Document:

Exhibit 10.1

 

PHUNWARE, INC.

2018 EQUITY
INCENTIVE PLAN

STOCK OPTION
AGREEMENT

 

Unless otherwise defined
herein, the terms defined in the Phunware, Inc. 2018 Equity Incentive Plan (the “Plan”) will have the same defined
meanings in this Stock Option Agreement, which includes the Notice of Stock Option Grant (the “Notice of Grant”),
the Terms and Conditions of Stock Option Grant attached hereto as Exhibit A, the Exercise Notice attached hereto as Exhibit
B, and all other exhibits and appendices attached hereto (all together, the “Option Agreement”).

 

NOTICE OF STOCK
OPTION GRANT

 

Participant: 

 

Address: 

 

The undersigned Participant
has been granted an Option to purchase Common Stock of Phunware, Inc. (the “Company”), subject to the terms and conditions
of the Plan and this Option Agreement, as follows:

 

	Grant Number:	 	 
	 	 	 
	Date of Grant:	 	 
	 	 	 
	Vesting Commencement Date:	 	 
	 	 	 
	Number of Shares Granted:	 	 
	 	 	 
	Exercise Price per Share (in U.S. Dollars):	$_________________________________	 
	 	 	 
	Total Exercise Price(in U.S. Dollars):	$_________________________________	 
	 	 	 
	Type of Option:	___ Incentive Stock Option	 
	 	 	 
	 	___ Nonstatutory Stock Option	 
	 	 	 
	Term/Expiration Date:	 	 

 

Vesting Schedule:

 

Subject to accelerated
vesting as set forth below or in the Plan, this Option will be exercisable, in whole or in part, in accordance with the following
schedule:

 

[Twenty-five percent
(25%) of the Shares subject to the Option shall vest on the one (1) year anniversary of the Vesting Commencement Date, and one
forty-eighth (1/48th) of the Shares subject to the Option shall vest each month thereafter on the same day of the month
as the Vesting Commencement Date (and if there is no corresponding day, on the last day of the month), subject to Participant
continuing to be a Service Provider through each such date.]

 

     

     

    

 

Termination Period:

 

This Option will 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 will 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 14 of the Plan.

 

By Participant’s
signature and the signature of the representative of the Company below, Participant and the Company agree that this Option
is granted under and governed by the terms and conditions of the Plan and this Option Agreement, including the Terms and Conditions
of Stock Option Grant, attached hereto as Exhibit A, all of which are made a part of this document. Participant acknowledges
receipt of a copy of the Plan. Participant has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing this Option Agreement, and fully understands all provisions of the Plan and
this Option Agreement. Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations
of the Administrator upon any questions relating to the Plan and the Option Agreement. Participant further agrees to notify the
Company upon any change in the residence address indicated below.

 

	PARTICIPANT	 	PHUNWARE, INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title

 

	Address:	 
	 	 
	 	 
	 	 
	 	 

 

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EXHIBIT A

 

TERMS AND CONDITIONS
OF STOCK OPTION GRANT

 

1. Grant of Option.

 

(a) The Company hereby
grants to the individual (“Participant”) named in the Notice of Stock Option Grant of this Option Agreement (the “Notice
of Grant”) an option (the “Option”) to purchase the number of Shares set forth in the Notice of Grant, at the
exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), subject to all of the terms and
conditions in this Option Agreement and the Plan, which is incorporated herein by this reference. Subject to Section 19(c) of
the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option
Agreement, the terms and conditions of the Plan will prevail.

 

(b) For U.S. taxpayers,
the Option will be designated as either an Incentive Stock Option (“ISO”) or a Nonstatutory Stock Option (“NSO”).
If designated in the Notice of Grant as an ISO, this Option is intended to qualify as an ISO under Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”). However, if this Option is intended to be an ISO, to the extent that
it exceeds the $100,000 rule of Code Section 422(d) it will be treated as an NSO. Further, if for any reason this Option (or portion
thereof) will 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 will 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.

 

(c) For non-U.S. taxpayers,
the Option will be designated as an NSO.

 

2. Vesting Schedule.
Except as provided in Section 3, the Option awarded by this Option Agreement will vest in accordance with the vesting provisions
set forth in the Notice of Grant. Shares subject to this Option that are scheduled to vest on a certain date or upon the occurrence
of a certain condition will not vest in accordance with any of the provisions of this Option Agreement, unless Participant will
have been continuously a Service Provider from the Date of Grant until the date such vesting occurs.

 

3. Administrator
Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the
balance, of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option will be considered
as having vested as of the date specified by the Administrator.

 

4. Exercise of
Option.

 

(a) Right to Exercise.
This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in
accordance with the Plan and the terms of this Option Agreement.

 

     

     

    

 

(b) Method of Exercise.
This Option is exercisable by delivery of an exercise notice (the “Exercise Notice”) in the form attached as Exhibit
B to the Notice of Grant or in a manner and pursuant to such procedures as the Administrator may determine, which will state
the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised
Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of
the Plan. The Exercise Notice will be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied
by payment of the aggregate Exercise Price as to all Exercised Shares and of any Tax Obligations (as defined in Section 6(a)).
This Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the
aggregate Exercise Price.

 

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

 

(a) cash in U.S. dollars;

 

(b) check designated
in U.S. dollars;

 

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

 

(d) if Participant is
a U.S. employee, surrender of other Shares which have a Fair Market Value on the date of surrender equal to the aggregate Exercise
Price of the Exercised Shares and that are owned free and clear of any liens, claims, encumbrances, or security interests, provided
that accepting such Shares, in the sole discretion of the Administrator, will not result in any adverse accounting consequences
to the Company.

 

6. Tax Obligations.

 

(a) Responsibility
for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant’s
employer (the “Employer”) or Parent or Subsidiary to which Participant is providing services (together, the Company,
Employer and/or Parent or Subsidiary to which the Participant is providing services, the “Service Recipient”), the
ultimate liability for any tax and/or social insurance liability obligations and requirements in connection with the Option, including,
without limitation, (i) all federal, state, and local taxes (including the Participant’s Federal Insurance Contributions
Act (FICA) obligation) that are required to be withheld by the Company or the Service Recipient or other payment of tax-related
items related to Participant’s participation in the Plan and legally applicable to Participant, (ii) the Participant’s
and, to the extent required by the Company (or Service Recipient), the Company’s (or Service Recipient’s) fringe benefit
tax liability, if any, associated with the grant, vesting, or exercise of the Option or sale of Shares, and (iii) any other
Company (or Service Recipient) taxes the responsibility for which the Participant has, or has agreed to bear, with respect to
the Option (or exercise thereof or issuance of Shares thereunder) (collectively, the “Tax Obligations”), is and remains
Participant’s responsibility and may exceed the amount actually withheld by the Company or the Service Recipient. Participant
further acknowledges that the Company and/or the Service Recipient (A) make no representations or undertakings regarding the treatment
of any Tax Obligations in connection with any aspect of the Option, including, but not limited to, the grant, vesting or exercise
of the Option, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends or other distributions,
and (B) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Option to reduce
or eliminate Participant’s liability for Tax Obligations or achieve any particular tax result. Further, if Participant is
subject to Tax Obligations in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax
withholding event, as applicable, Participant acknowledges that the Company and/or the Service Recipient (or former employer,
as applicable) may be required to withhold or account for Tax Obligations in more than one jurisdiction. If Participant fails
to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable
event, Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares.

 

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(b) Tax Withholding.
When the Option is exercised, Participant generally will recognize immediate U.S. taxable income if Participant is a U.S. taxpayer.
If Participant is a non-U.S. taxpayer, Participant will be subject to applicable taxes in his or her jurisdiction. Pursuant to
such procedures as the Administrator may specify from time to time, the Company and/or Service Recipient shall withhold the amount
required to be withheld for the payment of Tax Obligations. The Administrator, in its sole discretion and pursuant to such procedures
as it may specify from time to time, may permit Participant to satisfy such Tax Obligations, in whole or in part (without limitation),
if permissible by applicable local law, by (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares
having a fair market value equal to the minimum amount that is necessary to meet the withholding requirement for such Tax Obligations
(or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in
adverse financial accounting consequences), (iii) withholding the amount of such Tax Obligations from Participant’s wages
or other cash compensation paid to Participant by the Company and/or the Service Recipient, (iv) delivering to the Company
already vested and owned Shares having a fair market value equal to such Tax Obligations, or (v) selling a sufficient number of
such Shares otherwise deliverable to Participant through such means as the Company may determine in its sole discretion (whether
through a broker or otherwise) equal to the minimum amount that is necessary to meet the withholding requirement for such Tax
Obligations (or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not
result in adverse financial accounting consequences). To the extent determined appropriate by the Company in its discretion, it
will have the right (but not the obligation) to satisfy any Tax Obligations by reducing the number of Shares otherwise deliverable
to Participant. Further, if Participant is subject to tax in more than one jurisdiction between the Date of Grant and a date of
any relevant taxable or tax withholding event, as applicable, Participant acknowledges and agrees that the Company and/or the
Service Recipient (and/or former employer, as applicable) may be required to withhold or account for tax in more than one jurisdiction.
If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of
the Option exercise, Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver
the Shares if such amounts are not delivered at the time of exercise.

 

(c) 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 will 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.

 

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(d) Code Section
409A. Under Code Section 409A, a stock right (such as the 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 an underlying share
on the date of grant (a “discount option”) may be considered “deferred compensation.” A stock right that
is a “discount option” may result in (i) income recognition by the recipient of the stock right prior to the exercise
of the stock right, (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 recipient of the
stock right. 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.

 

7. Rights as Stockholder.
Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder
of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may
be in book entry form) will have been issued, recorded on the records of the Company or its transfer agents or registrars, and
delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation, and
delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt
of dividends and distributions on such Shares.

 

8. 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, WHICH UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW IS AT THE WILL OF THE
COMPANY (OR THE SERVICE RECIPIENT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER.
PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION 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 WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE
COMPANY (OR THE SERVICE RECIPIENT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER, SUBJECT TO APPLICABLE
LAW, WHICH TERMINATION, UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, MAY BE AT ANY TIME, WITH OR WITHOUT CAUSE.

 

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9. Nature of Grant.
In accepting the Option, Participant acknowledges, understands and agrees that:

 

(a) the grant of the
Option is voluntary and occasional and does not create any contractual or other right to receive future grants of options, or
benefits in lieu of options, even if options have been granted in the past;

 

(b) all decisions with
respect to future option or other grants, if any, will be at the sole discretion of the Company;

 

(c) Participant is voluntarily
participating in the Plan;

 

(d) the Option and any
Shares acquired under the Plan are not intended to replace any pension rights or compensation;

 

(e) the Option and Shares
acquired under the Plan and the income and value of same, are not part of normal or expected compensation for purposes of calculating
any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension
or retirement or welfare benefits or similar payments;

 

(f) the future value
of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty;

 

(g) if the underlying
Shares do not increase in value, the Option will have no value;

 

(h) if Participant exercises
the Option and acquires Shares, the value of such Shares may increase or decrease in value, even below the Exercise Price;

 

(i) for purposes of
the Option, Participant’s engagement as a Service Provider will be considered terminated as of the date Participant is no
longer actively providing services to the Company or any Parent or Subsidiary (regardless of the reason for such termination and
whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider
or the terms of Participant’s employment or service agreement, if any), and unless otherwise expressly provided in this
Option Agreement (including by reference in the Notice of Grant to other arrangements or contracts) or determined by the Administrator,
(i) Participant’s right to vest in the Option under the Plan, if any, will terminate as of such date and will not be extended
by any notice period (e.g., Participant’s period of service would not include any contractual notice period or any
period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is
a Service Provider or Participant’s employment or service agreement, if any, unless Participant is providing bona fide services
during such time); and (ii) the period (if any) during which Participant may exercise the Option after such termination of Participant’s
engagement as a Service Provider will commence on the date Participant ceases to actively provide services and will not be extended
by any notice period mandated under employment laws in the jurisdiction where Participant is employed or terms of Participant’s
engagement agreement, if any; the Administrator shall have the exclusive discretion to determine when Participant is no longer
actively providing services for purposes of his or her Option grant (including whether Participant may still be considered to
be providing services while on a leave of absence and consistent with local law);

 

(j) unless otherwise
provided in the Plan or by the Copmpany in its discretion, the Option and the benefits evidenced by this Option Agreement do not
create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged,
cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and

 

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(k) the following provisions
apply only if Participant is providing services outside the United States:

 

(i) the Option and
the Shares subject to the Option are not part of normal or expected compensation or salary for any purpose;

 

(ii) Participant acknowledges
and agrees that no Service Recipient shall be liable for any foreign exchange rate fluctuation between Participant’s local
currency and the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to
the exercise of the Option or the subsequent sale of any Shares acquired upon exercise; and

 

(iii) no claim or
entitlement to compensation or damages shall arise from forfeiture of the Option resulting from the termination of Participant’s
engagement as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment
laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement,
if any), and in consideration of the grant of the Option to which Participant is otherwise not entitled, Participant irrevocably
agrees never to institute any claim against any Service Recipient, waives his or her ability, if any, to bring any such claim,
and releases each Service Recipient from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court
of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue
such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim.

 

10. No Advice Regarding
Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding
Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares. Participant
is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation
in the Plan before taking any action related to the Plan.

 

11. Data Privacy.
Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form,
of Participant’s personal data as described in this Option Agreement and any other Option grant materials by and among,
as applicable, the Employer or other Service Recipient, the Company and any Parent or Subsidiary for the exclusive purpose of
implementing, administering and managing Participant’s participation in the Plan. 

 

Participant
understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited
to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification
number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Options or any other entitlement
to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”), for
the exclusive purpose of implementing, administering and managing the Plan. 

 

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Participant
understands that Data will be transferred to a stock plan service provider as may be selected by the Company in the future, which
is assisting the Company with the implementation, administration, and management of the Plan. Participant understands that the
recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country of operation (e.g.,
the United States) may have different data privacy laws and protections than Participant’s country. Participant understands
that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential
recipients of the Data by contacting his or her local human resources representative. Participant authorizes the Company and any
other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing
the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing,
administering and managing Participant’s participation in the Plan. Participant understands that Data will be held only
as long as is necessary to implement, administer and manage Participant’s participation in the Plan. Participant understands
that if he or she resides outside the United States, he or she may, at any time, view Data, request additional information about
the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any
case without cost, by contacting in writing his or her local human resources representative. Further, Participant understands
that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant
later seeks to revoke his or her consent, his or her engagement as a Service Provider and career with the Employer will not be
adversely affected; the only adverse consequence of refusing or withdrawing Participant’s consent is that the Company would
not be able to grant Participant Options or other equity awards or administer or maintain such awards. Therefore, Participant
understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in the Plan.
For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands
that he or she may contact his or her local human resources representative.

 

12. Address for
Notices. Any notice to be given to the Company under the terms of this Option Agreement will be addressed to the Company at
Phunware, Inc., 7800 Shoal Creek Blvd. Suite 230-S Austin, TX 78757, or at such other address as the Company may hereafter designate
in writing.

 

13. Non-Transferability
of Option. 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.

 

14. Successors
and Assigns. The Company may assign any of its rights under this Option Agreement to single or multiple assignees, and this
Option Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Option Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors
and assigns. The rights and obligations of Participant under this Option Agreement may only be assigned with the prior written
consent of the Company.

 

15. Additional
Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration,
qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or non-U.S. law, the tax
code and related regulations or under the rulings or regulations of the United States Securities and Exchange Commission or any
other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission
or any other governmental regulatory authority is necessary or desirable as a condition to the purchase by, or issuance of Shares,
to Participant (or his or her estate) hereunder, such purchase or issuance will not occur unless and until such listing, registration,
qualification, rule compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions
not acceptable to the Company. Subject to the terms of the Option Agreement and the Plan, the Company shall not be required to
issue any certificate or certificates for Shares hereunder prior to the lapse of such reasonable period of time following the
date of exercise of the Option as the Administrator may establish from time to time for reasons of administrative convenience.

 

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16. Language.
If Participant has received this Option Agreement or any other document related to the Plan translated into a language other than
English and if the meaning of the translated version is different than the English version, the English version will control.

 

17. Interpretation.
The Administrator will have the power to interpret the Plan and this Option Agreement and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but
not limited to, the determination of whether or not any Shares subject to the Option have vested). All actions taken and all interpretations
and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other
interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for
any action, determination, or interpretation made in good faith with respect to the Plan or this Option Agreement.

 

18. Electronic
Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to the Option awarded
under the Plan or future options that may be awarded under the Plan by electronic means or request Participant’s consent
to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and
agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or a third
party designated by the Company.

 

19. Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Option
Agreement.

 

20. Agreement Severable.
In the event that any provision in this Option Agreement will be held invalid or unenforceable, such provision will be severable
from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Option
Agreement.

 

21. Amendment,
Suspension or Termination of the Plan. By accepting this Option, Participant expressly warrants that he or she has received
an Option under the Plan, and has received, read, and understood a description of the Plan. Participant understands that the Plan
is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

 

22. Governing Law
and Venue. This Option Agreement will be governed by the laws of Texas, without giving effect to the conflict of law principles
thereof. For purposes of litigating any dispute that arises under this Option or this Option Agreement, the parties hereby submit
to and consent to the jurisdiction of the State of Texas, and agree that such litigation will be conducted in the courts of Travis
County, Texas, or the United States federal courts for the Western District of Texas, and no other courts, where this Option is
made and/or to be performed.

 

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23. Country Addendum.
Notwithstanding any provisions in this Option Agreement, this Option shall be subject to any special terms and conditions set
forth in an appendix (if any) to this Option Agreement for any country whose laws are applicable to Participant and this Option
(as determined by the Administrator in its sole discretion) (the “Country Addendum”). Moreover, if Participant relocates
to one of the countries included in the Country Addendum (if any), the special terms and conditions for such country will apply
to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable
for legal or administrative reasons. The Country Addendum (if any) constitutes a part of this Option Agreement.

 

24. Modifications
to the Agreement. This Option Agreement constitutes the entire understanding of the parties on the subjects covered. Participant
expressly warrants that he or she is not accepting this Option Agreement in reliance on any promises, representations, or inducements
other than those contained herein. Modifications to this Option Agreement or the Plan can be made only in an express written contract
executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Option Agreement,
the Company reserves the right to revise this Option Agreement as it deems necessary or advisable, in its sole discretion and
without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or
income recognition under Section 409A of the Code in connection with the Option.

 

25. No Waiver.
Either party’s failure to enforce any provision or provisions of this Option Agreement shall not in any way be construed
as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision
of this Option Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver of either party’s
right to assert all other legal remedies available to it under the circumstances.

 

26. Tax Consequences.
Participant has reviewed with his or her own tax advisors the U.S. federal, state, local and non-U.S. tax consequences of this
investment and the transactions contemplated by this Option Agreement. With respect to such matters, Participant relies solely
on such advisors and not on any statements or representations of the Company or any of its agents, written or oral. Participant
understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that may arise
as a result of this investment or the transactions contemplated by this Option Agreement.

 

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PHUNWARE,
Inc.

2018 EQUITY
INCENTIVE PLAN

STOCK OPTION
AGREEMENT

COUNTRY ADDENDUM

 

TERMS AND CONDITIONS

 

This Country Addendum
includes additional terms and conditions that govern the Option granted to Participant under the Plan if Participant works in
one of the countries listed below. If Participant is a citizen or resident of a country (or is considered as such for local law
purposes) other than the one in which he or she is currently working or if Participant relocates to another country after receiving
the Option, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will
be applicable to Participant.

 

Certain capitalized
terms used but not defined in this Country Addendum shall have the meanings set forth in the Plan, and/or the Stock Option Agreement
to which this Country Addendum is attached.

 

NOTIFICATIONS

 

This Country Addendum
also includes notifications relating to exchange control and other issues of which Participant should be aware with respect to
his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in
the countries listed in this Country Addendum, as of ________. Such laws are often complex and change frequently. As a result,
the Company strongly recommends that Participant not rely on the notifications herein as the only source of information relating
to the consequences of his or her participation in the Plan because the information may be outdated when Participant exercises
the Option or sells Shares acquired under the Plan.

 

In addition, the notifications
are general in nature and may not apply to Participant’s particular situation, and the Company is not in a position to assure
Participant of any particular result. Accordingly, Participant is advised to seek appropriate professional advice as to how the
relevant laws in Participant’s country may apply to Participant’s situation.

 

Finally, if Participant
is a citizen or resident of a country other than the one in which Participant is currently working (or is considered as such for
local law purposes) or if Participant moves to another country after the Option is granted, the information contained herein may
not be applicable to Participant.

 

     

     

    

 

EXHIBIT B

 

PHUNWARE, INC.

 

2018 EQUITY INCENTIVE PLAN

 

EXERCISE NOTICE

 

Phunware, Inc.

7800 Shoal Creek Blvd.

Suite 230-S

Austin, TX 78757

Attention: Stock Administration

 

1. Exercise of
Option. Effective as of today, ________________, _____, the undersigned (“Purchaser”) hereby elects to purchase
______________ shares (the “Shares”) of the Common Stock of Phunware, Inc. (the “Company”) under and pursuant
to the 2018 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement, dated ________ and including the Notice
of Grant, the Terms and Conditions of Stock Option Grant, and exhibits attached thereto (the “Option Agreement”).
The purchase price for the Shares will be $_____________, as required by the Option Agreement.

 

2. Delivery of
Payment. Purchaser herewith delivers to the Company the full purchase price of the Shares and any Tax Obligations (as defined
in Section 6(a) of the Option Agreement) to be paid in connection with the exercise of the Option.

 

3. Representations
of Purchaser. Purchaser acknowledges that Purchaser 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 (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of
the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will exist with respect
to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares so acquired will be issued to Purchaser
as soon as practicable after exercise of the Option. No adjustment will 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 14 of the Plan.

 

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

 

     

     

    

 

6. Entire Agreement;
Governing Law. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan and the
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 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 Option Agreement is governed by the internal substantive laws, but not the choice of law rules, of Texas.

 

	Submitted by:	 	Accepted by:
	 	 	 
	PURCHASER	 	PHUNWARE, INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	Address:	 	 
	 	 	Title
	 	 	 
	 	 	 
	 	 	 

 

	 	 
	 	Date Received

 

 

- 2 -Exhibit
10.2

 

PHUNWARE,
INC.

 2018
EQUITY INCENTIVE PLAN

 RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

Unless
otherwise defined herein, the terms defined in the Phunware, Inc. 2018 Equity Incentive Plan (the “Plan”) will have
the same defined meanings in this Restricted Stock Unit Award Agreement including the Notice of Grant of Restricted Stock Units
(the “Notice of Grant”), the Terms and Conditions of Restricted Stock Unit Grant, and the appendices and exhibits
attached thereto (all together, the “Award Agreement”).

 

NOTICE
OF GRANT OF RESTRICTED STOCK UNITS

 

	Name
    (“Participant):	«Name»
	Address:	«Address»

 

The
undersigned Participant has been granted the right to receive an Award of Restricted Stock Units, subject to the terms and conditions
of the Plan and this Award Agreement, as follows:

 

	Date
    of Grant:	«GrantDate»
	 	 
	Vesting
    Commencement Date:	«VCD»
	 	 
	Number
    of Restricted Stock Units:	«Shares»
	 	 

Vesting
Schedule:

 

Subject
to any acceleration provisions contained in the Plan or set forth below, the Restricted Stock Units will vest in accordance with
the following vesting schedule, subject to Participant continuing to be a Service Provider on such dates:

 

[INSERT
VESTING SCHEDULE]

 

In
the event Participant ceases to be a Service Provider for any or no reason before Participant vests in the Restricted Stock Units,
the Restricted Stock Units and Participant’s right to acquire any Shares hereunder will immediately terminate.

 

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 Award Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan and
this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement
and fully understands all provisions of this Award Agreement. 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 Award Agreement. Participant
further agrees to notify the Company upon any change in the residence address indicated below.

 

     

     

    

 

	PARTICIPANT	 	PHUNWARE, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	«Name»	 	
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	Address:	 	 
	 	 	 
	«Address»	 	 

 

    2

     

    

 

PHUNWARE,
INC.

 2018
EQUITY INCENTIVE PLAN

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

TERMS
AND CONDITIONS OF RESTRICTED STOCK UNIT GRANT

 

1.
Grant of Restricted Stock Units. The Company hereby grants to the individual (the “Participant”) named in the
Notice of Grant of Restricted Stock Units of this Award Agreement (the “Notice of Grant”) under the Plan an Award
of Restricted Stock Units, subject to all of the terms and conditions in this Award Agreement and 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 the terms and conditions of this Award Agreement, the terms and conditions of the Plan shall prevail.

 

2.
Company’s Obligation to Pay. Each Restricted Stock Unit represents the right to receive a Share on the date it vests.
Unless and until the Restricted Stock Units will have vested in the manner set forth in Section 3 or 4, Participant will have
no right to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted
Stock Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

 

3.
Vesting Schedule. Except as provided in Section 4, and subject to Section 5, the Restricted Stock Units awarded by this
Award Agreement will vest in accordance with the vesting schedule set forth in the Notice of Grant, subject to Participant continuing
to be a Service Provider through each applicable vesting date.

 

4.
Payment after Vesting.

 

(a)
General Rule. Subject to Section 6, any Restricted Stock Units that vest will be paid to Participant (or in the event of
Participant’s death, to his or her properly designated beneficiary or estate) in whole Shares. Subject to the provisions
of Section 4(b), such vested Restricted Stock Units shall be paid in whole Shares as soon as practicable after vesting, but in
each such case within sixty (60) days following the vesting date. In no event will Participant be permitted, directly or indirectly,
to specify the taxable year of payment of any Restricted Stock Units payable under this Award Agreement.

 

(b)
Acceleration.

 

(i)
Discretionary Acceleration. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser
portion of the balance, of the unvested Restricted Stock Units at any time, subject to the terms of the Plan. If so accelerated,
such Restricted Stock Units will be considered as having vested as of the date specified by the Administrator. If Participant
is a U.S. taxpayer, the payment of Shares vesting pursuant to this Section 4(b) shall in all cases be paid at a time or in
a manner that is exempt from, or complies with, Section 409A. The prior sentence may be superseded in a future agreement
or amendment to this Award Agreement only by direct and specific reference to such sentence.

 

    3

     

    

 

(ii)
Notwithstanding anything in the Plan or this Award Agreement or any other agreement (whether entered into before, on or after
the Date of Grant), if the vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated
in connection with Participant’s termination as a Service Provider (provided that such termination is a “separation
from service” within the meaning of Section 409A, as determined by the Company), other than due to Participant’s
death, and if (x) Participant is a U.S. taxpayer and a “specified employee” within the meaning of Section 409A at
the time of such termination as a Service Provider and (y) the payment of such accelerated Restricted Stock Units will result
in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following
Participant’s termination as a Service Provider, then the payment of such accelerated Restricted Stock Units will not be
made until the date six (6) months and one (1) day following the date of Participant’s termination as a Service Provider,
unless Participant dies following his or her termination as a Service Provider, in which case, the Restricted Stock Units will
be paid in Shares to Participant’s estate as soon as practicable following his or her death.

 

(c)
Section 409A. It is the intent of this Award Agreement that it and all payments and benefits to U.S. taxpayers hereunder
be exempt from, or comply with, the requirements of Section 409A so that none of the Restricted Stock Units provided under this
Award Agreement or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities
herein will be interpreted to be so exempt or so comply. Each payment payable under this Award Agreement is intended to constitute
a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). However, in no event will the Company reimburse
Participant, or be otherwise responsible for, any taxes or costs that may be imposed on Participant as a result of Section 409A.
For purposes of this Award Agreement, “Section 409A” means Section 409A of the Code, and any final Treasury Regulations
and Internal Revenue Service guidance thereunder, as each may be amended from time to time.

 

5.
Forfeiture Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Award Agreement, if Participant
ceases to be a Service Provider for any or no reason, the then-unvested Restricted Stock Units awarded by this Award Agreement
will thereupon be forfeited at no cost to the Company and Participant will have no further rights thereunder.

 

6.
Death of Participant. Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant
is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator
or executor of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her
status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with
any laws or regulations pertaining to said transfer.

 

7.
Tax Consequences. Participant has reviewed with its own tax advisors the U.S. federal, state, local and foreign tax consequences
of this investment and the transactions contemplated by this Award Agreement. With respect to such matters, Participant relies
solely on such advisors and not on any statements or representations of the Company or any of its agents, written or oral. Participant
understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that may arise
as a result of this investment or the transactions contemplated by this Award Agreement.

 

    4

     

    

  

8.
Tax Obligations

 

(a)
Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different,
Participant’s employer (the “Employer”) or Parent or Subsidiary to which Participant is providing services (together,
the Company, Employer and/or the Parent or Subsidiary to which the Participant is providing services, the “Service Recipient”),
the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection with the Restricted
Stock Units, including, without limitation, (a) all federal, state, and local taxes (including the Participant’s Federal
Insurance Contributions Act (FICA) obligation) that are required to be withheld by the Company or the Service Recipient or other
payment of tax-related items related to Participant’s participation in the Plan and legally applicable to Participant, (b)
the Participant’s and, to the extent required by the Company (or Service Recipient), the Company’s (or Service Recipient’s)
fringe benefit tax liability, if any, associated with the grant, vesting, or settlement of the Restricted Stock Units or sale
of Shares, and (c) any other Company (or Service Recipient) taxes the responsibility for which the Participant has, or has
agreed to bear, with respect to the Restricted Stock Units (or settlement thereof or issuance of Shares thereunder) (collectively,
the “Tax Obligations”), is and remains Participant’s responsibility and may exceed the amount actually withheld
by the Company or the Service Recipient. Participant further acknowledges that the Company and/or the Service Recipient (i) make
no representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Restricted
Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale
of Shares acquired pursuant to such settlement and the receipt of any dividends or other distributions, and (ii) do not commit
to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate
Participant’s liability for Tax Obligations or achieve any particular tax result. Further, if Participant is subject to
Tax Obligations in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding
event, as applicable, Participant acknowledges that the Company and/or the Service Recipient (or former employer, as applicable)
may be required to withhold or account for Tax Obligations in more than one jurisdiction. If Participant fails to make satisfactory
arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant
acknowledges and agrees that the Company may refuse to issue or deliver the Shares.

 

(b)
Tax Withholding. When Shares are issued as payment for vested Restricted Stock Units, Participant generally will recognize
immediate U.S. taxable income if Participant is a U.S. taxpayer. If Participant is a non-U.S. taxpayer, Participant will be subject
to applicable taxes in his or her jurisdiction. Pursuant to such procedures as the Administrator may specify from time to time,
the Company and/or Service Recipient shall withhold the amount required to be withheld for the payment of Tax Obligations or other
greater amount up to the maximum statutory rate under Applicable Laws, as applicable to the Participant, if such other greater
amount would not result in adverse financial accounting treatment, as determined by the Company. The Administrator, in its sole
discretion and pursuant to such procedures as it may specify from time to time, may permit Participant to satisfy such Tax Obligations,
in whole or in part (without limitation), if permissible by applicable local law, by (a) paying cash, (b) electing to have the
Company withhold otherwise deliverable Shares having a Fair Market Value equal to the amount of such Tax Obligations, (c) withholding
the amount of such Tax Obligations from Participant’s wages or other cash compensation paid to Participant by the company
and/or the Service Recipient, (d) delivering to the Company already vested and owned Shares having a Fair Market Value equal
to such Tax Obligations, or (e) selling a sufficient number of such Shares otherwise deliverable to Participant through such means
as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount of the Tax Obligations.
To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy
any Tax Obligations by reducing the number of Shares otherwise deliverable to Participant and, until determined otherwise by the
Company, this will be the method by which such Tax Obligations are satisfied1. Further, if Participant is subject to
tax in more than one jurisdiction between the Date of Grant and a date of any relevant taxable or tax withholding event, as applicable,
Participant acknowledges and agrees that the Company and/or the Service Recipient (and/or former employer, as applicable) may
be required to withhold or account for tax in more than one jurisdiction. If Participant fails to make satisfactory arrangements
for the payment of such Tax Obligations hereunder at the time any applicable Restricted Stock Units otherwise are scheduled to
vest pursuant to Sections 3 or 4, Participant will permanently forfeit such Restricted Stock Units and any right to receive Shares
thereunder and the Restricted Stock Units will be returned to the Company at no cost to the Company. Participant acknowledges
and agrees that the Company may refuse to deliver the Shares if such Tax Obligations are not delivered at the time they are due.

 

 

		1	NTD:
                                         Agreement can also be structured to require a sale-to-cover or net share withholding.

 

    5

     

    

 

9.
Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights
or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing
such Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its transfer agents
or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance,
recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares
and receipt of dividends and distributions on such Shares.

 

10.No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED STOCK UNITS PURSUANT
TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER, WHICH UNLESS PROVIDED OTHERWISE UNDER APPLICABLE
LAW IS AT THE WILL OF THE COMPANY (OR THE SERVICE RECIPIENT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS RESTRICTED
STOCK UNIT AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD 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 SERVICE RECIPIENT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER,
SUBJECT TO APPLICABLE LAW, WHICH TERMINATION, UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, MAY BEAT ANY TIME, WITH OR WITHOUT
CAUSE.

 

11.
Grant is Not Transferable. Except to the limited extent provided in Section 6, this grant and the rights and privileges
conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise)
and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any
execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null
and void.

 

12.
Nature of Grant. In accepting the grant, Participant acknowledges, understands and agrees that:

 

(a)
the grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive
future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been
granted in the past;

 

(b)
all decisions with respect to future Restricted Stock Units or other grants, if any, will be at the sole discretion of the Company;

 

(c)
Participant is voluntarily participating in the Plan;

 

(d)
the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not intended to replace any pension rights
or compensation;

 

(e)
the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income and value of same, are not part
of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal,
end-of-service payments, bonuses, long-term service awards, pension or retirement or welfare benefits or similar payments;

 

(f)
the future value of the underlying Shares is unknown, indeterminable, and cannot be predicted with certainty;

 

(g)
for purposes of the Restricted Stock Units, Participant’s status as a Service Provider will be considered terminated as
of the date Participant is no longer actively providing services to the Company or any Parent or Subsidiary (regardless of the
reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where
Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any), and unless otherwise
expressly provided in this Award Agreement (including by reference in the Notice of Grant to other arrangements or contracts)
or determined by the Administrator, Participant’s right to vest in the Restricted Stock Units under the Plan, if any, will
terminate as of such date and will not be extended by any notice period (e.g., Participant’s period of service would not
include any contractual notice period or any period of “garden leave” or similar period mandated under employment
laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement,
if any, unless Participant is providing bona fide services during such time); the Administrator shall have the exclusive discretion
to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units grant (including
whether Participant may still be considered to be providing services while on a leave of absence and consistent with local law);

 

    6

     

    

 

(h)
unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced
by this Award Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to,
or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction
affecting the Shares; and

 

(i)
the following provisions apply only if Participant is providing services outside the United States:

 

	 	(i)	the Restricted Stock
    Units and the Shares subject to the Restricted Stock Units are not part of normal or expected compensation or salary for any
    purpose;

 

	 	(ii)	Participant acknowledges
    and agrees that none of the Company, the Service Recipient or any Parent or Subsidiary shall be liable for any foreign exchange
    rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the
    Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the
    subsequent sale of any Shares acquired upon settlement; and

 

	 	(iii)	no claim or entitlement
    to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from the termination of Participant’s
    status as a Service Provider (for any reason whatsoever whether or not later found to be invalid or in breach of employment
    laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service
    agreement, if any), and in consideration of the grant of the Restricted Stock Units to which Participant is otherwise not
    entitled, Participant irrevocably agrees never to institute any claim against the Company, any Parent, any Subsidiary
    or the Service Recipient, waives his or her ability, if any, to bring any such claim, and releases the Company, any Parent
    or Subsidiary and the Service Recipient from any such claim; if, notwithstanding the foregoing, any such claim is allowed
    by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have
    agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of
    such claim.

 

13.
No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying
Shares. Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his
or her participation in the Plan before taking any action related to the Plan.

 

    7

     

    

 

14.
Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic
or other form, of Participant’s personal data as described in this Award Agreement and any other Restricted Stock Unit grant
materials by and among, as applicable, the Employer or other Service Recipient, the Company and any Parent or Subsidiary for the
exclusive purpose of implementing, administering and managing Participant’s participation in the Plan.

 

Participant
understands that the Company and the Service Recipient may hold certain personal information about Participant, including, but
not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification
number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Restricted Stock Units
or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor
(“Data”), for the exclusive purpose of implementing, administering and managing the Plan. 

 

Participant
understands that Data will be transferred to a stock plan service provider as may be selected by the Company in the future, which
is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the
recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country of operation (e.g.,
the United States) may have different data privacy laws and protections than Participant’s country. Participant understands
that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential
recipients of the Data by contacting his or her local human resources representative. Participant authorizes the Company, any
stock plan service provider selected by the Company and any other possible recipients which may assist the Company (presently
or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data,
in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the
Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s
participation in the Plan. Participant understands that if he or she resides outside the United States, he or she may, at any
time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to
Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources
representative. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis.
If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her status as a Service Provider
and career with the Service Recipient will not be adversely affected; the only adverse consequence of refusing or withdrawing
Participant’s consent is that the Company would not be able to grant Participant Restricted Stock Units or other equity
awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent
may affect Participant’s ability to participate in the Plan. For more information on the consequences of Participant’s
refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources
representative.

 

    8

     

    

 

15.
Address for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to
the Company at Phunware, Inc., 7800 Shoal Creek Blvd, Suite 230-S, Austin, Texas, 78757, or at such other address as the Company
may hereafter designate in writing.

 

16.
Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to
the Restricted Stock Units awarded under the Plan or future Restricted Stock Units that may be awarded under the Plan by electronic
means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive
such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established
and maintained by the Company or another third party designated by the Company.

 

17.
No Waiver. Either party’s failure to enforce any provision or provisions of this Award Agreement shall not in any
way be construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every
other provision of this Award Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver
of either party’s right to assert all other legal remedies available to it under the circumstances.

 

18.
Successors and Assigns. The Company may assign any of its rights under this Award Agreement to single or multiple assignees,
and this Award Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions
on transfer herein set forth, this Award Agreement shall be binding upon Participant and his or her heirs, executors, administrators,
successors and assigns. The rights and obligations of Participant under this Award Agreement may only be assigned with the prior
written consent of the Company.

 

19.
Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing,
registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or foreign
law, the tax code and related regulations or under the rulings or regulations of the United States Securities and Exchange Commission
or any other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission
or any other governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant
(or his or her estate) hereunder, such issuance will not occur unless and until such listing, registration, qualification, rule
compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable
to the Company. Subject to the terms of the Award Agreement and the Plan, the Company shall not be required to issue any certificate
or certificates for Shares hereunder prior to the lapse of such reasonable period of time following the date of vesting of the
Restricted Stock Units as the Administrator may establish from time to time for reasons of administrative convenience.

 

20.
Language. If Participant has received this Award Agreement or any other document related to the Plan translated into a
language other than English and if the meaning of the translated version is different than the English version, the English version
will control.

 

21.
Interpretation. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke
any such rules (including, but not limited to, the determination of whether or not any Restricted Stock Units have vested). All
actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon
Participant, the Company and all other interested persons. Neither the Administrator nor any person acting on behalf of the Administrator
will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this
Award Agreement.

 

    9

     

    

 

22.
Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction
of this Award Agreement.

 

23.
Modifications to the Award Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects
covered. Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations,
or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or
this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its
sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional
tax or income recognition under Section 409A in connection to this Award of Restricted Stock Units.

 

24.
Governing Law and Venue. This Award Agreement will be governed by the laws of Texas, without giving effect to the conflict
of law principles thereof. For purposes of litigating any dispute that arises under the Restricted Stock Units or this Award Agreement,
the parties hereby submit to and consent to the jurisdiction of the State of Texas, and agree that such litigation will be conducted
in the courts of Travis County, Texas, or the federal courts for the United States for the Western District of Texas, and no other
courts, where this Award Agreement is made and/or to be performed.

 

25.
Agreement Severable. In the event that any provision in this Award Agreement will be held invalid or unenforceable, such
provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining
provisions of this Award Agreement.

 

26.
Amendment, Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she
has received Restricted Stock Units under the Plan, and has received, read and understood a description of the Plan. Participant
understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

 

27.
Entire Agreement. The Plan is incorporated herein by reference. The Plan and this Award Agreement (including the appendices
and exhibits referenced herein) 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.

 

28.
Country Addendum. Notwithstanding any provisions in this Award Agreement, the Restricted Stock Unit grant shall be subject
to any special terms and conditions set forth in the appendix (if any) to this Award Agreement for Participant’s country
(the “Country Addendum”). Moreover, if Participant relocates to one of the countries included in the Country Addendum,
the special terms and conditions for such country will apply to Participant, to the extent the Company determines that the application
of such terms and conditions is necessary or advisable for legal or administrative reasons. The Country Addendum constitutes part
of this Award Agreement.

 

    10

     

    

 

PHUNWARE,
INC.

 2018
EQUITY INCENTIVE PLAN

RESTRICTED
STOCK UNIT AGREEMENT

 COUNTRY
ADDENDUM

 

TERMS
AND CONDITIONS

 

This
Country Addendum includes additional terms and conditions that govern the award of Restricted Stock Units under the Plan if Participant
works in one of the countries listed below. If Participant is a citizen or resident of a country (or is considered as such for
local law purposes) other than the one in which he or she is currently working or if Participant relocates to another country
after receiving the Award of Restricted Stock Units, the Company will, in its discretion, determine the extent to which the terms
and conditions contained herein will be applicable to Participant.

 

Certain
capitalized terms used but not defined in this Country Addendum shall have the meanings set forth in the Plan and/or the Award
Agreement to which this Country Addendum is attached.

 

NOTIFICATIONS

 

This
Country Addendum also includes notifications relating to exchange control and other issues of which Participant should be aware
with respect to his or her participation in the Plan. The information is based on the exchange control, securities and other laws
in effect in the countries listed in this Country Addendum, as of [DATE]. Such laws are often complex and change frequently. As
a result, the Company strongly recommends that Participant not rely on the notifications herein as the only source of information
relating to the consequences of his or her participation in the Plan because the information may be outdated when Participant
vests in the Restricted Stock Units and acquires Shares, or when Participant subsequently sell Shares acquired under the Plan.

 

In
addition, the notifications are general in nature and may not apply to Participant’s particular situation, and the Company
is not in a position to assure Participant of any particular result. Accordingly, Participant is advised to seek appropriate professional
advice as to how the relevant laws in Participant’s country may apply to Participant’s situation.

 

Finally,
if Participant is a citizen or resident of a country other than the one in which Participant is currently working (or is considered
as such for local law purposes) or if Participant moves to another country after receiving an Award of Restricted Stock Units,
the information contained herein may not be applicable to Participant.

 

 

11

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