EX-10.3



 Exhibit 10.3 

EXECUTION VERSION 

PLEDGE AND SECURITY AGREEMENT 

PLEDGE AND SECURITY AGREEMENT, dated as of January 16, 2018 (this “Agreement”), made by comScore, Inc., a
Delaware corporation (the “Company”), each Subsidiary of the Company listed as a “Grantor” on the signature pages hereto (together with the Company and each other Person that executes an joinder and becomes a
“Grantor” hereunder, each a “Grantor” and collectively, the “Grantors”), in favor of Starboard Value and Opportunity Master Fund Ltd., in its capacity as collateral agent (in such capacity, the
“Collateral Agent”) for the Holders (as defined below) of Notes (as defined below) issued pursuant to the Securities Purchase Agreement, dated as of January 16, 2018 (as amended, restated or otherwise modified from time to
time, the “Securities Purchase Agreement”). 
 W I T N E S S E
T H: 
 WHEREAS, the Company and each party listed as a “Buyer” on the Schedule of Buyers (each a
“Buyer” and collectively, the “Buyers”) attached to the Securities Purchase Agreement (as such schedule may be amended, restated or otherwise modified from time to time) are parties to the Securities Purchase
Agreement, pursuant to which the Company shall be required to sell, and the Buyers shall purchase or have the right to purchase, the “Notes” (as defined in the Securities Purchase Agreement); 

WHEREAS, it is a condition precedent to the Buyers consummating the transactions contemplated by the Securities Purchase Agreement that the
Grantors execute and deliver to the Collateral Agent this Agreement providing for the grant to the Collateral Agent for the benefit of the Holders (as defined below) of a security interest in the Collateral (as defined below) to secure all of the
Company’s obligations under the Securities Purchase Agreement and the “Notes” (as defined therein) issued pursuant thereto (as such Notes may be amended, restated, replaced or otherwise modified from time to time in accordance with
the terms thereof, collectively, the “Notes”) and the other Transaction Documents (as defined in the Securities Purchase Agreement); 

WHEREAS, the Grantors (i) are mutually dependent on each other in the conduct of their respective businesses as an integrated operation,
with the credit needed from time to time by one often being provided through financing obtained by the other Grantors and the ability to obtain such financing being dependent on the successful operations of the Grantors and (ii) will receive a
mutual benefit from the proceeds received by the Company in respect of the issuance of the Notes; and 
 WHEREAS, each Grantor has
determined that the execution, delivery and performance of this Agreement directly benefits, and are in the best interest of the Company and such Grantor. 

NOW, THEREFORE, in consideration of the premises and the agreements herein and in order to induce the Holders (as defined below) to perform
under the Securities Purchase Agreement, each Grantor agrees with the Collateral Agent, for the benefit of the Holders (as defined below), as follows: 







 SECTION 1. Definitions. 

(a) Reference is hereby made to the Securities Purchase Agreement and the Notes for a statement of the terms thereof. All terms used in this
Agreement and the recitals hereto which are defined in the Securities Purchase Agreement, the Notes or in Articles 8 or 9 of the Uniform Commercial Code (the “Code”) as in effect from time to time in the State of New York, and which
are not otherwise defined herein shall have the same meanings herein as set forth therein; provided that terms used herein which are defined in the Code as in effect in the State of New York on the date hereof shall continue to have the same
meaning notwithstanding any replacement or amendment of such statute except as the Collateral Agent may otherwise determine. 
 (b) The
following terms shall have the respective meanings provided for in the Code: “Accounts”, “Cash Proceeds”, “Chattel Paper”, “Commercial Tort Claim”, “Commodity Account”, “Commodity
Contracts”, “Deposit Account”, “Documents”, “Equipment”, “Fixtures”, “General Intangibles”, “Goods”, “Instruments”, “Inventory”, “Investment Property”, “Letter-of-Credit Rights”, “Noncash Proceeds”, “Payment Intangibles”, “Proceeds”, “Promissory Notes”, “Security”,
“Record”, “Security Account”, “Software”, and “Supporting Obligations”. 
 (c) As used in this
Agreement, the following terms shall have the respective meanings indicated below, such meanings to be applicable equally to both the singular and plural forms of such terms: 

“Collateral” shall have the meaning set forth in Section 2 hereof. 

“Copyright Licenses” means all licenses, contracts or other agreements, whether written or oral, naming any Grantor as
licensee or licensor and providing for the grant of any right to use or sell any works covered by any copyright (including, without limitation, all Copyright Licenses set forth in Schedule II hereto). 

“Copyrights” means all domestic and foreign copyrights, whether registered or not, including, without limitation, all
copyright rights throughout the universe (whether now or hereafter arising) in any and all media (whether now or hereafter developed), in and to all original works of authorship fixed in any tangible medium of expression, acquired or used by any
Grantor (including, without limitation, all copyrights described in Schedule II hereto), all applications, registrations and recordings thereof (including, without limitation, applications, registrations and recordings in the United States
Copyright Office or in any similar office or agency of the United States or any other country or any political subdivision thereof), and all reissues, divisions, continuations, continuations in part and extensions or renewals thereof. 

“Event of Default” shall have the meaning set forth in the Notes. 

“Excluded Assets” means (i) any leasehold interest in real property (it being understood that no action shall be
required with respect to creation or perfection of security interests with respect to such leases, including to obtain landlord waivers, estoppels or collateral access letters), (ii) motor vehicles and other assets subject to certificates of title
to the extent a Lien thereon cannot be perfected by the filing of a UCC financing statement, (iii) letter of credit 

  
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rights, to the extent a Lien thereon cannot be perfected by the filing of a UCC financing statement, and commercial tort claims to the extent having a value of less than $1,000,000, (iv) assets
for which a pledge thereof or a security interest therein is prohibited by applicable laws, (v) margin stock, (vi) any lease, license or other agreements, or any property subject to a purchase money security interest, Capital Lease
Obligation or similar arrangements, to the extent that a pledge thereof or a security interest therein would violate or invalidate such lease, license or agreement, purchase money, Capital Lease Obligation or similar arrangement, or create a right
of termination in favor of any other party thereto after giving effect to the applicable anti-assignment clauses of the Uniform Commercial Code and applicable laws, other than the proceeds and receivables thereof the assignment of which is expressly
deemed effective under applicable laws notwithstanding such prohibition, (vii) assets for which a pledge thereof or a security interest therein would result in a material adverse tax consequence as reasonably determined by the Company and the
Collateral Agent, (viii) assets for which the Collateral Agent and the Company have determined in their reasonable judgment and agree in writing that the cost of creating or perfecting such pledges or security interests therein would be
excessive in view of the benefits to be obtained by the Holders therefrom, (ix) any intent-to-use trademark application in the United States prior to the filing of
a “Statement of Use” or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant, attachment, or enforcement of a security interest therein would
impair the validity or enforceability of such intent-to-use trademark application under applicable federal law, (x) Excluded Deposit Accounts, and
(xi) Excluded Equity. 
 “Excluded Deposit Accounts” means (i) Deposit Accounts the balance of which consists
exclusively of (A) withheld income taxes, employment taxes or payroll taxes in such amounts as are required in the reasonable judgment of the Grantors to be paid to the applicable governmental agencies with respect to current or former
employees of any one or more of the Grantors and (B) amounts required by applicable law to be paid over to an employee benefit plan or similar employee benefit arrangement on behalf of or for the benefit of employees of one or more of the
Grantors, (ii) all segregated Deposit Accounts constituting tax accounts and payroll accounts, (iii) any Deposit Account that is automatically swept on a daily basis into another Deposit Account that is subject to a control agreement in
favor of the Collateral Agent; (iv) any Deposit Account containing solely fiduciary funds held in trust for the benefit of third parties (other than a Grantor or any Affiliate) and (v) any Deposit Account that is subject to a Lien in favor
of a third party to the extent constituting a Permitted Lien. 
 “Excluded Equity” means capital stock or other equity
interests of (i) any foreign Subsidiary or any direct or indirect domestic Subsidiary the primary assets of which are capital stock or other equity interests and/or Indebtedness of one or more foreign Subsidiaries and/or other Subsidiaries
otherwise described in this clause, in each case of the Company or another Grantor, in excess of 65% of the issued and outstanding voting capital stock or other equity interests of each such foreign Subsidiary or domestic Subsidiary; provided that
immediately upon the amendment of the Internal Revenue Code to allow the pledge of a greater percentage of the voting power of capital stock in each such foreign Subsidiary or domestic Subsidiary without adverse tax consequences, the Collateral
shall include, and the security interest granted by the Grantors shall attach to, such greater percentage of capital stock of each such foreign Subsidiary or domestic Subsidiary and the assets of each such foreign Subsidiary or domestic Subsidiary,
(ii) any Subsidiary acquired pursuant to an acquisition or other investment to the extent any 

  
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secured Indebtedness assumed in connection with such investment (but not incurred in contemplation of such acquisition or other investment) prohibits the grant of security interest over the
capital stock or other equity interests of such Subsidiary, (iii) any Subsidiary with respect to which the Collateral Agent and the Company have determined in their reasonable judgment and agreed in writing that the costs of providing a pledge
of such capital stock or other equity interests or perfection thereof is excessive in view of the benefits to be obtained by the Holders therefrom, (iv) any captive insurance companies, not-for-profit Subsidiaries and special purpose entities, in each case to the extent the pledge thereof is prohibited by the terms of any applicable organization documents or by applicable laws and
(v) any non-wholly-owned Subsidiary to the extent the grant of a security interest in which would require the consent of one or more third parties (other than the Company and its Subsidiaries) or is
prohibited by the terms of any applicable organization documents, joint venture agreements or shareholders’ agreements. 

“Existing Issuer” has the meaning specified therefor in the definition of the term “Pledged Shares”. 

“Guaranty” means, individually and collectively, one or more guaranty agreements made by a Grantor in favor of the Holders
and the Collateral Agent, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. 

“Holder” means each holder of any of the Securities (as defined in the Securities Purchase Agreement), together with their
respective successors and assigns. 
 “Insolvency Proceeding” means any proceeding commenced by or against any Person under
any provision of the Bankruptcy Code (Chapter 11 of Title 11 of the United States Code) or under any other bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, or extensions
generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief. 
 “Intellectual
Property” means the Copyrights, Trademarks and Patents. 
 “Licenses” means the Copyright Licenses, the Trademark
Licenses and the Patent Licenses. 
 “Lien” means any mortgage, deed of trust, pledge, lien (statutory or otherwise),
security interest, charge or other encumbrance or security or preferential arrangement of any nature, including, without limitation, any conditional sale or title retention arrangement, any capitalized lease and any assignment, deposit arrangement
or financing lease intended as, or having the effect of, security. 
 “Obligations” shall have the meaning set forth in
Section 3 hereof. 
 “Patent Licenses” means all licenses, contracts or other agreements, whether
written or oral, naming any Grantor as licensee or licensor and providing for the grant of any right to manufacture, use or sell any invention covered by any Patent (including, without limitation, all Patent Licenses set forth in Schedule II
hereto). 

  
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 “Patents” means all domestic and foreign letters patent, design patents, utility
patents, industrial designs, inventions, trade secrets, ideas, concepts, methods, techniques, processes, proprietary information, technology, know-how, formulae, rights of publicity and other general
intangibles of like nature, of any Grantor, now existing or hereafter acquired (including, without limitation, all domestic and foreign letters patent, design patents, utility patents, industrial designs, inventions, trade secrets, ideas, concepts,
methods, techniques, processes, proprietary information, technology, know-how and formulae described in Schedule II hereto), all applications, registrations and recordings thereof (including, without
limitation, applications, registrations and recordings in the United States Patent and Trademark Office, or in any similar office or agency of the United States or any other country or any political subdivision thereof), and all reissues, divisions,
continuations, continuations in part and extensions or renewals thereof. 
 “Permitted Liens” shall have the meaning set
forth in the Notes. 
 “Pledged Debt” means the indebtedness described in Schedule VII hereto and all indebtedness from
time to time owned or acquired by a Grantor, the promissory notes and other Instruments evidencing any or all of such indebtedness, and all interest, cash, Instruments, Investment Property, financial assets, securities, capital stock, other equity
interests, stock options and commodity contracts, notes, debentures, bonds, promissory notes or other evidences of indebtedness and all other property from time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of such indebtedness; provided that in no event shall the Pledged Debt include any Excluded Assets. 
 “Pledged
Interests” means, collectively, (a) the Pledged Debt, (b) the Pledged Shares and (c) all security entitlements in any and all of the foregoing. 

“Pledged Issuer” has the meaning specified therefor in the definition of the term “Pledged Shares”. 

“Pledged Shares” means (a) the shares of capital stock or other equity interests described in Schedule VIII hereto,
whether or not evidenced or represented by any stock certificate, certificated security or other Instrument, issued by the Persons described in such Schedule VIII (the “Existing Issuers”), (b) the shares of capital stock or other
equity interests at any time and from time to time acquired by a Grantor of any and all Persons now or hereafter existing (such Persons, together with the Existing Issuers, being hereinafter referred to collectively as the “Pledged
Issuers” and each individually as a “Pledged Issuer”), whether or not evidenced or represented by any stock certificate, certificated security or other Instrument, and (c) the certificates representing such shares of
capital stock, all options and other rights, contractual or otherwise, in respect thereof and all dividends, distributions, cash, Instruments, Investment Property, financial assets, securities, capital stock, other equity interests, stock options
and commodity contracts, notes, debentures, bonds, promissory notes or other evidences of indebtedness and all other property (including, without limitation, any stock dividend and any distribution in connection with a stock split) from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all of such capital stock; provided that in no event shall the Pledged Shares include any Excluded Assets. 

  
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 “Trademark Licenses” means all licenses, contracts or other agreements, whether
written or oral, naming any Grantor as licensor or licensee and providing for the grant of any right concerning any Trademark, together with any goodwill connected with and symbolized by any such trademark licenses, contracts or agreements and the
right to prepare for sale or lease and sell or lease any and all Inventory now or hereafter owned by any Grantor and now or hereafter covered by such licenses (including, without limitation, all Trademark Licenses described in Schedule II
hereto). 
 “Trademarks” means all domestic and foreign trademarks, service marks, collective marks, certification marks,
trade names, business names, d/b/a’s, Internet domain names, trade styles, designs, logos and other source or business identifiers and all general intangibles of like nature, now or hereafter owned, adopted, acquired or used by any Grantor
(including, without limitation, all domestic and foreign trademarks, service marks, collective marks, certification marks, trade names, business names, d/b/a’s, Internet domain names, trade styles, designs, logos and other source or business
identifiers described in Schedule II hereto), all applications, registrations and recordings thereof (including, without limitation, applications, registrations and recordings in the United States Patent and Trademark Office or in any similar
office or agency of the United States, any state thereof or any other country or any political subdivision thereof), and all reissues, extensions or renewals thereof, together with all goodwill of the business symbolized by such marks and all
customer lists, formulae and other Records of any Grantor relating to the distribution of products and services in connection with which any of such marks are used. 

SECTION 2. Grant of Security Interest. As collateral security for all of the Obligations, each Grantor hereby pledges and assigns
to the Collateral Agent for the benefit of the Holders, and grants to the Collateral Agent for the benefit of the Holders a continuing security interest in, all personal property of such Grantor, wherever located and whether now or hereafter
existing and whether now owned or hereafter acquired, of every kind and description, tangible or intangible (collectively, the “Collateral”), including, without limitation, the following: 

(a) all Accounts; 
 (b) all
Chattel Paper (whether tangible or electronic); 
 (c) the Commercial Tort Claims specified on Schedule VI hereto; 

(d) all Deposit Accounts (including, without limitation, all cash, and all other property from time to time deposited therein and the monies
and property in the possession or under the control of the Collateral Agent or a Holder or any affiliate, representative, agent or correspondent of the Collateral Agent or a Holder; 

(e) all Documents; 
 (f) all
Equipment; 
 (g) all Fixtures; 

  
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 (h) all General Intangibles (including, without limitation, all Payment Intangibles); 

(i) all Goods; 
 (j) all
Instruments (including, without limitation, Promissory Notes and each certificated Security); 
 (k) all Inventory; 

(l) all Investment Property; 
 (m)
all Copyrights, Patents and Trademarks, and all Licenses; 
 (n) all
Letter-of-Credit Rights; 
 (o) all Supporting Obligations;

 (p) all Pledged Interests; 

(q) all other tangible and intangible personal property of such Grantor (whether or not subject to the Code), including, without limitation,
all bank and other accounts and all cash and all investments therein, all proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and replacements of and to any of the property of such Grantor described in the
preceding clauses of this Section 2 (including, without limitation, any proceeds of insurance thereon and all causes of action, claims and warranties now or hereafter held by such Grantor in respect of any of the items
listed above), and all books, correspondence, files and other Records, including, without limitation, all tapes, desks, cards, Software, data and computer programs in the possession or under the control of such Grantor or any other Person from time
to time acting for such Grantor that at any time evidence or contain information relating to any of the property described in the preceding clauses of this Section 2 or are otherwise necessary or helpful in the collection
or realization thereof; and 
 (r) all Proceeds, including all Cash Proceeds and Noncash Proceeds, and products of any and all of the
foregoing Collateral; 
 in each case, howsoever such Grantor’s interest therein may arise or appear (whether by ownership, security interest, claim or
otherwise); 
 provided that notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a security
interest in any Excluded Assets; provided, however, that “Excluded Assets” shall not include any Proceeds, substitutions or replacements of any Excluded Assets unless such Proceeds, substitutions or replacements would
independently constitute Excluded Assets. 

  
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 SECTION 3. Security for Obligations. The security interest created hereby in the
Collateral constitutes continuing collateral security for all of the following obligations, whether now existing or hereafter incurred (collectively, the “Obligations”): 

(a) the prompt payment by each Grantor, as and when due and payable (by scheduled maturity, required prepayment, acceleration, demand or
otherwise), of all amounts from time to time owing by it in respect of the Securities Purchase Agreement, the Notes, the Guaranty and the other Transaction Documents, including, without limitation, (A) all principal of and interest on the Notes
(including, without limitation, all interest that accrues after the commencement of any Insolvency Proceeding of any Grantor, whether or not the payment of such interest is unenforceable or is not allowable due to the existence of such Insolvency
Proceeding), (B) all amounts from time to time owing by such Grantor under the Guaranty, and (C) all fees, commissions, expense reimbursements, indemnifications and all other amounts due or to become due under any of the Transaction Documents;
and 
 (b) the due performance and observance by each Grantor of all of its other obligations from time to time existing in respect of any of
the Transaction Documents for so long as the Notes are outstanding. 
 SECTION 4. Representations and Warranties. Each Grantor
represents and warrants as follows: 
 (a) Schedule I hereto sets forth (i) the exact legal name of such Grantor, and
(ii) the organizational identification number of such Grantor or states that no such organizational identification number exists. 
 (b)
There is no pending or written notice threatening any action, suit, proceeding or claim affecting such Grantor before any governmental authority or any arbitrator, or any order, judgment or award by any governmental authority or arbitrator, that may
adversely affect the grant by such Grantor, or the perfection, of the security interest purported to be created hereby in the Collateral, or the exercise by the Collateral Agent of any of its rights or remedies hereunder. 

(c) Such Grantor’s chief place of business and chief executive office, the place where such Grantor keeps its Records concerning Accounts
and all originals of all Chattel Paper are located at the addresses specified therefor in Schedule III hereto. None of the Accounts is evidenced by Promissory Notes or other Instruments. Set forth in Schedule IV hereto is a complete
and accurate list, as of the date of this Agreement, of (i) each Promissory Note, Security and other Instrument owned by each Grantor with a value in excess of $1,000,000 and (ii) each Deposit Account, Securities Account and Commodities
Account of each Grantor, together with the name and address of each institution at which each such Account is maintained, the account number for each such Account, and an indication of whether such Account is an Excluded Deposit Account. 

(d) Such Grantor owns and controls, or otherwise possesses adequate rights to use, all trademarks, patents, copyrights, inventions, trade
secrets, proprietary information and technology, know-how, formulae, rights of publicity necessary to conduct its business in 

  
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substantially the same manner as conducted as of the date hereof. Schedule II hereto sets forth a true and complete list of all United States federally registered copyrights, issued
patents, Trademarks (including, without limitation, any Internet domain names and the registrar of each such Internet domain name), and Licenses annually owned or used by such Grantor as of the date hereof. Except as set forth in Schedule II,
no such Intellectual Property is the subject of any licensing or franchising agreement. 
 (e) Such Grantor is and will be at all times the
sole and exclusive owner of, or otherwise has and will have adequate rights in, the Collateral free and clear of any Liens, except for Permitted Liens on any Collateral. No effective financing statement or other instrument similar in effect covering
all or any part of the Collateral is on file in any recording or filing office except (A) such as may have been filed in favor of the Collateral Agent relating to this Agreement, and (B) such as may have been filed to perfect any Permitted
Liens. 
 (f) The exercise by the Collateral Agent of any of its rights and remedies hereunder will not contravene any law or any contractual
restriction binding on or otherwise affecting such Grantor or any of its properties and will not result in or require the creation of any Lien, upon or with respect to any of its properties. 

(g) The execution, delivery, and performance of this Agreement do not require the consent or approval of any partner, venture, or any other
Person or any governmental body or other regulatory authority and are not in contravention of, or conflict with, any law or regulation. 

(h) This Agreement creates in favor of the Collateral Agent a legal, valid and enforceable security interest in the Collateral, as security for
the Obligations, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of
applicable creditors’ rights and remedies. Such recordings and filings and all other action necessary to perfect and protect such security interest have been duly taken to the extent required hereunder to be taken on or prior to the date
hereof. 
 (i) As of the date hereof, such Grantor does not hold any Commercial Tort Claims nor is such Grantor aware of any such pending
claims, except for such claims described in Schedule VI. 
 (j) Each of the Grantors (other than the Company) is a direct or indirect
wholly-owned Subsidiary of the Company, as of the date hereof. 
 SECTION 5. Covenants as to the Collateral. So long as any of
the Obligations shall remain outstanding, unless the Collateral Agent shall otherwise consent in writing: 
 (a) Further Assurances.
Each Grantor will at its expense, at any time and from time to time, promptly execute and deliver all further instruments and documents and take all further action that the Collateral Agent may reasonably request in order to: (i) perfect and
protect the security interest purported to be created hereby to the extent required hereby; (ii) enable the Collateral Agent to exercise and enforce its rights and remedies hereunder in respect of the Collateral; or (iii) otherwise effect
the purposes of this Agreement, including, 

  
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without limitation: (A) delivering and pledging to the Collateral Agent hereunder each Promissory Note, Security, Chattel Paper or other Instrument, now or hereafter owned by such Grantor,
duly endorsed and accompanied by executed instruments of transfer or assignment, all in form and substance satisfactory to the Collateral Agent, in each case to the extent the value thereof is in excess of $1,000,000, (B) executing and filing
(to the extent, if any, that such Grantor’s signature is required thereon) or authenticating the filing of, such financing or continuation statements, or amendments thereto, as may be necessary or desirable or that the Collateral Agent may
request in order to perfect and preserve the security interest purported to be created hereby, (C) furnishing to the Collateral Agent from time to time statements and schedules further identifying and describing the Collateral and such other
reports in connection with the Collateral in each case as the Collateral Agent may reasonably request, all in reasonable detail, (D) if at any time after the date hereof, such Grantor acquires or holds any Commercial Tort Claim in excess of
$1,000,000, promptly notifying the Collateral Agent in a writing signed by such Grantor setting forth a brief description of such Commercial Tort Claim and granting to the Collateral Agent a security interest therein and in the proceeds thereof,
which writing shall incorporate the provisions hereof and shall be in form and substance reasonably satisfactory to the Collateral Agent, and (E) within 10 Business Days of the receipt by a Grantor of any additional Pledged Interests (or such
longer period of time as the Collateral Agent may agree in its sole discretion), delivery to the Collateral Agent of a Pledge Amendment, duly executed by such Grantor, in substantially the form of Exhibit A hereto. 

(b) Insurance. Each Grantor will, at its own expense, maintain insurance (including, without limitation, commercial general liability
and property insurance) with respect to the Equipment and Inventory in such amounts, against such risks, in such form and with responsible and reputable insurance companies or associations as is required by any governmental authority having
jurisdiction with respect thereto or as is prudent for similarly situated companies. Unless otherwise agreed to by the Collateral Agent, each such policy for liability insurance shall name the Collateral Agent as an additional insured, and each
policy for property damage insurance shall name the Collateral Agent as a lender’s loss payee, in each case as their interests may appear. Such Grantor will, if so requested by the Collateral Agent, deliver to the Collateral Agent original or
duplicate policies of such insurance and, as often as the Collateral Agent may reasonably request, a report of a reputable insurance broker with respect to such insurance. 

(c) Provisions Concerning the Accounts and the Licenses. 

(i) Each Grantor will (A) give the Collateral Agent at least 10 days’ prior written notice of any change in such Grantor’s name
or organizational structure, (B) maintain its jurisdiction of incorporation as set forth in Section 4(b) hereto, (C) promptly notify the Collateral Agent upon obtaining an organizational identification number, if
on the date hereof such Grantor did not have such identification number, and (D) keep adequate records concerning the Accounts and Chattel Paper and permit representatives of the Collateral Agent during normal business hours on reasonable
notice to such Grantor, to inspect and make abstracts from such Records and Chattel Paper. 
 (ii) Each Grantor will, except as otherwise
provided in this subsection (f), continue to collect, at its own expense, all amounts due or to become due under 

  
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the Accounts. In connection with such collections, such Grantor may (and, at the Collateral Agent’s direction, will) take such action as such Grantor or the Collateral Agent may deem
necessary or advisable to enforce collection or performance of the Accounts; provided, however, that the Collateral Agent shall have the right at any time, upon the occurrence and during the continuance of an Event of Default, to
notify the account debtors or obligors under any Accounts of the assignment of such Accounts to the Collateral Agent and to direct such account debtors or obligors to make payment of all amounts due or to become due to such Grantor thereunder
directly to the Collateral Agent or its designated agent and, upon such notification and at the expense of such Grantor and to the extent permitted by law, to enforce collection of any such Accounts and to adjust, settle or compromise the amount or
payment thereof, in the same manner and to the same extent as such Grantor might have done. After receipt by a Grantor of a notice from the Collateral Agent that the Collateral Agent has notified, intends to notify, or has enforced or intends to
enforce a Grantor’s rights against the account debtors or obligors under any Accounts as referred to in the proviso to the immediately preceding sentence, (A) all amounts and proceeds (including Instruments) received by such Grantor in
respect of the Accounts shall be received in trust for the benefit of the Collateral Agent hereunder, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with
any necessary endorsement) to be held as cash collateral and applied as specified in Section 7(b) hereof, and (B) such Grantor will not adjust, settle or compromise the amount or payment of any Account or release
wholly or partly any account debtor or obligor thereof or allow any credit or discount thereon. In addition, upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may (in its sole and absolute discretion) direct
any or all of the banks and financial institutions with which such Grantor either maintains a Deposit Account or a lockbox or deposits the proceeds of any Accounts (other than Excluded Deposit Accounts) and which is subject to a control agreement to
send immediately to the Collateral Agent by wire transfer (to such account as the Collateral Agent shall specify, or in such other manner as the Collateral Agent shall direct) all or a portion of such securities, cash, investments and other items
held by such institution. Any such securities, cash, investments and other items so received by the Collateral Agent shall (in the sole and absolute discretion of the Collateral Agent) be held as additional Collateral for the Obligations or
distributed in accordance with Section 7 hereof. 
 (d) Transfers and Other Liens. No Grantor will create,
suffer to exist or grant any Lien upon or with respect to any Collateral other than a Permitted Lien. 
 (e) Intellectual Property.

 (i) If applicable, each Grantor shall, upon the Collateral Agent’s written request, duly execute and deliver the applicable
Assignment for Security in the form attached hereto as Exhibit B. Each Grantor shall furnish to the Collateral Agent from time to time upon its request statements and schedules further identifying and describing the Intellectual Property and
Licenses and such other reports in connection with the Intellectual Property and Licenses as the Collateral Agent may reasonably request, all in reasonable detail and promptly upon request of the Collateral Agent, following receipt by the Collateral
Agent of any such statements, schedules or reports, such Grantor shall modify this Agreement by amending Schedule II hereto, as the case may be, to include any Intellectual Property and License, as the case may be, which becomes part of the
Collateral under this Agreement and shall execute and authenticate such 

  
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documents and do such acts as shall be necessary or, in the judgment of the Collateral Agent, desirable to subject such Intellectual Property and Licenses to the Lien and security interest
created by this Agreement. Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event of Default, (A) such Grantor may not abandon or otherwise permit any Intellectual Property necessary to the
conduct of such Grantor’s business to become invalid without the prior written consent of the Collateral Agent, and (B) if any Intellectual Property is infringed, misappropriated, diluted or otherwise violated in any material respect by a
third party, such Grantor will take such reasonable action as the Collateral Agent shall deem appropriate under the circumstances to protect such Intellectual Property. 

(ii) Upon request of the Collateral Agent, each Grantor shall execute, authenticate and deliver any and all assignments, agreements,
instruments, documents and papers as the Collateral Agent may reasonably request to evidence the Collateral Agent’s security interest hereunder in such Intellectual Property and the General Intangibles of such Grantor relating thereto or
represented thereby, and such Grantor hereby appoints the Collateral Agent its attorney-in-fact to execute and/or authenticate and file all such writings for the
foregoing purposes, all acts of such attorney being hereby ratified and confirmed, and such power (being coupled with an interest) shall be irrevocable until the complete conversion of all of the Company’s obligations under the Notes to equity
securities of the Company and/or indefeasible payment in full in cash of all obligations under the Notes (together with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding any inchoate or unmatured
contingent indemnification obligations). 
 (f) Deposit, Commodities and Securities Accounts. Upon the Collateral Agent’s request
and unless otherwise agreed by the Collateral Agent, each Grantor shall cause each bank and other financial institution with an account referred to in Schedule IV hereto (other than Excluded Deposit Accounts) to execute and deliver to the
Collateral Agent a control agreement, in form and substance reasonably satisfactory to the Collateral Agent, duly executed by such Grantor, the Collateral Agent and such bank or financial institution, or enter into other arrangements in form and
substance reasonably satisfactory to the Collateral Agent. 
 (g) Control. Each Grantor hereby agrees to take any or all action that
the Collateral Agent may request in order for the Collateral Agent to obtain control in accordance with Sections 9-105 – 9-107 of the Code with respect to the
following Collateral: (i) Electronic Chattel Paper, (ii) Investment Property, (iii) Pledged Interests and (iv) Letter-of-Credit Rights, in each case
with a value in excess of $1,000,000. 
 (h) Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or
representatives thereof or such professionals or other Persons as the Collateral Agent may designate, not more than once a year in the absence of an Event of Default, (i) to examine and make copies of and abstracts from such Grantor’s
records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of such Grantor from time to time, (iii) to conduct audits, physical counts,
appraisals and/or valuations, examinations at the locations of such Grantor. Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such professionals or other Persons as the Collateral Agent may designate to
discuss such Grantor’s affairs, finances and accounts with any of its officers subject to the execution by the Collateral Agent or its designee(s) of a mutually agreeable confidentiality agreement. 

  
 -12- 








 (i) Future Subsidiaries. If any Grantor shall hereafter create or acquire any wholly-owned
domestic Subsidiary (other than any such wholly-owned domestic Subsidiary that is a Subsidiary of a Foreign Subsidiary), within thirty (30) days following the creation of acquisition of such Subsidiary (or such longer period as the Collateral
Agent may agree in its sole discretion), such Grantor shall cause such Subsidiary to become a party to this Agreement as an additional “Grantor” hereunder and to become a party to the Guaranty as an additional “Guarantor”
thereunder, and to duly execute and/or deliver such opinions of counsel and other documents, each in form and substance acceptable to the Collateral Agent, as the Collateral Agent shall reasonably request with respect thereto. 

SECTION 6. Additional Provisions Concerning the Collateral. 

(a) Each Grantor hereby (i) authorizes the Collateral Agent to file one or more Uniform Commercial Code financing or continuation
statements, and amendments thereto, relating to the Collateral (including, without limitation, financing statements describing the Collateral as “all assets” or “all personal property” or words of similar effect) and
(ii) ratifies such authorization to the extent that the Collateral Agent has filed any such financing or continuation statements, or amendments thereto, prior to the date hereof. A photocopy or other reproduction of this Agreement or any
financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law. 
 (b)
Each Grantor hereby irrevocably appoints the Collateral Agent as its attorney-in-fact and proxy, with full authority in the place and stead of such Grantor and in the
name of such Grantor or otherwise, from time to time in the Collateral Agent’s discretion, so long as an Event of Default shall have occurred and is continuing, to take any action and to execute any instrument which the Collateral Agent may
deem necessary or advisable to accomplish the purposes of this Agreement (subject to the rights of such Grantor under Section 5 hereof), including, without limitation, (i) to obtain and adjust insurance required to be
paid to the Collateral Agent pursuant to Section 5(e) hereof, (ii) to ask, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of
any Collateral, (iii) to receive, endorse, and collect any drafts or other instruments, documents and chattel paper in connection with clause (i) or (ii) above, (iv) to file any claims or take any action or institute any proceedings
which the Collateral Agent may deem necessary or desirable for the collection of any Collateral or otherwise to enforce the rights of the Collateral Agent and the Holders with respect to any Collateral, and (v) to execute assignments, licenses
and other documents to enforce the rights of the Collateral Agent and the Holders with respect to any Collateral. This power is coupled with an interest and is irrevocable until the complete conversion of all of the Company’s obligations under
the Notes to equity securities of the Company and/or indefeasible payment in full in cash of all obligations under the Notes (together with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding any
inchoate or unmatured contingent indemnification obligations). 

  
 -13- 








 (c) For the purpose of enabling the Collateral Agent to exercise rights and remedies hereunder,
at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies upon and during an Event of Default, and for no other purpose, each Grantor hereby grants to the Collateral Agent, to the extent assignable, an
irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to such Grantor) to use, assign, license or sublicense any Intellectual Property now owned or hereafter acquired
by such Grantor, wherever the same may be located, including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout thereof.
Notwithstanding anything contained herein to the contrary, but subject to the provisions of the Securities Purchase Agreement that limit the right of such Grantor to dispose of its property and Section 5(h) hereof, so long
as no Event of Default shall have occurred and be continuing, such Grantor may exploit, use, enjoy, protect, license, sublicense, assign, sell, dispose of or take other actions with respect to the Intellectual Property in the ordinary course of its
business. In furtherance of the foregoing, unless an Event of Default shall have occurred and be continuing, the Collateral Agent shall from time to time, upon the request of a Grantor, execute and deliver any instruments, certificates or other
documents, in the form so requested, which such Grantor shall have certified are appropriate (in such Grantor’s judgment) to allow it to take any action permitted above (including relinquishment of the license provided pursuant to this clause
(c) as to any Intellectual Property). Further, upon the complete conversion of all of the Company’s obligations under the Notes to equity securities of the Company and/or indefeasible payment in full in cash of all obligations under the
Notes (together with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding any inchoate or unmatured contingent indemnification obligations), the Collateral Agent (subject to
Section 10(e) hereof) shall release and reassign to such Grantor all of the Collateral Agent’s right, title and interest in and to the Intellectual Property, and the Licenses, all without recourse, representation or
warranty whatsoever. The exercise of rights and remedies hereunder by the Collateral Agent shall not terminate the rights of the holders of any licenses or sublicenses theretofore granted by such Grantor in accordance with the second sentence of
this clause (c). Each Grantor hereby releases the Collateral Agent from any claims, causes of action and demands at any time arising out of or with respect to any actions taken or omitted to be taken by the Collateral Agent under the powers of
attorney granted herein other than actions taken or omitted to be taken through the Collateral Agent’s gross negligence or willful misconduct, as determined by a final determination of a court of competent jurisdiction. 

(d) If a Grantor fails to perform any agreement contained herein, the Collateral Agent may itself perform, or cause performance of, such
agreement or obligation, in the name of such Grantor or the Collateral Agent, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by such Grantor pursuant to Section 8 hereof and shall
be secured by the Collateral. 
 (e) The powers conferred on the Collateral Agent hereunder are solely to protect its interest in the
Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as
to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. 

  
 -14- 








 (f) Anything herein to the contrary notwithstanding (i) each Grantor shall remain liable
under the Licenses and otherwise with respect to any of the Collateral to the extent set forth therein to perform all of its obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the
Collateral Agent of any of its rights hereunder shall not release such Grantor from any of its obligations under the Licenses or otherwise in respect of the Collateral, and (iii) the Collateral Agent shall not have any obligation or liability
by reason of this Agreement under the Licenses or with respect to any of the other Collateral, nor shall the Collateral Agent be obligated to perform any of the obligations or duties of such Grantor thereunder or to take any action to collect or
enforce any claim for payment assigned hereunder. 
 SECTION 7. Remedies Upon Event of Default. If any Event of Default shall
have occurred and be continuing: 
 (a) The Collateral Agent may exercise in respect of the Collateral, in addition to any other rights and
remedies provided for herein or otherwise available to it, all of the rights and remedies of a secured party upon default under the Code (whether or not the Code applies to the affected Collateral), and also may (i) take absolute control of the
Collateral, including, without limitation, transfer into the Collateral Agent’s name or into the name of its nominee or nominees (to the extent the Collateral Agent has not theretofore done so) and thereafter receive, for the benefit of the
Collateral Agent, all payments made thereon, give all consents, waivers and ratifications in respect thereof and otherwise act with respect thereto as though it were the outright owner thereof, (ii) require each Grantor to, and each Grantor
hereby agrees that it will at its expense and upon request of the Collateral Agent forthwith, assemble all or part of its respective Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place or places to
be designated by the Collateral Agent that is reasonably convenient to both parties, and the Collateral Agent may enter into and occupy any premises owned or leased by such Grantor where the Collateral or any part thereof is located or assembled for
a reasonable period in order to effectuate the Collateral Agent’s rights and remedies hereunder or under law, without obligation to such Grantor in respect of such occupation, and (iii) without notice except as specified below and without
any obligation to prepare or process the Collateral for sale, (A) sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for
future delivery, and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable and/or (B) lease, license or dispose of the Collateral or any part thereof upon such terms as the Collateral Agent
may deem commercially reasonable. Each Grantor agrees that, to the extent notice of sale or any other disposition of its respective Collateral shall be required by law, at least ten (10) days’ notice to such Grantor of the time and place
of any public sale or the time after which any private sale or other disposition of its respective Collateral is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale or other disposition
of any Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made
at the time and place to which it was so adjourned. Each Grantor hereby waives any claims against the Collateral Agent and the Holders arising by reason of the fact that the price at which its respective Collateral may have been sold at a private
sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of the 

  
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Obligations, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree, and waives all rights that such Grantor may have to require
that all or any part of such Collateral be marshalled upon any sale (public or private) thereof. Each Grantor hereby acknowledges that (i) any such sale of its respective Collateral by the Collateral Agent shall be made without warranty,
(ii) the Collateral Agent may specifically disclaim any warranties of title, possession, quiet enjoyment or the like, and (iii) such actions set forth in clauses (i) and (ii) above shall not adversely affect the commercial
reasonableness of any such sale of Collateral. In addition to the foregoing, (1) upon written notice to any Grantor from the Collateral Agent, such Grantor shall cease any use of the Intellectual Property or any trademark, patent or copyright
similar thereto for any purpose described in such notice; (2) the Collateral Agent may, at any time and from time to time, upon 10 days’ prior notice to such Grantor, license, whether general, special or otherwise, and whether on an
exclusive or non-exclusive basis, any of the Intellectual Property, throughout the universe for such term or terms, on such conditions, and in such manner, as the Collateral Agent shall in its sole discretion
determine to the extent consistent with any restrictions or conditions imposed upon such Grantor with respect to such Intellectual Property by license or other contractual arrangement; and (2) the Collateral Agent may, at any time, pursuant to
the authority granted in Section 6 hereof (such authority being effective upon the occurrence and during the continuance of an Event of Default), execute and deliver on behalf of such Grantor, one or more instruments of
assignment of the Intellectual Property (or any application or registration thereof), in form suitable for filing, recording or registration in any country. 

(b) Any cash held by the Collateral Agent as Collateral and all Cash Proceeds received by the Collateral Agent in respect of any sale of or
collection from, or other realization upon, all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any time thereafter applied (after payment of any
amounts payable to the Collateral Agent pursuant to Section 8 hereof) in whole or in part by the Collateral Agent against, all or any part of the Obligations in such order as the Collateral Agent shall elect, consistent
with the provisions of the Securities Purchase Agreement. Any surplus of such cash or Cash Proceeds held by the Collateral Agent and remaining after the complete conversion of all of the Company’s obligations under the Notes to equity
securities of the Company and/or indefeasible payment in full in cash of all obligations under the Notes (together with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding any inchoate or unmatured
contingent indemnification obligations) shall be paid over to whomsoever shall be lawfully entitled to receive the same or as a court of competent jurisdiction shall direct. 

(c) In the event that the proceeds of any such sale, collection or realization are insufficient to pay all amounts to which the Collateral
Agent and the Holders are legally entitled, each Grantor shall be liable for the deficiency, together with interest thereon at the highest rate specified in any of the applicable Transaction Documents for interest on overdue principal thereof or
such other rate as shall be fixed by applicable law, together with the costs of collection and the reasonable fees, costs, expenses and other client charges of any attorneys employed by the Collateral Agent to collect such deficiency. 

(d) Each Grantor hereby acknowledges that if the Collateral Agent complies with any applicable state, provincial, or federal law requirements
in connection with a disposition of the Collateral, such compliance will not adversely affect the commercial reasonableness of any sale or other disposition of the Collateral. 

  
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 (e) The Collateral Agent shall not be required to marshal any present or future collateral
security (including, but not limited to, this Agreement and the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and
all of the Collateral Agent’s rights hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that each Grantor
lawfully may, such Grantor hereby agrees that it will not invoke any law relating to the marshalling of collateral which might cause delay in or impede the enforcement of the Collateral Agent’s rights under this Agreement or under any other
instrument creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, such
Grantor hereby irrevocably waives the benefits of all such laws. 
 SECTION 8. Expenses. 

(a) Each Grantor agrees, jointly and severally, to, upon demand, pay to the Collateral Agent the amount of any and all costs and expenses which
the Collateral Agent may incur in connection with (i) the custody, preservation, use or operation of, or the sale of, collection from, or other realization upon, any Collateral or (ii) the exercise or enforcement of any of the rights of
the Collateral Agent hereunder. 
 SECTION 9. Notices, Etc. All notices and other communications provided for hereunder shall be
in writing and shall be mailed (by certified mail, postage prepaid and return receipt requested), telecopied or delivered, if to a Grantor at its address specified below and if to the Collateral Agent to it, at its address specified below; or as to
any such Person, at such other address as shall be designated by such Person in a written notice to such other Person complying as to delivery with the terms of this Section 9. All such notices and other communications
shall be effective (a) if sent by certified mail, return receipt requested, when received or five days after deposited in the mails, whichever occurs first, (b) if telecopied or sent by electronic mail, when transmitted (during normal
business hours), or (c) if delivered, upon delivery. 
 SECTION 10. Miscellaneous. 

(a) No amendment of any provision of this Agreement shall be effective unless it is in writing and signed by each Grantor and the Collateral
Agent, and no waiver of any provision of this Agreement, and no consent to any departure by a Grantor therefrom, shall be effective unless it is in writing and signed by the Collateral Agent, and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. 
 (b) No failure on the part of the Collateral Agent to exercise, and
no delay in exercising, any right hereunder or under any of the other Transaction Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise
of any other right. The rights and remedies of the 

  
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Collateral Agent or any Holder provided herein and in the other Transaction Documents are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The
rights of the Collateral Agent or any Holder under any of the other Transaction Documents against any party thereto are not conditional or contingent on any attempt by such Person to exercise any of its rights under any of the other Transaction
Documents against such party or against any other Person, including but not limited to, any Grantor. 
 (c) To the extent permitted by
applicable law, each Grantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Obligations and this Agreement and any requirement that the Collateral Agent exhaust any right or take any action
against any other Person or any Collateral. Each Grantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated herein and that the waiver set forth in this Section 10(c)
is knowingly made in contemplation of such benefits. The Grantors hereby waive any right to revoke this Agreement, and acknowledge that this Agreement is continuing in nature and applies to all Obligations, whether existing now or in the future.

 (d) No Grantor may exercise any rights that it may now or hereafter acquire against any other Grantor that arise from the existence,
payment, performance or enforcement of any Grantor’s obligations under this Agreement, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any
claim or remedy of the Collateral Agent against any Grantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any
Grantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until the complete conversion
of all of the Company’s obligations under the Notes to equity securities of the Company and/or indefeasible payment in full in cash of all obligations under the Notes (together with any matured indemnification obligations as of the date of such
conversion and/or payment, but excluding any inchoate or unmatured contingent indemnification obligations). If any amount shall be paid to a Grantor in violation of the immediately preceding sentence at any time prior to the complete conversion of
all of the Company’s obligations under the Notes to equity securities of the Company and/or indefeasible payment in full in cash of all obligations under the Notes (together with any matured indemnification obligations as of the date of such
conversion and/or payment, but excluding any inchoate or unmatured contingent indemnification obligations), such amount shall be held in trust for the benefit of the Collateral Agent and shall forthwith be paid to the Collateral Agent to be credited
and applied to the Obligations and all other amounts payable under the Transaction Documents, whether matured or unmatured, in accordance with the terms of the Transaction Documents, or to be held as Collateral for any Obligations or other amounts
payable under the Transaction Documents thereafter arising. 
 (e) Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or thereof or affecting the validity or enforceability of such provision in any
other jurisdiction. 

  
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 (f) This Agreement shall create a continuing security interest in the Collateral and shall
(i) remain in full force and effect until the complete conversion of all of the Company’s obligations under the Notes to equity securities of the Company and/or indefeasible payment in full in cash of all obligations under the Notes
(together with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding any inchoate or unmatured contingent indemnification obligations), and (ii) be binding on each Grantor and all other Persons
who become bound as debtor to this Agreement in accordance with Section 9-203(d) of the Code and shall inure, together with all rights and remedies of the Collateral Agent and the Holders hereunder, to
the benefit of the Collateral Agent and the Holders and their respective permitted successors, transferees and assigns. Without limiting the generality of clause (ii) of the immediately preceding sentence, without notice to any Grantor, the
Collateral Agent and the Holders may assign or otherwise transfer their rights and obligations under this Agreement and any of the other Transaction Documents, to any other Person and such other Person shall thereupon become vested with all of the
benefits in respect thereof granted to the Collateral Agent and the Holders herein or otherwise. Upon any such assignment or transfer, all references in this Agreement to the Collateral Agent or any such Holder shall mean the assignee of the
Collateral Agent or such Holder. None of the rights or obligations of any Grantor hereunder may be assigned or otherwise transferred without the prior written consent of the Collateral Agent, and any such assignment or transfer without the consent
of the Collateral Agent shall be null and void. 
 (g) Upon the complete conversion of all of the Company’s obligations under the Notes
to equity securities of the Company and/or indefeasible payment in full in cash of all obligations under the Notes (together with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding any inchoate or
unmatured contingent indemnification obligations), (i) this Agreement and the security interests created hereby shall terminate and all rights to the Collateral shall revert to the respective Grantor that granted such security interests hereunder,
and (ii) the Collateral Agent will, upon such Grantor’s request and at such Grantor’s expense, (A) return to such Grantor such of the Collateral as shall not have been sold or otherwise disposed of or applied pursuant to the
terms hereof, and (B) execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination, all without any representation, warranty or recourse whatsoever. The Lien granted hereby on any
Collateral shall be automatically released upon (i) any sale or other transfer by any Grantor of any Collateral that is permitted under the Transaction Documents to any Person other than any other Grantor, (ii) the effectiveness of any
written consent of the Collateral Agent to the release of the security interest granted hereby in any Collateral, (iii) with respect to any Collateral owned by a Grantor, upon the release of such Grantor from its obligations under the Guaranty
or (iv) any Collateral subject to the security interest granted hereby becoming Excluded Assets. 
 (h) THIS AGREEMENT SHALL BE GOVERNED
BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, EXCEPT AS REQUIRED BY MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT THE VALIDITY AND PERFECTION OR THE PERFECTION AND THE EFFECT OF PERFECTION OR NON-PERFECTION OF THE SECURITY INTEREST CREATED HEREBY, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAW OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 

  
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 (i) ANY LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY DOCUMENT RELATED
THERETO MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS THEREOF, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH
GRANTOR HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH GRANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION,
INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION, SUIT OR PROCEEDING IN SUCH RESPECTIVE
JURISDICTIONS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. 
 (j) EACH GRANTOR AND
(BY ITS ACCEPTANCE OF THE BENEFITS OF THIS AGREEMENT) THE COLLATERAL AGENT WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER
TRANSACTION DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR OTHER ACTION OF THE PARTIES HERETO. 
 (k)
Nothing contained herein shall affect the right of the Collateral Agent to serve process in any other manner permitted by law or commence legal proceedings or otherwise proceed against any Grantor or any property of such Grantor in any other
jurisdiction. 
 (l) Each Grantor irrevocably and unconditionally waives any right it may have to claim or recover in any legal action, suit
or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
 (m) Section headings herein are
included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 (n) This Agreement may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together constitute one in the same Agreement. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, each Grantor has caused this Agreement to be executed and delivered by its
officer thereunto duly authorized, as of the date first above written. 
  

			
	GRANTORS:
	
	COMSCORE, INC., a Delaware corporation
		
	By:	 	 /s/ Gregory A. Fink

		 	Name: Gregory A. Fink
		 	Title: Chief Financial Officer
	
	Address for Notices:
	
	11950 Democracy Drive,
	Suite 600
	Reston, Virginia 20190
	
	CARMENERE HOLDING COMPANY COMSCORE INTERNATIONAL, INC.
	CREATIVE KNOWLEDGE, INC.
	FULL CIRCLE STUDIES, INC.
	MARKETSCORE, INC.
	TMRG, INC.
	VOICEFIVE, INC., 
	each of the above, a Delaware corporation
		
	By:	 	 /s/ Gregory A. Fink

		 	Name: Gregory A. Fink
		 	Title: Treasurer
	
	Address for Notices:
	
	11950 Democracy Drive,
	Suite 600
	Reston, Virginia 20190



  
 PLEDGE
AND SECURITY AGREEMENT 








 
			
	 COMSCORE EUROPE, LLC

COMSCORE HOLDINGS LLC

	LNKMTR, LLC
	M.LABS, LLC
	PROXIMIC, LLC
	each of the above, a Delaware limited liability company
		
	By:	 	/s/ Gregory A. Fink
		 	Name: Gregory A. Fink
		 	Title: Treasurer
	
	Address for Notices:
	
	11950 Democracy Drive,
	Suite 600
	Reston, Virginia 20190
	
	COMSCORE BRAND AWARENESS, L.L.C., a
	Delaware limited liability company
		
	By:	 	comScore, Inc., its sole member
		
	By:	 	/s/ Gregory A. Fink
		 	Name: Gregory A. Fink
		 	Title: Chief Financial Officer
	
	Address for Notices:
	
	11950 Democracy Drive,
	Suite 600
	Reston, Virginia 20190



  
 PLEDGE
AND SECURITY AGREEMENT 








 
			
	CSWS, LLC, a Virginia limited liability company
		
	By:	 	/s/ Gregory A. Fink
		 	Name: Gregory A. Fink
		 	Title: Treasurer
	
	Address for Notices:
	
	11950 Democracy Drive,
	Suite 600
	Reston, Virginia 20190
	
	HOLLYWOOD SOFTWARE, INC., a California corporation
		
	By:	 	/s/ Gregory A. Fink
		 	Name: Gregory A. Fink
		 	Title: Chief Financial Officer
	
	Address for Notices:
	
	11950 Democracy Drive,
	Suite 600
	Reston, Virginia 20190
	
	RENTRAK CORPORATION, an Oregon corporation
		
	By:	 	/s/ Gregory A. Fink
		 	Name: Gregory A. Fink
		 	Title: Chief Financial Officer
	
	Address for Notices:
	
	11950 Democracy Drive,
	Suite 600
	Reston, Virginia 20190



  
 PLEDGE
AND SECURITY AGREEMENT 









			
	ACCEPTED BY:
	
	STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD., as Collateral Agent


			
		
	 By:
	 	Starboard Value LP, its investment manager
		
	By:	 	 /s/ Jeffrey C. Smith

		 	Name: Jeffrey C. Smith
		 	Title: Authorized Signatory


			
	
	Address for Notices:
	
	 Starboard Value and Opportunity Master Fund Ltd., as Collateral Agent

	 777 Third Avenue, 18th Floor

	 New York, NY 10017



  
 PLEDGE
AND SECURITY AGREEMENT