Document:

EX-10.9

 Exhibit 10.9 

EXECUTION VERSION 
  

 
  

INVESTMENT AGREEMENT 
 by
and between 
 ACACIA RESEARCH CORPORATION 

and 
 VERITONE, INC. 

Dated as of August 15, 2016 
  

 
  

 INVESTMENT AGREEMENT 

This INVESTMENT AGREEMENT, dated as of August 15, 2016 (this “Agreement”), is entered into by and between Acacia
Research Corporation, a Delaware corporation (“Acacia”), and Veritone, Inc., a Delaware corporation (the “Company” and, together with Acacia, collectively, the “Parties” and each, a
“Party”). 

W  I  T  N  E  S  S  E  T  H 

WHEREAS, the Parties wish to (a) cooperate in efforts to facilitate the consummation of a Public Offering by the Company, and
(b) provide for the investment by Acacia in the Company of an aggregate of up to Fifty Million Dollars ($50,000,000), in the case of clause (a) and (b), upon the terms and subject to the conditions set forth in this Agreement and the
Primary Warrant (as defined below); 
 WHEREAS, concurrently with the execution and delivery of this Agreement, Acacia has extended to the
Company a senior secured loan with available borrowing capacity of up to Twenty Million Dollars ($20,000,000) in aggregate principal amount (the “Acacia Loan”) pursuant to a Secured Promissory Note, in the form attached as
Exhibit A and dated as of the date hereof (the “Secured Promissory Note”), issued by the Company to Acacia, and has funded the First Tranche Loan (as defined therein) in the principal amount of Ten Million Dollars
($10,000,000); 
 WHEREAS, in connection with the extension of the Acacia Loan and the funding of the First Tranche Loan by Acacia to the
Company, concurrently with the execution and delivery of this Agreement, the Company has issued to Acacia a certain common stock purchase warrant, in the form attached as Exhibit B and dated as of the date hereof (the “First Tranche
Warrant A”), in respect of an initial Warrant Amount (as defined therein) of Seven Hundred Thousand Dollars ($700,000), exercisable for the exercise price and upon the terms and subject to the conditions set forth in the First Tranche
Warrant A; 
 WHEREAS, concurrently with the execution and delivery of this Agreement, the Company has issued to Acacia that certain primary
common stock purchase warrant in respect of shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”), in the form attached as Exhibit C and dated as of the date hereof (the “Primary
Warrant”), exercisable for the exercise price and upon the terms and subject to the conditions set forth in the Primary Warrant; 

WHEREAS, prior to or concurrently with the execution and delivery of this Agreement, the certificate of incorporation of the Company has been
amended by that certain Amended and Restated Certificate of Incorporation of Veritone, Inc. filed with the Secretary of State of the State of Delaware on August 15, 2016 (the “Restated Certificate”), pursuant to which certain
rights of the holders of shares of Company Preferred Stock have been suspended during the period commencing on the date hereof and ending on August 15, 2018; 

  
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 WHEREAS, Company Stockholders holding in the aggregate shares representing at least (i) a
majority of the issued and outstanding shares of Common Stock, (ii) 65% of the issued and outstanding shares of Series A Preferred Stock, and (iii) 67% of the issued and outstanding shares of Series B Preferred Stock have approved the
transactions contemplated by this Agreement (the “Company Stockholder Approval”) and have waived certain rights available to the Company Stockholders under the Series B Preferred Stock Agreements; and 

WHEREAS, the Board of Directors of the Company has determined that, as of the date of this Agreement, it is in the best interests of the
Company and its stockholders to prepare for, and, if market conditions are appropriate, embark upon a Public Offering of the Common Stock, and has authorized the officers and employees of the Company to take appropriate actions in furtherance of
such preparations. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and
intending to be legally bound hereby, the Parties hereby agree as follows: 
 ARTICLE 1. 

DEFINITIONS; INTERPRETATION 

Section 1.1 Certain Definitions. Unless the context otherwise requires, the following terms, when used in this Agreement, will have
the respective meanings given to them below: 
 “10% Warrant” will have the meaning ascribed to it in the Primary Warrant.

 “Acacia” will have the meaning set forth in the preamble hereof. 

“Acacia Loan” will have the meaning set forth in the recitals hereto. 

“Action” will mean any demand, action, claim, charge, grievance, complaint, arbitration, mediation, proceeding, inquiry,
review, audit, hearing, investigation, litigation, suit or countersuit of any nature, whether civil, criminal, administrative, investigative, regulatory or informal, commenced, brought or heard by or before any Governmental Authority. 

“Affiliate” will mean, when used with respect to any Person, another Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with such Person. For the purposes of this definition, “control”, when used with respect to any Person, will mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or other interests, by Contract or otherwise. 

“Agreement” will have the meaning set forth in the preamble hereof. 

“Audited Balance Sheet” will have the meaning set forth in Section 4.5(a)(i). 

“Audited Financial Statements” will have the meaning set forth in Section 4.5(a)(i). 

  
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 “Business” will mean the business and operations of the Company and its
Subsidiaries, taken as a whole, as conducted as of the date hereof. 
 “Business Day” will mean any day that is not a
Saturday, a Sunday or any other day on which banks are required or authorized by Law to be closed in New York or California. 

“Closing” will have the meaning set forth in Section 2.1. 

“Closing Date” will have the meaning set forth in Section 2.1. 

“Common Stock” will have the meaning set forth in the recitals hereto. 

“Company” will have the meaning set forth in the preamble hereof. 

“Company Equity Interests” will have the meaning set forth in Section 4.4(b). 

“Company Material Adverse Effect” will mean any effect, change or circumstance, individually or in the aggregate, that is, or
would reasonably be expected to be, materially adverse to (x) the Company and its Subsidiaries, taken as a whole, the Business or the financial condition or results of operations of the Business, including without limitation the termination,
whether voluntary or involuntary, of Chad Steelberg’s service to the Company as an officer, director or other service provider, or (y) the ability of the Company to consummate the Transactions and to perform its obligations under this
Agreement and the Transaction Agreements; provided, however, that none of the following will be deemed to constitute, and none of the following will be taken into account in determining whether there has occurred, a Company Material
Adverse Effect: any adverse effect, change or circumstance, individually or in the aggregate, arising from or relating to (i) general business or economic conditions, including any such conditions as they relate to the Company, and matters
generally affecting the industries in which the Company operates, (ii) national or international political or social conditions, including the engagement by the U.S. in hostilities, whether or not pursuant to the declaration of a national
emergency or war, or the occurrence of any military or terrorist attack upon the U.S., or any of its territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of the U.S.,
(iii) financial, banking or securities markets, (iv) changes in GAAP, (v) changes in any Laws, (vi) the negotiation or execution of this Agreement or any of the Transaction Agreements, any actions that are required to be taken by
this Agreement or the Transaction Agreements or the pendency or announcement of the Transactions (except that this clause (vi) will be disregarded for purposes of clause (y) above); provided, that, in the case of clauses (i), (ii), (iii),
(iv) and (v), such effects, changes or circumstances will be taken into account in determining whether a Company Material Adverse Effect exists or would reasonably be expected to exist, but only if the Company and its Subsidiaries are
disproportionately affected thereby compared to other operators in the industries in which the Business operates. 
 “Company Stock
Plan” will mean the Veritone, Inc. 2014 Stock Option/Stock Issuance Plan, as amended. 

  
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 “Company Stockholder Approval” will have the meaning set forth in the recitals
hereof. 
 “Confidentiality Agreement” will mean the Non-Disclosure Agreement by and between Acacia and the Company, dated
as of March 30, 2016, as it may be amended from time to time. 
 “Contract” will mean any written or oral agreement,
arrangement, sale order, purchase order, commitment, contract, indenture, mortgage, note, bond, instrument, evidence of indebtedness, real estate or other lease, license, memorandum of understanding, letter of intent, undertaking, or other document
in effect as of the date hereof to which any Person is a party or that is binding on any Person or its capital stock, assets or business, in each case, including all amendments, modifications and supplements thereto and waivers and consents
thereunder as of the date hereof. 
 “Encumbrances” will mean all liens (statutory or otherwise), security interests,
hypothecations, easements, pledges, bailments (in the nature of a pledge or for purposes of security), mortgages, deeds of trusts, charges (including any conditional sale or other title retention agreement or lease in the nature thereof), options,
encumbrances or other similar restrictions. 
 “Financial Statements” will have the meaning set forth in
Section 4.5(a)(ii). 
 “First Tranche Warrant A” will have the meaning set forth in the recitals hereto. 

“First Tranche Warrant B” will have the meaning ascribed to it in the Secured Promissory Note. 

“Fully Diluted Basis” shall mean the total number of shares of Common Stock issued and outstanding as of the applicable date,
calculated to include conversion of all issued and outstanding securities then convertible into Common Stock and the exercise of all then outstanding options and warrants to purchase shares of Common Stock, based upon the treasury stock method. 

“GAAP” will mean United States generally accepted accounting principles. 

“Governmental Authority” will mean any foreign, federal, state or local court, administrative agency, official board, bureau,
governmental or quasi-governmental entities having competent jurisdiction over Acacia, the Company or any of their respective Subsidiaries, and any other tribunal or commission or other governmental department, authority or instrumentality or any
subdivision, agency, mediator, commission or authority of competent jurisdiction. 
 “HSR Act” will mean the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder. 
 “Interim
Balance Sheet” will have the meaning set forth in Section 4.5(a)(ii). 
 “Investment” will have the meaning set
forth in Section 2.1. 

  
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 “Investor Rights Agreement” will mean that certain Investor Rights Agreement,
dated as of July 15, 2014, by and among the Company and certain stockholders. 
 “Knowledge” will mean, with respect
to the Company and its Subsidiaries, the actual knowledge of Chad Steelberg, John Markovich and Mydung Tran Nachman. 

“Law” will mean any federal, state, local or foreign law (including common law), statute, code, ordinance, rule, regulation,
agency requirement, or treaty of any Governmental Authority. 
 “Liability” or “Liabilities” will mean all
debts, liabilities, obligations, losses, interest and penalties of any kind or nature whatsoever, whether asserted or unasserted, absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown,
whenever arising. 
 “License” will mean any license, authorization, permit, certificate, variance, exemption, consent,
franchise or approval from any Governmental Authority, domestic or foreign. 
 “Maturity Date” will have the meaning
ascribed to it in the Secured Promissory Note. 
 “Order” will mean any decision or award, decree, injunction, judgment,
order, quasi judicial decision or award, settlement, ruling, restriction, charge or writ of any Governmental Authority, whether temporary, preliminary or permanent. 

“Party” and “Parties” will have the meanings set forth in the preamble hereof. 

“Person” or “person” will mean a natural person, corporation, company, joint venture, individual business
trust, trust association, partnership, limited partnership, limited liability company or other entity, including a Governmental Authority. 

“Primary Warrant” will have the meaning set forth in the recitals hereto. 

“Public Offering” will have the meaning ascribed to it in the Secured Promissory Note. 

“Public Trading Market” will mean the Nasdaq Capital Market or any other nationally recognized U.S. securities exchange. 

“Registration Statement” will have the meaning set forth in Section 5.3(a). 

“Related Parties” will mean, with respect to any Person, such Person’s present, former and future Representatives and
each of their respective heirs, executors, successors and assigns. 
 “Representative” will mean, with respect to any
Person, any of such Person’s directors, managers or persons acting in a similar capacity with such Person’s approval on its behalf, officers, employees, agents, consultants, financial and other advisors, accountants, attorneys and other
representatives. 
 “Restated Certificate” will have the meaning set forth in the recitals hereto. 

  
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 “Restricted Share” will mean each share of Common Stock granted under the
Company Stock Plan that is then subject to vesting, repurchase rights by the Company or other restrictions. 
 “SEC” will
mean the U.S. Securities and Exchange Commission. 
 “Second Tranche Warrant” will have the meaning ascribed to it in the
Secured Promissory Note. 
 “Secured Promissory Note” will have the meaning set forth in the recitals hereto. 

“Securities” will have the meaning set forth in Section 3.4. 

“Securities Act” will mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Security Agreement” will have the meaning ascribed to it in the Secured Promissory Note. 

“Series A Preferred Stock” will mean the Series A Preferred Stock of the Company, par value $0.001 per share. 

“Series B Preferred Stock” will mean the Series B Preferred Stock of the Company, par value $0.001 per share. 

“Series B Preferred Stock Agreements” will mean (i) the Investor Rights Agreement, dated as of July 15, 2014, as
amended, by and among the Company and certain of its existing stockholders and other Persons party thereto (the “IRA”), (ii) the Voting Agreement, dated as of July 15, 2014, as amended, by and among the Company and certain
of its stockholders and (iii) the Right of First Refusal and Offer and Co-Sale Agreement, dated as of July 15, 2014, by and among the Company and certain of its stockholders and other Persons party thereto. 

“Stock Option” will mean an option to purchase shares of Common Stock granted under the Company Stock Plan. 

“Subsidiary” will mean, with respect to any Person, a corporation, partnership, association, limited liability company, trust
or other form of legal entity in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, has either (i) a majority ownership in (A) the equity or (B) the
interest in the capital or profits thereof, (ii) the power to elect, or to direct the election of, a majority of the board of directors or other analogous governing body of such entity, or (iii) the title or function of general partner or
manager, or the right to designate the Person having such title or function. 
 “Transaction Agreements” will mean,
collectively, this Agreement, the Secured Promissory Note, the Security Agreement (as defined in the Secured Promissory Note), the First Tranche Warrant A, the First Tranche Warrant B and Second Tranche Warrant (each as defined in the Secured
Promissory Note, and in the form attached thereto), the Primary Warrant, and the 10% Warrant (as defined in the Primary Warrant and in the form attached thereto) and the Voting Agreement (as defined in the Primary Warrant). 

  
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 “Transactions” will mean, collectively, the Investment and the other
transactions contemplated by this Agreement and the other Transaction Agreements. 
 “Voting Agreement” will have the
meaning ascribed to it in the Primary Warrant. 
 ARTICLE 2. 

THE INVESTMENT 

Section 2.1 The Closing of the Investment. Unless this Agreement has been terminated or has terminated pursuant to
Section 7.1, in the event that Acacia or the Company, as the case may be, is entitled to elect, and elects, in accordance with Sections 2 and 3(a) of the Primary Warrant, the Exercise (as defined in the Primary Warrant) by Acacia of the Primary
Warrant, and Acacia is required to Exercise the Primary Warrant in accordance with Sections 2 and 3(a) thereof (such Exercise, the “Investment”), and provided the Exercise by Acacia is for the full amount of the Primary Warrant, the
closing of such Exercise (the “Closing”) will take place at 10:00 a.m., New York time, on a date to be specified by the Parties, which will be no later than the fifteenth (15th) Business Day after the satisfaction or, to the
extent permitted by applicable Law, waiver of the conditions set forth in ARTICLE 6 (other than those conditions that by their nature cannot be satisfied prior to the Closing, but subject to the satisfaction or waiver of those conditions at the
Closing) (the “Closing Date”), at the offices of Greenberg Traurig, LLP, 200 Park Avenue, New York, New York 10166, unless another date or place is agreed to in writing by the Parties. 

ARTICLE 3. 

REPRESENTATIONS AND WARRANTIES OF ACACIA 

Acacia hereby represents and warrants to the Company as follows: 

Section 3.1 Due Organization, Good Standing, Corporate Power and Subsidiaries. Acacia is a corporation duly organized, validly
existing and in good standing under the Laws of the State of Delaware. Acacia has all requisite corporate power and authority to own, lease and operate its properties and assets and to carry on its business as it is now being conducted. Acacia is
duly qualified or licensed to do business and is in good standing (with respect to jurisdictions which recognize such concept) in each jurisdiction in which the property owned, leased or operated or the nature of the business conducted by it makes
such qualification or licensing necessary, except in such jurisdictions where the failure to be so qualified or licensed or to be in good standing has not had or would not reasonably be expected to have, individually or in the aggregate, a material
adverse effect on the business, operations, property or financial condition of Acacia and its Subsidiaries, taken as a whole. 

  
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 Section 3.2 Authorization and Validity of Agreement. Acacia has all necessary
corporate power and authority to execute and deliver this Agreement and the other Transaction Agreements, to perform its obligations hereunder and thereunder, and to consummate the Transactions. The execution, delivery and performance of this
Agreement and the other Transaction Agreements by Acacia and the consummation by Acacia of the Transactions, have been duly and validly authorized and unanimously approved by the Board of Directors of Acacia, and no other corporate or other action
on the part of Acacia or its Board of Directors or stockholders is necessary to authorize the execution, delivery and performance of this Agreement and the other Transaction Agreements or the consummation of the Transactions. This Agreement and the
other Transaction Agreements have been (or will be, at the time of their execution) duly and validly executed and delivered by Acacia and, assuming due and valid authorization, execution and delivery hereof and thereof by the Company, each is (or
will be, at the time of its execution) a valid and binding obligation of Acacia and enforceable against Acacia in accordance with its terms, except to the extent that its enforceability may be subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar Laws, now or hereinafter in effect, affecting the enforcement of creditors’ rights generally and by general equitable principles. 

Section 3.3 Corporate Authority Relative to this Agreement; No Violation. Assuming the filings required under the HSR Act (if
applicable) are made and the waiting periods thereunder (if applicable) have been terminated or expired, the execution and delivery of this Agreement and the other Transaction Agreements by Acacia and the consummation by Acacia of the Transactions,
do not and will not (w) conflict with or result in a breach of any provision of its certificate of incorporation or bylaws, (x) violate or conflict in any material respect with any Law or Order of any Governmental Authority applicable to
Acacia or by which any of the assets or properties of Acacia may be bound, (y) require any filing with, or License, consent or approval of, or the giving of any notice to, any Governmental Authority, the failure of which to file or receive
would be material, or (z) result in a material violation or breach of, constitute (with or without due notice or lapse of time or both) a material default under, or give rise to any right of termination, cancellation or acceleration, or result
in the creation of any material Encumbrance upon any of the properties or assets of Acacia or any of its Subsidiaries or give rise to any material obligation, right of termination, cancellation, acceleration or increase of any material obligation or
a loss of a material benefit under, any of the terms, conditions or provisions of any Contract material to Acacia and its Subsidiaries, taken as a whole. 

Section 3.4 Purchase Entirely for Own Account. This Agreement is made with Acacia in reliance upon Acacia’s representation to
the Company, which by Acacia’s execution of this Agreement Acacia hereby confirms, that each of the Secured Promissory Note, the First Tranche Warrant A, the Primary Warrant, the First Tranche Warrant B, the Second Tranche Warrant, the 10%
Warrant, and the securities of the Company for which the foregoing are or will be exercisable or convertible (collectively, the “Securities”) will be acquired for investment for Acacia’s own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof, except as expressly contemplated by this Agreement. 

Section 3.5 Reliance upon Acacia’s Representations. Acacia understands that the Securities are not, and will not be,
registered under the Securities Act on the ground that the sale provided for in this Agreement and the issuance of the Securities hereunder are and will be exempt from registration under the Securities Act pursuant to Section 4(a)(2) thereof,
and that reliance on such exemption is predicated on Acacia’s representations set forth herein. 

  
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 Section 3.6 Disclosure of Information. Acacia believes it has received all the
information it considers necessary or appropriate for deciding whether to purchase the Securities. Acacia has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the
Securities and the Company’s business, properties, prospects and financial condition and to obtain additional information necessary to verify the accuracy of any information furnished to Acacia or to which Acacia had access. 

Section 3.7 Investment Experience; Economic Risk. Acacia understands that the Company has a limited financial and operating
history and that an investment in the Company involves substantial risks. Acacia represents to the Company that Acacia is an “accredited investor” (within the meaning of Regulation D, Rule 501(a), promulgated by the SEC under the
Securities Act), is experienced in evaluating and investing in private placement transactions of securities, and Acacia represents and acknowledges it is able to fend for itself. Acacia has such knowledge and experience in financial and business
matters that Acacia is capable of evaluating the merits and risks of investment in the Securities, including the Investment. Acacia can bear the economic risk of investment in the Securities, including the Investment, and is able, without impairing
its financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment. Acacia has not been organized for the purpose of acquiring the Securities. 

Section 3.8 Restricted Securities. Acacia understands that the Securities are and will be characterized as “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such federal securities laws and applicable regulations such Securities may be
resold without registration under the Securities Act only in certain limited circumstances. In connection therewith, Acacia represents that it is aware of the provisions of Rule 144 promulgated under the Securities Act, which permits limited resale
of securities purchased in a private placement subject to the satisfaction of certain conditions, including, among other things, the existence of a public market for the securities, the availability of certain current public information about the
Company, the resale occurring not less than one (1) year after a party has purchased and paid for the security to be sold, the sale being effected through a “broker’s transaction” or in transactions directly with a “market
maker” and the number of securities being sold during any three (3)-month period not exceeding specified limitations, each as applicable. 

Section 3.9 Brokers or Finders. The Company has not, and will not, incur, directly or indirectly, as a result of any action taken
by Acacia, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the Investment. 

  
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 ARTICLE 4. 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to Acacia as follows: 

Section 4.1 Due Organization, Good Standing, Corporate Power and Subsidiaries. The Company is a corporation duly organized,
validly existing and in good standing under the Laws of the State of Delaware. The Company and its Subsidiaries have all requisite corporate power and authority to own, lease and operate their properties and assets and to carry on its business as it
is now being conducted. Each of the Company and its Subsidiaries is duly qualified or licensed to do business and is in good standing (with respect to jurisdictions which recognize such concept) in each jurisdiction in which the property owned,
leased or operated or the nature of the business conducted by it makes such qualification or licensing necessary, except in such jurisdictions where the failure to be so qualified or licensed or to be in good standing has not had or would not
reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. 
 Section 4.2 Authorization
and Validity of Agreement. The Company has all necessary corporate power and authority to execute and deliver this Agreement and the other Transaction Agreements to which it is a party, to perform its obligations hereunder and thereunder and to
consummate the Transactions. The execution, delivery and performance of this Agreement and the other Transaction Agreements by the Company and the consummation by the Company of the Transactions, have been (a) duly and validly authorized and
unanimously approved by the Board of Directors of the Company and (b) approved by the Company Stockholder Approval, and no other corporate or other action on the part of the Company or its Board of Directors or stockholders is necessary to
authorize the execution, delivery and performance of this Agreement and the Transaction Agreements or the consummation of the Transactions, except to the extent (a) the Board of Directors will be required to approve any corporate actions
relating to a Public Offering and listing of the Common Stock in connection therewith and (b) the stockholders of the Company will be required to approve (i) any corporate actions to amend the Company’s charter and bylaws in
connection with a Public Offering and listing of the Common Stock and (ii) any Contracts regarding voting or other investor rights relating to the Company, to which any such stockholder is anticipated to be a party. This Agreement and the other
Transaction Agreements have been (or will be, at the time of their execution) duly and validly executed and delivered by the Company and, to the extent it is a party thereto, assuming due and valid authorization, execution and delivery hereof and
thereof by each of the other parties thereto, as applicable, each is (or will be, at the time of its execution) a valid and binding obligation of the Company and enforceable against the Company in accordance with their terms, except to the extent
that its enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereinafter in effect, affecting the enforcement of creditors’ rights generally and by general equitable
principles. 
 Section 4.3 Corporate Authority Relative to this Agreement; No Violation. Assuming (a) the filings required
under the HSR Act (if applicable) are made and the waiting periods thereunder (if applicable) have been terminated or expired, (b) the applicable requirements under federal securities Laws and any applicable state securities or blue sky Laws
are met, (c) the requirements of an applicable Public Trading Market in respect of the listing of the shares of Common Stock to be offered and sold in the Public Offering are met, and (d) the requirements, if any, of the Financial Industry
Regulatory Authority, Cede & Co. and The 

  
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Depository Trust Corporation are met, the execution and delivery of this Agreement and the Transaction Agreements by the Company, and the consummation by the Company of the Transactions, do not
and will not (w) conflict with or result in a breach of any provision of the certificate of incorporation or bylaws of the Company, (x) violate or conflict in any material respect with any Law or Order of any Governmental Authority
applicable to the Company, (y) require any filing with, or License, consent or approval of, or the giving of any notice to, any Governmental Authority, the failure of which to file or receive would be material, or (z) as of the date
hereof, result in a material violation or breach of, constitute (with or without due notice or lapse of time or both) a material default under, or give rise to any right of termination, cancellation or acceleration, or result in the creation of any
material Encumbrance upon any of the properties or assets of the Company or any of its Subsidiaries or give rise to any material obligation, right of termination, cancellation, acceleration or increase of any material obligation or a loss of a
material benefit under, any of the terms, conditions or provisions of any Contract material to the Company and its Subsidiaries, taken as a whole. 

Section 4.4 Capitalization; Subsidiaries. As of the date of this Agreement: 

(a) The authorized capital stock of the Company consists solely of (i) 38,500,000 shares of Common Stock and (ii) 11,500,000 shares
of Company Preferred Stock, of which 3,914,697 shares are designated as Company Series A Preferred Stock, and 3,092,781 shares are designated as Series B Preferred Stock. As of the date hereof, (u) 4,116,618 shares of Common Stock are issued
and outstanding, of which (1) 364,663 shares of Common Stock are Company Restricted Shares, and (2) 0 shares of Common Stock are held by the Company in its treasury, (v) 1,173,966 shares of Common Stock are subject to outstanding
Stock Options; (w) 386,863 additional shares of Common Stock are reserved for issuance pursuant to the Company Stock Plan, (x) warrants issued by the Company in respect of 412,370 shares of Common Stock are outstanding, but unvested
and performance-based, (y) 3,914,697 shares of Series A Preferred Stock are issued and outstanding and (z) 3,092,781 shares of Series B Preferred Stock are issued and outstanding. All of the issued and outstanding shares of the
Company’s capital stock have been duly authorized and validly issued and are fully paid and non-assessable. 
 (b) Except as set forth
in (i) award agreements granting Stock Options or Restricted Shares to employees or consultants of the Company or its Subsidiaries (the standard forms of which have been disclosed prior to the date hereof to Acacia), (ii) the Series B
Preferred Stock Agreements, (iii) the certificate of incorporation or bylaws of the Company, and (iv) this Agreement and the other Transaction Agreements, in each of clause (i)-(iv), as they exist as of the date hereof, there are no
(1) outstanding options, warrants, rights, calls, subscriptions, claims of any character, agreements, obligations, convertible or exchangeable securities, or other commitments, contingent or otherwise, relating to capital stock of the Company
or any capital stock equivalent or other nominal interest in the Company or any of its Subsidiaries (“Company Equity Interests”) pursuant to which the Company or any of its Subsidiaries is or may become obligated to issue shares of
its capital stock or other equity interests or any securities convertible into or exchangeable for, or evidencing the right to subscribe for, any Company Equity Interests, (2) outstanding obligations of the Company to repurchase, redeem or
otherwise acquire any outstanding securities of Company Equity Interests or (3) Contracts or commitments to which the Company or any of its Subsidiaries is a party relating to the issuance, sale, transfer or voting of any equity securities or
other securities of the Company. Immediately prior to the commencement of the Public Offering, the issued and outstanding capital stock of the Company shall consist solely of shares of Common Stock. 

  
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 (c) All outstanding Stock Options and Restricted Shares have been granted under the Company Stock
Plan. The Company has made available to Acacia a true and complete list, as of the date hereof, of (i) all outstanding Stock Options and (ii) all Restricted Shares, including in each case where applicable, the name of the holder thereof,
the number of shares of Common Stock subject to each such grant, the exercise price per share, the date of grant and the date of expiration for each such grant. 

(d) Except for the Secured Promissory Note and any intercompany indebtedness, the Company and its Subsidiaries have no outstanding indebtedness
for borrowed money and there are no outstanding guarantees by the Company or any of its Subsidiaries of indebtedness for borrowed money of any other Person. Neither the Company nor any of its Subsidiaries has outstanding bonds, debentures, notes or,
other than as referred to in this Section 4.4, other securities, the holders of which have the right to vote (or which are convertible into or exercisable for securities having the right to vote) with the stockholders of the Company on any
matter. 
 Section 4.5 Financial Statements, 

(a) The financial statements, which have been delivered to Acacia, consist of: 

(i) the audited consolidated balance sheets of the Company and its Subsidiaries as of December 31, 2015 (the
“Audited Balance Sheet”) and December 31, 2014, and the related audited statements of operations, cash flows and stockholder’s equity for the year ended December 31, 2015 and the period from inception through
December 31, 2014, including the notes thereto, in each case, audited by Marcum LLP and Haskell & White LLP, respectively (collectively, the “Audited Financial Statements”); and 

(ii) the unaudited consolidated interim balance sheet of the Company and its Subsidiaries as of March 31, 2016 (the
“Interim Balance Sheet”), and the related unaudited consolidated interim consolidated statements of operations for the three months ended March 31, 2016 and March 31, 2015 (collectively, including the Interim Balance Sheet
and together with the Audited Financial Statements, the “Financial Statements”). 
 (b) The Financial Statements were
prepared in accordance with GAAP, consistently applied, and present fairly, in all material respects, the financial position of the Business as of the dates thereof and the results of its operations and changes in cash flows or other information
included therein for the periods or as of the dates then ended, in each case, and subject, where appropriate, to normal year-end audit adjustments, as of the dates thereof and for the periods covered thereby. 

  
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 (c) Except as recorded as a Liability or otherwise reserved against in the Company’s and its
Subsidiaries’ most recent audited consolidated balance sheet, or as described in a disclosure schedule delivered by the Company to Acacia prior to the Closing Date, to the Company’s Knowledge, the Company and its Subsidiaries do not have
any material Liabilities of any nature (whether accrued, absolute, contingent or otherwise) other than (i) Liabilities incurred in the ordinary course of business since the date of the Company’s and its Subsidiaries’ most recent
audited consolidated balance sheet and (ii) Liabilities incurred under or in accordance with or as expressly permitted by this Agreement or in connection with the Transactions. 

Section 4.6 Absence of Certain Changes or Events. In each case, as of the date of this Agreement, except (a) as specifically
contemplated or permitted by this Agreement or the Transaction Agreements, (b) as set forth in the Audited Financial Statements, (c) for changes resulting from the announcement of this Agreement or the Transactions, since the date of the
Interim Balance Sheet, and (d) entry into that agreement by and between WestwoodOne, Inc. and Veritone Enterprise, LLC. dated June 20, 2016, (i) the Business has been conducted, in all material respects, in the ordinary course of
business, and (ii) there has not been any event (including any damage, destruction or loss, whether or not covered by insurance) that has had or would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse
Effect. 
 ARTICLE 5. 

COVENANTS 
 Section 5.1
Conduct of the Business Pending the Closing. Following the date of this Agreement and until the earlier of the Closing or the termination of this Agreement, except as contemplated or permitted by this Agreement or the Transaction Agreements
or to the extent that Acacia shall otherwise consent in writing (which consent shall not be unreasonably withheld, conditioned or delayed), the Company agrees, as to itself and its Subsidiaries, that the Company shall conduct its business in, and
shall cause its Subsidiaries to conduct their businesses in, and the Company shall not take any action except in, the ordinary course of business, and shall use commercially reasonable efforts to operate its current business organization in such a
manner that its goodwill and ongoing businesses are not impaired in any material respect as of the Closing. 
 Section 5.2
Directors. 
 (a) Promptly after the date hereof, the Company shall cause one (1) member of the Company Board of Directors
designated by the holders of shares of Series B Preferred Stock (a “Series B Designee”) to be replaced with an individual designated by Acacia (an “Acacia Designee”) in accordance with the terms and conditions of
the Series B Preferred Stock Agreements and the Company Stockholder Approval. 

  
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 (b) The Company shall cause the initial members of the Company Board of Directors immediately
prior to the consummation of a Public Offering to be elected in accordance with the Voting Agreement, and for such directors to serve until their successors have been duly elected or appointed and qualified or until their earlier death, resignation
or removal in accordance with the Restated Certificate and the Bylaws, as amended, in each case to the full extent permitted by law. 

Section 5.3 Public Offering. 

(a) The Company will use commercially reasonable efforts to consummate, as soon as practicable after the date hereof, such form of a Public
Offering as its Board of Directors shall determine is in the best interests of the Company; provided, that, the Company shall have up to five (5) years from the date of the Secured Promissory Note to (A) prepare and file with
the SEC an offering circular or registration statement on Form S-1, Form 1-A, Form S-4, or another applicable form of offering circular or registration statement approved by the SEC for the nature of such Public Offering undertaken by the Company
(as applicable, the “Registration Statement), (B) to the extent commercially practicable, consummate such Public Offering, and (C) as of the consummation of such Public Offering, become qualified to list the Common Stock with a
Public Trading Market. 
 (b) Acacia will use commercially reasonable efforts to support and facilitate the efforts of the Company to
consummate a Public Offering and become qualified for the listing of its Common Stock, as described in this Section 5.3. 
 (c) In
furtherance of the Parties’ respective covenants set forth in Sections 5.3(a) and (b), the Parties agree to that, soon after the date hereof, they will engage in discussions with potential underwriters regarding market conditions and other
relevant factors in determining whether and when the Company should undertake a Public Offering and whether such Public Offering should be an initial public offering, a Regulation A Offering, or another permissible form of transaction within the
definition of “Public Offering”. Thereafter, the Company will use its commercially reasonable efforts, upon the approval of its Board of Directors, to prepare and file with the SEC the applicable Registration Statement approved by the
Board of Directors of the Company, the offering circular or prospectus, as applicable, included therein, and each amendment and supplement thereto for such Public Offering as the Board of Directors of the Company determines to be in the best
interests of the Company. Acacia will use its commercially reasonable efforts to cooperate with the Company in the preparation of such Registration Statement, including by furnishing all information concerning Acacia required to be included in such
Registration Statement and by providing other assistance to the Company in connection with the preparation of such Registration Statement as the Company may reasonably request. The Company will use its commercially reasonable efforts to prepare, and
Acacia shall use its commercially reasonable efforts to cooperate with the Company in the preparation of, all information required by the SEC to be included in such Registration Statement. The Company will use its commercially reasonable efforts,
and Acacia will use its commercially reasonable efforts to cooperate with the Company, to have such Registration Statement declared effective or become qualified, as applicable, under the Securities Act on a date to be mutually agreed upon by Acacia
and the Company and to keep such Registration 

  
 14 

 
Statement effective as long as is necessary to consummate such Public Offering; provided, that such date is no earlier than the date on which the Company would be reasonably able to meet
its obligations and requirements as a public company with securities listed with, or quoted on, a Public Trading Market and is otherwise reasonably prepared to operate as a standalone entity. The Parties hereby agree that any such Public Offering
will be a primary offering of shares of Common Stock. The Company will not include in any such Registration Statement any shares of Common Stock or other securities held by any stockholder of the Company without the prior written consent of Acacia,
which consent shall not be unreasonably withheld, conditioned or delayed; provided that to the extent that any such consent is granted by Acacia, it shall apply pro rata to all holders of Registrable Securities (as defined in the IRA) on an as
converted to Common Stock basis. 
 Section 5.4 Listing Matters. The Company shall prepare and file, and shall use commercially
reasonable efforts to have approved prior to the consummation of a Public Offering, an application for the listing on a Public Trading Market of the shares of Common Stock to be offered and sold in the Public Offering and shares of Common Stock to
be reserved for issuance pursuant to any director or employee benefit plan or arrangement. 
 Section 5.5 Public Announcements.
Until the earlier of the Closing or the termination of this Agreement, Acacia and the Company shall consult with each other prior to making any press release or public announcement relating to the Transactions and shall not issue any such press
release or make any such public announcement prior to such consultation and without the consent of the other Parties, which consent shall not be unreasonably withheld, delayed or conditioned, except as (i) may be required by applicable Law,
Order or by obligations pursuant to any listing agreement with any national securities exchange, in which case the Party proposing to issue such press release or make such public announcement shall use its reasonable best efforts to consult in good
faith with, and accept reasonable comment from, the other Party a reasonable time before issuing any such press release or making any such public announcement or (ii) in the case of an oral statement, is substantially similar in content to
previous written press releases, public disclosures or public statements made jointly by the Parties or in investor conference calls, SEC filings, Q&As or other documents approved by the Parties. 

Section 5.6 Solicitation. During the period beginning on the date of the Secured Promissory Note and ending on the earlier of
(x) the Maturity Date and (y) the date of the consummation of a Public Offering, the Company may solicit, negotiate with, execute documents (including, but not limited to, nondisclosure agreements, term sheets, letters of intent, and
definitive agreements) with, engage in diligence regarding, and consummate transactions with Persons or groups of Persons in connection with (i) acquisitions of such Persons or of the businesses or assets of such Persons or groups of Persons,
(ii) a Next Equity Financing, (iii) investments by strategic investors, and (iv) a Public Offering; provided that, with respect to any of the transactions set forth in clauses (i) through (iii) above, the Company shall have
received the consent of Acacia (such consent not to be unreasonably withheld, delayed or conditioned) prior to consummating such transactions. 

  
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 Section 5.7 Employee Option Pool . Prior to the consummation of the Public Offering,
the Board of Directors of the Company shall take such action as may be necessary to establish an employee option pool (the “Employee Option Pool”) to provide eligible employees and other individuals providing services to the Company
or any of its Subsidiaries following the Closing with the opportunity to acquire a proprietary interest, or otherwise increase their proprietary interest, in the Company as an incentive for them to continue such employment or service. The Board of
Directors of the Company shall simultaneously reserve for the Employee Option Pool that number of shares of Common Stock representing 5.0% of the aggregate number of shares of Common Stock, on a Fully Diluted Basis immediately prior to the
consummation of the Public Offering (including in such calculation (y) all shares of Common Stock reserved for the Employee Option Pool pursuant to this Section 5.7 and (z) all shares of Common Stock reserved or to be reserved for the
conversion of the Secured Promissory Note and the Primary Warrant (to the extent exercised) but excluding any shares of Common Stock issued and sold pursuant to the Public Offering or in respect of any of the 10% Warrant, First Tranche Warrant A,
First Tranche Warrant B and Second Tranche Warrant). 
 Section 5.8 Certain Information . During the period commencing on the
date hereof and ending on the later to occur of (a) the Maturity Date and (b) such time as all outstanding principal balance under the Secured Promissory Note and all accrued interest thereon have been repaid in full by the Company or
converted into shares of Common Stock in accordance therewith, the Company will furnish to Acacia the financial and other information that the Company is required to furnish to Qualifying Investors (as defined in the Investor Rights Agreement)
pursuant to Section 3 of the Investor Rights Agreement, upon the terms and subject to the conditions set forth therein. 
 ARTICLE 6.

 CLOSING CONDITIONS 

Section 6.1 Conditions to the Obligations of Acacia. The obligations of Acacia to consummate the Investment are subject to the
satisfaction, as of the Closing, of the following conditions, which may be waived, in whole or in part, by Acacia to the extent permitted by Law: 

(a) The representations and warranties of the Company set forth in Article IV shall be true and correct in all respects, in each case at and as
of the date hereof and at and as of the Closing Date with the same effect as though made at and as of the Closing Date (except to the extent such representations and warranties address matters as of a particular date, which shall be true and correct
as of the specified date). The Company shall have delivered to Acacia a certificate, dated as of the Closing Date, of an executive officer of the Company certifying the satisfaction by the Company of the conditions set forth in this
Section 6.1(a). 
 (b) The Company shall have performed in all material respects its covenants and agreements contained in this
Agreement required to be performed at or prior to the Closing Date. 
 (c) The Company and each of the Company Stockholders, as applicable,
shall have entered into and delivered to Acacia the Transaction Agreements to which the Company, any of its Subsidiaries or such Company Stockholder, as applicable, is a party and that by their terms are to be delivered on or prior to the Closing
Date, and such agreements shall be in full force and effect and with no default thereunder. 

  
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 (d) Since the date of this Agreement, no event, occurrence, fact, condition, change, development
or effect shall exist or have occurred or come to exist that, individually or in the aggregate, has resulted in, or would reasonably be expected to result in, a Company Material Adverse Effect. 

(e) Except for Series B Preferred Stock Agreements that have been amended in connection with the execution of this Agreement, each of the
Series B Preferred Stock Agreements shall have been terminated at or prior to the Closing pursuant to an agreement in form and substance reasonably satisfactory to Acacia, and Acacia shall have been provided with evidence of such termination
reasonably satisfactory to it. 
 (f) Prior to the date of the Registration Statement, each of Chad Steelberg and Ryan Steelberg (each, an
“Executive”) shall have entered into an employment agreement with the Company, with a term of at least 36 months, and on other terms and conditions to be mutually agreed by Acacia and each Executive, and each such agreement shall
not have been terminated and shall be in full force and effect as of the Closing Date. 
 Section 6.2 Conditions to the Obligations
of the Company. The obligations of the Company to consummate the Investment are subject to the satisfaction, as of the Closing, of the following conditions, which may be waived, in whole or in part, by the Company to the extent permitted by Law:

 (a) The representations and warranties of Acacia set forth in Article 3 shall be true and correct in all respects, in each case at and as
of the date hereof and at and as of the Closing Date with the same effect as though made at and as of the Closing Date (except to the extent such representations and warranties address matters as of a particular date, which shall be true and correct
as of the specified date). 
 (b) Acacia shall have performed in all material respects its covenants and agreements contained in this
Agreement required to be performed at or prior to the Closing. 
 ARTICLE 7. 

TERMINATION, AMENDMENT AND WAIVER 

Section 7.1 Termination or Abandonment. Notwithstanding anything contained in this Agreement to the contrary, this Agreement may be
terminated and abandoned, or may terminate automatically, at any time prior to the Closing, whether before or after any approval of the matters presented in connection with the Transactions by any stockholders required to approve the Transactions:

 (a) by the mutual written consent of Acacia and the Company; 

(b) automatically upon the close of business on August 15, 2021; 

  
 17 

 (c) automatically upon effectuation of the Exercise (as defined in the Primary Warrant) of the
Primary Warrant in its entirety, whether in a single Exercise or a series of partial Exercises (including the Company’s receipt of the aggregate Exercise Price in respect of the whole Primary Warrant); 

(d) automatically upon the Primary Warrant becoming, at the Company’s written election, null and void in accordance with Section 2
thereof; 
 (e) by the Company (so long as the Company is not then in material breach of any covenant, representation or warranty or other
agreement contained herein which breach would cause the Closing conditions of Acacia not to be satisfied if the Closing were to occur at the time of termination, other than those conditions that by their nature cannot be satisfied prior to the
Closing, but subject to the satisfaction or waiver of those conditions at the Closing), if there has been a material breach by Acacia of any of its representations, warranties, covenants or agreements contained in this Agreement, or any such
representation and warranty shall have become untrue in any material respect, in either case such that Section 6.2(a) or Section 6.2(b) hereof would be incapable of being satisfied, and such breach or condition has not been cured within
thirty (30) days following receipt by Acacia of notice of such breach; 
 (f) by Acacia (so long as Acacia is not then in material
breach of any covenant, representation or warranty or other agreement contained herein which breach would cause the Closing conditions of the Company not to be satisfied if the Closing were to occur at the time of termination, other than those
conditions that by their nature cannot be satisfied prior to the Closing, but subject to the satisfaction or waiver of those conditions at the Closing), if there has been a material breach by the Company of any of its representations, warranties,
covenants or agreements contained in this Agreement, or any such representation and warranty shall have become untrue in any material respect, in either case such that Section 6.1(a) or Section 6.1(b) would be incapable of being satisfied,
and such breach or condition has not been cured within thirty (30) days following receipt by the Company of notice of such breach; or 

(g) by either Acacia or the Company if any Law or Order by any Governmental Authority preventing or prohibiting consummation of the
Transactions shall have become final and non-appealable. 
 The Party desiring to terminate this Agreement pursuant to this Section 7.1 will give
written notice of such termination to the other Party, specifying the provision pursuant to which such termination is effected. 

Section 7.2 Effect of Termination. If this Agreement is terminated by Acacia or the Company pursuant to Section 7.1 hereof,
then this Agreement shall become void and have no effect with no Liability on the part of the Parties, except to the extent that such termination results from a Party’s intentional breach of, or fraud in respect of, any of its covenants or
agreements set forth in this Agreement; provided, however, that the provisions of the Confidentiality Agreement, this ARTICLE 7 and ARTICLE 8 shall remain in full force and effect and shall survive any termination of this Agreement.

  
 18 

 ARTICLE 8. 

GENERAL PROVISIONS 

Section 8.1 Survival of Representations and Warranties. The representations and warranties of Acacia and the Company contained in
this Agreement will expire and be of no further force or effect as of the Closing. 
 Section 8.2 Notices. All notices,
requests, claims, demands and other communications to be given or delivered under or by the provisions of this Agreement will be in writing and will be deemed given only (i) when delivered personally to the recipient, (ii) one
(1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid); provided, that confirmation of delivery is received, (iii) upon machine-generated acknowledgment of receipt after transmittal by
facsimile or (iv) five (5) calendar days after being mailed to the recipient by certified or registered mail (return receipt requested and postage prepaid). Such notices, demands and other communications will be sent to the Parties at the
following addresses (or at such address for a Party as will be specified by like notice): 
 if to Acacia, to: 

Acacia Research Corporation 

520 Newport Center Drive, 12th Floor 

Newport Beach, CA 92660 

Attention:  Edward J. Treska, General Counsel 

Facsimile:  949-480-8391 

with a copy (which will not constitute notice) to: 

Greenberg Traurig, LLP 

200 Park Avenue 

New York, NY 10166 

Attention:  Dennis J. Block 

Facsimile:  212-805-5555 

with a copy (which will not constitute notice) to: 

Stradling Yocca Carlson & Rauth, P.C. 

660 Newport Center Drive, Suite 1600 

Newport Beach, CA 92660 

Attention:  Mark L. Skaist 

Facsimile:  949-725-4100 

  
 19 

 if to the Company, to: 

Veritone, Inc. 

3366 Via Lido 

Newport Beach, CA 92663 

Attention:  John M. Markovich, Chief Financial Officer 

Facsimile:  (949) 209-0365 

with a copy (which will not constitute notice) to: 

Munger, Tolles & Olson LLP 

355 S. Grand Avenue, 35th Floor 

Los Angeles, California 

Attention:  Mary Ann Todd, Esq. 

                  Katherine H. Ku,
Esq. 
 Facsimile:  (213) 687-3702 

with a copy (which will not constitute notice) to: 

Morgan, Lewis & Bockius LLP 

600 Anton Boulevard, Suite 1800 

Costa Mesa, CA 92626 

Attention:  Ellen S. Bancroft, Esq. 

Facsimile:  (714) 830-0700 

Any Party to this Agreement may notify any other Party of any changes to the address or any of the other details specified in this paragraph; provided that
such notification will only be effective on the date specified in such notice or five (5) Business Days after the notice is given, whichever is later. Rejection or other refusal to accept or the inability to deliver because of changed address
of which no notice was given will be deemed to be receipt of the notice as of the date of such rejection, refusal or inability to deliver. 

Section 8.3 Counterparts; Delivery by Electronic Transmission. This Agreement may be executed in one or more counterparts each of
which when executed will be deemed to be an original but all of which taken together will constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document format (PDF)
will be as effective as delivery of a manually executed counterpart of any such Agreement. 
 Section 8.4 No Third Party
Beneficiaries. Nothing in this Agreement, express or implied, is intended to or will confer upon any Person (other than Acacia, the Company and their respective successors and permitted assigns) any legal or equitable right, benefit or remedy of
any nature whatsoever under or by reason of this Agreement, and no Person will be deemed a third party beneficiary under or by reason of this Agreement. 

Section 8.5 Assignment. Neither this Agreement nor any of the rights, benefits or obligations hereunder may be assigned by either
Party (whether by operation of Law or otherwise) without the prior written consent of the other Party, and any purported assignment 
 without such consent
will be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns. 

  
 20 

 Section 8.6 Governing Law; WAIVER OF JURY TRIAL. 

(a) This Agreement and all issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement (and
all Exhibits hereto) will be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal Laws of the State of Delaware will control the interpretation and construction of this
Agreement (and all Exhibits hereto), even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive Law of some other jurisdiction would ordinarily apply. 

(b) AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH PARTY TO ENTER INTO THIS AGREEMENT (WITH EACH PARTY HAVING HAD OPPORTUNITY TO CONSULT
COUNSEL), EACH PARTY EXPRESSLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING UNDER THIS AGREEMENT OR ANY ACTION OR PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY OTHER TRANSACTION AGREEMENT,
REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR PROCEEDING, AND ANY ACTION OR PROCEEDING UNDER THIS AGREEMENT OR ANY ACTION OR PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY OTHER TRANSACTION AGREEMENT WILL BE TRIED IN A
COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 Section 8.7 Jurisdiction and Service of Process. Any
Action with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party or
its successors or assigns, in each case, will be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept
jurisdiction over a particular matter, any state or federal court within the State of Delaware). Each Party hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any Action with respect to
this Agreement (i) any claim that is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve in accordance with this Section 8.7, (ii) any claim that it or its property is
exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise)
and (iii) to the fullest extent permitted by applicable Law, any claim that (A) the Action in such court is brought in an inconvenient forum, (B) the venue of such Action is improper or (C) this Agreement, or the subject matter
hereof, may not be enforced in or by such courts. Each Party further agrees that 

  
 21 

 
neither Party to this Agreement will be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this
Section 8.7 and each Party waives any objection to the imposition of such relief or any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument. The Parties hereby agree that mailing of process
or other papers in connection with any such action or proceeding in the manner provided in Section 8.2, or in such other manner as may be permitted by Law, will be valid and sufficient service thereof and hereby waive any objections to service
accomplished in the manner herein provided. 
 Section 8.8 Severability. If any provision of this Agreement or the application
of any such provision to any Person or circumstance will be declared judicially to be invalid, unenforceable or void, such decision will not have the effect of invalidating or voiding the remainder of this Agreement, it being the intent and
agreement of the Parties that this Agreement will be deemed amended by modifying such provision to the extent necessary to render it valid, legal and enforceable to the maximum extent permitted while preserving its intent or, if such modification is
not possible, by substituting therefor another provision that is valid, legal and enforceable and that achieves the original intent of the Parties. 

Section 8.9 Headings. The headings and captions of the Articles and Sections used in this Agreement and the table of contents to
this Agreement are for reference and convenience purposes of the Parties only, and will be given no substantive or interpretive effect whatsoever. 

Section 8.10 Amendment; Extension; Waiver. This Agreement may not be amended except by an instrument in writing signed on behalf
of each of the Parties. Any agreement on the part of a Party to any extension or waiver will be valid only if set forth in an instrument in writing signed on behalf of such Party. 

Section 8.11 Interpretation. When a reference is made in this Agreement to an Article, Section, or Exhibit, such reference will be
to an Article, Section, or Exhibit of this Agreement unless otherwise indicated. The table of contents to this Agreement, and the Article and Section headings contained in this Agreement, are for reference purposes only and will not affect in any
way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they will be deemed to be followed by the words “without limitation.”
The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this Agreement. The definitions
contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms and any reference to the masculine, feminine or neuter gender will
be deemed to include any gender or all three as appropriate. Unless otherwise specified, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument
or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes, and including all attachments
thereto and instruments incorporated therein. References to a person are also to its permitted successors and assigns. 

  
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Unless the context otherwise requires, “or,” “neither,” “nor,” “any,” “either,” and “or” will not be exclusive. Wherever and whenever
in this Agreement there is a consent right of a Party or a reference to the “satisfaction” or “sole discretion” of a Party, such Party will be entitled to consider solely its own interests (and not the interests of any other
Person) or, at its sole election, any such other interests and factors as such Party desires. The Parties have participated jointly in the negotiation and drafting of this Agreement, and in the event an ambiguity or question of intent or
interpretation arises, this Agreement will be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 

Section 8.12 Specific Performance; Limitation on Money Damages. The Parties agree that irreparable damage would occur in the event
that the Company fails to consummate the Transactions in accordance with the terms of this Agreement and that Acacia shall be entitled to specific performance in such event, in addition to any other remedy at law or in equity. Each Party hereby
waives, in any Action by the other Party for specific performance, the defense of adequacy of a remedy at law and the posting of any bond or other security in connection therewith. The Parties hereby agree that money damages will not be available to
either Party from the other Party in connection with this Agreement or the Transactions, except to the extent that such damages result from a Party’s intentional breach of, or fraud in respect of, any of its covenants or agreements set forth in
this Agreement. In no event will any Representative of Acacia or the Company have any liability or obligation relating to or arising out of this Agreement or the Transactions. Except as provided in this Section 8.12 and Section 7.2, or in
another Transaction Agreement, each Party hereby waives (on behalf of itself, its Affiliates and its stockholders) any and all claims against the other Party, whether arising as a matter of contract or tort Law or by virtue of any statute,
regulation or other applicable Law or by any legal or equitable proceeding. 
 Section 8.13 References to Time. All references
in this Agreement to times of the day will be to Los Angeles time, unless expressly stated otherwise. 
 Section 8.14 No
Representations or Warranties. 
 (a) EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN ANY OTHER TRANSACTION AGREEMENT, ACACIA (ON BEHALF OF
ITSELF, ITS AFFILIATES AND ITS STOCKHOLDERS) ACKNOWLEDGES THAT NONE OF THE STOCKHOLDERS OF THE COMPANY, THE COMPANY OR ANY OF ITS SUBSIDIARIES MAKES ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY HEREIN AS TO ANY MATTER WHATSOEVER, INCLUDING ANY
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OR TITLE. EXCEPT TO THE EXTENT OTHERWISE PROVIDED FOR HEREIN OR IN ANY OTHER TRANSACTION AGREEMENT, ACACIA (ON BEHALF OF ITSELF, ITS AFFILIATES AND ITS STOCKHOLDERS) FURTHER
ACKNOWLEDGES THAT ALL OTHER REPRESENTATIONS OR WARRANTIES THAT THE COMPANY STOCKHOLDERS, THE COMPANY OR ANY OF ITS SUBSIDIARIES GAVE OR MIGHT HAVE GIVEN, OR WHICH MIGHT BE PROVIDED OR IMPLIED BY APPLICABLE LAW OR COMMERCIAL PRACTICE, ARE HEREBY
EXPRESSLY EXCLUDED, AND THAT NEITHER ACACIA NOR ANY OF ITS AFFILIATES OR STOCKHOLDERS HAS RELIED ON ANY SUCH REPRESENTATION OR WARRANTY. NOTHING IN THIS PARAGRAPH WILL OPERATE TO LIMIT A CLAIM FOR FRAUD. 

  
 23 

 (b) EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN ANY OTHER TRANSACTION AGREEMENT, THE COMPANY (ON
BEHALF OF ITSELF, ITS AFFILIATES AND ITS STOCKHOLDERS) ACKNOWLEDGES THAT NONE OF ACACIA OR ANY OF ITS SUBSIDIARIES MAKES ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY HEREIN AS TO ANY MATTER WHATSOEVER, INCLUDING ANY IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OR TITLE. EXCEPT TO THE EXTENT OTHERWISE PROVIDED FOR HEREIN OR IN ANY OTHER TRANSACTION AGREEMENT, THE COMPANY (ON BEHALF OF ITSELF, ITS AFFILIATES AND ITS STOCKHOLDERS) FURTHER ACKNOWLEDGES THAT
ALL OTHER REPRESENTATIONS OR WARRANTIES THAT ACACIA OR ANY OF ITS SUBSIDIARIES GAVE OR MIGHT HAVE GIVEN, OR WHICH MIGHT BE PROVIDED OR IMPLIED BY APPLICABLE LAW OR COMMERCIAL PRACTICE, ARE HEREBY EXPRESSLY EXCLUDED, AND THAT NONE OF THE COMPANY OR
ITS AFFILIATES OR STOCKHOLDERS HAS RELIED ON ANY SUCH REPRESENTATION OR WARRANTY. NOTHING IN THIS PARAGRAPH WILL OPERATE TO LIMIT A CLAIM FOR FRAUD. 

Section 8.15 Fees and Expenses. Except as otherwise provided in this Agreement or another Transaction Agreement, all fees and
expenses incurred in connection with this Agreement, the Transaction Agreements and the transactions contemplated hereby and thereby will be paid by the party incurring such fees or expenses. 

[Signature Page Follows] 

  
 24 

 In WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their respective
officers thereunto duly authorized, all as of the date first written above. 
  

					
	ACACIA RESEARCH CORPORATION
		
	By:	 	/s/ Clayton J. Hayes
		 	Name:	 	Clayton J. Hayes
		 	Title:	 	CFO

  

					
	VERITONE, INC.
		
	By:	 	/s/ John M. Markovich
		 	Name:	 	John M. Markovich
		 	Title:	 	Chief Financial Officer

  
 SIGNATURE
PAGE TO INVESTMENT AGREEMENT 

 EXHIBIT A 

SECURED PROMISSORY NOTE 

See Exhibit 10.10. 

 EXHIBIT B 

FIRST TRANCHE WARRANT A 

See Exhibit 10.12. 

 EXHIBIT C 

PRIMARY WARRANT 
 See
Exhibit 10.11.EX-10.10

 Exhibit 10.10 

EXECUTION VERSION 
 THIS SECURED PROMISSORY
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UPON RECEIPT BY THE ISSUER OF AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. 

SECURED PROMISSORY NOTE 
  

			
	Up to $20,000,000.00	  	 August 15, 2016

Newport Beach, California

 FOR VALUE RECEIVED, the undersigned,
VERITONE, INC., a Delaware corporation (the “Borrower”), hereby promises to pay to the order of ACACIA RESEARCH CORPORATION (the
“Lender”), in the lawful currency of the United States of America, the principal amount of each loan of the Lender outstanding from time to time in accordance with the provisions of this secured promissory note (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the “Secured Promissory Note”), plus interest thereon, and Lender Costs (as defined below) as provided herein, in each case, in the manner and upon
the terms and conditions set forth below. 
 1. The Loan; Security. 

 

	 	(a)	This Secured Promissory Note evidences (i) the loan made by the Lender to the Borrower on the date hereof in the principal amount of Ten Million Dollars ($10,000,000) (the “First Tranche
Loan”) and (ii) an additional loan in the principal amount of Ten Million Dollars ($10,000,000), which the Lender hereby agrees to extend and provide to the Borrower in immediately available U.S. funds within three
(3) Business Days of delivery of a Draw Notice (as defined below) by the Borrower (the “Second Tranche Loan” and, together with the First Tranche Loan, the “Loan”), provided there is not a Loan Default in
effect at the time such Draw Notice is delivered that remains uncured. The Borrower will specify in the Draw Notice the principal amount of the Second Tranche Loan that the Borrower wishes to draw and wire instructions for the account of the
Borrower to which the Lender should direct funds. The parties hereto agree that the Borrower may issue a Draw Notice and borrow the Second Tranche Loan at any time prior to the initial 12-month Maturity Date, but once and only once, during the term
of this Secured Promissory Note. 

  

	 	(b)	 The Borrower hereby authorizes the Lender to make or cause to be made a notation on the record annexed hereto as
Exhibit A and constituting a part hereof (the “Record”) reflecting disbursement of the First Tranche Loan and, if applicable, the Second Tranche Loan hereunder by the Lender and payments of principal thereof by the Borrower.
The aggregate unpaid 

	 	
amount set forth on the Record will be prima facie evidence of the principal amount of the Loan owing and unpaid to the Lender with respect to this Secured Promissory Note. The failure to
record, or any error in so recording, any such amount on the Record will not affect the obligations of the Borrower hereunder to make payments of principal and interest when due; provided, that in no event will the Borrower be
obligated to make payments of principal in excess of the amount actually loaned to the Borrower. 

  

	 	(c)	Repayment of the Loan is secured by a security interest in substantially all of the assets of the Borrower pursuant to the Security Agreement. 

2. Interest. The outstanding principal of the Loan will bear interest, beginning as of the date hereof and ending on and excluding the
date on which all amounts owing hereunder have been paid in full, at 6.0% per annum, compounding annually. All interest hereunder will be calculated on the basis of a 365-day year and paid for the actual number of days elapsed. 

3. [Intentionally omitted.] 
 4.
Definitions. For purposes of this Secured Promissory Note, the capitalized terms below will have the respective meanings ascribed to them. 
  

	 	(a)	“10% Warrant” means that certain common stock purchase warrant attached as Exhibit A to the Primary Warrant, to be issued by the Borrower to the Lender substantially in such form and on the terms and
subject to the conditions set forth in the Primary Warrant, relying on Section 4(a)(2) of the Securities Act or Regulation D thereunder for exemption from the registration requirements of Section 5 of the Securities Act. 

 

	 	(b)	“Affiliate” means, when used with respect to any Person, another Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with such
Person. 

  

	 	(c)	“Business Day” means any day that is not a Saturday, a Sunday or any other day on which banks are required or authorized by law to be closed in New York or California. 

 

	 	(d)	“Certificate of Incorporation” means the Amended and Restated Certificate of Incorporation of the Borrower, as filed with the Secretary of State of the State of Delaware on July 15, 2014, as
amended by the Charter Amendment. 

  

	 	(e)	“Charter Amendment” means the Amendment to the Amended and Restated Certificate of Incorporation of Veritone, Inc., as filed with the Secretary of State of the State of Delaware on August 15, 2016.

  
 - 2 - 

	 	(f)	“Common Stock” means the Common Stock, par value $0.001 per share, of the Borrower. 

  

	 	(g)	“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or
other interests, by contract or otherwise, and “Controlled” and “Controls” have the correlative meanings. 

  

	 	(h)	“Conversion Price” means: 

  

	 	(i)	with respect to the First Tranche Loan, (i) if a Next Equity Financing has been completed by the Borrower prior to the Maturity Date, the lower of (x) $8.2394 (or, if in connection with a
conversion of the entire Convertible Amount (as defined below), $8.1653) and (y) the price per Conversion Share in such Next Equity Financing, or (ii) if a Next Equity Financing has not been completed by the Borrower prior to
the Maturity Date, $4.85; and 

  

	 	(ii)	with respect to the Second Tranche Loan, (i) if a Next Equity Financing has been completed by the Borrower prior to the Maturity Date, the price per Conversion Share in such Next Equity Financing, or
(ii) if a Next Equity Financing has not been completed by the Borrower prior to the Maturity Date, $4.85. 

  

	 	(i)	“Conversion Shares” means, for purposes of determining the type of Equity Securities issuable upon conversion of this Secured Promissory Note, either (i) if a Next Equity Financing has been
completed by the Borrower prior to the Maturity Date, shares of the Equity Securities issued in such Next Equity Financing, or (ii) if a Next Equity Financing has not been completed by the Borrower prior to the Maturity Date, shares of
Series B Preferred (as defined in the Certificate of Incorporation). 

  

	 	(j)	“Equity Securities” means (I) the Common Stock; (II) any securities conferring the right to purchase Common Stock; or (III) any securities directly or indirectly convertible
into, or exchangeable for (with or without additional consideration) Common Stock. Notwithstanding the foregoing, the following will not be considered “Equity Securities”: (i) any security granted, issued or sold by the
Borrower to any director, officer, employee, consultant or adviser of the Borrower for the primary purpose of soliciting or retaining their services; (ii) any security granted, issued or sold by the Borrower in a financing transaction
with a strategic investor or in a strategic acquisition; (iii) any convertible promissory notes issued by the Borrower; or (iv) any warrants issued by the Borrower to the Lender. 

 

	 	(k)	“Existing Voting Agreement” means that certain Voting Agreement, dated as of July 15, 2014, by and among the Company and certain of its stockholders, as amended. 

  
 - 3 - 

	 	(l)	“First Tranche Warrant A” means that certain common stock purchase warrant in respect of an initial Warrant Amount (as defined therein) of $700,000, dated as of the date of this Secured Promissory Note
and issued by the Borrower to the Lender, relying on Section 4(a)(2) of the Securities Act or Regulation D thereunder for exemption from the registration requirements of Section 5 of the Securities Act. 

 

	 	(m)	“Investment Agreement” means that certain Investment Agreement, dated as of the date of this Secured Promissory Note, between the Borrower and the Lender. 

 

	 	(n)	“Investor Rights Agreement” means that certain Investor Rights Agreement, dated as of July 15, 2014, by and among the Company and certain of its stockholders, as amended. 

 

	 	(o)	“IRA Amendment” means that certain Amendment No. 1 to the Investor Rights Agreement, dated as of the date hereof, by and among the Company and certain of its stockholders. 

 

	 	(p)	“Next Equity Financing” means the sale (or series of related sales) by the Borrower of Equity Securities in one or more bona fide offerings to third parties relying on Section 4(a)(2) of the
Securities Act or Regulation D thereunder for exemption from the registration requirements of Section 5 of the Securities Act, which sale or series of related sales yields aggregate gross proceeds to the Borrower of not less than Ten Million
Dollars ($10,000,000), excluding, for the avoidance of doubt, the Convertible Amount (except to the extent such Convertible Amount is utilized in respect of the Lender’s entitlement, if applicable, to participate in a Next Equity Financing
pursuant to Section 6(b)(i) hereof) and any proceeds from the exercise of warrants issued by the Borrower to the Lender. 

  

	 	(q)	“Person” means a natural person, corporation, company, joint venture, individual business trust, trust association, partnership, limited partnership, limited liability company or other entity.

  

	 	(r)	“Primary Warrant” means that certain primary common stock purchase warrant in respect of shares of Common Stock, dated as of the date of this Secured Promissory Note and issued by the Borrower to the
Lender, relying on Section 4(a)(2) of the Securities Act or Regulation D thereunder for exemption from the registration requirements of Section 5 of the Securities Act. 

 

	 	(s)	 “Public Offering” means (a) an initial public offering of the Company’s Common Stock
pursuant to a Registration Statement; (b) an offering of the Common Stock, relying on Regulation A under the Securities Act for exemption from the registration requirements of Section 5 thereof (a “Regulation A
Offering”); (c) a distribution of equity securities of the Company or its successor in connection with a Registration Statement; or 

  
 - 4 - 

	 	
(d) the issuance of equity securities in exchange for the Company’s equity securities in connection with the Company’s merger or reverse merger with another corporation, company,
partnership, limited partnership, limited liability company or any other entity, provided that, in the case of clauses (a)-(d), such offering, distribution or issuance results in the Common Stock or equity securities, as the case may be, being
held by at least three hundred (300) round lot stockholders and the Common Stock or equity securities, as the case may be, shall be approved for listing or quotation on a national securities exchange or quotation service in the United States, and
provided further that, in the case of clauses (a) and (b), such offering, distribution or issuance results in gross proceeds to the Company of at least Fifteen Million Dollars ($15,000,000). 

 

	 	(t)	“Registration Statement” means an offering circular or registration statement on Form S-1, Form 1-A, Form S-4, or another applicable form of offering circular or registration statement approved by the Securities and Exchange Commission for the nature of the Public Offering undertaken by the Company.

  

	 	(u)	“Regulation A Offering” has the meaning set forth in the definition of “Public Offering”. 

  

	 	(v)	“Securities Act” means the Securities Act of 1933, as amended. 

  

	 	(w)	“Security Agreement” means that certain Security Agreement, dated as of the date of this Secured Promissory Note, by and between the Borrower and the Lender. 

 

	 	(x)	“Subsidiary” means, with respect to any Person, a corporation, partnership, association, limited liability company, trust or other form of legal entity in which such Person, a Subsidiary of such Person
or such Person and one or more Subsidiaries of such Person, directly or indirectly, has either (i) a majority ownership in (A) the equity or (B) the interest in the capital or profits thereof, (ii) the
power to elect, or to direct the election of, a majority of the board of directors or other analogous governing body of such entity, or (iii) the title or function of general partner or manager, or the right to designate the Person
having such title or function. 

  

	 	(y)	“Transaction Agreements” means this Secured Promissory Note, the Security Agreement, the Investment Agreement, the First Tranche Warrant A, the First Tranche Warrant B, the Second Tranche Warrant, the
Primary Warrant, the 10% Warrant, and the Voting Agreement. 

  

	 	(z)	 “Uncured Material Breach” means a material breach by the Lender or the Borrower of any
Transaction Agreement, which, if curable, the Lender or the Borrower, as applicable, has failed to cure within (i) thirty (30) days after receipt of a written notice from the other party that specifies, in

  
 - 5 - 

	 	
reasonable detail, the nature of the material breach of the applicable Transaction Agreement or (ii) such lesser period following receipt of such notice that remains before a date on which
such Uncured Material Breach is relevant to the rights and obligations of the parties hereunder. 

  

	 	(aa)	“Voting Agreement” means that certain Voting Agreement, dated as of the date hereof, by and between the Borrower, the Lender and the other parties thereto. 

5. Warrants. As consideration for the extension of this Loan by the Lender to the Borrower: 

 

	 	(a)	Concurrently with the execution and delivery of the Investment Agreement, the issuance of this Secured Promissory Note and the funding of the First Tranche Loan, the Borrower has issued to the Lender the First Tranche
Warrant A and the Primary Warrant. 

  

	 	(b)	If (i) the Lender extends and funds the Second Tranche Loan, if elected by the Borrower, such that the Maturity Date of this Secured Promissory Note is extended pursuant to Section 8(b) of this Secured
Promissory Note, and (ii) the Lender is not then in Uncured Material Breach under any Transaction Agreement, the Borrower will issue to the Lender one common stock purchase warrant in respect of an initial Warrant Amount (as defined
therein) of $700,000 (the “First Tranche Warrant B”) and another common stock purchase warrant in respect of an initial Warrant Amount (as defined therein) of $700,000 (the “Second Tranche Warrant”), each
substantially in the form of Exhibit B attached hereto. 

 6. Conversion; Transfer Restrictions. 

 

	 	(a)	Conversion. The outstanding principal balance and any accrued but unpaid interest thereon under this Secured Promissory Note (the “Convertible Amount”) will be convertible, in whole or in part,
at the election of the Lender in its sole discretion into Conversion Shares; provided, that in the event the Borrower completes a Next Equity Financing before the Maturity Date, the Lender may convert the Convertible Amount into Conversion
Shares only on the date of closing of such Next Equity Financing (the “Next Equity Financing Closing Date”); and provided, further, that in the event the Borrower does not complete a Next Equity Financing prior to the
Maturity Date, the Lender may convert the Convertible Amount into Conversion Shares only on the Maturity Date. The Borrower will provide the Lender with written notice of any Next Equity Financing, and the Lender will be required to provide written
notice of its election to convert on the Next Equity Financing Closing Date within ten (10) Business Days of its receipt of such written notice from the Borrower. In the event that a Next Equity Financing is not completed before the Maturity
Date and the Lender wishes to convert the Convertible Amount into Conversion Shares, the Lender will provide the Borrower with written notice of such election not less than ten (10) Business Days prior to the Maturity Date. 

  
 - 6 - 

	 	(i)	The number of Conversion Shares issuable to the Lender upon conversion of the Convertible Amount, whether pursuant to Section 6(a), 6(b)(i) or 6(b)(ii), will equal the sum of (A) the quotient resulting
from dividing (x) the Convertible Amount in respect of the First Tranche Loan by (y) the applicable Conversion Price and (B) the quotient resulting from dividing (x) the Convertible Amount in respect
of the Second Tranche Loan by (y) the applicable Conversion Price. In any event of conversion, no fractional shares of Conversion Shares will be issuable in respect of the Convertible Amount, and the Borrower will instead pay the Lender
cash in lieu of any fractional shares based upon the applicable Conversion Price pursuant to Section 6(c). 

  

	 	(ii)	If there is at any time an Uncured Material Breach of any Transaction Agreement on the part of the Lender, any conversion of the Convertible Amount (including pursuant to Section 6(b)(i)), whether in whole or in
part, will be at the election of the Borrower in its sole discretion, and not at the election of the Lender, except as otherwise provided in Section 6(b)(ii). 

 

	 	(b)	Participation in Next Equity Financing; Public Offering. 

  

	 	(i)	 If (x) a Next Equity Financing is completed by the Borrower prior to the Maturity Date, and
(y) the Lender was not in Uncured Material Breach of any Transaction Agreement at any time at or prior to the consummation of such Next Equity Financing, the Lender will have the option (but not the obligation) to participate in such
Next Equity Financing for up to twenty-five percent (25%) of the total amount of such Next Equity Financing (the “Participation Cap”), including, if the Lender is entitled to convert the Convertible Amount, by electing by
written notice to the Borrower delivered within ten (10) Business Days of the Lender’s receipt of written notice of such Next Equity Financing from the Borrower, in the Lender’s sole discretion, to convert all or any portion of the
Convertible Amount into Conversion Shares on Next Equity Financing Closing Date (with the aggregate amount (if any) of principal and accrued but unpaid interest under the First Tranche Loan and/or the Second Tranche Loan, as applicable, that the
Lender is electing to convert into Conversion Shares specified in such written election notice as the “Elected Conversion Amount”); provided, further, that if the percentage of such Next Equity Financing represented by
the Elected Conversion Amount (the “Elected Conversion Percentage”) is greater than the Percentage Cap, the Elected Conversion Percentage will be the Percentage 

  
 - 7 - 

	 	
Cap; and, provided, further, that, to the extent the Lender desires to participate in such Next Equity Financing through conversion of the Convertible Amount, the Borrower will
reserve the applicable number of Conversion Shares for issuance, so that such conversion may take place at the Next Equity Financing Closing Date. Such written notice from the Lender will also include, if applicable, the portion of the Next Equity
Financing to which the Lender is committed to acquire in addition to the Elected Conversion Amount, and such written notice will, upon delivery to the Borrower, constitute the irrevocable obligation of the Lender to participate in such Next Equity
Financing for all amounts to be invested (including the Elected Conversion Amount) specified therein. The Borrower shall deliver a written notice of any Next Equity Financing to the Lender not later than ten (10) Business Days prior to the
anticipated Next Equity Financing Closing Date. 

  

	 	(ii)	Notwithstanding anything to the contrary herein, the Convertible Amount will automatically convert, immediately prior to or immediately after the consummation of a Public Offering (as elected by the Company in its sole
discretion) into that number of shares of Common Stock determined by dividing the Convertible Amount by the lesser of (i) $8.1653, or (ii) the Public Offering per share price. 

 

	 	(c)	Repayment of Remaining Amount. On the Maturity Date, the Borrower will pay the Lender any principal and accrued but unpaid interest remaining under this Secured Promissory Note following conversion of the
Convertible Amount and, as contemplated by Section 6(a)(i), amounts due in cash in lieu of fractional shares. 

  

	 	(d)	“Market Stand-Off” Agreement. 

  

	 	(i)	 IPO. The Lender (which will include Affiliates of the Lender for purposes of this Section 6(d)(i))
hereby agrees that it will not, without the prior written consent of the managing underwriter(s), during the period commencing on the date of the final prospectus relating to the Borrower’s first underwritten Public Offering (the
“IPO”) of its Common Stock under the Securities Act, and ending on the date specified by the Borrower and the managing underwriter(s) (such period not to exceed one hundred eighty (180) days, or such other period as may be
requested by the Borrower or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports, and (ii) analyst recommendations and opinions) (the “Lock-Up
Period”): (A) lend; 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; or otherwise transfer or dispose of,

  
 - 8 - 

	 	
directly or indirectly, any shares of the Common Stock, or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock (whether such shares or any
such securities are then owned by the Lender or are thereafter acquired); or (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities;
whether any such transaction described in clause (A) or (B) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. Notwithstanding anything herein to the contrary (including, for the avoidance of
doubt, Section 12), the underwriters in connection with the IPO are intended third-party beneficiaries of this Section 6(d)(i) and will have the right, power and authority to enforce the provisions hereof as though they were a party
hereto. The Lender further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with the IPO that are consistent with this Section 6(d)(i) or that are necessary to give further effect thereto.

  

	 	(ii)	Regulation A Offering. The Lender (which will include Affiliates of the Lender for purposes of this Section 6(d)(ii)) hereby agrees that it will not, without the prior written consent of the Borrower or, in
the case of an underwritten offering, without the prior written consent of the managing underwriters(s), during the period commencing on the date of the offering statement relating to the Borrower’s Regulation A Offering, and ending on the date
specified by the Borrower (such period not to exceed one hundred eighty (180) days): (A) lend; 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; or otherwise transfer or dispose of, directly or indirectly, any shares of the Common Stock, or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock (whether
such shares or any such securities are then owned by the Lender or are thereafter acquired); or (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
such securities; whether any such transaction described in clause (A) or (B) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The Lender further agrees to execute such agreements as may be
reasonably requested by the Borrower in connection with the Regulation A Offering that are consistent with this Section 6(d)(ii) or that are necessary to give further effect thereto, so long as the terms and conditions of such agreements are
consistent in all material respects with the terms and conditions of any agreements requested to be executed by other significant stockholders of the Company in connection with such Regulation A Offering. 

  
 - 9 - 

	 	(iii)	The provisions set forth in Sections 6(d)(i) and 6(d)(ii), mutatis mutandis, will apply, and be binding upon the Lender, in the case of any other form of Public Offering consummated by the Borrower in accordance
with the terms of the Investment Agreement. 

  

	 	(e)	Transfer Restrictions. In order to enforce the covenants in Section 6(d), the Borrower may impose stop transfer instructions with respect to the Lender’s securities of the Borrower (including the shares
of the Borrower’s capital stock issuable upon conversion thereof, but excluding this Secured Promissory Note, the “Securities”) and this Secured Promissory Note until the end of the Lock-Up Period or the 180-day period
specified in Section 6(d)(ii), as applicable. The Lender agrees that a legend reading substantially as follows will be placed on all certificates representing all of the Securities and this Secured Promissory Note: 

 

	 	    	THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON CONVERSION THEREOF ARE SUBJECT TO LOCK-UP PERIODS BEGINNING ON THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR IN CONNECTION WITH THE ISSUER’S REGULATION A OFFERING, IN EACH CASE AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE
ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SECURITIES. 

  

	 	(f)	 Further Limitations on Disposition. The Lender agrees not to make any disposition of all or any portion of
the Securities unless and until (i) the transferee has agreed in writing for the benefit of the Borrower to make such representations and warranties as are reasonable and customary in a private placement of securities and the
undertakings set out in Section 6(d) and (ii) the Lender has (A) notified the Borrower of the proposed disposition, (B) furnished the Borrower with a detailed statement of the circumstances surrounding the
proposed disposition, and (C) if requested by the Borrower, furnished the Borrower with an opinion of counsel reasonably satisfactory to the Borrower that such disposition will not require registration under the Securities Act. The
Lender agrees not to make any disposition of any of the Securities to (I) any of the Borrower’s competitors, as determined in good faith by the Borrower, or (II) without the prior consent of the Board of Directors of the
Borrower (not to be unreasonably withheld), any Person or group of Persons who has filed a 

  
 - 10 - 

	 	
Schedule 13D or would, as a result of acquiring any Securities from the Lender, be required to file under Schedule 13D. Any disposition of any Securities in violation of the terms and
conditions of this Secured Promissory Note, including the immediately preceding sentence of this Section 6(f), will be null and void ab initio. 

  

	 	(g)	Legends. The Lender understands and acknowledges that the Securities may bear the following legend: 

THIS SECURITY AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UPON RECEIPT BY THE ISSUER OF AN OPINION OF COUNSEL SATISFACTORY TO
THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER THE ACT. 
  

	 	(h)	Terms of Next Equity Financing. In the event that this Secured Promissory Note is converted into Conversion Shares in accordance with Section 6(b) hereof and the Equity Securities issued in the relevant Next
Equity Financing are subject to different or additional terms and conditions than the terms and conditions of Sections 6(d)-(h) hereof, the Conversion Shares issued upon such conversion will be subject to the same terms and conditions as are
applicable to the Equity Securities issued in the Next Equity Financing. 

 7. Lender Costs. The Borrower will promptly
pay the Lender, on demand, for any and all costs and expenses incurred by the Lender in connection with the enforcement of this Secured Promissory Note (“Lender Costs”), including reasonable attorneys’ fees and expenses. 

8. Loan Payments; Maturity; Acquisition of Borrower; Next Equity Financing. 

 

	 	(a)	[Intentionally omitted.] 

  

	 	(b)	Maturity. The Loan will mature, and all amounts owed hereunder will become due and payable in full, on the twelve (12)-month anniversary of the date of issuance of this Secured Promissory Note (the
“Maturity Date”), provided, that, if the Borrower delivers a Draw Notice in accordance with Section 1(a), Loan, the Maturity Date will automatically be extended until the twelve (12) month-anniversary of the date of
such delivery. Each payment made in respect of the Loan, regardless of whether such payment is a payment on the Maturity Date or otherwise, will be applied in the following order of priority: 

 

	 	(i)	first, against Lender Costs then outstanding, until all such Lender Costs have been paid in full; 

  
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	 	(ii)	second, against accrued and unpaid interest on the First Tranche Loan, until all such accrued and unpaid interest has been paid in full; 

 

	 	(iii)	third, against accrued and unpaid interest on the Second Tranche Loan, until all such accrued and unpaid interest has been paid in full; 

 

	 	(iv)	fourth, against the then outstanding principal of the First Tranche Loan, until all such outstanding principal has been paid in full; and 

 

	 	(v)	last, against the then outstanding principal of the Second Tranche Loan, until all such outstanding principal has been paid in full. 

 

	 	(c)	Acquisition of Borrower. Notwithstanding anything to the contrary in this Secured Promissory Note, all obligations of the Borrower hereunder will (to the extent not already due and payable) immediately and
automatically become due and payable in full prior to the Maturity Date upon the consummation of any transaction, or a series of related transactions, in which the Borrower, directly or indirectly, (A) consummates a stock sale to, or
effects any merger, consolidation or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with, another Person or group of Persons, whereby, in the case of any
transaction(s) under this clause (A), such other Person or group of Persons acquires more than 50% of the total voting power of the then outstanding shares of capital stock of the Borrower, or (B) effects any sale, lease, license,
assignment, transfer, conveyance or other disposition of all or substantially all of its assets. For purposes of this Section 8(c), “outstanding shares of capital stock of the Borrower” means, as of a given date, the sum of the number
of shares of capital stock of the Borrower (excluding treasury shares, if any) outstanding. 

  

	 	(d)	Payments. All payments in respect of the Loan will be made by wire transfer of immediate funds to a bank account designated by the Lender in writing for such purpose. 

9. Events of Default. It will constitute an “Event of Default” if any one or more of the following will occur for any
reason: 
  

	 	(a)	the Borrower fails to pay any amount required to be paid hereunder in full when due, and such failure continues for five (5) Business Days after the Lender’s written notice to the Borrower; 

  
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	 	(b)	the Borrower breaches, in any material respect, any of the provisions of this Secured Promissory Note or fails to perform timely, in any material respect, its obligations hereunder (other than the obligation to pay all
amounts required to be paid hereunder in full when due, which shall be subject to Section 9(a) hereof), and such failure continues for thirty (30) days after the Lender’s written notice to the Borrower; 

 

	 	(c)	[Intentionally omitted.] 

  

	 	(d)	any of the Certificate of Incorporation, the Existing Voting Agreement or the Investor Rights Agreement is amended prior to the consummation of a Public Offering such that the amendments effected by the Charter
Amendment, the Voting Agreement Amendment or the IRA Amendment, as applicable, are no longer in effect other than in connection with a Public Offering or a Next Equity Financing; 

 

	 	(e)	the Borrower makes an assignment for the benefit of its creditors or commences any proceeding, under any bankruptcy, reorganization, moratorium or insolvency law or any other law for the relief of, or relating to,
debtors now or hereafter in effect, (i) seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a custodian, receiver, trustee or assignee for the benefit of creditors (or other similar official) to take possession, custody or
control of any asset or property of the Borrower; or 

  

	 	(f)	there is commenced against the Borrower any proceeding of a nature referred to in clause (i) or (ii) of Section 9(e) above, which results in the entry of an order for relief or any such adjudication or
appointment, and such order is not dismissed, vacated or reversed within ninety (90) days after its entry. 

 For so long as an Event of
Default has occurred and is continuing, the Lender may declare, by written notice to the Borrower, the Loan to be in default (a “Loan Default”), and upon such a declaration of a Loan Default, (x) all the obligations of
the Borrower hereunder will (to the extent not already due and payable) immediately and automatically become due and payable in full and (y) the Lender will be entitled to exercise at any time, and from time to time, in its sole
discretion, any and all rights and remedies available to the Lender under applicable law. 
 10. Cumulative Remedies. No delay or
omission of the Lender under this Secured Promissory Note or otherwise in respect of the Loan will exhaust or impair any right or power of the Lender hereunder or prevent the exercise of any right or power of the Lender hereunder during the
continuance of any other Event of Default or Loan Default. No waiver by the Lender of any Event of Default or Loan Default, whether such waiver be full or partial, will extend to or affect any subsequent Event of Default or Loan Default, or impair
the rights resulting therefrom, except as may otherwise be provided herein. The remedies provided in this Secured Promissory Note are cumulative and are not exclusive of any remedies provided by applicable law. No forbearance on the part of the
Lender, and no extension of time for the payment of the whole or any portion of the Borrower’s obligations hereunder or any other indulgence given by the Lender to the Borrower, will operate to release or in any manner affect the liability of
the Borrower to pay its obligations hereunder. 

  
 - 13 - 

 11. Certain Waivers. Except as may otherwise be provided in this Secured Promissory Note,
the Borrower waives notice (including notice of protest, notice of dishonor, notice of intent to accelerate and notice of acceleration), demand, presentment for payment, protest, diligence in collection and bringing suit, and the filing of suit for
the purpose of fixing liability, in each case to the fullest extent permitted by applicable law, in respect of this Secured Promissory Note. 

12. Third-Party Rights; Assignment. This Secured Promissory Note will be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns. Neither the Borrower nor the Lender will assign any of its rights or obligations under this Secured Promissory Note without the prior written consent of the other party (such consent not to be
unreasonably withheld), and any purported assignment without such consent will be void; provided, that the Lender may assign its rights and obligations under this Secured Promissory Note without the written consent of the Borrower to any
Affiliate of Acacia Research Corporation (“Acacia”) (i) which is Controlled by Acacia and (ii) at least a majority of the equity securities of which Acacia owns, directly or indirectly, and any such transferee may transfer
this Secured Promissory Note only to an Affiliate of Acacia (I) which is Controlled by Acacia and (II) at least a majority of the equity securities of which Acacia owns, directly or indirectly, in each case so long as Acacia remains
primarily responsible therefor; provided, further, that the Borrower may assign its rights and obligations under this Secured Promissory Note without the written consent of the Lender to any purchaser of all or substantially all of
Borrower’s assets or capital stock, so long as Veritone, Inc. remains primarily responsible therefor.2 

13. Governing Law. This Secured Promissory Note will be governed by, and construed and enforced in accordance with, the laws of the
State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any other jurisdiction other than the
State of Delaware. In furtherance of the foregoing, the internal Laws of the State of Delaware will control the interpretation and construction of this Secured Promissory Note, even though under that jurisdiction’s choice of law or conflict of
law analysis, the substantive law of some other jurisdiction would ordinarily apply. 
 14. Jurisdiction; Service of Process. Any
action with respect to this Secured Promissory Note or the Loan will be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery
declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware). The Borrower and the Lender each hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or
otherwise, in any such action, (a) any claim that is not personally subject to the jurisdiction of the above named courts for any reason other than the failure of service, (b) any claim that it or its property is exempt or
immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and
(c) to the 

  
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fullest extent permitted by applicable law, any claim that (i) the action in such court is brought in an inconvenient forum, (ii) the venue of such action is improper or
(iii) this Secured Promissory Note, or the Loan, may not be enforced in or by such courts. 
 15. Severability; Obligations
Absolute. If any provision of this Secured Promissory Note is held to be invalid or unenforceable, such invalidity or unenforceability will not invalidate this Secured Promissory Note as a whole, but this Secured Promissory Note will be
construed as though it did not contain the particular provision or provisions held to be invalid or unenforceable, and the rights and obligations of the parties hereto hereunder will be construed and enforced only to such extent as will be permitted
by applicable law. Notwithstanding the foregoing, the obligations of the Borrower hereunder will be absolute, unconditional and irrevocable, and will be performed strictly in accordance with the terms hereof, under all circumstances whatsoever,
including the following circumstances: (a) any lack of validity or enforceability of this Secured Promissory Note; (b) any amendment or waiver of, or any consent to or departure from, this Secured Promissory Note; and
(c) the existence of any claim, defense or other right which the Borrower may have at any time against the Lender or any other person or entity, whether in connection with this Secured Promissory Note, the Loan or otherwise. The Borrower
understands and agrees that no payment by the Borrower under any other agreement, arrangement or document (whether voluntary or otherwise) will constitute a defense to its obligations hereunder. 

16. Amendment. This Secured Promissory Note will not be amended or modified, in each case, except by a written agreement signed by the
Borrower and the Lender. 
 17. Notices. Any notice, consent, payment, demand, or communication required or permitted to be given by
any provision of this Secured Promissory Note will be in writing and will be (a) delivered personally to the applicable person or entity (or to an officer of such entity) to whom the same is directed, or (b) sent by
recognized overnight courier service or registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

(i)      if to the Borrower, then to: 

Veritone, Inc. 

3366 Via Lido 

Newport Beach, CA 92663 

Attention:  John M. Markovich, Chief Financial Officer 

Facsimile:  (949) 209-0365 

with a copy (which will not constitute notice) to: 

Munger, Tolles & Olson LLP 

355 S. Grand Avenue, 35th Floor 

Los Angeles, California 

Attention:  Mary Ann Todd, Esq. 

                  Katherine H. Ku,
Esq. 
 Facsimile:  (213) 687-3702 

  
 - 15 - 

 with a copy (which will not constitute notice) to: 

Morgan, Lewis & Bockius LLP 

600 Anton Boulevard, Suite 1800 

Costa Mesa, CA 92626 

Attention:  Ellen S. Bancroft, Esq. 

Facsimile:  714-830-0700 

(ii)      if to the Lender, then to: 

Acacia Research Corporation 

520 Newport Center Drive, 12th Floor 

Newport Beach, CA 92660 

Attention:  Edward J. Treska, General Counsel 

Facsimile:  949-480-8391 

with a copy (which will not constitute notice) to: 

Greenberg Traurig, LLP 

200 Park Avenue 

New York, NY 10166 

Attention:  Dennis J. Block 

Facsimile:  212-805-5555 

with a copy (which will not constitute notice) to: 

Stradling Yocca Carlson & Rauth, P.C. 

660 Newport Center Drive, Suite 1600 

Newport Beach, CA 92660 

Attention:  Mark L. Skaist 

Facsimile:  949-725-4100 

Any such notice will be deemed to be delivered, given and received for all purposes as of (x) the date so delivered, if delivered personally,
(y) upon receipt, if sent by courier service, or (z) on the date of receipt or refusal indicated on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and
properly addressed. 

  
 - 16 - 

 18. Further Assurances. The Borrower and the Lender will execute and deliver such
additional documents and instruments, and perform such additional acts, in each case, as the other party may reasonably request to effectuate, carry out and perform the provisions and intent of this Secured Promissory Note. 

19. Specific Performance. The Borrower and Lender agree that irreparable damage would occur in the event of a breach of this Secured
Promissory Note, including a failure to extend and fund the Second Tranche Loan hereunder, and that each of them shall be entitled to specific performance in the event of a breach by the other, in addition to any other remedy at law or in equity.
Each of Borrower and Lender hereby waives, in any action by the other for specific performance, the defense of adequacy of a remedy at law and the posting of any bond or other security in connection therewith. 

[THE REST OF THIS PAGE IS
INTENTIONALLY LEFT BLANK.] 
  

  
 - 17 - 

 IN WITNESS WHEREOF, the Borrower has executed this
Secured Promissory Note in favor of the Lender as of the date first written above. 
  

			
	 VERITONE, INC.,

a Delaware corporation

		
	By:	 	 

  

			
	 AGREED AND ACCEPTED BY THE LENDER:
  

ACACIA RESEARCH CORPORATION

		
	By:	 	 

 EXHIBIT A 

RECORD 
 See attached. 

					
	 	 	 
	Date	 	Principal Amount of Loan Made	 	Notation Made By
	 	 	 
	
August 15, 2016
	 	$10,000,000.00	 	Edward J. Treska
	 	 	 
	 	 	 	 	 

 EXHIBIT B 

FORM OF FIRST TRANCHE WARRANT B AND SECOND TRANCHE WARRANT 

See attached.

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