Document:

EX-10.30

 Exhibit 10.30 

EXECUTION VERSION 

NOTE PURCHASE AGREEMENT 

THIS NOTE PURCHASE AGREEMENT (this
“Agreement”) is made as of March 15, 2017 (the “Effective Date”) by and among VERITONE, INC., a Delaware corporation (the
“Company”), and each of the Lenders listed on Exhibit A attached hereto (collectively, the “Lenders”, and each individually, a “Lender”). Capitalized terms used herein
and not otherwise defined herein shall have the respective meanings given to them in the Secured Promissory Notes (as defined below). 

RECITALS 
 A. The Lenders
desire to advance loans (the “Loans”) to the Company and the Company desires to borrow from the Lenders, in multiple disbursements, an aggregate amount of up to Eight Million Dollars ($8,000,000). The Loans will be evidenced
by secured convertible promissory notes issued to the Lenders in the form attached hereto as Exhibit B (collectively, the “Secured Promissory Notes,” and each a “Secured Promissory
Note”). 
 B. In consideration for the Loans, the Company agrees to issue to the Lenders (i) upon the Closing Date (as
defined below), an aggregate of 200,000 shares (the “Upfront Shares”) of the Company’s common stock, par value $0.01 per share (“Common Stock”); and (ii) upon each Advance hereunder,
(A) an aggregate of 75,000 shares of Common Stock (the “Installment Shares”) and (B) warrants to purchase an aggregate of 100,000 shares of Common Stock (the “Warrant Shares”) in the form
attached hereto as Exhibit C (collectively, the “Warrants, and each a “Warrant”), subject to adjustment of the Warrant Shares upon the first Public Offering as set forth in the Warrant, on the terms
and conditions set forth herein. The Upfront Shares and the Installment Shares are sometimes collectively referred to herein as the “Shares.” 

C. The Secured Promissory Notes will be secured by substantially all of the Company’s assets pursuant to an Amended and Restated Security
Agreement between the Company and Lenders in the form attached hereto as Exhibit D (the “Security Agreement”). 

The parties hereby agree as follows: 
 1. The
Closing; Installments. 
 1.1 The Loans. Subject to the terms and conditions of this Agreement and the Secured Promissory Notes,
each Lender agrees to lend to the Company funds up to the Commitment Amount set forth opposite such Lender’s name on Exhibit A (the “Loan Amount”). 

1.2 Closing Date. The closing of the purchase and sale of the Secured Promissory Notes for the initial Two Million Dollar ($2,000,000)
advance of the Loan Amount hereunder (the “Closing”) shall be held on a date mutually agreed upon by the Company and the Lenders within five (5) Business Days following the Effective Date (the “Closing
Date”). 
 1.3 Delivery. At the Closing, (a) each Lender will deliver the amount of such Lender’s Pro Rata
Share of Two Million Dollars ($2,000,000), which constitutes the initial advance to be made on the Closing Date pursuant to the terms of the Secured Promissory Notes, by check payable to the Company or by wire transfer to a bank account designated
by the Company; (b) the Company shall issue and deliver to such Lender a Secured Promissory Note in favor of such Lender in the principal amount of up to the full amount such Lender’s applicable Loan Amount. For the purposes of this
Agreement, the “Pro Rata Share” shall mean, when calculating a Lender’s portion of any amount, that percentage set forth opposite such Lender’s name on Exhibit A. 

 1.4 Additional Advances. Each Lender will, on each of April 15, 2017,
May 15, 2017 and June 15, 2017 (each, together with the Closing Date, shall be deemed to be an “Installment Date”), deliver the amount of such Lender’s Pro Rata Share of Two Million Dollars ($2,000,000) (each
such advance, together with the advances delivered on the Closing Date, an “Advance”), by check payable to the Company or by wire transfer to a bank account designated by the Company, provided that each Lender’s
obligation to fund each Advance is subject to the Lender’s receipt from the Company of a written notice (the “Funding Notice”), substantially in the form attached hereto as Exhibit E, of the Company’s
election to borrow such Advance at least five (5) Business Days prior to the date of such Advance (it being understood that neither Lender shall have an obligation to make the Advance to which such notice relates if the Company has failed to
timely provide such Funding Notice to such Lender, unless waived by such Lender. In addition, no Lender shall be required make an Advance to the Company (i) on an Installment Date occurring after April 30, 2017 if the Company has not
completed its first Public Offering on or prior to April 30, 2017, (ii) if either Chad Steelberg or Ryan Steelberg no longer serves as an executive officer the Company as of the applicable Installment Date, or (iii) if an Event of Default
has occurred and is continuing, provided that notwithstanding clauses (i) through (iii) above, each Lender may, in its sole discretion, elect to make such Advance to the Company upon receipt of the Funding Notice (to the extent not
otherwise waived) as set forth above. If any Lender fails to make an Advance (pursuant to a Funding Notice validly given by the Company hereunder) on an Installment Date (a “Defaulting Lender”) occurring on
(a) April 15, 2017 as required pursuant to this Section 1.4, such Defaulting Lender shall not be entitled to receive any Installment Shares or Warrants to which it would otherwise be entitled to on such
Installment Date pursuant to Sections 2.1 and 2.2, and seventy-five percent (75%) of the Upfront Shares issued to Lender shall be cancelled and forfeited automatically, without any action required on the part of the Defaulting Lender,
or (b) May 15, 2017 or June 15, 2017 as required pursuant to this Section 1.4, such Defaulting Lender shall not be entitled to receive any Installment Shares or Warrants to which it would otherwise be
entitled to on such Installment Date pursuant to Sections 2.1 and 2.2. In addition, under no circumstances may a Defaulting Lender be allowed to make any future advances hereunder (whether on the next Installment Date or upon the
Company’s first Public Offering in accordance with Section 6(a) of such Lender’s Secured Promissory Note). If any Lender becomes a Defaulting Lender, then the Lender that is not the Defaulting Lender (the “Non-Defaulting Lender”) may elect to fund the Defaulting Lender’s Pro Rata Share of such Advance, which amount shall be advanced within five (5) Business days after receipt by the Non-Defaulting Lender of written notice from the Company of such failure to fund the Advance, and the Non-Defaulting Lender shall, upon payment of the Defaulting Lender’s
Pro Rata Share of the Advance, be entitled to receive the Pro Rata Share of the Installment Shares or Warrants to which the Defaulting Lender would have otherwise been entitled to receive pursuant to Sections 2.1 and 2.2 with respect
to such Advance. 
 1.5 Optional Advance at Initial Public Offering. In the event a Lender is not a Defaulting Lender and elects to
make an additional advance to the Company equal to all (but not less than all, unless due to a reduction by the Company pursuant to Section 6(b) of such Lender’s Secured Promissory Note) of the remaining principal amount that not been advanced
under such Lender’s Secured Promissory Note upon the Company’s first Public Offering in accordance with Section 6(a) of such Lender’s Secured Promissory Note, the Company shall issue to such Lender, in consideration for the additional
advance, the Installment Shares and Warrants that such Lender would have received in the event such advance was delivered on an Installment Date pursuant to Section 1.4, prorated to reflect the amount so advanced by such
Lender. 
 2. Shares and Warrants. 
 2.1
Shares. In consideration of the Lenders’ purchase of the Secured Promissory Notes and subject to the terms and conditions of this Agreement, the Company shall issue to each Lender on the Closing Date such number of Upfront Shares
representing the Lender’s Pro Rata Share of the Upfront 

  
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Shares. The Company shall retain the certificates evidencing the Upfront Shares of the Lenders until the potential forfeiture provisions set forth in Section 1.4 have lapsed. In the event
any Lender funds such Lender’s Pro Rata Share of an Advance permitted or required to be funded at the Closing or upon an Installment Date thereafter, the Company shall issue to such Lender the number of Installment Shares representing
Lender’s Pro Rata Share of the Installment Shares with respect to such Advance. 
 2.2 Warrants. In consideration of the
Lenders’ purchase of the Secured Promissory Notes and subject to the terms and conditions set forth in this Agreement and the Warrant, at the Closing and on each Installment Date that any Lender participates and funds such Lender’s Pro
Rata Share of an Advance required or permitted to be funded hereunder, the Company shall issue to such Lender a Warrant to purchase such number of shares of Common Stock equal to such Lender’s Pro Rata Share of the Warrant Shares with respect
to such Advance. 
 3. Representations and Warranties of the Company. 

The Company hereby represents and warrants to the Lender, as of the date of this Agreement, as follows: 

3.1 Organization; Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted and as presently proposed to be conducted. The Company is duly qualified to do business as a foreign corporation in
each jurisdiction in which the nature of its business or its ownership of property requires it to be so qualified except where the failure to be so qualified has not had, and would not reasonably be expected to have, a material adverse effect on the
business, assets, liabilities, financial condition or results of operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”). 

3.2 Authorization. The Company has all necessary corporate power and authority to execute and deliver this Agreement and the other
Transaction Agreements. All corporate action on the part of the Company, its directors and its stockholders necessary for the authorization, execution, delivery and performance of the Transaction Agreements by the Company and the performance of the
Company’s obligations thereunder, including the authorization for the issuance and delivery of the Secured Promissory Notes, the Shares and the Warrants and the reservation of the Common Stock issuable upon conversion of the Secured Promissory
Notes or exercise of the Warrants (collectively, the “Conversion Shares”) has been taken or will be taken prior to the issuance of such Conversion Shares. 

3.3 Binding Effect. This Agreement and the other Transaction Agreements have been duly and validly executed and delivered by the Company
and constitute valid and binding obligations of the Company enforceable in accordance with their terms, subject to laws of general application relating to equitable principles, bankruptcy, insolvency, the relief of debtors and, with respect to
rights to indemnity, subject to federal and state securities laws. 
 3.4 No Conflict. Neither the authorization, execution nor
delivery of this Agreement or any other Transaction Agreement, nor the issuance or delivery of the Secured Promissory Notes, the Shares and the Warrants, nor the consummation of any other transactions contemplated hereby or thereby, will
(i) constitute or result in a default, breach or violation of any term or provision of the Company’s Certificate of Incorporation or bylaws, both as amended and in effect as of the Effective Date, or (ii) violate or conflict with any
law or regulation applicable to the Company or by which any of the assets or properties of the Company or any of its subsidiaries may be bound, except, in the case of clause (ii) above, for such matters as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 3.5 Capitalization. 

(a) The authorized capital stock of the Company consists of (i) 38,500,000 shares of Common Stock, of which 4,338,020 shares are issued and
outstanding; and (ii) 11,500,000 shares of Preferred Stock, of which 3,914,697 shares of Series A Preferred Stock are issued and outstanding and 3,092,781 shares of Series B Preferred Stock are issued and outstanding. As of March 11, 2017, the
Company had outstanding options to purchase 1,094,035 shares of Common Stock under the Company’s 2014 Stock Option/Stock Issuance plan (the “2014 Plan”), and warrants to purchase shares of the Company’s Common Stock
issued to Acacia Research Corporation (“Acacia”) and WestwoodOne, Inc. 
 (b) Except for (i) offer letters,
employment agreements, award agreements or other agreements or understandings relating to the granting of equity awards to employees, directors or consultants of the Company or its subsidiaries under the 2014 Plan or new equity incentive plans to be
adopted by the Company, (ii) the Investment Agreement, dated as of August 15, 2016, as amended, by and between the Company and Acacia and the other agreements and instruments contemplated thereby; (iii) the Secured Promissory
Notes issued to the Lenders pursuant to this Agreement, (iv) the warrants agreements between the Company and each of Acacia and WestwoodOne, Inc., (v) the Voting Agreement, dated as of August 15, 2016, by and among the Company, Acacia and
the other parties thereto, (vi) the IRA (as defined below), (vii) the Voting Agreement, dated as of July 15, 2014, as amended, by and among the Company and the stockholders party thereto, (viii) the Right of First Refusal and Offer
and Co-Sale Agreement, dated as of July 15, 2014, by and among the Company and certain stockholders and other Persons party thereto, (ix) the Certificate of Incorporation or bylaws of the Company,
and (x) this Agreement and the other Transaction Agreements, in each of clause (i)-(x), as they exist as of the date hereof, there are no (1) outstanding options, warrants, rights, calls, subscriptions, claims of any character, agreements,
obligations, convertible or exchangeable securities, or other commitments, contingent or otherwise, relating to capital stock of the Company or any capital stock equivalent or other nominal interest in the Company or any of its subsidiaries
(“Company Equity Interests”) pursuant to which the Company or any of its subsidiaries is or may become obligated to issue shares of its capital stock or other equity interests or any securities convertible into or
exchangeable for, or evidencing the right to subscribe for, any Company Equity Interests, (2) outstanding obligations of the Company to repurchase, redeem or otherwise acquire any outstanding securities of Company Equity Interests or
(3) contracts, agreements, arrangements or commitments to which the Company or any of its subsidiaries is a party relating to the issuance, sale, transfer or voting of any equity securities or other securities of the Company. 

(c) Except for the Secured Promissory Notes and any intercompany indebtedness, and except as reflected in the Company’s consolidated
financial statements, the Company and its subsidiaries have no outstanding Indebtedness (as defined below). Neither the Company nor any of its subsidiaries has outstanding bonds, debentures, notes or, other than as referred to in this
Section 3.5, other securities, the holders of which have the right to vote (or which are convertible into or exercisable for securities having the right to vote) with the stockholders of the Company on any matter. 

3.6 Consents. All consents, approvals, orders, or authorizations of any governmental authority required on the part of the Company in
connection with the execution and delivery of this Agreement or any of the other Transaction Agreements, the offer, sale or issuance of the Secured Promissory Notes, the Shares and the Warrants hereunder, and the consummation of the other
transactions contemplated hereby or thereby, shall have been obtained and will be effective at such time as required by such governmental authority, except where the failure of which to obtain such consents, approvals, orders or authorizations has
not had, and would not reasonably be expected to have, a Material Adverse Effect. 

  
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 3.7 Financial Statements. 

(a) The audited consolidated financial statements of the Company and its subsidiaries for the years ended December 31, 2015 and 2016 have
been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), consistently applied during the periods indicated, and present fairly the financial position, results of operations and
cash flows of the Company at the respective dates and for the respective periods indicated. 
 (b) Except as recorded as a liability or
otherwise reserved against in the audited balance sheet included in the audited consolidated financial statements of the Company and its subsidiaries for the years ended December 31, 2016 (the “Audited Balance Sheet”),
to the Company’s Knowledge, the Company and its subsidiaries do not have any material liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise) that would be required to be reflected on a balance sheet in
accordance with GAAP, other than (i) liabilities incurred in the ordinary course of business since the date of the Audited Balance Sheet and (ii) liabilities incurred under or in accordance with or as expressly permitted by this Agreement
or the other Transaction Agreements in connection with the transactions contemplated hereby and thereby. 
 3.8 Adverse Proceedings.
There are no suits, proceedings, claims or disputes pending or, to the Company’s Knowledge, threatened against the Company or against any of its properties or subsidiaries, except for such matters as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. For the purposes of this Agreement, the term “Knowledge” with respect to the Company shall mean the actual knowledge of Chad Steelberg, Ryan Steelberg, Peter F.
Collins or Jeffrey B. Coyne. 
 3.9 Taxes. The Company has filed all federal, state and other material tax returns required to be
filed, and has paid all federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon it or its properties, income or assets otherwise due and payable, except those which are being contested in good
faith or for which adequate reserves have been provided in accordance with GAAP. 
 3.10 Property. The Company does not own any real
property. The Company has good and marketable title to all machinery, equipment and other tangible assets currently used by the Company, except for such matters as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 3.11 Environmental Matters. To the Company’s Knowledge, the Company is in compliance with all
applicable federal or state environmental, hazardous waste, health and safety statutes, and any rules or regulations related to such statutes, which govern or affect the Company’s operations and/or properties, except for such matters as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 3.12 No Event of Default. No Event
of Default (as defined in each Secured Promissory Note) has occurred and is continuing. 
 3.13 Material Contracts. With respect to
each of the contracts and agreements set forth in Items 10.1 through 10.22 on the exhibit list of the Company’s registration statement on Form S-1, which was submitted confidentially to the Securities and
Exchange Commission on January 27, 2017 (collectively, the “Material Contracts”), (a) such contract or agreement is in full force and effect and is binding upon and enforceable against the Company to the extent such
Material Contract has been entered 

  
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into by the Company on or prior to the Closing Date, and (b) the Company is not in default, beyond any applicable cure period, under such contract or agreement, except in the case of either
(a) or (b) for matters which have not had, and would not reasonably be expected to have, a Material Adverse Effect. 
 3.14
Compliance with Laws. To the Company’s Knowledge, neither the Company nor any of its subsidiaries has violated any laws, ordinances or rules applicable to the Company or any of its subsidiaries, the violation of which has had, or would
reasonably be expected to have, a Material Adverse Effect. The Company is not currently an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended.

 3.15 Employee Matters and Benefits. None of the Company’s employees are covered by any collective bargaining agreement, no
collective bargaining agreement is currently being negotiated and to the Company’s Knowledge, no attempt is currently being made or threatened to be made to organize any of its employees to form or enter into any labor union, employee
association or similar organization. There are no strikes, slowdowns or work stoppages pending or, to the Knowledge of the Company, threatened against the Company or affecting the Company’s employees or facilities. The Company does not have any
defined employee pension benefit plan (as defined in the Employee Retirement Income Security Act of 1974, as amended or recodified from time to time (“ERISA”)) maintained or contributed to by the Company, except to the extent
provided and maintained by TriNet. To the Company’s Knowledge, the Company is in compliance with the applicable provisions of ERISA, except where the failure to so comply has not had, and would not reasonably be expected to have, a Material
Adverse Effect. 
 3.16 Collateral Documents; Intellectual Property. The provisions of the Security Agreement are effective to create
in favor of the Lenders a legal, valid and enforceable lien on the interest of the Company in the Collateral (as defined in the Security Agreement). Except for filings completed hereunder or pursuant to the Security Agreement on or prior to the
Closing Date, no filing or other action will be necessary to perfect such lien. A complete list of all of the Company’s trademarks, servicemarks and patents, in each case, that have been registered with the U.S. Patent and Trademark Office is
attached as a Schedule I to this Agreement. The Company does not have any copyrights that have been registered with the U.S. Patent and Trademark Office. 

3.17 Insurance. The Company has had in place insurance policies relating to its business, including property, casualty, liability,
workers’ compensation and other insurance policies, with reputable insurance companies in such amounts which the Company deems reasonable, covering such risks that the Company as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where the Company operates. 
 4. Representations and Warranties of each Lender. Each Lender
hereby represents and warrants to the Company as follows: 
 4.1 Purchase for Own Account. Each Lender understands that the Secured
Promissory Notes, the Warrants, the Shares and the Conversion Shares (collectively, the “Bridge Securities”) have not been registered under the Securities Act of 1933, as amended (the
“Act”). Such Lender represents that he, she or it is acquiring the Bridge Securities solely for his, her or its own account for investment purposes only and not for sale or with a view to distribution of the Bridge Securities
or any part thereof. 
 4.2 Information and Sophistication. Each Lender hereby: (i) acknowledges that he, she or it has received
all the information it has requested from the Company and he, she or it considers necessary or appropriate for deciding whether to acquire the Bridge Securities, (ii) represents that he, she or it has had an opportunity to ask questions and
receive answers from the Company regarding the terms and 

  
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conditions of the offering of the Bridge Securities and to obtain any additional information necessary to verify the accuracy of the information given such Lender and (iii) further
represents that he, she or it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risk of this investment. 

4.3 Ability to Bear Economic Risk. Each Lender acknowledges that investment in the Bridge Securities involves a high degree of risk, and
represents that he, she or it is able, without materially impairing his, her or its financial condition, to hold the Bridge Securities for an indefinite period of time and to suffer a complete loss of his, her or its investment. 

4.4 Illiquid Securities. Such Lender is aware that no public market exists for the Company’s
securities, and despite the fact that the Company is planning to conduct an initial Public Offering, there can be no assurance that such Public Offering will be completed or that a public market will ever be created for any of the
Company’s securities. As such, Lender understands that it may be required to hold the Bridge Securities for an indefinite period of time (subject to the maturity provisions of the Secured Promissory Notes). 

4.5 Accredited Investor Status. Such Lender is an “Accredited Investor” as such term is defined in Rule 501 under the Act. If
such Lender is a limited liability company, such Lender represents (and has confirmed) that all of its members are Accredited Investors as so defined. 
 5.
Company Covenants. The Company covenants and agrees that from the Closing Date and thereafter until the Secured Promissory Notes have been repaid in full or converted into the Company’s Common Stock in accordance with the terms of the
Secured Promissory Notes, the Company shall not, and shall cause each of its subsidiaries not to, without the consent of each of the Lenders:  

5.1 Certificate of Incorporation and Bylaws. Amend its Certificate of Incorporation or Bylaws (other than amendments to be effective
upon the consummation of the first Public Offering or as in connection with a transaction permitted under Section 5.3). 

5.2 Fundamental Changes. Wind up, liquidate or dissolve the Company or any of its subsidiaries. 

5.3 Securities Issuance. Issue any shares or series of the Company’s capital stock or any securities convertible into or
exercisable for such shares in any transaction that is primarily for the purposes of raising capital for the Company (as determined by the Company’s Board of Directors) unless the proceeds of such financing transaction are concurrently used to
repay all of the outstanding principal and accrued unpaid interest under all of the Secured Promissory Notes (the “Obligations”) other than the issuance of (i) securities in connection with a Public Offering;
(ii) Bridge Securities pursuant to any of the Transaction Agreements (including shares of Common Stock issuable upon exercise or conversion of such Bridge Securities); (iii) shares of Common Stock upon the conversion or exercise of any
convertible securities of the Company outstanding as of the date hereof, in accordance with the terms thereof; or (iv) shares of Common Stock issued to employees or consultants pursuant to the Company’s equity incentive plan as may be in
effect from time to time. 
 5.4 Secured Indebtedness. Create or incur any secured Indebtedness of the Company (other than any
Indebtedness issued pursuant to the Transaction Agreements), unless the proceeds of such Indebtedness are concurrently used to repay the Obligations and all obligations owing by the Company to Acacia under the Secured Promissory Note dated
August 15, 2016 (as amended). “Indebtedness” means the following: (i) all obligations for borrowed money; (ii) all obligations in respect of surety bonds and letters of credit; (iii) all obligations evidenced by
notes, bonds or debentures, or (iv) all guaranties of the obligations of others. 

  
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 5.5 Dispositions. Sell, transfer or otherwise dispose of any of the Company’s
material intellectual property or other assets having a value in excess of $500,000 individually, except for dispositions pursuant to licensing transactions entered into in the ordinary course of its business. 

5.6 Settlement of Claims. Settle any material litigation or claims, which settlement involves payment by the Company of more than
$500,000 individually. 
 5.7 Use of Proceeds. Use any of the Loan Amounts for purposes other than (a) repayment of trade
payables, (b) payment of bonuses for 2016 to Chad and Ryan Steelberg in the amounts of $250,000 and $175,000, respectively, pursuant to their Employment Agreements, and (c) other general working capital purposes. 

6. Financial Reporting. The Company covenants and agrees that from the Closing Date and thereafter until the earlier of (a) the repayment of all
outstanding principal and accrued interest under the Secured Promissory Notes; (b) the conversion of all outstanding principal and accrued interest under the Secured Promissory Notes into the Company’s Common Stock, or (c) the
completion of the Company’s initial Public Offering (as that term is defined in the Company’s Certificate of Incorporation), the Company shall furnish to each of the Lenders: 

6.1 Within one hundred twenty (120) days after the end of each fiscal year of the Company, a balance sheet of the Company as at the end of
such fiscal year, and the related statements of income or operations, changes in stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in
reasonable detail and prepared in accordance with GAAP consistently applied, (i) such statements to be audited and accompanied by a report and opinion of an independent certified public accountant, which report and opinion shall be prepared in
accordance with GAAP, and (ii) such statements shall be certified by the chief executive officer, chief financial officer or controller of the Company to the effect that such statements are fairly presented in all material respects. 

6.2 Within sixty (60) days after the end of each fiscal quarter of each fiscal year of the Company, a balance sheet of the Company as at
the end of such fiscal quarter, and the related consolidated statements of income or operations, changes in stockholders’ equity and cash flows for such fiscal quarter, setting forth in each case in comparative form the figures for the
corresponding fiscal quarter of the previous fiscal year, prepared in accordance with GAAP consistently applied, such statements to be certified by the chief executive officer, chief financial officer or controller of the Company as fairly
presenting the financial condition of the Company in all material respects, subject only to normal year-end audit adjustments and the absence of footnotes. 

7. Transfer Restrictions. 
 7.1 Market Stand-Off Agreement 
 (a) IPO. Each Lender (which will include Affiliates of the Lender for
purposes of this Section 7.1) hereby agrees that it will not, without the prior written consent of the managing underwriter(s), during the period commencing on the date of the final prospectus relating to the Company’s first underwritten
Public Offering (the “IPO”) of its Common Stock under the Securities Act, and ending on the date specified by the Company and the managing underwriter(s) (such period not to exceed one hundred eighty (180) days, or such
other period as may be requested by the Company or an 

  
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underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports, and (ii) analyst recommendations and opinions) (the “Lock-Up Period”): (A) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or
otherwise transfer or dispose of, directly or indirectly, any of the Bridge Securities, or any shares of Common Stock issued upon the conversion or exercise of any Bridge Securities (collectively, the “Securities”)(whether
such shares or any such securities are then owned by the Lender or are thereafter acquired); or (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such
securities; whether any such transaction described in clause (A) or (B) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. Notwithstanding anything herein to the contrary (including, for the avoidance
of doubt, Section 12 of the Secured Promissory Notes), the underwriters in connection with the IPO are intended third-party beneficiaries of this Section 7.1 and will have the right, power and authority to enforce the provisions hereof as
though they were a party hereto. The Lender further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with the IPO that are consistent with this Section 7.1 or that are necessary to give further
effect thereto. 
 (b) Regulation A Offering. The Lender (which will include Affiliates of the Lender for purposes of this Section
(b)) hereby agrees that it will not, without the prior written consent of the Company or, in the case of an underwritten offering, without the prior written consent of the managing underwriters(s), during the period commencing on the date of the
offering statement relating to the Company’s Regulation A Offering, and ending on the date specified by the Company (such period not to exceed one hundred eighty (180) days): (A) lend; offer; pledge; sell; contract to sell; sell any option
or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any of the Securities (whether such Securities are then owned by the
Lender or are thereafter acquired); or (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Securities; whether any such transaction described in
clause (A) or (B) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The Lender further agrees to execute such agreements as may be reasonably requested by the Company in connection with the
Regulation A Offering that are consistent with this Section (b) or that are necessary to give further effect thereto, so long as the terms and conditions of such agreements are consistent in all material respects with the terms and conditions
of any agreements requested to be executed by other significant stockholders of the Company in connection with such Regulation A Offering. 

7.2 Transfer Restrictions. In order to enforce the covenants in Section 7.1, the Company may impose stop transfer instructions with
respect to any of the Securities until the end of the Lock-Up Period or the 180-day period specified in Section 7.1(b), as applicable. The Lender agrees that a legend
reading substantially as follows will be placed on all certificates representing all of the Securities: 
 THE SECURITIES REPRESENTED BY
THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON CONVERSION THEREOF ARE SUBJECT TO LOCK-UP PERIODS BEGINNING ON THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR IN CONNECTION WITH THE ISSUER’S REGULATION A OFFERING, IN EACH CASE AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL
OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SECURITIES. 

  
 -9- 

 7.3 Further Limitations on Disposition. Each Lender agrees not to make any disposition of
all or any portion of the any of such Lender’s Securities unless and until (i) the transferee has agreed in writing for the benefit of the Company to make such representations and warranties as are reasonable and customary in a
private placement of securities and the undertakings set out in Section 7 and (ii) the Lender has (A) notified the Company of the proposed disposition, (B) furnished the Company with a detailed statement of the circumstances
surrounding the proposed disposition, and (C) if requested by the Company, furnished the Company with an opinion of counsel reasonably satisfactory to the Company that such disposition will not require registration under the Securities Act. The
Lender agrees not to make any disposition of any of the Securities to (I) any of the Company’s competitors, as determined in good faith by the Company, or (II) without the prior consent of the Board of Directors of the Company (not to
be unreasonably withheld), any Person or group of Persons who has filed a Schedule 13D or would, as a result of acquiring any Securities from the Lender, be required to file under Schedule 13D. Any disposition of any Lender’s capital stock and
other securities of the Company in violation of the terms and conditions of Agreement, including the immediately preceding sentence of this Section 7.3, will be null and void ab initio. 

7.4 Legends. The Lender understands and acknowledges that the Securities may bear the following legend: 

THIS SECURITY AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UPON RECEIPT BY THE ISSUER OF AN OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER THE ACT. 
 8. Piggyback Registration
Rights. 
 8.1 If at any time prior to the second anniversary of the Closing Date, the Company shall determine to register any of its
securities under the rules and regulations of the Securities and Exchange Commission (“SEC Rules”), either for its own account or the account of a security holder or security holders, other than (i) registration in
connection with the Company’s first Public offering; (ii) registration of securities of the Company held by its securityholders, including registration pursuant to the Investor Rights Agreement, dated as of July 15, 2014, as amended
from time to time, between the Company, Acacia and certain of the Company’s stockholders (“IRA”); (iii) a registration relating solely to employee benefit plans of the Company, including any registration pursuant to Form
S-8, (iv) a registration relating solely to a Rule 145 transaction, or (v) a registration on any registration form under the SEC Rules that does not permit secondary sales, the Company will: 

(a) promptly deliver to each Lender written notice thereof; and 

  
 -10- 

 (b) use its reasonable best efforts to include in such registration (and any related
qualification under blue sky laws or other compliance), except as set forth in Section 7.2 below, and in any underwriting involved therein, all the Registrable Securities (as defined below) specified in a written request or requests made by any
Lender and delivered to the Company within twenty (20) days after the written notice is delivered by the Company. Such written request may include all or a portion of a Lender’s Registrable Securities. The term “Registrable
Securities” shall mean: (i) the shares of Common Stock issued pursuant to this Agreement; (ii) and the Warrants and shares of Common Stock issued pursuant to the exercises of Warrants issued under this Agreement; and
(iii) shares of Common Stock issued upon conversion of the outstanding principal and accrued interest under the Secured Promissory Notes in accordance with the terms thereof. The term “Registrable Securities” shall not include shares
held by any Lender if such shares are eligible for sale pursuant to Rule 144 without any volume limitation. 
 8.2 If the registration of
which the Company gives notice is for a registered public offering involving an underwriting, the Company shall so advise the Lender as a part of the written notice given pursuant to Section 7.1(a). In such event, the right of any Lender to
registration shall be conditioned upon such Lender’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. All Lenders proposing to distribute their securities through
such underwriting shall (together with the Company and the other holders distributing their securities through such underwriting) enter into and perform their obligations under an underwriting agreement in customary form with the managing
underwriter selected for such underwriting by the Company. Notwithstanding any other provision contained herein, if the managing underwriter determines that marketing factors require a limitation of the number of shares to be underwritten, the
managing underwriter may exclude all Registrable Securities from, or limit the number of Registrable Securities to be included in, the registration and underwriting. The Company shall so advise the Lenders of securities requesting registration, and
the number of shares of securities that are entitled to be included in the registration and the allocation of the securities in the underwriting. If any person who has requested inclusion in such registration as provided above disapproves of the
terms of the underwriting, such person shall be excluded therefrom by written notice delivered by the Company or the managing underwriter. Any Registrable Securities and/or other securities so excluded or withdrawn shall also be withdrawn from
registration. 
 8.3 Any registration effected by the Company pursuant to this Section 8 shall be subject to the provisions set forth in
Sections 1.6 through 1.13 of the IRA. 
 8.4 Acacia hereby approves the grant of the piggyback registration rights hereunder to the other
Lender (or such Lender’s permitted transferees) for purposes of Section 5.3(c) of the Investment Agreement, to the extent set forth therein. 
 9.
Board Observation Right. Immediately following the Effective Date, Veritone LOC I, LLC may appoint one individual as an observer with the right to attend regular meetings of the Board of Directors of the Company, provided that
such observer’s right to attend board meetings shall terminate immediately upon the earlier of (i) repayment in full of all outstanding principal and accrued interest under the Secured Promissory Notes, (ii) automatic conversion of
the Secured Promissory Notes upon the consummation of the first Public Offering pursuant to Section 6(a) of the Secured Promissory Notes or (iii) the completion of the Company’s initial Public Offering (as that term is defined in the
Company’s Certificate of Incorporation). 
 10. Events of Default. 

10.1 Events of Default. Each of the following shall constitute an event of default (each, an “Event of Default”)
under this Agreement and the other Transaction Agreements: 
 (a) An “Event of Default” as defined in any Secured Promissory Note
shall occur; or 

  
 -11- 

 (b) Any representation or warranty set forth in Section 3 of this Agreement shall have been
untrue as of the Effective Date or as of the Closing Date (except that the accuracy of representations or warranties that speak as of a specific date will be evaluated as of that date) (i) in the case of any representation or warranty not
qualified by materiality or “Material Adverse Effect,” except for such matters as would not have a Material Adverse Effect, or (ii) in the case of any representation or warranty qualified by materiality or “Material Adverse
Effect,” in all respects; or 
 (c) The Company shall breach or fail to observe or perform in any material respect any covenant,
obligation, condition or agreement contained the this Agreement and (i) such breach or failure shall continue for fifteen (15) days from the Company’s receipt of written notice of such failure from any of the Lenders, or (ii) if
such failure is not curable within such 15-day period, but is reasonably capable of cure within thirty (30) days, either (A) such failure shall continue for thirty (30) days from the
Company’s receipt of such notice or (B) the Company shall not have commenced a cure in a manner reasonably satisfactory to each of the Lenders within the initial 15-day period. 

11. Indemnification. The Company shall indemnify and hold harmless each of the Lenders (and their respective past, present and future officers,
directors, managers, stockholders, members, employees, advisors, representatives and agents (collectively, the “Indemnitees”) from and against any loss, liability, cost or expense (including, without limitation, reasonable
attorneys’ fees and expenses) incurred in respect of the financing contemplated by this Agreement (the “Damages”); provided that the expenses of each Lender in connection with the negotiation and documentation of
the Transaction Agreements shall be capped at $25,000 as set forth in Section 12.1. Notwithstanding the foregoing, the Company shall have no obligation to indemnify any Indemnitee against any loss, liability, cost or
expense (a) to the extent the Damages are found by a final judgment of a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Indemnitee, or (b) to the extent the Damages arose from any
dispute solely among Indemnitees other than any claims primarily the result of any act or omission on the part of the Company. Neither Lender shall in any event be responsible or liable to the Company for consequential, incidental, exemplary or
punitive damages. 
 12. Miscellaneous. 

12.1 Fees and Expenses. The Company shall pay reasonable fees and expenses (including, without limitation, the reasonable fees and
expenses of one legal counsel and advisors) incurred for each of the Lenders in an amount not to exceed $25,000 in connection with the transactions contemplated hereunder. 

12.2 Binding Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as set forth
in Section 11 (which shall inure to the benefit of each of the Indemnitees) or otherwise expressly provided in this Agreement. No Lender may transfer or assign its rights under this Agreement or delegate any of its
obligations hereunder without the prior written consent of the Company and the other Lender. 
 12.3 Governing Law. This Agreement
will be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any other jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal Laws of the State of Delaware will control the interpretation and construction of this Agreement,
even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply. 

  
 -12- 

 12.4 Jurisdiction; Service of Process. Any action with respect to this Agreement will be
brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or
federal court within the State of Delaware). The Company and the Lender each hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action, (a) any claim that is not
personally subject to the jurisdiction of the above named courts for any reason other than the failure of service, (b) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced
in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by applicable law, any claim that
(i) the action in such court is brought in an inconvenient forum, (ii) the venue of such action is improper or (iii) this Agreement may not be enforced in or by such courts. 

12.5 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 12.6 Notices. All notices required or permitted hereunder shall be in accordance with
Section 17 of the Secured Promissory Notes. 
 12.7 Amendment; Modification; Waiver. No amendment,
modification or waiver of any provision of this Agreement or consent to departure therefrom shall be effective unless in writing and approved by the Company and each of the Lenders. 

12.8 Severability; Obligations Absolute. If any provision of this Agreement is held to be invalid or unenforceable, such invalidity or
unenforceability will not invalidate this Agreement as a whole, but this Agreement will be construed as though it did not contain the particular provision or provisions held to be invalid or unenforceable, and the rights and obligations of the
parties hereto hereunder will be construed and enforced only to such extent as will be permitted by applicable law. Notwithstanding the foregoing, the obligations of the Company hereunder will be absolute, unconditional and irrevocable, and will be
performed strictly in accordance with the terms hereof, under all circumstances whatsoever, including the following circumstances: (a) any lack of validity or enforceability of this Agreement; (b) any amendment or waiver of, or any consent
to or departure from, this Agreement; and (c) the existence of any claim, defense or other right which the Company may have at any time against the Lenders or any other person or entity, whether in connection with this Agreement, the Loans or
otherwise. The Company understands and agrees that no payment by the Company under any other agreement, arrangement or document (whether voluntary or otherwise) will constitute a defense to its obligations hereunder. 

12.9 Entire Agreement. This Agreement, the Exhibits hereto, and the Transaction Agreements constitute the full and entire understanding
and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein and
therein. 

  
 -13- 

 12.10 Exculpation among Lenders. Each Lender acknowledges that it is not relying upon any
person or entity, other than itself and (if applicable) its purchaser representative in making its investment or decision to invest in the Company. Each Lender agrees that no Lender nor the respective controlling persons or entities, officers,
directors, partners, managers, attorneys, agents, or employees of any Lender shall be liable to any other Lender for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of any security in
connection with this Agreement. 
 [SIGNATURE PAGE TO FOLLOW] 

  
 -14- 

 IN WITNESS WHEREOF, the parties hereto have executed
this Note Purchase Agreement as of the day and year first written above. 
  

			
	COMPANY:
	
	VERITONE, INC.
		
	By:	 	/S/ PETER COLLINS
		 	Peter F. Collins
		 	Chief Financial Officer

  

			
	LENDERS:
	
	ACACIA RESEARCH CORPORATION
		
	By:	 	/S/ CLAYTON J. HAYNES
	Name:	 	Clayton J. Haynes
	Title:	 	CFO
	
	VERITONE LOC I, LLC
		
	By:	 	/S/ JEFF GEHL
	Name:	 	Jeff Gehl
	Title:	 	Manager

 EXHIBIT A 

SCHEDULE OF LENDERS 
  

									
	 Lenders
	  	Commitment
Amount	 	  	Pro Rata
Share (%)	 
	 Acacia Research Corporation
	  	$	4,000,000	 	  	 	50	% 
	 Veritone LOC I, LLC
	  	 	4,000,000	 	  	 	50	% 
		  	  
	  
	 	  			
	 Total
	  	$	8,000,000EX-10.31

 Exhibit 10.31 

EXECUTION VERSION 

THIS CONVERTIBLE SECURED PROMISSORY NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UPON RECEIPT BY THE ISSUER OF AN OPINION OF
COUNSEL SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. 
 SECURED CONVERTIBLE PROMISSORY NOTE 

 

			
	Up to $4,000,000	  	 March 15, 2017

Newport Beach, California

 FOR VALUE RECEIVED, the undersigned,
VERITONE, INC., a Delaware corporation (the “Borrower” or the “Company”), hereby promises to pay to the order of [________________] (the
“Lender”), in the lawful currency of the United States of America, the principal amount of Four Million Dollars ($4,000,000), or, if less, the aggregate outstanding principal amount of the advances made by the Lender pursuant
to that certain Note Purchase Agreement, dated as of March 15, 2017, among the Borrower, the Lender and [________________] (the “Other Lender”) (as amended, restated, extended, supplemented or otherwise modified
from time to time, the “Note Purchase Agreement”), plus interest thereon, as provided in this Secured Convertible Promissory Note (as amended, restated, extended, supplemented or otherwise modified in writing from time to
time, the “Secured Promissory Note”), in each case, in the manner and upon the terms and conditions set forth below. 

1. The Loan; Security. 

(a) This Secured Promissory Note evidences the advances made by the Lender to the Borrower from time to time under the Note Purchase Agreement
(collectively, the “Loan”). Subject to the terms and conditions of the Note Purchase Agreement, Lender agrees to deliver the initial advance hereunder of One Million Dollars ($1,000,000) to Borrower within five Business Days
of the Effective Date. 
 (b) The Borrower hereby authorizes the Lender to make or cause to be made a notation on the record annexed hereto
as Exhibit A and constituting a part hereof (the “Record”) reflecting each advance made by Lender with respect to the Loan. The aggregate unpaid amount set forth on the Record will be prima facie evidence of the
principal amount of the Loan owing and unpaid to the Lender with respect to this Secured Promissory Note. The failure to record, or any error in so recording, any such amount on the Record will not affect the obligations of the Borrower hereunder to
make payments of principal and interest when due; provided, that in no event will the Borrower be obligated to make payments of principal in excess of the amount actually loaned to the Borrower. 

(c) Repayment of the Loan is secured by a security interest in substantially all of the assets of the Borrower pursuant to the Security
Agreement. 

 2. Interest. The outstanding principal of the Loan will bear interest, beginning from the
applicable Installment Date for each advance of the Loan and ending on and excluding the date on which all amounts owing hereunder have been paid in full, at a fixed rate per annum equal to eight percent (8.0%), compounding quarterly. All interest
hereunder will be calculated on the basis of a 365-day year and paid for the actual number of days elapsed. 

3. [Intentionally omitted] 
 4.
Definitions. For purposes of this Secured Promissory Note, the capitalized terms below will have the respective meanings ascribed to them, and any capitalized terms not defined herein shall have the meanings ascribed to them in the Note
Purchase Agreement. 
 (a) “Affiliate” means, when used with respect to any Person, another Person that directly or
indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with such Person. 
 (b)
“Business Day” means any day that is not a Saturday, a Sunday or any other day on which banks are required or authorized by law to be closed in New York or California. 

(c) “Common Stock” means the Common Stock, par value $0.001 per share, of the Borrower. 

(d) “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities or other interests, by contract or otherwise, and “Controlled” and “Controls” have the correlative meanings.

 (e) “Conversion Price” means the lower of $8.1653 or the initial public offering price per share of the
Borrower’s Common Stock in the Borrower’s first Public Offering. 
 (f) “Conversion Shares” means Common
Stock. 
 (g) “Installment Date” means the date that each advance of the Loan is made by the Lender to the Borrower
under the Note Purchase Agreement. 
 (h) “Person” means a natural person, corporation, company, joint venture,
individual business trust, trust association, partnership, limited partnership, limited liability company or other entity. 
 (i)
“Public Offering” means (a) an initial public offering of the Company’s Common Stock pursuant to a Registration Statement; (b) an offering of the Common Stock, relying on Regulation A under the Securities Act
for exemption from the registration requirements of Section 5 thereof (a “Regulation A Offering”); (c) a distribution of equity securities of the Company or its successor in connection with a Registration Statement; or
(d) the issuance of equity securities in exchange for the Company’s equity securities in connection with the Company’s merger or reverse merger with another corporation, company, partnership,

  
 -2- 

 
limited partnership, limited liability company or any other entity, provided that, in the case of clauses (a)-(d), such offering, distribution or issuance results in the Common Stock or equity
securities, as the case may be, being held by at least three hundred (300) round lot stockholders and the Common Stock or equity securities, as the case may be, shall be approved for listing or quotation on a national securities exchange or
quotation service in the United States, and provided further that, in the case of clauses (a) and (b), such offering, distribution or issuance results in gross proceeds to the Company of at least Fifteen Million Dollars
($15,000,000). 
 (j) “Registration Statement” means an offering circular or registration statement on Form S-1, Form 1-A, Form S-4, or another applicable form of offering circular or registration statement approved by the Securities and
Exchange Commission for the nature of the Public Offering undertaken by the Company. 
 (k) “Regulation A Offering”
has the meaning set forth in the definition of “Public Offering”. 
 (l) “Securities Act” means the
Securities Act of 1933, as amended. 
 (m) “Security Agreement” means that certain Amended and Restated Security
Agreement, dated as of the date of this Secured Promissory Note, among the Borrower, the Lender, and the other secured parties that are party thereto, as the same is amended, restated, extended, supplemented or otherwise modified from time to time.

 (n) “Subsidiary” means, with respect to any Person, a corporation, partnership, association, limited liability
company, trust or other form of legal entity in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, has either (i) a majority ownership in (A) the equity or
(B) the interest in the capital or profits thereof, (ii) the power to elect, or to direct the election of, a majority of the board of directors or other analogous governing body of such entity, or (iii) the title or function of
general partner or manager, or the right to designate the Person having such title or function. 
 (o) “Transaction
Agreements” means this Secured Promissory Note, the Secured Convertible Promissory Note, dated as of the date hereof (as amended, restated, extended, supplemented or otherwise modified in writing from time to time), by and between the
Borrower and [Acacia/Veritone LOC], the Security Agreement, the Note Purchase Agreement and the Warrants. 
 5. Intentionally Omitted.

 6. Conversion. 
 (a)
Conversion. The outstanding principal balance and any accrued but unpaid interest thereon under this Secured Promissory Note (the “Convertible Amount”) will automatically convert (without any further action on the part
of the Lender) immediately prior to the consummation of the Borrower’s first Public Offering into that number of shares of Common Stock determined by dividing the Convertible Amount by the Conversion Price. Provided that Lender is not a
Defaulting Lender (as defined in Section 1.4 of the Note Purchase Agreement), in 

  
 -3- 

 
the event that any portion of the $4,000,000 principal amount of this Secured Promissory Note has not been advanced by the Lender in accordance with the Note Purchase Agreement prior to the
effective date of the Registration Statement filed with the Securities and Exchange Commission in connection with the first Public Offering (the “Effective Date”), Lender may, at its sole option, elect to advance the
remaining principal amount (or any portion thereof) under this Secured Promissory Note (the “Available Amount”) to the Company (subject to the Conversion Limit set forth in Section 6(b) below) by providing written notice of
such election on, or within five (5) Business Days prior to, the Effective Date, which amount shall be added to the Convertible Amount and will also automatically convert into shares of Common Stock immediately prior to the consummation of the
initial Public Offering on the same terms as set forth below; provided that any such additional amounts must actually be received by the Company on or before the Effective Date. Borrower shall give Lender written notice of the estimated date
of the Effective Date at least ten (10) Business Days prior to the actual Effective Date. In any event of conversion, no fractional shares of Conversion Shares will be issuable in respect of the Convertible Amount, and the Borrower will instead
pay the Lender cash in lieu of any fractional shares based upon the applicable Conversion Price pursuant to Section 6(a). 
 (b)
Conversion Limit. Unless the holders of at least (i) 67% of the Borrower’s Series B Preferred Stock and (ii) 65% of the Borrower’s Series A Preferred Stock waive the right of first offer and right of over-allotment contained in
Section 6 of that certain Right of First Refusal, Offer and Co-Sale Agreement, dated as of July 15, 2014 (the “ROFO Agreement”), then the total aggregate Available Amount that
all Lenders may advance and convert in connection with the first Public Offering shall be limited (the “Conversion Limit”) to an amount that, when converted into shares of Common Stock upon the first Public Offerng, shall not
exceed 1,963,917 shares of Common Stock, when taken together with all of the other Shares and Conversion Shares (as defined in Section 3.2 of the Note Purchase Agreement) issued or to be issued in connection pursuant to the Note Purchase
Agreement. 
 7. Lender Costs. The Borrower will promptly pay the Lender, on demand, for all reasonable, documented and invoiced costs
and expenses incurred by the Lender in connection with the enforcement of this Secured Promissory Note (“Lender Costs”), including reasonable attorneys’ fees and expenses. 

8. Loan Payments; Maturity; Acquisition of Borrower. 

(a) [Intentionally omitted.] 
 (b)
Maturity. The Loan will mature, and all amounts owed hereunder (including, but not limited to, accrued and unpaid interest) shall be due and payable in full, on November 25, 2017 (the “Maturity Date”). 

(c) Application of Payments. Any payment received by the Lender shall be applied as follows: 

(i) first, against Lender Costs then outstanding, until all such Lender Costs have been paid in full; 

  
 -4- 

 (ii) second, against accrued and unpaid interest on the Loan, until all such accrued and
unpaid interest has been paid in full; and 
 (iii) third, against the then outstanding principal of the Loan, until all such
outstanding principal has been paid in full; and 
 (d) Acquisition of Borrower. Notwithstanding anything to the contrary in this
Secured Promissory Note, all obligations of the Borrower hereunder will (to the extent not already due and payable) immediately and automatically become due and payable in full prior to the Maturity Date upon the consummation of any transaction, or
a series of related transactions, in which the Borrower, directly or indirectly, (i) consummates a stock sale to, or effects any merger, consolidation or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with, another Person or group of Persons, whereby, in the case of any transaction(s) described in this clause (i), such other Person or group of Persons
acquires more than 50% of the total voting power of the then outstanding shares of capital stock of the Borrower, provided that any securities issued in connection with (or upon conversion or exercise of securities as a result of) a
Public Offering of the Company shall not be included in the calculation to determine whether a Person or a group of Persons has acquired more than 50% of the total voting power of the Company, or (ii) effects any sale, lease, license,
assignment, transfer, conveyance or other disposition of all or substantially all of its assets. For purposes of this Section 8(d), “outstanding shares of capital stock of the Borrower” means, as of a given date, the sum of the
number of shares of capital stock of the Borrower (excluding treasury shares, if any) outstanding. 
 (e) Payments. All payments in
respect of the Loan will be made either by check or by wire transfer of immediate funds to a bank account designated by the Lender in writing for such purpose. 

9. Events of Default. It will constitute an “Event of Default” if any one or more of the following will occur
for any reason: 
 (a) the Borrower fails to pay any amount required to be paid hereunder in full when due, and such failure continues for
five (5) Business Days after the Lender’s written notice to the Borrower; 
 (b) the Borrower breaches, in any material respect,
any of the provisions of this Secured Promissory Note or fails to perform timely, in any material respect, its obligations hereunder (other than the obligation to pay all amounts required to be paid hereunder in full when due, which shall be subject
to Section 9(a) hereof), and such failure continues for thirty (30) days after the Lender’s written notice to the Borrower; 
 (c)
the occurrence of a Loan Default under the Secured Promissory Note issued by the Borrower to Acacia Research Corporation on or about August 15, 2016; 

(d) the occurrence of a Loan Default under the Secured Promissory Note issued by the Borrower to the Other Lender under the Note Purchase
Agreement; 

  
 -5- 

 (e) the Borrower breaches, in any material respect, any Transaction Agreement or fails to
perform, in any material respect, its obligations thereunder, or any material provision of any Transaction Agreement for any reason ceases to be valid, binding and enforceable in accordance with its terms (or the Borrower shall challenge the
enforceability of any Transaction Agreement or shall assert in writing, or engage in any action or inaction that evidences its assertion, that any provision of any of the Transaction Agreements has ceased to be or otherwise is not valid, binding and
enforceable in accordance with its terms); 
 (f) the Borrower makes an assignment for the benefit of its creditors or commences any
proceeding, under any bankruptcy, reorganization, moratorium or insolvency law or any other law for the relief of, or relating to, debtors now or hereafter in effect, (i) seeking to have an order for relief entered with respect to it, or
seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or
(ii) seeking appointment of a custodian, receiver, trustee or assignee for the benefit of creditors (or other similar official) to take possession, custody or control of any asset or property of the Borrower; 

(g) there is commenced against the Borrower any proceeding of a nature referred to in clause (i) or (ii) of Section 9(f) above, which
results in the entry of an order for relief or any such adjudication or appointment, and such order is not dismissed, vacated or reversed within ninety (90) days after its entry; or 

(h) if the Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of the
business affairs, or if the Board of Directors of the Borrower has approved a resolution to suspend, terminate or continue the business operations of the Borrower, which in either such case continues for more than fifteen (15) days. 

For so long as an Event of Default has occurred and is continuing, the Lender may declare, by written notice to the Borrower, the Loan to be in default (a
“Loan Default”), and upon such a declaration of a Loan Default, (x) all the obligations of the Borrower hereunder will (to the extent not already due and payable) immediately and automatically become due and
payable in full and (y) the Lender will be entitled to exercise at any time, and from time to time, in its sole discretion, any and all rights and remedies available to the Lender under applicable law. 

10. Cumulative Remedies. No delay or omission of the Lender under this Secured Promissory Note or otherwise in respect of the Loan will
exhaust or impair any right or power of the Lender hereunder or prevent the exercise of any right or power of the Lender hereunder during the continuance of any other Event of Default or Loan Default. No waiver by the Lender of any Event of Default
or Loan Default, whether such waiver be full or partial, will extend to or affect any subsequent Event of Default or Loan Default, or impair the rights resulting therefrom, except as may otherwise be provided herein. The remedies provided in this
Secured Promissory Note are cumulative and are not exclusive of any remedies provided by applicable law. No forbearance on the part of the Lender, and no extension of time for the payment of the whole or any portion of the Borrower’s
obligations hereunder or any other indulgence given by the Lender to the Borrower, will operate to release or in any manner affect the liability of the Borrower to pay its obligations hereunder. 

  
 -6- 

 11. Certain Waivers. Except as may otherwise be provided in this Secured Promissory Note,
the Borrower waives notice (including notice of protest, notice of dishonor, notice of intent to accelerate and notice of acceleration), demand, presentment for payment, protest, diligence in collection and bringing suit, and the filing of suit for
the purpose of fixing liability, in each case to the fullest extent permitted by applicable law, in respect of this Secured Promissory Note. 

12. Third-Party Rights; Assignment. This Secured Promissory Note will be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Neither the Borrower nor the Lender will assign any of its rights or obligations under this Secured Promissory Note without the prior written consent of the other party (such consent not to be
unreasonably withheld), and any purported assignment without such consent will be void; provided, that the Lender may assign its rights and obligations under this Secured Promissory Note without the written consent of the Borrower to any
Affiliate of the Lender (i) which is Controlled by the Lender and (ii) at least a majority of the equity securities of which the Lender owns, directly or indirectly, and any such transferee may transfer this Secured Promissory Note only to
an Affiliate of the Lender (I) which is Controlled by the Lender and (II) at least a majority of the equity securities of which the Lender owns, directly or indirectly, in each case so long as the Lender remains primarily responsible
therefor; provided, further, that the Borrower may assign its rights and obligations under this Secured Promissory Note without the written consent of the Lender to any purchaser of all or substantially all of the Borrower’s
assets or capital stock, so long as Veritone, Inc. remains primarily responsible therefor. 
 13. Governing Law. This Secured
Promissory Note will be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the laws of any other jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal Laws of the State of Delaware will control the interpretation and construction of
this Secured Promissory Note, even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply. 

14. Jurisdiction; Service of Process. Any action with respect to this Secured Promissory Note or the Loan will be brought and determined
exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the
State of Delaware). The Borrower and the Lender each hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action, (a) any claim that is not personally subject to the
jurisdiction of the above named courts for any reason other than the failure of service, (b) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts
(whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by applicable law, any claim that
(i) the action in such court is brought in an inconvenient forum, (ii) the venue of such action is improper or (iii) this Secured Promissory Note, or the Loan, may not be enforced in or by such courts. 

  
 -7- 

 15. Severability; Obligations Absolute. If any provision of this Secured Promissory Note
is held to be invalid or unenforceable, such invalidity or unenforceability will not invalidate this Secured Promissory Note as a whole, but this Secured Promissory Note will be construed as though it did not contain the particular provision or
provisions held to be invalid or unenforceable, and the rights and obligations of the parties hereto hereunder will be construed and enforced only to such extent as will be permitted by applicable law. Notwithstanding the foregoing, the obligations
of the Borrower hereunder will be absolute, unconditional and irrevocable, and will be performed strictly in accordance with the terms hereof, under all circumstances whatsoever, including the following circumstances: (a) any lack of
validity or enforceability of this Secured Promissory Note; (b) any amendment or waiver of, or any consent to or departure from, this Secured Promissory Note; and (c) the existence of any claim, defense or other right which
the Borrower may have at any time against the Lender or any other person or entity, whether in connection with this Secured Promissory Note, the Loan or otherwise. The Borrower understands and agrees that no payment by the Borrower under any other
agreement, arrangement or document (whether voluntary or otherwise) will constitute a defense to its obligations hereunder. 
 16.
Amendment. This Secured Promissory Note will not be amended or modified, in each case, except by a written agreement signed by the Borrower and the Lender. 

17. Notices. Any notice, consent, payment, demand, or communication required or permitted to be given by any provision of this Secured
Promissory Note will be in writing and will be (a) delivered personally to the applicable person or entity (or to an officer of such entity) to whom the same is directed, or (b) sent by recognized overnight courier service or
registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

	 	(i)	if to the Borrower, then to: 

 Veritone, Inc. 

3366 Via Lido 

Newport Beach, CA 92663 

Attention: Peter F. Collins, Chief Financial Officer 

Facsimile: (949) 209-0365 

with a copy (which will not constitute notice) to: 

Morgan, Lewis & Bockius LLP 

600 Anton Boulevard, Suite 1800 

Costa Mesa, CA 92626 

Attention: Ellen S. Bancroft, Esq. 

Facsimile: 714-830-0700 

 

	 	(ii)	if to the Lender, then to: 

 _______________________________________ 

_______________________________________ 

Attn:                
                                         
            
 Facsimile:     

  
 -8- 

 with a copy (which will not constitute notice) to: 

_______________________________________ 

_______________________________________ 

_______________________________________ 

Any such notice will be deemed to be delivered, given and received for all purposes as of (x) the date so delivered, if delivered personally,
(y) upon receipt, if sent by courier service, or (z) on the date of receipt or date of failure to accept indicated on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges
prepaid and properly addressed. 
 18. Further Assurances. The Borrower and the Lender will execute and deliver such additional
documents and instruments, and perform such additional acts, in each case, as the other party may reasonably request to effectuate, carry out and perform the provisions and intent of this Secured Promissory Note. 

19. Specific Performance. The Borrower and Lender agree that irreparable damage would occur in the event of a breach of this Secured
Promissory Note, including a failure to extend and fund the Second Tranche Loan hereunder, and that each of them shall be entitled to specific performance in the event of a breach by the other, in addition to any other remedy at law or in equity.
Each of Borrower and Lender hereby waives, in any action by the other for specific performance, the defense of adequacy of a remedy at law and the posting of any bond or other security in connection therewith. 

[THE REST OF THIS PAGE IS
INTENTIONALLY LEFT BLANK.] 

  
 -9- 

 IN WITNESS WHEREOF, the Borrower has executed this
Secured Promissory Note in favor of the Lender as of the date first written above. 
  

			
	 VERITONE, INC., 

	 a Delaware corporation

		
	By:	 	 
		 	Peter F. Collins
		 	Chief Financial Officer

  

			
	 AGREED AND ACCEPTED BY THE LENDER:

	[                                    
                    ]

			
		
	By:	 	 

			
	Print Name:	 	 
	Title:	 	 

 EXHIBIT A 

RECORD 
  

									
	 Date
	  	Principal Amount of
Advance Made	 	  	Notation Made By	 
		  	$	1,000,000	 	  			

 EXHIBIT B 

FORM OF COMMON STOCK PURCHASE WARRANT

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