EXHIBIT 10.2


 


 


 


 



 


PLEDGE AND SECURITY AGREEMENT



dated and effective as of


March 4, 2022


among


RED ROBIN GOURMET BURGERS, INC.,


as Holdings,


 


RED ROBIN INTERNATIONAL, INC.,


as the Borrower,


 


each Subsidiary Loan Party


party hereto


 


and


FORTRESS CREDIT CORP.,

as Collateral Agent


 


 



 



 




    	 	 	 



     


    

 


TABLE OF CONTENTS


 


Page


 




	 	ARTICLE I	 
	 	 	 
	 	Definitions	 
	 	 	 
	SECTION 1.01.	Credit Agreement	1
	SECTION 1.02.	Other Defined Terms	1
	 	 	 
	 	ARTICLE II	 
	 	 	 
	 	Pledge of Securities	 
	 	 	 
	SECTION 2.01.	Pledge	4
	SECTION 2.02.	Delivery of the Pledged Collateral	5
	SECTION 2.03.	Representations, Warranties and Covenants	6
	SECTION 2.04.	Certification of Limited Liability Company and Limited Partnership Interests	8
	SECTION 2.05.	Registration in Nominee Name; Denominations	8
	SECTION 2.06.	Voting Rights; Dividends and Interest, Etc.	8
	 	 	 
	 	ARTICLE III	 
	 	 	 
	 	Security Interests in Other Personal Property	 
	 	 	 
	SECTION 3.01.	Security Interest	11
	SECTION 3.02.	Representations and Warranties	13
	SECTION 3.03.	Covenants	16
	SECTION 3.04.	Other Actions	17
	SECTION 3.05.	Covenants Regarding Patent, Trademark and Copyright Collateral	18
	 	 	 
	 	ARTICLE IV	 
	 	 	 
	 	Remedies	 
	 	 	 
	SECTION 4.01.	Remedies Upon Default	20
	SECTION 4.02.	Application of Proceeds	22
	SECTION 4.03.	Securities Act, Etc.	23
	 	 	 
	 	ARTICLE V	 
	 	 	 
	 	Miscellaneous	 
	 	 	 
	SECTION 5.01.	Notices	23
	SECTION 5.02.	Security Interest Absolute	23



 






    	 	 	 



     


    

 


	SECTION 5.03.	Limitation By Law	24
	SECTION 5.04.	Binding Effect; Several Agreements	24
	SECTION 5.05.	Successors and Assigns	24
	SECTION 5.06.	Collateral Agent’s Fees and Expenses; Indemnification	24
	SECTION 5.07.	Collateral Agent Appointed Attorney-in-Fact	25
	SECTION 5.08.	Governing Law	26
	SECTION 5.09.	Waivers; Amendment	26
	SECTION 5.10.	WAIVER OF JURY TRIAL	27
	SECTION 5.11.	Severability	27
	SECTION 5.12.	Counterparts	27
	SECTION 5.13.	Headings	27
	SECTION 5.14.	Jurisdiction; Consent to Service of Process	28
	SECTION 5.15.	Termination or Release	28
	SECTION 5.16.	Additional Subsidiaries	29
	SECTION 5.17.	General Authority of the Collateral Agent	29
	SECTION 5.18.	Subject to Intercreditor Agreements; Conflicts	30



 




    	 	 	 



     


    

 


Schedules


 


	Schedule I	 Subsidiary Loan Parties
	Schedule II	Pledged Stock; Pledged Debt
	Schedule III	Intellectual Property
	Schedule IV	Commercial Tort Claims



 


Exhibits


 


	Exhibit I	Form of Supplement to the Pledge and Security Agreement
	Exhibit II	Form of Notice of Grant of Security Interest in Intellectual Property



 




    	 	 	 



     


    

PLEDGE AND SECURITY AGREEMENT
dated and effective as of March 4, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”),
is among RED ROBIN GOURMET BURGERS, INC., a Delaware corporation (“Holdings”), RED ROBIN INTERNATIONAL, INC.,
a Nevada corporation (the “Borrower”), the Subsidiary Loan Parties (as defined below) from time to time party
hereto, and FORTRESS CREDIT CORP., as collateral agent for the Secured Parties referred to herein (together with its successors and assigns
in such capacity, the “Collateral Agent”).


PRELIMINARY STATEMENT


Reference is made to the
Credit Agreement, dated as of March 4, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Holdings, the Borrower, the lenders from time to time party thereto (the “Lenders”),
the issuing banks from time to time party thereto (the “Issuing Banks”) and Fortress Credit Corp., as administrative
agent for the Lenders and as collateral agent for the Secured Parties.


The Lenders and the Issuing
Banks have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The obligations
of the Lenders and the Issuing Banks to extend such credit are conditioned upon, among other things, the execution and delivery of this
Agreement by Holdings, the Borrower and the Subsidiary Loan Parties party hereto. Holdings, as the parent of the Borrower and the Subsidiary
Loan Parties, as Subsidiaries and/or affiliates of the Borrower, will derive substantial benefits from the extension of credit to the
Borrower pursuant to the Credit Agreement. Holdings, the Borrower and the Subsidiary Loan Parties party hereto are willing to execute
and deliver this Agreement in order to induce the Lenders and the Issuing Banks to extend such credit under the Credit Agreement. Therefore,
to induce the Lenders and the Issuing Banks to make their respective extensions of credit, the parties hereto agree as follows:


ARTICLE
I



Definitions


SECTION 1.01.       
Credit Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein
have the respective meanings assigned thereto in the Credit Agreement. All terms defined in the New York UCC (as defined herein)
and not defined in this Agreement or the Credit Agreement have the meanings specified therein. The term “instrument” shall
have the meaning specified in Article 9 of the New York UCC.


(b)          The rules of construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement.


SECTION 1.02.       
Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below:




    	 	 	 



     


    

“Account Debtor”
means any person who is or who may become obligated to any Pledgor under, with respect to or on account of an Account, Chattel Paper or
General Intangibles.


“Agreement”
has the meaning assigned to such term in the introductory paragraph of this Agreement.


“Article 9
Collateral” has the meaning assigned to such term in Section 3.01.


“Borrower”
has the meaning assigned to such term in the introductory paragraph of this Agreement.


“Collateral”
means Article 9 Collateral and Pledged Collateral. For the avoidance of doubt, the term Collateral does not include any Excluded
Property or Excluded Securities.


“Collateral Agent”
has the meaning assigned to such term in the introductory paragraph of this Agreement.


“Credit Agreement”
has the meaning assigned to such term in the preliminary statement of this Agreement.


“Credit Agreement
Documents” means (a) the “Loan Documents” as defined in the Credit Agreement and (b) any other related documents
or instruments executed and delivered pursuant to the documents referred to in the foregoing clause (a), in each case, as such documents
or instruments may be amended, restated, supplemented, replaced or otherwise modified from time to time.


“Federal Securities
Laws” has the meaning assigned to such term in Section 4.03.


“General Intangibles”
means all “general intangibles” as defined in the New York UCC, including all choses in action and causes of action and
all other intangible personal property of any Pledgor of every kind and nature (other than Accounts) now owned or hereafter acquired by
any Pledgor, including corporate or other business records, indemnification claims, contract rights (including rights under leases, whether
entered into as lessor or lessee, swap agreements and other agreements), Intellectual Property, goodwill, registrations, franchises, tax
refund claims and any guarantee, claim, security interest or other security held by or granted to any Pledgor to secure payment by an
Account Debtor of any of the Accounts.


“Holdings”
has the meaning assigned to such term in the introductory paragraph of this Agreement.


“Intellectual
Property” shall mean any rights in intellectual property protectable under the intellectual property laws of any worldwide
jurisdiction, including all Copyrights, all Patents and all Trademarks, together with (a) all inventions, proprietary




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know-how and trade secrets (including, to the
extent proprietary, processes, production and manufacturing methods, software, information, customer lists, identification of suppliers,
data, plans, blueprints, specifications, formulations, designs, drawings, recorded knowledge, surveys, engineering reports, test reports,
manuals, materials standards, processing standards, performance standards, catalogs, computer and automatic machinery software and programs);
and (b) all causes of action, claims and warranties now or hereafter owned or acquired by any Pledgor in respect of any of the items listed
above and any proceeds relating to any of the foregoing.


“Intellectual
Property Collateral” has the meaning assigned to such term in Section 3.02.


“Intercreditor
Agreements” means an Intercreditor Agreement (upon and during the effectiveness thereof) entered into in compliance with
the Credit Agreement Documents.


“Issuing Banks”
has the meaning assigned to such term in the preliminary statement of this Agreement.


“Lenders”
has the meaning assigned to such term in the preliminary statement of this Agreement.


“New York
UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.


“Notices of Grant
of Security Interest in Intellectual Property” means the notices of grant of security interest substantially in the form
attached hereto as Exhibit II or such other form as shall be reasonably acceptable to the Collateral Agent.


“Perfection Certificate”
means the Perfection Certificate with respect to Holdings, the Borrower and each Subsidiary Loan Party as of the Closing Date delivered
to the Collateral Agent on the Closing Date.


“Pledged Collateral”
has the meaning assigned to such term in Section 2.01.


“Pledged Debt”
has the meaning assigned to such term in Section 2.01.


“Pledged Securities”
means any promissory notes, stock certificates or other certificated securities now or hereafter included in the Pledged Collateral, including
all certificates, instruments or other documents representing or evidencing any Pledged Collateral.


“Pledged Stock”
has the meaning assigned to such term in Section 2.01.


“Pledgor”
means each of Holdings, the Borrower and the Subsidiary Loan Parties party hereto.




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“Proceeds”
means “Proceeds” as defined in Article 9 of the New York UCC and, in any event, also includes all proceeds of, and all other
profits, products, rents or receipts, in whatever form, arising from the collection, sale, lease, exchange, assignment, licensing or other
disposition of, or other realization upon, any Collateral, including all claims of the relevant Pledgor against third parties for loss
of, damage to or destruction of, or for proceeds payable under, or unearned premiums with respect to, policies of insurance in respect
of, any Collateral, and any condemnation or requisition payments with respect to any Collateral.


“SEC”
has the meaning assigned to such term in Section 2.01.


“Secured Obligations”
means the “Obligations” as defined in the Credit Agreement.


“Security Interest”
has the meaning assigned to such term in Section 3.01.


“Specified Pledged
Debt Instrument” has the meaning assigned to such term in Section 2.02(b).


“Subsidiary Loan
Party” means any Subsidiary of Holdings set forth on Schedule I and any Subsidiary of Holdings that becomes a party
hereto pursuant to Section 5.16 (other than the Borrower).


ARTICLE
II



Pledge of Securities


SECTION 2.01.       
Pledge. As security for the payment or performance when due (whether at the stated maturity, by acceleration
or otherwise), as the case may be, in full of the Secured Obligations, each Pledgor hereby assigns and pledges to the Collateral Agent,
for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, for the benefit of the Secured Parties, a security
interest in all of such Pledgor’s right, title and interest in, to and under:


(a)              
the Equity Interests directly owned by it, including (i) those listed on Schedule II, (ii) any other Equity Interests
obtained in the future by such Pledgor, (iii) any certificates representing all such Equity Interests and (iv) all rights, privileges,
authorities, and powers of the applicable Pledgor as an owner or holder of such Equity Interests, including all economic rights, all control
rights, authority, and powers, all status rights of such Pledgor as a member, shareholder, or other owner (as applicable) (including,
in the case of any pledged limited liability company interests, such Pledgor’s “limited liability company interest”
(as such term is defined in Section 18-101 of the Limited Liability Company Act of Delaware) or equivalent, and such Pledgor’s status
as a “member” (as such term is defined in Section 18 101 of the Limited Liability Company Act of Delaware) or equivalent)
and all rights and interests, if any, to participate in the management of the business and affairs of each applicable issuer (collectively,
the “Pledged Stock”); provided that the Pledged Stock shall not include any Excluded Securities or other
Excluded Property;




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(b)          (i) the
debt obligations listed opposite the name of such Pledgor on Schedule II, (ii) any debt obligations in the future
issued to such Pledgor having, in the case of each instance of debt obligations, an aggregate principal amount in excess of $1,000,000,
and (iii) the certificates, promissory notes and any other instruments, if any, evidencing such debt obligations (the property described
in clauses (b)(i), (ii) and (iii) above, the “Pledged Debt”); provided that the Pledged Debt
shall not include any Excluded Securities or other Excluded Property;


(c)          subject to Section 2.06, all payments of principal or interest, dividends, cash, instruments and other property from time
to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds
received in respect of the Pledged Stock and the Pledged Debt;


(d)          subject to Section 2.06, all rights and privileges of such Pledgor with respect to the Pledged Stock, Pledged Debt and other
property referred to in clause (c) above; and


(e)          all Proceeds of any of the foregoing (the Pledged Stock, Pledged Debt and other property referred to in this clause (e) and in
clauses (c) through (d) above being collectively referred to as the “Pledged Collateral”); provided
that the Pledged Collateral shall not include any Excluded Securities or other Excluded Property.


TO HAVE AND TO HOLD the Pledged
Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral
Agent, its successors and permitted assigns, for the benefit of the Secured Parties, forever; subject, however, to the terms, covenants
and conditions hereinafter set forth.


SECTION 2.02.       
Delivery of the Pledged Collateral. (a) With respect to Pledged Securities in existence on the Closing Date,
each Pledgor agrees to deliver or cause to be delivered to the Collateral Agent, for the benefit of the Secured Parties, any and all
Pledged Securities to the extent such Pledged Securities are Equity Interests in Subsidiaries directly owned by such Pledgor no later
than fifteen (15) days following the Closing Date (or such longer period as the Administrative Agent may agree in its reasonable discretion).
With respect to any Pledged Securities hereafter owned or acquired, each Pledgor agrees to deliver or cause to be delivered to the Collateral
Agent, for the benefit of the Secured Parties, as promptly as possible, of such Pledgor acquiring rights therein, any and all Pledged
Securities to the extent such Pledged Securities are Equity Interests in Subsidiaries directly owned by such Pledgor that are Loan Parties.


(b)          To the extent any Indebtedness for borrowed money constituting Pledged Collateral (other than (i) intercompany current liabilities
incurred in the ordinary course of business in connection with the cash management operations of Holdings and its Subsidiaries or (ii) to
the extent that a pledge of such promissory note or instrument would violate applicable law) owed to any Pledgor is evidenced by a promissory
note in an amount in excess of $1,000,000 (a “Specified Pledged Debt Instrument”), such Pledgor shall cause
such promissory note to be pledged and delivered to the Collateral Agent, for




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the benefit of the Secured Parties, pursuant
to the terms hereof and in accordance with the timing requirements set forth in paragraph (c) of this Section 2.02.


(c)          With respect to any Specified Pledged Debt Instrument in existence on the Closing Date, each Pledgor agrees to deliver or cause
to be delivered to the Collateral Agent, for the benefit of the Secured Parties, within fifteen (15) days following the Closing Date (or
such longer period as the Administrative Agent may agree in its reasonable discretion), such Specified Pledged Debt Instrument. With respect
to any Specified Pledged Debt Instrument hereafter owned or acquired, each Pledgor agrees to deliver or cause to be delivered to the Collateral
Agent, for the benefit of the Secured Parties, as promptly as possible, of such Pledgor acquiring rights therein, such Specified Pledged
Debt Instruments.


(d)          Upon delivery to the Collateral Agent, (i) any Pledged Securities required to be delivered pursuant to the foregoing paragraphs
(a), (b) and (c) of this Section 2.02 shall be accompanied by stock powers or note powers, as applicable, duly executed in blank
or other instruments of transfer reasonably satisfactory to the Collateral Agent, and by such other instruments and documents as the Collateral
Agent may reasonably request and (ii) all other property comprising part of the Pledged Collateral delivered pursuant to the terms
of this Agreement shall be accompanied to the extent necessary to perfect the security interest in or allow realization on the Pledged
Collateral by proper instruments of assignment duly executed by the applicable Pledgor and such other instruments or documents as the
Collateral Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities,
which schedule shall be attached hereto as Schedule II (or a supplement or amendment to Schedule II, as applicable) and
made a part hereof; provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such
Pledged Securities. Each schedule so delivered shall supplement or amend any prior schedules so delivered.


(e)          Without limiting the obligations of the Pledgors under Sections 2.02(a), (b), (c) and (d), until such time as the Pledged Securities
are delivered to the Collateral Agent, each Pledgor agrees that the Pledgors are holding the Pledged Securities (including, without limitation,
the Pledged Securities described on Schedule II) on behalf of and for the benefit of the Collateral Agent, for all purposes of
the Uniform Commercial Code, as in effect in the State of New York.


SECTION 2.03.       
Representations, Warranties and Covenants. The Pledgors, jointly and severally, represent, warrant
and covenant to and with the Collateral Agent, for the benefit of the Secured Parties, that:


(a)          Schedule II correctly sets forth (and, with respect to any Pledged Stock issued by an issuer that is not a Subsidiary
of Holdings, correctly sets forth, to the knowledge of the relevant Pledgor), as of the Closing Date, the percentage of the issued and
outstanding units of each class of the Equity Interests of the issuer thereof represented by the Pledged Stock and includes (i) all Equity
Interests pledged hereunder and (ii) all debt obligations and promissory notes or




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instruments evidencing Indebtedness,
in each case under this clause (ii) pledged hereunder and in an aggregate principal amount in excess of $1,000,000;


(b)          the Pledged Stock and Pledged Debt (and, with respect to any Pledged Stock or Pledged Debt issued by an issuer that is not a Subsidiary
of Holdings, to the knowledge of the relevant Pledgor), as of the Closing Date, (x) have been duly and validly authorized and issued by
the issuers thereof and (y) (i) in the case of Pledged Stock, are fully paid and, with respect to Equity Interests constituting capital
stock of a corporation, nonassessable and (ii) in the case of Pledged Debt, are legal, valid and binding obligations of the issuers
thereof, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating
to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding at law or in equity)
and an implied covenant of good faith and fair dealing;


(c)          except for the security interests granted hereunder (or otherwise not prohibited by the Credit Agreement Documents), each Pledgor
(i) is and, subject to any transfers made not in violation of the Credit Agreement, will continue to be the direct owner, beneficially
and of record, of the Pledged Securities indicated on Schedule II (as may be supplemented or amended from time to time pursuant
to Section 2.02(d)) as owned by such Pledgor, (ii) holds the same free and clear of all Liens, other than Permitted Liens, (iii) will
make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the
Pledged Collateral, other than pursuant to a transaction not prohibited by the Credit Agreement and other than Permitted Liens and (iv) subject
to the rights of such Pledgor under the Credit Agreement Documents to Dispose of Pledged Collateral, will use commercially reasonable
efforts to defend its title or interest thereto or therein against any and all Liens (other than Permitted Liens), however arising, of
all persons;


(d)          each Pledgor has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or
contemplated;


(e)          other than as permitted by the Credit Agreement, as of the Closing Date, no consent or approval of any Governmental Authority,
any securities exchange or any other person was or is necessary to the validity of the pledge effected hereby (or the transfer of the
Pledged Securities upon a foreclosure thereof (other than compliance with any securities law applicable to the transfer of securities)),
in each case other than such as have been obtained and are in full force and effect; and


(f)           by virtue of the execution and delivery by the Pledgors of this Agreement, when any Pledged Securities (including Pledged Stock
of the Borrower and any Subsidiary Loan Party) are delivered to the Collateral Agent, for the benefit of the Secured Parties, in accordance
with this Agreement and a financing statement naming the Collateral Agent as the secured party and covering




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the Pledged Collateral to which such
Pledged Securities relate is filed in the appropriate filing office, the Collateral Agent will obtain, for the benefit of the Secured
Parties, a legal, valid and perfected lien upon and security interest in such Pledged Collateral under the New York UCC (or in the
case of uncertificated Pledged Collateral, the applicable Uniform Commercial Code), subject only to Permitted Liens, as security for the
payment and performance of the Secured Obligations, to the extent such perfection is governed by the New York UCC (or in the case of uncertificated
Pledged Collateral, the applicable Uniform Commercial Code).


SECTION 2.04.       
Certification of Limited Liability Company and Limited Partnership Interests.


(a)          As of the Closing Date, except as set forth on Schedule II, the Equity Interests in limited liability companies that
are pledged by the Pledgors hereunder and do not have a certificate number listed on Schedule II (and, with respect to any
Pledged Stock issued by an issuer that is not a Subsidiary of Holdings, to the relevant Pledgor’s knowledge) do not constitute a
security under Section 8-103 of the New York UCC or the corresponding code or statute of any other applicable jurisdiction.


(b)          The Pledgors shall at no time elect to treat any interest in any limited liability company or limited partnership Controlled by
a Pledgor and pledged hereunder as a “security” within the meaning of Article 8 of the New York UCC or issue any certificate
representing such interest, unless promptly thereafter (and in any event within 30 days or such longer period as the Administrative Agent
may permit in its reasonable discretion) the applicable Pledgor provides notification to the Collateral Agent of such election and delivers,
as applicable, any such certificate to the Collateral Agent pursuant to the terms hereof.


SECTION 2.05.       
Registration in Nominee Name; Denominations. The Collateral Agent, on behalf of the Secured Parties,
shall have the right (in its sole and absolute discretion) to hold the Pledged Securities in the name of the applicable Pledgor, endorsed
or assigned in blank or in favor of the Collateral Agent or, if an Event of Default shall have occurred and be continuing, in its own
name as pledgee or the name of its nominee (as pledgee or as sub-agent). During the continuance of any Event of Default, each Pledgor
will promptly give to the Collateral Agent copies of any notices or other communications received by it with respect to Pledged Securities
registered in the name of such Pledgor. If an Event of Default shall have occurred and be continuing, the Collateral Agent shall have
the right to exchange the certificates representing Pledged Securities held by it for certificates of smaller or larger denominations
for any purpose consistent with this Agreement. Each Pledgor shall use its commercially reasonable efforts to cause any Subsidiary that
is not a party to this Agreement to comply with a request by the Collateral Agent, pursuant to this Section 2.05, to exchange certificates
representing Pledged Securities of such Subsidiary for certificates of smaller or larger denominations.


SECTION 2.06.       
Voting Rights; Dividends and Interest, Etc. (a) Unless and until an Event of Default shall have occurred
and be continuing and the




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Collateral Agent shall have given two (2) Business
Day’s advance written notice to the relevant Pledgors of the Collateral Agent’s intention to exercise its rights hereunder
(such notice may be provided electronically to the email address provided for notices to the Borrower on Schedule 9.01 to the Credit Agreement
and shall be deemed to have been received by the relevant Pledgors when sent by the Collateral Agent):


(i)          Each Pledgor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of
Pledged Collateral or any part thereof for any purpose not prohibited by the terms of this Agreement or the Credit Agreement; provided
that, except as not prohibited by the Credit Agreement, such rights and powers shall not be exercised in any manner that could be reasonably
likely to materially and adversely affect the rights and remedies of any of the Collateral Agent or the other Secured Parties under this
Agreement, any Credit Agreement Document or the ability of the Secured Parties to exercise the same.


(ii)         The
Collateral Agent shall promptly execute and deliver to each Pledgor, or cause to be executed and delivered to such Pledgor, all such
proxies, powers of attorney and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to
exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above.


(iii)        Each
Pledgor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or distributed
in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions
are not prohibited by, and otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement and applicable
laws; provided that (A) any non-cash dividends, interest, principal or other distributions, payments or other consideration
in respect thereof, including any rights to receive the same to the extent not so distributed or paid, that would constitute Pledged
Securities to the extent such Pledgor has the rights to receive such Pledged Securities if they were declared, distributed and paid on
the date of this Agreement, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests
of the issuer of any Pledged Securities, received in exchange for Pledged Securities or any part thereof, or in redemption thereof, as
a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise or (B) any
non-cash dividends and other distributions paid or payable in respect of any Pledged Securities that would constitute Pledged Securities
to the extent such Pledgor has the rights to receive such Pledged Securities if they were declared, distributed and paid on the date
of this Agreement, in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital
surplus or paid in surplus, shall be and become part of the Pledged Collateral, and, if received by any Pledgor, shall not be commingled
by such




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Pledgor with any of its other funds or
property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent, for the benefit
of the Secured Parties, and shall be promptly delivered to the Collateral Agent, for the benefit of the Secured Parties, in the same form
as so received (endorsed in a manner reasonably satisfactory to the Collateral Agent).


(b)          Upon the occurrence and during the continuance of an Event of Default and after two (2) Business Day’s advance written notice
by the Collateral Agent to the relevant Pledgors of the Collateral Agent’s intention to exercise its rights hereunder (such notice
may be provided electronically to the email address provided for notices to the Borrower on Schedule 9.01 to the Credit Agreement and
shall be deemed to have been received by the relevant Pledgors when sent by the Collateral Agent), all rights of any Pledgor to receive
dividends, interest, principal or other distributions with respect to Pledged Securities that such Pledgor is authorized to receive pursuant
to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become vested, for the benefit of
the Secured Parties, in the Collateral Agent which shall have the sole and exclusive right and authority to receive and retain such dividends,
interest, principal or other distributions; provided that the Collateral Agent shall have the right from time to time following
and during the continuance of an Event of Default to permit the Pledgors to receive and retain such amounts; provided, further,
that, notwithstanding the occurrence of an Event of Default, any Pledgor may continue to exercise dividend and distribution rights solely
to the extent permitted under subclause (i), subclause (iii), subclause (iv) and subclause (v) of Section 6.06(b) of the Credit Agreement.
All dividends, interest, principal or other distributions received by any Pledgor contrary to the provisions of this Section 2.06
shall not be commingled by such Pledgor with any of its other funds or property but shall be held separate and apart therefrom, shall
be held in trust for the benefit of the Collateral Agent, for the benefit of the Secured Parties, and shall be forthwith delivered to
the Collateral Agent, for the benefit of the Secured Parties, in the same form as so received (endorsed in a manner reasonably satisfactory
to the Collateral Agent). Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions
of this paragraph (b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon receipt
of such money or other property and shall be applied in accordance with the provisions of Section 4.02. After all Events of Default
have been cured or waived and the Borrower has delivered to the Collateral Agent a certificate to that effect, the Collateral Agent shall
promptly repay to each Pledgor (without interest) all dividends, interest, principal or other distributions that such Pledgor would otherwise
be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.06 and that remain in such account.


(c)          Upon the occurrence and during the continuance of an Event of Default and after two (2) Business Day’s advance written notice
by the Collateral Agent to the Borrower of the Collateral Agent’s intention to exercise its rights hereunder (such notice may be
provided electronically to the email address




    	 	10	 



     


    

provided for notices to the Borrower
on Schedule 9.01 to the Credit Agreement and shall be deemed to have been received by the relevant Pledgors when sent by the Collateral
Agent), all rights of any Pledgor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph
(a)(i) of this Section 2.06, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.06,
shall cease, and all such rights shall thereupon become vested in the Collateral Agent, for the benefit of the Secured Parties, which
shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that the
Collateral Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Pledgors
to exercise such rights. After all Events of Default have been cured or waived (in accordance with the terms of the Credit Agreement)
and the Borrower has delivered to the Collateral Agent a certificate to that effect then, each Pledgor shall have the right to exercise
the voting and/or consensual rights and powers that such Pledgor would otherwise be entitled to exercise pursuant to the terms of paragraph
(a)(i) above and the obligations of the Collateral Agent under paragraph (a)(ii) shall be in effect.


ARTICLE
III



Security Interests in Other Personal Property


SECTION 3.01.       
Security Interest. (a) As security for the payment or performance when due (whether at the stated
maturity, by acceleration or otherwise), as the case may be, in full of the Secured Obligations, each Pledgor hereby pledges to the Collateral
Agent, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, for the benefit of the Secured Parties, a security
interest (the “Security Interest”) in all right, title and interest in or to any and all of the following assets
and properties now owned or at any time hereafter acquired by such Pledgor or in which such Pledgor now has or at any time in the future
may acquire any right, title or interest (collectively, the “Article 9 Collateral”):


(i)          all Accounts;


(ii)         all Chattel Paper;


(iii)        all cash and Deposit Accounts;


(iv)        all Documents;


(v)         all Equipment;


(vi)        all Fixtures;


(vii)       all General Intangibles;


(viii)      all Instruments (other than the Pledged Collateral, which are governed by Article II);




    	 	11	 



     


    

(ix)          all Inventory and all other Goods not otherwise described above;


(x)           all Investment Property (other than the Pledged Collateral, which are governed by Article II);


(xi)          all Letter of Credit Rights;


(xii)         all Commercial Tort Claims individually in excess of $1,500,000, as described on Schedule IV (as may be supplemented or
amended from time to time pursuant to Section 3.04);


(xiii)       
all books and records pertaining to the Article 9 Collateral; and


(xiv)        to the extent not otherwise included, all Proceeds, Supporting Obligations and products of any and all of the foregoing and all
collateral security and guarantees given by any person with respect to any of the foregoing.


Notwithstanding anything to the contrary in
this Agreement or the other Credit Agreement Documents, this Agreement shall not constitute a grant of a security interest in (and the
Article 9 Collateral shall not include), and the other provisions of the Credit Agreement Documents with respect to Collateral need not
be satisfied with respect to, the Excluded Property.


Each Pledgor hereby irrevocably authorizes the Collateral
Agent at any time and from time to time to file in any relevant jurisdiction any initial financing statements (including fixture filings)
with respect to the Collateral or any part thereof and amendments thereto that contain the information required by Article 9 of the
Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment, including (i) if
required, whether such Pledgor is an organization and the type of organization, (ii) in the case of a financing statement filed as a fixture
filing, a sufficient description of the real property to which such Collateral relates and (iii) a description of collateral that
describes such property in any other manner as the Collateral Agent may reasonably determine is necessary or advisable to ensure the perfection
of the security interest in the Collateral granted under this Agreement, including describing such property as “all assets”
or “all personal property” or words of similar effect. Each Pledgor agrees to provide such information to the Collateral Agent
promptly upon request.


 


The Collateral Agent is further
authorized to file with the United States Patent and Trademark Office or United States Copyright Office the Notice of Grant of Security
Interest in Intellectual Property substantially in the form attached hereto as Exhibit II and such other documents as may be reasonably
necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by
each Pledgor in such Pledgor’s Patents, Trademarks and Copyrights, without the signature of such Pledgor, and naming such Pledgor
or the Pledgors as debtors and the




    	 	12	 



     


    

Collateral Agent as secured party. Notwithstanding
anything to the contrary herein, no Pledgor shall be required to take any action under the laws of any jurisdiction other than the United
States of America (or any political subdivision thereof) for the purpose of perfecting the Security Interest in any Article 9 Collateral
of such Pledgor constituting Patents, Trademarks or Copyrights or any other assets.


(b)          The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or
in any way alter or modify, any obligation or liability of any Pledgor with respect to or arising out of the Article 9 Collateral.


(c)          Notwithstanding anything to the contrary in this Agreement or the Credit Agreement Documents, (1) no landlord, mortgagee or bailee
waivers shall be required, (2) no Pledgor shall be required to take any action under the laws of any jurisdiction other than the United
States of America (or, in each case, any political subdivision thereof) for the purpose of perfecting the Security Interest in any Collateral
of such Pledgor or any other assets and (3) no notice shall be required to be sent to insurers, account debtors or other contractual third
parties when no Event of Default has occurred and is continuing. For the avoidance of doubt, the Pledgors’ obligations with respect
to perfection of the Collateral Agent’s security interest in Deposit Accounts and Securities Accounts shall be governed by Section
5.11 of the Credit Agreement and not by the terms of this Agreement.


SECTION 3.02.       
Representations and Warranties. The Pledgors jointly and severally represent and warrant to the Collateral
Agent, for the benefit of the Secured Parties, that:


(a)          Each Pledgor has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to
grant a Security Interest hereunder, except where the failure to have such rights and title would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, and has full power and authority to grant to the Collateral Agent the Security
Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the
terms of this Agreement, without the consent or approval of any other person as of the Closing Date other than any consent or approval
that has been obtained and is in full force and effect or has otherwise been disclosed herein or in the Credit Agreement.


(b)          The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein, including the
exact legal name of each Pledgor as of the Closing Date, is correct and complete, in all material respects, as of the Closing Date. Except
as provided in Section 5.09 of the Credit Agreement, the Uniform Commercial Code financing statements or other appropriate filings, recordings
or registrations containing a description of the Article 9 Collateral that have been prepared for filing in each governmental, municipal
or other office specified in the Perfection Certificate constitute (to the extent such Article 9 Collateral can be perfected by filing
under the Uniform Commercial Code) all the filings, recordings and registrations (other than filings required to be made in the United
States Patent and Trademark Office and the




    	 	13	 



     


    

United States Copyright Office in order to
perfect the Security Interest in Article 9 Collateral consisting of United States Patents, United States registered Trademarks and
United States registered Copyrights) that are necessary as of the Closing Date to publish notice of and protect the validity of and to
establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in
respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United
States (or any political subdivision thereof), and no further or subsequent filing, refiling, recording, rerecording, registration or
reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to the filing of continuation
statements or amendments. Except as provided in Section 5.09 of the Credit Agreement, each Pledgor represents and warrants that the Notices
of Grant of Security Interest in Intellectual Property executed by the applicable Pledgors containing descriptions of all Article 9
Collateral that consists of material United States federally issued Patents (and material Patents for which United States federal registration
applications are pending), material United States federally registered Trademarks (and material Trademarks for which United States federal
registration applications are pending) and material United States federally registered Copyrights (and material Copyrights for which United
States federal registration applications are pending) have been delivered to the Collateral Agent for recording with the United States
Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060
or 17 U.S.C. § 205 and the regulations thereunder, as applicable, and reasonably requested by the Collateral Agent, to
protect the validity of and to establish a legal, valid and perfected security interest (or, in the case of Patents and Trademarks, notice
thereof) in favor of the Collateral Agent, for the benefit of the Secured Parties, in respect of all Article 9 Collateral consisting
of such Intellectual Property as of the Closing Date in which a security interest may be perfected by recording with the United States
Patent and Trademark Office and the United States Copyright Office, and no further or subsequent filing, refiling, recording, rerecording,
registration or reregistration is necessary (other than such actions as are necessary to perfect the Security Interest with respect to
any Article 9 Collateral consisting of material United States federally issued, registered or pending Patents, Trademarks and Copyrights
acquired or developed after the Closing Date).


(c)          The Security Interest constitutes (i) a valid security interest in all the Article 9 Collateral securing the payment
and performance of the Secured Obligations, as applicable, (ii) subject to the filings described in Section 3.02(b), as of the
Closing Date a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording
or registering a financing statement or analogous document in the United States (or any political subdivision thereof) pursuant to the
Uniform Commercial Code or other applicable law in such jurisdictions and (iii) a security interest that shall be perfected in all Article
9 Collateral in which a security interest may be perfected upon the receipt and recording of the Notices of Grant of Security Interest
in Intellectual Property with the United States Patent and Trademark Office and the United States Copyright Office, as applicable. The
Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral other than Permitted Liens.


(d)          The Article 9 Collateral is owned by the Pledgors free and clear of any Lien, other than Permitted Liens. None of the Pledgors
has filed or consented to the




    	 	14	 



     


    

filing of (i) any financing statement
or analogous document under the Uniform Commercial Code or any other applicable laws covering any Article 9 Collateral, (ii) any
assignment in which any Pledgor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9
Collateral with the United States Patent and Trademark Office or the United States Copyright Office for the benefit of a third party or
(iii) any assignment in which any Pledgor assigns any Article 9 Collateral or any security agreement or similar instrument covering
any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document,
assignment, security agreement or similar instrument is still in effect, except, in each case, for Permitted Liens.


(e)          None of the Pledgors holds any Commercial Tort Claim individually reasonably estimated to exceed $1,500,000 as of the Closing Date
except as indicated on Schedule IV.


(f)           As to itself and its Article 9 Collateral consisting of Intellectual Property (the “Intellectual Property Collateral”),
to each Pledgor’s knowledge:


(i)          The Intellectual Property Collateral set forth on Schedule III includes a true and complete list of all of the material
issued and applied for United States federal Patents, material registered and applied for United States federal Trademarks and material
United States federal registered Copyrights owned by such Pledgor as of the Closing Date.


(ii)         The Intellectual Property Collateral is subsisting and, to the best of such Pledgor’s knowledge, is valid and enforceable,
except as would not reasonably be expected to have a Material Adverse Effect. Such Pledgor is not aware of any current uses of any item
of Intellectual Property Collateral that would be expected to lead to such item becoming invalid or unenforceable, except as would not
reasonably be expected to have a Material Adverse Effect.


(iii)        Except as would not reasonably be expected to have a Material Adverse Effect, (A) such Pledgor has made or performed all commercially
reasonable acts, including without limitation filings, recordings and payment of all required fees and taxes, required to maintain and
protect its interest in each and every item of Intellectual Property Collateral in full force and effect in the United States and (B)
such Pledgor has used proper statutory notice in connection with its use of each Patent, Trademark and Copyright in the Intellectual Property
Collateral.


(iv)        Except
as would not reasonably be expected to have a Material Adverse Effect, no Intellectual Property Collateral is subject to any outstanding
consent, settlement, decree, order, injunction, judgment or ruling restricting the use of any Intellectual Property Collateral or that
would impair the validity or enforceability of such Intellectual Property Collateral.




    	 	15	 



     


    

SECTION 3.03.       
Covenants. (a) Each Pledgor agrees promptly to notify the Collateral Agent in writing of any change (i) in
its corporate or organization name, (ii) in its identity or organizational structure, (iii) in its organizational identification
number, (iv) in its jurisdiction of organization or (v) if such Pledgor is not a registered organization, in the location of its chief
executive office.


(b)          Subject to any rights of such Pledgor to Dispose of Collateral provided for in the Credit Agreement Documents, each Pledgor shall,
at its own expense, use commercially reasonable efforts to defend title to the Article 9 Collateral against all persons and to defend
the Security Interest of the Collateral Agent, for the benefit of the Secured Parties, in the Article 9 Collateral and the priority
thereof against any Lien that is not a Permitted Lien.


(c)          Each Pledgor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments
and documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, preserve, protect,
defend and perfect (with respect to perfection only, subject to Sections 3.01(b) and 3.01(c)) the Security Interest and the rights and
remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement
and the granting of the Security Interest and the filing of any financing statements (including fixture filings) or other documents in
connection herewith or therewith, all in accordance with the terms hereof and the terms of the Credit Agreement.


Without limiting the generality
of the foregoing, each Pledgor hereby authorizes the Collateral Agent, with prompt notice thereof to the Pledgors, to supplement this
Agreement by supplementing or amending Schedule III or adding additional schedules hereto to specifically identify any asset
or item that may constitute an issued or applied for United States federal Patent, registered or applied for United States federal Trademark
or registered United States federal Copyright owned by such Pledgor.


(d)          After the occurrence of an Event of Default and during the continuance thereof, the Collateral Agent shall have the right to verify
under reasonable procedures the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to,
the Article 9 Collateral, including, in the case of Accounts or Article 9 Collateral in the possession of any third person,
by contacting Account Debtors or the third person possessing such Article 9 Collateral for the purpose of making such a verification.
The Collateral Agent shall have the right to share any information it gains from such inspection or verification with any Secured Party,
subject to Section 9.16 of the Credit Agreement.


(e)          The Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances
at any time levied or placed on the Article 9 Collateral and not a Permitted Lien, and may pay for the maintenance and preservation
of the Article 9 Collateral to the extent any Pledgor fails to do so as required by the Credit Agreement, this Agreement, and each
Pledgor jointly and severally agrees to reimburse the Collateral Agent on demand for any reasonable and documented payment




    	 	16	 



     


    

made or any reasonable and documented out-of-pocket
expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, that nothing in this
Section 3.03(e) shall be interpreted as excusing any Pledgor from the performance of, or imposing any obligation on the Collateral
Agent or any Secured Party to cure or perform, any covenants or other promises of any Pledgor with respect to taxes, assessments, charges,
fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Credit Agreement Documents.


(f)          Each Pledgor (rather than the Collateral Agent or any Secured Party) shall remain liable for the observance and performance of
all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Article 9
Collateral and each Pledgor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from
and against any and all liability for such performance.


(g)         None of the Pledgors shall make or permit to be made an assignment, pledge or hypothecation of the Article 9 Collateral or
shall grant any other Lien in respect of the Article 9 Collateral, except as not prohibited by the Credit Agreement. None of the
Pledgors shall make or permit to be made any transfer of the Article 9 Collateral, except as not prohibited by the Credit Agreement,
or any Intercreditor Agreement.


(h)         Each Pledgor irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated
by the Collateral Agent) as such Pledgor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance
of an Event of Default of making, settling and adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing
the name of such Pledgor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for
making all determinations and decisions with respect thereto. In the event that any Pledgor at any time or times shall fail to obtain
or maintain any of the policies of insurance required by the Credit Agreement Documents or to pay any premium in whole or part relating
thereto, the Collateral Agent may, without waiving or releasing any obligation or liability of the Pledgors hereunder or any Event of
Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect
thereto as the Collateral Agent reasonably deems advisable. Subject to Section 9.05 of the Credit Agreement, all sums disbursed by the
Collateral Agent in connection with this Section 3.03(h), including reasonable and documented attorneys’ fees, court costs,
expenses and other charges relating thereto, shall be payable, upon demand, by the Pledgors to the Collateral Agent and shall be additional
Secured Obligations secured hereby.


SECTION 3.04.       
Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability
of the Collateral Agent to enforce, for the benefit of the Secured Parties, the Security Interest in the Article 9 Collateral, each Pledgor
agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following Article 9 Collateral:




    	 	17	 



     


    

(a)          Instruments
and Tangible Chattel Paper. If any Pledgor shall at any time own or acquire any Instruments (other than instruments evidencing debt
obligations which are governed by Article II and checks received and processed in the ordinary course of business) or Tangible Chattel
Paper evidencing an amount in excess of $1,000,000, such Pledgor shall promptly (and in any event within 45 days of its acquisition or
such longer period as the Administrative Agent may permit in its reasonable discretion) notify the Collateral Agent and promptly (and
in any event within 5 days following such notice or such longer period as the Administrative Agent may permit in its reasonable discretion)
endorse, assign and deliver the same to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed
in blank as the Collateral Agent may from time to time reasonably request.


(b)          Commercial Tort Claims. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim in an amount reasonably
estimated to exceed $1,500,000, such Pledgor shall promptly notify the Collateral Agent thereof in a writing signed by such Pledgor, including
a summary description of such claim, and deliver to the Collateral Agent in writing a supplement to Schedule IV including such
description.


SECTION 3.05.       
Covenants Regarding Patent, Trademark and Copyright Collateral. Except as not prohibited by the Credit Agreement:


(a)          Each Pledgor agrees that it will not knowingly do any act or omit to do any act (and will exercise commercially reasonable efforts
to prevent its licensees from doing any act or omitting to do any act) whereby any Patent that is owned by such Pledgor and is that is
owned by such Pledgor and is material to the normal conduct of such Pledgor’s business may become prematurely invalidated, abandoned,
lapsed or dedicated to the public.


(b)          Each Pledgor will, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to, for each Trademark
that is owned by such Pledgor and is material to the normal conduct of such Pledgor’s business, (i) maintain such Trademark
in full force free from any adjudication of abandonment or invalidity for non-use (other than by expiration as permitted by the Credit
Agreement) and (ii) maintain the quality of products and services offered under such Trademark in a manner consistent with the operation
of such Pledgor’s business.


(c)          Each Pledgor shall promptly notify the Collateral Agent if it knows that any United States federally issued or applied for Patent,
United States federally registered or applied for Trademark or United States federally registered Copyright that is owned by such Pledgor
and is material to the normal conduct of such Pledgor’s business may imminently become abandoned, lapsed or dedicated to the public,
or of any materially adverse determination or development, excluding non-final office actions in the ordinary course of such Pledgor’s
business and similar determinations or developments in the United States Patent and Trademark Office, United States Copyright Office,
any court or any similar office of any country, regarding such Pledgor’s ownership of any such material Patent, Trademark or Copyright
or its right to register or to maintain the same.




    	 	18	 



     


    

(d)          Each
Pledgor, either by itself or through any agent, employee, licensee or designee, shall (i) inform the Collateral Agent on an annual
basis of each application for, or registration or issuance of, any Patent or Trademark with the United States Patent and Trademark Office
and each registration of any Copyright with the United States Copyright Office filed by or on behalf of, or issued to, or acquired by,
any Pledgor during the preceding twelve-month period, and (ii) upon the reasonable request of the Collateral Agent, execute and
deliver the Notice of Grant of Security Interest in Intellectual Property substantially in the form attached hereto as Exhibit II
and any and all agreements, instruments, documents and papers necessary or as the Collateral Agent may otherwise reasonably request
to evidence the Collateral Agent’s Security Interest in such Patent, Trademark or Copyright and the perfection thereof, provided
that the provisions hereof shall automatically apply to any such Patent, Trademark or Copyright and any such Patent, Trademark or
Copyright shall automatically constitute Collateral as if such would have constituted Collateral at the time of execution hereof and
be subject to the Lien and Security Interest created by this Agreement without further action by any party. Notwithstanding anything
to the contrary herein, no Pledgor shall be required to take any action under the laws of any jurisdiction other than the United States
of America for the purpose of perfecting the Collateral Agent’s security interest in the Intellectual Property collateral of such
Pledgor.


(e)          Each Pledgor shall exercise its reasonable business judgment consistent with its past practice in any proceeding before the United
States Patent and Trademark Office or the United States Copyright Office with respect to maintaining and pursuing each application relating
to any Patent, Trademark and/or Copyright (and obtaining the relevant grant or registration) material to the normal conduct of such Pledgor’s
business and to maintain (i) each United States federally issued Patent that is material to the normal conduct of such Pledgor’s
business and (ii) the registrations of each United States federally registered Trademark and each United States federally registered
Copyright that is material to the normal conduct of such Pledgor’s business, including, when applicable and necessary in such Pledgor’s
reasonable business judgment, timely filings of applications for renewal, affidavits of use, affidavits of incontestability and payment
of maintenance fees, and, if any Pledgor believes necessary in its reasonable business judgment, to initiate opposition, interference
and cancellation proceedings against third parties.


(f)           In the event that any Pledgor becomes aware that any Article 9 Collateral consisting of an owned Patent, Trademark or Copyright
material to the normal conduct of its business has been materially infringed, misappropriated or diluted by a third party, such Pledgor
shall notify the Collateral Agent within ninety (90) days of becoming aware thereof (or such longer period as the Collateral Agent may
reasonably agree) and shall, if such Pledgor deems it necessary in its reasonable business judgment, promptly sue and recover any and
all damages, and take such other actions as are reasonably appropriate under the circumstances.


(g)          Upon and during the continuance of an Event of Default, at the reasonable request of the Collateral Agent, each Pledgor shall use
commercially reasonable efforts to obtain all requisite consents or approvals from each licensor under each material




    	 	19	 



     


    

license of Copyrights, Patents or Trademarks
to which the Pledgor is party to effect the assignment of all such Pledgor’s right, title and interest thereunder to (in the Collateral
Agent’s sole discretion) the designee of the Collateral Agent or the Collateral Agent; provided, however, that nothing contained
in this Section 3.05(g) should be construed as an obligation of any Pledgor to incur any costs or expenses in connection with obtaining
such approval.


(h)          Notwithstanding
the foregoing provisions of this Section 3.05, nothing in this Section 3.05 shall prevent any Pledgor from abandoning or discontinuing
the use or maintenance of any of its Intellectual Property if such Pledgor has determined in good faith in its reasonable business judgment
to do so and such abandonment or discontinuation is in compliance with the Credit Agreement.


ARTICLE
IV



Remedies


SECTION 4.01.       
Remedies Upon Default. In accordance with, and to the extent consistent with, the terms of any applicable
Intercreditor Agreement, the Collateral Agent may take any action specified in this Section 4.01. Upon the occurrence and during the
continuance of an Event of Default, each Pledgor agrees to deliver each item of Collateral to the Collateral Agent on demand. It
is agreed that the Collateral Agent shall have the right to take any of or all the following actions at the same or different times:
(a) with respect to any Article 9 Collateral consisting of Intellectual Property, on demand, to cause the Security Interest
to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable Pledgors to the Collateral
Agent or to license or sublicense (subject to any such licensee’s obligation to maintain the quality of the goods and/or services
provided under any Trademark consistent with the quality of such goods and/or services provided by the Pledgors immediately prior to
the Event of Default), whether general, special or otherwise, and whether on an exclusive or a nonexclusive basis, any such Article 9
Collateral throughout the world on such terms and conditions and in such manner as the Collateral Agent shall determine (other than in
violation of any then-existing licensing or trademark co-existence arrangements to the extent that waivers thereunder cannot be obtained
with the use of commercially reasonable efforts, which each Pledgor hereby agrees to use) and (b) with or without legal process
and with or without prior notice or demand for performance, to take possession of the Article 9 Collateral and without liability
for trespass to the applicable Pledgor to enter any premises where the Article 9 Collateral may be located for the purpose of taking
possession of or removing the Article 9 Collateral and, generally, to exercise any and all rights and remedies afforded to a secured
party under the applicable Uniform Commercial Code and/or other applicable law and/or in equity. The Collateral Agent agrees and covenants
not to exercise any of the rights or remedies set forth in the preceding sentence unless and until the occurrence and during the continuance
of an Event of Default. Without limiting the generality of the foregoing, each Pledgor agrees that the Collateral Agent shall have the
right, subject to the mandatory requirements of applicable law, but without demand of performance or other demand, presentment, protest,
advertisement or notice of any kind




    	 	20	 



     


    

(except any notice required by law referred
to below) to or upon the Pledgors, the Borrower, or any other person (all and each of which demands, defenses, advertisements and notices
are hereby waived), to forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or to forthwith
sell or otherwise Dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities
exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized
in connection with any sale of a security (if it deems it advisable to do so) pursuant to the foregoing to restrict the prospective bidders
or purchasers to persons who represent and agree that they are purchasing such security for their own account, for investment, and not
with a view to the distribution or sale thereof. Upon consummation of any such Disposition of Collateral pursuant to this Section 4.01,
the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold
(other than in violation of any then-existing licensing or trademark co-existence arrangements to the extent that waivers thereunder cannot
be obtained with the use of commercially reasonable efforts, which each Pledgor hereby agrees to use). Each such purchaser at any such
Disposition shall hold the property sold absolutely, free from any claim or right on the part of any Pledgor, and each Pledgor hereby
waives and releases (to the extent permitted by law) all rights of redemption, stay, valuation and appraisal that such Pledgor now has
or may at any time in the future have under any rule of law or statute now existing or hereafter enacted.


To the extent any notice
is required by applicable law, the Collateral Agent shall give the applicable Pledgors 10 Business Days’ written notice (which each
Pledgor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions)
of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time
and place for such sale, in the case of a private sale, shall state the time after which the sale is to be made and, in the case of a
sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the
day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall
be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in
the notice (if any) of such sale. At any such sale, the Collateral, or the portion thereof, to be sold may be sold in one lot as an entirety
or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be
obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral
shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to
be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made
at the time and place to which the same was so adjourned. In the case of any sale of all or any part of the Collateral made on credit
or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or
purchasers thereof, but the Collateral Agent shall not incur any liability in the event that any such purchaser or purchasers shall fail
to take up and pay for the Collateral so sold and, in the case of any such failure, such Collateral may be sold again upon notice given
in accordance with provisions above. At any public (or, to the extent permitted by law, private) sale made




    	 	21	 



     


    

pursuant to this Section 4.01, any Secured
Party may bid for or purchase for cash, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal
on the part of any Pledgor (all such rights being also hereby waived and released to the extent permitted by law), the Collateral or any
part thereof offered for sale and such Secured Party may, upon compliance with the terms of sale, hold, retain and Dispose of such property
in accordance with Section 4.03 without further accountability to any Pledgor therefor. For purposes hereof, a written agreement
to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out
such sale pursuant to such agreement and no Pledgor shall be entitled to the return of the Collateral or any portion thereof subject thereto,
notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been
remedied and the Secured Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Collateral
Agent, may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof
pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver.
Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as provided
in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions.


Solely for the purpose of
enabling the Collateral Agent, during the continuance of an Event of Default to exercise rights and remedies hereunder at such time as
the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants
to the Collateral Agent a non-exclusive license to use, license or sublicense (solely as permitted by the terms of any applicable license)
any of the Intellectual Property Collateral now owned or hereafter acquired by such Pledgor, wherever the same may be located; provided
that, with respect to Trademarks, such Pledgor shall have such rights of quality control which are reasonably necessary under applicable
law to maintain the validity and enforceability of such Trademarks. Such license shall include 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 hereof.


SECTION 4.02.       
Application of Proceeds. The Collateral Agent shall, subject to any applicable Intercreditor Agreement,
promptly apply the proceeds, moneys or balances of any collection or sale of Collateral realized through the exercise by the Collateral
Agent of its remedies hereunder, as well as any Collateral consisting of cash at any time when remedies are being exercised hereunder,
in the order set forth in Section 7.02 of the Credit Agreement. The Collateral Agent shall have absolute discretion as to the time of
application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral
Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by
the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral
so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over
to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof




    	 	22	 



     


    

SECTION 4.03.       
Securities Act, Etc. In view of the position of the Pledgors in relation
to the Pledged Collateral, or because of other current or future circumstances, a question may arise under the Securities Act of 1933,
as amended, or any similar federal statute hereafter enacted analogous in purpose or effect (such Securities Act and any such similar
statute as from time to time in effect being called the “Federal Securities Laws”)
with respect to any Disposition of the Pledged Collateral permitted hereunder. Each Pledgor understands that compliance with the Federal
Securities Laws might very strictly limit the course of conduct of the Collateral Agent if the Collateral Agent were to attempt to Dispose
of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which any subsequent transferee
of any Pledged Collateral could Dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Collateral
Agent in any attempt to Dispose of all or part of the Pledged Collateral under applicable Blue Sky or other state securities laws or
similar laws analogous in purpose or effect. Each Pledgor acknowledges and agrees that in light of such restrictions and limitations,
the Collateral Agent, subject to the terms of any applicable Intercreditor Agreement, in its sole and absolute discretion, (a) may
proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof
shall have been filed under the Federal Securities Laws or, to the extent applicable, Blue Sky or other state securities laws and (b) may
approach and negotiate with a single potential purchaser to effect such sale. Each Pledgor acknowledges and agrees that any such sale
might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In
the event of any such sale, the Collateral Agent shall incur no responsibility or liability for selling all or any part of the Pledged
Collateral at a price that the Collateral Agent, subject to the terms of any applicable Intercreditor Agreement, in its sole and absolute
discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price
might have been realized if the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached.
The provisions of this Section 4.03 will apply notwithstanding the existence of a public or private market upon which the quotations
or sales prices may exceed substantially the price at which the Collateral Agent sells.


ARTICLE
V



Miscellaneous


SECTION 5.01.       
Notices. All communications and notices hereunder shall (except as otherwise expressly permitted
herein) be in writing and given as provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to
any Pledgor shall be given to it in care of the Borrower, with such notice to be given as provided in Section 9.01 of the Credit Agreement.


SECTION 5.02.       
Security Interest Absolute. To the extent permitted by law, all rights of the Collateral Agent hereunder,
the Security Interest in the Article 9 Collateral, the security interest in the Pledged Collateral and all obligations of each Pledgor
hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of any Credit Agreement
Document, any other agreement with respect to




    	 	23	 



     


    

any of the Secured Obligations or any other
agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other
term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from any Credit Agreement
Document, any Intercreditor Agreement or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien
on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing
all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a
discharge of, any Pledgor in respect of the Secured Obligations or this Agreement (other than a defense of payment or performance).


SECTION 5.03.       
Limitation By Law. All rights, remedies and powers provided in this Agreement may be exercised only
to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Agreement are
intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary
so that they shall not render this Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered
or filed under the provisions of any applicable law.


SECTION 5.04.       
Binding Effect; Several Agreements. This Agreement shall become effective as to any party to this
Agreement when a counterpart hereof executed on behalf of such party shall have been delivered to the Collateral Agent and a counterpart
hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such party and the Collateral
Agent and their respective permitted successors and assigns, and shall inure to the benefit of such party, the Collateral Agent and the
other Secured Parties and their respective permitted successors and assigns, except that no party shall have the right to assign or transfer
its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except
as not prohibited by this Agreement or any Credit Agreement Document. This Agreement shall be construed as a separate agreement with
respect to each party and may be amended, modified, supplemented, waived or released in accordance with Section 5.09 or 5.15, as applicable.


SECTION 5.05.       
Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such
reference shall be deemed to include the permitted successors and assigns of such party and all covenants, promises and agreements by
or on behalf of any Pledgor or the Collateral Agent that are contained in this Agreement shall bind and inure to the benefit of their
respective permitted successors and assigns, provided that no Pledgor may assign, transfer or delegate any of its rights or obligations
under this Agreement except as permitted by Section 5.04.


SECTION 5.06.       
Collateral Agent’s Fees and Expenses; Indemnification.


(a)          The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its expenses incurred hereunder by the
Pledgors, and the Collateral Agent




    	 	24	 



     


    

and other Indemnitees shall be indemnified
by the Pledgors, in each case of this clause (a), mutatis mutandis, as provided in Section 9.05 of the Credit Agreement.


(b)          Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Security
Documents. The provisions of this Section 5.06 shall remain operative and in full force and effect regardless of the termination
of this Agreement, any other Credit Agreement Document, the consummation of the transactions contemplated hereby, the repayment of any
of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement, any other Credit Agreement
Document, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under this Section 5.06
shall be payable within fifteen days (or such longer period as the Administrative Agent may agree) of written demand therefor accompanied
by reasonable documentation with respect to any reimbursement, indemnification or other amount requested.


(c)          The agreements in this Section 5.06 shall survive the resignation of the Collateral Agent and the termination of this Agreement.


(d)          For the avoidance of doubt, the provisions of Article VIII of the Credit Agreement shall also apply to the Collateral Agent acting
under or in connection with this Agreement. No provision of this Agreement shall require the Collateral Agent to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights
or powers.


SECTION 5.07.       
Collateral Agent Appointed Attorney-in-Fact. Subject to any applicable Intercreditor Agreement, each
Pledgor hereby appoints the Collateral Agent the attorney-in-fact of such Pledgor, such appointment to be effective upon the occurrence
and during the continuance of an Event of Default, for the purpose of carrying out the provisions of this Agreement and, upon the occurrence
and during the continuance of an Event of Default, taking any action and executing any instrument that the Collateral Agent may deem
necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. Without limiting
the generality of the foregoing, subject to applicable Requirements of Law and any applicable Intercreditor Agreement, the Collateral
Agent shall have the right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution either
in the Collateral Agent’s name or in the name of such Pledgor, (a) to receive, endorse, assign or deliver any and all notes, acceptances,
checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect,
receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to ask for, demand, sue
for, collect, receive and give acquittance for any and all moneys due or to become due under and by virtue of any Collateral; (d) to
sign the name of any Pledgor on any invoice or bill of lading relating to any of the Collateral; (e) to send verifications of Accounts
to any Account Debtor; (f) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect or otherwise, realize on all or any of the Collateral or to enforce any rights in respect of any Collateral;
(g) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral;
(h) to notify, or to require any Pledgor




    	 	25	 



     


    

to notify, Account Debtors to make payment
directly to the Collateral Agent; and (i)  to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise
deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as
fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided that nothing
herein contained shall be construed (i) as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry
as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take
any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered
thereby or (ii) as permitting the Collateral Agent to exercise or delegate operational voting or other control over any Collateral. The
Collateral Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of
the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Pledgor
for any act or failure to act hereunder, except for their own or their Related Parties’ gross negligence or willful misconduct.


SECTION 5.08.       
Governing Law. THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF ACTION (WHETHER
IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION
OF ANY OTHER LAW.


SECTION 5.09.       
Waivers; Amendment. (a) No failure or delay by the Collateral Agent or any other
Secured Party in exercising any right, power or remedy hereunder or under any other Credit Agreement Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to
enforce such a right, power or remedy, preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
The rights, powers and remedies of the Collateral Agent and the other Secured Parties hereunder and under the other Credit Agreement
Documents are cumulative and are not exclusive of any rights, powers or remedies that they would otherwise have. No waiver of any provision
of this Agreement or consent to any departure by any Pledgor therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section 5.09, and then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or the Issuance of a Letter of
Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Collateral Agent or any other
Secured Party may have had notice or knowledge of such Default or Event of Default at the time. No notice or demand on any Pledgor in
any case shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances.


(b)          Neither this Agreement nor any provision hereof may be waived, amended or modified (other than as provided in Section 5.15 and
Section 5.16) except as provided in Section 9.08 of the Credit Agreement. The Collateral Agent may conclusively




    	 	26	 



     


    

rely on a certificate of an officer of the
Borrower as to whether any amendment contemplated by this Section 5.09(b) is permitted.


(c)          Notwithstanding anything to the contrary contained herein, the Administrative Agent may grant extensions of time or waivers of
the requirement for the creation or perfection of security interests in or the obtaining of insurance (including title insurance) or surveys
with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the assets
of the Pledgors on such date) where it reasonably determines, in consultation with the Borrower, that perfection or obtaining of such
items cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement,
the other Credit Agreement Documents.


SECTION 5.10.       
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR, ANY OTHER CREDIT AGREEMENT DOCUMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.10.


SECTION 5.11.       
Severability. In the event any one or more of the provisions contained in this Agreement, any other
Credit Agreement Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability
of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The parties shall endeavor
in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.


SECTION 5.12.       
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute
an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 5.04.
Delivery of an executed counterpart to this Agreement by facsimile or other electronic transmission shall be as effective as delivery
of a manually signed original.


SECTION 5.13.       
Headings. Article and Section headings and the Table of Contents used herein are for convenience
of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting,
this Agreement.




    	 	27	 



     


    

SECTION 5.14.       
Jurisdiction; Consent to Service of Process. (a) Each party to this Agreement
hereby irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description,
whether in law or equity, whether in contract or in tort or otherwise, against any other party or any affiliate thereof, in any way relating
to this Agreement, any other Credit Agreement Document or the transactions relating hereto or thereto, in any forum other than the courts
of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and
any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such
courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York
State court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final
judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.


(b)          Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement, any other Credit Agreement Document in any New York State or federal court sitting in New York County and any appellate
court from any thereof. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.


(c)          Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01. Nothing
in this Agreement, any other Credit Agreement Document will affect the right of any party to this Agreement, any other Credit Agreement
Document to serve process in any other manner permitted by law.


SECTION 5.15.       Termination
or Release. In each case subject to the terms of any applicable Intercreditor Agreement:


(a)          This Agreement and the pledges made by the Pledgors herein and all other security interests granted by the Pledgors hereby shall
automatically terminate and be released upon the occurrence of the Termination Date.


(b)          A Pledgor shall automatically be released from its obligations hereunder and/or the security interests in any Collateral in each
case be automatically released upon the occurrence of any of the circumstances set forth in Section 9.18 of the Credit Agreement pursuant
to and in accordance with the terms thereof.


(c)          In connection with any termination or release pursuant to this Section 5.15, the Collateral Agent shall execute and deliver to
any Pledgor all documents that such Pledgor shall reasonably request to evidence such termination or release (including Uniform Commercial
Code termination statements), and will duly assign and




    	 	28	 



     


    

transfer to such Pledgor, such of the Pledged
Collateral that may be in the possession of the Collateral Agent and has not theretofore been sold or otherwise applied or released pursuant
to this Agreement. Any execution and delivery of documents pursuant to this Section 5.15 shall be made without recourse to or warranty
by the Collateral Agent. Upon the receipt of any necessary or proper instruments of termination, satisfaction or release prepared by the
Borrower, the Collateral Agent shall promptly execute, deliver or acknowledge such instruments or releases to evidence the release of
any Collateral permitted to be released pursuant to this Agreement. The Pledgors agree to pay all reasonable and documented out-of-pocket
expenses incurred by the Collateral Agent (and its representatives and counsel) in connection with the execution and delivery of such
release documents or instruments.


SECTION 5.16.       
Additional Subsidiaries. Upon execution and delivery by any Subsidiary that is required or permitted
to become a party hereto by Section 5.09 of the Credit Agreement (or that is referred to in clause (b) of the definition of “Subsidiary
Loan Party” in the Credit Agreement) of an instrument substantially in the form of Exhibit I hereto (or another instrument
reasonably satisfactory to the Collateral Agent and the Borrower), such subsidiary shall become a Subsidiary Loan Party and Pledgor hereunder
with the same force and effect as if originally named as a Subsidiary Loan Party and a Pledgor herein. The execution and delivery of
any such instrument shall not require the consent of any other party to this Agreement. The rights and obligations of each party to this
Agreement shall remain in full force and effect notwithstanding the addition of any new party to this Agreement. Each reference to “Subsidiary
Loan Party” or “Pledgor ” in this Agreement shall be deemed to include such Subsidiary.


SECTION 5.17.       
General Authority of the Collateral Agent.


(a)          By acceptance of the benefits of this Agreement and any other Security Documents, each Secured Party (whether or not a signatory
hereto) shall be deemed irrevocably (i) to consent to the appointment of the Collateral Agent as its agent hereunder and under such other
Security Documents, (ii) to confirm that the Collateral Agent shall have the authority to act as the exclusive agent of such Secured Party
for the enforcement of any provision of this Agreement and such other Security Documents against any Pledgor, the exercise of remedies
hereunder or thereunder and the giving or withholding of any consent or approval hereunder or thereunder relating to any Collateral or
any Pledgor’s obligations with respect thereto, (iii) to agree that it shall not take any action to enforce any provisions of this
Agreement or any other Security Document against any Pledgor, to exercise any remedy hereunder or thereunder or to give any consents or
approvals hereunder or thereunder except as expressly provided in this Agreement or any other Security Document and (iv) to agree to be
bound by the terms of this Agreement and any other Security Documents and any applicable Intercreditor Agreement then in effect.


(b)          Each Pledgor acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with respect to any
action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option, voting right, request, judgment
or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and
the Secured




    	 	29	 



     


    

Parties, be governed by the Credit Agreement,
and such other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the
Pledgors, the Collateral Agent shall be conclusively presumed to be acting as agent for the applicable Secured Parties with full and valid
authority so to act or refrain from acting, and no Pledgor shall be under any obligation, or entitlement, to make any inquiry respecting
such authority.


SECTION 5.18.       
Subject to Intercreditor Agreements; Conflicts. Notwithstanding
anything else herein to the contrary, (i) the Liens and security interests granted to the Collateral Agent for the benefit of the Secured
Parties pursuant to this Agreement and (ii) the exercise of any right or remedy by the Collateral Agent hereunder or the application
of proceeds (including insurance and condemnation proceeds) of any Collateral, in each case, are subject to the limitations and provisions
of any applicable Intercreditor Agreement to the extent provided therein. In the event of any conflict between the terms of such applicable
Intercreditor Agreement and the terms of this Agreement, the terms of such applicable Intercreditor Agreement shall govern. 


 


[Signature Pages Follow]




    	 	30	 



     


    




 


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


 


 


	 	
    RED ROBIN GOURMET BURGERS, INC.

    a Delaware corporation
	 
	 	 	 	 
	 	By:	/s/ Lynn S. Schweinfurth	 
	 	Name:	Lynn S. Schweinfurth	 
	 	Title:	Executive Vice President, Chief Financial Officer and Chief Accounting Officer	 


 

 


	 	
    RED ROBIN INTERNATIONAL, INC.

    a Nevada corporation
	 
	 	 	 	 
	 	By:	/s/ Lynn S. Schweinfurth	 
	 	Name:	Lynn S. Schweinfurth	 
	 	Title:	President and Treasurer	 


 


 


	 	
    RED ROBIN NORTH HOLDINGS, INC.

    a Nevada corporation
	 
	 	 	 	 
	 	By:	/s/ Lynn S. Schweinfurth	 
	 	Name:	Lynn S. Schweinfurth	 
	 	Title:	President and Treasurer	 


 


 


	 	
    RED ROBIN WEST, INC.

    a Nevada corporation
	 
	 	 	 	 
	 	By:	/s/ Lynn S. Schweinfurth	 
	 	Name:	Lynn S. Schweinfurth	 
	 	Title:	President and Treasurer	 


 


 


	 	
    WESTERN FRANCHISE DEVELOPMENT, INC.

    a California corporation
	 
	 	 	 	 
	 	By:	/s/ Lynn S. Schweinfurth	 
	 	Name:	Lynn S. Schweinfurth	 
	 	Title:	President and Treasurer	 


 


 




    	 	[Signature Page to Pledge and Security Agreement]
	 



     


    






 


	 	
    RED ROBIN DISTRIBUTING COMPANY LLC

    a Nevada limited liability company
	 
	 	 	 	 
	 	By:	/s/ Lynn S. Schweinfurth	 
	 	Name:	Lynn S. Schweinfurth	 
	 	Title:	Manager	 


 


 


	 	
    NORTHWEST ROBINS, L.L.C.

    a Washington limited liability company

     

    By: RED ROBIN INTERNATIONAL, INC., Sole Member and Manager
    of Northwest Robins, L.L.C.
	 
	 	 	 	 
	 	By:	/s/ Lynn S. Schweinfurth	 
	 	Name:	Lynn S. Schweinfurth	 
	 	Title:	President and Treasurer	 


 






 




    	 	[Signature Page to Pledge and Security Agreement]
	 



     


    






 


	 	FORTRESS CREDIT CORP., as Collateral
Agent


	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Radhika Hulyalkar	 
	 		Name: Radhika Hulyalkar	 
	 		Title:  Authorized Signatory	 






 


 




    	 	[Signature Page to Pledge and Security Agreement]