Document:

EX-10.25

 Exhibit 10.25 

Execution Version 

GUARANTY 
 THIS
GUARANTY (this “Guaranty”) is made as of April 7, 2020, by AVEPOINT PUBLIC SECTOR, INC., a Virginia corporation, and AVEPOINT HOLDINGS USA, LLC, a Virginia limited liability company (each, a
“Guarantor” and, together, “Guarantors”), in favor of HSBC VENTURES USA INC. (“Bank”). 

RECITALS 
 WHEREAS,
pursuant to the terms of the Loan and Security Agreement, dated as of the date hereof, by and among AvePoint, Inc., a Delaware corporation (the “Borrower”), the Guarantors, and Bank (as amended, restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”), Bank has agreed to extend a credit facility to Borrower (the “Credit Facility”), provided that each Guarantor guarantees Borrower’s obligations relating to the
Credit Facility as provided herein; 
 WHEREAS, each Guarantor is a wholly-owned subsidiary of Borrower; and 

WHEREAS, each Guarantor, as a subsidiary of Borrower, will derive indirect benefits from Bank’s extension of the Credit Facility to
Borrower under the Loan Agreement and is therefore willing to enter into and perform in accordance with this Guaranty. 
 EACH GUARANTOR
THEREFORE GUARANTEES AND AGREES AS FOLLOWS: 
 1. Definitions and Terms. 

(a) Definitions. For purposes of this Guaranty, the following terms shall have the following definitions: 

“Borrower” shall include the named Borrower and any other Person at any time assuming or otherwise becoming primarily liable
for all or any part of the obligations of the named Borrower under the Loan Documents, including the trustee and the debtor-in-possession in any bankruptcy or similar
proceeding involving the named Borrower. 
 (b) Other Terms. All other capitalized terms used herein without definition shall have the
meanings assigned to them in the Loan Agreement. 
 2. Guaranty. Each Guarantor hereby absolutely, unconditionally and irrevocably
guarantees to Bank the due and punctual payment, performance and discharge (whether upon acceleration or otherwise in accordance with the terms thereof) of all Obligations. This guaranty of the Obligations includes in all cases all such Obligations
which arise after the filing of a bankruptcy petition with respect to Borrower and all such Obligations which would become due but for the operation of (i) the automatic stay under Section 362(a) of the Bankruptcy Code,
(ii) Section 502(b) of the Bankruptcy Code, or (iii) Section 506(b) of the Bankruptcy Code, including interest accruing under the Loan Documents after the filing of a Bankruptcy petition, whether or not allowed or allowable as a
claim in the Bankruptcy proceeding. This Guaranty is a guaranty of prompt and punctual payment of the Obligations, whether at stated maturity, by acceleration or otherwise, and is not merely a guaranty of collection. 

  
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 3. Rights of Bank. Each Guarantor authorizes Bank, without giving notice to any
Guarantor or obtaining any Guarantor’s consent and without affecting the liability of Guarantors for the Obligations to the extent described in Section 2 hereof, from time to time, to: 

(a) compromise, settle, renew, extend the time for payment, change the manner or terms of payment, discharge the performance of, decline to
enforce, or release all or any of the Obligations; grant other indulgences to Borrower in respect thereof; or modify in any manner any documents (other than this Guaranty) relating to the Obligations, in each case (other than with respect to
decisions not to enforce and to grant indulgences) in accordance with Loan Documents; 
 (b) declare all Obligations due and payable upon the
occurrence of an Event of Default; 
 (c) take and hold security for the performance of the Obligations and exchange, enforce, waive and
release any such security; 
 (d) apply and reapply such security and direct the order or manner of sale thereof as Bank, in its sole
discretion, may determine; 
 (e) release, surrender or exchange any deposits or other property securing the Obligations or on which Bank at
any time may have a Lien; release, substitute or add any one or more endorsers or guarantors of the Obligations; or compromise, settle, renew, extend the time for payment, discharge the performance of, decline to enforce, or release all or any
obligations of any such endorser or guarantor or other Person who is now or may hereafter be liable on any Obligations or release, surrender or exchange any deposits or other property of any such Person; 

(f) apply payments received by Bank from Borrower to any Obligations, in such order as Bank shall determine, in its sole discretion, whether or
not any such Obligations are covered by this Guaranty; and 
 (g) assign this Guaranty in whole or in part to the extent Bank is permitted to
assign the Obligations under the Loan Agreement. 
 4. Guarantors’ Waivers. 

(a) Each Guarantor waives: 
 (i)
any defense based upon any legal disability or other defense of Borrower, or by reason of the cessation or limitation of the liability of Borrower from any cause (other than full payment of all Obligations and the termination or expiration of the
Credit Facility), including failure of consideration, breach of warranty, statute of frauds, statute of limitations, accord and satisfaction, and usury; 

  
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 (ii) any defense based upon any legal disability or other defense of any other guarantor or
other Person; 
 (iii) any defense based upon any lack of authority of the officers, directors, partners or agents acting or purporting to
act on behalf of Borrower or any principal of Borrower or any defect in the formation of Borrower or any principal of Borrower; 
 (iv) any
defense based upon the application by Borrower of the proceeds of the Credit Facility for purposes other than the purposes represented by Borrower to Bank or intended or understood by Bank or such Guarantor; 

(v) any defense based on such Guarantor’s rights, under statute or otherwise, to require Bank to sue Borrower or otherwise to exhaust its
rights and remedies against Borrower or any other Person or against any collateral before seeking to enforce this Guaranty; 
 (vi) any
defense based on Bank’s failure at any time to require strict performance by Borrower of any provision of the Loan Documents or by such Guarantor of this Guaranty. Such Guarantor agrees that no such failure shall waive, alter or diminish any
right of Bank thereafter to demand strict compliance and performance therewith. Nothing contained herein shall prevent Bank from foreclosing on the Lien of any deed of trust, mortgage or other security agreement (including, without limitation, the
Loan Agreement and the Pledge Agreement), or exercising any rights available to Bank thereunder, and the exercise of any such rights shall not constitute a legal or equitable discharge of such Guarantor; 

(vii) any defense arising from any act or omission of Bank which changes the scope of such Guarantor’s risks hereunder; 

(viii) any defense based upon Bank’s election of any remedy against such Guarantor or Borrower or both; any defense based on the order in
which Bank enforces its remedies; 
 (ix) any defense based on (A) Bank’s surrender, release, exchange, substitution, dealing with
or taking any additional collateral, (B) Bank’s abstaining from taking advantage of or realizing upon any Lien or other guaranty, and (C) any impairment of collateral securing the Obligations, including, but not limited to,
Bank’s failure to perfect, or maintain the perfection or priority of, a Lien in such collateral; 
 (x) any defense based upon
Bank’s failure to disclose to such Guarantor any information concerning Borrower’s financial condition or any other circumstances bearing on Borrower’s ability to pay the Obligations; 

(xi) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in
any other respects more burdensome than that of a principal; 
 (xii) any defense based upon Bank’s election, in any proceeding
instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute; 

  
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 (xiii) any defense based upon any borrowing or any grant of a Lien under Section 364
of the Bankruptcy Code; 
 (xiv) any defense based on Bank’s failure to be diligent or to act in a commercially reasonable manner, or
to satisfy any other standard imposed on a secured party, in exercising rights with respect to collateral securing the Obligations; 
 (xv)
notice of acceptance hereof; notice of the existence, creation or acquisition of any Obligation; notice of any Event of Default; notice of the amount of the Obligations outstanding from time to time; notice of any other fact which might increase
such Guarantor’s risk; diligence; presentment; demand of payment; protest; filing of claims with a court in the event of Borrower’s receivership or bankruptcy and all other notices and demands to which such Guarantor might otherwise be
entitled (and agrees the same shall not have to be made on such Borrower as a condition precedent to such Guarantor’s obligations hereunder); 

(xvi) any defense based on errors and omissions by Bank in connection with its administration of the Credit Facility; 

(xvii) any defense based on application of fraudulent conveyance or transfer law or shareholder distribution law to any of the Obligations or
the security therefor; 
 (xviii) any defense based on Bank’s failure to seek relief from stay or adequate protection in
Borrower’s Bankruptcy proceeding or any other act or omission by Bank which impairs such Guarantor’s prospective subrogation rights; 

(xix) any defense based on legal prohibition of Bank’s acceleration of the maturity of the Obligations during the occurrence of an Event
of Default or any other legal prohibition on enforcement of any other right or remedy of Bank with respect to the Obligations and the security therefor; and 

(xx) the benefit of any statute of limitations affecting the liability of such Guarantor hereunder or the enforcement hereof. 

(b) Each Guarantor agrees that the payment of all sums payable under the Loan Documents or any part thereof or other act which tolls any
statute of limitations applicable to the Loan Documents shall similarly operate to toll the statute of limitations applicable to such Guarantor’s liability hereunder. 

5. Subrogation. No Guarantor shall exercise any rights which it may acquire by reason of any payment made hereunder, whether by way of
subrogation, reimbursement or otherwise, until (i) the prior payment, in full and in cash, of all Obligations and (ii) termination or expiration of the Credit Facility. Any amount paid to any Guarantor on account of any payment made
hereunder prior to the payment in full of all Obligations and termination or expiration of the Credit Facility shall be held in trust for the benefit of Bank hereunder. So long as any Obligations remain outstanding and the Credit Facility remains in
existence, each Guarantor shall refrain from taking any action or commencing any proceeding against Borrower, whether in connection with a Bankruptcy proceeding or otherwise, to recover any amounts in respect of payments made to Bank under this
Guaranty. 

  
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 6. Guarantors’ Acknowledgment. Each Guarantor acknowledges that Bank would not
extend the Credit Facility but for this Guaranty. 
 7. Representations and Warranties of Guarantors. Each Guarantor represents and
warrants to Bank, as an inducement to Bank to enter into the Loan Documents, that: 
 (a) the execution, delivery and performance by such
Guarantor of this Guaranty (i) do not contravene any law or any contractual restriction binding on or affecting such Guarantor or by which such Guarantor’s property may be affected; and (ii) do not require any authorization or
approval or other action by, or any notice to or filing with, any other Person except such as have been obtained or made; 
 (b) there are no
conditions precedent to the effectiveness of this Guaranty, and this Guaranty shall be in full force and effect and binding on such Guarantor as of the date hereof, regardless of whether Bank obtains collateral or any guaranties from others or takes
any other action contemplated by such Guarantor; 
 (c) this Guaranty constitutes the legal, valid and binding obligation of such Guarantor,
enforceable in accordance with its terms, except as the enforceability thereof may be subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws relating to or affecting the rights of creditors
generally and by general principles of equity; 
 (d) there is no action, suit or proceeding affecting such Guarantor pending or threatened
before any court, arbitrator, or governmental authority, which may materially adversely affect such Guarantor’s ability to perform his obligations under this Guaranty; 

(e) such Guarantor has established adequate means of obtaining from sources other than Bank, on a continuing basis, financial and other
information pertaining to Borrower’s financial condition, Borrower’s property and Borrower’s activities relating thereto and the status of Borrower’s performance of obligations imposed by the Loan Documents, and such Guarantor
agrees to keep adequately informed from such means of any facts, events or circumstances which might in any way affect such Guarantor’s risks hereunder and Bank has made no representation or warranty to such Guarantor as to any such matters;

 (f) there are not now pending any material court or administrative proceedings or undischarged judgments against such Guarantor, and no
tax liens have been filed or threatened against such Guarantor. Such Guarantor is not in default, or alleged to be in default, under any agreement for borrowed money; and 

(g) Bank has made no representation or warranty to such Guarantor regarding any collateral for the Obligations, including its value and/or its
transferability in the event Bank exercises its remedies under the Loan Documents. 
 8. Bankruptcy of Borrower. In any bankruptcy or
other proceeding in which the filing of claims is required by law, each Guarantor shall file all claims which such Guarantor may have against Borrower relating to any indebtedness of Borrower to such Guarantor and shall assign to Bank all rights of
such Guarantor thereunder. If such Guarantor does not file any such claim, 

  
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Bank, as attorney-in-fact for such Guarantor, is hereby authorized to do so in the name of such Guarantor or, in
Bank’s discretion, to assign the claim to a nominee and to cause a proof of claim to be filed in the name of Bank’s nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked. Bank or its nominee shall have
the right, in its reasonable discretion, to accept or reject any plan proposed in such proceeding and to take any other action which a party filing a claim is entitled to take. In all such cases, whether in administration, bankruptcy or otherwise,
the Person or Persons authorized to pay such claim shall pay to Bank the amount payable on such claim and, to the full extent necessary for that purpose, such Guarantor hereby assigns to Bank all of such Guarantor’s rights to any such payments
or distributions; provided, however, that such Guarantor’s obligations hereunder shall not be satisfied except to the extent that Bank receives cash by reason of any such payment or distribution. If Bank receives anything hereunder other than
cash, the same shall be held as collateral for amounts due under this Guaranty. 
 9. Remedies Cumulative. Bank’s rights and
remedies under this Guaranty, the Loan Documents, and all other agreements shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one
right or remedy shall be deemed an election, and no waiver by Bank of any Event of Default on any Guarantor’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by
Bank shall be effective unless made in a written document signed on behalf of Bank and then shall be effective only in the specific instance and for the specific purpose for which it was given. Each Guarantor expressly agrees that this
Section 9 may not be waived or modified by Bank by course of performance, conduct, estoppel or otherwise. 
 10. Demand;
Protest. Except as otherwise provided in this Guaranty, each Guarantor waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations. 

11. Bank Records. Each Guarantor agrees that Bank’s books and records with respect to the Obligations shall be admissible in
evidence in any action or proceeding shall be binding upon such Guarantor for purposes of establishing the items therein set forth and shall constitute prima facie proof thereof, irrespective of whether any Obligation is also evidenced by a note or
other instrument. 
 12. Additional, Independent and Unsecured Obligations. Each Guarantor’s obligations hereunder shall be in
addition to, and shall not limit or in any way affect, such Guarantor’s obligations under any other existing or future guaranties unless said other guaranties are expressly modified or revoked in writing. This Guaranty is independent of the
obligations of Borrower under the Loan Documents. Bank may bring a separate action to enforce the provisions hereof against any Guarantor without taking action against Borrower or any other Person or joining Borrower or any other Person as a party
to such action. 

  
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 13. Term; Revival. 

(a) This Guaranty is irrevocable by each Guarantor. It is a continuing guaranty and shall terminate only upon the full satisfaction of the
Obligations (other than inchoate indemnity obligations or obligations extending beyond maturity that have been cash collateralized in an amount and manner satisfactory to Bank) and termination or expiration of the Credit Facility. If,
notwithstanding the foregoing, any Guarantor shall have any nonwaivable right under applicable law or otherwise to terminate or revoke this Guaranty, such Guarantor agrees that such termination or revocation shall not be effective until Bank
receives written notice of such termination or revocation. Such notice shall not affect the Bank’s right and power to enforce rights arising prior to receipt thereof. If Bank makes Credit Extensions or takes any other action after such
Guarantor’s termination or revocation but prior to receipt of the requisite notice, Bank’s rights with respect thereto shall be the same as if such termination or revocation had not occurred. 

(b) Each Guarantor’s liability hereunder shall be reinstated and revived, and the Bank’s rights shall continue, with respect to any
amount at any time paid by Borrower on account of the Loan Documents which Bank shall be required to restore or return upon the bankruptcy, insolvency or reorganization of Borrower or for any other reason, whether by court order, administrative
order or settlement, all as though such amount had not been paid and this Guaranty shall be reinstated if the Credit Facility had expired or terminated and all of the Obligations had been satisfied prior to the restoration or return of the payment.

 14. Attorneys’ Fees; Enforcement. If any attorney is engaged by Bank to enforce, construe or defend any provision of
(i) this Guaranty or (ii) in connection with the enforcement, construction or defense of this Guaranty, any of the other Loan Documents, or as a consequence of any Event of Default, with or without the filing of any legal action or
proceeding, Guarantors shall pay to Bank, immediately upon demand, the amount of all reasonable out-of-pocket attorneys’ fees and costs incurred by Bank in
connection therewith. 
 15. Headings. All headings appearing in this Guaranty are for convenience only and shall be disregarded in
construing this Guaranty. 
 16. Choice of Law; Venue. This Guaranty shall be governed by, and construed in accordance with, the law
of the State of New York, without regard to conflicts of law principles except Title 14 of Article 5 of the New York General Obligations law. Each of the parties hereto hereby irrevocably consents to the jurisdiction of the courts of the State of
New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding arising out of or relating to this Guaranty or any action taken or omitted hereunder, and waives any claim of
forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process, right to a jury trial and agrees that service thereof may be made by certified or registered mail
directed to such Person at such Person’s address for purposes of notices hereunder and that service so made shall be deemed completed upon the earlier to occur of such Person’s actual receipt thereof or three (3) days after deposit in
the U.S. mails, proper postage prepaid. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH GUARANTOR AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS GUARANTY, THE OTHER LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES
TO ENTER INTO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 

  
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 This Section 16 shall survive the termination of this Agreement. 

17. Notices. All notices, consents, requests, approvals, demands, or other communication by a party to this Guaranty or any other Loan
Document must be in writing and shall be deemed to have been validly served, given, or delivered if sent to the applicable party at its address below and in accordance with the same requirements under Section 10 of the Loan Agreement. The
parties may change their respective addresses in accordance with the provisions of Section 10 of the Loan Agreement. 
  

			
	 If to any Guarantor:
	  	c/o AvePoint Public Sector, Inc.
		  	 Riverfront Plaza West Tower
 901 East Byrd
Street, Ste. 900

		  	Richmond, VA 23219
		  	Attn: General Counsel
		  	Email: legal@avepoint.com
		
	 If to Bank:
	  	HSBC Ventures USA Inc.
		  	452 Fifth Avenue
		  	New York, NY 10018
		  	Attn: Jan Luehrs
		  	Email: jan.luehrs@us.hsbc.com
		
		  	With a copy to:
		
		  	HSBC Ventures USA Inc. 95 Washington Street
		  	Buffalo, NY 14203
		  	Attn: CMB Loan Service

 18. Assignment; Binding Effect. This Guaranty shall be binding upon and inure to the benefit of
Guarantors and Bank and their respective successors and assigns permitted under the Loan Agreement, except that no Guarantor shall have the right to assign its rights or obligations hereunder or any interest herein without Bank’s prior written
consent. 
 19. Entire Agreement; Modifications. This Guaranty is intended by each Guarantor and Bank to be the final, complete, and
exclusive expression of the agreement between them. This Guaranty supersedes all prior and contemporaneous oral and written agreements relating to the subject matter hereof. No modification, rescission, waiver, release, or amendment of any provision
of this Guaranty shall be made, except by a written agreement signed by Guarantors and Bank. 

  
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 20. Severability. If any provision of this Guaranty shall be determined by a court of
competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed from this Guaranty and the remaining parts shall remain in full force as though the invalid, illegal or unenforceable portion had never been part of
this Guaranty. 
 [Remainder of Page Intentionally Blank] 

  
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 IN WITNESS WHEREOF, this Guaranty has been duly executed by the undersigned as of the date
first written above. 
  

			
	AVEPOINT PUBLIC SECTOR, INC.
		
	By:	 	 /s/ Brian Brown

	Name: Brian Brown
	Title: Sole Director
	
	AVEPOINT HOLDINGS USA, LLC
		
	By:	 	 /s/ Brian Brown

	Name: Brian Brown
	Title: Sole Director
	
	Acknowledged and Agreed by:
	
	HSBC VENTURES USA INC.
		
	By:	 	          

	Name:	 	          

	Title: 	 	          

 [Signature Page to Guaranty] 

 IN WITNESS WHEREOF, this Guaranty has been duly executed by the undersigned as of the date
first written above. 
 IN WITNESS WHEREOF, this Guaranty has been duly executed by the undersigned as of the date first written above. 

AVEPOINT PUBLIC SECTOR, INC. 
  

			
	By:	 	          

	Name:	 	          

	Title:	 	          

 AVEPOINT HOLDINGS USA, LLC 
  

			
	By:	 	          

	Name:	 	          

	Title:	 	          

 Acknowledged and Agreed by: 
  

			
	HSBC VENTURES USA INC.
		
	By:	 	 /s/ Prasant Chunduru

	Name: Prasant Chunduru
	Title: SVP, Head of Venture Debt

 [Signature Page to Guaranty]EX-10.26

 Exhibit 10.26 

Execution Version 

PLEDGE AGREEMENT 
 THIS
PLEDGE AGREEMENT (this “Agreement”) is entered into as of April 7, 2020, by and among AvePoint, Inc., a Delaware corporation (“Borrower”), AvePoint Public Sector, Inc., a Virginia corporation, AvePoint Holdings
USA, LLC, a Virginia limited liability company (each, a “Pledgor” and together, “Pledgors”), and HSBC Ventures USA Inc. (“Bank”). 

RECITALS 
 WHEREAS, Bank
is to enter into the Loan and Security Agreement, dated as of the date hereof, with Pledgors (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”; capitalized terms used herein without
definition have the meanings ascribed to them in the Loan Agreement), pursuant to which Bank will extend loans to Borrower; and 
 WHEREAS,
Bank has required as a condition of entering into the Loan Agreement that each Pledgor secure its obligations under the Loan Agreement and the other Loan Documents by granting Bank a first priority Lien against all of its personal property,
including all of the outstanding Shares of which such Pledgor is the legal and beneficial owner, subject to the limit on the pledge of Shares of Foreign Subsidiaries specified in the Loan Agreement (the “Pledged Equity”), including,
without limitation, the Shares listed in Exhibit A hereto. 
 NOW, THEREFORE, IT IS AGREED THAT: 

1. PLEDGE. 
 (a) As
security for the full and prompt performance of all Obligations, each Pledgor hereby collaterally assigns, pledges and grants a security interest to Bank in the Shares and to the extent stock certificate(s) exist for the applicable Shares delivers
to Bank such stock certificate(s), duly endorsed in blank or together with duly executed stock assignment(s) in favor of Bank, representing such applicable Shares (the “Collateral”), and grants to Bank a security interest in the
Collateral, together with whatever is receivable or received when the Collateral or proceeds thereof are sold, collected, exchanged or otherwise disposed of, whether such disposition is voluntary or involuntary, and all proceeds thereof, dividends
and distributions thereon, additions thereto and substitutions therefor, including all new or substituted or additional shares, other securities, cash or other properties distributed with respect to the foregoing stock or other securities subject to
this Agreement, whether as a result of merger, consolidation, dissolution, reorganization, recapitalization, interest payment, stock split, stock dividend, other dividend or distribution, reclassification, redemption or any other change declared or
made in the capital structure of the issuer of any of the Pledged Equity, or otherwise (collectively, the “Proceeds”), such Proceeds to be held by Bank in the same manner as the property originally pledged hereunder, except as
otherwise provided in Section 2. The Collateral and the Proceeds are herein collectively referred to as the “Pledged Collateral.” 

  
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 (b) Upon any Pledgor’s acquisition of any additional shares of capital stock or other
securities of any issuer of Pledged Equity, such Pledgor shall execute and deliver a Supplement to Pledge Agreement, substantially in the form of Exhibit B, and to the extent stock certificate(s) exist for such additional Pledged
Equity, deliver to Bank such stock certificates, duly endorsed in blank or together with duly executed stock assignments in favor of Bank, representing such shares or other securities required to maintain the pledge of the outstanding securities of
the issuing entity, which shall thereupon become Collateral for purposes of this Agreement. 
 (c) All certificates or instruments
representing or evidencing the Pledged Collateral shall be delivered to and held by Bank pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank,
all in form and substance reasonably satisfactory to Bank. Bank shall have the right at any time to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger
denominations. 
 (d) To the extent required by the terms and conditions governing the Shares, the applicable Pledgor shall cause the books
of each entity whose Shares are part of the Pledged Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence and during the continuance of an Event of Default, Bank may effect the transfer of any securities included
in the Pledged Collateral (including but not limited to the Shares) into the name of Bank and cause new certificates representing such securities to be issued in the name of Bank or its transferee. Each Pledgor will execute and deliver such
documents, and take or cause to be taken such actions, as Bank may reasonably request to perfect or continue the perfection of Bank’s security interest in the Shares. 

2. RIGHTS WITH RESPECT TO DISTRIBUTIONS. Unless an Event of Default shall have occurred and be continuing, each Pledgor shall be
entitled to collect and receive for such Pledgor’s own use, and shall not be required to deliver to Bank any dividends, cash, securities, instruments and other distributions paid in respect of the Shares, except such dividends, cash,
securities, instruments and other distributions as are prohibited under this Agreement or any other Loan Document; provided, however, that until actually paid, all rights to any such permitted dividends, cash, securities, instruments
and other distributions shall remain subject to the Lien created by this Agreement. During the continuance of an Event of Default, all rights of Pledgors to receive dividends, cash, securities, instruments and other distributions shall cease and all
rights to dividends, cash, securities and other distributions shall thereupon be vested in Bank; Bank shall thereupon have the sole right to receive and hold as Pledged Collateral such dividends, cash, securities, instruments and other
distributions. All dividends, cash, securities, instruments and other distributions which any Pledgor receives in violation of the provisions of this section shall be received in trust for Bank’s benefit, be segregated from the property or
funds of such Pledgor, and shall be forthwith delivered to Bank as Pledged Collateral in the same form as so received (with any necessary endorsement). 

3. IRREVOCABLE PROXY/VOTING RIGHTS. So long as no Event of Default has occurred and is continuing, subject to any other applicable
provision of this Agreement, each Pledgor shall be entitled to exercise all voting and other consensual rights pertaining to the Pledged Collateral or any part thereof for any purpose not prohibited by the terms of this Agreement or any other Loan
Document, provided that no vote shall be cast or consent, waiver or ratification given 

  
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or action taken which would (a) constitute or create any violation of any of such terms or (b) have the effect of impairing the position or interest of Bank in respect of the Pledged
Collateral. During the continuance of an Event of Default, all rights of each Pledgor to exercise the voting and other consensual rights which such Pledgor would otherwise be entitled to exercise hereunder shall cease upon notice from Bank,
whereupon all such rights shall become vested in Bank (whether or not the Pledged Collateral shall have been transferred into its name or the name of its nominee or nominees), which shall thereupon have the sole right to exercise such voting and
other consensual rights for any lawful purpose, including, without limitation, if Bank so elects, for the liquidation of the assets of the applicable issuer of such Shares, and to give all consents, waivers and ratifications in respect of the
Pledged Collateral and otherwise act with respect thereto as though it were the outright owner thereof (and each Pledgor hereby irrevocably constituting and appointing Bank the proxy and attorney-in-fact of such Pledgor, with full power of substitution, to do so) until it gives notice to such Pledgor of its relinquishment of such rights, whereupon all such rights shall be revested with such
Pledgor. 
 4. RELEASE OF PLEDGE. Anything to the contrary herein notwithstanding, Bank shall release the Pledged Collateral from
pledge hereunder upon full payment to Bank of all Obligations (other than inchoate indemnity obligations or obligations extending beyond maturity that have been cash collateralized in an amount and manner satisfactory to Bank) and termination or
expiration of Bank’s obligation to lend to Borrower under Loan Agreement and upon such release Bank shall deliver to each Pledgor all Pledged Collateral of each such Pledgor then in Bank’s possession. 

5. CONTINUING AGREEMENT; REVOCATION; OBLIGATIONS UNDER OTHER AGREEMENT. This is a continuing agreement and all rights, powers and
remedies hereunder shall apply to all past, present and future Obligations of each Pledgor to Bank, including those arising under successive transactions which shall either continue the Obligations, increase or decrease them, or from time to time
create new Obligations whether or not any prior Obligations have been satisfied, and notwithstanding the bankruptcy of such Pledgor. Each Pledgor’s obligations hereunder shall be in addition to any obligations of such Pledgor or any other
Person under any other pledges of security or guaranties for the Obligations heretofore given (including other security that Bank holds pursuant to the Loan Agreement or any agreement, document or other instrument referenced therein), now or
hereafter to be given to Bank. 
 6. REINSTATEMENT OF LIABILITY. Each Pledgor’s liability hereunder shall be reinstated and
revived and Bank’s rights shall continue with respect to any amount paid on account of the Obligations secured hereby which shall thereafter be required to be restored or returned by Bank upon the bankruptcy or insolvency of such Pledgor or any
other Person or for any other reason, all as though such amount had not been paid. 
 7. REPRESENTATIONS AND WARRANTIES. Each Pledgor
represents and warrants to Bank as follows: 
 (a) Such Pledgor has the right and lawful authority to pledge the Pledged Collateral; 

  
 3 

 (b) The Pledged Collateral is genuine and is owned by such Pledgor, free and clear of all
Liens (except Permitted Liens), adverse claims, defenses, rights of set-offs and counterclaims of any kind or character except for the security interest created hereunder, and as of the date hereof constitutes
the percentage of the issued and outstanding capital stock of the issuer thereof specified in Exhibit A hereto; 
 (c) No
authorization, approval or other action by and no notice to or filing with any governmental authority is required for the pledge hereunder; 

(d) The security interest created by this Agreement constitutes a valid and perfected Lien in all of the Pledged Collateral for payment and
performance of the Obligations; 
 (e) Such Pledgor’s execution, delivery and performance of this Agreement (i) are within such
Pledgor’s powers and have been duly authorized by all necessary action; (ii) do not contravene such Pledgor’s charter documents or any law or any contractual restriction binding on or affecting such Pledgor or by which such
Pledgor’s property may be affected; (iii) do not require any authorization or approval or other action by, or any notice to or filing with, any governmental authority or any other Person except such as have been obtained or made; and
(iv) do not, except as contemplated by the Loan Agreement or this Agreement, result in the imposition or creation of any Lien; and 

(f) This Agreement constitutes the legal, valid and binding obligation of such Pledgor, enforceable in accordance with its terms, except as the
enforceability thereof may be subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws relating to or affecting the rights of creditors generally. 

8. COVENANTS OF PLEDGORS. During the term hereof, each Pledgor covenants as follows: 

(a) Such Pledgor shall execute and deliver such documents and take all such further action as Bank reasonably deems necessary to create,
perfect, protect or continue the Lien contemplated hereby or to exercise or enforce its rights hereunder; 
 (b) Such Pledgor shall not
permit any Lien (other than Permitted Liens) on the Pledged Collateral, except in favor of Bank; 
 (c) Such Pledgor shall not change the
place where such Pledgor keeps any of its records concerning the Pledged Collateral without giving Bank thirty (30) days’ prior written notice of the address to which such Pledgor is moving such books and records; and 

(d) Such Pledgor shall provide any service and do any other acts or things necessary to keep the Pledged Collateral free and clear of all
Liens, adverse claims, defenses, rights of set-offs and counterclaims. 
 9. CASH COLLATERAL
ACCOUNT. Any money that Bank receives in respect of the Pledged Collateral may, at Bank’s option, and subject to Section 2, be retained in a non-interest bearing cash collateral account and
shall, for all purposes, be deemed Pledged Collateral. 

  
 4 

 10. BANK’S CARE AND DELIVERY OF COLLATERAL. Bank’s obligations with respect
to the Pledged Collateral in its possession shall be strictly limited to the duty to exercise reasonable care in the custody and preservation of such Pledged Collateral, and such duty shall not include any obligation to ascertain or to initiate any
action with respect to or to inform any Pledgor of maturity dates, conversion, call, exchange rights, offers to purchase the Pledged Collateral or any similar matters, notwithstanding Bank’s knowledge of these matters. Bank shall not have any
duty to take any steps necessary to preserve Pledgors’ rights against prior parties or to initiate any action to protect against the possibility of a decline in the market value of the Pledged Collateral. Bank shall not be obligated to take any
actions that any Pledgor requests with respect to the Pledged Collateral unless (i) such request is made in writing and Bank determines, in its sole discretion, that the requested actions would not unreasonably jeopardize the value of the
Pledged Collateral as security for the Obligations, and (ii) such Pledgor promptly reimburses Bank for the fees and expenses incurred in undertaking such actions. Such fees and expenses shall constitute Bank Expenses. Bank may at any time
deliver the Pledged Collateral, or any part thereof, to any Pledgor, and the receipt thereof by such Pledgor shall be a complete and full acquittance for the Pledged Collateral so delivered, and Bank shall thereafter be discharged from any liability
or responsibility therefor. 
 11. PAYMENT OF TAXES, CHARGES, LIENS AND ASSESSMENTS. Each Pledgor agrees to pay, prior to
delinquency, all taxes, charges, Liens and assessments (other than Permitted Liens) against the Pledged Collateral and, upon such Pledgor’s failure to do so, Bank, at its sole option, may pay any of them and shall be the sole judge of the
legality or validity thereof and the amount necessary to discharge them. Any such payments made by Bank shall constitute Bank Expenses; provided that Bank shall give such Pledgor prior written notice of its intent to spend more than Fifty Thousand
Dollars ($50,000) in accordance with this Section. 
 12. MANNER OF DISPOSITION. Each Pledgor recognizes that Bank may be unable to
effect a public sale of all or part of the Pledged Collateral by reason of certain prohibitions contained in the Securities Act of 1933, as amended (the “Act”), or in applicable state securities laws as now or hereafter in effect,
unless registration or qualification, as the case may be, is accomplished. Each Pledgor acknowledges that Bank may resort to one or more private sales to a single purchaser or a restricted group of purchasers who will be obliged to agree, among
other things, to acquire such Pledged Collateral for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor agrees that private sales may be at prices and other terms less favorable to such Pledgor
than if such Pledged Collateral were sold at public sale and that Bank has no obligation to delay the sale of any such portion of the Pledged Collateral for the period of time necessary to permit the issuer thereof to register such securities, even
if it would, or should, proceed to register such securities for public sale. Each Pledgor agrees that private sales made under the foregoing circumstances shall be deemed to have been made in a “commercially reasonable” manner. Each
Pledgor agrees that Bank need not approach such number and quantity of possible buyers so as to be in violation of the Act, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any applicable state securities
laws and that Bank need not approach the maximum number of possible buyers under the foregoing laws. Each Pledgor agrees that Bank shall not have any liability, direct or indirect, for any short-swing profits liability such Pledgor incurs under
Section 16(b) of the Exchange Act as a result of Bank’s disposition of all or any part of the Pledged Collateral and that a disposition shall not be deemed made in bad faith or in a commercially unreasonable manner for purposes of the Code
if it gives rise to short-swing profits under Section 16(b) of the Exchange Act. 

  
 5 

 13. NOTICES. Notices shall be given in accordance with Section 10 of the Loan
Agreement. 
 14. ENTIRE AGREEMENT; AMENDMENT. This Agreement constitutes the entire agreement between Pledgors and Bank with respect
to the subject matter hereof and supersedes all prior or contemporaneous negotiations, communications, discussions and correspondence concerning the subject matter hereof. This Agreement may be amended or modified only with the written consent of
Bank and Pledgors. 
 15. BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of Pledgors and Bank and
their respective successors and assigns permitted under the Loan Agreement, except that no Pledgor shall have the right to assign its rights and obligations hereunder or any interest herein without Bank’s prior written consent. 

16. SEVERABILITY. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of
determining the legal enforceability of any specific provision. 
 17. COUNTERPARTS. This Agreement may be executed in separate
counterparts, each of which, when so executed, shall be deemed to be an original and all of which, when taken together, shall constitute but one and the same agreement. 

18. SURVIVAL. The representations, warranties, covenants and agreements made herein shall survive the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby, notwithstanding any investigation made by Bank or any of its representatives or agents. 

19. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE. 

This Agreement and any claim, controversy, dispute or cause of action (whether in contract, tort or otherwise) arising out of or relating and
the transactions contemplated by such documents shall be governed by, and construed in accordance with, the law of the State of New York, without regard to conflicts of law principles except Title 14 of Article 5 of the New York General Obligations
law. Each of the parties hereto hereby irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding
arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or
other process, right to a jury trial and agrees that service thereof may be made by certified or registered mail directed to such Person at such Person’s address for purposes of notices hereunder and that service so made shall be deemed
completed upon the earlier to occur of such Person’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

  
 6 

 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PLEDGOR AND BANK EACH WAIVE THEIR
RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL
INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 This Section 19
shall survive the termination of this Agreement. 
 [Balance of Page Intentionally Left Blank] 

  
 7 

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

			
	HSBC VENTURES USA INC.
		
	By:	 	 /s/ Prasant Chunduru

	Name: Prasant Chunduru
	Title: SVP, Head of Venture Debt
	
	AVEPOINT, INC.
		
	By:	 	      

	Name:	 	  

	Title:	 	  

	
	AVEPOINT PUBLIC SECTOR, INC.
		
	By:	 	      

	Name:	 	  

	Title:	 	  

	
	AVEPOINT HOLDINGS USA, LLC
		
	By:	 	      

	Name:	 	  

	Title:	 	  

 [Exhibit A] 

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

			
	HSBC VENTURES USA INC.
		
	By: 	 	
                     
                                    

	Name:	 	  

	Title:	 	  

	
	AVEPOINT, INC.
		
	By:	 	 /s/ Tianyi Jiang

	Name:	 	Tianyi Jiang
	Title:	 	Co-CEO
	
	AVEPOINT PUBLIC SECTOR, INC.
		
	By:	 	 /s/ Brian Brown

	Name:	 	Brian Brown
	Title:	 	Sole Director
	
	AVEPOINT HOLDINGS USA, LLC
		
	By:	 	 /s/ Brian Brown

	Name:	 	Brian Brown
	Title:	 	Manager

  
 [Signature Page to
Pledge Agreement] 

 EXHIBIT A 

PLEDGED EQUITY 
  

											
	 Issuer
	  	 Pledgor
	  	 Type of
Security
	  	 Number of
Shares
	  	 Percentage of Issuer’s Outstanding
Equity Pledged
	 	 Uncertificated/Certificated

	AvePoint Public Sector, Inc.	  	AvePoint, Inc.	  	Common Stock	  	10,000	  	100%	 	Uncertificated
						
	AvePoint Holding Limited	  	AvePoint, Inc.	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Deutschland GmbH	  	AvePoint, Inc.	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Technology Changchun Co. Ltd.	  	AvePoint, Inc.	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Japan K.K.	  	AvePoint, Inc.	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Singapore Pte. Ltd.	  	AvePoint, Inc.	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated

  
 [Exhibit A] 

											
	 Issuer
	  	 Pledgor
	  	 Type of
Security
	  	 Number of
Shares
	  	 Percentage of Issuer’s Outstanding
Equity Pledged
	 	 Uncertificated/Certificated

	AvePoint Holdings USA, LLC	  	AvePoint, Inc.	  	LLC Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Beijing Technology Ltd	  	AvePoint, Inc.	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Canada Ltd	  	 AvePoint Holding Limited

AvePoint, Inc.
	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint UK Ltd	  	 AvePoint Holding Limited

AvePoint, Inc.
	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint AU PTY Ltd	  	 AvePoint Holding Limited

AvePoint, Inc.
	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated

  
 [Exhibit A] 

											
	 Issuer
	  	 Pledgor
	  	 Type of
Security
	  	 Number of
Shares
	  	 Percentage of Issuer’s Outstanding
Equity Pledged
	 	 Uncertificated/Certificated

	AvePoint South Africa	  	 AvePoint UK Ltd

AvePoint Holding Limited
 AvePoint,
Inc.
	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Benelux	  	 AvePoint Deutschland GmbH

AvePoint, Inc.
	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint France	  	 AvePoint Deutschland GmbH

AvePoint, Inc.
	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Sweden	  	 AvePoint Deutschland GmbH

AvePoint, Inc.
	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Switzerland	  	 AvePoint Deutschland GmbH

AvePoint, Inc.
	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated

  
 [Exhibit A] 

											
	 Issuer
	  	 Pledgor
	  	 Type of
Security
	  	 Number of
Shares
	  	 Percentage of Issuer’s Outstanding
Equity Pledged
	 	 Uncertificated/Certificated

	Shanghai AvePoint Software Technology Corporation Ltd	  	 AvePoint Beijing Technology Ltd

AvePoint, Inc.
	  	Limited Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated
						
	AvePoint Holdings USA, LLC (Manilla Branch Office)	  	 AvePoint Holdings USA, LLC

AvePoint, Inc.
	  	LLC Interests	  	NA	  	 65% of voting securities

100% of non-voting securities
	 	Uncertificated

  
 [Exhibit A] 

 EXHIBIT B 

SUPPLEMENT TO PLEDGE AGREEMENT 

This SUPPLEMENT TO PLEDGE AGREEMENT (the “Supplement”) is made as of April 7, 2020, by and between AvePoint, Inc., a Delaware
corporation, AvePoint Public Sector, Inc., a Virginia corporation, AvePoint Holdings USA, LLC, a Virginia limited liability company ( “Pledgor”), and HSBC Ventures USA Inc. (“Bank”). 

BACKGROUND 
 WHEREAS,
Pledgor and Bank, together with other parties thereto, have entered into the Pledge Agreement, dated as of April 7, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Pledge Agreement”), which
provides for the pledge of all of the outstanding Shares of which Pledgor is the legal and beneficial owner, together with the proceeds thereof as described therein; 

WHEREAS, Section 1 of the Pledge Agreement provides that Pledgor shall pledge in favor of Bank any additional Shares acquired by such
Pledgor, and upon such acquisition shall execute a Supplement to Pledge Agreement substantially in the form of this Supplement; and 

WHEREAS, Pledgor has acquired the additional Shares listed on Appendix A to this Supplement to Pledge Agreement Supplement (the
“Additional Shares”). 
 NOW, THEREFORE, such Pledgor and Bank hereby agree as follows: 

1. PLEDGE. As security for the full and prompt performance of all the Obligations, Pledgor hereby assigns, transfers to, pledges with, grants
a security interest in and delivers to Bank stock certificates, if any, duly endorsed in blank or together with duly executed stock assignments in favor of Bank, the Additional Shares, which shall hereupon become Pledged Collateral for purposes of
the Pledge Agreement. Without limiting the foregoing, (i) such Additional Shares, together with all Proceeds (as described in the Pledge Agreement) in respect thereto, are subject to a security interest which is granted in favor of Bank,
(ii) Pledgor represents and warrants to Bank with respect of the Additional Shares the matters set forth in Section 7 of the Pledge Agreement, and (iii) all other covenants of Pledgor, rights and powers of Bank and other provisions
set forth in the Pledge Agreement shall apply in respect of the Additional Shares as they apply in respect of the Collateral pledged on the Closing Date. 

2. COUNTERPARTS. This Supplement may be executed in any number of counterparts, all of which taken together shall constitute one agreement.

 [Balance of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties hereto executed this Supplement as of the date first above
written. 
  

			
	HSBC VENTURES USA INC.
		
	By:	 	
                     
                                

	Name:	 	  

	Title:	 	  

	
	[APPLICABLE PLEDGOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to Supplement to Pledge Agreement] 

 APPENDIX A 

PLEDGED EQUITY 
  

																					
	 Issuer
	  	Pledgor	 	  	Type of
Security	 	  	Number
of Shares	 	  	Percentage of
Issuer’s
Outstanding
Equity Pledged	 	  	Uncertificated/Certificated	 
		  				  				  				  				  			

 [Appendix A]

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