Document:

ex_124868.htm

Exhibit 10.1

 

FIRST AMENDMENT TO LICENSE AGREEMENT

 

 

This FIRST AMENDMENT (“Amendment”) is made and entered into as of September 28, 2018 (“Amendment Effective Date”), between Aldagen, Inc., a Delaware corporation (“ALDAGEN”), with its principal offices at 207A Perry Parkway, Suite 1, Gaithersburg, MD 20877, and STEMCELL Technologies Canada Inc. (previous corporate name being STEMCELL Technologies, Inc.), a company with its principal office at 1618 Station Street, Vancouver, BC, Canada V6A 1B6 (“STEMCELL”). Each of ALDAGEN and STEMCELL is hereinafter referred to as a “Party” and collectively the “Parties.”

 

Whereas, ALDAGEN and STEMCELL are party to a License Agreement as of July 21, 2011 (“Existing License Agreement”). Capitalized terms used but not defined herein shall have the meaning set forth in the Existing License Agreement.

 

Whereas, the Parties hereby wish to amend the Existing License Agreement so that the royalty payments contemplated by Section 3 of the Existing License Agreement are considered fully paid upon full compliance by STEMCELL with the provisions of this Amendment.

 

	
			I.

				
			Section 1.1(j) of the Existing License Agreement shall be deleted in its entirety and replaced with the following:

			

 

	 	
			(j)

				
			“Licensed Trademarks” means the trademark ALDEFLUOR, U.S. Registration No. 2789892, the trademark ALDEFLUOR, U.S. Registration No. 5140300, and any other trademarks in relation to ALDEFLUOR that ALDAGEN may own or have a legal interest in.

			

 

	
			II.

				
			Section 1.1(s) of the Existing License Agreement shall be deleted in its entirety and replaced with the following:

			

 

	 	
			(s)

				
			“Royalty Period” means each three month period beginning January 1, April 1, July 1 and October 1 of each year from the Effective Date, with the most recent royalty period being April 1 to June 30, 2018.

			

 

	
			III.

				
			The second Section 2.2 of the Existing License Agreement shall be deleted in its entirety and replaced with the following:

			

 

	 	
			2.2b

				
			ALDAGEN shall execute any and all documents and take such action as may be necessary or appropriate to assign or transfer its ownership interest in the Licensed Trademarks to STEMCELL, or otherwise document STEMCELL’s ownership or legal right to the Licensed Trademarks by no later than December 15, 2018 upon payment by STEMCELL of the Royalty Stream Buyout Payment.

			

 

	
			IV.

				
			A new Section 2.4 shall be added immediately following Section 2.3 of the Existing License Agreement and shall read as follows:

			

 

	 	
			2.4

				
			Except for Section 14.2, notwithstanding anything else to the contrary in this Agreement, upon the payment of the Royalty Stream Buyout Payment, STEMCELL shall have a fully paid up, perpetual, irrevocable and royalty-free license to the all the rights granted in this Agreement.

			

 

1

 

 

	
			V.

				
			Section 3.5 of the Existing License Agreement shall be deleted in its entirety and replaced with the following:

			

 

3.5     STEMCELL shall maintain complete and accurate records of all sales of Products in sufficient detail to confirm the accuracy of the calculation of Net Sales and the royalty payments made hereunder. At the request of ALDAGEN, STEMCELL shall permit an independent accountant appointed by ALDAGEN, during business hours and upon reasonable notice, to audit those records solely to the extent necessary to verify the Net Sales and royalty payments made hereunder for the previous calendar year, but in all cases, the audit must be completed by no later than December 15, 2018. The audit shall be at the sole expense of ALDAGEN, unless the audit reveals an underpayment resulting in ALDAGEN having received less than ninety-five percent (95%) of the royalty payments due to ALDAGEN hereunder (a “Compensable Error”), in which case STEMCELL shall pay the reasonable costs of the audit. To the extent that the audit reveals any underpayment of royalty payments due to ALDAGEN hereunder, STEMCELL shall pay ALDAGEN any unpaid amounts within (30) days of receiving written notice from ALDAGEN providing proof of the same.

 

Once STEMCELL has made the Royalty Stream Buyout Payment pursuant to Section 3.7, ALDAGEN acknowledges that all royalties for the Royalty Period have been paid by STEMCELL and ALDAGEN hereby releases and forever discharges STEMCELL from any and all causes of action, demands and claims whatsoever in relation to or arising from the royalties for the Royalty Period and the Royalty Stream Buyout Payment (upon receipt of such payment in accordance with Section 3.7) that ALDAGEN has or may have, whether known or unknown. In the event that the facts that may be different from those that the parties now know or believe to exist regarding the subject matter of this Section 3.5 prove to be incorrect, in whole or in part, it will not affect the validity or enforceability of this Section. The Parties hereby accept and assume such risk.

 

	
			VI.

				
			A new Section 3.7 shall be added immediately following Section 3.6 of the Existing License Agreement and shall read as follows:

			

 

	 	
			3.7

				
			STEMCELL shall make payments totaling One Hundred Ninety-Five Thousand Dollars ($195,000) (collectively, the “Royalty Stream Buyout Payment”) via wire transfer in immediately available funds in accordance with instructions to be separately provided by ALDAGEN as follows:

			

 

	
			 

				
			(i) $100,000 by no later than October 31, 2018; and

			

 

	
			 

				
			(ii) $95,000 by no later than December 15, 2018.

			

 

STEMCELL’s obligations with respect to such payments shall be considered fully paid upon receipt of the Royalty Stream Buyout Payment by ALDAGEN (which, for the sake of clarity, includes receipt by Nuo Therapeutics, Inc., the sole shareholder of ALDAGEN).

 

2

 

 

VII.        Section 7.1 and Sections 7.3 through 7.5 of the Existing License Agreement shall be deleted in their entirety and replaced with the following:

 

	 	
			7.1

				
			INTENTIONALLY OMITTED.

			

 

	 	
			7.3

				
			INTENTIONALLY OMITTED.

			

 

	 	
			7.4

				
			INTENTIONALLY OMITTED.

			

 

	 	
			7.5

				
			INTENTIONALLY OMITTED.

			

 

VIII.       Sections 14.1, 14.3 and 14.4 of the Existing License Agreement shall be deleted in their entirety and replaced with the following:

 

14.1        This Agreement shall be effective from the Effective Date until the last patent comprising the Registered IP has expired, at which time the Agreement will expire, subject to Section 2.4.

 

	 	
			14.3

				
			INTENTIONALLY OMITTED.

			

 

	 	
			14.4

				
			INTENTIONALLY OMITTED.

			

 

IX.         Unless otherwise amended hereby, the Existing License Agreement shall remain in full force and effect, and, unless the context otherwise requires, any references therein to “Agreement” shall be deemed to include this Amendment.

 

3

 

 

In Witness Whereof, each of the undersigned has caused this Amendment to be duly executed as of the Amendment Effective Date.

 

 

 

	 	
			Aldagen, Inc.

			 

			By: Nuo Therapeutics, Inc., its sole shareholder

			
	 	 	 
	 	 	 
	 	By:	
			/s/ David E. Jorden

			
	 	 	
			Name: David E. Jorden

			Title: Chief Executive Officer

			
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	STEMCELL Technologies Canada Inc.
	 	 	 
	 	 	 
	
			 

				By:	
			/s/ Allen Eaves

			
	 	 	
			Name: Allen Eaves

			Title: President and CEO 

			

 

 4Exhibit 10.22

 

THIS
WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS
OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER
THAT SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
This warrant must be surrendered to the coMPANY or its transfer agent as a condition precedent
to the sale, transfer, pledge or hypothecation of any interest in any of the securities represented hereby.

 

WARRANT TO PURCHASE SHARES OF SERIES F
PREFERRED STOCK AND PHUNCOINS

of

PHUNWARE, INC.

Dated as of «Date»

Void after the date specified in Section 7

 

THIS CERTIFIES
THAT, for value received, «Stockholder», or its registered assigns (the “Holder”), is
entitled, subject to the provisions and upon the terms and conditions set forth herein, to both (i) purchase shares of the
Company’s Series F Preferred Stock, $0.001 par value per share (the “Shares”), and (ii)
receive units of PhunCoins (as defined below) of Phunware, Inc., a Delaware corporation (the
“Company”), in the amounts, at such times and at the price per share set forth in Section 1.
The term “Warrant” as used herein shall include this Warrant and any warrants delivered in
substitution or exchange therefor as provided herein. This Warrant is issued in connection with the transactions described in
the Series F Preferred Stock Purchase Agreement, dated as of December 18, 2015, as amended October 25, 2016, by and
among the Company and the purchasers described therein (the “Purchase Agreement”). This Warrant is
one of a series of warrants relating to both (i) the purchase of shares of Series F Preferred Stock and (ii) the issuance of
PhunCoins of the Company. This Warrant is issued in connection with the purchase of shares of Series F Preferred Stock on or
following October 18, 2017 pursuant to the Purchase Agreement.

 

The following is a
statement of the rights of the Holder and the conditions to which this Warrant is subject, and to which Holder, by acceptance of
this Warrant, agrees:

 

1. Definitions;
Number and Price of Shares and Coins.

 

(a)
Number of PhunCoins. In the event that an Initial Coin Offering of the Company has been consummated by March
31, 2018 (which time period may be extended by the Board in the event that the Initial Coin Offering is substantially in process),
then, upon the closing of the Initial Coin Offering, the Company will automatically issue to the Holder a number of units of the
PhunCoins equal to the dollar value of the number of shares of Series F Preferred Stock purchased by Holder concurrently with the
issuance of this Warrant, which for purposes of clarification includes only those shares of Series F Preferred Stock purchased
on or following October 18, 2017 pursuant to the Purchase Agreement, divided by the price per unit of PhunCoin sold and issued
in the Initial Coin Offering, and this Warrant shall automatically convert into the right to receive the number of units of PhunCoins
and the right to receive PhunCoins shall terminate upon such time as the units of PhunCoins have been issued; provided, however,
that notwithstanding the foregoing, this Warrant shall continue to be exercisable for shares of Series F Preferred Stock in accordance
with Section 1(b).

 

     

     

    

 

(b)
Number of Shares. Subject to any previous exercise of the Warrant for shares of Series F Preferred Stock,
the Holder shall have the right to purchase up to the number of Shares that equals the number of shares of Series F Preferred Stock
purchased by Holder concurrently with the issuance of this Warrant, which for purposes of clarification includes only those shares
of Series F Preferred Stock purchased on or following October 18, 2017, prior to (or in connection with) the expiration of this
Warrant as provided in Section 7. The exercise price per Share shall be equal to $4.23, subject to adjustment pursuant hereto,
subject to adjustment pursuant hereto (the “Exercise Price”).

 

(c)
Definitions.

 

(i) “Initial
Coin Offering” shall mean the Company’s first offer for sale of crypto assets or “PhunCoins,” which
will be used to engage in certain transactions on networks or platforms developed by the Company.

 

(ii) “PhunCoins”
shall mean the digital expression of crypto currency, created on the basis of a blockchain issued by the Company during the Initial
Coin Offering.

 

2. Issuance of Units
of PhunCoins and Exercise of the Warrant for Series F Preferred Stock.

 

(a)
Issuance of Units of PhunCoins. In connection with and prior to the issuance of units of PhunCoins by the
Company to the Holder pursuant to Section 1(a):

 

(i) The Holder will
execute and deliver to the Company any and all other transaction documents related to the issuance of the units of PhunCoins, including
but not limited to a purchase agreement and other customary transaction documents entered into by other purchasers of the PhunCoins;
and

 

(ii) The Holder will
provide to the Company a public wallet address to which the Company may deliver PhunCoins during the anticipated Initial Coin Offering.
For the avoidance of doubt, the public wallet address must be under the direct or indirect control of the Holder and shall not
be under the direct or indirect control of a third-party.

 

(b)
Exercise for Shares of Series F Preferred Stock.

 

(i) The purchase rights
represented by this Warrant for Shares of Series F Preferred Stock may be exercised at the election of the Holder, in whole or
in part, in accordance with Section 1, by:

 

(1) the tender to the
Company at its principal office (or such other office or agency as the Company may designate) of a notice of exercise in the form
of Exhibit A (the “Notice of Exercise”), duly completed and executed by or on behalf of the Holder,
together with the surrender of this Warrant; and

 

    	 	-2-	 

     

    

 

(2) the payment to the
Company of an amount equal to (x) the Exercise Price multiplied by (y) the number of Shares being purchased, as applicable,
by (a) wire transfer or certified, cashier’s or other check acceptable to the Company and payable to the order of the
Company; (b) surrender and cancellation of promissory notes or other instruments representing indebtedness of the Company
to the Holder; or (c) a combination of (a) and (b).

 

(ii) Net Issue
Exercise. In lieu of exercising this Warrant pursuant to Section 2(i)(2), if the fair market value of one Share is
greater than the Exercise Price (at the date of calculation as set forth below), the Holder may elect to receive a number of Shares
equal to the value of this Warrant (or of any portion of this Warrant being canceled) by surrender of this Warrant at the principal
office of the Company (or such other office or agency as the Company may designate) together with a properly completed and executed
Notice of Exercise reflecting such election, in which event the Company shall issue to the Holder that number of Shares computed
using the following formula:

 

	X	=	Y (A – B)
	A

 

Where:

 

	X	=	The number of Shares to be issued to the Holder
	 	 	 
	Y	=	The number of Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)
	 	 	 
	A	=	The fair market value of one Share (at the date of such calculation)
	 	 	 
	B	=	The Exercise Price (as adjusted to the date of such calculation)

 

For purposes of the
calculation above, the fair market value of one Share shall be determined by the Board of Directors of the Company, acting in good
faith; provided, however, that:

 

(1) where a public market
exists for the Company’s common stock at the time of such exercise, the fair market value per Share shall be the product
of (x) the average of the closing bid and asked prices of the common stock or the closing price quoted on the national securities
exchange on which the common stock is listed as published in the Wall Street Journal, as applicable, for the ten (10) trading
day period ending five (5) trading days prior to the date of determination of fair market value and (y) the number of shares
of common stock into which each Share is convertible at the time of such exercise, as applicable; and

 

    	 	-3-	 

     

    

 

(2) if the Warrant is
exercised in connection with the Company’s initial public offering of common stock, the fair market value per Share shall
be the product of (x) the per share offering price to the public of the Company’s initial public offering and (y) the
number of shares of common stock into which each Share is convertible at the time of such exercise, as applicable.

 

(iii) Stock
Certificates. The rights under this Warrant shall be deemed to have been exercised and the Shares issuable upon such exercise
shall be deemed to have been issued immediately prior to the close of business on the date this Warrant is exercised in accordance
with its terms, and the person entitled to receive the Shares issuable upon such exercise shall be treated for all purposes as
the holder of record of such Shares as of the close of business on such date. As promptly as reasonably practicable on or after
such date, and in any event within thirty (30) days thereafter, the Company shall issue and deliver to the person or persons entitled
to receive the same a certificate or certificates (or a notice of issuance of uncertificated shares, if applicable) for that number
of shares issuable upon such exercise. In the event that the rights under this Warrant are exercised in part and have not expired,
the Company shall execute and deliver a new Warrant reflecting the number of Shares that remain subject to this Warrant.

 

(iv) No Fractional
Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of the
rights under this Warrant. In lieu of such fractional share to which the Holder would otherwise be entitled, the Company shall
make a cash payment equal to the Exercise Price multiplied by such fraction.

 

3. Replacement of
the Warrant. Subject to the receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in
form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at
the expense of the Holder shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

 

4. Transfer of the
Warrant.

 

(a)
Warrant Register. The Company shall maintain a register (the “Warrant Register”)
containing the name and address of the Holder or Holders. Until this Warrant is transferred on the Warrant Register in accordance
herewith, the Company may treat the Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes,
notwithstanding any notice to the contrary. Any Holder of this Warrant (or of any portion of this Warrant) may change its address
as shown on the Warrant Register by written notice to the Company requesting a change.

 

(b)
Warrant Agent. The Company may appoint an agent for the purpose of maintaining the Warrant Register referred
to in Section 4(a), issuing the PhunCoins, the Shares or other securities then issuable upon the exercise of the rights under
this Warrant, exchanging this Warrant, replacing this Warrant or conducting related activities.

 

    	 	-4-	 

     

    

 

(c)
Transferability of the Warrant. Subject to the provisions of this Warrant with respect to compliance with
the Securities Act of 1933, as amended (the “Securities Act”) and limitations on assignments and transfers,
including without limitation compliance with the restrictions on transfer set forth in Section 5, title to this Warrant may
be transferred by endorsement (by the transferor and the transferee executing the assignment form attached as Exhibit B (the
“Assignment Form”)) and delivery in the same manner as a negotiable instrument transferable by endorsement
and delivery.

 

(d)
Exchange of the Warrant upon a Transfer. On surrender of this Warrant (and a properly endorsed Assignment
Form) for exchange, subject to the provisions of this Warrant with respect to compliance with the Securities Act and limitations
on assignments and transfers, the Company shall issue to or on the order of the Holder a new warrant or warrants of like tenor,
in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number
of shares issuable upon exercise hereof, and the Company shall register any such transfer upon the Warrant Register. This Warrant
(and the securities issuable upon exercise of the rights under this Warrant) must be surrendered to the Company or its warrant
or transfer agent, as applicable, as a condition precedent to the sale, pledge, hypothecation or other transfer of any interest
in any of the securities represented hereby.

 

(e)
Taxes. In no event shall the Company be required to pay any tax which may be payable in respect of any transfer
involved in the issue and delivery of any certificate, or a book entry, in a name other than that of the Holder, and the Company
shall not be required to issue or deliver any such certificate, or make such book entry, unless and until the person or persons
requesting the issue or entry thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction
of the Company that such tax has been paid or is not payable.

 

5. Restrictions
on Transfer of the Warrant, PhunCoins and Shares; Compliance with Securities Laws. By acceptance of this Warrant, the Holder
agrees to comply with the following:

 

(a)
Restrictions on Transfers. This Warrant may not be transferred or assigned in whole or in part without the
Company’s prior written consent (which shall not be unreasonably withheld), and any attempt by Holder to transfer or assign
any rights, duties or obligations that arise under this Warrant without such permission shall be void. Any transfer of this Warrant,
the PhunCoins, the Shares or the shares of common stock issuable upon conversion of the Shares (the “Securities”)
must be in compliance with all applicable federal and state securities laws. The Holder agrees not to make any sale, assignment,
transfer, pledge or other disposition of all or any portion of the Securities, or any beneficial interest therein, unless and until
the transferee thereof has agreed in writing for the benefit of the Company to take and hold such Securities subject to, and to
be bound by, the terms and conditions set forth in this Warrant to the same extent as if the transferee were the original Holder
hereunder, and, if applicable:

 

(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

 

    	 	-5-	 

     

    

 

(ii) (A) such
Holder shall have given prior written notice to the Company of such Holder’s intention to make such disposition and shall
have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, (B) the
transferee shall have confirmed to the satisfaction of the Company in writing, substantially in the form of Exhibit A-1, that
the Securities are being acquired (i) solely for the transferee’s own account and not as a nominee for any other party,
(ii) for investment and (iii) not with a view toward distribution or resale, and shall have confirmed such other matters
related thereto as may be reasonably requested by the Company, and (Csuch Holder shall have furnished the Company, at the Holder’s
expense, with (i) an opinion of counsel, reasonably satisfactory to the Company, to the effect that such disposition will
not require registration of such Securities under the Securities Act, whereupon such Holder shall be entitled to transfer such
Securities in accordance with the terms of the notice delivered by the Holder to the Company.

 

(b)
Permitted Transfers. Permitted transfers with respect to Section 5(a) include (i) a transfer not
involving a change in beneficial ownership, or (ii) transactions involving the distribution without consideration of Securities
by any Holder to (x) a parent, subsidiary or other affiliate of a Holder that is a corporation, (y) any of the Holder’s
partners, members or other equity owners, or retired partners or members, or to the estate of any of its partners, members or other
equity owners or retired partners or members, or (z) a venture capital fund that is controlled by or under common control
with one or more general partners or managing members of, or shares the same management company with, the Holder; provided,
in each case, that the Holder shall give written notice to the Company of the Holder’s intention to effect such disposition
and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition.

 

(c)
Investment Representation Statement. Unless the rights under this Warrant are exercised pursuant to an effective
registration statement under the Securities Act that includes the Shares with respect to which the Warrant was exercised, it shall
be a condition to any exercise of the rights under this Warrant that the Holder shall have confirmed to the satisfaction of the
Company in writing, substantially in the form of Exhibit A-1, that the Shares so purchased are being acquired solely for the
Holder’s own account and not as a nominee for any other party, for investment and not with a view toward distribution or
resale and that the Holder shall have confirmed such other matters related thereto as may be reasonably requested by the Company.

 

(d)
Securities Law Legend. Each certificate, instrument or book entry representing the Securities shall, if applicable,
and unless otherwise permitted by the provisions of this Warrant, be notated with a legend substantially similar to the following
(in addition to any legend required by state securities laws):

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF
CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED
UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM.
THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR
TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. This
certificate must be surrendered to the coMPANY or its transfer agent as a condition precedent to the sale, TRANSFER, pledge OR
hypothecation of any interest in any of the securities represented hereby.

 

    	 	-6-	 

     

    

 

(e)
Market Stand-off Legend. Each certificate, instrument or book entry representing the Shares and common stock
issued upon exercise hereof or conversion thereof shall also be notated with a legend in substantially the following form:

 

THE SECURITIES REPRESENTED HEREBY
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET
FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE
COMPANY.

 

(f)
Instructions Regarding Transfer Restrictions. The Holder consents to the Company making a notation on its
records and giving instructions to any transfer agent in order to implement the restrictions on transfer established in this Section 5.

 

(g)
Removal of Legend. The legend referring to federal and state securities laws identified in Section 5(d)
notated on any certificate evidencing the Shares (and the common stock issuable upon conversion thereof) and the stock transfer
instructions and record notations with respect to such securities shall be removed, and the Company shall issue a certificate without
such legend to the holder of such securities (to the extent the securities are certificated), if (i) such securities are registered
under the Securities Act, or (ii) such holder provides the Company with an opinion of counsel reasonably acceptable to the
Company to the effect that a sale or transfer of such securities may be made without registration, qualification or legend.

 

(h)
No Transfers to Bad Actors; Notice of Bad Actor Status. The Holder agrees not to sell, assign, transfer, pledge
or otherwise dispose of any securities of the Company, or any beneficial interest therein, to any person (other than the Company)
unless and until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee
nor any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it
invests, general partners or managing members nor any person that would be deemed a beneficial owner of those securities (in accordance
with Rule 506(d) of the Securities Act) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act, except as set forth in Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed,
reasonably in advance of the transfer, in writing in reasonable detail to the Company. The Holder will promptly notify the Company
in writing if the Holder or, to the Holder’s knowledge, any person specified in Rule 506(d)(1) under the Securities
Act becomes subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii)
under the Securities Act.

 

    	 	-7-	 

     

    

 

6. Adjustments.
Subject to the expiration of this Warrant pursuant to Section 7, the number and kind of shares purchasable hereunder and the
Exercise Price therefor are subject to adjustment from time to time, as follows:

 

(a)
Merger or Reorganization. If at any time there shall be any reorganization, recapitalization, merger or consolidation
(a “Reorganization”) involving the Company (other than as otherwise provided for herein or as would cause
the expiration of this Warrant under Section 7) in which shares of the Company’s stock are converted into or exchanged
for securities, cash or other property, then, as a part of such Reorganization, lawful provision shall be made so that the Holder
shall thereafter be entitled to receive upon exercise of this Warrant, the kind and amount of securities, cash or other property
of the successor corporation resulting from such Reorganization, equivalent in value to that which a holder of the Shares deliverable
upon exercise of this Warrant would have been entitled in such Reorganization if the right to purchase the Shares hereunder had
been exercised immediately prior to such Reorganization. In any such case, appropriate adjustment (as determined in good faith
by the Board of Directors of the successor corporation) shall be made in the application of the provisions of this Warrant with
respect to the rights and interests of the Holder after such Reorganization to the end that the provisions of this Warrant shall
be applicable after the event, as near as reasonably may be, in relation to any shares or other securities deliverable after that
event upon the exercise of this Warrant.

 

(b)
Reclassification of Shares. If the securities issuable upon exercise of this Warrant are changed into the
same or a different number of securities of any other class or classes by reclassification, capital reorganization, conversion
of all outstanding shares of the relevant class or series (other than as would cause the expiration of this Warrant pursuant to
Section 7) or otherwise (other than as otherwise provided for herein) (a “Reclassification”), then,
in any such event, in lieu of the number of Shares which the Holder would otherwise have been entitled to receive, the Holder shall
have the right thereafter to exercise this Warrant for a number of shares of such other class or classes of stock that a holder
of the number of securities deliverable upon exercise of this Warrant immediately before that change would have been entitled to
receive in such Reclassification, all subject to further adjustment as provided herein with respect to such other shares.

 

(c)
Subdivisions and Combinations. In the event that the outstanding shares of Series F Preferred Stock are
subdivided (by stock split, by payment of a stock dividend or otherwise) into a greater number of shares of such securities, the
number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such subdivision shall, concurrently
with the effectiveness of such subdivision, be proportionately increased, and the Exercise Price shall be proportionately decreased,
and in the event that the outstanding shares of Series F Preferred Stock are combined (by reclassification or otherwise) into
a lesser number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately
prior to such combination shall, concurrently with the effectiveness of such combination, be proportionately decreased, and the
Exercise Price shall be proportionately increased.

 

(d)
Notice of Adjustments. Upon any adjustment in accordance with this Section 5(h), the Company shall give
notice thereof to the Holder, which notice shall state the event giving rise to the adjustment, the Exercise Price as adjusted
and the number of securities or other property purchasable upon the exercise of the rights under this Warrant, setting forth in
reasonable detail the method of calculation of each. The Company shall, upon the written request of any Holder, furnish or cause
to be furnished to such Holder a certificate setting forth (i) such adjustments, (ii) the Exercise Price at the time
in effect and (iii) the number of securities and the amount, if any, of other property that at the time would be received
upon exercise of this Warrant.

 

    	 	-8-	 

     

    

 

7. Expiration of
the Warrant. This Warrant shall expire and shall no longer be exercisable as of the earlier of:

 

(a)
5:00 p.m., Pacific time, on the fifth anniversary of the date of issuance;

 

(b)
(i) the acquisition of the Company by another entity by means of any transaction or series of related transactions to which
the Company is a party (including, without limitation, any stock acquisition, reorganization, merger or consolidation, but excluding
any sale of stock for capital raising purposes and any transaction effected primarily for purposes of changing the Company’s
jurisdiction of incorporation) other than a transaction or series of related transactions in which the holders of the voting securities
of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such
transaction or series of transactions, as a result of shares in the Company held by such holders prior to such transaction or series
of transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company
or such other surviving or resulting entity (or if the Company or such other surviving or resulting entity is a wholly-owned subsidiary
immediately following such acquisition, its parent), or (ii) a sale, lease or other disposition of all or substantially all
of the assets of the Company and its subsidiaries taken as a whole by means of any transaction or series of related transactions,
except where such sale, lease or other disposition is to a wholly-owned subsidiary of the Company; or

 

(c)
Immediately prior to the closing of a firm commitment underwritten initial public offering pursuant to an effective registration
statement filed under the Securities Act covering the offering and sale of the Company’s common stock.

 

8. No Rights as
a Stockholder. Nothing contained herein shall entitle the Holder to any rights as a stockholder of the Company or to be deemed
the holder of any securities that may at any time be issuable on the exercise of the rights hereunder for any purpose nor shall
anything contained herein be construed to confer upon the Holder, as such, any right to vote for the election of directors or upon
any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon
any recapitalization, issuance of stock, reclassification of stock, change of par value or change of stock to no par value, consolidation,
merger, conveyance or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or any other
rights of a stockholder of the Company until the rights under the Warrant shall have been exercised and the Shares purchasable
upon exercise of the rights hereunder shall have become deliverable as provided herein.

 

9. Market Stand-off.
The Holder of this Warrant hereby agrees that such Holder shall not sell or otherwise transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any common
stock (or other securities) of the Company held by the Holder (other than those included in the registration) during the one hundred
eighty (180) day period following the effective of a registration statement of the Company filed under the Securities Act (or such
other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication
or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the
restrictions contained in NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). The obligations described
in this section 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 transaction on Form S-4 or similar forms that
may be promulgated in the future. The Company may impose stop-transfer instructions and may notate each such certificate, instrument
or book entry with a legend as substantially set forth in Section 5(e) with respect to the shares of common stock (or other
securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The Holder
agrees to execute a market stand-off agreement with the underwriters in the offering in customary form consistent with the provisions
of this section.

 

    	 	-9-	 

     

    

 

10. Representations
and Warranties of the Holder. By acceptance of this Warrant, the Holder represents and warrants to the Company as follows:

 

(a)
No Registration. The Holder understands that the Securities have not been, and will not be, registered under
the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of
which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Holder’s
representations as expressed herein or otherwise made pursuant hereto.

 

(b)
Investment Intent. The Holder is acquiring the Securities for investment for its own account, not as a nominee
or agent, and not with a view to, or for resale in connection with, any distribution thereof. The Holder has no present intention
of selling, granting any participation in, or otherwise distributing the Securities, nor does it have any contract, undertaking,
agreement or arrangement for the same.

 

(c)
Investment Experience. The Holder has substantial experience in evaluating and investing in private placement
transactions of securities in companies similar to the Company, and has such knowledge and experience in financial or business
matters so that it is capable of evaluating the merits and risks of its investment in the Company and protecting its own interests.

 

(d)
Speculative Nature of Investment. The Holder understands and acknowledges that the Company has a limited financial
and operating history and that its investment in the Company is highly speculative and involves substantial risks. The Holder can
bear the economic risk of its investment and is able, without impairing its financial condition, to hold the Securities for an
indefinite period of time and to suffer a complete loss of its investment.

 

(e)
Access to Data. The Holder has had an opportunity to ask questions of officers of the Company, which questions
were answered to its satisfaction. The Holder believes that it has received all the information that it considers necessary or
appropriate for deciding whether to acquire the Securities. The Holder understands that any such discussions, as well as any information
issued by the Company, were intended to describe certain aspects of the Company’s business and prospects, but were not necessarily
a thorough or exhaustive description. The Holder acknowledges that any business plans prepared by the Company have been, and continue
to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature,
and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly
from actual results.

 

    	 	-10-	 

     

    

 

(f)
Accredited Investor. The Holder is an “accredited investor” within the meaning of Regulation D,
Rule 501(a), promulgated by the Securities and Exchange Commission and agrees to submit to the Company such further assurances
of such status as may be reasonably requested by the Company. The Holder has furnished or made available any and all information
requested by the Company or otherwise necessary to satisfy any applicable verification requirements as to “accredited investor”
status. Any such information is true, correct, timely and complete.

 

(g)
Residency. The residency of the Holder (or, in the case of a partnership or corporation, such entity’s
principal place of business) is correctly set forth on the signature page hereto.

 

(h)
Restrictions on Resales. The Holder acknowledges that the Securities must be held indefinitely unless subsequently
registered under the Securities Act or an exemption from such registration is available. The Holder is aware of the provisions
of Rule 144 promulgated under the Securities Act, which permit resale of shares purchased in a private placement subject to
the satisfaction of certain conditions, which may include, among other things, the availability of certain current public information
about the Company; the resale occurring not less than a specified period after a party has purchased and paid for the security
to be sold; the number of shares being sold during any three-month period not exceeding specified limitations; the sale being effected
through a “broker’s transaction,” a transaction directly with a “market maker” or a “riskless
principal transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder); and the filing of a Form 144 notice, if applicable. The Holder acknowledges
and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time
the Holder wishes to sell the Securities and that, in such event, the Holder may be precluded from selling the Securities under
Rule 144 even if the other applicable requirements of Rule 144 have been satisfied. The Holder acknowledges that, in
the event the applicable requirements of Rule 144 are not met, registration under the Securities Act or an exemption from
registration will be required for any disposition of the Securities. The Holder understands that, although Rule 144 is not
exclusive, the Securities and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities
received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden
of proof in establishing that an exemption from registration is available for such offers or sales and that such persons and the
brokers who participate in the transactions do so at their own risk.

 

(i)
No Public Market. The Holder understands and acknowledges that no public market now exists for any of the
securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Company’s
securities.

 

(j)
Brokers and Finders. The Holder has not engaged any brokers, finders or agents in connection with the Securities,
and the Company has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Holder, any liability
for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the Securities.

 

    	 	-11-	 

     

    

 

(k)
Legal Counsel. The Holder has had the opportunity to review this Warrant, the exhibits and schedules attached
hereto and the transactions contemplated by this Warrant with its own legal counsel. The Holder is not relying on any statements
or representations of the Company or its agents for legal advice with respect to this investment or the transactions contemplated
by this Warrant.

 

(l)
Tax Advisors. The Holder has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S.
tax consequences of this investment and the transactions contemplated by this Warrant. With respect to such matters, the Holder
relies solely on any such advisors and not on any statements or representations of the Company or any of its agents, written or
oral. The Holder understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result
of this investment and the transactions contemplated by this Warrant.

 

(m)
No “Bad Actor” Disqualification. Neither (i) the Holder, (ii) any of its directors,
executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners
or managing members, nor (iii) any beneficial owner of any of the Company’s voting equity securities (in accordance
with Rule 506(d) of the Securities Act) held by the Holder is subject to any of the “bad actor” disqualifications
described in Rule 506(d)(1)(i) through (viii) under the Securities Act, except as set forth in Rule 506(d)(2) or (d)(3)
under the Securities Act and disclosed, reasonably in advance of the acceptance of this Warrant, in writing in reasonable detail
to the Company.

 

11. Miscellaneous.

 

(a)
Amendments. Except as expressly provided herein, neither this Warrant nor any term hereof may be amended,
waived, discharged or terminated other than by a written instrument referencing this Warrant and signed by the Company and the
holders of warrants representing not less than a majority of the Shares issuable upon exercise of any and all outstanding Warrants,
which majority does not need to include the consent of the Holder. Any amendment, waiver, discharge or termination effected in
accordance with this Section 8(a) shall be binding upon each holder of the Warrants, each future holder of such Warrants and
the Company; provided, however, that no special consideration or inducement may be given to any such holder in connection
with such consent that is not given ratably to all such holders, and that such amendment must apply to all such holders equally
and ratably in accordance with the number of shares of Series F Preferred Stock or units of PhunCoins issuable upon exercise
or conversion of the Warrants. The Company shall promptly give notice to all holders of Warrants of any amendment effected in accordance
with this Section 8(a).

 

(b)
Waivers. No waiver of any single breach or default shall be deemed a waiver of any other breach or default
theretofore or thereafter occurring.

 

    	 	-12-	 

     

    

 

(c)
Notices. All notices and other communications required or permitted hereunder shall be in writing and shall
be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to the Holder) or otherwise
delivered by hand, messenger or courier service addressed:

 

(i) if to the Holder,
to the Holder at the Holder’s address, facsimile number or electronic mail address as shown in the Company’s records,
as may be updated in accordance with the provisions hereof, or until any such Holder so furnishes an address, facsimile number
or electronic mail address to the Company, then to and at the address, facsimile number or electronic mail address of the last
holder of this Warrant for which the Company has contact information in its records; or

 

(ii) if to the Company,
to the attention of the President or Chief Financial Officer of the Company at the Company’s address as shown on the signature
page hereto, or at such other current address as the Company shall have furnished to the Holder, with a copy (which shall not constitute
notice) to Scott Murano, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, CA 94304.

 

Each such notice or other
communication shall for all purposes of this Warrant be treated as effective or having been given (i) if delivered by hand,
messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid,
specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the
earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the
United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer
or, if sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during
normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s
next business day. In the event of any conflict between the Company’s books and records and this Warrant or any notice delivered
hereunder, the Company’s books and records will control absent fraud or error.

 

(d)
Governing Law. This Warrant and all actions arising out of or in connection with this Warrant shall be governed
by and construed in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the
State of California, or of any other state.

 

(e)
Jurisdiction and Venue. Each of the Holder and the Company irrevocably consents to the exclusive jurisdiction
and venue of any court within Santa Clara County, State of California, in connection with any matter based upon or arising out
of this Warrant or the matters contemplated herein, and agrees that process may be served upon them in any manner authorized by
the laws of the State of California for such persons.

 

(f)
Titles and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are
not to be considered in construing or interpreting this Warrant. All references in this Warrant to sections, paragraphs and exhibits
shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto.

 

(g)
Severability. If any provision of this Warrant becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall
be severed from this Warrant, and such illegal, unenforceable or void provision shall be replaced with a valid and enforceable
provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, unenforceable
or void provision. The balance of this Warrant shall be enforceable in accordance with its terms.

 

    	 	-13-	 

     

    

 

(h)
Waiver of Jury Trial. Each
of the Holder and the Company waives, to the fullest extent permitted by law, any and all right to trial by jury in any legal proceeding
(whether based on contract, tort or otherwise) arising out of or related to this Warrant. If the waiver of jury trial
set forth in this paragraph is not enforceable, then any claim or cause of action arising out of or relating to this Warrant shall
be settled by judicial reference pursuant to California Code of Civil Procedure Section 638 et seq. before a referee
sitting without a jury, such referee to be mutually acceptable to the parties or, if no agreement is reached, by a referee appointed
by the Presiding Judge of the California Superior Court for Santa Clara County. This paragraph shall not restrict the Holder or
the Company from exercising remedies under the Uniform Commercial Code or from exercising pre-judgment remedies under applicable
law.

 

(i)
California Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS WARRANT HAS NOT
BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT
OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS
EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES
TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 

(j)
Saturdays, Sundays and Holidays. If the last or appointed day for the taking of any action or the expiration
of any right required or granted herein shall be a Saturday, Sunday or U.S. federal holiday, then such action may be taken or such
right may be exercised on the next succeeding day that is not a Saturday, Sunday or U.S. federal holiday.

 

(k)
Rights and Obligations Survive Exercise of the Warrant. Except as otherwise provided herein, the rights and
obligations of the Company and the Holder under this Warrant shall survive exercise of this Warrant.

 

(l)
Entire Agreement. Except as expressly set forth herein, this Warrant (including the exhibits attached hereto)
constitutes the entire agreement and understanding of the Company and the Holder with respect to the subject matter hereof and
supersede all prior agreements and understandings relating to the subject matter hereof.

 

(signature page follows)

 

    	 	-14-	 

     

    

 

The Company and the
Holder sign this Warrant as of the date stated on the first page.

 

	 	PHUNWARE, INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	                          
	 	 	 
	 	Address:
	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 
	 	 

 

	AGREED AND ACKNOWLEDGED,	 
	 	 
	«Stockholder»	 
	Name of holder	 

 

	By:	          	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

Address:

 

	 	 
	 	 
		 
	 	 
	 	 
	 	 
	Email address:  	                    	 

 

(Signature Page to Warrant to Purchase
Shares of Series F Preferred Stock and Units of PhunCoins)

 

    	 	-15-	 

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

		TO:	PHUNWARE, INC. (the “Company”)

 

		Attention:	President

 

		(1)	Exercise. The undersigned elects to purchase the following pursuant to the terms of the
attached warrant:

 

	Number of shares:	 
	 	 
	Type of security:	 

 

		(2)	Method of Exercise. The undersigned elects to exercise the attached warrant pursuant to:

 

		☐	A cash payment or cancellation of indebtedness, and tenders herewith payment of the purchase price
for such shares in full, together with all applicable transfer taxes, if any.

 

		☐	The net issue exercise provisions of Section 2(b)(ii) of the attached warrant.

 

		(3)	Stock. Please make a book entry and, if the shares are certificated, issue a certificate
or certificates representing the shares in the name of:

 

		☐	The undersigned

 

	 	☐	Other—Name: 	 
	 	 	 	 
	 	 	         Address:	 
	 	 	 	 
	 	 	 	 

 

		(4)	Unexercised Portion of the Warrant. Please issue a new warrant for the unexercised portion
of the attached warrant in the name of:

 

		☐	The undersigned

 

	 	☐	Other—Name: 	 
	 	 	 	 
	 	 	         Address:	 
	 	 	 	 
	 	 	 	 

 

		☐	Not applicable

 

		(5)	Investment Intent. The undersigned represents and warrants that the aforesaid shares are
being acquired for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection
with, the distribution thereof, and that the undersigned has no present intention of selling, granting any participation in, or
otherwise distributing the shares, nor does it have any contract, undertaking, agreement or arrangement for the same, and all representations
and warranties of the undersigned set forth in Section 10 of the attached warrant are true and correct as of the date hereof.

 

    	 	A-1	 

     

    

 

		(6)	Investment Representation Statement and Market Stand-Off Agreement. The undersigned has
executed, and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially
similar to the form attached to the warrant as Exhibit A-1.

 

		(7)	Consent to Receipt of Electronic Notice. Subject to the limitations set forth in Delaware
General Corporation Law §232(e), the undersigned consents to the delivery of any notice to stockholders given by the Company
under the Delaware General Corporation Law or the Company’s certificate of incorporation or bylaws by (i) facsimile
telecommunication to the facsimile number provided below (or to any other facsimile number for the undersigned in the Company’s
records), (ii) electronic mail to the electronic mail address provided below (or to any other electronic mail address for
the undersigned in the Company’s records), (iii) posting on an electronic network together with separate notice to the
undersigned of such specific posting or (iv) any other form of electronic transmission (as defined in the Delaware General
Corporation Law) directed to the undersigned. This consent may be revoked by the undersigned by written notice to the Company and
may be deemed revoked in the circumstances specified in Delaware General Corporation Law §232.

 

	 	 
	 	(Print name of the warrant holder)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name and title of signatory, if applicable)
	 	 
	 	 
	 	(Date)
	 	 
	 	[
	 	(Fax number)
	 	 
	 	 
	 	(Email address)

 

(Signature page to the Notice of Exercise)

 

    	 	A-2	 

     

    

 

EXHIBIT A-l

 

INVESTMENT REPRESENTATION
STATEMENT

AND

MARKET STAND-OFF AGREEMENT

 

		INVESTOR:	 

 

		COMPANY:	PHUNWARE, INC.

 

		SECURITIES:	THE WARRANT ISSUED ON __________, 2017 (THE “WARRANT”) AND THE SECURITIES
ISSUED OR ISSUABLE UPON EXERCISE THEREOF (INCLUDING UPON SUBSEQUENT CONVERSION OF THOSE SECURITIES)

 

		DATE:	 

 

In connection with
the purchase or acquisition of the above-listed Securities, the undersigned Investor represents and warrants to, and agrees with,
the Company as follows:

 

1. No Registration.
The Investor understands that the Securities have not been, and will not be, registered under the Securities Act of 1933, as amended
(the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities
Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy
of the Investor’s representations as expressed herein or otherwise made pursuant hereto.

 

2. Investment Intent.
The Investor is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with a view to,
or for resale in connection with, any distribution thereof. The Investor has no present intention of selling, granting any participation
in, or otherwise distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement for the same.

 

3. Investment Experience.
The Investor has substantial experience in evaluating and investing in private placement transactions of securities in companies
similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating
the merits and risks of its investment in the Company and protecting its own interests.

 

4. Speculative Nature
of Investment. The Investor understands and acknowledges that the Company has a limited financial and operating history and
that its investment in the Company is highly speculative and involves substantial risks. The Investor can bear the economic risk
of its investment and is able, without impairing its financial condition, to hold the Securities for an indefinite period of time
and to suffer a complete loss of its investment.

 

    	 	A-1-1	 

     

    

 

5. Access to Data.
The Investor has had an opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction.
The Investor believes that it has received all the information that it considers necessary or appropriate for deciding whether
to acquire the Securities. The Investor understands that any such discussions, as well as any information issued by the Company,
were intended to describe certain aspects of the Company’s business and prospects, but were not necessarily a thorough or
exhaustive description. The Investor acknowledges that any business plans prepared by the Company have been, and continue to be,
subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature,
and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly
from actual results.

 

6. Accredited Investor.
The Investor is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by
the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably
requested by the Company. The Investor has furnished or made available any and all information requested by the Company or otherwise
necessary to satisfy any applicable verification requirements as to “accredited investor” status. Any such information
is true, correct, timely and complete.

 

7. Residency.
The residency of the Investor (or, in the case of a partnership or corporation, such entity’s principal place of business)
is correctly set forth on the signature page hereto.

 

8. Restrictions
on Resales. The Investor acknowledges that the Securities must be held indefinitely unless subsequently registered under the
Securities Act or an exemption from such registration is available. The Investor is aware of the provisions of Rule 144 promulgated
under the Securities Act, which permit resale of shares purchased in a private placement subject to the satisfaction of certain
conditions, which may include, among other things, the availability of certain current public information about the Company; the
resale occurring not less than a specified period after a party has purchased and paid for the security to be sold; the number
of shares being sold during any three-month period not exceeding specified limitations; the sale being effected through a “broker’s
transaction,” a transaction directly with a “market maker” or a “riskless principal transaction”
(as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder); and the filing of a Form 144 notice, if applicable. The Investor acknowledges and understands that the
Company may not be satisfying the current public information requirement of Rule 144 at the time the Investor wishes to sell
the Securities and that, in such event, the Investor may be precluded from selling the Securities under Rule 144 even if the
other applicable requirements of Rule 144 have been satisfied. The Investor understands and acknowledges that, in the event
the applicable requirements of Rule 144 are not met, registration under the Securities Act or an exemption from registration
will be required for any disposition of the Securities. The Investor understands that, although Rule 144 is not exclusive,
the Securities and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities received
in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof
in establishing that an exemption from registration is available for those offers or sales and that those persons and the brokers
who participate in the transactions do so at their own risk.

 

    	 	A-1-2	 

     

    

 

9. No Public Market.
The Holder understands and acknowledges that no public market now exists for any of the securities issued by the Company and that
the Company has made no assurances that a public market will ever exist for the Company’s securities.

 

10. Brokers and
Finders. The Investor has not engaged any brokers, finders or agents in connection with the Securities, and the Company has
not incurred nor will incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage
or finders’ fees or agents’ commissions or any similar charges in connection with the Securities.

 

11. Legal Counsel.
The Investor has had the opportunity to review the Warrant, the exhibits and schedules attached thereto and the transactions contemplated
by the Warrant with its own legal counsel. The Investor is not relying on any statements or representations of the Company or its
agents for legal advice with respect to this investment or the transactions contemplated by the Warrant.

 

12. Tax Advisors.
The Investor has reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of this investment
and the transactions contemplated by the Warrant. With respect to such matters, the Investor relies solely on such advisors and
not on any statements or representations of the Company or any of its agents, written or oral. The Investor understands that it
(and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions
contemplated by the Warrant.

 

13. Market Stand-off.
The Investor agrees that the Investor shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase
of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any common stock (or other securities)
of the Company held by the Investor (other than those included in the registration) during the one hundred eighty (180) day period
following the effective date of a registration statement of the Company filed under the Securities Act (or such other period as
may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution
of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained
in NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). The obligations described in this section 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 transaction on Form S-4 or similar forms that may be promulgated in the future.
The Company may impose stop-transfer instructions and may notate each such certificate, instrument or book entry with a legend
with respect to the shares of common stock (or other securities) subject to the foregoing restriction until the end of such one
hundred eighty (180) day (or other) period. The Investor agrees to execute a market stand-off agreement with the relevant underwriters
in customary form consistent with the provisions of this section.

 

14. No “Bad
Actor” Disqualification. Neither (i) the Investor, (ii) any of its directors, executive officers, other officers
that may serve as a director or officer of any company in which it invests, general partners or managing members, nor (iii) any
beneficial owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Securities
Act) held by the Investor is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act, except as set forth in Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed,
reasonably in advance of the purchase or acquisition of the Securities, in writing in reasonable detail to the Company.

 

(signature page follows)

 

    	 	A-1-3	 

     

    

 

The Investor is signing
this Investment Representation Statement and Market Stand-Off Agreement on the date first written above.

 

	 	INVESTOR
	 	 
	 	 
	 	(Print name of the investor)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name and title of signatory, if applicable)
	 	 
	 	 
	 	(Street address)
	 	 
	 	 
	 	(City, state and ZIP)

 

    	 	A-1-4	 

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

		ASSIGNOR:	                                  

 

		COMPANY:	PHUNWARE, INC.

 

		WARRANT:	THE WARRANT TO PURCHASE SHARES OF SERIES F PREFERRED STOCK AND PHUNCOINS ISSUED ON ____________
(THE “WARRANT”)

 

	DATE:	                                  	 

 

		(1)	Assignment. The undersigned registered holder of the Warrant (“Assignor”)
assigns and transfers to the assignee named below (“Assignee”) all of the rights of Assignor under the
Warrant, with respect to the number of shares set forth below:

 

	Name of Assignee:	 
	 	 
	Address of Assignee:	 

 

	Number of Shares Assigned: 	 

 

and does irrevocably
constitute and appoint ______________________ as attorney to make such transfer on the books of Phunware, Inc., maintained for
the purpose, with full power of substitution in the premises.

 

		(2)	Obligations of Assignee. Assignee agrees to take and hold the Warrant and any shares of
stock to be issued upon exercise of the rights thereunder (and any shares issuable upon conversion thereof) (the “Securities”)
subject to, and to be bound by, the terms and conditions set forth in the Warrant to the same extent as if Assignee were the original
holder thereof.

 

		(3)	Investment Intent. Assignee represents and warrants that the Securities are being acquired
for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution
thereof, and that Assignee has no present intention of selling, granting any participation in, or otherwise distributing the shares,
nor does it have any contract, undertaking, agreement or arrangement for the same, and all representations and warranties set forth
in Section 10 of the Warrant are true and correct as to Assignee as of the date hereof.

 

		(4)	Investment Representation Statement and Market Stand-Off Agreement. Assignee has executed,
and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially similar to
the form attached to the Warrant as Exhibit A-1.

 

		(5)	No “Bad Actor” Disqualification. Neither (i) Assignee, (ii) any of
its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general
partners or managing members, nor (iii) any beneficial owner of any of the Company’s securities held or to be held by
Assignee is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii)
under the Securities Act of 1933, as amended (the “Securities Act”), except as set forth in Rule 506(d)(2)
or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer of the Securities, in writing in reasonable
detail to the Company.

 

    	 	B-1	 

     

    

 

Assignor and Assignee
are signing this Assignment Form on the date first set forth above.

 

	ASSIGNOR	 	ASSIGNEE
	 	 	 
	 	 	 
	(Print name of Assignor)	 	(Print name of Assignee)
	 	 	 
	 	 	 
	(Signature of Assignor)	 	(Signature of Assignee)
	 	 	 
	 	 	 
	(Print name of signatory, if applicable)	 	(Print name of signatory, if applicable)
	 	 	 
	 	 	 
	(Print title of signatory, if applicable)	 	(Print title of signatory, if applicable)
	 	 	 
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	B-2

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