Document:

EXHIBIT 10.1

 Exhibit 10.1 
  
 INPHONIC, INC. 
 SEVENTH AMENDED AND RESTATED 
 INVESTOR RIGHTS AGREEMENT 
  
 THIS SEVENTH AMENDED AND RESTATED INVESTOR
RIGHTS AGREEMENT (the “Agreement”) is entered into as of the 12th day of June, 2003, by and among INPHONIC, INC., a Delaware corporation (the
“Company”), the persons and entities listed on Exhibit A hereto (each a “Series A Investor” and collectively, the “Series A Investors”), the persons and
entities listed on Exhibit B hereto (each a “Series B Investor” and collectively, the “Series B Investors”), the persons and entities listed on Exhibit C hereto (each a
“Series C Investor” and collectively, the “Series C Investors”), the persons and entities listed on Exhibit D hereto (each a “Series D Investor” and
collectively, the “Series D Investors”), the persons and entities listed on Exhibit E hereto (each a “Series D-l Investor”and collectively, the “Series D-l
Investors”), the persons and entities listed on Exhibit F hereto (each a “Series D-2 Investor” and collectively the “Series D-2 Investors”), the persons and entities listed
on Exhibit G hereto (each a “Series D-3 Investor” and collectively the “Series D-3 Investors”), the persons and entities listed on Exhibit H hereto (each a
“Key Holder” and collectively, the “Key Holders”), the entity listed on Exhibit I hereto (the “Special Holder”), the persons and entities listed on Exhibit J
hereto (each a “Series D-4 Investor” and collectively, the “Series D-4 Investors”), the entity listed on Exhibit K hereto (the “Series D-5 Investor”), the
persons and entities listed on Exhibit L hereto (each a “Series E Investor” and collectively, the “Series E Investors”), Spring Capital Partners, L.P., a Maryland limited partnership
(“SC”), Argosy Investment Partners II, L.P., a Pennsylvania limited partnership (“AC”) and Comerica Bank California, a California banking corporation (“Comerica”). The (a)
Series A Investors, (b) Series B Investors, (c) Series C Investors, (d) Series D Investors, (e) Series D-1 Investors, (f) Series E Investors and (g) SC and AC (solely with respect to Sections 2, 4 and 5 below with regard to any warrants exercisable
for shares of the Common Stock, par value $0.01 per share (the “Common Stock”) held now or in the future by each of SC and AC), are each referred to as an “Investor” and collectively referred to herein
as the “Investors.” 
  
 RECITALS 
  
 WHEREAS, the Series A Investors have purchased shares of the Company’s Series A Convertible Preferred Stock, par value $0.01 per share (the “Series A Stock”), pursuant to
that certain Series A Convertible Preferred Stock Purchase Agreement, dated as of January 7, 2000, by and among the Company and the Series A Investors; 
  
 WHEREAS, the Series B Investors have purchased shares of the Company’s Series B Convertible Preferred Stock, par value $0.01 per
share (the “Series B Stock”), pursuant to that certain Series B Convertible Preferred Stock Purchase Agreement dated as of February 7, 2000, by and among the Company and the Series B Investors; 
  
 WHEREAS, the Series C Investors have purchased shares of
the Company’s Series C Convertible Preferred Stock, par value $0.01 per share (the “Series C Stock”),pursuant to that certain Series C Convertible Preferred Stock Purchase Agreement dated as of October 13, 2000,
by and among the Company and the Series C Investors; 

 WHEREAS, pursuant to that certain Series D Convertible Preferred Stock Purchase
Agreement dated as of August 7, 2001, the Series D Investors acquired an aggregate of 6,533,122 shares of the Company’s Series D Convertible Preferred Stock, par value $0.01 per share (the “Series D Stock”); 

  
 WHEREAS, in accordance with that certain
Exchange of Equity Agreement dated as of October 11, 2001 by and among certain of the Series D Investors and the Company, certain of the Series D Investors exchanged an aggregate of 3,306,697 shares of Series D Stock for an equal number of
shares of Series D-l Convertible Preferred Stock, par value $0.01 per share (the “Series D-1 Stock”); 
  
 WHEREAS, the Series D-l Investors have purchased shares of Series D-l Convertible Preferred Stock, par value $0.01 per share (the
“Series D-1 Stock”), pursuant to that certain Series D-l Convertible Preferred Stock Purchase Agreement dated as of October 11, 2001, by and among the Company and the Series D-l Investors; 
  
 WHEREAS, the Series D-2 Investors have purchased shares
of Series D-2 Convertible Preferred Stock, par value $0.01 per share (the “Series D-2 Stock”), pursuant to that certain Series D-2 Convertible Preferred Stock Purchase Agreement dated as of December 3, 2001, by and among the
Company and the Series D-2 Investors; 
  
 WHEREAS, pursuant to that certain Investment Agreement dated September 13, 2001, as may be amended from time to time, SC and AC have been issued and may be issued in the future, warrants to purchase
shares of the Common Stock; 
  
 WHEREAS, the
Company and Comerica entered into a Second Amended and Restated Loan and Security Agreement dated March 1, 2002 pursuant to which the Company issued to Comerica warrants to purchase shares of the Common Stock;  
  
 WHEREAS, the Series D-3 Investors have purchased or been
issued shares of Series D-3 Convertible Preferred Stock, par value $0.01 per share (the “Series D-3 Stock”), pursuant to (a) that certain Series D-3 Convertible Preferred Stock Purchase Agreement dated as of January 30, 2002,
by and among the Company and certain of the Series D-3 Investors (the “Series D-3 Stock Purchase Agreement”) and (b) that certain Asset Purchase Agreement dated January 3, 2002 by and between the Company and the Special
Holder (the “Special Holder Asset Purchase Agreement”);  
  
 WHEREAS, pursuant to the Asset Purchase Agreement, the Company has issued to the Special Holder 2,724,495 shares of Common Stock, of which 681,907 are designated in the Special Holder Asset Purchase
Agreement and referred to herein as the “Special Common Stock”;  
  
 WHEREAS, the Series D-4 Investors have purchased shares of Series D-4 Convertible Preferred Stock, par value $0.01 per share (the “Series D-4 Stock”),
pursuant to that certain Series D-4 

 
Convertible Preferred Stock and Warrant Purchase Agreement dated as of July 19, 2002 (“Series D-4 Purchase Agreement”), by and among
the Company and the Series D-4 Investors; 
  
 WHEREAS, the Series D-5 Investors have purchased shares of Series D-5 Convertible Preferred Stock, par value $0.01 per share (the “Series D-5 Stock”), pursuant to that certain
Asset Purchase Agreement dated as of May 13, 2003 (the “Series D-5 Asset Purchase Agreement”), by and among the Company and the Series D-5 Investor; 
  
 WHEREAS, pursuant to that certain Series E Convertible Preferred Stock and Warrant Purchase Agreement
of even date herewith (the “Series E Purchase Agreement”) by and among the Company and the Series E Investors, the Company has agreed to sell and issue shares of Series E Convertible Preferred Stock, par value $0.01 per share
(the “Series E Stock”) to such Series E Investors; 
  
 WHEREAS, pursuant to that certain Equity Exchange Agreement of even date herewith (the “Exchange Agreement’), the Series D-4 Investors will exchange their shares of Series D-4
Stock for shares of Series E Stock; and 
  
 WHEREAS, the Series A Investors, the Series B Investors, the Series C Investors, the Series D Investors, the Series D-1 Investors, the Series D-2 Investors, the Series D-3 Investors, the Key Holders, the
Special Holder, the Series D-4 Investors, the D-5 Investors, SC, AC and Comerica are parties to the Sixth Amended and Restated Investors Rights Agreement dated as of May 13, 2003 (the “Prior Agreement”);  

 
 WHEREAS, the parties to the Prior Agreement desire to
amend and restate the Prior Agreement in its entirety and, together with the other parties hereto, desire to enter into this Agreement in order to effect such amendment and restatement of the Prior Agreement and to grant certain registration and
information rights to the Investors, the Key Holders, the Special Holder, the Series D-2 Investors, the Series D-3 Investors, the Series D-4 Investors and the Series D-5 Investor as set forth below; 
  
 WHEREAS, the Series A Investors, the Series D-2
Investors, the Series D-3 Investors, the Series D-4 Investors, the Series D-5 Investor and the Key Holders (other than Davidson Capital Group LLC (“DCG”) and David A. Steinberg (“Steinberg”)) are
parties to this Agreement solely for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 herein; 
  
 WHEREAS, DCG is a party to this Agreement solely for purposes of Sections 2.1, 2.3, 2.4(d), 2.5, 2.6,
2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.18 and 5 herein; 
  
 WHEREAS, Steinberg is a party to this Agreement solely for purposes of Sections 2.1, 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.18 and 5 herein; 
  
 WHEREAS, Comerica is a party to this Agreement solely
for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14 and 5 herein; 

 WHEREAS, SC and AC are parties to this Agreement with respect to any warrants
exercisable for the Common Stock held now or in the future by each of SC and AC solely for purposes of Sections 2, 4 and 5 herein; 
  
 WHEREAS, the Special Holder is a party to this Agreement solely for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10,
2.11, 2.12, 2.13, 2.14 and 5 herein; and 
  
 WHEREAS, solely with respect to Sections 2, 4 and 5 below, SC and AC shall both be included in the definition of “Series D-1 Investor” in the preamble to this Agreement with regard to any
warrants exercisable for the Common Stock held now or in the future by SC and AC. 
  
 NOW, THEREFORE, in consideration of the foregoing recitals, premises and the covenants contained herein, premises and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree hereto as follows: 
  
 SECTION 1. GENERAL. 
  
 1.1 Definitions.
As used in this Agreement the following terms shall have the following respective meanings: 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Form S-3” means such form under the
Securities Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents
filed by the Company with the SEC. 
  
 “Holder” means any person owning of record Registrable Securities that have not been sold to the public or any assignee of record of such Registrable Securities in accordance with Section 2.10 hereof, it being
understood that the Series A Investors, the Series D-2 Investors, the Series D-3 Investors, the Series D-4 Investors, the Series D-5 Investor and the Key Holders (other than DCG and Steinberg) are “Holders” for purposes of
this Agreement solely with respect to Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14 and 5 below; that the Special Holder and Comerica are “Holders” for the purposes of this Agreement solely with
respect to Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14 and 5 below and only with respect to Special Holder’s shares of Special Common Stock and only with respect to warrants exercisable for the Common Stock now held
by Comerica; that DCG is a “Holder” for purposes of this Agreement solely with respect to Sections 2.1, 2.3, 2.4(d), 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14 and 5 below; that Steinberg is a
“Holder” for purposes of this Agreement solely with respect to Sections 2.1, 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14 and 5 herein and that SC and AC are each a “Holder” with
respect to any warrants exercisable for the Common Stock held now or in the future by each of SC and AC for purposes of this Agreement solely with respect to Sections 2 and 5 herein. 

 “Initial Offering” means the Company’s first firm commitment
underwritten public offering of its Common Stock registered under the Securities Act. 
  
 “Preferred Stock” shall mean the outstanding Series A Stock, Series B Stock, Series C Stock, Series D Stock,
Series D-1 Stock, Series D-2 Stock, Series D-3 Stock, Series D-4 Stock, the Series D-5 Stock and the Series E Stock held by the Investors. 
  
 “Qualified Public Offering” means the first firm commitment underwritten public offering pursuant to a
registration statement filed under the Securities Act covering the offer and sale of Common Stock for the account of the Company in which the public offering price is at least $4.65 subject to Adjustment (as defined in the Tenth Amended and Restated
Certificate of Incorporation, as may be amended from time to time)) and the net proceeds after deduction of underwriter’s discounts and commissions to the Company are at least $30,000,000. 
  
 “Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of
effectiveness of such registration statement or document. 
  
 “Registrable Securities” means: 
  
 (a) Common Stock of the Company issued or issuable upon conversion of the Shares or issued or issuable upon the exercise of any warrants
to purchase Shares held on the date hereof (or issued after the date hereof pursuant to the Series E Purchase Agreement) by the Series B Investors, the Series C Investors, the Series D Investors, the Series D-1 Investors, the Series D-4 Investors,
the Series D-5 Investors and the Series E Investors; 
  
 (b) Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of,
such above-described securities; 
  
 (c) solely
with respect to Sections 2.1, 2.3, 2.4 (as to Steinberg only), 2.4(d) (as to DCG only), 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, and 5 below, the Common Stock of the Company: 
  
 (i) issued or issuable upon conversion of the Series A
Stock, Series D-2 Stock or Series D-3 Stock; 
  
 (ii) held by a Key Holder; 
  
 (iii)
held by Special Holder and which is designated as Special Common Stock; or 
  
 (iv) held by Comerica issued or issuable upon exercise of all warrants to purchase Common Stock held now by Comerica; and 

 (d) solely with respect to Sections 2, 4 and 5 below, the Common Stock issued or issuable
upon exercise of all warrants to purchase Common Stock held now or in the future by each of SC and AC. 
  
 Notwithstanding the foregoing, Registrable Securities shall not include any securities sold by a person to the public either pursuant to a registration statement or Rule 144 or by a person in a transaction in which
rights under this Agreement are not properly assigned. For purposes hereof, Registrable Securities held by the Series D-4 Investors shall mean those Registrable Securities issued or issuable upon conversion of the Series D-4 Stock (and/or shares of
Series E Stock acquired pursuant to the Exchange Agreement) held by such persons or entities and shall not include any other Registrable Securities held by them in their capacity as Series D or Series D-1 Investors. 
  
 “Registrable Securities then
outstanding” shall be the number of shares determined by calculating the total number of shares of the Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then
exercisable or convertible securities. 
  
 “Registration Expenses” shall mean all expenses (exclusive of underwriting discounts and commissions) incurred by the Company in complying with Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all
registration, filing and qualification fees, printing expenses, accounting fees, fees and disbursements of counsel for the Company, reasonable fees and disbursements of a single special counsel for the Holders, blue sky fees and expenses and the
expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 
  
 “SEC” or
“Commission” means the Securities and Exchange Commission. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
  
 “Selling Expenses” shall mean all
underwriting discounts and selling commissions applicable to the sale of Registrable Securities. 
  
 “Shares” shall mean (i) the Series B Stock held by the Series B Investors (or their permitted assigns), the Series
C Stock held by the Series C Investors (or their permitted assigns), the Series D Stock held by the Series D Investors (or their permitted assigns), the Series D-1 Stock held by the Series D-1 Investors (or their permitted assigns), the Series E
Stock held by the Series D-4 Investors (or their permitted assigns) and the Series A Stock, Series B Stock, Series C Stock, Series D Stock, Series D-1 Stock, Series D-2 Stock, Series D-3 Stock, Series D-5 Stock, Series E Stock and Common Stock held
by the Series E Investors (or their permitted assigns), (ii) the Common Stock held by the Series B Investors, the Series C Investors, the Series D Investors, the Series D-1 Investors, the Series D-4 Investors and the Series E Investors (or their
permitted assigns) with respect to any warrants to purchase Common Stock held on the date hereof (or issued after the date hereof pursuant to the Series D-4 Purchase Agreement or the Series E 

 
Purchase Agreement) by the Series B Investors, the Series C Investors, the Series D Investors, the Series D-1 Investors, the Series D-4 Investors and the
Series E Investors (or their permitted assigns), (iii) solely with respect to Sections 2, 4 and 5 below, the Common Stock held by each of AC and SC (or their permitted assigns) with respect to any warrants to purchase Common Stock held now or in the
future by each of AC and SC (or their permitted assigns) and (iv) solely with respect to Section 3.18 below, the Company’s Series A Stock held by Series A Investors (or their permitted assigns), the Series D-2 Stock held by the Series D-2
Investors (or their permitted assigns), the Series D-3 Stock held by the Series D-3 Investors, the Series D-4 Stock held by Series D-4 Investors (or their permitted assigns) and the Series D-5 Stock held by Series D-5 Investors (or their permitted
assigns). 
  
 “Special Registration
Statement” shall mean a registration statement relating to any employee benefit plan or with respect to any corporate reorganization or other transaction under Rule 145 of the Securities Act. 
  
 SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER. 
  
 2.1 Restrictions on Transfer. 
  
 (a) Each Holder agrees not to make any disposition of
all or any portion of the Shares or Registrable Securities unless and until: 
  
 (i) There is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 
  
 (ii) (A) The transferee has agreed in writing to be bound by
the terms of this Agreement (which requirement shall no longer apply once the Company has completed its Initial Offering), (B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a
detailed statement of the circumstances surrounding the proposed disposition, and (C) if reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such
disposition will not require registration of such shares under the Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144 except in unusual circumstances; or 
  
 (iii) Notwithstanding the provisions of paragraphs (i) and
(ii) above, no such registration statement or opinion of counsel shall be necessary for a transfer by a Holder which is (A) a partnership to its partners or former partners in accordance with partnership interests, (B) a limited liability company to
its current employees or its members or former members in accordance with their interest in the limited liability company, (C) a venture capital fund, to its affiliates, predecessor or successor funds or entities under common investment management,
(D) to the Holder’s immediate family member(s) or trust(s) for the benefit of an individual Holder or such Holder’s immediate family member(s), (E) to a partnership whose sole partners are individual Holder(s) and/or member(s) of the
family of such Holder(s), (F) to a shareholder of GadgetSpace, Inc. who is an “accredited investor” pursuant to Regulation D 

 
promulgated under the Securities Act as set forth on Exhibit M hereto; or (G) to a stockholder of Simplexity, Inc., who is an “accredited
investor” pursuant to Regulation D promulgated under the Securities Act, as contemplated in the Asset Purchase Agreement; provided, that in each case the transferee will be subject to the terms of this Agreement to the same extent as if
he were an original Holder hereunder. 
  
 (b)
Each certificate representing Shares or Registrable Securities shall (unless otherwise permitted by the provisions of the Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any
legend required under applicable state securities laws): 
  
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL
REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 (c) The Company shall be obligated to promptly reissue unlegended certificates at the request of any
holder thereof if the holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of
without registration, qualification or legend. 
  
 (d) Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue
sky authority authorizing such removal. 
  
 2.2 Demand
Registration. 
  
 (a) Subject to the
conditions of this Section 2.2, if, following an Initial Offering, the Company shall receive a written request from the Holders of at least a majority of the then outstanding Registrable Securities (the “Initiating Holders”)
that the Company file a registration statement under the Securities Act covering the registration for all or any portion of the Registrable Securities if the anticipated aggregate offering price, net of underwriting discounts and commissions, would
exceed $10,000,000, then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 2.2, effect, as expeditiously as reasonably possible, the
registration under the Securities Act of all Registrable Securities that the Holders request to be registered. 

 (b) If the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the written
notice referred to in Section 2.2(a) or Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting
and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by at least a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing
to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by at least a majority in interest of the Initiating Holders
(which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other provision of this Section 2.2 or Section 2.4, if the underwriter advises the Company that marketing factors require a limitation of the
number of securities to be underwritten (including Registrable Securities) then the Company shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares that may be included in
the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that
the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other securities of the Company are first entirely excluded from the underwriting and registration. Any Registrable
Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 
  
 (c) Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this Section 2.2:

  
 (i) prior to one hundred eighty (180) days
following the effective date of the registration statement pertaining to the Initial Offering; 
  
 (ii) after the Company has effected two (2) registrations pursuant to this Section 2.2, and such registrations have been declared or
ordered effective; 
  
 (iii) during the period
commencing on the date of filing of, and ending on the date one hundred eighty (180) days following, the effective date of any registration statement filed by the Company with the SEC; provided that the Company makes reasonable good faith
efforts to cause such registration statement to become effective; 
  
 (iv) if within thirty (30) days of receipt of a written request from Initiating Holders pursuant to Section 2.2(a), the Company gives notice to the Holders of the Company’s intention to make the Initial Offering
within ninety (90) days, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; 

 (v) if the Company shall furnish to those Holders requesting a registration statement
pursuant to this Section 2.2, a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its
stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating
Holders; provided that such right to delay a request shall be exercised by the Company not more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for the account of
itself or any other stockholder during such one hundred twenty (120) day period (other than pursuant to a Special Registration Statement); or 
  
 (vi) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3
pursuant to a request made under Section 2.4 below. 
  
 2.3
Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least fifteen (15) days prior to the filing of any registration statement under the Securities Act for purposes of a public offering of
securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include
in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within fifteen (15)
days after the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its
Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements
as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.  
  
 (a) Underwriting. If the registration statement under which the Company gives notice under this Section 2.3 is for an
underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to be included in a registration pursuant to this Section 2.3 shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall
enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company (or by any other person entitled to select the underwriter or underwriters). Notwithstanding any other
provision of the Agreement, if the underwriter reasonably determines in good faith that marketing factors require a limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be
allocated, first, to the Company; second, to the Series B Investors, the Series C Investors, the Series D Investors, the Series D-l Investors, the Series D-4 

 
Investors (but with respect only to the shares of Series E Stock that they receive pursuant to the Exchange Agreement) and the Series E Investors on a pro
rata basis based on the total number of Registrable Securities held by the Series B Investors, the Series C Investors, the Series D Investors, the Series D-l Investors, the Series D-4 Investors (with respect only to the shares of Series E Stock
that they receive pursuant to the Exchange Agreement) and the Series E Investors; third, to the Series A Investors, Series D-2 Investors, Series D-3 Investors, Series D-4 Investors, the Series D-5 Investor, John Sculley
(“Sculley”) and Steinberg on a pro rata basis based on the total number of Registrable Securities held by the Series A Investors, the Series D-2 Investors, Series D-3 Investors, Series D-4 Investors, the Series D-5
Investor, Sculley and Steinberg; fourth, to the Key Holders (other than Sculley and Steinberg) on a pro rata basis based on the total number of Registrable Securities held by such Key Holders; fifth, to any
other Holder on a pro rata basis based on the total number of Registrable Securities held by such other Holders; and sixth, to any stockholder of the Company (other than a Holder) on a pro rata basis; or, in such
other proportions as shall mutually be agreed to by all such selling Holders. No such reduction shall (i) reduce the securities being offered by the Company for its own account to be included in the registration and underwriting, (ii) reduce the
amount of securities of the Series B Investors, the Series C Investors, the Series D Investors, the Series D-l Investors, the Series D-4 Investors (with respect only to the shares of Series E Stock that they receive pursuant to the Exchange
Agreement) and the Series E Investors included in the registration below twenty-five percent (25%) of the total amount of securities included in such registration, unless such offering is the Initial Offering and such registration does not include
shares of any other selling stockholders, in which event any or all of the Registrable Securities of the Series B Investors, the Series C Investors, the Series D Investors, the Series D-l Investors, the Series D-4 Investors (with respect only to the
shares of Series E Stock that they receive pursuant to the Exchange Agreement) and the Series E Investors may be excluded in accordance with the immediately preceding sentence, or (iii) reduce the amount of securities of the Series A Investors, the
Series D-2 Investors, the Series D-3 Investors, the Series D-4 Investors, the Series D-5 Investor, Sculley and Steinberg included in the registration below five percent (5%) of the total amount of securities included in such registration, unless
such offering is the Initial Offering and such registration does not include shares of any other selling stockholders (other than the Series B Investors, the Series C Investors, the Series D Investors, the Series D-l Investors, the Series D-4
Investors (with respect only to the shares of Series E Stock that they receive pursuant to the Exchange Agreement) and the Series E Investors), in which event any or all of the Registrable Securities of the Series A Investors, the Series D-2
Investors, the Series D-3 Investors, the Series D-4 Investors, the Series D-5 Investor, Sculley and Steinberg may be excluded in accordance with the immediately preceding sentence. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn
from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a venture capital fund, partnership, limited liability company or corporation, the affiliated venture capital funds (or predecessor or successor
funds or entities under common investment management), partners, retired partners, stockholders, members and retired members of such Holder, or the estates and family members of any such partners, retired partners, members and retired members and
any trusts for the benefit of any of the foregoing 

 
person shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the
aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 
  

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Company in
accordance with Section 2.5 hereof. 
  
 2.4 Form S-3
Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written request or requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form
registration statement and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company will: 
  
 (a) promptly give written notice of the proposed registration, and any related qualification or
compliance, to all other Holders of Registrable Securities; and 
  
 (b) as soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such
Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request
given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4:

  
 (vii) if Form S-3 is not available for such
offering by the Holders; 
  
 (viii) if the
Holders requesting registration on Form S-3 and those Holders requesting registration pursuant to Section 2.3 on such Form S-3 propose to sell Registrable Securities having an aggregate price to the public of less than $5,000,000; 
  
 (ix) if within thirty (30) days of receipt of a written
request from any Holder or Holders pursuant to this Section 2.4(a), (b) and/or (d), the Company gives notice to such Holder or Holders of the Company’s intention to effect a registration of its securities within ninety (90) days, other than
pursuant to a Special Registration Statement; 
  
 (x) if the Company shall furnish to Holders a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to
the Company and its stockholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than ninety (90) days
after receipt of the request of the Holder or Holders under this Section 2.4; provided that such right to delay a request shall be exercised by the 

 
Company not more than once in any twelve (12) month period, and provided further that the Company shall not register any securities for the account of
itself or any other stockholder during such ninety (90) day period (other than pursuant to a Special Registration Statement); 
  
 (xi) if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations on
Form S-3 for the Holders pursuant to this Section 2.4(a) (b) and/or (c); 
  
 (xii) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance.

  
 (c) Subject to the foregoing, the
Company shall file a Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected
pursuant to this Section 2.4(a) (b) and/or (c) shall not be counted as demands for registration or registrations effected pursuant to Section 2.2 or Section 2.4(d). 
  
 (d) Form S-3 Registration at Registrant’s Expense. In the event that the Company shall receive
from DCG a written request or requests to register Common Stock then held by DCG on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of
such Common Stock, the Company will, as soon as practicable thereafter, (A) promptly give written notice of the proposed registration, and any related qualification or compliance, to all Holders of Registrable Securities; and (B) effect such
registration and any qualifications and compliances as may be required to permit or facilitate the sale and distribution of such Common Stock, provided, however, that the Company shall not be obligated to effect any such registration,
qualification or compliance pursuant to this Section 2.4(d): 
  
 (i) if Form S-3 is not available for such offering by DCG; 
  
 (ii) if the Company shall furnish to DCG a certificate signed by the Chairman of the Board of Directors of the Company stating that in the
good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer
the filing of the Form S-3 registration statement for a period of not more than ninety (90) days after receipt of the request of DCG under this Section 2.4(d), provided that such right to delay a request shall be exercised by the Company not
more than once in any twelve (12) month period; or 
  
 (iii) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 
  
 All Registration Expenses and Selling Expenses incurred in connection with any registration,
qualification or compliance pursuant to this Section 2.4(d) shall be borne by DCG, pro rata on the 

 
basis of the number of shares so registered; provided, however, DCG shall not be responsible for the payment of Registration Expenses or Selling
Expenses attributable to the registration of shares of any other selling stockholder(s) pursuant to this Section 2.4(d). 
  
 2.5 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any registration,
qualification or compliance pursuant to Section 2.2, Section 2.3 or Section 2.4(a) (b) and/or (c) herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be borne by the holders of
the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4 (a), (b) and/or (c)
if the request of which has been subsequently withdrawn by the Holders of at least a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of
Registrable Securities that were to be included in the withdrawn registration), unless (a) the withdrawal is based upon material adverse information concerning the Company of which the Holders were not aware at the time of such request or (b) the
Holders of at least a majority of the Registrable Securities then outstanding agree to forfeit their right to one (1) requested registration pursuant to Section 2.2, in which event such right shall be forfeited by all Holders. If the Holders are
required to pay the Registration Expenses, such expenses shall be borne by the Holders requesting such registration in proportion to the number of shares for which registration was requested. If the Company is required to pay the Registration
Expenses of a withdrawn offering pursuant to clause (a) above, then the Holders shall not forfeit their rights pursuant to Section 2.2 or Section 2.4(a), (b) and/or (c) to a demand registration. 
  
 2.6 Obligations of the Company. Whenever required to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
  
 (a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities, use commercially reasonable
best efforts to cause such registration statement to become effective and keep such registration statement effective for up to one hundred twenty (120) days or, if earlier, until the Holder or Holders have completed the distribution related thereto.
The Company shall not be required to file, cause to become effective or maintain the effectiveness of any registration statement that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act. 
  
 (b) Prepare and file
with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement for the period set forth in paragraph (a) above. 
  
 (c) Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other 

 
documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 
  
 (d) Use its commercially reasonable best efforts to
register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, and do any and all other reasonable acts and things that
may be necessary or desirable to enable the Holder to consummate the public sale or other disposition of the Registrable Securities; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify
to do business or to file a general consent to service of process in any such states or jurisdictions. 
  
 (e) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in
usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 
  
 (f) Notify each Holder of Registrable Securities
covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company
will use its commercially reasonable best efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances then existing. 
  
 (g) Use its commercially reasonable best efforts to furnish, on the date that such Registrable Securities are delivered to the
underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 
  
 (h) Notify each Holder of Registrable Securities covered by such registration statement, and each underwriter, if any, after it
shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for that purpose and promptly use
all its commercially reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued. 
  
 (i) If the Company has delivered preliminary or final prospectuses to the Holders, and after having done so, the prospectus is
amended to comply with the requirements of 

 
the Securities Act, the Company shall promptly notify the Holders, and if requested, the Holders shall immediately cease making offers of Registrable
Securities and return all prospectuses to the Company. The Company shall promptly provide the Holders with revised prospectuses and, following receipt of the revised prospectuses, the Holders shall be free to resume making offers of the Registrable
Securities. 
  
 (j) Use commercially
reasonable best efforts to cause all such Registrable Securities to be listed on or included in a national exchange or trading system and each securities exchange or quotation system on which similar securities issued by the Company are then listed.

  
 (k) Provide a transfer agent and
registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration 
  
 2.7 Termination of Registration Rights. All registration rights
granted under this Section 2 shall terminate and be of no further force and effect five (5) years after the effective date of a registration statement filed in connection with the Initial Offering. In addition, a Holder’s registration rights
shall expire if (i) all Registrable Securities held by and issuable to such Holder (and its affiliates, partners, former partners, members and former members and any other parties with whom such Holder must aggregate its sales under Rule 144) may be
sold under Rule 144(k), (ii) such Holder holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (and its affiliates, partners, former partners, members and former members and
any other parties with whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144, or (iii) the Company consummates a Sales Transaction, as that term is
defined in the Company’s Tenth Amended and Restated Certificate of Incorporation, as may be amended from time to time; provided, however, the registration rights granted to DCG pursuant to Section 2.4 (d) shall not terminate prior to the
second (2nd) year anniversary of the effective date of a Qualified Public Offering. 
  
 2.8 Delay of Registration; Furnishing Information. 
  
 (a) No Holder shall have any right to obtain or seek
an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
  
 (b) It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of
disposition of such securities as shall be required to effect the registration of their Registrable Securities. 
  
 (c) The Company shall have no obligation with respect to any registration requested pursuant to Section 2.2 or Section 2.3 if, due
to the operation of subsection 2.2 (b), the number of shares or the anticipated aggregate offering price of the Registrable Securities to be 

 
included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the
Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable. 
  
 2.9 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3 or 2.4: 

 
 (a) To the extent permitted by law, the Company
will indemnify and hold harmless each Holder, the partners, members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder, legal counsel and accountants for each Holder and each person, if any,
who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act
or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a
“Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto; (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration
statement; and the Company will pay as incurred to each such Holder, partner, officer, director, underwriter, legal counsel, accountant or controlling person for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 2.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld or delayed, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or
action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, member,
officer, director, underwriter, legal counsel, accountant or controlling person of such Holder; provided further, however, that the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit
of any Holder or underwriter or other aforementioned person, or any person controlling such Holder or underwriter, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the most
current prospectus was not sent or given by or on behalf of such Holder or underwriter or other aforementioned person to such person, if required by law to have been so delivered, at or prior to the written confirmation of the sale of the shares to
such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability. 
  
 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities
as to which such registration qualifications or 

 
compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company
within the meaning of the Securities Act, any underwriter, legal counsel or accountants for the Company and any other Holder selling securities under such registration statement, or any of such other Holder’s partners, directors or officers or
any person who controls such Holder, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter, legal counsel and accountants for the Company or other
such Holder, or partner, member, officer, director or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or
actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder under an
instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will pay as incurred any legal or other expenses reasonably incurred by the Company or any such director,
officer, controlling person, underwriter, legal counsel, accountant or other Holder, or partner, member, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage,
liability or action if it is judicially determined that there was such a Violation; provided, however, that the indemnity agreement contained in this Section 2.9(b) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 2.9 exceed the net
proceeds from the offering received by such Holder. 
  
 (c) Promptly after receipt by an indemnified party under this Section 2.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made
against any indemnifying party under this Section 2.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own
counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to
its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified party under this Section 2.9 to the extent of such prejudice, but the omission so to deliver written notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.9. 
  
 (d) If the indemnification provided for in this Section 2.9 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying 

 
such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a
result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) that resulted
in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 
  
 (e) The obligations of the Company and Holders under
this Section 2.9 shall survive completion of any offering of Registrable Securities in a registration statement and the termination of this agreement. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the
consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all
liability in respect to such claim or litigation. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public
offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
  
 2.10 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 2 may be
assigned by a Holder to a transferee or assignee of Registrable Securities which (a) is a subsidiary, parent, general partner, limited partner, retired partner, member or retired member (including in the case of venture capital funds, affiliated
venture capital funds, predecessor and successor funds and entities under common investment management) of a Holder, (b) is a Holder’s family member or trust for the benefit of an individual Holder or such Holder’s family member, (c) is a
partnership whose sole partner is an individual Holder or a member of such Holder’s family, (d) acquires at least one hundred thousand (100,000) shares of Registrable Securities (as adjusted for any stock dividends, combinations, splits,
recapitalizations and the like) provided, however, that Shares held by affiliates shall be aggregated for the purposes of satisfaction of the aforementioned minimum share requirement; or (e) to a shareholder of GadgetSpace, Inc., as set forth
on Exhibit M hereto, (f) to a stockholder of Simplexity, Inc., who is an “accredited investor” pursuant to Regulation D promulgated under the Securities Act, as contemplated in the Asset Purchase Agreement provided,
however, (i) the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being
assigned and (ii) such transferee shall agree to be subject to all restrictions set forth in this Agreement, (h) to a stockholder of Avesair, Inc., who is an “accredited investor” pursuant to Regulation D promulgated under the Securities
Act, as contemplated in the Series D-5 Asset Purchase Agreement provided, however, (i) the provisions of the D-5 Asset Purchase Agreement are fully satisfied prior to any assignment or transfer, (ii) 

 
the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee
and the securities with respect to which such registration rights are being assigned and (iii) such transferee shall agree to be subject to all restrictions set forth in this Agreement. 
  
 2.11 Amendment of Registration Rights. Any provision of this Section 2 may be amended and the observance thereof may
be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of (i) the Company, (ii) the holders of more than sixty-six and two thirds percent (66-2/3%) of the then outstanding
Registrable Securities held by the Holders, and (iii) with respect to Section 2.4(d) only, DCG; provided that any amendment or waiver that treats a Holder or Holders in a materially adverse manner that is different from any other
Holders shall require the consent of the holders of at least a majority of the Registrable Securities held by such adversely affected Holder or Holders. Any amendment or waiver effected in accordance with this Section 2.11 shall be binding upon each
Holder and the Company. By acceptance of any benefits under this Section 2, Holders of Registrable Securities hereby agree to be bound by the provisions hereunder. 
  
 2.12 Limitation on Subsequent Registration Rights. After the date of this Agreement, the Company shall not, without
the prior written consent of the Holders of at least sixty six and two thirds percent (66 2/3%) of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that
would grant such holder registration rights pari passu or senior to those granted to the Holders hereunder. 
  
 2.13 “Market Stand-Off” Agreement; Agreement to Furnish Information. Each Holder hereby agrees that such Holder shall not, without the
prior written consent of the managing underwriter, (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or (ii) enter into any hedging, swap or similar transaction with the same economic effect
as a sale (whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise), any Common Stock (or other securities) of the Company held by such Holder (other
than those included in the registration) for a period specified by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred eighty (180) days following the effective date of a registration
statement of the Company filed under the Securities Act; provided that: 
  
 (i) such agreement shall apply only to the Company’s Initial Offering and any subsequent offering effective within one hundred
eighty (180) days after the Company’s Initial Offering, provided, that all restrictions placed on such Holders pursuant to this Section 2.13(i) shall expire one hundred eighty (180) days after the Company’s Initial Offering; and

 (ii) all officers and directors of the Company and holders of at least one percent
(1 %) of the Company’s voting securities enter into similar agreements; and 
  
 (iii) such agreement shall provide that any discretionary waiver or termination of the restrictions of such agreement by the
Company or representative of the underwriters shall apply to all persons subject to such agreements pro rata based on the number of voting securities subject to such agreements. 
  
 Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the
underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each
Holder shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a
registration statement filed under the Securities Act. The obligations described in this Section 2.13 shall not apply to a registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the
future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other
securities) subject to the foregoing restriction until the end of said one hundred eighty (180) day period, and shall use best efforts to ensure that all shares of its capital stock, including future issuances of stock, shall be subject to a market
standoff provision at least as restrictive as this Section 2.13. Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by this Section 2.13. The underwriters in connection with the Company’s Initial
Offering are intended third-party beneficiaries of this Section 2.13 and shall have the right, power and authority to give further effect thereto. 
  
 Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all Registrable Securities of each Holder (and the
shares or securities of every other person subject to the restriction contained in this Section 2.13): 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE ISSUER’S
REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS
BINDING ON TRANSFEREES OF THESE SHARES. 
  
 2.14 Rule 144
Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities 

 
to the public without registration, the Company agrees to use commercially reasonable best efforts to: 
  
 (a) Make and keep public information available, as
those terms are understood and defined in Rule 144 of the Securities Act or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the Initial Offering; 
  
 (b) File with the SEC, in a timely manner, all
reports and other documents required of the Company under the Exchange Act; and 
  
 (c) So long as a Holder owns any Registrable Securities, furnish to such Holder upon request: a written statement by the Company as
to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly report of the
Company; and such other reports and documents as a Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration. 
  
 SECTION 3. COVENANTS OF THE COMPANY. 
  
 3.1 Basic Financial Information and Reporting 
  
 (a) The Company will maintain true books and records
of account in which full and correct entries will be made of all its business transactions pursuant to a system of accounting established and administered in accordance with generally accepted accounting principles consistently applied, and will set
aside on its books all such proper accruals and reserves as shall be required under generally accepted accounting principles consistently applied. 
  
 (b) As soon as practicable after the end of each fiscal year of the Company, and in any event within ninety (90) days thereafter,
the Company will furnish to each Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor, Series D-5 Investor, a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash flows
of the Company, for such year, and a statement of stockholders’ equity as of the end of the year, all prepared in accordance with generally accepted accounting principles consistently applied and setting forth in each case in comparative form
the figures for the previous fiscal year, all in reasonable detail. Such financial statements shall be audited by and accompanied by a report and opinion thereon by independent public accountants of national standing (i.e., employed by a
“Big Four” accounting firm) selected by the Company’s Board of Directors. 
  
 (c) The Company will furnish to each Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor and Series D-5
Investor as soon as practicable after the end of each month, and in any event within twenty (20) days thereafter, a balance sheet of the Company as of the end of each such monthly period, and a statement of income and a statement of cash flows of
the Company for such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting principles. Statements shall include year-to-date figures compared to the Company’s operating plan and budget, with
variances delineated. A brief summary shall be 

 
prepared by the Chief Executive Officer and attached to the Monthly Report which summarizes performance highlights, low lights, variances from budget, and an
outlook on the ensuing period. 
  
 (d) The
Company will furnish to each Investor, Series D-2 Investor, Series D- 3 Investor, Series D-4 Investor and Series D-5 Investor as soon as practicable after the end of each quarter and in any event within forty-five (45) days thereafter, a balance
sheet of the Company as of the end of each such fiscal quarter, and a statement of income and a statement of cash flows of the Company for such period and for the current fiscal year to date, all prepared in accordance with generally accepted
accounting principles, with the exception that no notes need be attached to such statements and year-end audit adjustments may not have been made. 
  
 (e) With respect to the financial statements called for in subsections (b), (c) and (d) of this Section 3.1, the Company will
furnish with such financial statements an instrument executed by the Chief Financial Officer or President of the Company certifying that such financials were prepared in accordance with generally accepted accounting principles consistently applied
with prior practice for earlier periods (with the exception of footnotes that may be required by generally accepted accounting principles) and fairly present the financial condition of the Company and its results of operation for the period
specified, subject to year-end audit adjustment. 
  
 (f) The Company will furnish to each Investor, Series D-2 Investor, Series D- 3 Investor, Series D-4 Investor and Series D-5 Investor at least sixty (60) days prior to the beginning of each fiscal year an annual operating plan and
budget, prepared on a monthly basis for the ensuing fiscal year, and on a basis consistent with prior periods (including, among other items, appropriate reserves, accruals and provisions for income taxes) and representing the best estimate of the
Company based upon available information. The Company shall also furnish to each Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor and Series D-5 Investor projections for the next two (2) fiscal years in the same format as the
financial statements. The Company shall also furnish to each Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor and Series D-5 Investor, within a reasonable time of its preparation, amendments to the annual budget, if any. Such
budget shall include underlying assumptions and a brief qualitative description of the Company’s plan by the Chief Executive Officer in support of that budget. 
  
 (g) The Company will notify each Investor, Series D-2 Investor, Series D-3 Investor, Series D-4
Investor and Series D-5 Investor, as soon as practicable, and in any event within three (3) days of discovery, of (i) any event (including pending or threatened litigation, material loan or lease default, or the filing of any material lawsuit) which
could have a material adverse effect upon the financial condition or results of operations of the Company considered in the aggregate; (ii) any change in any material fact or circumstance represented or warranted in this Agreement; (iii) a default
or any event or occurrence which with the lapse of time or notice or both could become a default under the Special Holder Purchase Agreement or Series D-5 Asset Purchase Agreement, and (iv) a material default or any event or occurrence which with
the lapse of time or notice or both could become a default under any of the Company’s material agreements. 

 
Such notice shall contain a reasonably detailed statement outlining such default or event, and the Company’s proposed response. 
  
 (h) The Company will use its commercially reasonable
best efforts to deliver to each Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor and Series D-5 Investor by no later than forty-five (45) days after the date of this Agreement, a balance sheet of the Company as of December 31,
2000, and a statement of income and a statement of cash flows of the Company for the year ended December 31, 2000, all prepared in accordance with generally accepted accounting principles consistently applied. Such financial statements shall be
accompanied by a report and opinion thereon by independent public accountants of national standing (i.e., employed by a “Big Four” accounting firm) selected by the Company’s Board of Directors. 
  
 (i) In the event the Company fails to provide the
reports or financial statements required by this Section 3.1, the holders of at least a majority of the Preferred Stock may give the Company notice requesting immediate delivery of such reports. If the Company fails to deliver such reports upon
receipt of such notice, then the holders of at least a majority of the Preferred Stock shall have the right and authority, at the Company’s sole expense, to request an audit by a single accounting firm of its or their choice, such that the
reports or financial statements are produced to its or their sole satisfaction. 
  
 3.2 Inspection Rights. Each Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor and Series D-5 Investor shall have the right to visit and inspect any of the properties of the Company
or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such reasonable times and as often as may be
reasonably requested; provided, however, that the Company shall not be obligated under this Section 3.2 with respect to a competitor of the Company or with respect to information which the Board of Directors of the Company determines in good
faith is confidential and should not, therefore, be disclosed. 
  
 3.3 Confidentiality of Records. Each Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor and Series D-5 Investor agrees to use, and to use its best efforts to insure that its authorized representatives use,
the same degree of care as such Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor and Series D-5 Investor uses to protect its own confidential information to keep confidential any information furnished to it which the Company
identifies as being confidential or proprietary (so long as such information is not in the public domain), except that such Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor and Series D-5 Investor may disclose such proprietary
or confidential information to its financial and legal representatives having professional obligations to maintain the confidentiality of such information and to any partner (including in the case of venture capital funds, affiliated venture capital
funds, predecessor and successor funds and entities under common investment management), member, management company, subsidiary, portfolio company, or parent of such Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor and Series
D-5 Investor for the purpose of evaluating its investment in the Company as long as such partner (including in 

 
the case of venture capital funds, affiliated venture capital funds, predecessor and successor funds and entities under common investment management),
member, management company, subsidiary, portfolio company, or parent is advised of the confidentiality provisions of this Section 3.3. Notwithstanding the foregoing, each Series E Investor may enter into any business, enter into any agreement with a
third party, or invest in or engage in investment discussions with any other company (whether or not competitive with the Company), provided such Series E Investor does not disclose any information furnished to it which the Company identifies as
being confidential or proprietary (so long as such information is not in the public domain) in connection with such activities. For purposes of this Section 3.3, information shall not be considered confidential or proprietary information of the
Company if (i) such information is or becomes generally known other than as a result of a disclosure by any Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor or Series D-5 Investor, or (ii) such information becomes available to
an Investor, Series D-2 Investor, Series D-3 Investor, Series D-4 Investor or Series D-5 Investor on a non-confidential basis from a source other than the Company provided that such source is not bound by a confidentiality agreement with, or other
contractual, legal or fiduciary obligation of confidentiality to, the Company or other party with respect to such information. 
  
 3.4 Reservation of Common Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the
conversion of the Preferred Stock, all Common Stock issuable from time to time upon such conversion. 
  
 3.5 Board Meetings. Until such time as the Board of Directors votes unanimously to hold meetings less frequently, the Board of Directors
shall meet (in person or by teleconference) at least every other month. 
  
 3.6 Issuances to Employees, Directors and Consultants.  
  
 (a) Vesting. Unless otherwise approved by the Board of Directors (including at least two (2) of the directors (the
“Preferred Directors”), designated by the holders of the Preferred Stock in accordance with the Sixth Amended and Restated Voting Agreement, of even date herewith, by and among the Company, the Investors, the Key Holders, the
Series D-2 Investors, the Series D-3 Investors, the Series D-4 Investors, the Special Holder and the Series D-5 Holder) all stock options and other stock equivalents issued after the date of this Agreement to employees, directors, consultants and
other service providers shall vest at a rate not in excess of twenty-five percent (25%) per annum commencing on the first year following the earlier of the date of issuance or such person’s services commencement date with the Company. Any
agreement pursuant to which any such employee, director, consultant or other service provider is granted, purchases or exercises stock options or other stock equivalents, shall provide that upon such person’s termination of employment or
service with the Company, with or without cause, the Company or its assignee (to the extent permissible under applicable securities laws and other laws) shall have the option to purchase at cost any shares of stock held by such person for a period
of ninety (90) days. Any acceleration of any vesting schedule that deviates herefrom shall be approved by at least two (2) Preferred Directors or the holders of at least sixty percent (60%) of the Preferred Stock voting as a single class on an as
converted basis. 

 (b) Rights of First Refusal and Co-Sale. Any agreement pursuant to which
any employee, director, consultant or other service provider of the Company is granted, purchases or exercises stock options or other stock equivalents subsequent to the date of this Agreement or, alternatively, a stock restriction agreement
executed in connection with such a transaction, shall provide the Company and the Investors with a right of first refusal and a right of co-sale, respectively, in form and substance similar to those granted in the Seventh Amended and Restated Right
of First Refusal and Co-Sale Agreement of the Company dated the date hereof, with respect to the Common Stock underlying such securities. 
  
 3.7 Key Man Insurance. Subject to the approval of the Board of Directors, the Company will maintain in full force and effect a term life
insurance policy in the amount of $2,000,000 on the life of Steinberg, with $2,000,000 in proceeds payable to the Company. In the event key person life insurance proceeds are paid to the Company, the Investors shall have the right (but not the
obligation) to sell to the Company such Investor’s pro rata portion of the Preferred Stock, as the case may be. The price per share at which such shares are to be re-purchased by the Company shall be equal to the Original Purchase Price
(as defined in the Company’s Tenth Amended and Restated Certificate of Incorporation, as may be amended from time to time) of such shares, plus in each such case, all accrued but unpaid dividends through the date of such re-purchase. In
connection with the exercise of the put option created hereby, the Investors shall deliver to the Company the certificate or certificates representing the shares to be sold, each certificate to be properly endorsed for transfer. 
  
 3.8 Director and Officer Liability Insurance. Subject to the
approval of the Board of Directors, the Company will maintain in full force and effect Director and Officer Liability Insurance in an amount of not less than $2,000,000. Beginning on the earlier of (i) November 1, 2003 and (ii) the effective date of
the registration statement pertaining to the Company’s Initial Offering, and for so long as a representative of the Series E Stock holds a voting position on the Board of Directors, the Company will maintain in full force and effect Director
and Officer Liability Insurance in an amount of not less than $5,000,000. 
  
 3.9 Assignment of Inventions, Non-Disclosure and Non-Competition Agreement. The Company shall require all employees and consultants to execute and deliver an Assignment of Inventions, Non-Disclosure and
Non-Competition Agreement in the form attached as Exhibit I to the Series E Purchase Agreement. 
  
 3.10 Assignment of Right of First Refusal. Subject to the Co-Sale Agreement, in the event the Company elects not to exercise any right of
first refusal or right of first offer the Company may have on a proposed transfer of any of the Company’s outstanding capital stock pursuant to a contract or otherwise, the Company shall, to the extent it may do so, assign such right of first
refusal or right of first offer to each Investor and Steinberg. In the event of such assignment, each Investor and Steinberg shall have a right to purchase its pro rata portion of the capital stock proposed to be transferred based on the
total number of shares of the Company’s capital stock held by such Investor or Steinberg, as applicable, on the date of such assignment. 

 3.11 Approval. The Company shall not without the approval of at least a majority of the
Board of Directors, with all non-interested Directors voting and without the approval of at least two (2) Preferred Directors, authorize or enter into any transactions with any director or management employee, or such director’s or
employee’s immediate family. 
  
 3.12
Directors’ Expenses. Other than restricted stock issued prior to the date of this Agreement and stock options granted to directors as approved by the Board of Directors (or the Compensation Committee thereof) subsequent to the date
of this Agreement, the Company shall not pay any compensation to any member of the Company’s Board of Directors in connection with the performance of their duties as a director. The Company shall reimburse directors for reasonable out-of-pocket
expenses incurred in connection with service to the Company, including, but not limited to, reasonable out-of-pocket expenses associated with (i) attendance of meetings of the Board of Directors and its committees, and (ii) trade shows and other
similar events which are required or requested on the Company’s behalf. 
  
 3.13 Annual Budget. The Company’s annual budget shall be approved by at least a majority of the Board of Directors (including at least two (2) Preferred Directors). 
  
 3.14 Directors’ Liability and Indemnification. The
Company’s Certificate of Incorporation and Bylaws shall provide (a) for elimination of the liability of directors to the maximum extent permitted by law and (b) for indemnification of directors for acts on behalf of the Company to the maximum
extent permitted by law. 
  
 3.15 Board Committees.
The Company shall establish and maintain an Audit Committee and a Compensation Committee as soon as practicable after the date hereof. Each committee shall consist of three (3) members, including in the case of the audit committee, a director
elected by the holders of Series D Stock and the Series D-1 Stock (the “Series D Designee”), and in the case of the compensation committee, a Series D Designee and a director elected by the holders of Series E Stock (the
“Series E Designee”). Either of the Series D Designee or the Series E Designee must consent to any compensation decision involving aggregate consideration in excess of $100,000 and to all stock option grants, whether approved
by the Board of Directors or a subcommittee of the Board of Directors. 
  
 3.16 Related Party Transactions. The Company shall not, without the prior approval of the holders in interest of at least sixty percent (60%) of the then outstanding Shares, voting as a single class on an as converted basis,
transact any business or enter into any agreement with any member of the Board of Directors, management, employees or officers of the Company, unless at “arm’s length” other than those agreements disclosed to and approved prior to the
date of this Agreement. Further, the Company shall not, without the prior approval of the holders in interest of at least sixty percent (60%) of the then outstanding Shares, voting as a single class on an as converted basis, enter into any agreement
or contract with any affiliate of the Company or its officers, directors, or management team employees (other than agreements required by the Stock Purchase Agreement or agreements relating to employment, nondisclosure of confidential 

 
information or non-competition) that create obligations for the Company equal to or greater than $25,000 per year. 
  
 3.17 Continuity of Business; Investment. The Company shall not,
without the prior approval of the holders in interest of at least sixty percent (60%) of the then outstanding Shares voting as a single class on an as converted basis, change the location or nature of its business operations, or invest any funds in
any concern not strictly related to its business. 
  
 3.18
Lending Transactions. The Company shall not, without the prior approval of the holders in interest of at least sixty percent (60%) of the then outstanding Shares voting as a single class on an as converted basis, make (or permit any
corporation, a majority of the voting stock of which is owned or controlled by the Company to make) any loan or advance in excess of $50,000 to, or own any stock or other securities of, any subsidiary or other corporation, partnership, or other
entity unless it is wholly-owned by the Company. In addition, the Company shall not, without the prior approval of the holders in interest of at least sixty percent (60%) of the then outstanding Shares voting as a single class on an as converted
basis, make any loan or advance to any person, including, without limitation, any officer, employee or director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an
employee stock or option plan approved by the Board of Directors. 
  
 3.19 Guarantee of Third Party Debt. The Company shall not, without the prior approval of the holders in interest of at least sixty percent (60%) of the then outstanding Shares voting as a single class on an as converted basis,
guarantee directly or indirectly, any indebtedness except for trade accounts of any subsidiary arising in the ordinary course of business. 
  
 3.20 Capital Expenditures. The Company shall not, without the prior approval of the Board of Directors (including at least two (2) Preferred
Directors, make capital expenditures (including expenditures under capitalized leases) which exceed the aggregate amount budgeted for such expenditures in any fiscal year by more than $100,000. The Company shall not, without the prior approval of
the holders in interest of at least sixty percent (60%) of the then outstanding Shares voting as a single class on an as converted basis, expend funds in excess of $500,000 per year for capital improvements or other Company infrastructure.

  
 3.21 Indebtedness. The Company shall not,
without the prior approval of the Board of Directors (including at least two (2) Preferred Directors), directly or indirectly create, incur, assume, suffer to exist, or be or remain liable with respect to, any indebtedness or obligation other than
the following: 
  
 (a) Current accounts
payable and similar current liabilities, incurred in the ordinary course of business of the Company; 
  
 (b) Indebtedness incurred upon the purchase of equipment (which indebtedness may be secured by a security interest or any other
lien or title retention agreement relating to such equipment), and equipment lease obligations of any character; 

 (c) Obligations under present or future leases of real estate used in the ordinary
course of business; or 
  
 (d) Any other
indebtedness which would not increase the Company’s total indebtedness by more than $250,000 in any fiscal year. 
  
 The Company shall not, without the prior approval of the holders in interest of at least sixty percent (60%) of the then outstanding Shares, enter into
any agreements, including but not limited to leases, other than in the ordinary course of business, that obligate the Company to make aggregate annual payments in excess of $50,000. 
  
 3.22 Salary Increases. All cash compensation (base salary plus bonus) payable to any officer or employee of
the Company in excess of $120,000 per year shall be subject to the approval of the Board of Directors (including at least two (2) Preferred Directors). 
  
 3.23 Subsidiaries or Joint Ventures. The Company shall not, without the prior approval of the Board of Directors (including at least two (2)
Preferred Directors), establish, liquidate, transfer any assets (other than cash and other than in the ordinary course of business) to, or invest more than $50,000 in, any one (1) subsidiary or joint venture. 
  
 3.24 Use of Proceeds. The Company shall use the proceeds from
the sale of the Shares solely for (i) hiring personnel, (ii) research and development, (iii) capital expenditures, (iv) sales and marketing, and (v) working capital. 
  
 3.25 Termination of Covenants. All covenants of the Company contained above in this Section 3 of this
Agreement shall expire and terminate as to each Investor upon the earlier of (i) the effective date of the registration statement pertaining to the Qualified Public Offering, which results in the Preferred Stock being converted into Common Stock or
(ii) upon (a) the sale, lease or other disposition of all or substantially all of the assets of the Company or (b) an acquisition of the Company by another corporation or entity by consolidation, merger or other reorganization in which the holders
of the Company’s outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the corporation or other entity surviving such
transaction, provided that this Section 3.26(ii)(b) shall not apply to a merger effected exclusively for the purpose of changing the domicile of the Company (a “Change in Control”). 
  
 SECTION 4. RIGHTS OF FIRST REFUSAL. 
  
 4.1 Subsequent Offerings. Each Investor shall have a right of
first refusal to purchase its pro rata share of all Equity Securities (as hereinafter defined), that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by
Section 4.6 hereof. Each Investor’s pro rata share is equal to the ratio of (a) the number of shares of the Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares or issued or issuable upon
exercise of any warrants held by such Investor) of which such Investor is deemed to be a holder immediately prior 

 
to the issuance of such Equity Securities to (b) the total number of shares of the Company’s outstanding Common Stock (including all shares of Common
Stock issued or issuable upon conversion of the Shares, the Series A Stock, the Series D-2 Stock, the Series D-3 Stock, the Series D-4 Stock and Series D-5 Stock or upon the exercise of any outstanding warrants or options) immediately prior to the
issuance of the Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other security of the Company, (ii) any security convertible, with or without consideration, into any Common
Stock, Preferred Stock or other security (including any option to purchase such a convertible security), (iii) any security carrying any warrant or right to subscribe to or purchase any Common Stock, Preferred Stock or other security or (iv) any
such warrant or right. 
  
 4.2 Exercise of Rights.
If the Company proposes to issue any Equity Securities, it shall give each Investor written notice of its intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue the same. Each
Investor shall have fifteen (15) days from the giving of such notice to agree to purchase its pro rata share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving written notice to the
Company and stating therein the quantity of Equity Securities to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such Equity Securities to any Investor if such offer or sale would cause the Company to
be in violation of applicable federal securities laws by virtue of such offer or sale. 
  
 4.3 Issuance of Equity Securities to Other Persons. If not all of the Investors elect to purchase their pro rata share of the Equity Securities, then the Company shall promptly notify in writing
the Investors who do so elect and shall offer such Investors the right to acquire such unsubscribed shares. The Investors shall have five (5) days after receipt of such notice to notify the Company of its election to purchase all or a portion
thereof of the unsubscribed shares. If the Investors fail to exercise in full the rights of first refusal provided in this Section 4, the Company shall have ninety (90) days thereafter to sell the Equity Securities in respect of which the
Investor’s rights were not exercised, at a price and upon general terms and conditions materially no more favorable to the purchasers thereof than specified in the Company’s notice to the Investors pursuant to Section 4.2 hereof. If the
Company has not sold such Equity Securities within ninety (90) days of the notice provided pursuant to Section 4.2, the Company shall not thereafter issue or sell any Equity Securities, without first offering such securities to the Investors in the
manner provided above. 
  
 4.4 Termination and Waiver of
Rights of First Refusal. The rights of first refusal established by this Section 4 shall not apply to, and shall terminate upon the earlier of (i) effective date of the registration statement pertaining to the Company’s Qualified Public
Offering or (ii) a Change in Control. The rights of first refusal established by this Section 4 may be amended, or any provision waived with the written consent of the holders of at least a majority of the Registrable Securities then outstanding, or
as permitted by Section 5.7. 

 4.5 Transfer of Rights of First Refusal. The rights of first refusal of each Investor under
this Section 4 may be transferred to the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.10. 
  
 4.6 Excluded Securities. The rights of first refusal established by this Section 4 shall have no application to any of the following Equity
Securities: 
  
 (a) up to an aggregate
amount of 18,492,425 shares of Common Stock (and/or options, warrants or other Common Stock purchase rights issued pursuant to such options, warrants or other rights) as adjusted for any stock dividends, combinations, splits, recapitalizations and
the like issued or to be issued after the Series E Original Issue Date (as defined in the Company’s Certificate of Incorporation as amended) to employees, officers or directors of, or consultants or advisors to, the Company or any subsidiary,
pursuant to stock purchase or stock option plans or other arrangements that are approved by the Board of Directors; 
  
 (b) stock issued pursuant to any warrants, options, or other convertible securities outstanding as of the date of this Agreement or
as a result of the conversion of stock underlying any such options or warrants; 
  
 (c) any Equity Securities issued for consideration other than cash pursuant to a merger, consolidation, acquisition or similar
business combination approved by the Board of Directors (including at least two (2) Preferred Directors); 
  
 (d) shares of Common Stock or Preferred Stock issued in connection with any stock split, stock dividend or recapitalization by the
Company; 
  
 (e) shares of Common Stock
issued upon conversion of the Shares, the Series A Stock, the Series D-2 Stock, the Series D-3 Stock, the Series D-4 Stock and Series D-5 Stock; 
  
 (f) any Equity Securities issued pursuant to any equipment leasing or loan arrangement, or debt financing from a bank or similar
financial or lending institution approved by the Board of Directors (including at least two (2) Preferred Directors); 
  
 (g) any Equity Securities that are issued by the Company pursuant to a Qualified Public Offering; 
  
 (h) any Equity Securities issued pursuant to the
Series E Purchase Agreement, pursuant to the Exchange Agreement (as defined in the Series E Purchase Agreement) and the Exchange Agreement (as defined in the recital to this Agreement), each as in effect as of the date hereof; and 
  
 (i) any Equity Securities issued in connection with
strategic transactions involving the Company and other entities, including (i) joint ventures, manufacturing, marketing or distribution arrangements or (ii) technology transfer or development arrangements; provided that the issuance of Equity
Securities in connection with such strategic transactions and the 

 
issuance of shares therein, has been approved by the Company’s Board of Directors, including either the Series D Designee or the Series E Designee.

  
 SECTION 5. MISCELLANEOUS. 
  
 5.1 Governing Law. This Agreement shall be construed,
interpreted and enforced in accordance with the laws of the State of New York (without regard to the choice of law or conflicts of law provisions thereof). 
  
 5.2 Specific Performance. The parties hereto hereby declare that it is impossible to measure in money the damages which will accrue to a
party hereto or to their heirs, personal representatives, or assigns by reason of a failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement shall be specifically enforceable. If any party hereto or
his heirs, personal representatives, or assigns institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that such
party or such personal representative has an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such remedy at law exists. 
  
 5.3 Survival. The representations, warranties, covenants, and agreements made herein shall survive any
investigation made by any Holder and the closing of the transactions contemplated hereby. All statements as to factual matters contained in any certificate or other instrument delivered by or on behalf of the Company pursuant hereto in connection
with the transactions contemplated hereby shall be deemed to be representations and warranties by the Company hereunder solely as of the date of such certificate or instrument. 
  
 5.4 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure
to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time
to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person listed as
the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. 
  
 5.5 Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the Purchase Agreement and the other
documents delivered pursuant thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any representations,
warranties, covenants and agreements except as specifically set forth herein and therein. The Prior Agreement is hereby amended and restated in its entirety and shall be of no further force or effect. 
  
 5.6 Severability. In the event one or more of the provisions of
this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such 

 
invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein. 
  
 5.7 Amendment and Waiver. 
  
 (a) Except as otherwise expressly provided, this Agreement may be amended or modified, and the observance of any provision of this Agreement may be waived (either generally or in a particular instance and
either retroactively or prospectively), only upon the written consent of (i) the Company, (ii) the holders of more than sixty-six and two-thirds percent (66 2/3%) of the Common Stock issued or issuable upon conversion of the Shares, (iii) with
respect to Section 3.8 and 3.11 only, the Series E Investors holding at least a majority of the Common Stock issued or issuable upon conversion of the then outstanding Series E Stock held by all Series E Investors, (iv) with respect to Sections 2.1,
2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, and 5 only, the holders of at least a majority of the aggregate Common Stock (A) held by the Key Holders and the Special Holder, and (B) issued or issuable upon conversion of the Series A
Stock, the Series D-2 Stock and the Series D-3 Stock, and (v) with respect to Section 2.4(d) only, DCG; provided, however, provided, however, that in the event that an amendment or waiver adversely affects the obligations or rights hereunder
of a Holder or Holders in a different manner than the other Holders, such amendment or waiver shall also require the written consent of the holders of at least a majority of Registrable Securities held by such adversely affected Holder or Holders.
Any amendment or waiver effected in accordance with this Section 5.7(a) shall be binding upon each party, its successors and assigns. 
  
 (b) For the purposes of determining the number of Holders entitled to vote or exercise any rights hereunder, the Company shall be
entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 
  
 5.8 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any Holder upon any
breach, default or noncompliance of the Company under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar
breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any Holder’s part of any breach, default or noncompliance under the Agreement or any waiver on
such Holder’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded
to Holders, shall be cumulative and not alternative. 
  
 5.9
Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient; if not, then on the next business day; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of 

 
receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Exhibits A, B, C, D, E, F,
G, H, I, J, K and L hereto or at such other address as such party may designate by ten (10) days advance written notice to the other parties hereto. 
  
 5.10 Attorneys’ Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing
party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and
expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 
  
 5.11 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to
be considered in construing this Agreement. 
  
 5.12
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
  
 5.13 Mutual Drafting. This Agreement is the result of joint efforts of the Company, each of the Investors,
Series D-2 Investors, Series D-3 Investors, Series D-4 Investors, each of the Key Holders and each of the Special Holder and each provision hereof has been subject to the mutual consultation, negotiation and agreement of the parties and there shall
be no construction against any party based on any presumption of the party’s involvement in the drafting thereof. 
  
 5.14 Aggregation. All shares of Registrable Securities held or acquired by affiliated entities (including partners and former partners,
members and former members, affiliated venture capital funds, predecessor and successor funds and entities under common investment management) or persons shall be aggregated together for the purpose of determining the availability of any rights
under this Agreement. In addition, all Shares, Registrable Securities, Equity Securities, Series D Stock, Series D-l Stock and Series D-4 Stock held or acquired by Core Capital Partners, L.P. and Minotaur, LLC shall be aggregated together for
purposes of determining the rights of each under this Agreement (subject to the last sentence of the definition of Registrable Securities in Section 1.1 above). 
  

[SIGNATURE PAGES FOLLOW] 

 IN WITNESS WHEREOF, the parties hereto have executed this
SEVENTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

			
	INPHONIC, INC.
		
	 By:
	 	 /s/ David A. Steinberg

	 	 	

	 Name:
	 	 David A. Steinberg

	 Title:
	 	 Chairman and Chief Executive Officer

		
	 Address:
	 	 1010 Wisconsin Avenue, N.W.

	 	 	 Suite 250

	 	 	 Washington, DC 20007

  
 Exhibit to
the Seventh Amended and Restated Investor Rights Agreement 
  

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	2000 STEINBERG GST TRUST*
		
	 	 	/s/ DAVID A. STEINBERG
	 	 	

	NAME:	 	DAVID A. STEINBERG
	TITLE:	 	 

  

	*	Signing for purposes of Sections 2.1, 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.20 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

			
		
	 	 	/s/ JOHN M. LAPIDES
	 	 	

	 	 	JOHN M. LAPIDES

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	 LAPIDES FAMILY TRUST

		
	 By:
	 	 /s/ JOHN M. LAPIDES

	 	 	

	 Name:
	 	 John M. LaPides

	 Title:
	 	 Trustee

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	MID-ATLANTIC VENTURE FUND III, L.P.
		
	 By:
	 	 MAVF III Partners, L.P.,

	 a Pennsylvania limited partnership

	 Its:
	 	 General Partner

		
	 By:
	 	 MAVF III G.P., Inc.,

	 a Pennsylvania Corporation

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ THOMAS A. SMITH 

	 	 	

	 Name:
	 	 Thomas A. Smith

	 Title:
	 	 Director

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	RAF NETVENTURES, L.P.
		
	 By:
	 	 /s/ RICHARD M. HOROWITZ 

	 	 	

	 Name:
	 	 Richard M. Horowitz

	 Title:
	 	 Office of the General Partner

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

			
		
	 	 	 /s/ IRA BRIND

	 	 	

	 	 	IRA BRIND

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	CMS PEP XIV CO-INVESTMENT SUBPARTNERSHIP
		
	 By:
	 	 /s/ Richard A. Mitchell

	 	 	

	 Name:
	 	 Richard A. Mitchell

	 Title:
	 	 Authorized Officer

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	LBLEVENTURES, LLC
		
	By:	 	 /s/ John M. LaPides

	 	 	

	 Name:
	 	 John M. LaPides

	 Title:
	 	 Member

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	CMS Tech CO-INVESTMENT SUBPARTNERSHIP
		
	 By:
	 	 /s/ Richard A. Mitchell

	 	 	

	 Name:
	 	 Richard A. Mitchell

	 Title:
	 	 Authorized Officer

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

			
		
	 	 	/s/ BRUCE C. LINDSAY
	 	 	

	 	 	BRUCE C. LINDSAY

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	MOUNT WASHINGTON ASSOCIATES L.L.C.
		
	By:	 	 /s/ Edwin M. Martin, Jr.

	 	 	

	 Name:
	 	 Edwin M. Martin, Jr.

	 Title:
	 	 Authorized Representative

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	RIGGS CAPITAL PARTNERS, LLC
		
	By:	 	 
	 	 	

	 Name:
	 	 J. Carter Beese

	 Title:
	 	 President

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 /s/ John Sculley 

	

	JOHN SCULLEY

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	CORE CAPITAL PARTNERS, L.P.
		
	By:	 	 /s/ Mark J. Levine

	 	 	

	 Name:
	 	 Mark J. Levine

	 Title:
	 	 Managing Director

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	MINOTAUR, LLC
		
	By:	 	 /s/ Mark J. Levine

	 	 	

	 Name:
	 	 Mark J. Levine

	 Title:
	 	 Managing Member

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	BRIND INVESTMENT PARTNERS II
		
	By:	 	 /s/ Ira Brind

	 	 	

	 Name:
	 	 Ira Brind 

	 Title:
	 	 Partner

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	SIGNATURE21CAPITAL
		
	By:	 	 
	 	 	

	 Name:
	 	 Dennis Lynch

	 Title:
	 	 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 /s/ David A. Steinberg

	

	DAVID A. STEINBERG*

  

	*	Signing for purposes of Sections 2.1, 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.20 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	DAVIDSON CAPITAL GROUP LLC*
		
	By:	 	 
	 	 	

	 Name:
	 	 Thomas Davidson, Sr.

	 Title:
	 	 Chief Operating Officer

  

	*	Signing for purposes of Sections 2.1, 2.3, 2.4(d), 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.20 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 /s/ David A. Steinberg

	

	JOHN STEINBERG*, AS POWER OF ATTORNEY

  

	*	Signing for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 /s/ DAVID A. STEINBERG

	

	RICHARD STEINBERG*, AS POWER OF ATTORNEY

  

	*	Signing for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set her hand as of the day and year first above
written. 
  

	
	
	 /s/ David A. Steinberg 

	

	DIANE SIEGEL* AS POWER OF ATTORNEY

  

	*	Signing for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set her hand as of the day and year first above
written. 
  

	
	
	 /s/ David A. Steinberg

	

	CAROL KUEHL* AS POWER OF ATTORNEY

  

	*	Signing for purposes of Sections 2.1, 2.4, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 2.15 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 /s/ David A. Steinberg

	

	PHIL KUEHL* AS POWER OF ATTORNEY

  

	*	Signing for purposes of Sections 2.1, 2.4, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 2.15 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 /s/ David A. Steinberg

	

	RYAN KUEHL* AS POWER OF ATTORNEY

  

	*	Signing for purposes of Sections 2.1, 2.4, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 2.15 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set her hand as of the day and year first above
written. 
  

	
	
	 /s/ David A. Steinberg

	

	CAROLINE KUEHL* AS POWER OF ATTORNEY

  

	*	Signing for purposes of Sections 2.1, 2.4, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 2.15 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 /s/ David A. Steinberg

	

	NEVAH MELOY* AS POWER OF ATTORNEY

  

	*	Signing for purposes of Sections 2.1, 2.4, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 2.15 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 
	

	DONALD CHARLTON*

  

	*	Signing for purposes of Sections 2.1, 2.4, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 2.15 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 
	

	GARY SMITH*

  

	*	Signing for purposes of Sections 2.1, 2.4, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 2.15 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	 
	
	 /s/ Gerri Coleman

	

	GERRI COLEMAN*

  

	*	Signing for purposes of Sections 2.1, 2.4, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 2.15 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	SPRING CAPITAL PARTNERS, LP*
		
	 By:
	 	 Spring Capital Investors, LLC

	 Its:
	 	 General Partner

		
	 By:
	 	 
	 	 	

	 Name:
	 	 Robert McE. Stewart

	 Title:
	 	 Member

  
 For all purposes under this
Agreement Spring Capital Partners, L.P. is deemed to be a “Series D-1 Investor” with respect to the shares of the Company’s Series D-1 Preferred Stock held by them. Furthermore, with respect to Sections 2, 4, and 5 of this Agreement,
Spring Capital Partners, L.P. is also deemed to be an “Investor” with regard to any warrants exercisable for shares of the Common Stock held now or in the future by each of them. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

			
	WYNNEFIELD PRIVATE EQUITY PARTNERS I, LP
		
	 By:
	 	 Wynnefield GP, L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 Wynnefield Capital, LLC

	 Its:
	 	 General Partner

		
	 By:
	 	 
	 	 	

	 Name:
	 	 Samuel P. Katz

	 Title:
	 	 Managing Partner

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	THIRTY-FIVE EAST PARTNERS (ELEVEN) LLC
		
	 By:
	 	 
	 	 	

	 Name:
	 	 Todd J. Slotkin,

	 Title:
	 	Executive Vice President and Chief Executive Officer

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	VENTURE INVESTMENT PARTNERS I LLC
		
	 By:
	 	 /s/ Richard L. Tuch

	 	 	

	 Name:
	 	 Richard L. Tuch

	 Title:
	 	 Managing Partner

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

									
	 	 	 	 	ARGOSY INVESTMENT PARTNERS II, L.P.
					
	 	 	 	 	 	 	By:	 	 Argosy Associates II, L.P.

	 	 	 	 	 	 	 Its:
	 	 General Partner

	 	 	 	 	 
	 	 	 	 	 	 	 By:
	 	 Argosy Associates II, Inc.

	 	 	 	 	 	 	 Its:
	 	 General Partner

	 	 	 	 	 
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 Kirk B. Griswold

	 	 	 	 	 	 	 Title:
	 	 Vice President

  
 For all purposes under this Agreement
Spring Capital Partners, L.P. is deemed to be a “Series D-1 Investor” with respect to the shares of the Company’s Series D-1 Preferred Stock held by them. Furthermore, with respect to Sections 2, 4, and 5 of this Agreement, Spring
Capital Partners, L.P. is also deemed to be an “Investor” with regard to any warrants exercisable for shares of the Common Stock held now or in the future by each of them. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	 THE PRODUCTIVITY FUND IV, L.P.,
 a Delaware limited partnership

		
	By:	 	First Analysis Management Company IV, L.L.C.
	Its:	 	 General Partner

		
	By:	 	/s/ BRET R. MAXWELL
	 	 	

	 Name:
	 	 Bret R. Maxwell

	 Title:
	 	 Member

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

					
	THE PRODUCTIVITY FUND IV ADVISORS FUND, L.P.,
	 a Delaware limited partnership

		
	 By:
	 	 First Analysis Management Company IV, L.L.C.

	 Its:
	 	 General Partner

		
	By:	 	/s/ BRET R. MAXWELL
	 	 	

	 Name:
	 	 Bret R. Maxwell

	 Title:
	 	 Member

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	BRET R. MAXWELL REVOCABLE TRUST
		
	By:	 	 /s/ BRET R. MAXWELL 

	 	 	

	 Name:
	 	 Bret R. Maxwell, Member

	 Title:
	 	 Trustee

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	 Riverside Partnership, LP

		
	By:	 	 Riverside LLC

	 Its:
	 	 General Partner

		
	By:	 	 First Analysis Management Company III, LLC

	 Its:
	 	 Manager

		
	By:	 	 /s/ Bret R. Maxwell

	 	 	

	 Name:
	 	 Bret R. Maxwell

	 Title:
	 	 Managing Member

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

	
	CORDOVA INTELLIMEDIA VENTURES, LP*
	
	 
	

	 Name:

	 Title:

  

	*	Signing as a D-2 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

	
	DRAPER ATLANTIC VENTURE FUND II, LP*
	
	 
	

	 Name:

	 Title:

  

	*	Signing as a D-2 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

	
	HARBINGER/AURORA QP VENTURE FUND, LLC*
	
	 
	

	 Name:

	 Title:

  

	*	Signing as a D-2 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

	
	HARBINGER/AURORA VENTURE FUND, LLC*
	
	 
	

	 Name:

	 Title:

  

	*	Signing as a D-2 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 
	

	RICHARD HOLCOMB*

  

	*	Signing as a D-2 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 
	

	CHARLES LANDRY*

  

	*	Signing as a D-2 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

	
	
	 
	

	H. TODD MILLER*

  

	*	Signing as a D-2 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	SEQUEL LIMITED PARTNERSHIP II*
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 

  

	*	Signing as a D-3 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	SEQUEL ENTREPRENEURS’ PARTNERSHIP II LP*
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 

  

	*	Signing as a D-3 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	LT III LLC*
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 

  

	*	Signing as a D-3 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

			
		
	 	 	 
	 	 	

	 	 	TIMOTHY L. WHITE*

  

	*	Signing as a D-3 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

			
		
	 	 	 
	 	 	

	 	 	THOMAS WOLF*

  

	*	Signing as a D-3 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	SIMPLEXITY, INC.*
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 

  

	*	Signing as a D-3 Investor and Special Holder for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day and year first above
written. 
  

			
		
	 	 	 
	 	 	

	 	 	THOMAS WOLF*

  

	*	Signing as a D-3 Investor for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only.

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	AVESAIR, INC.*
		
	By:	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 

  

	*	Signing as a D-5 for purposes of Sections 2.1, 2.3, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 3.1, 3.2, 3.3, 3.4, 3.7, 3.18 and 5 only. 

 INPHONIC, INC. 
  
 SEVENTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  

 IN WITNESS WHEREOF, the undersigned has hereunto set its hand as of the day and year first above
written. 
  

			
	 TCV IV, L.P.
 TCV IV STRATEGIC PARTNERS, L.P.

		
	By:	 	 Technology Crossover Management IV, L.L.C.

	 Their:
	 	 General Partner

		
	By:	 	 /s/ Carla S. Newell

	 	 	

	 Name:
	 	 Carla S. Newell

	 Title:
	 	 Attorney in FactEXHIBIT 10.2

 Exhibit 10.2 
  
 INPHONIC, INC. 
 SERIES D-4 CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE 
 AGREEMENT 
  
 This Series D-4 Convertible Preferred Stock and Warrant Purchase Agreement
(the “Agreement”) is entered into as of July 19, 2002, by and among InPhonic, Inc., a Delaware corporation (the “Company”) and each of those persons and entities, severally and not jointly, whose names are set forth on the
Schedule of Purchasers attached hereto as Exhibit A (“Exhibit A”) (which persons and entities are hereinafter collectively referred to as “Purchasers” and each individually as a “Purchaser”). 
  
 Recitals 
  
 Whereas, the Company has authorized the sale and issuance of an aggregate of 970,000 shares (the “Shares”) of its
Series D-4 Convertible Preferred Stock, par value $0.01 per share (the “Series D-4 Stock”); and 
  
 Whereas, the Company has authorized the sale and issuance of warrants in substantially the form attached hereto as Exhibit B (the “Warrants”) to
acquire up to an aggregate of 960,556 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”); and 
  
 Whereas, the Company desires to sell and issue the Shares and Warrants to the Purchasers, on the terms and conditions set forth herein, and the Purchasers
desire to purchase the Shares and Warrants, on the terms and conditions set forth herein. 
  
 Now, Therefore, in consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants hereinafter set forth and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1.    Agreement To Sell And Purchase. 
  
 1.1    Authorization of Shares and Warrants. On or prior to the Closing (as defined in Section 2 below), the Company
shall have authorized (a) the sale and issuance to the Purchasers of the Shares, (b) the sale and issuance to the Purchasers of the Warrants, and (c) the issuance of such shares of Common Stock to be issued upon conversion of the Shares and exercise
of the Warrants (together, the “Conversion Shares”). The Shares and the Conversion Shares shall have the rights, preferences, privileges and restrictions set forth in the Eighth Amended and Restated Certificate of Incorporation, in the
form attached hereto as Exhibit C (the “Certificate of Incorporation”). 
  
 1.2    Sale and Purchase. Subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to
each Purchaser, severally and not jointly, and each Purchaser agrees to purchase from the Company, severally and not jointly, the number of Shares and Warrants set forth opposite such Purchaser’s name on Exhibit A at a purchase price of
$5.2053141 per share (the “Series D-4 Price”). 
  
 1.3    Covenant to Issue Additional Warrant if No Initial Public Offering. 
  
  

 -1- 

 (a)    Warrants to acquire an aggregate of 243,142 shares of Common
Stock are being issued to the Purchasers at Closing (with each Purchaser receiving a Warrant to acquire such number of shares of Common Stock set forth opposite such Purchaser’s name on Exhibit A under the heading “Number of Initial
Warrants”). In the event that the Company does not consummate its initial underwritten public offering (“IPO”) on before June 30, 2003, then, within ten (10) business days thereafter, additional Warrants to acquire an aggregate of
194,873 shares of Common Stock will be issued to the Purchasers (with each Purchaser receiving a Warrant to acquire such number of shares of Common Stock set forth opposite such Purchaser’s name on Exhibit A under the heading “Number of
2nd Tranche Warrants”). In the event that the Company does not consummate the IPO on or before December 31, 2004, then, within ten (10) business days thereafter, additional Warrants to acquire an aggregate of another 292,008 shares of Common
Stock will be issued to the Purchasers (with each Purchaser receiving a Warrant to acquire such number of shares of Common Stock set forth opposite such Purchaser’s name on Exhibit A under the heading “Number of 3rd Tranche Warrants”). 
  
 2.    Closing. 
  
 2.1 Closing. The sale and purchase of the Shares and Warrants under this Agreement shall take place at a closing (the “Closing”)
to be held at the offices of Piper Rudnick LLP, 1200 Nineteenth Street, N.W., Washington, DC 20006 at 10:00 a.m. Eastern Time on the date hereof (the “Closing Date”). At the Closing, the Company shall deliver to each Purchaser listed on
Exhibit A such number of Shares and Warrants to be purchased by such Purchaser at the Closing as set forth on Exhibit A opposite such Purchaser’s name by delivery to each Purchaser of a certificate representing the number of Shares to be
purchased and a Warrant to acquire such number of shares of Common Stock as set forth on Exhibit A, against payment of the purchase price therefor by check, wire transfer made payable to the order of the Company, cancellation of indebtedness or any
combination of the foregoing. If at the Closing any of the applicable conditions specified in Section 5.1 shall not have been fulfilled, each Purchaser shall, at its election, be relieved of all of its obligations under this Agreement without
thereby waiving any other rights it may have by reason of such failure or such non-fulfillment. 
  
 3.    Representations And Warranties Of The Company. Except as set forth on a Schedule of Exceptions delivered by the Company to the
Purchasers at the Closing specifically identifying the relevant Section hereof, the Company hereby represents and warrants to each such Purchaser as of the date of each Closing as follows (such representations and warranties do not lessen or obviate
the representations and warranties of each of the Purchasers set forth in this Agreement): 
  
 3.1    Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware. The Company has all requisite corporate power and authority to own and operate its properties and assets, to execute and deliver this Agreement, the Warrants in the form attached hereto
as Exhibit B, the Fifth Amended and Restated Investor Rights Agreement in the form attached hereto as Exhibit D (the “Investor Rights Agreement”), the Fifth Amended and Restated Right of First Refusal and Co-Sale Agreement in the form
attached hereto as Exhibit E (the “Co-Sale Agreement”), and the Fourth Amended and Restated Voting Agreement in the form attached hereto as Exhibit F (the “Voting Agreement”) (collectively, the “Related 
  
  

 -2- 

 Agreements”), and all other agreements required to be executed by the Company on or prior to the
Closing, to issue and sell the Shares, the Warrants and the Conversion Shares, and to carry out the provisions of this Agreement, the Related Agreements and the Certificate of Incorporation and to carry on its business as presently conducted and as
presently proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and
leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the business, assets, liabilities, financial condition, prospects or operations of the Company (a
“Material Adverse Effect”). 
  
 3.2    Subsidiaries. The Company does not own or control any equity security or other interest of any other corporation, limited partnership or other business entity. The Company is not a participant in any joint
venture, partnership or similar arrangement. 
  
 3.3    Capitalization; Voting Rights. 
  
 (a)    Immediately prior to the Closing, the authorized capital stock of the Company will consist of: (i) 99,440,000 shares of Common Stock, 31,898,727 shares of which are issued and outstanding
and 11,992,426 shares of which are reserved for future issuance to employees pursuant to the Company’s 1999 Stock Incentive Plan and (ii) 34,715,228 shares of Preferred Stock, (A) 668,782 of which have been designated as Series A Preferred
Stock, par value $0.01 per share, all of which are issued and outstanding, (B) 2,282,684 of which have been designated as Series B Preferred Stock, par value $0.01 per share, all of which are issued and outstanding, (C) 7,273,762 of which have been
designated as Series C Preferred Stock, par value $0.01 per share, 6,576,246 of which are issued and outstanding, (D) 8,000,000 of which have been designated as Series D Preferred Stock, par value $0.01 per share, 3,878,720 of which are issued and
outstanding, (E) 12,000,000 of which have been designated as Series D-1 Preferred Stock, par value $0.01 per share, 6,083,488 of which are issued and outstanding, (F) 550,000 of which have been designated as Series D-2 Preferred Stock, par value
$0.01 per share, 416,667 of which are issued and outstanding, (G) 2,000,000 of which have been designated as Series D-3 Preferred Stock, par value $0.01 per share, 792,775 of which are issued and outstanding and (H) 1,940,000 of which have been
designated Series D-4 Stock, none of which are issued and outstanding. 
  
 (b)    All issued and outstanding shares of the Company’s Common Stock and Preferred Stock (a) have been duly authorized and validly issued to the persons listed on Exhibit G hereto, (b) are
fully paid and nonassessable, and (c) were issued in compliance with all applicable state and federal laws concerning the issuance of securities. 
  
 (c)    The rights, preferences, privileges and restrictions of the Shares and the Series A Preferred Stock, Series B
Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series D-1 Preferred Stock, Series D-2 Preferred Stock and Series D-3 Preferred Stock are as stated in the Certificate of Incorporation. The Conversion Shares have been duly and
validly reserved for issuance. Other than as set forth in Section 3.3, there are no outstanding options, warrants, rights (including registration, conversion or preemptive rights and rights of first refusal), proxy or shareholder agreements, or
agreements of any kind for the purchase or 
  
  

 -3- 

 acquisition from the Company of any of its securities. Of the shares of Common Stock reserved for
issuance under the Company’s 1999 Stock Incentive Plan, (i) options to purchase 11,066,015 shares have been granted and are currently outstanding, and (ii) 926,411 shares of Common Stock remain available for issuance to officers, directors,
employees and consultants pursuant to such 1999 Stock Incentive Plan. When issued in compliance with the provisions of this Agreement and the Certificate of Incorporation, the Shares and the Conversion Shares will be validly issued, fully paid and
nonassessable, and will be free of any liens or encumbrances; provided, however, that the Shares and the Conversion Shares may be subject to restrictions on transfer under state and/or federal securities laws as set forth herein or as otherwise
required by such laws at the time a transfer is proposed and pursuant to any agreements entered into in connection with this Agreement. 
  
 (d)    No stock plan, stock purchase, stock option or other agreement or understanding between the Company and any
holder of any equity securities or rights to purchase equity securities provides for acceleration or other changes in the vesting provisions or other terms of such agreement or understanding as the result of any merger, consolidated sale of stock or
assets, change in control or any other transaction(s) by the Company. 
  
 3.4    Authorization; Binding Obligations. All corporate action on the part of the Company, its officers, directors and shareholders necessary for the authorization of this Agreement and the
Related Agreements, the performance of all obligations of the Company hereunder and thereunder at the Closing and the authorization, sale, issuance and delivery of the Shares and Warrants pursuant hereto, and the issuance of the Conversion Shares
pursuant to the Certificate of Incorporation and the Warrants has been taken or will be taken prior to the Closing. The Agreement and the Related Agreements, when executed and delivered, will be valid and binding obligations of the Company
enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, (b) general principles of equity
that restrict the availability of equitable remedies, and (c) to the extent that the enforceability of the indemnification provisions in Section 2.9 of the Investor Rights Agreement may be limited by applicable laws. The sale and issuance of the
Shares and Warrants, and the subsequent conversion of the Shares and exercise of Warrants into Conversion Shares are not and will not be subject to any preemptive rights or rights of first refusal that have not been properly waived or complied with.

  
 3.5    Financial
Statements. The Company has made available to each Purchaser (a) its audited balance sheet at December 31, 2001 (the “Statement Date”) and its audited consolidated statement of income and cash flows for the twelve month period ending
on the Statement Date (the “Year End Financial Statements”) and (b) its unaudited balance sheet, and unaudited consolidated statement of income and cash flows for the three (3) month period ending on March 31, 2002 (the “Interim
Financial Statements” and together with the Year End Financial Statements, the “Financial Statements”). The Year End Financial Statements, together with the notes thereto, are complete and correct in all material respects, have been
prepared in accordance with generally accepted accounting principles applied on a consistent basis throughout the periods indicated, except as disclosed therein, and present fairly the financial condition of the Company as of the Statement Date and
the operating results of the Company during the period indicated therein. The Interim Financial Statements are complete 
  
  

 -4- 

 and correct in all material respects, have been prepared in accordance with generally accepted accounting
principles applied on a consistent basis throughout the periods indicated, except as disclosed therein and except that they do not contain all footnotes required under generally accepted accounting principles, and present fairly the financial
condition of the Company as of the date of the balance sheet and the operating results of the Company during the period indicated therein, subject to normal recurring year end audit 
 adjustments. 
  
 3.6    Liabilities. The Company has no material liabilities and, to the best of its knowledge, knows of no material
contingent liabilities not disclosed in the Financial Statements, except current liabilities incurred in the ordinary course of business subsequent to the Statement Date which have not been, either in any individual case or in the aggregate,
materially adverse. 
  
 3.7    Agreements; Action. 
  
 (a)    There are no material agreements, understandings or proposed transactions between the Company and any of its officers, directors, shareholders or employees, or any “affiliate” or
“associate” of such (as such terms are defined in the rules and regulations promulgated under the Securities Act affiliates or any affiliate thereof. 
  

(b)    There are no material agreements, understandings or proposed transactions between the Company, it
affiliates, or to the Company’s knowledge, any directors or any affiliate thereof and any company or other entity doing business with the Company or is in the same or similar business of the Company. 
  
 (c)    There are no agreements (other
than partnership contracts), understandings, instruments, contracts, proposed transactions, judgments, orders, writs or decrees to which the Company is a party or to its knowledge by which it is bound which may involve (i) obligations (contingent or
otherwise) of, or payments to, the Company in excess of $50,000 (other than obligations of, or payments to, the Company arising from agreements entered into in the ordinary course of business), or (ii) the transfer or license of any patent,
copyright, trade secret or other proprietary right to or from the Company (other than licenses arising from the purchase of “off the shelf” or other standard products or in connection with agreements entered into in the ordinary course of
business), or (iii) provisions restricting the development, manufacture or distribution of the Company’s products or services (other than provisions contained within agreements entered into in the ordinary course of business), or (iv)
indemnification by the Company with respect to infringements of proprietary rights (other than indemnification obligations arising from agreements entered into in the ordinary course of business). 
  
 (d)    The Company has not (i) declared
or paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock, (ii) incurred any indebtedness for money borrowed or any other liabilities (other than with respect to dividend
obligations, distributions, indebtedness and other obligations incurred in the ordinary course of business or as disclosed in the Financial Statements) individually in excess of $50,000 or, in the case of indebtedness and/or liabilities individually
less than $50,000 or in excess of $125,000 in the aggregate, (iii) made any loans or advances to any person, other than ordinary advances for travel expenses, (iv) sold, exchanged or otherwise disposed of any of its 
  
  

 -5- 

 assets or rights, other than the sale of its inventory in the ordinary course of business, (v) acquired
the business or shares of another party, or (vi) entered into any distributor, sales representative or similar agreements. 
  
 (e)    For the purposes of subsections (c) and (d) above, all indebtedness, liabilities, agreements, understandings,
instruments, contracts and proposed transactions involving the same person or entity (including persons or entities the Company has reason to believe are affiliated therewith) shall be aggregated for the purpose of meeting the individual minimum
dollar amounts of such subsections. 
  
 (f)    The Company has not engaged in the past three (3) months in any discussion (i) with any representative of any corporation or corporations regarding the consolidation or merger of the Company with or into any such
corporation or corporations, (ii) with any corporation, partnership, association or other business entity or any individual regarding the sale, conveyance or disposition of all or substantially all of the assets of the Company, or a transaction or
series of related transactions in which more than fifty percent (50%) of the voting power of the Company is disposed of, or (iii) regarding any other form of acquisition, liquidation, dissolution or winding up, of the Company. 
  
 3.8    Obligations to Related Parties.
There are no obligations of the Company to officers, directors, shareholders, or employees of the Company other than (a) for payment of salary for services rendered, (b) reimbursement for reasonable expenses incurred on behalf of the Company and (c)
for other standard employee benefits made generally available to all employees (including stock option agreements outstanding under any stock option plan approved by the Board of Directors of the Company). None of the officers, directors or
shareholders of the Company, or any members of their immediate families, are indebted to the Company or have any direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a
business relationship, or any firm or corporation which competes with the Company, except that officers, directors and/or shareholders of the Company may own stock in publicly traded companies which may compete with the Company. No officer, director
or shareholder, or any member of their immediate families, is, directly or indirectly, interested in any material contract with the Company (other than such contracts as relate to any such person’s ownership of capital stock or other securities
of the Company). Except as may be disclosed in the Financial Statements, the Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation. 
  
 3.9    Changes. Since the Statement Date, there has not been: 
  
 (a)    Any change in the assets,
liabilities, financial condition or operations of the Company from that reflected in the Financial Statements, other than changes in the ordinary course of business, none of which individually or in the aggregate has had or is expected to have a
Material Adverse Effect on such assets, liabilities, financial condition, operations or prospects of the Company; 
  
 (b)    Any resignation or termination of any officer or key employee of the Company; and the Company, to the best of
its knowledge, does not know of the impending resignation or termination of employment of any such officer or key employee; 
  
  

 -6- 

 (c)    Any material change, except in the ordinary course of
business, in the contingent obligations of the Company by way of guaranty, endorsement, indemnity, warranty or otherwise; 
  
 (d)    Any damage, destruction or loss, whether or not covered by insurance, that has had or would reasonably be
expected to have a Material Adverse Effect; 
  
 (e)    Any waiver by the Company of a valuable right or of a material debt owed to it; 
  
 (f)    Any direct or indirect loans made by the Company to any shareholder, employee, officer or director of the
Company, other than advances made in the ordinary course of business; 
  
 (g)    Any material change in any compensation arrangement or agreement with any employee, officer, director or shareholder; 
  
 (h)    Any declaration or payment of any dividend or other distribution of the assets of
the Company; 
  
 (i)    Any
labor organization activity; 
  
 (j)    Any debt, obligation or liability incurred, assumed or guaranteed by the Company, except those for immaterial amounts and for current liabilities incurred in the ordinary course of business; 
  
 (k)    Any sale, assignment or transfer
of any patents, trademarks, copyrights, trade secrets or other intangible assets; 
  
 (l)    Any change in any material agreement to which the Company is a party or by which it is bound which has had or
would reasonably be expected to have a Material Adverse Effect; 
  
 (m)    Any other event or condition of any character that, either individually or cumulatively, has had or would reasonably be expected to have a Material Adverse Effect; or 
  
 (n)    Any arrangement or commitment by
the Company to do any of the acts described in subsection (a) through (m) above. 
  
 3.10    Title to Properties and Assets; Liens, Etc. The Company has good and marketable title to its properties and
assets, including the properties and assets reflected in the most recent balance sheet included in the Financial Statements, and good title to its leasehold estates, in each case subject to no mortgage, pledge, lien, lease, encumbrance or charge,
other than (a) those resulting from taxes which have not yet become delinquent, (b) minor liens and encumbrances which do not materially detract from the value of the property subject thereto or materially impair the operations of the Company, and
(c) those that have otherwise arisen in the ordinary course of business. All facilities, machinery, equipment, fixtures, vehicles and other 
  

 -7- 

 properties owned, leased or used by the Company are in good operating condition and repair and are
reasonably fit and usable for the purposes for which they are being used. The Company is in compliance with all material terms of each lease to which it is a party or is otherwise bound. 
  
 3.11  Patents and Trademarks. 
  
 (a)    The Company owns or possesses sufficient legal rights to all patents, trademarks,
service marks, trade names, copyrights, trade secrets, licenses, information and other proprietary rights and processes necessary for its business as now conducted and as presently proposed to be conducted, without any known infringement of the
rights of others. There are no outstanding options, licenses or agreements of any kind relating to the foregoing, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks,
service marks, trade names, copyrights, trade secrets, licenses, information and other proprietary rights and processes of any other person or entity other than such licenses or agreements arising from the purchase of “off the shelf” or
standard products, and those arising in the ordinary course of business. 
  
 (b)    The Company is not aware of any allegations that the Company has violated or, by conducting its business as presently proposed, would violate any of the patents, trademarks, service marks,
trade names, copyrights or trade secrets or other proprietary rights of any other person or entity. 
  
 (c)    The Company is not aware that any of its employees is obligated under any contract (including licenses,
covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with their duties to the Company or that would conflict with the Company’s
business as presently proposed to be conducted. Neither the execution nor delivery of this Agreement or the Related Agreements, nor the carrying on of the Company’s business by the employees of the Company, nor the conduct of the Company’s
business as presently proposed, will, to the Company’s knowledge, conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, any contract, covenant or instrument under which any employee is now
obligated. The Company does not believe it is or will be necessary to utilize any inventions, trade secrets or proprietary information of any of its employees made prior to their employment by the Company, except for inventions, trade secrets or
proprietary information that have been assigned to the Company. 
  
 (d)    The Company is not aware of any claims by any other person or entity contesting the validity, enforceability, use or ownership of any of the patents, trademarks, service marks, trade names,
copyrights, trade secrets, licenses, information and other proprietary rights and processes necessary for its business as now conducted and as presently proposed to be conducted. The Company is not aware of any infringement or misappropriation by
any other person or entity with respect to any of the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and other proprietary rights and processes necessary for its business as now conducted and as
presently proposed to be conducted. 
  
 3.12  Compliance with Other Instruments. 
  

 -8- 

 (a)    The Company is not in violation or default of any term of its
Certificate of Incorporation or Bylaws, or of any material term of any mortgage, indenture, contract, agreement, instrument or contract to which it is party or by which it is bound or of any judgment, decree, order, or writ. The execution, delivery,
and performance of and compliance with this Agreement, and the Related Agreements, and the issuance and sale of the Shares and Warrants pursuant hereto and the Conversion Shares pursuant to the Certificate of Incorporation, will not, with or without
the passage of time or giving of notice, result in any such material violation, or be in conflict with or constitute a default under any such material term, or result in the creation of any mortgage, pledge, lien, encumbrance or charge upon any of
the properties or assets of the Company or the suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties.

  
 (b)    The Company has
avoided every condition, and has not performed any act, the occurrence of which would result in the Company’s loss of any right granted under any license, distribution agreement or other agreement to which the Company is a party if such loss
would have a Material Adverse Effect. 
  
 3.13  Litigation. There is no action, suit, proceeding or investigation pending or to the Company’s knowledge currently threatened against the Company or its officers that questions the validity of this Agreement, or the
Related Agreements or the right of the Company to enter into any of such agreements, or to consummate the transactions contemplated hereby or thereby, or which might have, either individually or in the aggregate, Material Adverse Effect or result in
a change in the current equity ownership of the Company, nor is the Company aware that there is any basis for any of the foregoing. The foregoing includes, without limitation, actions pending or threatened (or any basis therefor known to the
Company) involving the prior employment of any of the Company’s employees, their use in connection with the Company’s business of any information or techniques allegedly proprietary to any of their former employers, or their obligations
under any agreements with prior employers. The Company is not a party or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality. There is no action, suit, proceeding or
investigation by the Company currently pending or which the Company intends to initiate. 
  
 3.14  Tax Returns and Payments. The Company has paid all federal, state, local and foreign taxes (including, without limitation,
income, profit, franchise, sales, use, real property, personal property, ad valorem, excise, employment, social security and wage withholding taxes) and installments of estimated taxes, assessments, deficiencies, levies, imports, duties, license
fees, registration fees, withholdings, or other similar charges of every kind, character or description imposed by any governmental or quasi-governmental authorities, and any interest, penalties or additions to tax imposed thereon or in connection
therewith (collectively, “Taxes”) due as of the Closing Date. The Company has timely filed or has obtained presently effective extensions with respect to all Federal, state, county, local and foreign tax returns (collectively, “Tax
Returns”) that the Company is required to file. The Tax Returns are true and correct and all taxes shown thereon to be due have been timely paid. No penalties or other charges are or will become due with respect to any such Tax Returns as the
result of the late filing thereof. The Company has either paid or established in the Financial Statements adequate reserves for the payment of all such Taxes due or claimed to be due by any 
  
  

 -9- 

 taxing authority in connection with any such Tax Returns. None of the Company’s federal income tax
returns have been audited by the Internal Revenue Service, and no controversy with respect to taxes of any type is pending or, to the knowledge of the Company, threatened. The Company has withheld or collected from each payment made to its employees
the amount of all taxes required to be withheld or collected therefrom (including, but not limited to, federal income taxes and Federal Insurance Contribution Act taxes) and has paid all such amounts to the appropriate taxing authorities when due.
The Company’s net operating losses for federal income tax purposes, as set forth in the Financial Statements, are not subject to any limitations imposed by Section 382 of the Internal Revenue Code of 1986 as amended (the “Code”), and
consummation of the transactions contemplated by this Agreement of by any other agreement, understanding or commitment, contingent or otherwise, to which the Company is a party or by which it is otherwise bound will not have the effect of limiting
the Company’s ability to use such net operating losses in full to offset such taxable income. 
  
 3.15  Employees. The Company has no collective bargaining agreements with any of its employees. There is no labor union
organizing activity pending or, to the Company’s knowledge, threatened with respect to the Company. The Company is not delinquent in payments to any of its employees for any wages, salaries, commissions, bonuses or other direct compensation for
any services performed by them to date or amounts required to be reimbursed to such employees and upon any termination of the employment of any such employees. Schedule 3.15 sets forth a true, correct and complete list of all employment, severance,
non-competition, deferred compensation and similar arrangements between the Company and all officers, employees and consultants of the Company and all such arrangements with former officers, employees and consultants of the Company pursuant to which
the Company is obligated to make any payments or provide any benefits. To the Company’s knowledge, no employee of the Company, nor any consultant with whom the Company has contracted, is in violation of any term of any employment contract,
proprietary information agreement or any other agreement relating to the right of any such individual to be employed by, or to contract with, the Company because of the nature of the business to be conducted by the Company; and to the Company’s
knowledge the continued employment by the Company of its present employees, and the performance of the Company’s contracts with its independent contractors, will not result in any such violation. The Company has not received any notice alleging
that any such violation has occurred. No employee of the Company has been granted the right to continued employment by the Company or to any material compensation following termination of employment with the Company. The Company is not aware that
any officer or key employee, or that any group of key employees, intends to terminate his, her or their employment with the Company, nor does the Company have a present intention to terminate the employment of any officer, key employee or group of
key employees. 
  
 3.16  Assignment of
Inventions, Non-Disclosure and Non-Competition Agreements and Market Stand-off Agreements. 
  
 (a)    Each former and current employee, officer and consultant of the Company has executed an Assignment of
Inventions, Non-Disclosure and Non-Competition Agreement in the form of Exhibit H attached hereto. No current employee, officer or consultant of the Company has excluded works or inventions made prior to his or her employment with the 
  
  

 -10- 

 Company from his or her assignment of inventions pursuant to such employee, officer or consultant’s
Assignment of Inventions, Non-Disclosure and Non-Competition Agreement. 
  
 (b)    Each key employee of the Company and each holder of options to purchase equity and debt convertible into equity has executed a market stand-off agreement. 
  
 3.17  Obligations of Management. Each officer of
the Company is currently devoting one hundred percent (100%) of his or her business time to the conduct of the business of the Company. The Company is not aware that any officer or key employee of the Company is planning to work less than full time
at the Company in the future. To the Company’s knowledge, no officer or key employee plans to work for a competing enterprise, whether or not such officer or key employee is or will be compensated by such enterprise. 
  
 3.18  Registration Rights and Voting Rights.

  
 (a)    Except as required
pursuant to the Investor Rights Agreement, the Company is presently not under any obligation, and has not granted any rights, to register (as defined in Section 1.1 of the Investor Rights Agreement) any of the Company’s presently outstanding
securities or any of its securities that may hereafter be issued. 
  
 (b)    To the Company’s knowledge, except as contemplated in the Voting Agreement, no shareholder of the Company has entered into any agreement with respect to the voting of equity securities
of the Company. 
  
 3.19  Compliance
with Laws; Permits. The Company is not in violation of any applicable statute, rule, regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the
ownership of its properties which violation would have a Material Adverse Effect. No governmental orders, permissions, consents, approvals or authorizations are required to be obtained and no registrations or declarations are required to be filed in
connection with the execution and delivery of this Agreement and the issuance of the Shares and the Conversion Shares, except such as has been duly and validly obtained or filed, or with respect to any filings that must be made after the Closing as
will be filed in a timely manner. The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business as now being conducted by it, the lack of which could materially and adversely affect the
business, properties, prospects or financial condition of the Company and believes it can obtain, without undue burden or expense, any similar authority for the conduct of its business as planned to be conducted. 
  
 3.20  Environmental and Safety Laws. To the
Company’s knowledge, the Company is not in violation of any applicable statute, law or regulation relating to the environment or occupational health and safety, and to its knowledge, no material expenditures are or will be required in order to
comply with any such existing statute, law or regulation. No Hazardous Materials (as defined below) are used or have been used, stored, or disposed of by the Company or, to the Company’s knowledge, after reasonable investigation, by any other
person or entity on any property owned, leased or used by the Company. For the purposes of the preceding sentence, “Hazardous Materials” shall mean (a) materials which are listed or otherwise defined 
  
  

 -11- 

 as “hazardous” or “toxic” under any applicable local, state, federal and/or foreign
laws and regulations that govern the existence and/or remedy of contamination on property, the protection of the environment from contamination, the control of hazardous wastes, or other activities involving hazardous substances, including building
materials, or (b) any petroleum products or nuclear materials. 
  
 3.21  Offering Valid. Assuming the accuracy of the representations and warranties of the Purchasers contained in Section 4.2 hereof, the offer, sale and issuance of the Shares, the Warrants and the
Conversion Shares will be exempt from the registration requirements of the Securities Act, and will have been registered or qualified (or are exempt from registration and qualification) under the registration, permit or qualification requirements of
all applicable state securities laws. Neither the Company nor any agent on its behalf has solicited or will solicit any offers to sell or has offered to sell or will offer to sell all or any part of the Shares or Warrants to any person or persons so
as to bring the sale of such Shares or Warrants by the Company within the registration provisions of the Securities Act or any state securities laws. 
  
 3.22  Full Disclosure. The Company has provided the Purchasers with all information requested by the Purchasers in connection
with their decision to purchase the Shares and Warrants and to the Company’s knowledge, including all information the Company believes is reasonably necessary to make such investment decision. Neither this Agreement, the Exhibits hereto, the
Related Agreements nor any other document delivered by the Company to Purchasers or their attorneys or agents in connection herewith or therewith or with the transactions contemplated hereby or thereby, contain any untrue statement of a material
fact nor, omit to state a material fact necessary in order to make the statements contained herein or therein not misleading. To the Company’s knowledge, there are no facts which (individually or in the aggregate) will have a Material Adverse
Effect that have not been set forth in the Agreement, the Exhibits hereto, the Related Agreements or in other documents delivered to Purchasers or their attorneys or agents in connection herewith. 
  
 3.23  Minute Books. The minute books of the Company
made available to the Purchasers contain a complete summary of all formal meetings of the directors and the shareholders of the Company since the time of incorporation. 
  
 3.24  Real Property Holding Corporation. The Company is not a real property holding corporation
within the meaning of Section 897(c)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) and any regulations promulgated thereunder. 
  
 3.25  Insurance. The Company has general business liability, fire and casualty insurance policies with coverage customary for
companies similarly situated to the Company. 
  
 3.26  Tax Elections. The Company has not elected to be treated as an “S” corporation or a collapsible corporation pursuant to Section 341(f) or Section 1362(a) of the Code, nor has it made any other elections pursuant to
the Code (other than elections which relate solely to matters of accounting, depreciation or amortization) which would have a material adverse effect on the Company, its financial condition, its business as presently conducted or its present
properties or material assets. 
  
  

 -12- 

 3.27  Business Plan. The Company is engaged primarily in the business of
providing wireless, voice and data communications solutions to enterprises, on-line businesses, national retailers and their respective end-users. 
  
 3.28  Criminal History. To the Company’s knowledge, during the past ten (10) years, no Company director, officer or
management member has been arrested or convicted of any material crime, nor have any of them been bankrupt or an officer or director of a bankrupt Company. 
  
 3.29  Small Business Concern. The Company (together with its “affiliates” as that term is defined in Title 13 of the
Code of Federal Regulations (“C.F.R.”), (S) 121.103) is a “small business concern” within the meaning of the Small Business Investment Act of 1958, and the regulations thereunder, including (S) 121.802(a) of Title 13 of the
C.F.R. The Company acknowledges that Core Capital Partners, L.P. is a small business investment company licensed by the Small Business Administration (“SBA”) and that it is relying upon this representation. 
  
 4.    Representations And Warranties Of The Purchasers.
Each Purchaser hereby represents and warrants to the Company, severally and not jointly, as follows (such representations and warranties do not lessen or obviate the representations and warranties of the Company set forth in this Agreement):

  
 4.1    Requisite Power
and Authority. Purchaser has all necessary power and authority under all applicable provisions of law to execute and deliver this Agreement and the Related Agreements and to carry out their provisions. All action on Purchaser’s part required
for the lawful execution and delivery of this Agreement and the Related Agreements have been or will be effectively taken prior to the Closing. Upon their execution and delivery, this Agreement and the Related Agreements will be valid and binding
obligations of Purchaser, enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, (b)
general principles of equity that restrict the availability of equitable remedies, and (c) to the extent that the enforceability of the indemnification provisions of Section 2.9 of the Investor Rights Agreement may be limited by applicable laws.

  
 4.2    Investment
Representations. Purchaser understands that neither the Shares, the Warrants nor the Conversion Shares have been registered under the Securities Act. Purchaser also understands that the Shares and Warrants are being offered and sold pursuant to an
exemption from registration contained in the Securities Act based in part upon Purchaser’s representations contained in the Agreement. Purchaser hereby represents and warrants as follows: 
  
 (a)    Purchaser Bears Economic Risk.
Purchaser has substantial experience in evaluating and investing in private placement transactions of securities in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment in the Company and has
the capacity to protect its own interests. Purchaser must bear the economic risk of this investment indefinitely unless the Shares, the Warrants or the Conversion Shares are registered pursuant to the Securities Act, or an exemption from
registration is available. Purchaser understands that the Company has no present intention of 
  
  

 -13- 

 registering the Shares, the Warrants or the Conversion Shares or any shares of its Common Stock.
Purchaser also understands that there is no assurance that any exemption from registration under the Securities Act will be available and that, even if available, such exemption may not allow Purchaser to transfer all or any portion of the Shares,
the Warrants or the Conversion Shares under the circumstances, in the amounts or at the times Purchaser might propose. 
  
 (b)    Acquisition for Own Account. Purchaser is acquiring the Shares, the Warrants and the Conversion Shares for
Purchaser’s own account for investment only, and not with a view towards their distribution. 
  
 (c)    Purchaser Can Protect Its Interest. Purchaser represents that by reason of its, or of its management’s,
business or financial experience, Purchaser has the capacity to protect its own interests in connection with the transactions contemplated in this Agreement, and the Related Agreements. Further, Purchaser is aware of no publication of any
advertisement in connection with the transactions contemplated in the Agreement. 
  
 (d)    Accredited Investor. Purchaser represents that it is an accredited investor within the meaning of Regulation D
under the Securities Act. 
  
 (e)    Company Information. Purchaser has had an opportunity to discuss the Company’s business, management and financial affairs with directors, officers and management of the Company and has had the opportunity to
review the Company’s operations and facilities. Purchaser has also had the opportunity to ask questions of and receive answers from, the Company and its management regarding the terms and conditions of this investment. 
  
 (f)    Rule 144. Purchaser acknowledges
and agrees that the Shares, the Warrants and, if issued, the Conversion Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser has been advised
or is aware of the provisions of Rule 144 promulgated under the Securities Act as in effect from time to time, which permits limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions, including,
among other things: the availability of certain current public information about the Company, the resale occurring following the required holding period under Rule 144 and the number of shares being sold during any three-month period not exceeding
specified limitations. 
  
 (g)    Residence. If the Purchaser is an individual, then the Purchaser resides in the state or province identified in the address of the Purchaser set forth on Exhibit A; if the Purchaser is a partnership, corporation,
limited liability company or other entity, then the office or offices of the Purchaser in which its investment decision was made is located at the address or addresses of the Purchaser set forth on Exhibit A. 
  
 4.3    Transfer Restrictions. Each
Purchaser acknowledges and agrees that the Shares and, if issued, the Conversion Shares are subject to restrictions on transfer as set forth in the Investor Rights Agreement. 
  

 -14- 

 5.    Conditions To Closing. 
  
 5.1    Conditions to Purchasers’
Obligations at the Closing. Each of the Purchasers’ obligations to purchase the Shares and Warrants at the Closing are subject to the satisfaction, at or prior to such date, of the following conditions: 
  
 (a)    Representations and Warranties
True; Performance of Obligations. The representations and warranties made by the Company in Section 3 hereof shall be true and correct as of the Closing Date with the same force and effect as if they had been made as of such date and the Company
shall have performed all obligations and conditions herein required to be performed or observed by it on or prior to such date. 
  
 (b)    Consents, Permits, and Waivers. The Company shall have obtained any and all consents, permits and waivers
necessary or appropriate for consummation of the transactions contemplated by the Agreement and the Related Agreements. 
  
 (c)    Filing of Certificate of Incorporation. The Certificate of Incorporation shall have been filed with the
Secretary of State of the State of Delaware and shall be in full force and effect as of the Closing. 
  
 (d)    Corporate Documents. The Company shall have delivered to Purchasers or their counsel, copies of all corporate
documents of the Company as Purchasers shall reasonably request. 
  
 (e)    Reservation of Conversion Shares. The Conversion Shares shall have been duly authorized and reserved for issuance upon such conversion or exercise, as the case may be. 
  
 (f)    Compliance Certificate. The
Company shall have delivered to the Purchasers a Compliance Certificate, executed by the Chief Executive Officer of the Company, dated the Closing Date, to the effect that the conditions specified in subsections (a), (b), (c) and (e) of this Section
5.1 have been satisfied. 
  
 (g)    Investor Rights Agreement. The Investor Rights Agreement shall have been executed and delivered by the parties thereto. The stock certificates representing the shares subject to the Investor Rights Agreement shall
have been delivered to the Secretary of the Company and shall have had appropriate legends placed upon them to reflect the restrictions on transfer set forth in the Investor Rights Agreement. 
  
 (h)    Right of First Refusal and
Co-Sale Agreement. The Co-Sale Agreement shall have been executed and delivered by the parties thereto. The stock certificates representing the shares subject to the Co-Sale Agreement shall have been delivered to the Secretary of the Company and
shall have had appropriate legends placed upon them to reflect the restrictions on transfer set forth in the Co-Sale Agreement. 
  
 (i)    Voting Agreement. The Voting Agreement shall have been executed and delivered by the parties thereto. The stock
certificates representing the shares subject to the Voting Agreement shall have been delivered to the Secretary of the Company and 

  

 -15- 

 
shall have had appropriate legends placed upon them to reflect the restrictions on transfer set forth in the Voting Agreement. 
  
 (j)    Employment Agreement. The
Employment Agreement by and between the Company and David A. Steinberg shall be in full force and effect. 
  
 (k)    Legal Opinion. The Purchasers shall have received from legal counsel to the Company an opinion addressed to
them, dated as of the Closing Date, in substantially the form attached hereto as Exhibit I. 
  
 (l)    Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated
hereby and all documents and instruments incident to such transactions shall be reasonably satisfactory in substance and form to the Purchasers and their counsel, and the Purchasers and their counsel shall have received all such counterpart
originals or certified or other copies of such documents as they may reasonably request. Such documents shall include (but not be limited to) the following: 
  
 (1)    Certified Charter Documents. A copy of the Company’s Certificate of Incorporation (certified by the Delaware Secretary of
State) and Bylaws, certified by the Secretary of the Company as true and correct as of the Closing. 
  
 (2)    Secretary’s Incumbency Certificate. A certificate of the Secretary or an Assistant Secretary or other officer of the
Company certifying the names of the officers of the Company authorized to sign this Agreement and the other documents, instruments or certificates to be delivered pursuant to this Agreement by the Company or any of its officers, together with the
true signatures of such officers. 
  
 (3)    Corporate Actions. A copy of the resolutions of the Board of Directors and, if required, the stockholders of the Company evidencing the approval of this Agreement and the Related Agreements, the election of the
Board of Directors and the other matters contemplated hereby, certified by the Secretary of the Company to be true, complete and correct. 
  
 (4)    Good Standing Certificate. A good standing certificate issued by the Delaware Secretary of State and any other state where the
Company is qualified to do business dated within fifteen (15) days prior to the Closing. 
  
 (m)    Assignment of Inventions, Non-Disclosure and Non-Competition Agreement. The Company and each of its former
senior management and current employees, senior management, officers and consultants, shall have entered into the Assignment of Inventions, Non-Disclosure and Non-Competition Agreement. 
  
 (n)    Due Diligence. The Purchasers shall have completed, to their sole satisfaction,
their due diligence review of the Company. 
  
 (o)    SBIC Documentation. The Company shall have completed and delivered to Core Capital Partners, L.P. the following forms concerning the status of the Company as a small business concern: (a) SBA Form 480, Size Status
Declaration; (b) SBA 
  

 -16- 

 
Form 652-D, Assurance of Compliance for Non-Discrimination; and (c) SBA Form 1031, Portfolio Financing Report. 
  
 (p)    Blue Sky Approvals. The Company
shall have obtained all necessary Blue Sky Law permits and qualifications, or secured an exemption therefrom, required by any state for the offer and sale of the Shares to be sold at the Closing or at such time thereafter as may be required by
applicable statute. 
  
 5.2    Conditions to Obligations of the Company. The Company’s obligation to issue and sell the Shares and Warrants at Closing to each Purchaser purchasing Shares at such Closing (a “Participating
Purchaser”) is subject to the satisfaction, on or prior to such Closing, of the following conditions: 
  
 (a)    Payment. Each Participating Purchaser shall have delivered to the Company payment in accordance with
Section 2. 
  
 (b)    Representations and Warranties True. The representations and warranties in Section 4 made by each Participating Purchaser shall be true and correct at the date of such Closing with the same force and effect as if
they had been made on and as of said date. 
  
 (c)    Performance of Obligations. Such Participating Purchaser shall have performed and complied with all agreements and conditions herein required to be performed or complied with by such Participating Purchaser on or
before such Closing. 
  
 (d)    Related Agreements. Each of the Related Agreements shall have been executed and delivered by such Participating Purchaser. 
  

(e)    Consents, Permits, and Waivers. The Company shall have obtained any and all consents, permits and waivers
necessary or appropriate for consummation of the transactions contemplated by the Agreement and the Related Agreements (except for such as may be properly obtained subsequent to such Closing). 
  
 6.    Miscellaneous. 
  
 6.1    Governing Law. This Agreement
shall be construed, interpreted and enforced in accordance with the laws of the State of Delaware (without regard to the choice of law or conflicts of law provisions thereof. 
  
 6.2    Survival. The representations, warranties, covenants and agreements made herein
shall survive any investigation made by any Purchaser and the closing of the transactions contemplated hereby. All statements as to factual matters contained in any certificate or other instrument delivered by or on behalf of the Company pursuant
hereto in connection with the transactions contemplated hereby shall be deemed to be representations and warranties by the Company hereunder solely as of the date of such certificate or instrument. 
  
 6.3    Successors and Assigns. Except as
otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, 
  

 -17- 

 heirs, executors and administrators of the parties hereto and shall inure to the benefit of and be
enforceable by each person who shall be a holder of the Shares from time to time. 
  
 6.4    Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the Related Agreements, the Bridge Loan
Warrants and the other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the parties with regard to the subject matter hereof and no party shall be liable or bound to any other in any manner by
any representations, warranties, covenants and agreements except as specifically set forth herein and therein. 
  
 6.5    Severability. In case any provision of the Agreement shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 6.6    Amendment and Waiver. 
  

(a)    This Agreement may be amended or modified only by the written consent of the Company and holders of more
than sixty-six and two-thirds percent (66 2/3%) of the Shares (treated as if converted and including any Conversion Shares into which the Shares have been converted that have not been sold to the public). 
  
 (b)    The obligations of the Company
and the rights of the holders of the Shares and the Conversion Shares under the Agreement may be waived only with the written consent of the holders of more than sixty-six and two-thirds percent (66 2/3%) of the Shares (treated as if converted and
including any Conversion Shares into which the Shares have been converted that have not been sold to the public). 
  
 6.7    Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to
any party, upon any breach, default or noncompliance by another party under this Agreement, the Related Agreements or the Certificate of Incorporation, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any
such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on any
Purchaser’s part of any breach, default or noncompliance under this Agreement, the Related Agreements or under the Certificate of Incorporation or any waiver on such party’s part of any provisions or conditions of the Agreement, the
Related Agreements, or the Certificate of Incorporation must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, the Related Agreements, the Certificate of
Incorporation, the Bylaws, or otherwise afforded to any party, shall be cumulative and not alternative. 
  
 6.8    Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of 
  

 -18- 

 receipt. All communications shall be sent to the Company at the address as set forth on the signature
page hereof and to a Purchaser at the address set forth on Exhibit A attached hereto or at such other address as the Company or such Purchaser may designate by ten (10) days advance written notice to the other parties hereto. 
  
 6.9    Expenses. The Company shall pay
all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of the Agreement. The Company shall reimburse Core Capital Partners, L.P. for up to $10,000 of fees and expenses, including reasonable
attorneys’ fees, in connection with the transactions contemplated by this Agreement. 
  
 6.10    Attorneys’ Fees. In the event that any suit or action is instituted to enforce any provision in this
Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation,
such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 
  
 6.11    Titles and Subtitles. The titles of the sections and subsections of the Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. 
  
 6.12    Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
  
 6.13    Broker’s Fees. Except as
set forth in the Schedule of Exceptions, each party hereto represents and warrants that no agent, broker, investment banker, person or firm acting on behalf of or under the authority of such party hereto is or will be entitled to any broker’s
or finder’s fee or any other commission directly or indirectly in connection with the transactions contemplated herein. The Company shall be responsible for any broker’s or finder’s fees or other commissions disclosed on the Schedule
of Exceptions. Each party hereto further agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this Section 6.13 being untrue. 
  
 6.14    Exculpation Among Purchasers.
Each Purchaser acknowledges that it is not relying upon any person, firm, or corporation, other than the Company and its officers and directors, in making its investment or decision to invest in the Company. Each Purchaser agrees that no Purchaser
nor the respective controlling persons, officers, directors, partners, agents, or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with
the Shares and Conversion Shares. 
  
 6.15    Confidentiality. Each party hereto agrees that, except with the prior written consent of the other party, it shall at all times keep confidential and not divulge, furnish or make accessible to anyone any
confidential information, knowledge or data concerning or relating to the business or financial affairs of the other parties to which such party has been or 
  

 -19- 

 shall become privy by reason of this Agreement or the Related Agreements, discussions or negotiations
relating to this Agreement or the Related Agreements, the performance of its obligations hereunder or the ownership of the Shares purchased hereunder. The provisions of this Section 6.15 shall be in addition to, and not in substitution for, the
provisions of any separate nondisclosure agreement executed by the parties hereto. 
  
 6.16    Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the
masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require. 
  
 6.17    Mutual Drafting. This Agreement is the result of the joint efforts of the Company and each of the Purchasers,
and each provision hereof has been subject to the mutual consultation, negotiation and agreement of the parties and there shall be no construction against any party based on any presumption of that party’s involvement in the drafting thereof.

  
 6.18    Additional
Investors. The addition of counterpart signature pages to this Agreement, or the revision of Exhibit A to this Agreement in accordance with Section 2 shall not be deemed an amendment to this Agreement requiring the consent of the parties pursuant to
Section 6.6. 
  
 [SIGNATURE PAGES FOLLOW] 
  

 -20- 

 IN WITNESS WHEREOF, the parties hereto have executed this Series D-4 Convertible Preferred Stock and
Warrant Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

			
	 Company:

	
	InPhonic, Inc.
		
	By:	 	 /s/ David A. Steinberg

	 	 	

	 David A. Steinberg
 Chairman and Chief Executive Officer

			
		
	 Address:
	 	 1010 Wisconsin Avenue, N.W.
 Suite 250
 Washington, D.C. 20007

  
 SERIES D
CONVERTIBLE PREFERRED STOCK PURCHASE AGREEMENT 
 SIGNATURE PAGE 
  

 -21- 

 INPHONIC, INC. 
  
 SERIES D-4 CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day
and year first above written. 
  

			
	 Bret R. Maxwell Revocable Trust

		
	By:	 	 /s/ Bret R. Maxwell

	 	 	

	 Name:
	 	 Bret R. Maxwell

	 Title:
	 	 Trustee

  
 SERIES D-4
CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT 
  

 -22- 

 INPHONIC, INC. 
  
 SERIES D-4 CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day
and year first above written. 
  

			
	 Core Capital Partners, L. P.

		
	By:	 	 /s/ Mark J. Levine

	 	 	

	 Name:
	 	 Mark J. Levine

	 Title:
	 	 Managing Director

  

 -23- 

 INPHONIC, INC. 
  
 SERIES D-4 CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day
and year first above written. 
  

			
	 Minotaur, LLC

		
	By:	 	 /s/ Mark J. Levine

	 	 	

	 Name:
	 	 Mark J. Levine

	 Title:
	 	 Managing Director

  

 -24- 

 INPHONIC, INC. 
  
 SERIES D-4 CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day
and year first above written. 
  

			
	 CMS Tech Co-Investment Subpartnership

		
	By:	 	 /s/ Richard A. Mitchell

	 	 	

	 Name:
	 	 Richard A. Mitchell

	 Title:
	 	 Authorized Officer

  

 -25- 

 INPHONIC, INC. 
  
 SERIES D-4 CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day
and year first above written. 
  

			
	 CMS PEP XIV Co-Investment Subpartnership

		
	By:	 	 /s/ Richard A. Mitchell

	 	 	

	 Name:
	 	 Richard A. Mitchell

	 Title:
	 	 Authorized Officer

  

 -26- 

 INPHONIC, INC. 
  
 SERIES D-4 CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day
and year first above written. 
  

			
	 Brind Investment Partners II

		
	By:	 	 /s/ Ira Brind

	 	 	

	 Name:
	 	 Ira Brind

	 Title:
	 	 Partner

  

 -27- 

 INPHONIC, INC. 
  
 SERIES D-4 CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day
and year first above written. 
  

			
	 Riverside Partnership, LP

		
	 By:
	 	 Riverside LLC, its General Partner

		
	 By:
	 	 First Analysis Management Company III, LLC,
 its Manager

		
	By:	 	 /s/ Bret R. Maxwell

	 	 	

	 Name: Bret R. Maxwell

	 Title: Managing Member

  

 -28- 

 INPHONIC, INC. 
  
 SERIES D-4 CONVERTIBLE PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT 
  
 COUNTERPART SIGNATURE PAGE 
  
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the day
and year first above written. 
  

			
	 Venture Investment Partners I LLC

		
	By:	 	 /s/ Richard L. Tuch

	 	 	

	 Name: Richard L. Tuch

	 Title: Managing Partner

  

 -29-

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