Exhibit 10.3


 





SECURITY AGREEMENT


SECURITY AGREEMENT
(this “Agreement”), dated as of October 8, 2014, by and between Thinspace Technology, Inc., a Delaware corporation
(“Company”)[1], and IBC Equity Holdings,
Inc., a Delaware corporation (the “Secured Party”).


W I
T N E S S E T H:


WHEREAS, pursuant
to a Note Purchase Agreement of even date herewith, between the Company and the Secured Party (the “Purchase Agreement”),
the Company sold to the Secured Party a secured note in the principal amount of $300,000 (the “Note”);


WHEREAS, in order
to induce the Secured Party to purchase the Note, the Company has agreed to execute and deliver to the Secured Party this Agreement
for the benefit of the Secured Party and to grant to it a first priority security interest in certain property of Company to secure
the prompt payment, performance and discharge in full of all of Company’s obligations under the Note and the Purchase Agreement;


NOW, THEREFORE,
in consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:


1.                 
Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth in this Section
1. Terms used but not otherwise defined in this Agreement that are defined in Article 9 of the UCC shall have the respective meanings
given such terms in Article 9 of the UCC.


(a)               
“Collateral” means the collateral in which the Secured Party is granted a security interest by this Agreement
and which shall include the following, whether presently owned or existing or hereafter acquired or coming into existence, and
all additions and accessions thereto and all substitutions and replacements thereof, and all proceeds, products and accounts thereof,
including, without limitation, all proceeds from the sale or transfer of the Collateral and of insurance covering the same and
of any tort claims in connection therewith: the Company’s Firmware (defined as the Company’s proprietary persistent
memory, program code, and resident data therein which together provide the control program for the Company’s hardware devices,
the “Firmware”).


(b)              
 “Company” shall mean, collectively, Company and all of the wholly owned subsidiaries of Company, a list
of which is contained in Schedule A, attached hereto.


(c)               
“Obligations” means all of the Company’s obligations under this Agreement, the Purchase Agreement,
and the Note, in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent,
liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished
and later decreased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent
all or any part of such payment is avoided or recovered directly or indirectly from the Secured Party as a preference, fraudulent
transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from time to time.






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(d)              
“UCC” means the Uniform Commercial Code, as currently in effect in the State of Delaware.


2.                 
Grant of Security Interest. As an inducement for the Secured Party to purchase the Note and to secure the complete
and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, the Company hereby, unconditionally
and irrevocably, pledges, grants and hypothecates to the Secured Party, a continuing security interest in, a continuing first lien
upon, an unqualified right to possession and disposition of and a right of set-off against, in each case to the fullest extent
permitted by law, all of the Company’s right, title and interest of whatsoever kind and nature in and to the Collateral (the
“Security Interest”).


3.                 
Representations, Warranties, Covenants and Agreements of the Company. The Company represents and warrants to, and
covenants and agrees with, the Secured Party as follows:


(a)               
The Company has the requisite corporate power and authority to enter into this Agreement and otherwise to carry out its
obligations thereunder. The execution, delivery and performance by the Company of this Agreement and the filings contemplated therein
have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company.
This Agreement constitutes a legal, valid and binding obligation of the Company enforceable in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditor’s rights generally.


(b)              
The Company is the sole owner of the Collateral (except for non-exclusive licenses granted by the Company in the ordinary
course of business), free and clear of any liens, security interests, encumbrances, rights or claims, and is fully authorized to
grant the Security Interest in and to pledge the Collateral. There is not on file in any governmental or regulatory authority,
agency or recording office an effective financing statement, security agreement, license or transfer or any notice of any of the
foregoing (other than those that have been filed in favor of the Secured Party pursuant to this Agreement) covering or affecting
any of the Collateral. So long as this Agreement shall be in effect, the Company shall not execute and shall not knowingly permit
to be on file in any such office or agency any such financing statement or other document or instrument (except to the extent filed
or recorded in favor of the Secured Party pursuant to the terms of this Agreement).


(c)               
No part of the Collateral has been judged invalid or unenforceable. No written claim has been received that any Collateral
or the Company’s use of any Collateral violates the rights of any third party. There has been no adverse decision to the
Company’s claim of ownership rights in or exclusive rights to use the Collateral in any jurisdiction or to the Company’s
right to keep and maintain such Collateral in full force and effect, and there is no proceeding involving said rights pending or,
to the best knowledge of the Company, threatened before any court, judicial body, administrative or regulatory agency, arbitrator
or other governmental authority.






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(d)              
This Agreement creates in favor of the Secured Party a valid security interest in the Collateral securing the payment and
performance of the Obligations and, upon making the filings described in the immediately following sentence, a perfected first
priority security interest in such Collateral. Except for the filing of financing statements on Form UCC-1 under the UCC with the
jurisdictions indicated on Schedule B, attached hereto, no authorization or approval of or filing with or notice to any
governmental authority or regulatory body is required either (i) for the grant by the Company of, or the effectiveness of,
the Security Interest granted hereby or for the execution, delivery and performance of this Agreement by the Company or (ii) for
the perfection of or exercise by the Secured Party of its rights and remedies hereunder.


(e)               
On the date of execution of this Agreement, the Company will deliver to the Secured Party one or more executed UCC financing
statements on Form UCC-1 with respect to the Security Interest for filing with the jurisdictions indicated on Schedule B,
attached hereto and in such other jurisdictions as may be reasonably requested by the Secured Party.


(f)               
The execution, delivery and performance of this Agreement does not conflict with or cause a breach or default, or an event
that with or without the passage of time or notice, shall constitute a breach or default, under any agreement to which the Company
is a party or by which the Company is bound.


(g)              
The Company shall at all times maintain the liens and Security Interest provided for hereunder as valid and perfected first
priority liens and security interests in the Collateral in favor of the Secured Party until this Agreement and the Security Interest
hereunder shall terminate pursuant to Section 11. The Company hereby agrees to defend the same against any and all persons. The
Company shall safeguard and protect all Collateral for the account of the Secured Party. At the request of the Secured Party, the
Company will sign and deliver to the Secured Party at any time or from time to time one or more financing statements pursuant to
the UCC (or any other applicable statute) in form reasonably satisfactory to the Secured Party and will pay the cost of filing
the same in all public offices wherever filing is, or is deemed by the Secured Party to be, necessary or desirable to effect the
rights and obligations provided for herein. Without limiting the generality of the foregoing, the Company shall pay all fees, taxes
and other amounts necessary to maintain the Collateral and the Security Interest hereunder, and the Company shall obtain and furnish
to the Secured Party from time to time, upon demand, such releases and/or subordinations of claims and liens which may be required
to maintain the priority of the Security Interest hereunder.


(h)              
The Company will not transfer, pledge, hypothecate, encumber, license (except for non-exclusive licenses granted by the
Company in the ordinary course of business), sell or otherwise dispose of any of the Collateral without the prior written consent
of the Secured Party.


(i)                
The Company shall, within ten (10) days of obtaining knowledge thereof, advise the Secured Party promptly, in sufficient
detail, of any substantial change in the Collateral, and of the occurrence of any event which would have a material adverse effect
on the value of the Collateral or on the Secured Party’s security interest therein.


(j)                
The Company shall promptly execute and deliver to the Secured Party such further deeds, mortgages, assignments, security
agreements, financing statements or other instruments, documents, certificates and assurances and take such further action as the
Secured Party may from time to time request and may in its sole discretion deem necessary to perfect, protect or enforce its security
interest in the Collateral.






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(k)              
The Company shall permit the Secured Party and its representatives and agents to inspect the Collateral at any time, and
to make copies of records pertaining to the Collateral as may be requested by the Secured Party from time to time.


(l)                
The Company will take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any
rights, claims, causes of action and accounts receivable in respect of the Collateral.


(m)            
The Company shall promptly notify the Secured Party in sufficient detail upon becoming aware of any attachment, garnishment,
execution or other legal process levied against any Collateral and of any other information received by the Company that may materially
affect the value of the Collateral, the Security Interest or the rights and remedies of the Secured Party hereunder.


(n)              
All information heretofore, herein or hereafter supplied to the Secured Party by or on behalf of the Company with respect
to the Collateral is accurate and complete in all material respects as of the date furnished.


(o)              
Schedule A attached hereto contains a list of all of the subsidiaries of Company.


4.                 
Defaults. The following events shall be “Events of Default”:


(a)               
The occurrence of an Event of Default (as defined in the Note) under the Note;


(b)              
Any representation or warranty of the Company in this Agreement or in the Purchase Agreement shall prove to have been incorrect
in any material respect when made; and


(c)               
The failure by the Company to observe or perform any of its obligations hereunder or under the Purchase Agreement for ten
(10) days after receipt by the Company of notice of such failure from the Secured Party.


5.                 
Duty To Hold In Trust. Upon the occurrence of any Event of Default and at any time thereafter, the Company shall,
upon receipt by it of any revenue, income or other sums subject to the Security Interest, whether payable pursuant to the Note,
the Purchase Agreement, or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation
to pay any such sum, hold the same in trust for the Secured Party and shall forthwith endorse and transfer any such sums or instruments,
or both, to the Secured Party for application to the satisfaction of the Obligations.


6.                 
Rights and Remedies Upon Default. Upon occurrence of any Event of Default and at any time thereafter, the Secured
Party shall have the right to exercise all of the remedies conferred hereunder and under the Note, and the Secured Party shall
have all the rights and remedies of a secured party under the UCC and/or any other applicable law (including the Uniform Commercial
Code of any jurisdiction in which any Collateral is then located). Without limitation, the Secured Party shall have the following
rights and powers:


(a)               
The Secured Party shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and
assistance of any person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and
the Company shall assemble the Collateral and make it available to the Secured Party at places which the Secured Party shall reasonably
select, whether at the Company’s premises or elsewhere, and make available to the Secured Party, without rent, all of the
Company’s respective premises and facilities for the purpose of the Secured Party taking possession of, removing or putting
the Collateral in saleable or disposable form.






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(b)              
The Secured Party shall have the right to assign, sell, lease or otherwise dispose of and deliver all or any part of the
Collateral, at public or private sale or otherwise, either with or without special conditions or stipulations, for cash or on credit
or for future delivery, in such parcel or parcels and at such time or times and at such place or places, and upon such terms and
conditions as the Secured Party may deem commercially reasonable, all without (except as shall be required by applicable statute
and cannot be waived) advertisement or demand upon or notice to the Company or right of redemption of the Company, which are hereby
expressly waived. Upon each such sale, lease, assignment or other transfer of Collateral, the Secured Party may, unless prohibited
by applicable law which cannot be waived, purchase all or any part of the Collateral being sold, free from and discharged of all
trusts, claims, right of redemption and equities of the Company, which are hereby waived and released.


7.                 
Applications of Proceeds. The proceeds of any such sale, lease or other disposition of the Collateral hereunder shall
be applied first, to the expenses of retaking, holding, storing, processing and preparing for sale, selling, and the like (including,
without limitation, any taxes, fees and other costs incurred in connection therewith) of the Collateral, to the reasonable attorneys’
fees and expenses incurred by the Secured Party in enforcing its rights hereunder and in connection with collecting, storing and
disposing of the Collateral, and then to satisfaction of the Obligations, and to the payment of any other amounts required by applicable
law, after which the Secured Party shall pay to the Company any surplus proceeds. If, upon the sale, license or other disposition
of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Party is legally entitled, the
Company will be liable for the deficiency, together with interest thereon, at the rate of 12% per annum (the “Default
Rate”), and the reasonable fees of any attorneys employed by the Secured Party to collect such deficiency. To the extent
permitted by applicable law, the Company waives all claims, damages and demands against the Secured Party arising out of the repossession,
removal, retention or sale of the Collateral, unless due to the gross negligence or willful misconduct of the Secured Party.


8.                 
Costs and Expenses.The Company agrees to pay all out-of-pocket fees, costs and expenses incurred in connection
with any filing required hereunder, including without limitation, any financing statements, continuation statements, partial releases
and/or termination statements related thereto or any expenses of any searches reasonably required by the Secured Party. The Company
shall also pay all other claims and charges which in the reasonable opinion of the Secured Party might prejudice, imperil or otherwise
affect the Collateral or the Security Interest therein. The Company will also, upon demand, pay to the Secured Party the amount
of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which
the Secured Party may incur in connection with (i) the enforcement of this Agreement, (ii) the custody or preservation
of, or the sale of, collection from, or other realization upon, any of the Collateral, or (iii) the exercise or enforcement
of any of the rights of the Secured Party under the Note or Purchase Agreement. Until so paid, any fees payable hereunder shall
be added to the principal amount of the Note and shall bear interest at the Default Rate.


9.                 
Responsibility for Collateral. The Company assumes all liabilities and responsibility in connection with all Collateral,
and the obligations of the Company hereunder or under the Note and the Purchase Agreement shall in no way be affected or diminished
by reason of the loss, destruction, damage or theft of any of the Collateral or its unavailability for any reason.


10.             
Security Interest Absolute. All rights of the Secured Party and all Obligations of the Company hereunder, shall be
absolute and unconditional, irrespective of: (a) any lack of validity or enforceability of this Agreement, the Note , the
Purchase Agreement or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (b) any
change in the time, manner or place of payment or performance of, or in any other term of, all or any of the Obligations, or any
other amendment or waiver of or any consent to any departure from the Note, the Purchase Agreement or any other agreement entered
into in connection with the foregoing; (c)  any exchange, release or nonperfection of any of the Collateral, or any release
or amendment or waiver of or consent to departure from any other collateral for, or any guaranty, or any other security, for all
or any of the Obligations; (d) any action by the Secured Party to obtain, adjust, settle and cancel in its sole discretion
any insurance claims or matters made or arising in connection with the Collateral; or (e) any other circumstance which might
otherwise constitute any legal or equitable defense available to the Company, or a discharge of all or any part of the Security
Interest granted hereby. Until the Obligations shall have been paid and performed in full, the rights of the Secured Party shall
continue even if the Obligations are barred for any reason, including, without limitation, the running of the statute of limitations
or bankruptcy. The Company expressly waives presentment, protest, notice of protest, demand, notice of nonpayment and demand for
performance. In the event that at any time any transfer of any Collateral or any payment received by the Secured Party hereunder
shall be deemed by final order of a court of competent jurisdiction to have been a voidable preference or fraudulent conveyance
under the bankruptcy or insolvency laws of the United States, or shall be deemed to be otherwise due to any party other than the
Secured Party, then, in any such event, the Company’s obligations hereunder shall survive cancellation of this Agreement,
and shall not be discharged or satisfied by any prior payment thereof and/or cancellation of this Agreement, but shall remain a
valid and binding obligation enforceable in accordance with the terms and provisions hereof. The Company waives all right to require
the Secured Party to proceed against any other person or to apply any Collateral which the Secured Party may hold at any time,
or to marshal assets, or to pursue any other remedy. The Company waives any defense arising by reason of the application of the
statute of limitations to any obligation secured hereby.






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11.             
Term of Agreement. This Agreement and the Security Interest shall terminate on the date on which all payments under
the Note and the Purchase Agreement have been made in full and all other Obligations have been paid or discharged. Upon such termination,
the Secured Party, at the request and at the expense of the Company, will join in executing any termination statement with respect
to any financing statement executed and filed pursuant to this Agreement.


12.             
Power of Attorney; Further Assurances.


(a)               
The Company authorizes the Secured Party, and does hereby make, constitute and appoint it, and its respective officers,
agents, successors or assigns with full power of substitution, as the Company’s true and lawful attorney-in-fact, with power,
in its own name or in the name of the Company, to, after the occurrence and during the continuance of an Event of Default, (i) endorse
any notes, checks, drafts, money orders, or other instruments of payment (including payments payable under or in respect of any
policy of insurance) in respect of the Collateral that may come into possession of the Secured Party; (ii) to sign and endorse
any UCC financing statement or any invoice, freight or express bill, bill of lading, storage or warehouse receipts, drafts against
debtors, assignments, verifications and notices in connection with accounts, and other documents relating to the Collateral; (iii) to
pay or discharge taxes, liens, security interests or other encumbrances at any time levied or placed on or threatened against the
Collateral; (iv) to demand, collect, receipt for, compromise, settle and sue for monies due in respect of the Collateral;
and (v) generally, to do, at the option of the Secured Party, and at the Company’s expense, at any time, or from time
to time, all acts and things which the Secured Party deems necessary to protect, preserve and realize upon the Collateral and the
Security Interest granted therein in order to effect the intent of this Agreement, the Note and the Purchase Agreement, all as
fully and effectually as the Company might or could do; and the Company hereby ratifies all that said attorney shall lawfully do
or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable for the term
of this Agreement and thereafter as long as any of the Obligations shall be outstanding.


(b)              
On a continuing basis, the Company will make, execute, acknowledge, deliver, file and record, as the case may be, in the
proper filing and recording places in any jurisdiction, including, without limitation, the jurisdictions indicated on Schedule
B, attached hereto, all such instruments, and take all such action as may reasonably be deemed necessary or advisable, or as
reasonably requested by the Secured Party, to perfect the Security Interest granted hereunder and otherwise to carry out the intent
and purposes of this Agreement, or for assuring and confirming to the Secured Party the grant or perfection of a security interest
in all the Collateral.


(c)               
The Company hereby irrevocably appoints the Secured Party as the Company’s attorney-in-fact, with full authority in
the place and stead of the Company and in the name of the Company, from time to time in the Secured Party’s discretion, to
take any action and to execute any instrument which the Secured Party may deem necessary or advisable to accomplish the purposes
of this Agreement, including the filing, in its sole discretion, of one or more financing or continuation statements and amendments
thereto, relative to any of the Collateral without the signature of the Company where permitted by law.


(d)              
The Company shall execute such additional agreements and documents necessary or advisable to accomplish the purposes of
this Agreement.






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13.             
Notices. All notices, requests, demands and other communications hereunder shall be made in accordance with the Purchase
Agreement.


14.             
Other Security. To the extent that the Obligations are now or hereafter secured by property other than the Collateral
or by the guarantee, endorsement or property of any other person, firm, corporation or other entity, then the Secured Party shall
have the right, in its sole discretion, to pursue, relinquish, subordinate, modify or take any other action with respect thereto,
without in any way modifying or affecting any of the Secured Party’s rights and remedies hereunder.


15.             
Miscellaneous.


(a)               
No course of dealing between the Company and the Secured Party, nor any failure to exercise, nor any delay in exercising,
on the part of the Secured Party, any right, power or privilege hereunder or under the Note or Purchase Agreement shall operate
as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder or thereunder preclude
any other or further exercise thereof or the exercise of any other right, power or privilege.


(b)              
All of the rights and remedies of the Secured Party with respect to the Collateral, whether established hereby or by the
Note or Purchase Agreement or by any other agreements, instruments or documents or by law shall be cumulative and may be exercised
singly or concurrently.


(c)               
This Agreement, the Note and the Purchase Agreement constitute the entire agreement of the parties with respect to the subject
matter hereof and are intended to supersede all prior negotiations, understandings and agreements with respect thereto. Except
as specifically set forth in this Agreement, no provision of this Agreement may be modified or amended except by a written agreement
specifically referring to this Agreement and signed by the parties hereto.


(d)              
In the event that any provision of this Agreement is held to be invalid, prohibited or unenforceable in any jurisdiction
for any reason, unless such provision is narrowed by judicial construction, this Agreement shall, as to such jurisdiction, be construed
as if such invalid, prohibited or unenforceable provision had been more narrowly drawn so as not to be invalid, prohibited or unenforceable.
If, notwithstanding the foregoing, any provision of this Agreement is held to be invalid, prohibited or unenforceable in any jurisdiction,
such provision, as to such jurisdiction, shall be ineffective to the extent of such invalidity, prohibition or unenforceability
without invalidating the remaining portion of such provision or the other provisions of this Agreement and without affecting the
validity or enforceability of such provision or the other provisions of this Agreement in any other jurisdiction.


(e)               
No waiver of any breach or default or any right under this Agreement shall be considered valid unless in writing and signed
by the party giving such waiver, and no such waiver shall be deemed a waiver of any subsequent breach or default or right, whether
of the same or similar nature or otherwise.


(f)               
This Agreement shall be binding upon and inure to the benefit of each party hereto and its successors and assigns.


(g)              
Each party shall take such further action and execute and deliver such further documents as may be necessary or appropriate
in order to carry out the provisions and purposes of this Agreement.


(h)              
This Agreement shall be construed in accordance with the laws of the State of Delaware, except to the extent the validity,
perfection or enforcement of a security interest hereunder in respect of any particular Collateral which are governed by a jurisdiction
other than the State of Delaware in which case such law shall govern. Each of the parties hereto irrevocably submit to the exclusive
jurisdiction of any Delaware state court or United States Federal court sitting in Delaware over any action or proceeding arising
out of or relating to this Agreement, and the parties hereto hereby irrevocably agree that all claims in respect of such action
or proceeding may be heard and determined in such Delaware state or Federal court. The parties hereto agree that a final judgment
in any such action 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. The parties hereto further waive any objection to venue in the State of Delaware and any objection
to an action or proceeding in the State of Delaware on the basis of forum non conveniens.






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(i)                
This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original
and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature
is executed) the same with the same force and effect as if such facsimile signature were the original thereof.


[Signature page follows.]


 



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IN WITNESS WHEREOF,
the parties hereto have caused this Security Agreement to be duly executed on the day and year first above written.


 


THINSPACE TECHNOLOGY, INC.


 


 


 


By:
/s/ J. Christopher Bautista


Name:
J. Christopher Bautista


Title:
Chief Executive Officer





 


 


IBC EQUITY HOLDINGS, INC.


 


 


 


By: /s/ Samuel Oshana


Name: Samuel Oshana


Title: Manager


 






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SCHEDULE
A


List of Subsidiaries of the Company


Thinspace Technology Ltd. (United Kingdom corporation)


Thinspace Technology, Ltd (Nevada corporation)


 


 



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SCHEDULE B


 


Jurisdictions:


Delaware


 






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STATE OF DELAWARE:


:SS


COUNTY OF NEW CASTLE:


 


BE IT REMEMBERED
that on this 8th day of October, 2014, personally came before me J. Christopher Bautista, the CEO of Thinspace Technology,
Inc., party to this Document, personally known to me to be such, and duly acknowledged this Document to be the/her act and deed
and duly authorized act and deed of Thinspace Technology, Inc.


 


GIVEN under my Hand
and Seal of Office, this day and year aforesaid.








	 	
	 	 
	 	 	/s/ Edward B. Rosenthal
	 	 	Notary Public




 











 



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STATE OF DELAWARE:


:SS


COUNTY OF NEW CASTLE:


 


BE IT REMEMBERED
that on this 8th day of October, 2014, personally came before me Samuel Oshana, the Manager of IBC Equity Holdings,
Inc., party to this Document, personally known to me to be such, and duly acknowledged this Document to be the/her act and deed
and duly authorized act and deed of IBC Equity Holdings, Inc.


 


GIVEN under my Hand
and Seal of Office, this day and year aforesaid.








	 	
	 	 
	 	 	/s/ Edward B. Rosenthal
	 	 	Notary Public




 








 





 


 


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