Document:

Exhibit 10.7

 

PHUNWARE,
INC.

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is effective as of the Closing Date for the Stellar Acquisition III,
Inc., Merger Agreement (the “Effective Date”) by and between Phunware, Inc. (the “Company”),
and Matt Lindenberger (“Executive”).

 

1. Duties
and Scope of Employment.

 

(a) Positions
and Duties. As of the Effective Date, Executive will continue to serve as Vice President of Engineering of the Company. Executive
will render such business and professional services in the performance of his duties, consistent with Executive’s position
within the Company, as will reasonably be assigned to him by the Company’s Chief Executive Officer (“CEO”)
or the Company’s Board of Directors (the “Board”). The period of Executive’s employment under this
Agreement is referred to herein as the “Employment Term.”

 

(b) Obligations.
During the Employment Term, Executive will perform his duties faithfully and to the best of his ability and will devote substantially
all of his business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively
engage in any other employment, occupation or consulting activity for any direct or indirect remuneration that would impact in
any material respect his ability to perform his duties and obligations hereunder.

 

2. At-Will
Employment. The parties agree that Executive’s employment with the Company will be “at-will” employment
and may be terminated at any time with or without Cause or notice. Executive understands and agrees that neither his job performance
nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification,
amendment, or extension, by implication or otherwise, of his employment with the Company. However, Executive may be entitled to
severance benefits set forth in Section 8 of this Agreement, subject to Executive satisfying the conditions to receipt of severance
set forth in Section 9.

 

3. Term
of Agreement. This Agreement will have an initial term running from the Effective Date through the fourth anniversary of the
Effective Date (the “Initial Term”). On the fourth anniversary of the Effective Date, this Agreement will renew
automatically for additional one (1) year terms (each an “Additional Term”), unless either party provides the
other party with written notice of non-renewal at least ninety (90) days prior to the date of automatic renewal. Notwithstanding
the foregoing provisions of this paragraph, (a) if a Change in Control occurs when there are fewer than twelve (12) months
remaining during the Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date
that is twelve (12) months following the effective date of the Change in Control, or (b) if an initial occurrence of an act or
omission by the Company constituting the grounds for “Good Reason” in accordance with Section 10(g) hereof has occurred
(the “Initial Grounds”), and the expiration date of the Company cure period (as such term is used in Section 10(g))
with respect to such Initial Grounds could occur following the expiration of the Initial Term or an Additional Term, the term
of this Agreement will extend automatically through the date that is thirty (30) days following the expiration of such cure period,
but such extension of the term will only apply with respect to the Initial Grounds. If Executive becomes entitled to benefits
under Section 8 during the term of this Agreement, the Agreement will not terminate until all of the obligations of the parties
hereto with respect to this Agreement have been satisfied.

 

     

     

    

 

4. Compensation.

 

(a) Base
Salary. During the Employment Term, the Company will pay Executive an annual salary of $200,000 as compensation for his services
(the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal
payroll practices and be subject to the usual, required withholding. Executive’s Base Salary will be subject to review and
adjustments will be made based upon the Company’s normal performance review practices.

 

(b) Bonus.
Executive will be eligible to participate in any bonus or incentive arrangement established by the Board (or any committee of
the Board) for executives of the Company generally. Any bonus earned by Executive will be paid in accordance with the Company’s
standard practices, but no later than March 15 of the calendar year following the calendar year in which the bonus is earned.

 

(c) Stock
Option. Per the approval by the Board on January 8, 2018, Executive has been granted a stock option to purchase 217,500 shares
of the Company’s common stock at an exercise price equal to the fair market value of Company common stock per share on the
date of grant (the “Option”). Subject to the accelerated vesting provisions set forth herein, the Option will
vest as to 25% of the shares subject to the Option on the first anniversary of the vesting commencement date, and as to 1/48th
of the shares subject to the Option monthly thereafter, so that the Option will be fully vested on the fourth anniversary of the
vesting commencement date, subject to Executive continuing to provide services to the Company through the relevant vesting dates.
The Option will be subject to the terms, definitions and provisions of the 2009 Equity Incentive Plan (the “Stock Plan”)
and the stock option agreement by and between Executive and the Company (the “Option Agreement”), both of which
documents are incorporated herein by reference.

 

(d) Equity.
Executive will be eligible to receive awards of stock options, restricted stock units or other equity awards pursuant to any plans
or arrangements the Company may have in effect from time to time. The Board (or its compensation committee) will determine in
its discretion whether Executive will be granted any such equity awards and the terms of any such award in accordance with the
terms of any applicable plan or arrangement that may be in effect from time to time, provided that in no case will the terms of
any such award deviate from the accelerated vesting provisions set forth elsewhere herein.

 

5. Employee
Benefits. During the Employment Term, Executive will be entitled to participate in the employee benefit plans currently and
hereafter maintained by the Company of general applicability to other senior executives of the Company, including, without limitation,
the Company’s group medical, dental, vision, disability, life insurance, and flexible-spending account plans. The Company
reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.

 

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6. Vacation.
The Company does not provide vacation benefits, and no vacation time or other paid time off is accrued.  Rather, the Company
expects each employee, including Executive, to determine for himself, consistent with his responsibilities and working with his
supervisor how much time can reasonably be spent away from the office for purposes such as personal vacation, relaxation, or personal
or family needs.

 

7. Expenses.
The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance
of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense
reimbursement policy as in effect from time to time.

 

8. Severance.

 

(a) Termination
without Cause Outside the Change in Control Period. If the Company terminates Executive’s employment with the Company
for reasons other than Cause, Executive’s death, or Executive’s Disability, and such termination occurs outside the
Change in Control Period, then subject to Section 9, Executive will receive, in addition to Executive’s salary payable through
the date of termination of employment and any other employee benefits earned and owed through the date of termination, the following
benefits from the Company:

 

(i) continuing
payments of severance pay at a rate equal to Executive’s Base Salary rate, as then in effect, for six (6) months from the
date of such termination in accordance with the Company’s normal payroll policies; and

 

(ii) if
Executive timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”) for Executive, Executive’s spouse and eligible dependants, as applicable, the Company will
reimburse Executive for the monthly premiums under COBRA for such coverage until the earliest of (A) six (6) months following
the effective date of such termination, or (B) the date upon which Executive begins other employment that provides for health
coverage benefits. However, if the Company determines in its sole discretion that it cannot provide the COBRA benefits without
potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company
will in lieu thereof provide to Executive a taxable monthly payment in an amount equal to the monthly COBRA premium that Executive
would be required to pay to continue his group health coverage in effect on the date of his termination of employment (which amount
will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive
elects COBRA continuation coverage.

 

(b) Termination
without Cause or Resignation for Good Reason During the Change in Control Period. If the Company terminates Executive’s
employment with the Company for reasons other than Cause, Executive’s death, or Executive’s Disability, or if
Executive resigns from such employment for Good Reason, and in each case, such termination occurs during the Change in Control
Period, then subject to Section 9, Executive will receive, in addition to Executive’s salary payable through the date of
termination of employment and any other employee benefits earned and owed through the date of termination, the following benefits
from the Company:

 

(i) a
lump sum severance payment equal to the amount of Base Salary, as in effect on the date of termination (but in no event less than
Executive’s Base Salary in effect immediately prior to the Closing), Executive would have otherwise received had he remained
employed by the Company through the twelve (12) month anniversary of the Change in Control;

 

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(ii) a
lump sum severance amount equal to average annualized bonus earned by Executive for the two (2) calendar years prior to the calendar
year during which the Change in Control occurs, but in no event will the amount be less than Executive’s annual target bonus
for the year during which the termination occurs, or if greater, Executive’s annual target bonus for the year during which
the Closing occurs;

 

(iii) the
immediate vesting as to 100% of each of Executive’s then outstanding Equity Awards, and with respect to Equity Awards granted
on or after the Effective Date, the same vesting acceleration provisions provided in this sentence will apply to such Equity Awards,
except to the extent provided in the applicable equity award agreement; and

 

(iv) if
Executive timely elects continuation coverage pursuant to COBRA for Executive, Executive’s spouse and eligible dependants,
as applicable, the Company will reimburse Executive for the monthly premiums under COBRA for such coverage until the earliest
of (A) twelve (12) months following the effective date of such termination, or (B) the date upon which Executive begins
other employment that provides for health coverage benefits. However, if the Company determines in its sole discretion that it
cannot provide the COBRA benefits without potentially violating applicable law (including, without limitation, Section 2716 of
the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment in an amount equal
to the monthly COBRA premium that Executive would be required to pay to continue his group health coverage in effect on the date
of his termination of employment (which amount will be based on the premium for the first month of COBRA coverage), which payments
will be made regardless of whether Executive elects COBRA continuation coverage.

 

9. Conditions
to Receipt of Severance; No Duty to Mitigate.

 

(a) Separation
Agreement and Release of Claims. The payment of any severance set forth in Section 8 above is contingent upon Executive signing
and not revoking the Company’s standard separation and release of claims agreement upon Executive’s termination of
employment and such agreement becoming effective no later than sixty (60) days following Executive’s employment termination
date (such deadline, the “Release Deadline”). In no event will severance payments be paid or provided until
the release actually becomes effective. Any severance payments or benefits under this Agreement will be paid, or, in the case
of installments, will commence, on the first regularly scheduled payroll date following the date the separation and release of
claims agreement becomes effective and irrevocable, or if later, such time as required by Section 9(c). Except as required
by Section 9(c), any installment payments that would have been made to Executive following his separation from service but for
the preceding sentence will be paid to Executive on the first regularly scheduled payroll date following the date the separation
and release of claims agreement becomes effective and irrevocable and the remaining payments will be made as provided in the Agreement.

 

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(b) Confidential
Information Agreement. Executive’s receipt of any payments or benefits under Section 8 will be subject to Executive
continuing to comply with the terms of his Confidential Information Agreement (as defined in Section 12) and this Agreement. In
the event Executive breaches the provisions of this Section 9(b), all continuing payments and benefits to which Executive may
otherwise be entitled to pursuant to Section 8 will immediately cease.

 

(c) Section
409A.

 

(i) Notwithstanding
anything to the contrary in this Agreement, no severance pay or benefits payable upon separation that is payable to Executive,
if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are
considered deferred compensation (together, the “Deferred Payments”) under Section 409A of the Internal Revenue
Code, as amended (the “Code”) and the final regulations and official guidance thereunder (“Section
409A”) will be payable until Executive has a “separation from service” within the meaning of Section 409A.

 

(ii) It
is intended that none of the severance payments under this Agreement will constitute Deferred Payments but rather will be exempt
from Section 409A as a payment that would fall within the “short-term deferral period” or resulting from an involuntary
separation from service each as described in Section 9(c)(iv) below. However, any severance payments or benefits under
this Agreement that would be considered Deferred Payments will be paid on, or, in the case of installments, will not commence
until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as
required by Section 9(c)(iii). Except as required by Section 9(c)(iii), any installment payments that would have been made to
Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding
sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service
and the remaining payments will be made as provided in this Agreement.

 

(iii) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of his termination (other than due to death), then the Deferred Payments, if any, that are payable within the first
six (6) months following his separation from service, will become payable on the first payroll date that occurs on or after the
date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments,
if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything
herein to the contrary, if Executive dies following his separation from service, but prior to the six (6) month anniversary of
the separation from service, then any payments delayed in accordance with this Section 9(c) will be payable in a lump sum as soon
as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance
with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement
is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(iv) Any
severance payment that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4)
of the Treasury Regulations will not constitute Deferred Payments for purposes herein. Any amount paid under this Agreement that
qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the
Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for
purposes herein.

 

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(v) For
purposes of this Agreement, “Section 409A Limit” means the lesser of two (2) times: (x) Executive’s annualized
compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s
taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1)
and any Internal Revenue Service guidance issued with respect thereto, or (y) the maximum amount that may be taken into account
under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

 

(vi) The
foregoing provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the severance
payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities
herein will be interpreted to so comply. Executive and the Company agree to work together in good faith to consider amendments
to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any
additional tax or income recognition prior to actual payment to Executive under Section 409A.

 

(d) No
Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor
will any earnings that Executive may receive from any other source reduce any such payment.

 

10. Definitions.

 

(a) Cause.
For purposes of this Agreement, “Cause” means: (i) Executive’s failure to perform Executive’s assigned
duties responsibilities as an employee (other than a failure resulting from Executive’s Disability) after written notice
thereof from the Company describing Executive’s failure to perform such duties or responsibilities and failure to cure such
failure to the reasonable satisfaction of the Company within ten (10) business days of the date the notice is provided to Executive;
(ii) Executive engaging in any act of dishonesty, fraud or misrepresentation with respect to the Company; (iii) Executive’s
violation of any federal or state law or regulation applicable to the business of the Company or its affiliates; (iv) Executive’s
breach of any confidentiality agreement or invention assignment agreement (including, but not limited to, the Confidential Information
Agreement) between Executive and the Company (or any affiliate of the Company); or (v) Executive being convicted of, or entering
a plea of nolo contendere to, any felony or crime involving moral turpitude.

 

(b) Change
in Control. For purposes of this Agreement, “Change in Control” has the same meaning assigned to such term
in the Stock Plan.

 

(c) Change
in Control Period. For purposes of this Agreement, “Change in Control Period” means the period beginning
three (3) months prior to the Closing and ending on the twelve (12) month anniversary of the Closing.

 

(d) Closing.
For purposes of this Agreement, “Closing” means the closing of the first transaction constituting a Change
in Control that occurs on or following the Effective Date.

 

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(e) Disability.
For purposes of this Agreement, “Disability” means Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving
income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Company
employees.

 

(f) Equity
Awards. For purposes of this Agreement, “Equity Awards” means Executive’s outstanding stock options,
stock appreciation rights, restricted stock units, performance shares, performance stock units and any other equity compensation
awards granted by the Company or any successor of the Company.

 

(g) Good
Reason. For purposes of this Agreement, “Good Reason” means Executive’s resignation within three
(3) months following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the
following, without Executive’s consent: (i) a material reduction of Executive’s authority, duties or responsibilities;
provided, however, that a reduction in authority, duties, or responsibilities primarily by virtue of the Company being acquired
and made part of a larger entity whether as a subsidiary, business unit or otherwise (as, for example, when the Chief Executive
Officer of the Company remains as such following an acquisition where the Company becomes a wholly owned subsidiary of the acquirer,
but is not made the Chief Executive Officer of the acquiring corporation) will not constitute “Good Reason”; (ii) a
material reduction in Executive’s Base Salary, excluding the substitution of substantially equivalent compensation and benefits;
(iii) a material change in the geographic location of Executive’s primary work facility or location; provided, that
a relocation of less than twenty-five (25) miles from Executive’s then present location will not be considered a material
change in geographic location, or (iv) a material breach by the Company of a material provision of this Agreement. Executive will
not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds
for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and
a reasonable cure period of not less than thirty (30) days following the date the Company receives such notice during which such
condition must not have been cured.

 

11. Limitation
on Payments. In the event that the severance benefits provided for in this Agreement or otherwise payable to Executive (i)
constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 11, would
be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits under Section 8 will
be either:

 

(a) delivered
in full, or

 

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(b)
delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under
Section 4999 of the Code,

 

whichever
of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed
by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding
that all or some portion of such severance benefits may be taxable under Section 4999 of the Code. If a reduction in severance
and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent,
reduction will occur in the following order: (i) reduction of cash payments, which will occur in reverse chronological order
such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the
first cash payment to be reduced; (ii) reduction of acceleration of vesting of equity awards, which will occur in the reverse
order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock awards will be reduced
first); and (iii) reduction of other benefits paid or provided to the Executive, which will occur in reverse chronological
order such that the benefit owed on the latest date following the occurrence of the event triggering such excise tax will be the
first benefit to be reduced. If more than one equity award was made to the Executive on the same date of grant, all such awards
will have their acceleration of vesting reduced pro rata. In no event will the Executive have any discretion with respect to the
ordering of payment reductions.

 

Unless
the Company and Executive otherwise agree in writing, any determination required under this Section 11 will be made in writing
by a nationally recognized firm of independent public accountants selected by the Company (the “Accountants”),
whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the
calculations required by this Section 11, the Accountants may make reasonable assumptions and approximations concerning applicable
taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.
The Company and Executive will furnish to the Accountants such information and documents as the Accountants may reasonably request
in order to make a determination under this Section. The Company will bear all costs the Accountants may reasonably incur in connection
with any calculations contemplated by this Section 11.

 

12. Confidential
Information. Executive confirms his continuing obligations under the Company’s standard Confidential Information and
Invention Assignment Agreement (the “Confidential Information Agreement”) dated as of June 2, 2014.

 

13. No
Conflicting Obligations. Executive confirms that Executive is not under any existing obligations that may impact Executive’s
eligibility to be employed by the Company or limit the manner in which Executive may be employed. Executive agrees not to bring
any third-party confidential information to the Company, including that of Executive’s former employer, and that Executive
will not in any way utilize any such information in performing Executive’s duties for the Company.

 

14. Assignment.
This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive
upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any
person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form
of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.
Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other
benefits will be null and void.

 

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15. Notices.
All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on
the date of delivery if delivered personally; (ii) one (1) day after being sent by a well established commercial overnight service;
or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to
the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

 

If
to the Company:

 

Phunware,
Inc.

Attn:
Chief Executive Officer

7800
Shoal Creek Boulevard, Suite 230-S

Austin,
TX 78757

 

If
to Executive:

 

at
the last residential address known by the Company.

 

16. Severability.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement will continue in full force and effect without said provision.

 

17. Integration.
This Agreement, together with the Stock Plan, Option Agreement and the Confidential Information Agreement represents the entire
agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements
whether written or oral. This Agreement may be modified only by agreement of the parties by a written instrument executed by the
parties that is designated as an amendment to this Agreement.

 

18. Waiver
of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as
or be construed to be a waiver of any other previous or subsequent breach of this Agreement.

 

19. Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

20. Tax
Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

 

21. Governing
Law. This Agreement will be governed by the laws of the State of Texas (with the exception of its conflict of laws provisions).

 

22. Acknowledgment.
Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney,
has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

23. Counterparts.
This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will
constitute an effective, binding agreement on the part of each of the undersigned.

 

[Remainder
of Page Intentionally Left Blank]

 

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IN
WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers,
as of the day and year first above written.

 

STELLAR
ACQUISITION III, INC.

 

	By:	 	 	Date:	
	 	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 
	COMPANY:	 	 	 
	 	 	 	 	 
	PHUNWARE,
    INC.	 	 	 
	 	 	 	 	 
	By:	/s/
    Alan Knitowski	 	Date:	2/6/2018
	 	Alan Knitowski	 	 	 
	Title:	CEO	 	 	 
	 	 	 	 	 
	EXECUTIVE:	 	 	 
	 	 	 	 
	By:	/s/
    Matt Lindenberger	 	 	 
		Matt
    Lindenberger		Date:	2/6/2018

 

[SIGNATURE
PAGE TO LINDENBERGER EMPLOYMENT AGREEMENT]

 

    -10-Exhibit 10.8

 

PHUNWARE, INC.

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “Agreement”) is effective as of the Closing Date for the Stellar Acquisition III, Inc., Merger Agreement
(the “Effective Date”) by and between Phunware, Inc. (the “Company”), and Tushar Patel (“Executive”).

 

1. Duties and Scope
of Employment.

 

(a) Positions and
Duties. As of the Effective Date, Executive will continue to serve as Executive Vice President of Corporate Development of
the Company. Executive will render such business and professional services in the performance of his duties, consistent with Executive’s
position within the Company, as will reasonably be assigned to him by the Company’s Chief Executive Officer (“CEO”)
or the Company’s Board of Directors (the “Board”). The period of Executive’s employment under this
Agreement is referred to herein as the “Employment Term.”

 

(b) Obligations.
During the Employment Term, Executive will perform his duties faithfully and to the best of his ability and will devote substantially
all of his business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively
engage in any other employment, occupation or consulting activity for any direct or indirect remuneration that would impact in
any material respect his ability to perform his duties and obligations hereunder.

 

2. At-Will Employment.
The parties agree that Executive’s employment with the Company will be “at-will” employment and may be terminated
at any time with or without Cause or notice. Executive understands and agrees that neither his job performance nor promotions,
commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment,
or extension, by implication or otherwise, of his employment with the Company. However, Executive may be entitled to severance
benefits set forth in Section 8 of this Agreement, subject to Executive satisfying the conditions to receipt of severance set forth
in Section 9.

 

     

     

    

 

3. Term of Agreement.
This Agreement will have an initial term running from the Effective Date through the fourth anniversary of the Effective Date (the
“Initial Term”). On the fourth anniversary of the Effective Date, this Agreement will renew automatically for
additional one (1) year terms (each an “Additional Term”), unless either party provides the other party with
written notice of non-renewal at least ninety (90) days prior to the date of automatic renewal. Notwithstanding the foregoing provisions
of this paragraph, (a) if a Change in Control occurs when there are fewer than twelve (12) months remaining during the Initial
Term or an Additional Term, the term of this Agreement will extend automatically through the date that is twelve (12) months following
the effective date of the Change in Control, or (b) if an initial occurrence of an act or omission by the Company constituting
the grounds for “Good Reason” in accordance with Section 10(g) hereof has occurred (the “Initial Grounds”),
and the expiration date of the Company cure period (as such term is used in Section 10(g)) with respect to such Initial Grounds
could occur following the expiration of the Initial Term or an Additional Term, the term of this Agreement will extend automatically
through the date that is thirty (30) days following the expiration of such cure period, but such extension of the term will only
apply with respect to the Initial Grounds. If Executive becomes entitled to benefits under Section 8 during the term of this Agreement,
the Agreement will not terminate until all of the obligations of the parties hereto with respect to this Agreement have been satisfied.

 

4. Compensation.

 

(a) Base Salary.
During the Employment Term, the Company will pay Executive an annual salary of $240,000 as compensation for his services (the “Base
Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and
be subject to the usual, required withholding. Executive’s Base Salary will be subject to review and adjustments will be
made based upon the Company’s normal performance review practices.

 

(b) Bonus. Executive
will be eligible to participate in any bonus or incentive arrangement established by the Board (or any committee of the Board)
for executives of the Company generally. Any bonus earned by Executive will be paid in accordance with the Company’s standard
practices, but no later than March 15 of the calendar year following the calendar year in which the bonus is earned.

 

(c) Stock Option.
Per the approval by the Board on January 8, 2018, Executive has been granted a stock option to purchase 217,500 shares of the Company’s
common stock at an exercise price equal to the fair market value of Company common stock per share on the date of grant (the “Option”).
Subject to the accelerated vesting provisions set forth herein, the Option will vest as to 25% of the shares subject to the Option
on the first anniversary of the vesting commencement date, and as to 1/48th of the shares subject to the Option monthly thereafter,
so that the Option will be fully vested on the fourth anniversary of the vesting commencement date, subject to Executive continuing
to provide services to the Company through the relevant vesting dates. The Option will be subject to the terms, definitions and
provisions of the 2009 Equity Incentive Plan (the “Stock Plan”) and the stock option agreement by and between
Executive and the Company (the “Option Agreement”), both of which documents are incorporated herein by reference.

 

(d) Equity. Executive
will be eligible to receive awards of stock options, restricted stock units or other equity awards pursuant to any plans or arrangements
the Company may have in effect from time to time. The Board (or its compensation committee) will determine in its discretion whether
Executive will be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable
plan or arrangement that may be in effect from time to time, provided that in no case will the terms of any such award deviate
from the accelerated vesting provisions set forth elsewhere herein.

 

5. Employee Benefits.
During the Employment Term, Executive will be entitled to participate in the employee benefit plans currently and hereafter maintained
by the Company of general applicability to other senior executives of the Company, including, without limitation, the Company’s
group medical, dental, vision, disability, life insurance, and flexible-spending account plans. The Company reserves the right
to cancel or change the benefit plans and programs it offers to its employees at any time.

 

    -2-

     

    

 

6. Vacation.
The Company does not provide vacation benefits, and no vacation time or other paid time off is accrued.  Rather, the Company
expects each employee, including Executive, to determine for himself, consistent with his responsibilities and working with his
supervisor how much time can reasonably be spent away from the office for purposes such as personal vacation, relaxation, or personal
or family needs.

 

7. Expenses.
The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance
of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense
reimbursement policy as in effect from time to time.

 

8. Severance.

 

(a) Termination without
Cause Outside the Change in Control Period. If the Company terminates Executive’s employment with the Company for reasons
other than Cause, Executive’s death, or Executive’s Disability, and such termination occurs outside the Change in Control
Period, then subject to Section 9, Executive will receive, in addition to Executive’s salary payable through the date of
termination of employment and any other employee benefits earned and owed through the date of termination, the following benefits
from the Company:

 

(i) continuing payments
of severance pay at a rate equal to Executive’s Base Salary rate, as then in effect, for six (6) months from the date of
such termination in accordance with the Company’s normal payroll policies; and

 

(ii) if Executive
timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)
for Executive, Executive’s spouse and eligible dependants, as applicable, the Company will reimburse Executive for the monthly
premiums under COBRA for such coverage until the earliest of (A) six (6) months following the effective date of such termination,
or (B) the date upon which Executive begins other employment that provides for health coverage benefits. However, if the Company
determines in its sole discretion that it cannot provide the COBRA benefits without potentially violating applicable law (including,
without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable
monthly payment in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue his group health
coverage in effect on the date of his termination of employment (which amount will be based on the premium for the first month
of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage.

 

    -3-

     

    

 

(b) Termination without
Cause or Resignation for Good Reason During the Change in Control Period. If the Company terminates Executive’s employment
with the Company for reasons other than Cause, Executive’s death, or Executive’s Disability, or if Executive resigns
from such employment for Good Reason, and in each case, such termination occurs during the Change in Control Period, then subject
to Section 9, Executive will receive, in addition to Executive’s salary payable through the date of termination of employment
and any other employee benefits earned and owed through the date of termination, the following benefits from the Company:

 

(i) a lump sum severance
payment equal to the amount of Base Salary, as in effect on the date of termination (but in no event less than Executive’s
Base Salary in effect immediately prior to the Closing), Executive would have otherwise received had he remained employed by the
Company through the twelve (12) month anniversary of the Change in Control;

 

(ii) a lump sum severance
amount equal to average annualized bonus earned by Executive for the two (2) calendar years prior to the calendar year during which
the Change in Control occurs, but in no event will the amount be less than Executive’s annual target bonus for the year during
which the termination occurs, or if greater, Executive’s annual target bonus for the year during which the Closing occurs;

 

(iii) the immediate
vesting as to 100% of each of Executive’s then outstanding Equity Awards, and with respect to Equity Awards granted on or
after the Effective Date, the same vesting acceleration provisions provided in this sentence will apply to such Equity Awards,
except to the extent provided in the applicable equity award agreement; and

 

(iv) if Executive
timely elects continuation coverage pursuant to COBRA for Executive, Executive’s spouse and eligible dependants, as applicable,
the Company will reimburse Executive for the monthly premiums under COBRA for such coverage until the earliest of (A) twelve
(12) months following the effective date of such termination, or (B) the date upon which Executive begins other employment
that provides for health coverage benefits. However, if the Company determines in its sole discretion that it cannot provide the
COBRA benefits without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service
Act), the Company will in lieu thereof provide to Executive a taxable monthly payment in an amount equal to the monthly COBRA premium
that Executive would be required to pay to continue his group health coverage in effect on the date of his termination of employment
(which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether
Executive elects COBRA continuation coverage.

 

9. Conditions to
Receipt of Severance; No Duty to Mitigate.

 

(a) Separation Agreement
and Release of Claims. The payment of any severance set forth in Section 8 above is contingent upon Executive signing and not
revoking the Company’s standard separation and release of claims agreement upon Executive’s termination of employment
and such agreement becoming effective no later than sixty (60) days following Executive’s employment termination date (such
deadline, the “Release Deadline”). In no event will severance payments be paid or provided until the release
actually becomes effective. Any severance payments or benefits under this Agreement will be paid, or, in the case of installments,
will commence, on the first regularly scheduled payroll date following the date the separation and release of claims agreement
becomes effective and irrevocable, or if later, such time as required by Section 9(c). Except as required by Section 9(c),
any installment payments that would have been made to Executive following his separation from service but for the preceding sentence
will be paid to Executive on the first regularly scheduled payroll date following the date the separation and release of claims
agreement becomes effective and irrevocable and the remaining payments will be made as provided in the Agreement.

 

    -4-

     

    

 

(b) Confidential Information
Agreement. Executive’s receipt of any payments or benefits under Section 8 will be subject to Executive continuing to
comply with the terms of his Confidential Information Agreement (as defined in Section 12) and this Agreement. In the event Executive
breaches the provisions of this Section 9(b), all continuing payments and benefits to which Executive may otherwise be entitled
to pursuant to Section 8 will immediately cease.

 

(c) Section 409A.

 

(i) Notwithstanding
anything to the contrary in this Agreement, no severance pay or benefits payable upon separation that is payable to Executive,
if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are
considered deferred compensation (together, the “Deferred Payments”) under Section 409A of the Internal Revenue
Code, as amended (the “Code”) and the final regulations and official guidance thereunder (“Section
409A”) will be payable until Executive has a “separation from service” within the meaning of Section 409A.

 

(ii) It is intended
that none of the severance payments under this Agreement will constitute Deferred Payments but rather will be exempt from Section 409A
as a payment that would fall within the “short-term deferral period” or resulting from an involuntary separation from
service each as described in Section 9(c)(iv) below. However, any severance payments or benefits under this Agreement
that would be considered Deferred Payments will be paid on, or, in the case of installments, will not commence until, the sixtieth
(60th) day following Executive’s separation from service, or, if later, such time as required by Section
9(c)(iii). Except as required by Section 9(c)(iii), any installment payments that would have been made to Executive during the
sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will
be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining
payments will be made as provided in this Agreement.

 

(iii) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of his termination (other than due to death), then the Deferred Payments, if any, that are payable within the first
six (6) months following his separation from service, will become payable on the first payroll date that occurs on or after the
date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments,
if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything
herein to the contrary, if Executive dies following his separation from service, but prior to the six (6) month anniversary of
the separation from service, then any payments delayed in accordance with this Section 9(c) will be payable in a lump sum as soon
as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance
with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement
is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(iv) Any severance
payment that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the
Treasury Regulations will not constitute Deferred Payments for purposes herein. Any amount paid under this Agreement that qualifies
as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury
Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes herein.

 

    -5-

     

    

 

(v) For purposes of
this Agreement, “Section 409A Limit” means the lesser of two (2) times: (x) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable year
of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal
Revenue Service guidance issued with respect thereto, or (y) the maximum amount that may be taken into account under a qualified
plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

 

(vi) The foregoing
provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the severance payments
and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein
will be interpreted to so comply. Executive and the Company agree to work together in good faith to consider amendments to this
Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional
tax or income recognition prior to actual payment to Executive under Section 409A.

 

(d) No Duty to Mitigate.
Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that
Executive may receive from any other source reduce any such payment.

 

10. Definitions.

 

(a) Cause. For
purposes of this Agreement, “Cause” means: (i) Executive’s failure to perform Executive’s assigned
duties responsibilities as an employee (other than a failure resulting from Executive’s Disability) after written notice
thereof from the Company describing Executive’s failure to perform such duties or responsibilities and failure to cure such
failure to the reasonable satisfaction of the Company within ten (10) business days of the date the notice is provided to Executive;
(ii) Executive engaging in any act of dishonesty, fraud or misrepresentation with respect to the Company; (iii) Executive’s
violation of any federal or state law or regulation applicable to the business of the Company or its affiliates; (iv) Executive’s
breach of any confidentiality agreement or invention assignment agreement (including, but not limited to, the Confidential Information
Agreement) between Executive and the Company (or any affiliate of the Company); or (v) Executive being convicted of, or entering
a plea of nolo contendere to, any felony or crime involving moral turpitude.

 

(b) Change in Control.
For purposes of this Agreement, “Change in Control” has the same meaning assigned to such term in the Stock
Plan.

 

(c) Change in Control
Period. For purposes of this Agreement, “Change in Control Period” means the period beginning three (3)
months prior to the Closing and ending on the twelve (12) month anniversary of the Closing.

 

(d) Closing. For
purposes of this Agreement, “Closing” means the closing of the first transaction constituting a Change in Control
that occurs on or following the Effective Date.

 

    -6-

     

    

 

(e) Disability.
For purposes of this Agreement, “Disability” means Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving
income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Company employees.

 

(f) Equity Awards.
For purposes of this Agreement, “Equity Awards” means Executive’s outstanding stock options, stock appreciation
rights, restricted stock units, performance shares, performance stock units and any other equity compensation awards granted by
the Company or any successor of the Company.

 

(g) Good Reason.
For purposes of this Agreement, “Good Reason” means Executive’s resignation within three (3) months following
the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s
consent: (i) a material reduction of Executive’s authority, duties or responsibilities; provided, however, that a reduction
in authority, duties, or responsibilities primarily by virtue of the Company being acquired and made part of a larger entity whether
as a subsidiary, business unit or otherwise (as, for example, when the Chief Executive Officer of the Company remains as such following
an acquisition where the Company becomes a wholly owned subsidiary of the acquirer, but is not made the Chief Executive Officer
of the acquiring corporation) will not constitute “Good Reason”; (ii) a material reduction in Executive’s
Base Salary, excluding the substitution of substantially equivalent compensation and benefits; (iii) a material change in
the geographic location of Executive’s primary work facility or location; provided, that a relocation of less than twenty-five
(25) miles from Executive’s then present location will not be considered a material change in geographic location, or (iv)
a material breach by the Company of a material provision of this Agreement. Executive will not resign for Good Reason without first
providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within
ninety (90) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less
than thirty (30) days following the date the Company receives such notice during which such condition must not have been cured.

 

11. Limitation on
Payments. In the event that the severance benefits provided for in this Agreement or otherwise payable to Executive (i) constitute
“parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 11, would be subject
to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits under Section 8 will be either:

 

(a)
delivered in full, or

 

(b)
delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under
Section 4999 of the Code,

 

    -7-

     

    

 

whichever of the foregoing amounts, taking
into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt
by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such
severance benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute
payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction
of cash payments, which will occur in reverse chronological order such that the cash payment owed on the latest date following
the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (ii) reduction of acceleration
of vesting of equity awards, which will occur in the reverse order of the date of grant for such stock awards (i.e., the vesting
of the most recently granted stock awards will be reduced first); and (iii) reduction of other benefits paid or provided to
the Executive, which will occur in reverse chronological order such that the benefit owed on the latest date following the occurrence
of the event triggering such excise tax will be the first benefit to be reduced. If more than one equity award was made to the
Executive on the same date of grant, all such awards will have their acceleration of vesting reduced pro rata. In no event will
the Executive have any discretion with respect to the ordering of payment reductions.

 

Unless the Company
and Executive otherwise agree in writing, any determination required under this Section 11 will be made in writing by a nationally
recognized firm of independent public accountants selected by the Company (the “Accountants”), whose determination
will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required
by this Section 11, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may
rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and
Executive will furnish to the Accountants such information and documents as the Accountants may reasonably request in order to
make a determination under this Section. The Company will bear all costs the Accountants may reasonably incur in connection with
any calculations contemplated by this Section 11.

 

12. Confidential
Information. Executive confirms his continuing obligations under the Company’s standard Confidential Information and
Invention Assignment Agreement (the “Confidential Information Agreement”) dated as of June 2, 2014.

 

13. No Conflicting
Obligations. Executive confirms that Executive is not under any existing obligations that may impact Executive’s eligibility
to be employed by the Company or limit the manner in which Executive may be employed. Executive agrees not to bring any third-party
confidential information to the Company, including that of Executive’s former employer, and that Executive will not in any
way utilize any such information in performing Executive’s duties for the Company.

 

14. Assignment.
This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive
upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any
person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form
of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.
Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits
will be null and void.

 

    -8-

     

    

 

15. Notices.
All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on
the date of delivery if delivered personally; (ii) one (1) day after being sent by a well established commercial overnight service;
or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the
parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

 

If to the Company:

 

Phunware, Inc.

Attn: Chief Executive
Officer

7800 Shoal Creek Boulevard, Suite
230-S

Austin, TX 78757

 

If to Executive:

 

at the last residential
address known by the Company.

 

16. Severability.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement will continue in full force and effect without said provision.

 

17. Integration.
This Agreement, together with the Stock Plan, Option Agreement and the Confidential Information Agreement represents the entire
agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements
whether written or oral. This Agreement may be modified only by agreement of the parties by a written instrument executed by the
parties that is designated as an amendment to this Agreement.

 

18. Waiver of Breach.
The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed
to be a waiver of any other previous or subsequent breach of this Agreement.

 

19. Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

20. Tax Withholding.
All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

 

21. Governing Law.
This Agreement will be governed by the laws of the State of Texas (with the exception of its conflict of laws provisions).

 

22. Acknowledgment.
Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney,
has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

23. Counterparts.
This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will
constitute an effective, binding agreement on the part of each of the undersigned.

 

[Remainder of Page
Intentionally Left Blank]

 

    -9-

     

    

 

IN WITNESS WHEREOF,
each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and
year first above written.

  

STELLAR ACQUISITION III,
INC.

 

	By:		 	Date:	 
	 	 	 	 	 
	Title:	 	 	 	 

  

COMPANY:

 

PHUNWARE, INC.

 

	By:	/s/ Alan  Knitowski

	 	Date:	2/6/2018
	 	Alan  Knitowski

	 	 	 
	 	 	 	 	 
	Title:	President	 	 	 

   

EXECUTIVE:

 

	By:	/s/ Tushar Patel

	 	Date:	2/6/2018
	 	Tushar Patel

	 	 	 

   

[SIGNATURE PAGE TO
PATEL EMPLOYMENT AGREEMENT]

 

    -10-

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