Document:

Exhibit 10.2

 

FC
Global Realty Incorporated 

2300
Computer Drive, Building G 

Willow
Grove, PA 19090

 

December
29, 2018

 

Opportunity
Fund I-SS LLC  

c/o
OP Fund I Manager, LLC 

2481
Sunrise Blvd, Suite 200 

Gold
River, CA 95670

 

Attention:
Kristen E. Pigman

 

		Re:	Remediation
                                         Agreement, dated September 24, 2018, among FC Global Realty Incorporated (“FC
                                         Global”), Opportunity Fund I-SS LLC (“OFI”) and the other
                                         parties signatory thereto (the “Remediation Agreement”).

 

Dear
Mr. Pigman,

 

FC
Global and OFI have entered into the Remediation Agreement pursuant to which, among other things, OFI agreed to invest up to $2
million in FC Global in exchange for shares of the Series D Preferred Stock and the Common Stock of FC Global. As of the date
of this letter (this “Side Letter”), OFI has invested all $2 million as provided for under the Remediation
Agreement. FC Global and OFI desire to supplement the Remediation Agreement to provide for an additional investment of $200,000.
Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Remediation
Agreement.

 

Accordingly,
FC Global and OFI hereby agree as follows:

 

1.                 
Purchase and Sale of Common Stock.
Subject to the terms and conditions of this Side Letter, OFI shall purchase from FC Global $200,000 of shares of Common Stock
for a purchase price of $0.15 per share. The purchase and sale contemplated by this Side Letter shall be subject to (a) the conditions
set forth in Section 2(d)(i)-(ix) of the Remediation Agreement and (b) this Side Letter being approved by the unanimous written
consent of the Board of Directors of FC Global.

 

2.                 
Remediation Agreement Remains in Effect.
Except as supplemented by this Side Letter, the Remediation Agreement remains unmodified and in full force and effect.

 

3.                 
Miscellaneous. The Miscellaneous
provisions of Section 9 of the Remediation Agreement shall apply equally to this Side Letter and are hereby incorporated into
this Side Letter by reference.

 

Please
execute and return a copy of this Side Letter to the undersigned as evidence of our supplemental agreement herein.

 

     

     

    

 

	 	Very
    truly yours,
	 	 
	 	FC
    Global Realty Incorporated
	 	 	 
	 	By:	/s/
    Michael R. Stewart
	 	Name:	Michael R. Stewart
	 	Title:	Chief Executive
    Officer

 

ACCEPTED
AND AGREED TO AS OF 

THE
DATE OF THIS LETTER:

 

Opportunity
Fund I-SS, LLC 

By:
OP Fund I Manager, LLC 

	 	 	 
	By:	/s/
    Kristen Pigman 	 
	Name:	Kristen Pigman 	 
	Title:	DirectorExhibit 10.2

 

PHUNWARE, INC.

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “Agreement”) is effective as of the Closing Date for the Stellar Acquisition III, Inc., Merger Agreement
(the “Effective Date”) by and between Phunware, Inc. (the “Company”), and Alan S. Knitowski
(“Executive”).

 

1. Duties and Scope
of Employment.

 

(a) Positions and
Duties. As of the Effective Date, Executive will continue to serve as Chief Executive Officer of the Company and, as of the
Effective Date, will also serve as President of the Company. Executive will render such business and professional services in the
performance of his duties, consistent with Executive’s position within the Company, as will reasonably be assigned to him
by the Company’s Board of Directors (the “Board”). The period of Executive’s employment under this
Agreement is referred to herein as the “Employment Term.”

 

(b) Board Membership.
During the Employment Term, the Company agrees that Executive will continue to serve as a member and Chairman of the Board, subject
to any required Board and/or stockholder approval. Executive may resign his service on the Board at any time, which resignation
will in no way affect this Agreement.

 

(c) Obligations.
During the Employment Term, Executive will perform his duties faithfully and to the best of his ability and will devote substantially
all of his business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively
engage in any other employment, occupation or consulting activity for any direct or indirect remuneration that would impact in
any material respect his ability to perform his duties and obligations hereunder.

 

2. At-Will Employment.
The parties agree that Executive’s employment with the Company will be “at-will” employment and may be terminated
at any time with or without Cause or notice. Executive understands and agrees that neither his job performance nor promotions,
commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment,
or extension, by implication or otherwise, of his employment with the Company. However, as described in this Agreement, Executive
may be entitled to severance benefits depending on the circumstances of Executive’s termination of employment with the Company.

 

     

     

    

 

3. Term of Agreement.
This Agreement will have an initial term running from the Effective Date through the fourth anniversary of the Effective Date (the
“Initial Term”). On the fourth anniversary of the Effective Date, this Agreement will renew automatically for
additional one (1) year terms (each an “Additional Term”), unless either party provides the other party with
written notice of non-renewal at least ninety (90) days prior to the date of automatic renewal. Notwithstanding the foregoing provisions
of this paragraph, (a) if a Change in Control occurs when there are fewer than twenty-four (24) months remaining during the
Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is twenty-four (24)
months following the effective date of the Change in Control, or (b) if an initial occurrence of an act or omission by the Company
constituting the grounds for “Good Reason” in accordance with Section 11(g) hereof has occurred (the “Initial
Grounds”), and the expiration date of the Company cure period (as such term is used in Section 11(g)) with respect
to such Initial Grounds could occur following the expiration of the Initial Term or an Additional Term, the term of this Agreement
will extend automatically through the date that is thirty (30) days following the expiration of such cure period, but such extension
of the term will only apply with respect to the Initial Grounds. If Executive becomes entitled to benefits under Section 8 during
the term of this Agreement, the Agreement will not terminate until all of the obligations of the parties hereto with respect to
this Agreement have been satisfied.

  

4. Compensation.

 

(a) Base Salary.
During the Employment Term, the Company will pay Executive an annual salary of $310,000 as compensation for his services (the “Base
Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and
be subject to the usual, required withholding. Executive’s Base Salary will be subject to review and adjustments will be
made based upon the Company’s normal performance review practices.

 

(b) Bonus. Executive
will be eligible to participate in any bonus or incentive arrangement established by the Board (or any committee of the Board)
for executives of the Company generally. Any bonus earned by Executive will be paid in accordance with the Company’s standard
practices, but no later than March 15 of the calendar year following the calendar year in which the bonus is earned.

 

(c) Stock Option.
Per the approval by the Board on January 8, 2018, Executive has been granted a stock option to purchase 640,000 shares of the Company’s
common stock at an exercise price equal to the fair market value of Company common stock per share on the date of grant (the “Option”).
Subject to the accelerated vesting provisions set forth herein, the Option will vest as to 25% of the shares subject to the Option
on the first anniversary of the vesting commencement date, and as to 1/48th of the shares subject to the Option monthly thereafter,
so that the Option will be fully vested on the fourth anniversary of the vesting commencement date, subject to Executive continuing
to provide services to the Company through the relevant vesting dates. The Option will be subject to the terms, definitions and
provisions of the 2009 Equity Incentive Plan (the “Stock Plan”) and the stock option agreement by and between
Executive and the Company (the “Option Agreement”), both of which documents are incorporated herein by reference.

 

(d) Equity. Executive
will be eligible to receive awards of stock options, restricted stock units or other equity awards pursuant to any plans or arrangements
the Company may have in effect from time to time. The Board (or its compensation committee) will determine in its discretion whether
Executive will be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable
plan or arrangement that may be in effect from time to time, provided that in no case will the terms of any such award deviate
from the accelerated vesting provisions set forth elsewhere herein.

 

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(e) Annual Review
of Compensation. At least annually, the Board or an authorized committee of the Board will consider and review Executive’s
Base Salary, annual bonus opportunity, and equity position (the “Total Compensation Opportunity”). As part of
the review, the Board (or its authorized committee) will consider, as it deems appropriate, market survey data provided by an independent
third party for similarly situated executives at peer or otherwise comparable companies (based on industry and other data as determined
by the Board or its authorized committee). Pursuant to this review and in consultation with Executive, the Board or its authorized
committee will adjust and establish in good faith Executive’s Total Compensation Opportunity. Notwithstanding the foregoing
and for purposes of clarity, the portion of the Total Compensation Opportunity attributable to Executive’s annual bonus opportunity,
if any, will not be guaranteed and will be subject to personal performance metrics and other criteria which Executive and the Company
must achieve, as determined from time to time by the Board or its authorized committee.

 

5. Employee Benefits.
During the Employment Term, Executive will be entitled to participate in the employee benefit plans currently and hereafter maintained
by the Company of general applicability to other senior executives of the Company, including, without limitation, the Company’s
group medical, dental, vision, disability, life insurance, and flexible-spending account plans. The Company reserves the right
to cancel or change the benefit plans and programs it offers to its employees at any time.

 

6. Vacation.
The Company does not provide vacation benefits, and no vacation time or other paid time off is accrued.  Rather, the Company
expects each employee, including Executive, to determine for himself, consistent with his responsibilities, how much time can reasonably
be spent away from the office for purposes such as personal vacation, relaxation, or personal or family needs consistent with Company
policy as it may in effect from time to time.

 

7. Expenses.
The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance
of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense
reimbursement policy as in effect from time to time.

 

8. Severance.

 

(a) Termination without
Cause or Resignation for Good Reason Outside the Change in Control Period. If the Company terminates Executive’s employment
with the Company without Cause (excluding death or Disability) or if Executive resigns from such employment for Good Reason,
and in each case, such termination occurs outside the Change in Control Period, and, in each case, Executive signs and does not
revoke a standard release of claims with the Company in a form acceptable to the Company and subject to Section 10 below, then
Executive will receive, in addition to Executive’s salary payable through the date of termination of employment and any other
employee benefits earned and owed through the date of termination, the following benefits from the Company:

 

(i) continuing payments
of severance pay at a rate equal to Executive’s Base Salary rate, as then in effect, for twelve (12) months from the date
of such termination in accordance with the Company’s normal payroll policies;

 

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(ii) the immediate
vesting as to 100% of each of Executive’s then outstanding Equity Awards, and with respect to Equity Awards granted on or
after the Effective Date, the same vesting acceleration provisions provided in this sentence will apply to such Equity Awards except
to the extent provided in the applicable equity award agreement by explicit reference to this Agreement; and

 

(iii) if Executive
timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)
for Executive, Executive’s spouse and eligible dependants, as applicable, the Company will reimburse Executive for the monthly
premiums under COBRA for such coverage until the earliest of (A) twelve (12) months following the effective date of such termination,
or (B) the date upon which Executive begins other employment that provides for health coverage benefits. However, if the Company
determines in its sole discretion that it cannot provide the COBRA benefits without potentially violating applicable law (including,
without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable
monthly payment in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue his group health
coverage in effect on the date of his termination of employment (which amount will be based on the premium for the first month
of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage.

 

(b) Termination without
Cause or Resignation for Good Reason During the Change in Control Period. If the Company terminates Executive’s employment
with the Company without Cause (excluding death or Disability) or if Executive resigns from such employment for Good Reason,
and in each case, such termination occurs during the Change in Control Period, and, in each case, Executive signs and does not
revoke a standard release of claims with the Company in a form acceptable to the Company and subject to Section 10 below, then
Executive will receive, in addition to Executive’s salary payable through the date of termination of employment and any other
employee benefits earned and owed through the date of termination, the following benefits from the Company:

 

(i) a lump sum severance
payment equal to the amount of Base Salary, as in effect on the date of termination (but in no event less than Executive’s
Base Salary in effect immediately prior to the Closing), Executive would have otherwise received had he remained employed by the
Company through the twenty-four (24) month anniversary of the Change in Control, but in no event will Executive be paid less than
twelve (12) months’ Base Salary;

 

(ii) a lump sum severance
amount equal to average annualized bonus earned by Executive for the two (2) calendar years prior to the calendar year during which
the Change in Control occurs, but in no event will the amount be less than 50% of Executive’s Base Salary in effect on the
date of termination (but in no event less than Executive’s Base Salary in effect immediately prior to the Closing);

 

(iii) the immediate
vesting as to 100% of each of Executive’s then outstanding Equity Awards, and with respect to Equity Awards granted on or
after the Effective Date, the same vesting acceleration provisions provided in this sentence will apply to such Equity Awards,
except to the extent provided in the applicable equity award agreement by explicit reference to this Agreement; and

 

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(iv) if Executive
timely elects continuation coverage pursuant to COBRA for Executive, Executive’s spouse and eligible dependants, as applicable,
the Company will reimburse Executive for the monthly premiums under COBRA for such coverage until the earliest of (A) eighteen
(18) months following the effective date of such termination, or (B) the date upon which Executive begins other employment
that provides for health coverage benefits. However, if the Company determines in its sole discretion that it cannot provide the
COBRA benefits without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service
Act), the Company will in lieu thereof provide to Executive a taxable monthly payment in an amount equal to the monthly COBRA premium
that Executive would be required to pay to continue his group health coverage in effect on the date of his termination of employment
(which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether
Executive elects COBRA continuation coverage.

 

9. Change in Control
Vesting Acceleration. In the event of a Change in Control that occurs while Executive remains an employee of the Company, 100%
of any Equity Awards held by Executive as of the Closing will vest and become fully exercisable (to the extent applicable) as of
the Closing. With respect to Equity Awards granted on or after the Effective Date, but granted prior to the Closing, the same vesting
acceleration provisions provided in the prior sentence will apply to such Equity Awards, except to the extent provided in the applicable
equity award agreement by explicit reference to this Agreement.

 

10. Conditions to
Receipt of Severance; No Duty to Mitigate.

 

(a) Separation Agreement
and Release of Claims. The payment of any severance set forth in Section 8 above is contingent upon Executive signing and not
revoking the Company’s standard separation and release of claims agreement upon Executive’s termination of employment
and such agreement becoming effective no later than sixty (60) days following Executive’s employment termination date (such
deadline, the “Release Deadline”). In no event will severance payments be paid or provided until the release
actually becomes effective. Any severance payments or benefits under this Agreement will be paid, or, in the case of installments,
will commence, on the first regularly scheduled payroll date following the date the separation and release of claims agreement
becomes effective and irrevocable, or if later, such time as required by Section 10(c). Except as required by Section 10(c),
any installment payments that would have been made to Executive following his separation from service but for the preceding sentence
will be paid to Executive on the first regularly scheduled payroll date following the date the separation and release of claims
agreement becomes effective and irrevocable and the remaining payments will be made as provided in the Agreement.

 

(b) Confidential Information
Agreement. Executive’s receipt of any payments or benefits under Section 8 will be subject to Executive continuing to
comply with the terms of his Confidential Information Agreement (as defined in Section 13).

 

(c) Section 409A.

 

(i) Notwithstanding
anything to the contrary in this Agreement, no severance pay or benefits payable upon separation that is payable to Executive,
if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are
considered deferred compensation (together, the “Deferred Payments”) under Section 409A of the Internal Revenue
Code, as amended (the “Code”) and the final regulations and official guidance thereunder (“Section
409A”) will be payable until Executive has a “separation from service” within the meaning of Section 409A.

 

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(ii) It is intended
that none of the severance payments under this Agreement will constitute Deferred Payments but rather will be exempt from Section 409A
as a payment that would fall within the “short-term deferral period” or resulting from an involuntary separation from
service each as described in Section 10(c)(iv) below. However, any severance payments or benefits under this Agreement
that would be considered Deferred Payments will be paid on, or, in the case of installments, will not commence until, the sixtieth
(60th) day following Executive’s separation from service, or, if later, such time as required by Section
10(c)(iii). Except as required by Section 10(c)(iii), any installment payments that would have been made to Executive during the
sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will
be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining
payments will be made as provided in this Agreement.

 

(iii) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of his termination (other than due to death), then the Deferred Payments, if any, that are payable within the first
six (6) months following his separation from service, will become payable on the first payroll date that occurs on or after the
date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments,
if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything
herein to the contrary, if Executive dies following his separation from service, but prior to the six (6) month anniversary of
the separation from service, then any payments delayed in accordance with this Section 10(c) will be payable in a lump sum as soon
as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance
with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement
is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(iv) Any severance
payment that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the
Treasury Regulations will not constitute Deferred Payments for purposes herein. Any amount paid under this Agreement that qualifies
as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury
Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes herein.

 

(v) For purposes of
this Agreement, “Section 409A Limit” means the lesser of two (2) times: (x) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable year
of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal
Revenue Service guidance issued with respect thereto, or (y) the maximum amount that may be taken into account under a qualified
plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

 

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(vi) The foregoing
provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the severance payments
and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein
will be interpreted to so comply. Executive and the Company agree to work together in good faith to consider amendments to this
Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional
tax or income recognition prior to actual payment to Executive under Section 409A.

 

(d) No Duty to Mitigate.
Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that
Executive may receive from any other source reduce any such payment.

 

11. Definitions.

 

(a) Cause. For
purposes of this Agreement, “Cause” means: (i) the final conviction of Executive of, or Executive’s plea
of guilty or nolo contendere to, any felony involving moral turpitude, (iii) fraud, misappropriation or embezzlement by Executive
in connection with Executive’s duties to the Company, or (iv) Executive’s willful failure or gross misconduct in the
performance of his duties to the Company.

 

If the Company exercises
its right to terminate the Executive for Cause, the Company will: (1) give the Executive written notice of termination at least
twenty (20) days before the date of such termination specifying in detail the conduct constituting such Cause, and (2) deliver
to the Executive a copy of a resolution duly adopted by a majority of the entire membership of the Board, excluding interested
directors, after reasonable notice to Executive and an opportunity for Executive to be heard in person by members of the Board,
finding that the Executive has engaged in such conduct.

 

(b) Change in Control.
For purposes of this Agreement, “Change in Control” has the same meaning assigned to such term in the Stock
Plan.

 

(c) Change in Control
Period. For purposes of this Agreement, “Change in Control Period” means the period beginning three (3)
months prior to the Closing and ending on the twenty-four (24) month anniversary of the Closing.

 

(d) Closing. For
purposes of this Agreement, “Closing” means the closing of the first transaction constituting a Change in Control
that occurs on or following the Effective Date.

 

(e) Disability.
For purposes of this Agreement, “Disability” means Executive’s inability to perform Executive’s
duties due to Executive’s physical or mental incapacity, as reasonably determined by the Board or its designee, for an aggregate
of 180 days in any 365 consecutive day period.

 

(f) Equity Awards.
For purposes of this Agreement, “Equity Awards” means Executive’s outstanding stock options, stock appreciation
rights, restricted stock units, performance shares, performance stock units and any other equity compensation awards granted by
the Company or any successor of the Company.

 

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(g) Good Reason.
For purposes of this Agreement, “Good Reason” means Executive’s resignation within three (3) months following
the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s
consent: (i) a material reduction of Executive’s authority, duties or responsibilities; (ii) removal of Executive as
a member of the Board, (iii) a change in Executive’s reporting position such that he no longer reports directly to the Board,
(iv) a material reduction by the Company (or its successor) in Executive’s cash compensation as in effect immediately prior
to such reduction; (v) a material change in the geographic location of Executive’s primary work facility or location;
provided, that a relocation of less than twenty-five (25) miles from Executive’s then present location will not be considered
a material change in geographic location, or (vi) a material breach by the Company of a material provision of this Agreement. Executive
will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the
grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason”
and a reasonable cure period of not less than thirty (30) days following the date the Company receives such notice during which
such condition must not have been cured.

 

12. Limitation on
Payments. In the event that the severance benefits provided for in this Agreement or otherwise payable to Executive (i) constitute
“parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 12, would be subject
to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits under Section 8 will be either:

 

(a)
delivered in full, or

 

(b)
delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under
Section 4999 of the Code,

 

whichever of the foregoing amounts, taking
into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt
by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such
severance benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute
payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction
of cash payments, which will occur in reverse chronological order such that the cash payment owed on the latest date following
the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (ii) reduction of acceleration
of vesting of equity awards, which will occur in the reverse order of the date of grant for such stock awards (i.e., the vesting
of the most recently granted stock awards will be reduced first); and (iii) reduction of other benefits paid or provided to
the Executive, which will occur in reverse chronological order such that the benefit owed on the latest date following the occurrence
of the event triggering such excise tax will be the first benefit to be reduced. If more than one equity award was made to the
Executive on the same date of grant, all such awards will have their acceleration of vesting reduced pro rata. In no event will
the Executive have any discretion with respect to the ordering of payment reductions.

 

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Unless the Company
and Executive otherwise agree in writing, any determination required under this Section 12 will be made in writing by a nationally
recognized firm of independent public accountants selected by the Company (the “Accountants”), whose determination
will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required
by this Section 12, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may
rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and
Executive will furnish to the Accountants such information and documents as the Accountants may reasonably request in order to
make a determination under this Section. The Company will bear all costs the Accountants may reasonably incur in connection with
any calculations contemplated by this Section 12.

 

13. Confidential
Information. Executive confirms his continuing obligations under the Company’s standard Confidential Information and
Invention Assignment Agreement (the “Confidential Information Agreement”) dated as of February 23, 2013.

 

14. Assignment.
This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive
upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any
person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form
of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.
Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits
will be null and void.

 

15. Notices.
All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on
the date of delivery if delivered personally; (ii) one (1) day after being sent by a well established commercial overnight service;
or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the
parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

 

If to the Company:

 

Phunware, Inc.

Attn: Chief Operating
Officer

7800 Shoal Creek Boulevard, Suite
230-S

Austin, TX 78757

 

If to Executive:

 

at the last residential
address known by the Company.

 

16. Severability.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement will continue in full force and effect without said provision.

 

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17. Integration.
This Agreement, together with the Stock Plan, Option Agreement and the Confidential Information Agreement represents the entire
agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements
whether written or oral, including, but not limited to, the Employment Agreement by and between Executive and the Company, dated
February 24, 2013. This Agreement may be modified only by agreement of the parties by a written instrument executed by the parties
that is designated as an amendment to this Agreement.

 

18. Waiver of Breach.
The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed
to be a waiver of any other previous or subsequent breach of this Agreement.

 

19. Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

20. Tax Withholding.
All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

 

21. Governing Law.
This Agreement will be governed by the laws of the State of Texas (with the exception of its conflict of laws provisions).

 

22. Acknowledgment.
Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney,
has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

23. Counterparts.
This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will
constitute an effective, binding agreement on the part of each of the undersigned.

 

[Remainder of Page
Intentionally Left Blank]

 

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IN WITNESS WHEREOF,
each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and
year first above written.

 

STELLAR ACQUISITION III,
INC.

 

	By:		 	Date:	 
	 	 	 	 	 
	Title:	 	 	 	 

   

COMPANY:

 

PHUNWARE, INC.

 

	By:	/s/ Matt Aune

	 	Date:	2/6/2018
	 	Matt Aune

	 	 	 
	 	 	 	 	 
	Title:	CFO	 	 	 

 

EXECUTIVE:

 

	By:	/s/ Alan S. Knitowski

	 	Date:	2/6/2018
	 	Alan S. Knitowski

	 	 	 

  

[SIGNATURE PAGE TO
KNITOWSKI EMPLOYMENT AGREEMENT]

 

    -11-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]