th Street, Suite 220
	 	 	Austin,
    TX 78705
	 	 	Attn:
    Vice President, Central Region

 

	 	with
    a copy to:	Reit
    Management & Research LLC

    Two Newton Place

    255 Washington Street, Suite 300

    Newton, MA 02458 

    Attention: Jennifer B. Clark

 

or
such other address or addresses as may from time to time hereafter be designated by Landlord by notice to Tenant; and, commencing
on the Relocation Date,

 

	 	If
    to Tenant:	Phunware,
    Inc.
	 	 	7800
    Shoal Creek Boulevard, Suite 230S

    Austin, TX 78757
	 	 	Attention:
    Scott Kenyon

 

or
such other address or addresses as may from time to time hereafter be designated by Tenant by notice to Landlord.

 

12.        Limitation
on Liability. In addition to all other limitations contained in the Lease, as amended hereby, Landlord hereby notifies Tenant
that the Declaration of Trust of Hub Properties Trust provides, and Tenant agrees; that no shareholder, trustee, officer, employee
or agent of Landlord shall be held to any liability for any debt, claim, demand, judgment, decree, liability or obligation of
any kind (in tort, contract or otherwise) of, against or with respect to Landlord or arising out of any action taken or omitted
for or on behalf of Landlord.

 

13.        Brokerage.
Tenant warrants and represents that it has dealt with no broker in connection with the consummation of this Second Amendment,
other than Transwestern and HPI Corporate Services, and in the event of any brokerage claims or liens, other than by Transwestern
and/or HPI Corporate Services, against Landlord or the Property predicated upon or arising out of prior dealings with Tenant,
Tenant agrees to defend the same and indemnify and hold Landlord harmless against any such claim, and to discharge any such lien.

 

14.        As
amended hereby, the Lease is hereby ratified and confirmed.

 

    	 	-7-	 

     

    

 

IN
WITNESS WHEREOF, Landlord and Tenant have executed this Second Amendment as of the date above first written.

 

	 	LANDLORD:
    
	 	 	 
	 	Hub
    Properties Trust
	 	 	 
	 	By:	/s/
    David M. Lepore
	 	 	David
    M. Lepore
	 	 	Senior
    Vice President

 

	 	TENANT:
	 	 	 	 
	 	Phunware,
    Inc.
	 	 	 	 
	 	By:	/s/
    Alan Michael Kane
	 	 	Name: 	Alan
    Michael Kane
	 	 	Title:	CFO

 

    	 	-8-	 

     

    

 

Exhibit
A 

 

Relocation
Premises

 

Suites
230-S & 240-S

 

 

 

     

     

    

 

Exhibit A-1

 

Relocation Space Plan

 

 

 

     

     

    

 

Exhibit B

 

Second Expansion Premises

 

Suites 243-S & 242-S

 

 

     

     

    

 

Exhibit B-1

 

Second Expansion Space Plan

 

 

     

     

    

 

Exhibit
C

 

Declaration
by Landlord and Tenant

as to Date of Delivery and Acceptance of

Possession of Relocation Premises 

 

Attached
to and made a part of that certain Second Amendment to Lease dated July __ 2013 (the “Second Amendment”), amending
that certain Lease dated November 1, 2011, as amended by that certain First Amendment to Lease dated September 6, 2012 (the Lease
as so amended by the First Amendment to Lease and the Second Amendment to Lease is hereinafter referred to as the “Lease”),
entered into by and between Hub Properties Trust, a Maryland real estate investment trust, as “Landlord”, and
Phunware, Inc., a Delaware corporation, as “Tenant”, with respect to those certain premises comprised of the
Relocation Premises (as defined in the Second Amendment), containing approximately 8,045 rentable square feet, as further described
in the Second Amendment, in the building located at 7800 Shoal Creek Boulevard, Austin, Texas.

 

The
undersigned Landlord and Tenant hereby certify that (i) possession of the Relocation Premises was delivered by Landlord to Tenant
on _________ ___, 20__; (ii) the Improvement Work (as defined in the Second Amendment) with respect to the Relocation Premises
and all other improvements to be constructed therein by Landlord in accordance with the Second Amendment have been satisfactorily
completed by Landlord and accepted by Tenant; (iii) the Lease is in full force and effect; (iv) the Relocation Date (as defined
in the Second Amendment) occurred on _________ ___, 20__; and (v) as of the date hereof, there is no default of Landlord under
the Lease and Tenant claims no right to setoff against rents.

 

IN
WITNESS WHEREOF, the parties have caused this Declaration to be executed, as a sealed instrument as of this ___day of
_________, 20__.

 

	 	LANDLORD:
    
	 	 	 
	 	Hub
    Properties Trust
	 	 	 
	 	By: 	 
	 	 	David
    M. Lepore
	 	 	Senior
    Vice President

 

	 	TENANT:
	 	 	 	 
	 	Phunware,
    Inc.
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 

 

     

     

    

 

Exhibit
D

 

Declaration
by Landlord and Tenant

as to Date of Delivery and Acceptance of

Possession of Second Expansion Premises

 

Attached
to and made a part of that certain Second Amendment, to Lease dated July ___ 2013 (the “Second Amendment”), amending
that certain Lease dated November 1, 2011, as amended by that certain First Amendment to Lease dated September 6, 2012 (the Lease
as so amended by the First Amendment to Lease and the Second Amendment, to Lease is hereinafter referred to as the “Lease”),
entered into by and between Hub Properties Trust, a Maryland real estate investment trust, as “Landlord”, and
Phunware, Inc., a Delaware corporation, as “Tenant”, with respect to those certain premises comprised of the
Relocation Premises and the Second Expansion Premises (as those terms are defined in the Second Amendment), containing approximately
10,623 rentable, square feet, as further described in the Second Amendment, in the building located at 7800 Shoal Creek Boulevard,
Austin, Texas.

 

The
undersigned Landlord and Tenant hereby certify that (i) possession of the Second Expansion Premises (as defined in the Second
Amendment) was delivered by Landlord to Tenant on, ______________ ___, 20__; (ii) the Improvement Work (as defined in the Second
Amendment) and all other improvements to be constructed by Landlord in accordance with the Second Amendment have been satisfactorily
completed by Landlord and accepted by Tenant; (iii) the Lease Is in full force and effect; (iv) the Second Expansion Date (as
defined in the Second Amendment) occurred on _____________ __, 20__ and the term of the Lease shall expire on _________ ___, 20__;
and (v) as of the date hereof, there is no default of Landlord under the Lease and Tenant claims no right to setoff against rents.

 

IN
WITNESS WHEREOF, the parties have caused this Declaration to be executed as a sealed instrument as of this _____day of______________,
20__.

 

	 	LANDLORD:
    
	 	 	 
	 	Hub
    Properties Trust
	 	 	 
	 	By:	 
	 	 	David
    M. Lepore
	 	 	Senior
    Vice President

 

	 	TENANT:
	 	 	 	 
	 	Phunware,
    Inc.
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:

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