Document:

EX-10.23

 Exhibit 10.23 

SERVICES AGREEMENT 
 This
SERVICES AGREEMENT (this “Agreement”) is made as of August 22nd, 2016, by and between Acacia Research Group, LLC, a Texas Limited Liability Company (“Acacia”), and Veritone, Inc., a
Delaware corporation (“Veritone” and, together with Acacia, the “Parties”). 

WHEREAS, Acacia, through its wholly and majority- owned and controlled operating subsidiaries, invests in, licenses and enforces patented
technologies; and 
 WHEREAS, Veritone desires to engage Acacia, from time to time during the Term (as defined herein) of this Agreement, to
apply Acacia’s and its Affiliates’ (as defined herein) legal and technological expertise to assist Veritone in identifying, acquiring, registering, monetizing and enforcing Intellectual Property (as defined herein) assets, upon the terms
and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 
  

	1.	DEFINITIONS; INTERPRETATION 

 1.1 Definitions. The following terms shall have the
respective meanings set out below and grammatical variations of such terms shall have corresponding meanings: 
 “Affiliate” shall 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, shall 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. 

“Business Day” shall 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. 
 “Confidentiality Agreement” means the
Non-Disclosure Agreement by and between the Parties, dated as of March 30, 2016, as it may be amended from time to time. 

“Governmental Authority” shall mean any foreign, federal, state
or local court, administrative agency, official board, bureau, governmental or quasi-governmental entities having competent jurisdiction over Acacia, Veritone 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 

“Intellectual Property” means, collectively, any U.S. and non-U.S. issued,
registered, unregistered and pending: (i) patents and patent applications (including any divisionals, continuations, continuations-in-part, reissues, renewals, re-examinations, extensions, provisional and applications for any of the foregoing), inventor’s certificates, utility model rights and similar 

 
rights, petty patents and applications therefor; (ii) works of authorship, mask works, copyrights, and copyright and mask work registrations and applications for registration;
(iii) trademarks and service marks (including those which are protected without registration due to their well-known status), trade names, corporate names, domain names, logos, slogans, taglines, trade dress, general intangibles of like nature,
and other indicia of source, origin, endorsement, sponsorship or certification, designs, industrial designs, product packaging shape, and other elements of product and product packaging appearance together with all registrations and applications for
registration of any of the foregoing and all goodwill related to any of the foregoing; (iv) unpatented inventions (whether or not patentable), trade secrets under applicable law, know-how and
confidential or proprietary information, including (in whatever form or medium), discoveries, ideas, compositions, rights in software (including all source and object code related thereto), computer software documentation, database, drawings,
designs, plans, proposals, specifications, photographs, samples, models, processes, procedures, data, information, manuals, reports, financial, marketing and business data, pricing and cost information, correspondence and notes; (v) all claims
and rights related to any of the foregoing; and (vi) all other intellectual property or proprietary rights. 
 “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. 

“Materials” has the meaning set forth in Section 11.1.  

“Party” has the meaning set forth in the preamble. 

“Person” or “person” means 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. 

“Providing Party” has the meaning set forth in Section 8. 

“Receiving Party” has the meaning set forth in Section 8. 

“Sales and Service Taxes” has the meaning set forth in Section 3.6 

“Service Fees” has the meaning set forth in Section 3.1. 

“Service Provider” means Acacia and/or any of its Affiliates providing Services hereunder. 

“Service Recipient” means Veritone and/or any of its Subsidiaries receiving Services hereunder. 

“Service Recipient Data” means all the data owned and provided solely by Service Recipient, or created by
Service Provider solely on behalf, or for the benefit, of Service Recipient, that is used by Service Provider solely in relation to the provision of the Services, including employee information, customer information, product details and pricing
information. 

  
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 “Services” has the meaning set forth in Section 2.1. 

“Subsidiary” shall 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. 
 “Term” has the meaning set forth in
Section 9.2. 
  

	2.	SERVICES 

 2.1 During the term of this Agreement, at Veritone’s request from time to time
during the Term hereof, pursuant to a plan to be jointly developed by the parties, Acacia shall provide Veritone such support services and other assistance as Veritone may reasonably require in connection with the acquisition, prosecution and
development of Veritone’s patent portfolio, the protection of its patented inventions from unauthorized use, the generation of licensing revenue from users of its patented technologies and, where necessary and if mutually agreed, the
enforcement of its patented technologies against unauthorized users through the filing of patent infringement litigation (the “Services”). 

2.2 Service Provider and Service Recipient shall, and shall cause their respective Affiliates to, comply with applicable privacy and data
security Laws in the provision or receipt of Services. 
 2.3 Service Provider shall provide each Service to Service Recipient (i) in
at least substantially the same manner, scope and nature, at substantially the same level of professionalism and quality, as any substantially similar service is provided, or caused to be provided, by Service Provider or any of its Affiliates
internally or to any of its Subsidiaries and (ii) in compliance with all applicable Laws. 
 2.4 The Parties acknowledge that, subject
to Sections 2.2 and 2.3, the manner, means, and resources to provide the Services are in the reasonable discretion of Service Provider; provided that Service Provider shall in good faith discuss and consider any reasonable suggestions of
Service Recipient with respect to the foregoing that are consistent with the terms of this Agreement. 
 2.5 Unless otherwise provided for
in this Agreement, the Parties shall use their commercially reasonable efforts to cooperate with each other in all matters relating to the provision and receipt of the Services. Such cooperation shall include exchanging information, providing
electronic access to systems used in connection with the Services and obtaining all consents, licenses, sublicenses or approvals necessary (including the payment of any reasonable fees or expenses) to permit each Party to perform its obligations
hereunder, in each case, subject to the restrictions of Section 8. Each Party shall cooperate with the other Party in determining 

  
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the extent to which any tax is due and owing with respect to any of the Services, and in providing and making available appropriate documentation or information reasonably requested by the other
Party including, but not limited to, applicable resale and/or exemption certificates. 
  

	3.	PRICING, BILLING AND PAYMENT 

 3.1 With respect to any Services provided hereunder, prior to the
provision thereof, Service Recipient and Service Provider shall mutually agree upon, in writing, the amounts to be paid by Service Recipient to Service Provider for such Services and whether such Services may be provided by a third party and
(a) Service Recipient shall pay such mutually agreed upon amounts to Service Provider in accordance with Section 3.2 and (b) Service Recipient shall reimburse Service Provider for all reasonable incidental out-of-pocket costs and expenses reasonably incurred by Service Provider in providing such Services, including air fare (coach class), lodging, meals, mileage, parking and
ground transportation (the amounts described in clauses (a) and (b) above, collectively, the “Service Fees”). 
 3.2
Service Fees for the Services provided hereunder shall be determined in good faith by the Parties, as follows: 
 (a) with
respect to internal resources of Service Provider or its Affiliates used in delivering the Services, together with any third-party products or services used or consumed in the ordinary course of delivering the Services that are not pass-through
costs or reimbursable expenses, Service Fees shall be based on a good faith allocation of Service Provider’s centralized costs associated with the applicable Services, consistent with Service Provider’s recent historical practices for
allocating such costs among its lines of business, plus all reasonable incidental costs and expenses reasonably incurred by Service Provider in providing the Services; and 

(b) with respect to any Services provided by third-party service providers, Service Fees shall be based on the reasonable and
documented actual cost paid by Service Provider to the third-party service provider for the products or services furnished by the third-party service provider for the benefit of Service Recipient, plus all reasonable incidental out-of-pocket costs and expenses reasonably incurred by Service Provider in providing the Services. 

3.3 To the extent that any Service is provided to Service Provider by a third-party service provider, Service Provider may at any time
increase the charges for any Service upon written notice to Service Recipient, provided such increase is only to the extent of the amount of increase charged by such third-party service provider. 

3.4 Not later than twenty-one (21) days after the last day of each calendar month, Service
Provider shall provide to Service Recipient an itemized invoice for the preceding month’s Service Fees, if any. The amount stated in such invoice (to the extent such amount is not the subject of a good faith dispute in accordance with the terms
set forth in Section 3.8) shall be paid by Service Recipient in full within forty-five (45) days of the date of Service Recipient’s receipt of the invoice (or the next Business Day following such date, if such forty fifth (45th) day
is not a Business Day) through payment to an account designated by Service Provider. 

  
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 3.5 Without prejudice to Service Provider’s other rights and remedies, in the event any sum
due (other than those subject to dispute in good faith) to Service Provider pursuant to the terms of this Agreement remains unpaid thirty (30) Business Days after the applicable due date, interest shall accrue daily, from the due date until the
date of actual payment, at an annual interest rate equal to 6%. 
 3.6 All payments due to Service Provider pursuant to the terms of this
Agreement shall be exclusive of any sales, service, value-added or other similar tax or levy imposed upon the Services provided pursuant to this Agreement (“Sales and Service Taxes”), which shall be payable by Service Recipient
unless (for the avoidance of doubt) the applicable Law provides that the relevant Sales and Service Taxes are levied directly on the Service Provider, in which case Service Provider will pay the relevant Sales and Service Tax directly to the taxing
authority in accordance with applicable Law and Service Recipient shall reimburse Service Provider for such relevant Sales and Services Taxes. In connection with the Services provided pursuant to this Agreement, each Party shall be responsible for,
and shall withhold or pay or both (or cause to be withheld or paid or both), as may be required by Law, all taxes pertaining to the employment of its personnel, agents, servants or designees. Each of Service Provider and Service Recipient shall pay
and be responsible for their own taxes based on their own income or profits or assets. 
 3.7 Payments for Services or other amounts due
under this Agreement shall be made net of withholding taxes; provided, however, that if Service Provider reasonably believes that a reduced rate of withholding tax applies or Service Provider is exempt from withholding tax, Service
Provider shall provide Service Recipient with appropriate and customary documentation to Service Recipient that Service Provider qualifies for a reduction to or exemption from withholding under applicable Law. 

3.8 In connection with Section 3.4, in the event of an invoice dispute of which Service Recipient is aware, Service Recipient shall
deliver a written statement to Service Provider no later than ten (10) days prior to the date payment is due on the disputed invoice listing all disputed items and providing a reasonably detailed description of each disputed item. The Parties
shall use their commercially reasonable efforts to resolve all such other disputes expeditiously and in good faith with Service Provider continuing to perform the Services in accordance with this Agreement pending resolution of any dispute. 

 

	4.	ACCESS 

 4.1 Each Service Provider and Service Recipient shall, and shall cause their respective
Affiliates to, provide to each other and their respective agents and vendors reasonable access (during normal business hours (when appropriate with respect to physical access), upon reasonable notice and supervised by the appropriate personnel of
the Parties or as otherwise agreed by the Parties) to the information, personnel, and systems necessary for the efficient and accurate administration, provision, receipt or use of each of the Services and to avoid the duplication of any expenses or
benefits thereunder; provided that all such information shall be 

  
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shared subject to the confidentiality obligations set forth in Section 8, and any Party or third-party vendor receiving such information shall agree to be bound by such obligations prior to
the provision of any such information. 
 4.2 All Services provided will be based upon reasonably timely, accurate and complete information
from Service Recipient reasonably necessary for the provision of such Services, which Service Recipient shall use its commercially reasonable efforts to provide, and Service Provider shall be released from its obligations to provide or cause to be
provided reasonably timely, accurate and complete Services to the extent (but only to the extent) Service Recipient fails to provide timely, accurate and complete information to Service Provider reasonably necessary for the provision of such
Services. Service Provider’s nonperformance of its obligations under this Agreement shall be excused if and to the extent (a) such Service Provider’s nonperformance results from Service Recipient’s failure to perform its
obligations hereunder and (b) Service Provider provides Service Recipient with written notice of such nonperformance, and such nonperformance by Service Recipient has not been cured within thirty (30) days of receipt of such notice. 

 

	5.	LIMITED WARRANTY 

 NOTWITHSTANDING ANY PROVISION TO THE CONTRARY, UNLESS EXPRESSLY SET FORTH
HEREIN, THE SERVICE PROVIDER REPRESENTS AND WARRANTS ONLY THAT THE SERVICES SHALL BE IN CONFORMITY WITH THIS AGREEMENT (INCLUDING SECTION 2.3). THE ABOVE-STATED LIMITED WARRANTY IS THE SERVICE PROVIDER’S SOLE AND EXCLUSIVE WARRANTY WITH RESPECT
TO ANY SERVICES PROVIDED UNDER THIS AGREEMENT. THE SERVICE PROVIDER DOES NOT MAKE ANY OTHER WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY AND SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES, WHETHER OF MERCHANTABILITY, SUITABILITY, FITNESS FOR A
PARTICULAR PURPOSE, OR OTHERWISE FOR SUCH SERVICES. 
  

	6.	LIMITATION ON DAMAGES 

 IN NO EVENT SHALL ANY PARTY OR SUCH PARTY’S AFFILIATES, OR ANY OF
ITS OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES, BE LIABLE FOR SPECIAL, PUNITIVE, EXEMPLARY, CONSEQUENTIAL OR INDIRECT DAMAGES, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY, OTHER LAW OR OTHERWISE, EXCEPT, IN
THE CASE OF SPECIAL, CONSEQUENTIAL OR INDIRECT DAMAGES, TO THE EXTENT REASONABLY FORESEEABLE AND ARISING AS A RESULT OF SUCH PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, AND IN ALL CASES EXCEPT TO THE EXTENT PAYABLE TO A THIRD PARTY.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, THE LIABILITY OF SERVICE PROVIDER WITH RESPECT TO SERVICES PROVIDED PURSUANT TO THIS AGREEMENT, WHETHER IN CONTRACT, TORT OR OTHERWISE, SHALL NOT EXCEED THE FEES AND PASS-THROUGH EXPENSES
RECEIVED BY SERVICE PROVIDER PURSUANT TO THIS AGREEMENT, EXCEPT FOR DAMAGES ARISING AS A RESULT OF SUCH PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 

  
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	7.	FORCE MAJEURE 

 7.1 Neither party shall be responsible for failure or delay in performance of
its obligations hereunder, if and to the extent caused by an act of God or public enemy, war, government acts, regulations or orders, fire, flood, embargo, quarantine, epidemic, labor stoppages or disruptions, unusually severe weather or other
similar cause beyond the control of the affected party (a “Force Majeure Event”), provided that the affected party shall have, promptly after knowledge of the beginning of a Force Majeure Event, notified the other party of
such a Force Majeure Event, the reason therefor, and the estimated probable duration and consequence thereof. The Parties acknowledge and agree that such estimation shall not be considered binding in any way, and the affected party shall not incur
liability of any kind if such estimation proves to be inaccurate. The affected party shall use its commercially reasonable efforts to restore performance of its obligations in accordance with this Agreement as soon as reasonably practicable
following the commencement of a Force Majeure Event. 
 7.2 In the event that Service Provider is excused from supplying a Service pursuant
to Section 7.1, Service Recipient shall be free to acquire replacement services from a third party at Service Recipient’s expense, and without liability to Service Provider, for the period and to the extent reasonably necessitated by such non-performance. 
  

	8.	CONFIDENTIALITY OF INFORMATION 

 Except as provided below, all data and information disclosed
between Service Provider and Service Recipient pursuant to this Agreement, including information relating to or received from third parties and any Service Recipient Data, are deemed “Confidential Information” of the Party disclosing such
information, as such term is defined in the Confidentiality Agreement. A Party receiving Confidential Information (the “Receiving Party”) shall not use such information for any purpose other than for which it was disclosed by the
party providing such information (the “Providing Party”) and, except as otherwise permitted by this Agreement, shall not disclose to third parties any Confidential Information for a period of five (5) years from the termination
or expiration of this Agreement or, with respect to any trade secrets, indefinitely. The obligations of the Receiving Party and the Providing Party with regard to Confidential Information shall be governed by and set forth in the Confidentiality
Agreement, which shall be deemed incorporated by reference herein. 
  

	9.	TERM AND TERMINATION 

 9.1 This is a master agreement and shall be construed as a separate and
independent agreement for each and every Service provided under this Agreement. Any termination of this Agreement with respect to any Service shall not terminate this Agreement with respect to any other Service then being provided pursuant to this
Agreement. 

  
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 9.2 This Agreement shall continue for a term of two (2) years after the date hereof, unless
sooner terminated as provided in this Section 9.2 (the “Term”). This Agreement may be terminated as follows: 

(a) upon the mutual agreement of the Parties; 

(b) by Veritone or Acacia, upon thirty (30) days’ prior written notice to the other Party, subject to
Section 9.3; 
 (c) by Acacia, upon written notice to Veritone, if Service Recipient commits a material breach of its
obligations under this Agreement and such breach continues uncured for a period of thirty (30) days after Service Provider has given prior written notice of such breach to Service Recipient; or 

(d) by Acacia, upon thirty (30) days’ prior written notice to Veritone, in the event of a cessation of operations by
Veritone or the institution by or against Veritone of any proceeding (whether voluntary or judicially ordered) in bankruptcy or for dissolution, liquidation, winding up, reorganization, arrangement or the appointment of a receiver, trustee or
judicial administrator, in each case that is not dismissed within sixty (60) days of the initiation of such action, or if Veritone makes an assignment for the benefit of, or composition or arrangement with, creditors or admits in writing, its
inability to pay its debts as they become due or fails to clear any check or note when presented for payment. 
 9.3 Upon termination or
expiration of this Agreement for any reason, Service Provider shall, upon the written request of Service Recipient, deliver to Service Recipient or destroy (provided such destruction is promptly confirmed in writing by Service Provider if requested
by Service Recipient), at Service Provider’s option, all data, records and other information provided to Service Provider by Service Recipient and pertaining to any matters for which Service Provider was providing Services hereunder;
provided, however, Service Provider may retain copies of such data, records and information to the extent necessary for accounting, tax reporting, and compliance with Service Provider’s document retention policies, subject to the
requirements of Section 8. 
  

	10.	RELATIONSHIP OF PARTIES 

 In providing the Services, Service Provider is acting as and shall be
considered an independent contractor. This Agreement is not intended to create and shall not be construed as creating between Service Provider and Service Recipient any relationship other than an independent contractor and purchaser of contract
services. The Parties specifically acknowledge that they are not, and this Agreement is not intended to and shall not be construed to make them, affiliates of one another and that no principal and agent, joint venture, partnership or similar
relationship, or any other relationship, that imposes or implies any fiduciary duty, including any duty of care or duty of loyalty exists between the Parties. Except as expressly set forth herein, no Party has the authority to, and each Party agrees
that it shall not, directly or indirectly contract any obligations of any kind in the name of or chargeable against the other Party without such other Party’s prior written consent. 

  
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 10.1 The Parties agree to use good faith efforts to resolve any controversy or claim arising out
of this Agreement, the interpretation of any of the provisions hereof, or the actions of the Parties hereunder. In the event of a breach of this Agreement, or a dispute as to the meaning of this Agreement or any of its terms which the Parties cannot
resolve by themselves amicably, the following provisions shall apply: 
 (a) If, within thirty (30) days after one Party
notifies the other in writing of the existence of a dispute, either Party may, at its option, provide written notice of the intent to arbitrate. In the event the Party that is the recipient of such notice agrees to arbitrate, arbitration shall be
according to the rules of the American Arbitration Association, except as herein modified by the Parties or otherwise as agreed to by the Parties. Within ten (10) days of the agreement of the Parties to arbitrate, each Party will select an
arbitrator, and notify the other Party of its selection. Within fifteen (15) days after receipt of such notice, the respective arbitrators will select a third arbitrator. All such arbitrators shall have experience in the respective businesses
of the Parties. Decisions of the panel must be in writing and will be final and binding upon the Parties, and judgment may be entered thereon by any court having jurisdiction. 

(b) The arbitration proceedings will be held in Orange County, California, unless the Parties agree to a different location.
All negotiation and arbitration proceedings will be confidential and will be treated as compromise and settlement negotiations for purpose of all rules of evidence. Each Party shall bear its own cost of presenting its case, and one-half of the cost incurred by the arbitration panel, or any mediation or alternative dispute resolution procedure, as the case may be, unless the arbitration panel determines otherwise. 

10.2 Nothing in this Section 10 shall supersede the notice/cure and termination rights of the Parties otherwise set forth in this
Agreement. This Section 10 shall apply without prejudice to any Party’s right to seek equitable remedies or injunctive relief to which such Party may be entitled at any time. 

 

	11.	RECORDS 

 11.1 Service Provider shall retain, for a period of three (3) years following the
applicable date upon which Services are rendered, all books, records, files, databases or computer software or hardware (including current and archived copies of computer files) (the “Materials”) with respect to matters relating to
the Services provided to Service Recipient hereunder that are in a form and contain a level of detail substantially consistent with the records maintained by Service Provider (unless any such Materials have been delivered to Service Recipient or
Service Recipient otherwise other has a copy of such information). Each Party agrees to use its commercially reasonable efforts to provide the other Party with notice of material modifications to its record retention policies in a timely manner. As
promptly as practicable following the expiration or termination of the applicable duration (or earlier termination) of each Service or the Term, Service Provider will use its commercially reasonable efforts to furnish to Service Recipient in the
form reasonably requested by Service Recipient, and assist in the transition of, the Materials belonging to Service Recipient. If at any time during the 

  
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three (3) year period following the applicable date upon which Services are rendered Service Recipient reasonably requests in writing that certain of such Materials be delivered to Service
Recipient, Service Provider promptly shall arrange for the delivery of the requested Materials in a form reasonably requested by Service Recipient to a location specified by, and at the expense of, Service Recipient (unless any such Materials have
been delivered to Service Recipient or Service Recipient otherwise other has a copy of such information). 
 11.2 The Service Recipient Data
shall be and shall remain the property of Service Recipient and, to the extent reasonably practicable, shall be promptly provided to Service Recipient by Service Provider upon Service Recipient’s request. The Service Provider shall use Service
Recipient Data solely to provide the Services to Service Recipient as set forth herein and for no other purpose whatsoever. 
 11.3
Notwithstanding anything herein to the contrary and subject to Section 8, Service Provider may retain copies of the Materials and Service Recipient Data in accordance with policies and procedures implemented by Service Provider in order to
comply with applicable Law or document retention policies as in effect from time to time and in accordance with past practices. 
  

	12.	INTELLECTUAL PROPERTY 

 Unless otherwise specifically provided herein, this Agreement shall not
transfer ownership of any Intellectual Property from either Party to the other Party or to any third party. Ownership of any Intellectual Property created by a Service Provider in connection with providing a Service to a Service Recipient under this
Agreement shall be retained by such Service Provider, unless based on Service Recipient’s Confidential Information or unless otherwise agreed to between the Service Provider and the Service Recipient, in writing. If Service Provider creates any
Intellectual Property in connection with providing a Service based, in whole or in part, on Service Recipient’s Confidential Information or to the extent agreed to between the Service Provider and the Service Recipient, then the creation of
such Intellectual Property that is primarily related to or arising from the applicable Service shall be considered a “work made for hire” under applicable Law and shall be owned by Service Recipient. If such creation is not considered a
“work made for hire” under applicable Law, then Service Provider hereby irrevocably assigns, and shall assign, to Service Recipient, without further consideration, all of Service Provider’s worldwide right, title, and interest in and
to such Intellectual Property. 
  

	13.	ASSIGNMENT 

 This Agreement and all of the provisions hereof shall be binding upon and shall
inure to the benefit of the Parties hereto and their respective successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned or delegated, directly or indirectly, in whole or in
part, including by operation of law, by any Party hereto without the prior written consent of the other Party hereto, which consent shall not be unreasonably withheld, except that Acacia may delegate its rights or obligations hereunder, in whole or
in part, to any of its Affiliates without the consent of Veritone; provided, however, that such Affiliate agrees in writing to be bound by this Agreement and to assume all of Acacia’s obligations under this agreement. For the avoidance
of doubt, no such delegation shall relieve Acacia of any of its obligations hereunder. 

  
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	14.	NOTICES 

 All notices, requests, claims, demands and other communications to be given or
delivered under or by the provisions of this Agreement shall be in writing and shall be deemed given only (a) when delivered personally to the recipient, (b) one (1) Business Day after being sent to the recipient by reputable overnight
courier service (charges prepaid), provided that confirmation of delivery is received, (c) upon machine-generated acknowledgment of receipt after transmittal by facsimile or (d) five (5) days after being mailed to the recipient by
certified or registered mail (return receipt requested and postage prepaid). Such notices, demands and other communications shall be sent to the Parties at the following addresses (or at such address for a Party as will be specified by like notice):

  

	 	(i)	If to Acacia: 

 Acacia Research Group 

17480 Dallas Parkway, Suite 121 

Dallas, TX 75287 
 Attention: CEO

 Facsimile: 214-291-4650 

  
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	 	(ii)	If to Veritone: 

 Veritone, Inc. 

3366 Via Lido 
 Newport Beach, CA
92663 
 Attention: Chief Financial Officer 

Facsimile: 949-200-0365 

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 shall 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 shall be deemed to be receipt of the notice as of the date of such rejection, refusal or inability to deliver. 
  

	15.	SURVIVAL 

 The Parties’ rights and obligations under Sections 3, 5, 6, 8, 9.3 and 10
through 16 shall survive expiration or termination of this Agreement. 
  

	16.	GENERAL PROVISIONS 

 16.1 Severability. If any provision of this Agreement or the
application of any such provision to any Person or circumstance shall be declared judicially to be invalid, unenforceable or void, such decision shall 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 shall be deemed amended by modifying such provision to the extent necessary to render it valid, legal and enforceable 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. 
 16.2
Counterparts. This Agreement may be executed in one or more counterparts each of which when executed shall be deemed to be an original but all of which taken together shall 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) shall be as effective as delivery of a manually executed counterpart of any such Agreement. 

16.3 Entire Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof
and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 
 16.4 Amendments;
Waivers. This Agreement may not be amended except by an instrument in writing signed by both Parties. No failure or delay by either Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder. Any agreement on the part of either Party to any such waiver shall be valid only if set forth in an instrument in writing signed on behalf
of such Party. 

  
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 16.5 No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is
intended to or shall confer upon any Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, and, no Person shall be deemed a third party beneficiary under or by reason of this Agreement.

 16.6 Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (WITH EACH
PARTY HAVING HAD OPPORTUNITY TO CONSULT COUNSEL), EACH OF THE PARTIES 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, 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 SHALL BE TRIED IN A COURT OF
COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 16.7 Governing Law. This Agreement and all issues and questions
concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with, the Laws of the State of California, without giving effect to any choice of law or conflict of law rules
or provisions (whether of the State of California or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of California. In furtherance of the foregoing, the internal Laws of the State of
California shall control the interpretation and construction of this Agreement, even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive Law of some other jurisdiction would ordinarily apply. 

[SIGNATURES ON THE FOLLOWING PAGE] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Services Agreement to be executed and delivered
by their duly authorized representatives as of the date first above written. 
  

			
	ACACIA RESEARCH GROUP LLC
		
	By:	 	         /S/ MARVIN E. KEY

		 	 Name:  Marvin E. Key
		 	 Title:    CEO

  

			
	VERITONE, INC.
		
	By:	 	         /S/ JOHN M. MARKOVICH

		 	 Name:  John M. Markovich
		 	 Title:    CFO

  
 14EX-10.32

 Exhibit 10.32 

VERITONE, INC. 

EMPLOYEE STOCK PURCHASE PLAN 

I. PURPOSE OF THE PLAN 

This Employee Stock Purchase Plan is intended to promote the interests of Veritone, Inc., a Delaware corporation, by providing eligible
employees with the opportunity to acquire a proprietary interest in the Corporation through participation in an employee stock purchase plan designed to qualify under Section 423 of the Code for one or more specified offerings made under such
plan. 
 The Plan shall become effective at the time (the “Effective Time”) at which the underwriting agreement for the initial
public offering of the Common Stock is executed and the price per share established for the Common Stock to be sold in such offering. 

II. ADMINISTRATION OF THE PLAN 

A. The Plan Administrator shall have full authority to interpret and construe any provision of the Plan and to adopt such rules and
regulations for administering the Plan as it may deem necessary in order to bring one or more offerings under the Plan into compliance with the requirements of Code Section 423. 

B. The Plan Administer may authorize one or more offerings under the Plan that are not designed to comply with the requirements of Code
Section 423 but are intended to comply with the requirements of the foreign jurisdictions in which those offerings are conducted. Such offerings shall be separate from any offerings designed to comply with the Code Section 423 requirements
but may be conducted concurrently with those offerings. 
 C. Decisions of the Plan Administrator shall be final and binding on all parties
having an interest in the Plan. 
 III. STOCK SUBJECT TO PLAN 

A. The stock purchasable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including shares of Common
Stock purchased on the open market. The number of shares of Common Stock reserved for issuance under the Plan shall initially be limited to One Million (1,000,000) shares. 

B. The number of shares of Common Stock available for issuance under the Plan shall automatically increase on the first trading day in January
each calendar year during the term of the Plan, beginning with the 2018 calendar year, by an amount equal to one percent (1%) of the total number of shares of Common Stock outstanding on the last trading day in the immediately preceding calendar
month, but in no event shall any such annual increase exceed Two Hundred Fifty Thousand (250,000) shares or such lesser number of shares determined by the Board in its discretion. 

 C. Should any change be made to the Common Stock by reason of any stock split, stock dividend,
recapitalization, combination of shares, reincorporation, exchange of shares, spin-off transaction or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of
consideration or should the value of outstanding shares of Common Stock be substantially reduced as a result of a spin-off transaction or an extraordinary dividend or distribution, then equitable adjustments
shall be made by the Plan Administrator to (i) the maximum number and class of securities issuable under the Plan, (ii) the maximum number and class of securities by which the share reserve is to increase automatically each calendar year
pursuant to the provisions of Section III.B; (iii) the maximum number and class of securities purchasable per Participant during any offering period and on any one Purchase Date during that offering period, (iv) the maximum number and
class of securities purchasable in total by all Participants under the Plan on any one Purchase Date and (v) the number and class of securities and the price per share in effect under each outstanding purchase right. The adjustments shall be
made in such manner as the Plan Administrator deems appropriate, and such adjustments shall be final, binding and conclusive. 
 IV.
OFFERING PERIODS 
 A. Shares of Common Stock shall be offered for purchase under the Plan through a series of successive offering
periods until such time as (i) the maximum number of shares of Common Stock available for issuance under the Plan shall have been purchased or (ii) the Plan shall have been sooner terminated. 

B. Each offering period shall commence at such time and be of such duration not to exceed twenty-seven (27) months, as determined by the
Plan Administrator prior to the start of the applicable offering period. The initial offering period shall commence at the Effective Time and shall be of such duration (not to exceed twenty-seven (27) months) as determined by the Plan
Administrator. 
 C. The terms and conditions of each offering period may vary, and two or more offerings periods may run concurrently under
the Plan, each with its own terms and conditions. In addition, special offering periods may be established with respect to entities that are acquired by the Corporation (or any subsidiary of the Corporation) or under such other circumstances as the
Plan Administrator deems appropriate. In no event, however, shall the terms and conditions of any offering period contravene the express limitations and restrictions of the Plan, and the participants in each separate offering period conducted by one
or more Participating Corporations in the United States shall have equal rights and privileges under that offering in accordance with the requirements of Section 423(b)(5) of the Code and the applicable Treasury Regulations thereunder. 

D. Each offering period shall be comprised of one or more Purchase Intervals as determined by the Plan Administrator. The first Purchase
Interval under the Plan shall commence at the Effective Time and shall be of such duration as determined by the Plan Administrator. 
 E.
Should the Fair Market Value per share of Common Stock on any Purchase Date within an offering period be less than the Fair Market Value per share of Common 

  
 2 

 
Stock on the start date of that offering period, then the individuals participating in that offering period shall, immediately after the purchase of shares of Common Stock on their behalf on such
Purchase Date, be transferred from that offering period and automatically enrolled in the offering period commencing on the next business day following such Purchase Date, provided and only if the Fair Market Value per share of Common Stock on the
start date of that new offering period is lower than the Fair Market Value per share of Common Stock on the start date of the offering period in which they were currently enrolled. 

F. An Eligible Employee may participate in only one offering period at a time. 

V. ELIGIBILITY 
 A. For
the initial offering period commencing at the Effective Time, each individual who is an Eligible Employee at that time shall automatically be enrolled as a Participant at a contribution level set at fifteen percent (15%) of his or her Compensation.

 B. Each individual who is an Eligible Employee on the start date of an offering period under the Plan may enter that offering period only
on such start date. The date an individual enters an offering period shall be designated his or her Entry Date for purposes of that offering period. 

C. Each U.S. corporation that becomes a Corporate Affiliate after the Effective Time shall automatically become a Participating Corporation
effective as of the start date of the first offering date coincident with or next following the date on which it becomes such an affiliate, unless the Plan Administrator determines otherwise prior to the start date of that offering period. Each non-U.S. corporation that becomes a Corporate Affiliate after the Effective Time shall become a Participating Corporation when authorized by the Plan Administrator to extend the benefits of the Plan to its Eligible
Employees. 
 D. Except as otherwise provided in Sections IV.D and V.A above, the Eligible Employee must, in order to participate in the
Plan for a particular offering period, complete and submit the enrollment and payroll deduction authorization forms prescribed by the Plan Administrator in accordance with enrollment procedures prescribed by the Plan Administrator (which may include
accessing the website designated by the Corporation and electronically enrolling and authorizing payroll deductions) on or before his or her scheduled Entry Date. 

VI. PAYROLL DEDUCTIONS 

The payroll deductions that each Participant may authorize for purposes of acquiring shares of Common Stock during an offering period may be
in any multiple of one percent (1%) of the Base Salary paid to that Participant during each Purchase Interval within such offering period, up to a maximum of fifteen percent (15%), unless the Plan Administrator establishes a different maximum
percentage prior to the start date of the applicable offering period. 

  
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 A. For the initial Purchase Interval of the first offering period under the Plan, no payroll
deductions shall be required of any Participant until such time as the Participant affirmatively elects to commence such payroll deductions following his or her receipt of the 1933 Act prospectus for the Plan. For such Purchase Interval, the
Participant will be required to contribute up to fifteen percent (15%) of his or her Base Salary to the Plan either in a lump sum or one or more installments after receipt of such prospectus and prior to the close of that Purchase Interval should
the Participant elect to have shares of Common Stock purchased on his or her behalf on the Purchase Date for that initial Purchase Interval and his or her limited payroll deductions (if any) for such Purchase Interval not be sufficient to fund the
entire purchase price for those shares. 
 B. The rate of payroll deduction shall continue in effect throughout the offering period, except
for changes effected in accordance with the following guidelines: 
 (i) The Participant may, at any time during the offering period, reduce
the rate of his or her payroll deduction (or the percentage of Base Salary to be contributed for the first Purchase Interval of the initial offering period under the Plan) to become effective as soon as administratively possible after filing the
appropriate form with the Plan Administrator. The Participant may not, however, effect more than one (1) such reduction per Purchase Interval. 

(ii) The Participant may, at any time during the offering period, increase the rate of his or her payroll deduction (up to the maximum
percentage limit for that offering period) to become effective as soon as administratively possible after filing the appropriate form with the Plan Administrator. The Participant may not, however, effect more than one (1) such increase per
Purchase Interval. 
 (iii) The Participant may at any time reduce his or her rate of payroll deduction under the Plan to 0%. Such
reduction shall become effective as soon as administratively practicable following the filing of the appropriate form with the Plan Administrator. The Participant’s existing payroll deductions shall be applied to the purchase of shares of
Common Stock on the next scheduled Purchase Date. 
 C. Except as otherwise provided in Section VI.B above, payroll deductions shall begin
on the first pay day administratively feasible following the Participant’s Entry Date into the offering period and shall (unless sooner terminated by the Participant) continue through the pay day ending with or immediately prior to the last day
of that offering period. The payroll deductions collected shall be credited to the Participant’s book account under the Plan, but no interest shall be paid on the balance from time to time outstanding in such account, unless otherwise required
by the terms of that offering period. Unless the Plan Administrator determines otherwise prior to the start of the applicable offering period, the amounts collected from the Participant shall not be required to be held in any segregated account or
trust fund and may be commingled with the general assets of the Corporation and used for any corporate purpose. 
 D. Payroll deductions
authorized by the Participant shall automatically cease upon the termination of the Participant’s purchase right in accordance with the provisions of the Plan. 

  
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 E. The Plan Administrator may permit Eligible Employees of one or more Participating Corporations
to participate in the Plan by making contributions other than through payroll deductions. 
 F. The Participant’s acquisition of Common
Stock under the Plan on any Purchase Date shall neither limit nor require the Participant’s acquisition of Common Stock on any subsequent Purchase Date, whether within the same or a different offering period. 

VII. PURCHASE RIGHTS 
 A.
Grant of Purchase Right. A Participant shall be granted a separate purchase right for each offering period in which he or she participates. The purchase right shall be granted on the Participant’s Entry Date into the offering
period. Unless the Plan Administrator determines otherwise prior to the start date of the applicable offering period and subject to the limitations of Article VIII below, each purchase right granted for an offering period shall provide the
Participant with the right to purchase up to 1,000 shares of Common Stock on each Purchase Date within that offering period. 
 Under no
circumstances shall purchase rights be granted under the Plan to any Eligible Employee if such individual would, immediately after the grant, own (within the meaning of Code Section 424(d)) or hold outstanding options or other rights to purchase,
stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Corporation or any Corporate Affiliate. 

B. Exercise of the Purchase Right. Each purchase right shall be automatically exercised in installments on each successive
Purchase Date within the offering period, and shares of Common Stock shall accordingly be purchased on behalf of each Participant (other than Participants whose payroll deductions have previously been refunded pursuant to the Termination of Purchase
Right provisions below) on each such Purchase Date. The purchase shall be effected by applying the Participant’s authorized payroll deductions for the Purchase Interval ending on such Purchase Date to the purchase of whole shares of Common
Stock at the purchase price in effect for the Participant for that Purchase Date. 
 C. Purchase Price. The purchase price per
share at which Common Stock will be purchased on the Participant’s behalf on each Purchase Date within the offering period will be established by the Plan Administrator prior to the start of that offering period, but in no event shall such
purchase price be less than eighty-five percent (85%) of the lower of (i) the Fair Market Value per share of Common Stock on the Participant’s Entry Date into that offering period or (ii) the Fair Market Value per share of
Common Stock on that Purchase Date. 
 D. Number of Purchasable Shares. The number of shares of Common Stock purchasable by a
Participant on each Purchase Date during the offering period shall be the number of whole shares obtained by dividing the amount collected from the Participant through his or her authorized payroll deductions during the Purchase Interval ending with
that Purchase Date by the purchase price in effect for the Participant for that Purchase Date. However, the maximum number of shares of Common Stock purchasable per Participant on any one Purchase Date shall be governed by the limitation set forth
in Article VII.A, as adjusted periodically in the 

  
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event of certain changes in the Corporation’s capitalization. In addition, the maximum number of shares of Common Stock purchasable in total by all Participants on any one Purchase Date
shall not exceed 200,000 shares, subject to periodic adjustments in the event of certain changes in the Corporation’s capitalization. However, the Plan Administrator shall have the discretionary authority, exercisable prior to the start of any
offering period under the Plan, to increase or decrease the limitations to be in effect for the number of shares purchasable per Participant (and the corresponding maximum number of shares purchasable per Participant for that offering period) and in
total by all Participants on each Purchase Date within that offering period. 
 E. Excess Payroll Deductions. Any authorized
payroll deductions not applied to the purchase of shares of Common Stock on any Purchase Date because they are not sufficient to purchase a whole share of Common Stock shall be held for the purchase of Common Stock on the next Purchase Date.
However, any authorized payroll deductions not applied to the purchase of Common Stock by reason of the limitation on the maximum number of shares purchasable per Participant or in the aggregate on the Purchase Date shall be promptly refunded. 

F. Suspension of Payroll Deductions. In the event that a Participant is, by reason of the accrual limitations in Article VIII,
precluded from purchasing additional shares of Common Stock on one or more Purchase Dates during the offering period in which he or she is enrolled, then no further payroll deductions authorized by the Participant for that offering period shall be
collected from such Participant with respect to those Purchase Dates. The suspension of such deductions shall not terminate the Participant’s purchase right for the offering period in which he or she is enrolled, and the Participant’s
authorized payroll deductions shall automatically resume on behalf of such Participant once he or she is again able to purchase shares during that offering period in compliance with the accrual limitations of Article VIII. 

G. Termination of Purchase Right. The following provisions shall govern the termination of outstanding purchase rights: 

(i) A Participant may withdraw from the offering period in which he or she is enrolled by filing the appropriate form with the Plan
Administrator (or its designate) at any time prior to the next scheduled Purchase Date in that offering period, and no further payroll deductions shall be collected from the Participant with respect to the offering period. Any payroll deductions
authorized by the Participant and collected during the Purchase Interval in which such withdrawal occurs shall, at the Participant’s election, be immediately refunded or held for the purchase of shares on the next Purchase Date. If no such
election is made at the time of such withdrawal, then the payroll deductions authorized by the Participant and collected with respect to the Purchase Interval in which such withdrawal occurs shall be refunded to the Participant as soon as possible.

 (ii) The Participant’s withdrawal from the offering period shall be irrevocable, and the Participant may not subsequently rejoin
that offering period. In order to resume participation in any subsequent offering period, such individual must re-enroll in the Plan (by making a timely filing of the prescribed enrollment forms) on or before
his or her scheduled Entry Date into that offering period. 

  
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 (iii) Should the Participant cease to remain an Eligible Employee for any reason (including
death, disability or change in status) while his or her purchase right remains outstanding, then that purchase right shall immediately terminate, and all of the Participant’s authorized payroll deductions for the Purchase Interval in which the
purchase right so terminates shall be immediately refunded. However, should the Participant cease to remain in active service by reason of an approved unpaid leave of absence, then the Participant shall have the right, exercisable up until the last
business day of the Purchase Interval in which such leave commences, to (a) withdraw all the payroll deductions authorized by the Participant and collected to date on his or her behalf for that Purchase Interval or (b) have such funds held
for the purchase of shares on his or her behalf on the next scheduled Purchase Date. In no event, however, shall any further payroll deductions be collected on the Participant’s behalf during such leave. Upon the Participant’s return to
active service (x) within three (3) months following the commencement of such leave or (y) prior to the expiration of any longer period for which such Participant is provided with reemployment rights by statute or contract, his or her
authorized payroll deductions under the Plan shall automatically resume at the rate in effect at the time the leave began, unless the Participant withdraws from the Plan prior to his or her return. An individual who returns to active employment
following a leave of absence which exceeds in duration the applicable (x) or (y) time period above will be treated as a new Employee for purposes of subsequent participation in the Plan and must accordingly
re-enroll in the Plan (by making a timely filing of the prescribed enrollment forms) on or before his or her scheduled Entry Date into the offering period. 

H. Change in Control. Each outstanding purchase right shall automatically be exercised, immediately prior to the effective date
of any Change in Control, by applying the authorized payroll deductions of each Participant for the Purchase Interval in which such Change in Control occurs to the purchase of whole shares of Common Stock at the purchase price per share in effect
for that Purchase Internal pursuant to the Purchase Price provisions of Paragraph C of this Article VII. However, the applicable limitation on the number of shares of Common Stock purchasable per Participant shall continue to apply to any such
purchase, but not the limitation applicable to the maximum number of shares of Common Stock purchasable in total by all Participants. 
 The
Corporation shall use reasonable efforts to provide at least ten (10) days prior written notice of the occurrence of any Change in Control, and Participants shall, following the receipt of such notice, have the right to terminate their
outstanding purchase rights prior to the effective date of the Change in Control. 
 I. Proration of Purchase Rights. Should
the total number of shares of Common Stock to be purchased pursuant to outstanding purchase rights on any particular date exceed the number of shares then available for issuance under the Plan, the Plan Administrator shall make a pro-rata allocation of the available shares on a uniform and nondiscriminatory basis, and the authorized payroll deductions of each Participant, to the extent in excess of the aggregate purchase price payable for
the Common Stock pro-rated to such individual, shall be refunded. 
 J. ESPP Broker
Account. The Corporation may require that the shares purchased on behalf of each Participant shall be deposited directly into a brokerage account which the Corporation shall establish for the Participant at a Corporation-designated
brokerage 

  
 7 

 
firm. The account will be known as the ESPP Broker Account. Except as otherwise provided below, the deposited shares may not be transferred (either electronically or in certificate form) from the
ESPP Broker Account until the later of the following two periods: (i) the end of the two (2)-year period measured from the Participant’s Entry Date into the offering period in which the shares were purchased and (ii) the
end of the one (1)-year measured from the actual purchase date of those shares. Such limitation shall apply both to transfers to different accounts with the same ESPP broker and to transfers to other brokerage firms. Any shares held for the required
holding period may thereafter be transferred (either electronically or in certificate form) to other accounts or to other brokerage firms. 

The foregoing procedures shall not in any way limit when the Participant may sell his or her shares. Those procedures are
designed solely to assure that any sale of shares prior to the satisfaction of the required holding period is made through the ESPP Broker Account. In addition, the Participant may request a stock certificate or share transfer from his or her ESPP
Broker Account prior to the satisfaction of the required holding period should the Participant wish to make a gift of any shares held in that account. However, shares may not be transferred (either electronically or in certificate form) from the
ESPP Broker Account for use as collateral for a loan, unless those shares have been held for the required holding period. 
 The foregoing
procedures shall apply to all shares purchased by each Participant in the United States, whether or not that Participant continues in Employee status. 

K. Assignability. The purchase right shall be exercisable only by the Participant and shall not be assignable or transferable by
the Participant. 
 L. Stockholder Rights. A Participant shall have no stockholder rights with respect to the shares subject
to his or her outstanding purchase right until the shares are purchased on the Participant’s behalf in accordance with the provisions of the Plan and the Participant has become a holder of record of the purchased shares. 

VIII. ACCRUAL LIMITATIONS 

A. No Participant shall be entitled to accrue rights to acquire Common Stock pursuant to any purchase right outstanding under the Plan if and
to the extent such accrual, when aggregated with (i) rights to purchase Common Stock accrued under any other purchase right granted under the Plan and (ii) similar rights accrued under other employee stock purchase plans (within the
meaning of Code Section 423) of the Corporation or any Corporate Affiliate, would otherwise permit such Participant to purchase more than Twenty-Five Thousand Dollars ($25,000.00) worth of stock of the Corporation or any Corporate Affiliate
(determined on the basis of the Fair Market Value per share on the date or dates such rights are granted) for each calendar year such rights are at any time outstanding. 

B. For purposes of applying such accrual limitations to the purchase rights granted under the Plan, the following provisions shall be in
effect: 
 (i) The right to acquire Common Stock under each outstanding purchase right shall accrue in a series of installments on each
successive Purchase Date during the offering period on which such right remains outstanding. 

  
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 (ii) No right to acquire Common Stock under any outstanding purchase right shall accrue to the
extent the Participant has already accrued in the same calendar year the right to acquire Common Stock under one or more other purchase rights at a rate equal to Twenty-Five Thousand Dollars ($25,000.00) worth of Common Stock (determined on the
basis of the Fair Market Value per share on the date or dates of grant) for each calendar year such rights were at any time outstanding. 

C. If by reason of such accrual limitations, any purchase right of a Participant does not accrue for a particular Purchase Interval, then the
authorized payroll deductions which the Participant made during that Purchase Interval with respect to such purchase right shall be promptly refunded. 

D. In the event there is any conflict between the provisions of this Article VIII and one or more provisions of the Plan or any instrument
issued thereunder, the provisions of this Article VIII shall be controlling. 
 IX. EFFECTIVE DATE AND TERM OF THE PLAN 

A. The Plan shall become effective for the offering period commencing at the Effective Time; provided, however, that (i) the Plan shall
have been approved by the stockholders of the Corporation and (ii) no purchase rights granted under the Plan shall be exercised, and no shares of Common Stock shall be issued hereunder, until the Corporation shall have complied with all
applicable requirements of the 1933 Act (including the registration of the shares of Common Stock issuable under the Plan on a Form S-8 registration statement filed with the Securities and Exchange
Commission), all applicable listing requirements of any Stock Exchange (or the Nasdaq Stock Market, if applicable) on which the Common Stock is listed for trading and all other applicable requirements established by law or regulation. 

B. Unless sooner terminated by the Board, the Plan shall terminate upon the earliest of (i) the last business day in April 2027, (ii) the
date on which all shares available for issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan or (iii) the date on which all purchase rights are exercised in connection with a Change in Control. No
further purchase rights shall be granted or exercised, and no further payroll deductions shall be collected, under the Plan following such termination. 

X. AMENDMENT OF THE PLAN 

A. The Board may alter or amend the Plan at any time to become effective as of the start date of the next offering period thereafter under the
Plan. In addition, the Board may suspend or terminate the Plan at any time to become effective immediately following the close of any subsequent Purchase Interval. 

B. In no event may the Board effect any of the following amendments or revisions to the Plan without the approval of the Corporation’s
stockholders: (i) increase the number of shares of Common Stock issuable under the Plan, except for permissible adjustments in the event of certain changes in the Corporation’s capitalization or (ii) modify the eligibility
requirements for participation in the Plan. 

  
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 XI. GENERAL PROVISIONS 

A. All costs and expenses incurred in the administration of the Plan shall be paid by the Corporation; however, each Plan Participant shall
bear all costs and expenses incurred by such individual in the sale or other disposition of any shares purchased under the Plan. 
 B.
Nothing in the Plan shall confer upon the Participant any right to continue in the employ of the Corporation or any Corporate Affiliate for any period of specific duration or interfere with or otherwise restrict in any way the rights of the
Corporation (or any Corporate Affiliate employing such person) or of the Participant, which rights are hereby expressly reserved by each, to terminate such person’s employment at any time for any reason, with or without cause. 

C. The provisions of the Plan shall be governed by the laws of the State of Delaware, without resort to that State’s conflict-of-laws rules. 
 XII. DEFINITIONS 

The following definitions shall be in effect under the Plan: 

A. Base Salary shall, unless otherwise specified by the Plan Administrator prior to the start of an offering period, mean the
regular base salary paid to such Participant by one or more Participating Corporations during such individual’s period of participation in one or more offering periods under the Plan. Base Salary shall be calculated before deduction of
(A) any income or employment tax or other withholdings or (B) any contributions made by the Participant to any Code Section 401(k) salary deferral plan or Code Section 125 cafeteria benefit program now or hereafter established by the
Corporation or any Corporate Affiliate. Base Salary shall not include any contributions made on the Participant’s behalf by the Corporation or any Corporate Affiliate to any employee benefit or welfare plan now or hereafter established (other
than Code Section 401(k) or Code Section 125 contributions deducted from such Base Salary). 
 B. Board shall mean the
Corporation’s Board of Directors. 
 C. Change in Control shall mean a change in ownership of the Corporation pursuant to
any of the following transactions: 
 (i) a merger, consolidation or other reorganization approved by the Corporation’s stockholders,
unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same
proportion, by the persons who beneficially owned the Corporation’s outstanding voting securities immediately prior to such transaction; 

(ii) a stockholder-approved sale, transfer or other disposition of all or substantially all of the Corporation’s assets in liquidation
or dissolution of the Corporation; 

  
 10 

 (iii) the acquisition, directly or indirectly by any person or related group of persons (other
than the Corporation or a person that directly or indirectly controls, is controlled by, or is under common control with, the Corporation), of beneficial ownership (within the meaning of Rule 13d-3 of the 1934
Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding securities pursuant to a tender or exchange offer made directly to the Corporation’s stockholders; or 

(iv) a change in the composition of the Board over a period of twelve (12) consecutive months or less such that a majority of the Board
members ceases to be comprised of individuals who either (I) have been Board members continuously since the beginning of such period (“Incumbent Directors”) or (II) have been elected or nominated for election as Board members
during such period by at least a majority of the Incumbent Directors who were still in office at the time the Board approved such election or nomination; provided that any individual who becomes a Board member subsequent to the beginning of such
period and whose election or nomination was approved by two-thirds of the Board members then comprising the Incumbent Directors will be considered an Incumbent Director. 

D. Code shall mean the Internal Revenue Code of 1986, as amended. 

E. Common Stock shall mean the Corporation’s common stock, $0.001 par value. 

F. Corporate Affiliate shall mean any parent or subsidiary corporation of the Corporation (as determined in accordance with Code
Section 424), whether now existing or subsequently established. 
 G. Corporation shall mean Veritone, Inc., a Delaware
corporation, and any corporate successor to all or substantially all of the assets or voting stock of Veritone, Inc. that shall assume the Plan. 

H. Effective Time shall mean the time at which the underwriting agreement for the initial public offering of the Common Stock is
executed and the price established for the Common Stock to be sold in such offering. Any Corporate Affiliate that becomes a Participating Corporation after such Effective Time shall have a subsequent Effective Time with respect to its
employee-Participants that ion determined in accordance with Section V.C of the Plan. 
 I. Eligible Employee shall mean any
person who is employed by a Participating Corporation on a basis under which he or she is regularly expected to render more than twenty (20) hours of service per week for more than five (5) months per calendar year for earnings that are
considered wages under Code Section 3401 (a); provided, however, that the Plan Administrator may, prior to the start of the applicable offering period, waive one or both of the twenty (20) hour and five (5) month service requirements.

 J. Entry Date shall mean the date an Eligible Employee first commences participation in the offering period in effect under
the Plan. The earliest Entry Date under the Plan shall be the Effective Time. 

  
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 K. Fair Market Value per share of Common Stock on any relevant date shall be the
closing price per share of Common Stock at the close of regular trading hours (i.e., before after-hours trading begins) on the date in question on the Stock Exchange serving as the primary market for the Common Stock, as such price is reported by
the National Association of Securities Dealers (if primarily traded on the Nasdaq Global or Global Select Market) or as officially quoted in the composite tape of transactions on any other Stock Exchange on which the Common Stock is then primarily
traded. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 

L. 1933 Act shall mean the Securities Act of 1933, as amended. 

M. 1934 Act shall mean the Securities Exchange Act of 1934, as amended. 

N. Participant shall mean any Eligible Employee of a Participating Corporation who is actively participating in the Plan. 

O. Participating Corporation shall mean the Corporation and such Corporate Affiliate or Affiliates as may be authorized, in
accordance with Section V.C of the Plan, to extend the benefits of the Plan to their Eligible Employees. 
 P. Plan shall mean
the Veritone, Inc. Employee Stock Purchase Plan, as set forth in this document. 
 Q. Plan Administrator shall mean the
committee of two (2) or more Board members appointed by the Board to administer the Plan. 
 R. Purchase Date shall mean
the last business day of each Purchase Interval. 
 S. Purchase Interval shall mean each successive six (6)-month period
within the offering period at the end of which there shall be purchased shares of Common Stock on behalf of each Participant; provided, however, that the Plan Administrator may, prior to the start of the applicable offering period, designate a
different duration for the Purchase Intervals within that offering period. 
 T. Stock Exchange shall mean the American Stock
Exchange, the Nasdaq Capital, Global or Global Select Market, or the New York Stock Exchange. 

  
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