Document:

Exhibit 10.18

 

	
        Precision
        Optics Corporation

 

CONFIDENTIAL

 

Memo 

 

		To:	Dan Habhegger

		From:	Joe Forkey

		Date:	November 27, 2019	POC: 19-0062

		Subject:	Promotion to CFO

      _______________________________________________________________________________________________________________

In recognition of
the quality and extent of the work you have done in the roughly three months since you started at Precision Optics, I am pleased
to offer you the position of Precision Optics Corporation’s Chief Financial Officer, effective December 2, 2019. If you accept
this position, you will be required to perform all duties of the Company’s CFO, including, but not limited to, the following:

 

		·	Manage the Company’s Accounting
department and all accounting related activities

		·	Prepare monthly / quarterly / yearly financial
statements 

		·	Prepare SEC required filings, coordinate
associated audits, and approve filings as the Company’s Principal Accounting Officer

		·	Maintain and update accounting software
systems 

		·	Administer employee benefits

		·	Prepare budgets and forecasts

		·	Analyze Company sales, operations, margins,
etc with the goal of improving Company profitability

		·	Act as Corporate Secretary

		·	Support the CEO and Board of Directors
in their interactions with investors and shareholders

		·	Various other projects and duties as assigned
by the Company CEO

 

If you accept this
position, your annual salary will increase to $170,000. All other benefits and compensation will remain the same.

 

This offer and your
response are not meant to constitute a contract of employment for a specific term. This means that you retain the right to terminate
your employment at any time and the Company will retain a similar right. However, if your position in the Company is involuntarily
terminated within six (6) months after a “Change in Ownership” for a reason other than “Cause”, the Company
will give you six (6) months’ notice or payment in lieu of notice at your then current salary rate.

 

If you agree to this
promotion and the associated terms identified in this memo, please sign and date below.

 

 

	/s/ Daniel S. Habhegger                  	12/2/2019                   

                            

	Daniel S. Habhegger	DateExhibit

HERE CONFIDENTIAL    
EX. 10.16.59+
 CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [*****] INDICATES THAT INFORMATION HAS BEEN OMITTED.

FIRST AMENDMENT TO TERRITORY LICENSE NO. 14 ([*****] Use Rights)

This First Amendment (the “Amendment”) to the Territory License No. 14 (“TL 14”), as amended, to the Data License Agreement (“Agreement”), dated December 1, 2002, by and between Telenav, Inc. (“Client”) and Navigation Technologies Corporation, which was subsequently assigned to HERE North America, LLC (f/k/a NAVTEQ North America, LLC) (collectively, “HERE”), is made and entered into as of December 21, 2018 (“Amendment Effective Date”).  The Agreement and TL 14, and amendments thereto, are hereby referred to herein as the “Agreement.” Capitalized terms not otherwise defined in the body of this Amendment shall have the meanings set forth in the Agreement.
The parties wish to clarify that [*****] is included in the [*****] Route Guidance Application License Fee and accordingly agree to amend certain provisions of TL 14 with this Amendment as follows:

		
	1.
	Section III. B. is deleted in its entirety and replaced with the following:

“B.    “[*****] Route Guidance Application” means a Route Guidance Application developed by or for Client and licensed, sold or otherwise distributed to [*****] for installation in vehicles sold in countries in the Territories licensed under this TL, which (i) uses the Data and Additional Content set forth under Exhibit A in accordance with Section IV of this TL; and (ii) is capable of determining an [*****] and enabling [*****] functionality.”

		
	2.
	Section VIII. A . is deleted in its entirety and replaced with the following:

“A.    “[*****]” means functionality that enables a [*****] Route Guidance Application for, or in connection with, any systems or functions for [*****] or [*****] of [*****], including, for example, systems or functions for the [*****] of [*****] and [*****].” 

		
	3.
	Section VIII. D. is deleted in its entirety.

		
	4.
	Except as modified hereunder, all other terms and conditions of the Agreement shall stay in full force and effect. 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their authorized representatives as of the Amendment Effective Date.
	
		
	HERE NORTH AMERICA, LLC
	TELENAV, INC.

	By: /s/ Adil Musabji
	By: /s/ Adeel Manzoor

	Name:  Adil Musabji
	Name: Adeel Manzoor

	Title:    Senior Patent Attorney
	Title: CFO

	Date: 10-2-2019
	Date: 10-7-2019

 [*****] Certain identified information denoted with an asterisk have been omitted from this exhibit because it is not material and would likely cause competitive harm to the Registrant if publicly disclosed.
Amendment 1 to TL 14 [Telenav, Inc.][ [*****]]    Page 1 of 2

HERE CONFIDENTIAL    
EX. 10.16.59+
 CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [*****] INDICATES THAT INFORMATION HAS BEEN OMITTED.

	
	
	HERE NORTH AMERICA, LLC

	By: /s/ Simon Anolick

	Name:   Simon Anolick

	Title:      Director Intellectual Property

	Date: 10-2-2019

 [*****] Certain identified information denoted with an asterisk have been omitted from this exhibit because it is not material and would likely cause competitive harm to the Registrant if publicly disclosed.
Amendment 1 to TL 14 [Telenav, Inc.][ [*****]]    Page 2 of 2Exhibit

HERE CONFIDENTIAL
EX. 10.16.60+
 CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [*****] INDICATES THAT INFORMATION HAS BEEN OMITTED.

	
	
	 

	TENTH AMENDMENT TO TERRITORY LICENSE NO. 11 ([*****] Map [*****]

This Tenth Amendment (“Tenth Amendment”) to the Territory License No. 11, effective April 3, 2015 (“TL 11”), as amended, to the Data License Agreement (“Agreement”), dated December 1, 2002, by and between Telenav, Inc. (“Client”) and Navigation Technologies Corporation, which was subsequently assigned to HERE North America, LLC (f/k/a NAVTEQ North America, LLC) (collectively, “HERE”), is made and entered into as of the date of latest signature below (“Amendment Effective Date”).  The Agreement and TL 11, and amendments thereto, are hereby referred to herein as the “Agreement.” Capitalized terms not otherwise defined in the body of this Tenth Amendment shall have the meanings set forth in the Agreement.
WHEREAS, the Parties desire to 1) restate the numbering of provisions added to the Territory License by way of amendments and 2) provide pricing for [*****]Map [*****];
NOW THEREFORE, the Parties agree to amend certain provisions of the Agreement with this Tenth Amendment as follows:
		
	1.
	In Exhibit A – Pricing:

		
	A.
	In Table 1a, fourth column, replace “[*****]” with “[*****]”.

		
	B.
	In Table 1b, fourth column, replace “[*****]” with “[*****]”.

		
	C.
	In Table 2, eighth column, replace “[*****]” with “[*****]”.

		
	D.
	Renumber the entire section “II. [*****] Discount” to “III. [*****] Discount”.

		
	E.
	Renumber the entire section “III. [*****] Pricing” to “IV. [*****] Pricing”.

		
	F.
	Renumber the entire section “III. [*****] Feature” (from the Eighth Amendment to TL 11) to “V. [*****] Feature”.

		
	G.
	The following section “VI. [*****] Territory” shall be added after Section V. [*****] Feature:

“If, at the end of the applicable [*****] Subscription, the Client desires to purchase an [*****]Update to the Initial Copy for [*****] additional [*****] period (“[*****]Map [*****]”), then the following fees as provided in the table below shall apply:

License Fees for [*****] Applications
([*****] Territory)

	
		
	(with[*****])
	(with[*****])

	[*****]
	[*****]

“

 [*****] Certain identified information denoted with an asterisk have been omitted from this exhibit because it is not material and would likely cause competitive harm to the Registrant if publicly disclosed.
Amendment 10 to TL 11 [Telenav, Inc.][ [*****]]    Page 1 of 2

HERE CONFIDENTIAL

IN WITNESS WHEREOF, the parties have caused this Tenth Amendment to be executed by their authorized representatives as of the Amendment Effective Date.
HERE NORTH AMERICA, LLC                 TELENAV, INC.
By:    /s/ Adil Musabji        By:    /s/ Adeel Manzoor    
Name:    Adil Musabji        Name:    Adeel Manzoor        
Title:    Senior Patent Attorney        Title:    CFO        
Date:    10/24/2019        Date:    10/23/2019    

HERE NORTH AMERICA, LLC                 
By:    /s/ Simon Anolick        
Name:    Simon Anolick        
Title:    Director Legal Counsel    
Date:     10/23/2019                                

 [*****] Certain identified information denoted with an asterisk have been omitted from this exhibit because it is not material and would likely cause competitive harm to the Registrant if publicly disclosed.
Amendment 4 to TL 11 [Telenav, Inc.][ [*****]]    Page 2 of 2Exhibit

HERE CONFIDENTIAL
EX. 10.16.61+
CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [*****] INDICATES THAT INFORMATION HAS BEEN OMITTED.

TENTH AMENDMENT TO TERRITORY LICENSE NO. 10
This Tenth Amendment (“Amendment”) to Territory License No. 10 (“TL 10”), effective as of March 1, 2016, to the Data License Agreement (“Agreement”) dated December 1, 2002, by and between Telenav, Inc. (formerly known as Televigation, Inc.; collectively referred to herein as “Client”) and HERE North America, LLC (formerly known as NAVTEQ North America, LLC; collectively referred to herein as “HERE”), is made and entered into as of the date of last signature below (“Amendment Effective Date”).  Capitalized terms not otherwise defined in the body of this Tenth Amendment shall have the meanings set forth in the Agreement.
WHEREAS, HERE and Client desire to amend certain provisions of TL 10 with this Amendment;
WHEREFORE, the parties agree as follows:
		
	1.
	The following terms are hereby added Exhibit A (Definitions) to TL 10:

“Compilation Lifetime” means, for purposes of this Amendment, the period from [*****] through [*****].  
[*****].
"MapCare Update Subscription" means that in addition to the distribution of the initial Copy distributed to an End-User with an Application (the "Initial Copy"), Client obligates itself to provide Update Copies for an Identified Vehicle on [*****] basis beginning in the second [*****] period following distribution of the Initial Copy and continuing for the Compilation Lifetime.
"Non-Optional MapCare Update Subscription" means a MapCare Update Subscription that is automatically included in the Application price, and thus automatically provided, with respect to all units of a product line of an Application, and for which the End-User cannot opt out.

		
	2.
	Commencing on the Amendment Effective Date, the following fees are hereby added at the end of Section 3 of Exhibit D (Pricing) to TL 10 solely with respect to Data for South Korea:

Non-Optional MapCare Update Subscriptions for South Korea.  With respect to each Initial Copy of South Korea Data that is distributed for use in a Telenav [*****] for use in a [*****] vehicle, Client agrees to [*****] a Non-Optional MapCare Update Subscription.  For purposes of such Non-Optional MapCare Update Subscriptions, Client shall make Update Copies for South Korea available on an [*****] basis for the duration of the Compilation Lifetime of such vehicles.  The license fee for each Non-Optional MapCare Update Subscription shall be as follows:
	
		
	Non-Optional MapCare Update Subscription License Fee

	South Korea
	$[*****] per Identified Vehicle

The foregoing amount shall be incremental to the Per Copy License Fees that is due for the Initial Copy of South Korea Data that is distributed for use in the Telenav [*****] platform that is distributed for use in each [*****] vehicle.  Such amount shall be reported and paid up front at the same time as the Per Copy License Fee.  

In exchange for the commitment to include MapCare Update Subscriptions on a Non-Optional basis, the MapCare Subscription License Fee specified above shall be [*****]for up to [*****] MapCare Update Subscriptions to be applied solely to the Telenav [*****] platform that is distributed for use in [*****] vehicles ("Waived MapCare Subscriptions"). Client shall report all [*****]MapCare Subscriptions as a separate line item on its License Fee report as a "$[*****]" per unit MapCare Update Subscription license fee (i.e., $[*****] per unit for up to [*****] units).

[*****] Certain identified information denoted with an asterisk have been omitted from this exhibit because it is not material and would likely cause competitive harm to the Registrant if publicly disclosed.
TeleNav_Tenth Amendment to TL 10    Page 1 of 2
15-Sept-2019 [*****]

HERE CONFIDENTIAL
EX. 10.16.61+
CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [*****] INDICATES THAT INFORMATION HAS BEEN OMITTED.

Additional Terms.  

The Non-Optional MapCare Update Subscription license fees due hereunder are inclusive of the license fees due for such Update Copies only and do not include any associated fees, such as program development, compilation and/or delivery of such Update Copies.

Nothing herein shall be deemed to make HERE responsible for validation of golden masters of Update Copies or for the delivery or release schedule of Update Copies.

Client shall work in good faith with [*****] to determine an appropriate mechanism for making Update Copies accessible to End Users pursuant to each Non-Optional MapCare Update Subscription.

HERE agrees to work in good faith with [*****] to establish a mechanism to make an end user license agreement available to consumers via an accessible mechanism.

		
	3.
	License Fee Reports.  For the sake of clarity, Client shall include, in its License Fee report due following the Amendment Effective Date, the license fees due to HERE in connection with the Non-Optional MapCare Update Subscriptions associated with all Initial Copies distributed between [*****] and the Amendment Effective Date, including Initial Copies where the MapCare Update Subscription is $[*****] under this Amendment.  For further sake of clarity, all License Fee reports under Section V(B) of TL 10 shall include license fees for [*****] and Non-Optional MapCare Update Subscriptions due under this Amendment for the duration of the TL Term.

		
	4.
	Except as otherwise modified herein, the terms of the Agreement shall remain in full force and effect.

*         *         *
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their authorized representatives as of the Amendment Effective Date.
HERE NORTH AMERICA, LLC     TELENAV, INC.
By:    /s/ Adil Musabji        By:    /s/ Adeel Manzoor                
Name:    Adil Musabji        Name:    Adeel Manzoor                    
Title:    Senior Patent Attorney        Title:    CFO                        
Date:    11/14/2019        Date:    11/8/2019                    

HERE NORTH AMERICA, LLC     
By:    /s/ Simon Anolick        
Name:    Simon Anolick        
Title:    Director Legal Counsel        
Date:    11/14/2019        

[*****] Certain identified information denoted with an asterisk have been omitted from this exhibit because it is not material and would likely cause competitive harm to the Registrant if publicly disclosed.
TeleNav_Tenth Amendment to TL 10    Page 2 of 2
15-Sept-2019 [*****]

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