Document:

Deferred Compensation Plan for Nonemployee Directors as amended and restated

 Exhibit 10.14 
 HARLEY-DAVIDSON, INC. 
 DEFERRED COMPENSATION PLAN FOR NONEMPLOYEE DIRECTORS 
 (As Amended and Restated Effective January 1, 2009) 
 Concept 
 Harley-Davidson, Inc. (the “Company”) created this Plan, effective as of May 1, 1995, to assist nonemployee
directors of the Company to defer income, other than income payable under the Harley-Davidson, Inc. Director Stock Plan (the “Stock Plan”), until retirement, death, or other cessation of service as member of the Board of Directors of the
Company. The Plan is amended and restated effective January 1, 2009, to conform the terms of the Plan with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 Administrator 
 The Nominating and Corporate Governance
Committee of the Board of Directors of the Company is the Administrator of the Plan. 
 Definitions 
 a. Affiliate: Each corporation, trade or business that, with the Company, forms part of a controlled group of corporations or group
of trades or businesses under common control within the meaning of Code Sections 414(b) or (c); provided that for purpose of determining when a nonemployee director has incurred a Separation from Service, the phrase “at least fifty percent
(50%)” shall be used in place of “at least eighty percent (80%)” each place it appears in Code Section 414(b) and (c) and the regulations thereunder. 
 b. Board: The Board of Directors of the Company. 
 c. Change of Control Event: A change of control event as defined in regulations promulgated by the Secretary of the Treasury for
purposes of Code Section 409A, with respect to Harley-Davidson, Inc. 
 d. Separation from Service: The date on
which a nonemployee director ceases service as a director of the Company and all Affiliates, provided that such cessation of service constitutes a separation from service for purposes of Code Section 409A. 
 Eligibility 
 Directors of the Company who are not employees of
the Company (“nonemployee directors”) are eligible under the Plan. 

 Participation Requirements 
 A nonemployee director must complete a Deferred Compensation Agreement in order to defer compensation under the Plan. A nonemployee director who executes a Deferred Compensation Agreement is referred to as a
participant until all of his or her benefits hereunder are paid in full. 
 Compensation Deferral 
 A Deferred Compensation Agreement under the Plan will not apply to compensation that a nonemployee director elects to receive in the form of shares of common stock of the
Company under Section 7.1 of the Stock Plan. Each Deferred Compensation Agreement must specify the percentage of the participant’s Annual Retainer Fee that would otherwise be paid in cash and that is to be deferred, which percentage may be
one hundred percent (100%), fifty percent (50%), or none. For purposes of the Plan, the term “Annual Retainer Fee” means the annual retainer fee then in effect for service by the participant as a director, board committee chair and/or
committee member. 
 a. Initial Deferral Election. A nonemployee director may make an initial deferral election within
30 days of the date on which he or she first becomes a nonemployee director. If a nonemployee director does not make a deferral election during this period, the director will be deemed to have made a deferral election to defer none of the cash
portion of the director’s Annual Retainer Fee. A nonemployee director’s initial deferral election (i) must be in writing and delivered to the Treasurer of the Company, (ii) shall apply with respect to the portion of the
director’s Annual Retainer Fee that is to be paid in cash and that will be earned on and after the date the Treasury of the Company receives the election, and (iii) shall remain in effect from year-to-year thereafter unless modified or
revoked by a subsequent deferral election that becomes effective in accordance with the provisions hereof. 
 b. Revised
Deferral Election. Except to the extent that the Company is permitted and elects to give earlier effect to a nonemployee director’s modification or revocation to his or her deferral election in accordance with regulations promulgated by the
Secretary of the Treasury under Code Section 409A, a nonemployee director’s deferral election, once effective with respect to a calendar year, may not be revoked or modified for that calendar year. A nonemployee director may revoke or
modify his or her then current deferral election by filing a revised deferral election form, properly completed and signed, with the Treasurer of the Company. However, except to the extent that the Company is permitted and elects to give earlier
effect to a nonemployee director’s revised election in accordance with regulations promulgated by the Secretary of the Treasury under Code Section 409A, the revised deferral election will become effective on January 1 of the calendar
year following the calendar year during which the revised deferral election is received and accepted by the Treasurer of the Company, or as soon thereafter as is administratively practicable. A nonemployee director’s revised deferral election,
once effective, shall remain in effect until again modified by the nonemployee director or otherwise revoked in accordance with the provisions hereof. 
  

 2 

 Deferred Benefit Account 
 The Company will establish on its books a Deferred Benefit Account for each nonemployee director executing a Deferred Compensation Agreement. Deferred compensation shall be credited to this account as of the date on
which such compensation is deemed to accrue to the nonemployee director. Distributions shall be charged to this account as they are made. 
 Participant Investment Directions 
 Prior to July 1, 2001, interest at the Plan’s interest rate was credited to the account
of each nonemployee director as of the last day of each month. Interest was calculated by applying the Plan’s interest rate to the balances of the account on such date including distributions to be deducted on that date. The Plan’s
interest rate meant, for each 12 consecutive calendar months ending after September 1, the Moody’s Long Term Bond Rate in effect on such September 1 (or the last business day immediately preceding such date if it is a Saturday,
Sunday, or holiday) divided by 12. 
 Effective July 1, 2001, each nonemployee director’s Deferred Benefit Account shall be deemed to be invested
in investment options made available by the Administrator and selected by the nonemployee director, in accordance with Administrator rules and procedures uniformly applied. 
 The Administrator shall select and may prospectively change the investment options to be available for participant investment direction under the Plan and the number of times each year (not less than one) that
participants may change investment directions. Any new or revised participant investment direction, completed in accordance with Administrator rules, shall apply to a participant’s entire Deferred Benefit Account. The authorized representative
of a deceased participant’s estate may provide investment directions after the death of the participant and in accordance with the provisions of the Plan. 
 No Trust Fund Created 
 A participant’s Deferred Benefit Account is a means of measuring the value of the participant’s
deferred compensation. The account does not create a trust fund of any kind. Any assets earmarked by the Company to pay benefits under the Plan do at all times remain with the Company. A participant has no property interest in specific assets of the
Company because of the Plan. The rights of the participant, or an estate, to benefits under the Plan shall be solely those of an unsecured creditor of the Company. 
 Statement of Account 
 Following the close of each year the Company will provide statements of account to each participant.

  

 3 

 Distribution of Deferred Benefit Account 
 Except as provided in Paragraph d, upon a nonemployee director’s Separation from Service for any reason, or upon the occurrence of a Change of
Control Event, the Company will make payments to the nonemployee director (or, in the case of the death of the nonemployee director, to his or her beneficiary designated in accordance with the Plan or, if no such beneficiary is designated, to his or
her estate), as compensation for prior service as a director, in respect of the nonemployee director’s Deferred Benefit Account. 
 a. Form of Payments: At the time that a nonemployee director first makes a deferral election under this Plan or first makes a deferral election under the Stock Plan, whichever occurs earlier, the nonemployee
director shall make a payment election which shall govern distribution of both the nonemployee director’s Deferred Benefit Account under this Plan and the nonemployee director’s Deferral Share Account under the Stock Plan. In such payment
election, the nonemployee director may elect to have payments made either in (i) a single payment, or (ii) annual installments. Under the installment payment option, the nonemployee director may select the number of years over which
benefits are to be paid to the nonemployee director, up to a maximum of 5 years. The payment option elected shall apply to the nonemployee director’s entire Deferred Benefit Account under this Plan and the nonemployee’s director’s
entire Deferral Share Account under the Stock Plan. The installment payment option does not apply upon the occurrence of a Change of Control Event. A nonemployee director who fails to make a payment election with respect to the nonemployee
director’s Deferred Benefit Account under this Plan and the nonemployee director’s Deferral Share Account under the Stock Plan (or any portion of such accounts) shall be deemed to have elected the single payment option. Prior to
January 1, 2009, a nonemployee director may change his or her payment election by filing a revised payment election form, properly completed and signed, with the Treasurer of the Company; provided that a revised election submitted during
calendar year 2006, 2007 or 2008 (including the election described in Paragraph d. below) may not operate to defer into a subsequent calendar year the distribution of amounts that otherwise would have been paid in the calendar year in which the
revised election is submitted, or to accelerate into the calendar year in which the revised election is submitted amounts that otherwise were scheduled for distribution in a subsequent calendar year. On and after January 1, 2009, a nonemployee
director may modify his or her distribution election (or deemed distribution election) only if (i) the revised distribution election is submitted to the Treasurer of the Company at least twelve (12) months prior to the first scheduled
payment date under the nonemployee director’s then-current distribution election and the revised election is not given effect for twelve (12) months after the date on which the revised election is submitted, and (ii) except as
permitted under Code Section 409A, payment pursuant to the revised distribution election is deferred for at least five (5) years from the date payment would otherwise have been made under the nonemployee director’s prior distribution
election. For purposes of applying the rules of Code Section 409A, a series of installment payments will be considered a single payment form. 
 b. If the nonemployee director has elected the single payment option, then the Company will make payment to the nonemployee director in respect of the nonemployee director’s Deferred Benefit Account within 30
days after the end of the calendar quarter in which occurs the nonemployee director’s Separation from Service. In addition, the Company will make payment to the nonemployee director in respect of the nonemployee director’s Deferred Benefit
Account within 30 days following the occurrence of a Change of Control Event. 
  

 4 

 c. If the nonemployee director has elected the installment payment option, then the first
installment will be made within 30 days after the end of the calendar quarter in which occurs the nonemployee director’s Separation from Service, and each subsequent installment shall be paid in July of each calendar year following the calendar
year in which the first installment is paid to the nonemployee director during the installment period. The annual installment payment amount for any calendar year shall be determined by dividing the value of the nonemployee director’s Deferred
Benefit Account (or applicable portion) as of January 1 of the year for which the payment is being made by the number of installment payments remaining to be made, and then rounding the quotient obtained for all but the final installment to the
next lowest whole dollar; provided that the final installment shall be the entire undistributed balance in the nonemployee director’s Deferred Benefit Account. The Post-2004 Deferred Benefit Account shall remain subject to participant
investment direction (and adjustment for deemed investment gain or loss) during the installment payment period. 
 d.
Notwithstanding anything in the Plan to the contrary and in accordance with transition rules published by the Internal Revenue Service for purposes of Code Section 409A, on or before December 31, 2008, a nonemployee director who is in
active service on the Board of Directors may elect to have the portion of his or her vested Deferred Benefit Account under this Plan and the portion of the nonemployee director’s Deferral Share Account under the Stock Plan as of
December 31, 2008, together with deemed gains or losses from December 31, 2008 through the last day of the calendar quarter (the “valuation date”) selected by the nonemployee director, distributed to the nonemployee director in a
single sum payment. Distribution will be made within thirty (30) days following the valuation date designated by the nonemployee director. The valuation date selected by a nonemployee director must be the last day of a calendar quarter no
earlier than June 30, 2009. A nonemployee director’s election shall not be recognized if the effect of the election would be to defer amounts that would otherwise be distributable in 2008 for distribution into 2009 or subsequent years.

 Hardship Payments 
 The Administrator may, in
its sole discretion, upon the finding that the nonemployee director has suffered an “unforeseeable emergency” , distribute to the nonemployee director part or all of the nonemployee director’s Deferred Benefit Account, as needed to
meet the nonemployee director’s need. An “unforeseeable emergency” means a severe financial hardship to the nonemployee director resulting from an illness or accident of the nonemployee director, the nonemployee director’s
spouse, or the nonemployee director’s dependent (as defined in Internal Revenue Code Section 152(a) without regard to Sections 152(b)(1), (b)(2), and (d)(1)(B)), loss of the nonemployee director’s property due to casualty, or
other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the nonemployee director. The amount authorized by the Administrator for distribution with respect to an emergency may not exceed the
amounts necessary to satisfy the emergency plus amounts necessary to pay taxes reasonably 

  

 5 

 
anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or
compensation by insurance or otherwise or by liquidation of the nonemployee director’s assets, to the extent that liquidation of such assets would not itself cause severe financial hardship. 
 Designation of Beneficiary 
 Each participant entitled to any
payments from his or her Deferred Benefit Account from time to time may designate a beneficiary or beneficiaries to whom any such payments are to be paid in case of the participant’s death before receipt of any or all of such payments. Any
designation will revoke all prior designations by the participant, shall be in a form prescribed by the Company and will be effective only when filed by the participant, during his or her lifetime, in writing with the Treasurer of the Company.
References in the Plan to a participant’s “beneficiary” at any date shall include such persons designated as concurrent beneficiaries on the director’s beneficiary designation form then in effect. In the absence of any such
designation, any balance remaining in a participant’s Deferred Benefit Account at the time of the participant’s death shall be paid to such participant’s estate. 
 Assignment 
 A participant may not assign the right to receive benefits under the Plan. 
 Not a Contract to Continue as Director 
 This Plan may not be
construed as giving any person the right to be retained as a director of the Company. 
 Taxes 
 The Company may withhold from all benefit payments any amounts which may be required to be withheld under applicable tax laws. 
 Amendment and Termination 
 The Company may, at any time, by
action of the Nominating Committee of the Board of Directors of the Company, amend the Plan, with prospective effect, or terminate the Plan. The Company may not, however, reduce any benefit payments to or on behalf of a nonemployee director based on
deferrals already made, without the nonemployee director’s consent. 
 Distribution of Benefits Following Plan Termination 
 Termination of the Plan will operate to accelerate distribution of benefits only to the extent permitted under Code Section 409A, including: 
 a. The Plan is terminated within twelve (12) months of a corporate dissolution taxed under Code Section 331, or with the
approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), and the amounts accrued under the Plan but not yet paid are distributed to nonemployee directors or their beneficiaries, as applicable, in a single sum payment, regardless of
any 

  

 6 

 
distribution election then in effect, by the latest of: (1) the last day of the calendar year in which the Plan termination and liquidation occurs,
(2) the last day of the calendar year in which the amount is no longer subject to a substantial risk of forfeiture, or (3) the last day of the first calendar year in which payment is administratively practicable. 
 b. The Plan is terminated at any other time, provided that such termination does not occur proximate to a downturn in the financial health
of the Company or an Affiliate. In such event, all amounts accrued under the Plan but not yet paid will be distributed to all nonemployee directors and their beneficiaries, as applicable, in a single sum payment no earlier than twelve
(12) months (and no later than twenty-four (24) months) after the date of termination, regardless of any distribution election then in effect. This provision shall not be effective unless all other plans required to be aggregated with this
Plan under Code Section 409A are also terminated and liquidated. Notwithstanding the foregoing, any payment that would otherwise be paid during the twelve (12)-month period beginning on the Plan termination date pursuant to the terms of the
Plan shall be paid in accordance with such terms. In addition, the Company or any Affiliate shall be prohibited from adopting a similar arrangement within three (3) years following the date of the Plan’s termination, unless any individual
who was eligible under this Plan is excluded from participating thereunder for such three (3) year period. 
 Except as provided in Paragraphs a. and b.
above or as otherwise permitted in regulations promulgated by the Secretary of the Treasury under Code Section 409A, any action that terminates the Plan but that does not qualify for accelerated distribution under Code Section 409A shall
instead be construed as an amendment to discontinue further benefit accruals, but the Plan will continue to operate, in accordance with its terms as from time to time amended and in accordance with applicable elections by the nonemployee director,
with respect to the nonemployee director’s benefit accrued through the date of termination, and in no event shall any such action purporting to terminate the Plan form the basis for accelerating distributions to the nonemployee director or a
beneficiary. 
 Construction 
 The Plan is to be
construed under the laws of the State of Wisconsin, without reference to conflict of law principles thereof. 
 Binding Agreement 

This Plan is binding upon the Company and participants and their respective successors, assigns, heirs, executors, and beneficiaries. 
 Miscellaneous Section 409A Rules 
 a. Accelerated Distribution Following Section 409A Failure. If an amount under this Plan is required to be included in a nonemployee director’s income under Code Section 409A prior to the date such amount is
actually distributed, the nonemployee director shall receive a distribution, in a single sum, within ninety (90) days after the date it is finally determined that the Plan fails to meet the requirements of Code Section 409A. The
distribution shall equal the amount required to be included in the nonemployee director’s income as a result of such failure. 
  

 7 

 b. Permitted Delay in Payment. If a distribution required under the terms
of this Plan would jeopardize the ability of the Company or of an Affiliate to continue as a going concern, the Company or the Affiliate shall not be required to make such distribution. Rather, the distribution shall be delayed until the first date
that making the distribution does not jeopardize the ability of the Company or of an Affiliate to continue as a going concern. Further, if any distribution pursuant to the Plan will violate the terms of Section 16(b) of the Securities Exchange
Act of 1934 or other Federal securities laws, or any other applicable law, then the distribution shall be delayed until the earliest date on which making the distribution will not violate such law. 
 This amended and restated Plan is executed pursuant to authorization of the Board of Directors of the Company. 
  

			
	HARLEY-DAVIDSON, INC.
		
	By:	 	 /s/ Gail A. Lione

		
	Title:	 	 Executive Vice President

		
	Date:	 	 December 29, 2008

  

 8EXHIBIT 10.2

WAIVER AND FOURTH LOAN MODIFICATION
AGREEMENT 

     This Waiver and Fourth Loan Modification Agreement (this
“Loan Modification Agreement”) is entered into as of the Fourth Loan Modification
Effective Date, by and between SILICON VALLEY
BANK, a California corporation, with its
principal place of business at 3003 Tasman Drive, Santa Clara, California 95054
and with a loan production office located at One Newton Executive Park, Suite
200, 2221 Washington Street, Newton, Massachusetts 02462 (“Bank”) and VOXWARE, INC., a Delaware
corporation with its chief executive office located at 300 American Metro Blvd,
Suite 155, Hamilton, NJ 08619 (“Borrower”). 

1.
DESCRIPTION OF EXISTING INDEBTEDNESS AND
OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank
pursuant to a loan arrangement dated as of January 3, 2007, but effective as of
December 29, 2006, evidenced by, among other documents, a certain Amended and
Restated Loan and Security Agreement dated as of January 3, 2007, but effective
as of December 29, 2006, by and between Borrower and Bank, as amended by a
certain First Loan Modification Agreement dated as of February 2, 2007, as
further amended by a certain Second Loan Modification Agreement, dated as of
February 13, 2008 but effective as of December 27, 2007, and as further amended
by a certain Waiver and Third Loan Modification Agreement, dated as of November
14, 2008, by and between Borrower and Bank (as amended, the “Loan Agreement”). Capitalized
terms used but not otherwise defined herein shall have the same meaning as in
the Loan Agreement. 

2.
DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as
described in the Loan Agreement and the Intellectual Property Collateral as
described in a certain Intellectual Property Security Agreement dated as of
December 29, 2003 (as amended, the “IP
Security Agreement”) (together with any other
collateral security granted to Bank, the “Security Documents”). 

Hereinafter, the Security Documents,
together with all other documents evidencing or securing the Obligations shall
be referred to as the “Existing Loan
Documents”. 

3.
DESCRIPTION OF
CHANGE IN TERMS. 

		A.		Modifications to Loan Agreement.
		  
		  		1	     	The Loan Agreement shall be amended by deleting the following
      appearing as Section 6.9(a) thereof:
		  
	     	  	     	  		
      “    
      (a)     Minimum Liquidity. As of the Third Loan Modification Effective
      Date, and at all times thereafter, Borrower shall maintain
      liquidity in an amount equal to or greater than Two Million Dollars
      ($2,000,000), calculated as the sum of (i) unrestricted and unencumbered
      cash in accounts with the Bank or a Bank Subsidiary plus (ii) the aggregate Availability Amount minus (iii) any outstanding
      Overadvance. Nothing in the foregoing sentence shall be construed to imply
      that Borrower is permitted to maintain an Overadvance at any
      time.

		  
		  		  		
      and inserting in lieu thereof the
      following:

		  
		  		  		
      “    
      (a)     Minimum Cash Balance. As of the Fourth Loan Modification Effective
      Date, and at all times thereafter, Borrower shall maintain not less than
      One Million Five Hundred Thousand Dollars ($1,500,000.00) in unrestricted
      and unencumbered cash in accounts with the Bank or a Bank
      subsidiary.

	     	      	     	2	     	
      The Loan Agreement shall be
      amended by deleting the following appearing as Section 6.9(b) thereof:
      

		  
		  		  		
      “    
      (b)     Minimum Cumulative Net Loss/Net
      Income. Borrower’s trailing-three-month
      Net Income (loss), tested on a monthly basis as of the last day of each
      month, shall not be less than (not be a greater net loss than) the amounts
      indicated below for each period indicated below:
  

	     	      	     		     	Trailing-three-month Period
      Ended 	     	Minimum Net Income (maximum
      net loss) 
				 		October 31,
      2008  			($2,200,000) 
						 			 
						November 30,
      2008  			($2,200,000) 
						 			 
					 	December 31,
      2008  	 		($1,400,000) 
						 			 
		 	 			January 31,
      2009  			($1,200,000) 
						 			 
	 					February 28,
      2009  			($900,000)
    
						 			 
						March 31, 2009,
      and each monthly period  			$500,000”
    
						thereafter  			

	     	      	     	 	     	
      and inserting in lieu thereof the
      following: 

		  
		  		  		
      “    
      (b)     Minimum Cumulative Net Loss/Net
      Income. Borrower’s trailing-three-month
      Net Income (loss), tested on a monthly basis as of the last day of each
      month, shall not be less than (not be a greater net loss than) the amounts
      indicated below for each period indicated
  below:

	     	      	     		     	Trailing-three-month Period
      Ended 	     	Minimum Net Income (maximum
      net loss) 
				 		October 31,
      2008  			($2,200,000) 
						 			 
						November 30,
      2008  			($2,200,000) 
						 			 
					 	December 31,
      2008  	 		($1,400,000) 
						 			 
		 	 			March 31, 2009,
      and each monthly period  			$500,000” 
	 					thereafter  			

	     	      	     	3	     	
      The Loan Agreement shall be
      amended by deleting the following definitions from Section 13.1 thereof:
      

		  
						“Revolving Line Maturity Date” is
      February 11, 2009. 
						  
		  		  		
      “Term
      Loan Reserve” is an amount equal to one
      hundred percent (100%) of the aggregate amount of outstanding Term Loans.
      Such Term Loan Reserve shall remain in effect until the date the Borrower
      reports Net Income greater than Zero Dollars ($0.00) for two (2)
      consecutive fiscal quarters. Thereafter, the Term Loan Reserve shall be
      Zero Dollars ($0.00). 

						 
						and inserting
      in lieu thereof the following: 

	     	      	     		     	
      “Revolving Line Maturity Date” is
      March 31, 2009. 

		  
		  		  		
      “Term
      Loan Reserve” is an amount equal to one
      hundred percent (100%) of the aggregate amount of outstanding Term
      Loans.

						   
				4		The Loan Agreement
      shall be amended by inserting the following new definitions to appear
      alphabetically in Section 13.1 thereof: 
						  
						
      ““Fourth Loan
      Modification Agreement” is that certain Waiver
      and Fourth Loan Modification Agreement, dated as of the Fourth Loan
      Modification Effective Date, by and between Bank and Borrower.
      

						 
						
      “Fourth Loan
      Modification Effective Date” is the date
      indicated on the signature page to the Fourth Loan Modification
      Agreement.” 

						 
				5		
      The Compliance Certificate appearing as
      Exhibit C to the Loan
      Agreement is hereby replaced with the Compliance Certificate attached as
      Exhibit A hereto.
      

						 
		B.		 Waiver. 
						 
				1		
      Bank hereby waives Borrower’s existing
      defaults under the Loan Agreement by virtue of Borrower’s failure to
      comply with (i) the Minimum Liquidity financial covenant set forth in
      Section 6.9(a) (as in effect prior to this Loan Modification Agreement)
      for the period through and including the Fourth Loan Modification
      Effective Date, and (ii) the Minimum Cumulative Net Loss/Net Income
      financial covenant set forth in Section 6.9(b) for the compliance period
      ended December 31, 2008. Bank’s waiver of Borrower’s compliance of the
      foregoing covenant defaults shall apply only to the foregoing specific
      dates and period. 

4.
CONDITION PRECEDENT. As a condition precedent to the effectiveness of this Loan Modification
Agreement, the Borrower shall execute all
documents and deliver all instruments reasonably requested by Bank to permit the
Bank access to any Collateral maintained at Borrower’s headquarters located at
300 American Metro Blvd., Suite 155, Hamilton, NJ 08619.

5.
FEES.
Borrower shall pay to Bank a modification fee equal to Five Thousand Dollars
($5,000.00), which fee shall be due on the date hereof and shall be deemed fully
earned as of the date hereof. Borrower shall also reimburse Bank for all legal
fees and expenses incurred in connection with this amendment to the Existing
Loan Documents.

6.
RATIFICATION OF INTELLECTUAL PROPERTY SECURITY
AGREEMENT. Borrower hereby ratifies, confirms
and reaffirms, all and singular, the terms and conditions of the IP Security
Agreement and acknowledges, confirms and agrees that said IP Security Agreement
contains an accurate and complete listing of all Intellectual Property
Collateral as defined in said IP Security Agreement, and shall remain in full
force and effect. 

7.
RATIFICATION OF PERFECTION
CERTIFICATE. Borrower hereby ratifies,
confirms and reaffirms, all and singular, the terms and disclosures contained in
a certain Perfection Certificate dated as of May 24, 2006, between Borrower and
Bank, and acknowledges, confirms and agrees the disclosures and information
above Borrower provided to Bank in the Perfection Certificate has not changed,
as of the date hereof.

8.
CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to
reflect the changes described above. 

9.
RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms
and conditions of all security or other collateral granted to the Bank, and
confirms that the indebtedness secured thereby includes, without limitation, the
Obligations. 

10.
NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no
offsets, defenses, claims, or counterclaims against Bank with respect to the
Obligations, or otherwise, and that if Borrower now has, or ever did have, any
offsets, defenses, claims, or counterclaims against Bank, whether known or
unknown, at law or in equity, all of them are hereby expressly WAIVED and
Borrower hereby RELEASES Bank from any liability thereunder. 

11.
CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing
Obligations, Bank is relying upon Borrower’s representations, warranties, and
agreements, as set forth in the Existing Loan Documents. Except as expressly
modified pursuant to this Loan Modification Agreement, the terms of the Existing
Loan Documents remain unchanged and in full force and effect. Bank’s agreement
to modifications to the existing Obligations pursuant to this Loan Modification
Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a
satisfaction of the Obligations. It is the intention of Bank and Borrower to
retain as liable parties all makers of Existing Loan Documents, unless the party
is expressly released by Bank in writing. No maker will be released by virtue of
this Loan Modification Agreement. 

12.
COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it
shall have been executed by Borrower and Bank. 

[The remainder of this page is
intentionally left blank] 

     This Loan
Modification Agreement is executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the Fourth Loan Modification Effective Date.

	BORROWER:  	BANK:  
	  
	VOXWARE, INC.  	SILICON VALLEY BANK  
	  
	By: 
    	 	 	By: 
    	 	 
	Name:  	 	 	Name:  	 	 
	Title:  	 	 	Title:  	 	 

Fourth Loan Modification Effective Date: February _, 2009 

     The
undersigned, VERBEX ACQUISITION
CORPORATION, a Delaware corporation
(“Guarantor”) hereby: (i) ratifies, confirms and reaffirms, all and singular, the
terms and conditions of (A) a certain Unlimited Guaranty of the obligations of
Borrower to Bank dated January 27, 2004 (the “Guaranty”), and (B) a certain Security
Agreement by Guarantor in favor of Bank dated January 27, 2004 (the
“Security Agreement”); (ii) acknowledges, confirms and agrees that the Guaranty and the
Security Agreement shall remain in full force and effect and shall in no way be
limited by the execution of this Loan Modification Agreement or any other
documents, instruments and/or agreements executed and/or delivered in connection
herewith; and (iii) acknowledges, confirms and agrees that the obligations of
Guarantor to Bank under the Guaranty include, without limitation, all
Obligations of Borrower to Bank under the Loan Agreement, as amended by this
Loan Modification Agreement. 

	VERBEX ACQUISITION CORPORATION  
	  
	  
	By: 
    	 	 
	Name:  	 	 
	Title:  	 	 

     The
undersigned, VOXWARE(UK)
Limited, a company registered under the laws
of England and Wales (“UK Guarantor”) hereby: (i) ratifies, confirms and reaffirms, all and
singular, the terms and conditions of (A) a certain Deed of Guaranty of the
obligations of Borrower to Bank dated as of February 5, 2009 (the
“UK Guaranty”), and (B) a certain Mortgage Debenture by UK Guarantor in favor of Bank
dated as of February 5, 2009 (the “Debenture”); (ii) acknowledges,
confirms and agrees that the UK Guaranty and the Debenture shall remain in full
force and effect and shall in no way be limited by the execution of this Loan
Modification Agreement or any other documents, instruments and/or agreements
executed and/or delivered in connection herewith; and (iii) acknowledges,
confirms and agrees that the obligations of UK Guarantor to Bank under the UK
Guaranty include, without limitation, all Obligations of Borrower to Bank under
the Loan Agreement, as amended by this Loan Modification Agreement. 

	VOXWARE (UK) Limited  
	  
	  
	By: 
    	 	 
	Name:  	 	 
	Title:  	 	 

	 COMPLIANCE CERTIFICATE 
	TO: 
    	SILICON VALLEY
      BANK  	 	Date:  	 
	FROM:    	VOXWARE,
      INC.  	  	 

The undersigned authorized officer of
Voxware, Inc. (“Borrower”) certifies that under the terms and conditions of the Loan
and Security Agreement between Borrower and Bank (the “Agreement”), (1) Borrower
is in complete compliance for the period ending _______________ with all
required covenants except as noted below, (2) there are no Events of Default,
(3) all representations and warranties in the Agreement are true and correct in
all material respects on this date except as noted below; provided, however,
that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties
expressly referring to a specific date shall be true, accurate and complete in
all material respects as of such date, (4) Borrower, and each of its
Subsidiaries, has timely filed all required tax returns and reports, and
Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise
permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no
Liens have been levied or claims made against Borrower or any of its
Subsidiaries relating to unpaid employee payroll or benefits of which Borrower
has not previously provided written notification to Bank. Attached are the
required documents supporting the certification. The undersigned certifies that
these are prepared in accordance with generally GAAP consistently applied from
one period to the next except as explained in an accompanying letter or
footnotes. The undersigned acknowledges that no borrowings may be requested at
any time or date of determination that Borrower is not in compliance with any of
the terms of the Agreement, and that compliance is determined not just at the
date this certificate is delivered. Capitalized terms used but not otherwise
defined herein shall have the meanings given them in the Agreement.

Please indicate compliance status by
circling Yes/No under “Complies” column. 

		 Reporting Covenant  	 Required  	Complies 
		 	 	 
		Monthly financial statements
      with  	  Monthly within 30
      days  	Yes  No 
		Compliance
      Certificate  	    	    
	 	Annual financial
      statement (CPA Audited) + CC  	  FYE
      within 120 days  	Yes 
      No 
		10-Q, 10-K and
      8-K  	 
      Within 5 days after filing with SEC  	Yes 
      No 
		Borrowing Base
      Certificate A/R Agings  	 
      Monthly within 30 days  	Yes 
      No 
		Transaction
      Reports  	 
      Weekly  	Yes 
      No 
		Audit  	  Annually and within 45 days
      of  	Yes  No 
		  	 
      Effective Date  	    
		Board approved
      projections  	  Annually  	Yes 
      No 
		
		The
      following Intellectual Property was registered after the Effective Date
      (if no registrations, state “None”)  	    
		 	 	 	
		 	

	 Financial Covenant  	Required  	Actual  	Complies 
	Minimum Cumulative
      Net Loss/Net Income (waived through  	$______ *  	$  	Yes  No 
	February 28,
      2009)  	  	  	  
	Minimum Cash Balance
      (at all times)  	$1,500,000  	$  	Yes 
      No 

* As set forth in Section 6.9(b) of the
Agreement 

      
The following financial covenant analyses and information set forth in Schedule
1 attached hereto are true and accurate as of the date of this Certificate.

      
The following are the exceptions with respect to the certification above: (If no
exceptions exist, state “No exceptions to note.”) 

	 
	 
	 

	Voxware,
      Inc.  	BANK USE
      ONLY  
		 
	  	Received by: __________________________  
	By: 
      __________________________________  	AUTHORIZED SIGNER  
	Name: ________________________________	Date: ________________________________
	Title: _________________________________ 	  
	  	Verified: ______________________________
	  	AUTHORIZED SIGNER  
	  	Date: ________________________________
		 
	  	Compliance
      Status:  Yes    No 

Schedule 1 to Compliance
Certificate 

Financial Covenants of
Borrower 

Dated:
____________________

In the event of a conflict between this
Schedule and the Loan Agreement, the terms of the Loan Agreement shall control.

	I. 
        	Section 6.9(a)    	Minimum Cash
      Balance.  
	  
	  	  	
      As of the Fourth Loan
      Modification Effective Date, and at all times thereafter, Borrower shall
      maintain not less than One Million Five Hundred Thousand Dollars
      ($1,500,000.00) in unrestricted and unencumbered cash in accounts with the
      Bank or a Bank subsidiary.

	Total
      $_____________________  	  
	 	
	            
      ______ No, not in compliance  	______ Yes, in
      compliance  

	II   	Section
      6.9(b)   	Minimum Cumulative Net
      Loss/Net Income. 	  
			 	
	  	  	
      Maintain trailing-three-month Net
      Income (loss), tested on a monthly basis as of the last day of each month,
      of not less than (not be a greater net loss than) the amounts indicated
      below for each period indicated below:
	  
	  	  					  
	  
	  	  	Trailing-three-month Period
      Ended  		Minimum Net Income (maximum
      net loss) 	  
					 	
	  	  	October 31, 2008  			($2,200,000) 	  
						 	
	  	  	November 30, 2008 
			($2,200,000) 	
						 	
	  	  	December 31, 2008 
			($1,400,000) 	
						 	
	  	  	February 28, 2009 
			($900,000) 	
						 	
	  	  	March 31, 2009, and each monthly
      period  			$500,000 	  
	  	  	thereafter  				  

	Month
      ending  	 	Actual
      net losses/Net Income  
	 	 		 	 
	 	 		 	 
	 	 		 	 

	______ No, not
      in compliance  	______ Yes, in
      compliance

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