Document:

EX-10.16

 EXHIBIT 10.16 

Execution Version 
 TRUST AGREEMENT

 This Trust Agreement (this “Agreement”) is made as of June 10, 2014 by and among Pacific
DataVision, Inc. (the “Company”), each investor (collectively, the “Investors”) in the Private Placement (as hereinafter defined), T. Clark Akers, an independent director on the Company’s board of
directors (the “Investor Rep”) and Wilmington Trust, National Association, as trustee (the “Trustee”). 

WHEREAS, on May 13, 2014, the Company entered into an Asset Purchase Agreement by and among FCI 900, Inc., ACI 900,
Inc., Machine License Holding, LLC, Nextel WIP License Corp., and Nextel License Holdings 1, Inc., each a wholly-owned indirect subsidiary of Sprint Corporation, collectively, “Sprint,”
and the Company (such agreement, as amended, the “Sprint APA”) pursuant to which the Company will purchase licenses to use spectrum in the 900 MHz. range (the “Spectrum Assets”) from Sprint for the purchase price of
$90 million in cash and $10 million in shares of the Company’s common stock valued at the offering price in the Private Placement (as hereinafter defined); 

WHEREAS, the Company’s acquisition of the Spectrum Assets is essential to the Company’s ability to provide the
Company’s push-to-talk dispatch services; 

WHEREAS, certain shares of the Company’s common stock are being offered to “qualified institutional buyers,” as
defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), to certain persons outside the United States in offshore transactions in reliance on Regulation S under the Securities Act and
pursuant to a private placement to “accredited investors,” as defined in Rule 501 under the Securities Act, for the purpose of funding the purchase price under the Sprint APA and for other purposes (the “Private
Placement”); 
 NOW, THEREFORE, for and in consideration of the mutual agreements contained herein, the parties
hereto agree as follows: 
 ARTICLE I 

THE TRUST 

1.1    General. 

(a)    The Company hereby appoints Wilmington Trust, National Association, as the trustee of the Trust,
and Wilmington Trust, National Association, hereby accepts such appointment by the Company. 

(b)    The Trust shall be known as “PDV Investor Trust”, in which name the Trustee may conduct
the business of the Trust. 
 (c)    The Company hereby assigns, transfers, conveys and sets over to the
Trust all of its right title and interest in its right to receive 96% of the proceeds from the Private Placement net of the 7% initial purchaser’s discount and placement fee (the “Agent Fees”) payable to FBR Capital
Markets & Co., as initial purchaser and placement agent (the “Private 

 
Placement Proceeds”). In addition, the Company hereby assigns, transfers, conveys and sets over to the Trust the right to receive 96% of the proceeds from the additional allotment in
connection with the Private Placement net of the related Agent Fees, if any (the “Additional Allotment Proceeds”). Such rights to receive the Private Placement Proceeds and the Additional Allotment Proceeds, and when received, the
Private Placement Proceeds, together with the Additional Allotment Proceeds, if any, constitute the trust assets (the “Trust Assets”). 

(d)    Any funds transferred to the Trust, whether from the escrow account (the “Escrow
Account”) established pursuant to the Escrow Agreement, dated as of June 10, 2014 by and among the Company, FBR and Wilmington Trust, National Association, in its capacity as escrow agent (the “Escrow Agreement”), the
return of the Deposit (as hereinafter defined) or otherwise shall become part of the Trust Assets. 

(e)    The closing date of the Private Placement is June 10, 2014 (the “Private Placement
Date”). 
 (f)    The Trustee hereby acknowledges receipt of the Trust Assets on behalf of the
Trust. 
 (g)    The Trustee hereby declares that it will hold the Trust Assets in trust for the Company
and the Investors as provided herein. Upon the formation of the Trust, the Company and the Investors shall be beneficiaries and beneficial owners (within the meaning of the Act (as hereinafter defined)) of the Trust. It is the intention of the
parties hereto that the Trust created hereby constitute a statutory trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq. (the “Act”) and that this document constitute the governing
instrument of the Trust. The Trustee is hereby authorized and directed to execute and file a certificate of trust with the Delaware Secretary of State in the form attached hereto as Annex A. 

(h)    The Trustee may engage, in the name of the Trust, in the activities of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued in accordance with the terms hereof. 

1.2    Purposes. 

The purposes of the Trust are to: (i) receive and hold the Trust Assets (as hereinafter defined), including, without
limitation, the Deposit (as hereinafter defined), in trust and manage, supervise and administer the Trust Account (as hereinafter defined), each in accordance with this Agreement, (ii) engage in any of the activities described, contemplated or
authorized in this Agreement, and (iii) conduct such other activities as it deems necessary or appropriate to accomplish the foregoing or that are incidental thereto or connected therewith. The Trust shall not engage in any activity other than
the foregoing or other than as required or authorized by applicable law or as required, expressly permitted or authorized by this Agreement. The Trustee hereby agrees, on behalf of the Trust, and is hereby authorized and directed by the Company, to
cause the Trust, in accordance with the express terms of this Agreement, to take such actions as it shall be directed in writing from time to time by the Company and the Investor Rep, as applicable. 

  
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 1.3    Disbursements from the Trust Account: 

(a)    The Trust shall transfer $13.5 million from the Trust Assets (the “Deposit”) by
wire transfer to Sprint Corporation to the account below promptly after receipt of the Trust Assets, but in no event later than 10 calendar days after the Private Placement Date. 

 

			
	Bank name:	    	Bank of America, N.A.
		
	Bank Location:	    	Charlotte, NC
		
	ABA #	    	026 009 593
		
	Account Name	    	Nextel Communications Inc.
		
	Account #	    	3752205626

 (b)    If the Trustee receives written notice from the Company in the form
of Exhibit A (the “APA Closing Notice”) on or prior to 150 days after the Private Placement Date (the “Closing Deadline”) that it will consummate the transactions contemplated by the Sprint APA on or prior
to the Closing Deadline, the Trustee shall promptly, but no later than 5 calendar days, transfer the remaining balance of the Trust Assets to the Company by wire transfer to the account below. 

 

			
	Bank name	    	JP Morgan Chase Bank, N.A.
		
	ABA #	    	021 000 021
		
	Account Name	    	Pacific DataVision, Inc.
		
	Account #	    	739229346

 (c)    If the Trustee does not receive an APA Closing Notice on or prior
to the Closing Deadline, then the Trustee shall promptly, but no later than 5 calendar days, transfer the remaining balance of the Trust Assets by wire transfer to Continental Stock Transfer & Trust Company (in its capacity as transfer
agent, the “Transfer Agent”) for the for ratable distribution to the Investors; provided that no Extension Notice (as hereinafter defined) has been timely received. The remaining balance shall be transferred to the Transfer Agent at
the account below. 
  

			
	Bank name	    	 JP Morgan Chase
 4 Metrotech Center 14th
Floor
 Brooklyn, New York 11245

		
	ABA #	    	021000021
		
	Account Name	    	Continental Stock Transfer & Trust Company
		
	Account #	    	475581997
		
	SWIFT:	    	CHASUS33

  
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 (d)    If the Trustee has not received an APA Closing Notice
from the Company on or prior to the Closing Deadline, but has received a notice in the form of Exhibit B from the Investor Rep on or prior to the Closing Deadline that the Investors have granted an extension of time to consummate the Sprint APA
(an “Extension Notice”), then the Trustee shall retain the Trust Assets until the expiration of the extended closing deadline set forth in the Extension Notice. Upon expiration of such extension, the Trustee shall distribute the
Trust Assets to the Company in order to consummate the Sprint APA, if the Trustee has received an APA Closing Notice prior to the extended closing deadline, and shall distribute the Trust Assets to the Transfer Agent for the ratable benefit of the
Investors, if the Trustee has not received an APA Closing Notice prior to the extended closing deadline. There is no limitation to the number of Extension Notices that may be given. 

(e)    Upon return of the Deposit to the Trustee by Sprint, the Trustee shall transfer the Deposit by wire
transfer to the Transfer Agent for the ratable distribution of the Investors. Funds transferred to the Trust Account from the Escrow Account shall be transferred to the Transfer Agent for the ratable distribution to the Investors. All transfers to
the Transfer Agent shall be made to the account set forth in clause (c) unless otherwise specified in writing no less than 2 calendar days prior to the transfer. 

ARTICLE II 
 AGREEMENTS AND
COVENANTS OF TRUSTEE 
 2.1    Subject to the terms and conditions of this Agreement, including
Article V hereof, the Trustee hereby agrees and covenants to: 
 (a)    Hold the Trust
Assets, including, without limitation, the Deposit, in trust in accordance with the terms of this Agreement in a segregated trust account (the “Trust Account”) established by the Trustee; 

(b)    Manage, supervise and administer the Trust Account subject to the terms and conditions set forth
herein; 
 (c)    In a timely manner, upon the written instruction of the Company and/or the Investor
Rep invest and reinvest the Trust Assets in money market funds that invest in United States Treasury Bonds (any such investments may include funds for which the Trustee or an affiliate of the Trustee serves as an investment advisor, administrator,
shareholder servicing agent, custodian or subcustodian, subject to customary fees and expenses); 

(d)    Collect and receive, when due, all principal and income arising from the Trust Assets, which shall
become part of the “Trust Assets” as such term is used herein; 
 (e)    Promptly
notify the Company and the Investor Rep of all communications received by it with respect to the Trust Assets requiring action by the Company and/or the Investor Rep; 

(f)    Promptly supply any necessary information or documents as may be requested by the Company in
connection with the Company’s preparation of the tax returns relating to the Trust Assets held in the Trust Account or otherwise relating to the Trust Account; 

  
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 (g)    Participate in any plan or proceeding for protecting
or enforcing any right or interest arising from the Trust Assets if, as and when instructed by the Company and the Investor Rep to do so; and 

(h)    Render to the Company and the Investor Rep monthly written statements of the activities of and
amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account. 
 ARTICLE III 

LIMITED DISTRIBUTIONS OF INCOME FROM TRUST ACCOUNT 

3.1    Taxes. The Company shall make all necessary filings and payments in respect of taxes on the
Trust Assets. 
 3.2    No Other Distributions. No distributions from the Trust
Account shall be permitted other than pursuant to Section 1.3 above. 
 ARTICLE IV 

AGREEMENTS AND COVENANTS OF THE COMPANY 

4.1    Instructions. 

(a)    By the Company. The Company shall give all instructions and notices to the Trustee hereunder
in writing, signed by the Company’s Chairman of the Board of Directors, Vice Chairman of the Board of Directors, Chief Executive Officer, Chief Financial Officer or other authorized officer. 

(b)    By the Investors. All instructions given by the Investors to the Trustee shall be given by
the Investor Rep in writing, signed by the Investor Rep on behalf of the Investors. 

(c)    Extension Notices. Any Extension Notice must be received by the Trustee on or before the
Closing Deadline, in the form of Exhibit C, specifying the date on which the extension shall terminate and executed by the Investor Rep. All Extension Notices must be in writing. If more than one Extension Notice is timely delivered, the
subsequent Extension Notice must be received by the Trustee prior to the expiration of the prior extension. 

4.2    Indemnity. The Company shall hold the Trustee harmless and indemnify the Trustee from and
against, any and all claims, actions, suits, costs or expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any claim, action, suit or other proceeding brought against the Trustee involving
any claim or demand that in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Trust Assets or any income earned on the Trust Assets, except for expenses and losses resulting from the Trustee’s
gross negligence, willful misconduct or bad faith. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this
Section 4.2, it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Company shall conduct and manage the defense against such

  
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Indemnified Claim; provided that the Company shall keep the Trustee reasonably informed of the status of such Indemnified Claim; and provided further that the Trustee may voluntarily participate
in such action at its own cost with its own counsel. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company. The Company shall not, without the prior written consent of the Trustee, effect any
settlement of any Indemnified Claim unless such settlement (i) includes an unconditional release of the Trustee from all liability on such Indemnified Claim and (ii) does not include a statement as to, or an admission of, fault,
culpability or a failure to act by or on behalf of the Trustee. The obligations and rights contained in this Section 4.2 shall survive the termination of this Agreement, including the resignation of the Trustee. 

4.3    Fees. The Company shall pay the Trustee an initial acceptance fee, an annual fee and a
transaction processing fee for each disbursement made pursuant to Article I as set forth in Annex B hereto, which fees shall be subject to modification by mutual agreement of the parties from time to time. It is expressly
understood that said transaction processing fees shall be deducted by the Trustee from disbursements made pursuant hereto. The Trustee shall be entitled to be reimbursed by the Company for its other reasonable expenses hereunder, including the fees
and expenses of its counsel it may employ in connection with the exercise and performance of its rights and duties hereunder, upon presentation of appropriate documentation therefor. The Company shall not be responsible for any other fees or charges
of the Trustee except as set forth in this Section 4.3 and as may be provided in Section 4.2 hereof (it being expressly understood that the Trust Assets shall not be used to make any payments to the Trustee under such Sections). 

ARTICLE V 
 LIMITATIONS OF
LIABILITY 
 5.1    The Trustee shall have no responsibility or liability for: 

(a)    Taking any action with respect to the Trust Assets, other than as directed in Articles I and II
hereof and the Trustee shall have no liability to any party except for liability arising out of its own gross negligence, willful misconduct or bad faith; 

(b)    Instituting any proceeding for the collection of any principal and income arising from, or
institute, appear in or defend any proceeding of any kind with respect to, any of the Trust Assets unless and until it shall have received written instructions from the Company given as provided herein to do so and the Company shall have advanced or
guaranteed to it funds sufficient to pay any expenses incident thereto; 
 (c)    Refunding any
depreciation in principal of any Trust Asset; 
 (d)    Assuming that the authority of any person
designated by the Company or the Investor Rep to give instructions hereunder shall not be continuing unless provided otherwise in such designation or unless the Company or the Investor Rep shall have delivered a written revocation of such
authority to the Trustee; 
 (e)    Any action taken or omitted by it, or any action suffered by it to
be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross 

  
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negligence, willful misconduct or bad faith, whether to the other parties hereto or anyone else. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the
truth and acceptability of any information therein contained) that is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any
waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are
affected, unless it shall give its prior written consent thereto; 
 (f)    Verifying the correctness of
the information set forth in the offering document or any other action taken by it is as contemplated by the offering document; 

(g)    Preparing, executing and filing tax reports, income or other tax returns and paying any taxes with
respect to income and activities relating to the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, income tax obligations; and 

(h)    (i) Special, consequential or punitive damages, (ii) acts or omissions of securities
depositories, brokers or dealers; or (iii) any losses due to forces beyond the control of the Trustee, including without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or
acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services. 

5.2    The Trustee: 

(a)    shall have no duties or obligations other than those specifically set forth in this Agreement and
no duties or obligations shall be implied; 
 (b)    shall be able to consult with counsel satisfactory
to it (including counsel for the other parties hereto) and the advice or opinion of such counsel, after consultation with the Company and its counsel, shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel; 

(c)    shall not, notwithstanding any provision of this Agreement to the contrary, be required to make any
payment hereunder until sufficient funds are actually received by the Trustee; and 
 (d)    shall not
be required to take any action hereunder if the Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Trustee or is contrary to the terms hereof or is
otherwise contrary to law. 
 In carrying out its duties and obligations hereunder, the Trustee may do so by or through
agents or affiliates disclosed or referenced in any account agreement signed by the 

  
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Company or otherwise reasonably acceptable to the Company. The rights, privileges, protections, immunities and benefits provided to the Trustee hereunder (including its right to be indemnified)
are extended to, and shall be enforceable by, any such agents or affiliates. 
 ARTICLE VI 

WAIVER OF CLAIMS AGAINST TRUST ACCOUNT 

6.1    The Trustee hereby waives any and all right, title, interest or claim of any kind
(“Claim”) that the Trustee may have against the Trust Assets held in the Trust Account, and hereby agrees not to seek recourse, reimbursement, set-off, payment or satisfaction for any Claim
against the Trust Account for any reason whatsoever. In the event that the Trustee has a claim against the Company under this Agreement, including, without limitation, Section 4.2, the Trustee will pursue such claim solely against the Company
and not against the Trust Assets held in the Trust Account. 
 ARTICLE VII 

TERMINATION 

7.1    The Trust shall dissolve, be wound up and liquidated and terminate in accordance with
Section 3808 of the Act upon the joint written direction of the Company and the Investor Rep. Upon the winding up of the Trust and payment of all liabilities in accordance with Section 3808 of the Act, the Company or the Investor Rep shall
instruct the Trustee to cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Act. Thereupon, the Trust and this Trust
Agreement (other than the rights, benefits, protections, privileges and immunities of the Trustee) shall terminate. 
 ARTICLE VIII 

MISCELLANEOUS 

8.1    Procedures for Funds Transfer. The Company, the Investor Rep and the Trustee each
acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an Authorized Individual
for the Company at an Authorized Telephone Number listed on Exhibit B attached hereto or an Authorized Individual for the Investor Rep, as applicable. The Company, the Investor Rep and the Trustee will each restrict access to
confidential information relating to such security procedures to authorized persons. Each party must notify the other parties immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change
in its authorized personnel. In executing funds transfers, the Trustee will rely upon account numbers or other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than names. The Trustee shall not be liable for
any loss, liability or expense resulting from any error in an account number or other identifying number, provided it has accurately transmitted the numbers provided. 

8.2    Governing Law. This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of Delaware, without giving effect to conflicts 

  
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of law principles that would result in the application of the substantive laws of another jurisdiction. 

8.3    Counterparts. This Agreement may be executed in several original or facsimile counterparts,
each one of which shall constitute an original, and together shall constitute but one instrument. 

8.4    Complete Agreement; Amendment; Waiver of Trial by Jury. This Agreement contains the entire
agreement and understanding of the parties hereto with respect to the subject matter hereof. This Agreement or any provision hereof may only be changed, amended, waived or modified by a writing signed by each of the parties hereto; provided,
however, that no such change, amendment, waiver or modification may be made without the prior written consent of the Representatives. As to any claim, cross-claim or counterclaim in any way relating to this
Agreement, each party waives the right to trial by jury. 
 8.5    Consent to Jurisdiction. The
parties hereto consent to the non-exclusive jurisdiction and venue of any state or federal court located in the State of Delaware, for purposes of resolving any disputes hereunder. The parties hereto also
submit to the non-exclusive jurisdiction and venue of any state or federal court located in the State of Delaware, and hereby waive any objection to such jurisdiction and that such courts represent and
inconvenient forum. 
 8.6    Notice; Consent; Requests. Any notice, consent or request to be
given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by facsimile
transmission or by e-mail: 
 if to the Trustee, to: 

Wilmington Trust, National Association 

Rodney Square North 
 1100 N.
Market Street 
 Wilmington, Delaware 19890 

Attn: Corporate Trust Administration 

Fax No.: (302) 636-4149 
 with a copy to:

 Richards, Layton & Finger, P.A. 

One Rodney Square 
 920 King
Street 
 Wilmington, DE 19801 

Attn: Doneene Keemer Damon, Esq. 

Fax No.: (302) 498-7526 

  
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 if to the Company, to: 

Pacific DataVision, Inc. 
 100
Hamilton Plaza 
 Paterson, New Jersey 07505 

Attention: Secretary 
 E-mail: apoh@pdvcorp.com 
 with a copy to: 

DLA Piper LLP (US) 
 4365
Executive Drive, Suite 1100 
 San Diego, CA 92121 

Attn: Jeffrey Thacker 
 Fax No.:
858-638-5128 
 if to the Investor Rep, to: 

FBR Capital Markets & Co. 

1001 Nineteenth Street North 

Arlington, Virginia 22209 
 Attn:
Gavin Beske, Esq. 
 Fax No.: 703-469-1012 

with a copy to: 
 Gibson, Dunn &
Crutcher LLP 
 1050 Connecticut Avenue, N.W. 

Washington, DC 20036 
 Attn:
Howard B. Adler, Esq. 
 Fax No.: 202-530-9526 

8.7    Assignability. This Agreement may not be assigned by the Trustee without the prior written
consent of the Company and the Investor Rep. 
 8.8    Beneficiaries. Each of the Company and the
Trustee hereby acknowledges that the Investors are beneficiaries of this Agreement. 

8.9    Multiple Capacities. It is expressly acknowledged, agreed and consented to that Wilmington
Trust, National Association will be acting in the capacities of escrow agent pursuant to the Escrow Agreement and the Trustee of the Trust. Wilmington Trust, National Association may, in such multiple capacities, discharge its separate functions
fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by Wilmington Trust, National
Association of express duties set forth in this Trust Agreement or the Escrow Agreement in any of such capacities, all of which defenses, claims or assertions are 

  
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hereby expressly waived by the Parties and any beneficiary of the trust or any other person having rights pursuant hereto or thereto. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first written
above. 
  

			
	 WILMINGTON TRUST, NATIONAL
ASSOCIATION

		
	By:	 	/s/ David B. Young
		 	 Name: David B. Young
 Title: Vice
President

  

			
	PACIFIC DATAVISION, INC.
		
	By:	 	/s/ John Pescatore
		 	 Name: John Pescatore
 Title:
C.E.O

  

			
	 INVESTOR REPRESENTATIVE
 ON BEHALF
OF THE INVESTORS

		
	By:	 	/s/ T. Clark Akers
		 	 Name: T. Clark Akers
 Title:
Director

 [Signature Page to Trust Agreement] 

 ANNEX A 

CERTIFICATE OF TRUST 
 OF

 PDV INVESTOR TRUST 

THIS Certificate of Trust of PDV Investor Trust (the “Trust”) is being duly executed and filed by the undersigned,
as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 

1.    Name. The name of the statutory trust formed hereby is PDV Investor Trust. 

2.    Delaware Trustee. The name and address of the trustee of the Trust with a principal place of
business in the State of Delaware are Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attn: Corporate Trust Administration. 

3.    Effective Date. This Certificate of Trust shall be effective upon filing. 

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a) of the
Act. 
  

			
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, not in its individual
 capacity but solely as
trustee

		
	By:	 	 
	Name:
	Title:

 ANNEX B 

Fees 
 You receive
quality, cost-effective service from Wilmington Trust. Our staff is qualified and proficient, drawing on years of experience in the field. Because we value your business, we are committed to bringing you
personal and professional service. 
 Delaware Statutory Trustee: 
  

					
	Acceptance Fee:	  	 	$3,000.00	  
	Annual Administration Fee:	  	 	$5,000.00	  

 The administration fee encompasses the day to day discharge of our duties and responsibilities in acting as
Delaware Trustee under the Trust Agreement. The Annual Administration Fee is due and payable annually in advance, with the first year’s payment due at the time of closing. 

Contingent Trust And Registrar Services: 
  

			
	Acceptance Fee:	  	$5,000.00

 The Acceptance Fee covers the acceptance of the trust created by and pursuant to the Trust
Agreement, and includes the review of the agreement and related documents and coordination with deal parties in closing the transaction. The Acceptance Fee is a one-time fee and is payable at closing of the
trust agreement appointment. 
  

					
	Annual Administration Fee:	  	 	$65,000.00	  

 The administration fee encompasses the day to day discharge of our duties and responsibilities in acting as
Trustee and Registrar under the Trust Agreement. The Annual Administration Fee is due and payable annually in advance, with the first year’s payment due at the time of closing. 

 

			
	Transaction Fees:	  	
		
	Payments by Check	  	$10.00 per Check
		
	Wire Transfers	  	$25.00 per Wire
		
	Stop Payment or Return Check Forwarding	  	$15.00 per Check
		
	Assignment/Transfer Fee (payable by transferring investors)	  	$500.00 each

  

			
	Escrow Agent Annual Administration Fee:	  	$3,000.00

 This is an annual fee payable at the time of closing, and annually thereafter, for ordinary services of the
Escrow Agent, including normal account administration and monthly statement generation. This charge is not prorated for the first year or any subsequent year. 

 Terms and Conditions 
  

	—	 	Should this transaction fail to close through no fault of Wilmington Trust, its Acceptance Fees, as well as counsel fees and out-of-pocket
expenses incurred by Wilmington Trust may be due and payable. 

	—	 	Wilmington Trust reserves the right to revisit this fee schedule upon a complete review of all governing documents. 

Out-of-Pocket Expenses: 
 In addition to the fees
listed above, all reasonable out-of-pocket expenses will be billed and payable at cost.
Out-of-pocket expenses include, but are not limited to, reasonable fees of counsel, reasonable travel expenses of bank officers to attend closing or other meetings, and
postage or copy expenses. 

 EXHIBIT A 

Form of Transaction Approval Notice 

Wilmington Trust, National Association 
 Rodney
Square North 
 1100 N. Market Street 

Wilmington, Delaware 19890 
 Attn:
Corporate Trust Administration 
 Fax No.: (302) 636-4149 

Reference is made to that certain Trust Agreement dated June 10, 2014 (the “Trust Agreement), by and among Pacific DataVision, Inc.,
the Investor Rep on behalf of the Investors, and you. Capitalized terms used herein and not defined herein have the meanings given to such terms in the Trust Agreement. Pursuant to the Trust Agreement you are hereby notified that the closing will
occur on or prior to 150 days after the Closing Deadline. In furtherance of the Trust Agreement, you are hereby directed, no later than 5 calendar days after receipt of this notice, to transfer the Trust Assets to the Company in accordance
with the wire instructions set forth in Section 1.3(b) of the Trust Agreement. 
  

			
	PACIFIC DATAVISION, INC.
		
	By:	 	 
		 	 Name:
 Title:

 EXHIBIT B 

Form of Extension Notice 
 Wilmington
Trust, National Association 
 Rodney Square North 

1100 N. Market Street 

Wilmington, Delaware 19890 
 Attn:
Corporate Trust Administration 
 Fax No.: (302) 636-4149 

Reference is made to that certain Trust Agreement dated June 10, 2014 (the “Trust Agreement), by and among Pacific DataVision, Inc.,
the Investor Rep on behalf of the Investors, and you. Capitalized terms used herein and not defined herein have the meanings given to such terms in the Trust Agreement. The Investors have granted an extension of time to consummate the Sprint APA
until                               ,
20         (the “Extended Deadline”). In furtherance of the Trust Agreement, if you do not receive an APA Closing Notice prior to the Extended Deadline, you are hereby directed to
distribute the Trust Assets to the Transfer Agent for the ratable benefit of the Investors. In the event that you receive a subsequent Extension Notice in accordance with the Trust Agreement setting forth a new extended deadline, this Extension
Notice shall be superseded and shall be of no further force or effect. 
  

			
	 INVESTOR REPRESENTATIVE ON
BEHALF OF INVESTORS

		
	By:	 	 
		 	 Name:
 Title:

 EXHIBIT C 

Form of Termination Letter 
 Wilmington
Trust, National Association 
 Rodney Square North 

1100 N. Market Street 

Wilmington, Delaware 19890 
 Attn:
Corporate Trust Administration 
 Fax No.: (302) 636-4149 

Reference is made to that certain Trust Agreement dated June 10, 2014 (the “Trust Agreement”), by and among Pacific DataVision,
Inc., the Investor Rep on behalf of the Investors, and you. Capitalized terms used herein and not defined herein have the meanings given to such terms in the Trust Agreement. You are hereby directed to commence liquidation of the Trust Account and
to distribute the Trust Assets to the Transfer Agent for the ratable benefit of the Investors. 
  

			
	PACIFIC DATAVISION, INC.
		
	By:	 	 
		 	 Name:
 Title:

  

			
	 INVESTOR REPRESENTATIVE ON
BEHALF OF THE INVESTORS

		
	By:	 	 
		 	 Name:
 Title:EX-10.17

 EXHIBIT 10.17 

Execution Version 
 ESCROW
AGREEMENT 
 This Escrow Agreement dated this 10th day of June, 2014 (this “Escrow Agreement”), is entered into by
and among PACIFIC DATAVISION, INC., a Delaware corporation (the “Company”), and FBR CAPITAL MARKETS & CO., a Delaware corporation (“FBR”, and together with the Company, the “Parties,” and
individually, a “Party”), and WILMINGTON TRUST, National Association, as escrow agent (“Escrow Agent”). 

RECITALS 

A.        WHEREAS, the Company and FBR have entered into that certain Purchase/Placement Agreement
dated as of June 3, 2014, as amended (the “Purchase/Placement Agreement”) pursuant to which (i) the Company will offer 9,500,000 shares of common stock (the “Initial Offering), par value $0.0001 per share (the
“Common Stock”) at an offering price of $20.00 per share, (x) to FBR, as the initial purchaser, for resale to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”) or to certain persons outside the United States in offshore transactions in reliance on Regulation S under the Securities Act, and (y) to “accredited investors” as defined in Rule 501 of the
Securities Act directly by the Company, with FBR acting as placement agent on behalf of the Company; and (ii) FBR has the option to purchase up to an additional 1,425,000 shares of Common Stock from the Company to cover any additional
allotments, if any, made by FBR (the “Additional Allotment Option,” together with the Initial Offering, the “Offering”); 

B.        WHEREAS, the Company and FBR propose to engage the Escrow Agent for the purpose of
receiving, depositing and holding in an escrow account thirteen fourteenths of FBR’s initial purchaser’s discount and placement fees (the “Escrow Amount”) in connection with the Offering until such time as such funds are
to be released to FBR or the Company, in accordance with this Escrow Agreement; 

C.        WHEREAS, the Parties agree to place in escrow the Escrow Amount and the Escrow Agent agrees
to hold and distribute the Escrow Amount in accordance with the terms of this Escrow Agreement. 
 In consideration of the promises and
agreements of the Parties and the Escrow Agent and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties and the Escrow Agent agree as follows: 

ARTICLE 1 
 ESCROW DEPOSIT 

Section 1.1    Receipt of Escrow Property. FBR or the Company shall deliver the Escrow Amount to the Escrow Agent by
wire transfer of immediately available funds to the escrow account (the “Escrow Account”) pursuant to the following wire instruction: 

  
 1 

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	 Bank name:
	 	Manufacturers Traders Trust Co
	 ABA #:
	 	031100092
	 Account Name:
	 	PDV/FBR Escrow Account
	 Account #:
	 	108609-000
	 Beneficiary:
	 	Institutional Client Services

 The Escrow Amount, plus all interest, dividends and other distributions, payments and earnings thereon and
proceeds thereof received by the Escrow Agent, less any property and/or funds distributed or paid in accordance with this Escrow Agreement, are collectively referred to herein as “Escrow Property,” and shall be held by the Escrow
Agent in escrow and disbursed in accordance with the terms and provisions of this Escrow Agreement. 
 Section 1.2    Investments.

 (a)        The Escrow Agent shall invest the Escrow Property, including any and
all interest and investment income, in accordance with the written instructions provided to the Escrow Agent and signed by FBR. In the absence of written investment instructions from FBR, the Escrow Agent shall deposit and invest the Escrow
Property, including any and all interest and investment income, in the M&T Bank Corporate Deposit Account, which is further described herein on Exhibit A. Any investment earnings and income on the Escrow Property shall become part of
the Escrow Property, and shall be disbursed in accordance with Section 1.3 or Section 1.5 of this Escrow Agreement. 

(b)        The Escrow Agent is hereby authorized and directed to sell or redeem any
such investments as it deems necessary to make any payments or distributions required under this Escrow Agreement. The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment or sale of investment
made pursuant to this Escrow Agreement. The Escrow Agent is hereby authorized, in making or disposing of any investment permitted by this Escrow Agreement, to deal with itself (in its individual capacity) or with any one or more of its affiliates,
whether it or any such affiliate is acting as agent of the Escrow Agent or for any third person or dealing as principal for its own account. The Parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations, or
advice. 
 Section 1.3    Disbursements. 

(a)        The Escrow Agent will hold all Escrow Property until authorized in writing
by joint instructions from both the Company and FBR to disburse the Escrow Property in accordance with such written instructions, a sample of which is attached as Annex A (the “Instruction Letter”). 

(b)        Immediately after the closing date of the transactions contemplated by the
Asset Purchase Agreement, dated May 13, 2014, by and among FCI 900, Inc., ACI 900, Inc., Machine License Holding, LLC, Nextel WIP License Corp., and Nextel License Holdings 1, Inc., each a wholly-owned indirect subsidiary of Sprint Corporation,
and the Company, as amended (the “Spectrum Closing Date”), the Company and FBR will deliver joint instructions to the Escrow 

  
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Agent pursuant to Section 1.3(a) hereof instructing the Escrow Agent to transfer the Escrow Property to FBR. Upon receipt thereof, the Escrow Agent shall immediately transfer the Escrow
Property by Federal Funds wire to the following bank account (or such other account designated by FBR as set forth in the Instruction Letter): 

Bank of New York 
 New York, NY

 FBR Capital Markets & Co. – Main Account 

Account # 8900653116 
 ABA #
021000018 
 (c)        If (i) the Spectrum Closing Date does not occur within
150 days after the closing date of the Initial Offering (the “Redemption Deadline”), or (ii) in the event that the holders of a majority of the Common Stock sold in the Offering agree to extend the Redemption Deadline, the
Spectrum Closing Date does not occur by the extended deadline as approved by the holders, then the Company and FBR will deliver joint instructions pursuant to Section 1.3(a) to the Escrow Agent, instructing the Escrow Agent to transfer the
Escrow Property to PDV Investor Trust (the “Trust”) for distribution pursuant to the terms of the Trust’s governing instrument. Upon receipt thereof, the Escrow Agent shall immediately transfer the Escrow Property by Federal
Funds wire to an account of the Trust designated by the Parties as set forth in the Instruction Letter. 

(d)        In the event that Escrow Agent makes any payment to any other party
pursuant to this Escrow Agreement and for any reason such payment (or any portion thereof) is required to be returned to the Escrow Account or another party or is subsequently invalidated, declared to be fraudulent or preferential, set aside and/or
required to be repaid to a receiver, trustee or other party under any bankruptcy or insolvency law, other federal or state law, common law or equitable doctrine, then the recipient shall repay to the Escrow Agent upon written request the amount so
paid to it. 
 (e)        The Escrow Agent shall, in its reasonable discretion,
comply with judgments or orders issued or process entered by any court with respect to the Escrow Property, including without limitation any attachment, levy or garnishment, without any obligation to determine such court’s jurisdiction in the
matter and in accordance with its normal business practices. If the Escrow Agent complies with any such judgment, order or process, then it shall not be liable to any Party or any other person by reason of such compliance, regardless of the final
disposition of any such judgment, order or process. 
 (f)        In the event that
a Party gives funds transfer instructions (other than in writing at the time of execution of this Escrow Agreement), whether in writing, by telecopier or otherwise, the Escrow Agent is authorized to seek confirmation of such instructions by
telephone call-back to the authorized person or persons of such Party, and the Escrow Agent may rely upon the confirmations of anyone purporting to be the person or persons so designated provided no call back is required if the Escrow Agent receives
original instructions. The persons and telephone numbers for callbacks may be changed only in a writing actually received and acknowledged by the Escrow Agent. The Parties agree that such security procedure is commercially reasonable. 

  
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 (g)        The Escrow Agent will
furnish monthly statements to the Parties setting forth the activity in the Escrow Account. 

Section 1.4    Income Tax Allocation and Reporting. 

(a)        The Parties agree that, for tax reporting purposes, all interest and other
income from investment of the Escrow Property shall, as of the end of each calendar year and to the extent required by the Internal Revenue Service, be reported as having been earned by FBR, whether or not such income was disbursed during such
calendar year. 
 (b)        In connection with the execution of this Escrow
Agreement, the Parties shall provide the Escrow Agent with certified tax identification numbers by furnishing appropriate forms W-9 or W-8 and such other forms and
documents that the Escrow Agent may reasonably request. The Parties understand that if such tax reporting documentation is not provided and certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code of 1986, as
amended, and the regulations promulgated thereunder, to withhold a portion of any interest or other income earned on the investment of the Escrow Property. 

(c)        To the extent that the Escrow Agent becomes liable for the payment of any
taxes in respect of income derived from the investment of the Escrow Property, the Escrow Agent shall satisfy such liability to the extent possible from the Escrow Property. The Company and FBR shall, on a joint and several basis, indemnify, defend
and hold the Escrow Agent harmless from and against any tax, late payment, interest, penalty or other cost or expense that may be assessed against the Escrow Agent on or with respect to the Escrow Property and the investment thereof unless such tax,
late payment, interest, penalty or other expense was directly caused by the gross negligence or willful misconduct of the Escrow Agent. The indemnification provided by this Section 1.4(c) is in addition to the indemnification provided in
Section 3.1 and shall survive the resignation or removal of the Escrow Agent and the termination of this Escrow Agreement. 

Section 1.5    Termination. Upon the disbursement of all of the Escrow Property in accordance with this Agreement,
including any interest and investment earnings thereon, this Escrow Agreement shall terminate and be of no further force and effect except that the provisions of Sections 1.4(c), 3.1 and 3.2 hereof shall survive termination. 

ARTICLE 2 
 DUTIES OF THE ESCROW
AGENT 
 Section 2.1    Scope of Responsibility. Notwithstanding any provision to the contrary, the Escrow Agent is
obligated only to perform the duties specifically set forth in this Escrow Agreement, which shall be deemed purely ministerial in nature. Under no circumstances will the Escrow Agent be deemed to be a fiduciary to any Party or any other person under
this Escrow Agreement. The Escrow Agent will not be responsible or liable for the failure of any Party to perform in accordance with this Escrow Agreement. The Escrow Agent shall neither be responsible for, nor chargeable with, knowledge of the
terms and conditions of any other agreement, instrument, or document other than this Escrow Agreement, whether or not an original or a copy of such agreement has been provided to the Escrow Agent; and the Escrow

  
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Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision of any such agreement, instrument, or document. References in this Escrow Agreement to any
other agreement, instrument, or document are for the convenience of the Parties, and the Escrow Agent has no duties or obligations with respect thereto. This Escrow Agreement sets forth all matters pertinent to the escrow contemplated hereunder, and
no additional obligations of the Escrow Agent shall be inferred or implied from the terms of this Escrow Agreement or any other agreement. 

Section 2.2    Attorneys and Agents. The Escrow Agent shall be entitled to rely on and shall not be liable for any
action taken or omitted to be taken by the Escrow Agent in accordance with the advice of counsel or other professionals retained or consulted by the Escrow Agent. The Escrow Agent shall be reimbursed as set forth in Section 3.1 for any and all
compensation (fees, expenses and other costs) paid and/or reimbursed to such counsel and/or professionals. The Escrow Agent may perform any and all of its duties through its agents, representatives, attorneys, custodians, and/or nominees, which
agents, representatives, attorneys, custodians, and/or nominees shall be subject to the duties and obligations of the Escrow Agent under this Escrow Agreement. 

Section 2.3    Reliance. The Escrow Agent shall not be liable for any action taken or not taken by it in accordance
with the direction or consent of the Parties or their respective agents, representatives, successors, or assigns. The Escrow Agent shall not be liable for acting or refraining from acting upon any notice, request, consent, direction, requisition,
certificate, order, affidavit, letter, or other paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, without further inquiry into the person’s or persons’ authority.
Concurrent with the execution of this Escrow Agreement, the Parties shall deliver to the Escrow Agent authorized signers’ forms in the form of Exhibit B-1 and Exhibit B-2 to this Escrow Agreement. 

Section 2.4    Right Not Duty Undertaken. The permissive rights of the Escrow Agent to do things enumerated in this
Escrow Agreement shall not be construed as duties. 
 Section 2.5    No Financial Obligation. No provision of this
Escrow Agreement shall require the Escrow Agent to risk or advance its own funds or otherwise incur any financial liability or potential financial liability in the performance of its duties or the exercise of its rights under this Escrow Agreement.

 ARTICLE 3 
 PROVISIONS
CONCERNING THE ESCROW AGENT 
 Section 3.1    Indemnification. The Company and FBR hereby agree, on a joint and
several basis, to indemnify Escrow Agent, its directors, officers, employees and agents (collectively, the “Indemnified Parties”), and hold the Indemnified Parties harmless from any and against all liabilities, losses, actions,
suits or proceedings at law or in equity, and any other expenses, fees or charges of any character or nature, including, without limitation, attorney’s fees and expenses, which an Indemnified Party may incur or with which it may be threatened
by reason of acting as or on behalf of Escrow Agent under this Escrow Agreement or arising out of the existence of the 

  
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Escrow Account, except to the extent the same shall be caused by Escrow Agent’s gross negligence or willful misconduct. The Escrow Agent shall have a first lien against the Escrow Account to
secure the obligations of the Parties hereunder. The terms of this paragraph shall survive termination of this Escrow Agreement. 

Section 3.2    Limitation of Liability. THE ESCROW AGENT NOT SHALL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY
(I) DAMAGES, LOSSES OR EXPENSES ARISING OUT OF THE SERVICES PROVIDED HEREUNDER, OTHER THAN DAMAGES, LOSSES OR EXPENSES WHICH HAVE BEEN FINALLY ADJUDICATED TO HAVE DIRECTLY RESULTED FROM THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT, OR (II) SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES OR LOSSES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS
OF THE FORM OF ACTION. 
 Section 3.3    Resignation or Removal. The Escrow Agent may resign by furnishing written
notice of its resignation to the Parties, effective thirty (30) days after the delivery of such notice, and the Parties may remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal, effective ten
(10) days after the delivery of such notice, along with payment of all fees and expenses to which it is entitled through the date of termination. The Escrow Agent’s sole responsibility thereafter shall be to safely keep the Escrow Property
and to deliver the same to a successor escrow agent or a party as shall be jointly appointed by the Parties, as evidenced by a joint written notice filed with the Escrow Agent or in accordance with a court order. If the Parties have failed to
appoint a successor escrow agent prior to the expiration of thirty (30) days following the delivery of such notice of resignation, or ten (10) days following the delivery of such notice of removal, the Escrow Agent may petition any court
of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon the Parties. 

Section 3.4    Compensation. The Escrow Agent shall be entitled to compensation for its services as stated in the fee
schedule attached hereto as Exhibit C, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder is intended as compensation for the Escrow Agent’s services as contemplated by this
Escrow Agreement; provided, however, that in the event that the conditions for the disbursement of funds under this Escrow Agreement are not fulfilled, or the Escrow Agent renders any service not contemplated in this Escrow Agreement, or there is
any assignment of interest in the subject matter of this Escrow Agreement, or any material modification hereof, or if any material controversy arises hereunder, or the Escrow Agent is made a party to any litigation pertaining to this Escrow
Agreement or the subject matter hereof, then the Escrow Agent shall be compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable attorneys’ fees and expenses, occasioned by any such delay,
controversy, litigation or event. If any amount due to the Escrow Agent hereunder is not paid within thirty (30) days of the date due, the Escrow Agent in its reasonable discretion may charge interest on such amount up to the highest rate
permitted by applicable law. The Escrow Agent shall have, and is hereby granted, a prior lien 

  
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upon the Escrow Property with respect to its unpaid fees, non-reimbursed expenses and unsatisfied indemnification rights, superior to the interests of any other persons or entities and is hereby
granted the right to set off and deduct any unpaid fees, non-reimbursed expenses and unsatisfied indemnification rights from the Escrow Property. The terms of this paragraph shall survive termination of this Agreement. 

Section 3.5    Disagreements. If any conflict, disagreement or dispute arises between, among, or involving any of the
parties hereto concerning the meaning or validity of any provision hereunder or concerning any other matter relating to this Escrow Agreement, or the Escrow Agent is in doubt as to the action to be taken hereunder, the Escrow Agent may, at its
option, retain the Escrow Property until the Escrow Agent (i) receives a final non-appealable order of a court of competent jurisdiction or a final non-appealable arbitration decision directing delivery of the Escrow Property,
(ii) receives a written agreement executed by each of the parties involved in such disagreement or dispute directing delivery of the Escrow Property, in which event the Escrow Agent shall be authorized to disburse the Escrow Property in
accordance with such final court order, arbitration decision, or agreement, or (iii) files an interpleader action in any court of competent jurisdiction, and upon the filing thereof, the Escrow Agent shall be relieved of all liability as to the
Escrow Property and shall be entitled to recover attorneys’ fees, expenses and other costs incurred in commencing and maintaining any such interpleader action. The Escrow Agent shall be entitled to act on any such agreement, court order, or
arbitration decision without further question, inquiry, or consent. 
 Section 3.6    Merger or Consolidation. Any
corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or
substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under this Escrow Agreement
and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act. 

Section 3.7    Attachment of Escrow Property; Compliance with Legal Orders. In the event that any Escrow Property
shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Escrow Property,
the Escrow Agent is hereby expressly authorized, in its reasonable discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is
binding upon it, whether with or without jurisdiction. In the event that the Escrow Agent obeys or complies with any such writ, order or decree it shall not be liable to any of the Parties or to any other person, firm or corporation, should, by
reason of such compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated. 

Section 3.8    Force Majeure. The Escrow Agent shall not be responsible or liable for any failure or delay in the
performance of its obligation under this Escrow Agreement arising out of 

  
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or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military
disturbances; sabotage; epidemic; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority or governmental action; it being
understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances. 

Section 3.9    Compliance with Legal Orders. Escrow Agent shall be entitled to consult with legal counsel in the
event that a question or dispute arises with regard to the construction of any of the provisions hereof, and shall incur no liability and shall be fully protected in acting in accordance with the advice or opinion of such counsel. 

Section 3.10    Disagreements. In the event the Escrow Agent receives conflicting instructions hereunder, Escrow
Agent shall be fully protected in refraining from acting until such conflict is resolved to the satisfaction of the Escrow Agent. 

Section 3.11    No Financial Obligation. The Escrow Agent shall not be required to use its own funds in the
performance of any of its obligations or duties or the exercise of any of its rights or powers, and shall not be required to take any action which, in the Escrow Agent’s reasonable judgment, could involve it in expense or liability unless
furnished with security and indemnity which it deems, in its reasonable discretion, to be satisfactory. 
 ARTICLE 4 

MISCELLANEOUS 

Section 4.1    Successors and Assigns. This Escrow Agreement shall be binding on and inure to the benefit of the
Parties and the Escrow Agent and their respective successors and permitted assigns. No other persons shall have any rights under this Escrow Agreement. No assignment of the interest of any of the parties shall be binding unless and until written
notice of such assignment shall be delivered to the other parties and shall require the prior written consent of the other parties (such consent not to be unreasonably withheld). 

Section 4.2    Escheat. The Parties are aware that under applicable state law, property which is presumed abandoned
may under certain circumstances escheat to the applicable state. The Escrow Agent shall have no liability to the Parties, their respective heirs, legal representatives, successors and assigns, or any other party, should any or all of the Escrow
Property escheat by operation of law. 
 Section 4.3    Notices. All notices, requests, demands, and other
communications required under this Escrow Agreement shall be in writing, in English, and shall be deemed to have been duly given if delivered (i) personally, (ii) by facsimile transmission with written confirmation of receipt or by e-mail with return receipt requested, (iii) by overnight delivery with a reputable national overnight delivery service, or (iv) by mail or by certified mail, return receipt requested, and postage prepaid.
If any notice is mailed, it shall be deemed given five business days after the date such notice is deposited in the United States mail. If notice is given to a party, it shall be 

  
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given at the address for such party set forth below. It shall be the responsibility of the Parties to notify the Escrow Agent and the other Party in writing of any name or address changes. In the
case of communications delivered to the Escrow Agent, such communications shall be deemed to have been given on the date received by the Escrow Agent. 

If to FBR: 
 1001 19th Street,
North 
 Arlington, Virginia 22209 

Attention: Compliance Department 

Facsimile: 703-469-1012 
 If to
the Company: 
 100 Hamilton Plaza, Lobby Floor 

Paterson, New Jersey 07505 

Attention: Secretary 
 Email:
apoh@pdvcorp.com 
 If to the Escrow Agent: 

Wilmington Trust, National Association 

Institutional Client Services 

650 Town Center Drive, Suite 600 

Costa Mesa, CA 92626 
 Attention:
Corporate Trust Department 
 Facsimile: (714) 384-4151 

Section 4.4    Governing Law. This Escrow Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware. 
 Section 4.5    Entire Agreement. This Escrow Agreement sets forth the entire agreement
and understanding of the Parties and the Escrow Agent related to the Escrow Property. 
 Section 4.6    Amendment.
This Escrow Agreement may be amended, modified, superseded, rescinded, or canceled only by a written instrument executed by the Parties and the Escrow Agent. 

Section 4.7    Waivers. The failure of any party to this Escrow Agreement at any time or times to require performance
of any provision under this Escrow Agreement shall in no manner affect the right at a later time to enforce the same performance. A waiver by any party to this Escrow Agreement of any such condition or breach of any term, covenant, representation,
or warranty contained in this Escrow Agreement, in any one or more instances, shall neither be construed as a further or continuing waiver of any such condition or breach nor a waiver of any other condition or breach of any other term, covenant,
representation, or warranty contained in this Escrow Agreement. 

  
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 Section 4.8    Headings. Section headings of this Escrow Agreement
have been inserted for convenience of reference only and shall in no way restrict or otherwise modify any of the terms or provisions of this Escrow Agreement. 

Section 4.9    Counterparts. This Escrow Agreement may be executed in one or more counterparts, each of which when
executed shall be deemed to be an original, and such counterparts shall together constitute one and the same instrument. 

Section 4.10    Waiver of Jury Trial. EACH OF THE PARTIES HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN
RESOLVING ANY CLAIM OR COUNTERCLAIM RELATING TO OR ARISING OUT OF THIS ESCROW AGREEMENT. 

Section 4.11    Waiver. It is expressly acknowledge, agreed and consented to that Wilmington Trust, National
Association will be acting in the capacities of Escrow Agent and the trustee of the Trust. Wilmington Trust, National Association may, in such multiple capacities, discharge its separate functions fully, without hindrance or regard to conflict of
interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by Wilmington Trust, National Association of express duties set forth in this Escrow
Agreement or the Trust’s governing instrument in any of such capacities, all of which defenses, claims or assertions are hereby expressly waived by the Parties any other person having rights pursuant hereto or thereto. 

[The remainder of this page left intentionally blank.] 

  
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 IN WITNESS WHEREOF, this Escrow Agreement has been duly executed as of the date first written
above. 
  

	
	PACIFIC DATA VISION, INC.
	
	By:  /S/ John C. Pescatore                        
	Name:  John C. Pescatore
	Title:  President and CEO
	
	FBR CAPITAL MARKETS & CO.
	
	By:  /s/ Bradley Wright                
	Name:  Bradley Wright
	Title:  EVO, CFO & Chief Administrative
	 Officer

	
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, as Escrow Agent

	
	By:  /s/ Jeanie
Mar                                    

	Name:  Jeanie Mar
	Title:  Vice President

  
 [Signature Page to Escrow
Agreement] 

 EXHIBIT A 

Agency and Custody Account Direction 

For Cash Balances 

Manufacturers & Traders Trust Company Deposit Accounts 

Direction to use the following Manufacturers & Traders Trust Company (also known as M&T Bank) Deposit Account for Cash
Balances for the escrow account or accounts (the “Account”) established under the Escrow Agreement to which this Exhibit A is attached. 

You are hereby directed to deposit, as indicated below, or as I(we) shall direct further in writing from time to time, all cash in the Account
in the following deposit account of M&T Bank: 
 M&T Corporate Deposit Account 

I(We) acknowledge that amounts on deposit in the M&T Bank Deposit Account are insured, subject to the applicable rules and regulations of
the Federal Deposit Insurance Corporation (FDIC), in the basic FDIC insurance amount of $250,000 per depositor, per issued bank. This includes principal and accrued interest up to a total of $250,000. 

I(We) acknowledge that I(we) have full power to direct investments of the Account(s). 

I(We) understand that I(we) may change this direction at any time and that it shall continue in effect until revoked or modified by me(us) by
written notice to you. 
  

			
	 Authorized Representative
	 	Authorized Representative
		
	 Date
	 	Date

 EXHIBIT B-1 

Certificate as to Authorized Signatures 

The specimen signatures shown below are the specimen signatures of the individuals who have been designated as authorized representatives of
Pacific DataVision, Inc. and are authorized to initiate and approve transactions of all types for the escrow account or accounts established under the Escrow Agreement to which this Exhibit B-1 is attached, on
behalf of Pacific DataVision, Inc. 
  

			
	 Name / Title / Phone Number
	  	Specimen Signature
		
	 John C. Pescatore
	  	/s/ John C. Pescatore                                
	 Name
	  	Signature
		
	 President and Chief Executive Officer
	  	
	 Title
	  	
		
	
973-771-0797                       
                         
	  	
	
                         
   Phone Number
	  	
		
	 Brian McAuley
	  	/s/ Brian
McAuley                                    
	 Name
	  	Signature
		
	 Chairman of the Board
	  	
	 Title
	  	
		
	
973-771-0300                       
                         
	  	
	
                         
   Phone Number
	  	
		
	 Richard Rohmann
	  	/s/ Richard Rohmann                                
	 Name
	  	Signature
		
	 Secretary and Executive Vice President
	  	
	 Title
	  	
		
	
858-518-4872                       
                         
	  	
	
                         
   Phone Number
	  	

 EXHIBIT B-2 

Certificate as to Authorized Signatures 

The specimen signatures shown below are the specimen signatures of the individuals who have been designated as authorized representatives of FBR Capital
Markets & Co. and are authorized to initiate and approve transactions of all types for the escrow account or accounts established under the Escrow Agreement to which this Exhibit B-2 is attached, on
behalf of FBR Capital Markets & Co. 
  

			
	 Name / Title / Phone Number
	  	Specimen Signature
		
	 /s/ Brad
Wright                            
	  	/s/ Brad
Wright                                    
	 Name
	  	Signature
		
	 EVP, CFO & Chief Administrative Officer
	  	
	 Title
	  	
		
	
703-312-9678                       
                         
	  	
	
                         
   Phone Number
	  	
		
	 /s/ Robert J.
Kiernan                                    
	  	/s/ Robert J. Kiernan
                                    
	 Name
	  	Signature
		
	 SVP,
Controller                            
	  	
	 Title
	  	
		
	 (703)
469-1120                            
	  	
	
                         
   Phone Number
	  	

 Annex C 

Wilmington Trust, National Association 

Fees of Escrow Agent 

Pacific Data Vision, Inc./FBR Capital Markets & Co. 
  

					
	Acceptance Fee:	 		 	Waived

 Initial Fees as they relate to Wilmington Trust acting in the capacity of Escrow
Agent – includes review of the Escrow Agreement; acceptance of the Escrow appointment; setting up of Escrow Account(s) and accounting records; and coordination of receipt of funds for deposit to the Escrow Account(s). 

 

					
	Escrow Agent Annual Administration Fee:	 		 	$3,000.00

 For ordinary administrative services by Escrow Agent – includes daily routine account
management; investment transactions; cash transaction processing (including wire and check processing); monitoring claim notices pursuant to the agreement; disbursement of funds in accordance with the agreement; and mailing of trust account
statements to all applicable parties. Annual Fee payable at time of Escrow Agreement execution. 
 Wilmington Trust’s bid is based on the
following assumptions: 
  

	 	•	 	Number of Escrow Accounts to be established: One (1) per transaction 

	 	•	 	Number of Deposits/Withdrawals: Not more than Twenty Five (25) 

	 	•	 	Est. Term: TBD 

	 	•	 	Investment in M&T Deposit Products 

	 	•	 	All funds received and distributed will be to a domestic or an approved foreign entity 

	 	•	 	Tax reporting is included for up to five (5) entities. Additional reporting-$25/per reporting 

	 	•	 	If the account doesn’t open within three (3) months of the date shown below, this fee schedule will be deemed null and void. 

 

					
	Out-of-Pocket Expenses:	 		 	Billed at Cost

 We only charge for out-of-pocket expenses in response to specific tasks assigned by the client. Therefore, we
cannot anticipate what specific out-of -pocket items will be needed or what corresponding expenses will be incurred. Possible expenses would be, but not limited to, express mail and messenger charges, travel expenses to attend closing or other
meeting. There are no charges for indirect out-of-pocket expenses. 
 *In the event of extraordinary circumstances requiring administrative
time beyond the scope of typical account duties set forth in the Instrument and supporting documents relevant to our appointment, including but not limited to, default and/or bankruptcy administration, additional charges shall accrue. 

If this transaction does not close, Wilmington Trust, N.A. reserves the right to be paid its Initial Fee, if any, and outside counsel’s
fees and expenses. Out-of-pocket expenses, including our attorney’s fees and expenses (if any), in connection with closing, post-closing matters and terminations will be billed separately and are due upon receipt of the invoice. 

All fees are non-refundable and will not be prorated in the event of an early termination. Once the fees are agreed to in writing, we agree
that any changes to those fees will also be in writing. You will be notified at least 30 days in advance of any general fee increase, following 3 years after the initial closing date. The fees as quoted and the acceptance of our duties as Trustee
are subject to satisfactory review and acceptance of all related financing documents by the Trustee and our counsel. Our fees may also be adjusted at any time if there is a significant change in our responsibilities under the governing documents. In
the event the financing structure is modified prior to closing, we reserve the right to review and renegotiate our fees accordingly. 

 Annex A 

JOINT INSTRUCTION LETTER 

Account             

                    , 2014 

Wilmington Trust, National Association 
 Corporate Institutional
Client Services 
 650 Town Center Drive, Suite 600 
 Costa
Mesa, CA 92626 
 Attention: Corporate Trust Department 

Facsimile: (714) 384-4151 
 Dear Sir or Madam: 

Reference is hereby made to that certain Escrow Agreement (the “Escrow Agreement”), dated as of June 10, 2014, by and among
Pacific DataVision, Inc. FBR Capital Markets & Co., and Wilmington Trust, National Association, as escrow agent (the “Escrow Agent”). The undersigned parties hereby direct, pursuant to Section 1.3(a) of the Escrow Agreement,
that the Escrow Agent deliver the Escrow Property to                     : 

[Account Information to be provided] 
  

	
	 PACIFIC DATAVISION, INC.

	
	
By:                        
                                    

	 Name:

	 Title:

	
	 FBR CAPITAL MARKETS & CO.

	
	
By:                        
                                    

	 Name:

	 Title:

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