Exhibit
10.2


 


EXECUTION
VERSION


 


SECURITY
AND PLEDGE AGREEMENT


 


SECURITY
AND PLEDGE AGREEMENT, dated as of [ , 2022] (this “Agreement”), made by VSee Health, Inc. (f/k/a Digital
Health Acquisition Corp.) a Delaware corporation with offices located at 980 N. Federal Hwy #304, Boca Raton, FL 33432 (the “Company”)
and VSee Lab, Inc., a Delaware corporation with offices located at 3188 Kimlee Drive, Suite 100, San Jose, CA, 95132 (“VSee”),
and each of the undersigned direct and indirect Domestic Subsidiaries (as defined below) of the Company from time to time, if any (each
a “Grantor” and together with the Company and VSee, collectively, the “Grantors”), in favor of
3i, LP, with office located at 140 Broadway, 38th Floor, New York, NY, in its capacity as collateral agent (together with its successors
and assignees, in such capacity, the “Collateral Agent”) for the Noteholders (as defined below) party to the Securities
Purchase Agreement (as defined below).


 


W
I T N E S S E T H:


 


WHEREAS,
the Company and VSee are party to that certain Securities Purchase Agreement, dated as of August 9, 2022, (as amended, modified,
supplemented, extended, renewed, restated or replaced from time to time in accordance with the terms thereof, the “Securities
Purchase Agreement”) by and among the Company, VSee, and iDoc Virtual Telehealth Solutions, Inc., a Texas corporation,
and each party listed as a “Buyer” on the Schedule of Buyers attached thereto (each a “Buyer” and collectively,
the “Buyers”), pursuant to which the Company shall be required to sell, and the Buyers shall purchase or have the
right to purchase, the “Notes” issued pursuant thereto (as such Notes may be amended, modified, supplemented, extended, renewed,
restated or replaced from time to time in accordance with the terms thereof, collectively, the “Notes”);


 


WHEREAS,
certain Grantors (other than the Company and VSee) from time to time (each a “Guarantor” and collectively, the “Guarantors”)
may execute and deliver one or more guarantees (each, a “Guaranty” and collectively, the “Guaranties”)
in form and substance acceptable to and in favor of the Collateral Agent, for the ratable benefit of itself and the Noteholders, with
respect to the Company’s and VSee’s obligations under the Securities Purchase Agreement, the Notes and the other “Transaction
Documents” (as defined below);


 


WHEREAS,
it is a condition precedent to the Buyers’ obligation to purchase the Notes that the Grantors shall have executed and delivered
to the Collateral Agent this Agreement providing for the grant to the Collateral Agent, for the ratable benefit of itself and the Noteholders,
of a valid, enforceable, and perfected security interest in all personal property of each Grantor to secure all of the Company’s
and VSee’s obligations under the Transaction Documents and the Guarantors’ obligations under the Guaranties, as applicable;
and


 


WHEREAS,
the Grantors are Affiliates that are part of a common enterprise such that each Grantor will derive substantial direct and indirect financial
and other benefits from the consummation of the transactions contemplated under the Transaction Documents and, accordingly, the consummation
of such transactions are in the best interests of each Grantor;


 






     


     


    

 


NOW,
THEREFORE, in consideration of the premises and the agreements herein and in order to induce the Buyers to perform under the Securities
Purchase Agreement, each Grantor agrees with the Collateral Agent, for the ratable benefit of the Collateral Agent and the Noteholders,
as follows:


 


Section 1.     Definitions.


 


(a)            Reference
is hereby made to the Securities Purchase Agreement and the Notes for a statement of the terms thereof. All terms used in this Agreement
and the recitals hereto which are defined in the Securities Purchase Agreement, the Notes or in the Code, and which are not otherwise
defined herein shall have the same meanings herein as set forth therein; provided that terms used herein which are defined in
the Code on the date hereof shall continue to have the same meaning notwithstanding any replacement or amendment of the Code except as
the Collateral Agent may otherwise determine in its sole and absolute discretion.


 


(b)            Without
limiting the generality of, and subject to the proviso at the end of, Section 1(a) of this Agreement, the following terms shall
have the respective meanings provided for in the Code: “Accounts”, “Account Debtor”, “Cash Proceeds”,
 “Certificate of Title”, “Chattel Paper”, “Commercial Tort Claim”, “Commodity Account”,
 “Commodity Contracts”, “Deposit Account”, “Documents”, “Electronic Chattel Paper”, “Equipment”,
 “Fixtures”, “General Intangibles”, “Goods”, “Instruments”, “Inventory”, “Investment
Property”, “Letter-of-Credit Rights”, “Noncash Proceeds”, “Payment Intangibles”, “Proceeds”,
 “Promissory Notes”, “Security”, “Record”, “Security Account”, “Software”,
 “Supporting Obligations” and “Uncertificated Securities”.


 


(c)            As
used in this Agreement, the following terms shall have the respective meanings indicated below, such meanings to be applicable equally
to both the singular and plural forms of such terms:


 


“Affiliate”
of any Person means any other Person which, directly or indirectly, controls or is controlled by or is under common control with such
Person and any officer or director of such Person. Without limiting the generality of the foregoing, a Person shall be deemed to be “controlled
by” any other Person if such Person possesses, directly or indirectly, power to vote 10% or more of the securities (on a fully
diluted basis) having ordinary voting power for the election of directors or managers or power to direct or cause the direction of the
management and policies of such Person, whether by contract or otherwise.


 


“Bankruptcy
Code” means Chapter 11 of Title 11 of the United States Code, 11 U.S.C §§ 101 et seq. (or other applicable bankruptcy,
insolvency or similar laws).


 


“Bankruptcy
Event of Default” means any Event of Default under Section 4(a)(viii) of the Note.


 


“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any
other similar orders or restrictions or the closure of any physical branch locations at the direction of any Governmental Authority so
long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are
open for use by customers on such day.


 






     


     


    

 


“Buyer”
or “Buyers” shall have the meaning set forth in the recitals hereto.


 


“Capital
Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests, participations or other
equivalents (however designated and whether or not voting) of corporate stock (including, without limitation, any warrants, options,
rights or other securities exercisable or convertible into equity interests or securities of such Person), and (ii) with respect
to any Person that is not an individual or a corporation, any and all partnership, membership, trust or other equity interests of such
Person.


 


“Closing
Date” means the date the Company initially issues the Notes pursuant to the terms of the Securities Purchase Agreement.


 


“Code”
means Articles 8 or 9 of the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if
perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “Code” means the Uniform Commercial
Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect
of perfection or non-perfection or priority.


 


“Collateral”
shall have the meaning set forth in Section 3(a) of this Agreement.


 


“Collateral
Agent” shall have the meaning set forth in the preamble hereto.


 


“Company”
shall have the meaning set forth in the preamble hereto.


 


“Controlled
Account Agreement” means a deposit account control agreement or securities account control agreement with respect to a Pledged
Account, pursuant to which the Collateral Agent is granted control over such Pledged Account in a manner that perfects its security interest
in such Pledged Account under applicable law, all in form and substance satisfactory to the Collateral Agent, as the same may be amended,
modified, supplemented, extended, renewed, restated or replaced from time to time.


 


“Controlled
Accounts” means the Deposit Accounts, Commodity Accounts, Securities Accounts, and/or Foreign Currency Controlled Account of
the Grantors listed on Schedule IV attached hereto other than any Excluded Accounts.


 


“Controlled
Account Bank” shall have the meaning set forth in Section 6(i) of this Agreement.


 


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


 






     


     


    

 


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


 


“Domestic
Subsidiary” means any Subsidiary other than a Foreign Subsidiary.


 


“Event
of Default” shall have the meaning set forth in Section 4(a) of the Notes.


 


“Excluded
Account” means (i) any accounts used solely for payroll expenses, trust accounts, employee benefit accounts or tax payments
of the Grantors and their Subsidiaries, (ii) any Deposit Account, Commodity Account or Securities Account that does not have a cash
or cash equivalents average daily balance over the most recently ended 30-day period exceeding $10,000 in the aggregate for all such
accounts.


 


“Excluded
Collateral” means:


 


		1.	such
                                            portion of the voting Capital Stock of any Foreign Subsidiary in excess of 65% of the issued
                                            and outstanding voting Capital Stock of such Foreign Subsidiary at any time the pledging
                                            of more than 65% of the total outstanding voting Capital Stock of such Foreign Subsidiary
                                            would result in a material adverse tax consequence to a Grantor;



 


		2.	property
                                            and assets to the extent that the Collateral Agent may not validly possess a security interest
                                            therein under, or such security interest is restricted by, applicable laws or the pledge
                                            or creation of a security interest in which would require governmental consent, approval,
                                            license or authorization, other than to the extent such prohibition or limitation is rendered
                                            ineffective under the Code or other applicable law notwithstanding such prohibition or for
                                            which such consent, approval, license or authorization has been received or for which such
                                            restriction is removed by operation of law or otherwise;



 


		3.	leases,
                                            licenses or permits or agreements with respect to any purchase money indebtedness (or similar
                                            arrangements) to the extent that, and so long as, a grant of a security interest therein,
                                            or in the property or assets that secure the underlying obligations with respect thereto
                                            (a) is prohibited by applicable law other than to the extent such prohibition is rendered
                                            ineffective under the Code or other applicable Law notwithstanding such prohibition or (b) would
                                            violate or invalidate such lease, license, permit or agreement, or create a right of termination
                                            in favor of, or require the consent of, any other party thereto (other than Company or any
                                            of its Subsidiaries or any of their respective Affiliates) (in each case, after giving effect
                                            to the relevant provisions of the Code or other applicable Laws), in each case, other than
                                            the proceeds thereof, and only to the extent that, and for so long, as such limitation on
                                            such pledge or security interest is otherwise permitted under Section 15(c) of
                                            the Notes;



 






     


     


    

 


		4.	any
                                            intent-to-use trademark application prior to the filing of a “Statement of Use”
                                            or “Amendment to Allege Use” with respect thereto, to the extent, if any, that,
                                            and solely during the period, if any, in which the grant of a security interest therein would
                                            impair the validity or enforceability of such intent-to-use trademark application under applicable
                                            federal law; provided, however, to the extent that such applicable federal law requirement
                                            is no longer in effect, then such trademark application shall cease to be an “Excluded
                                            Collateral” and shall automatically be subject to the Lien and security interests granted
                                            hereby and to the terms and provisions of this Agreement as “Collateral”; and



 


		5.	any
                                            particular assets if, and for so long as, in each case, the Collateral Agent determines in
                                            its sole discretion that the cost of creating or perfecting such pledges or security interest
                                            in such assets exceed the practical benefits to be obtained by the Noteholders therefrom;



 


provided,
that, any Proceeds received by any Grantor from the sale, transfer or other disposition of Excluded Collateral shall constitute Collateral
unless any Property constituting such Proceeds are themselves subject to the exclusions set forth above or otherwise constitute Excluded
Collateral.


 


“Foreign
Currency Controlled Accounts” means any Controlled Account of a Grantor or any of its Subsidiaries holding a deposit denominated
in a currency other than United States dollars.


 


“Foreign
Subsidiary” means any Subsidiary of a Grantor organized under the laws of a jurisdiction other than the United States, any
of the states thereof, Puerto Rico or the District of Columbia.


 


“GAAP”
means U.S. generally accepted accounting principles consistently applied.


 


“Governmental
Authority” means any nation or government, any Federal, state, city, town, municipality, county, local, foreign or other political
subdivision thereof or thereto and any department, commission, board, bureau, court, tribunal, instrumentality, agency or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.


 


“Guaranteed
Obligations” shall have the meaning set forth in Section 2 of each Guaranty.


 


“Guarantor”
or “Guarantors” shall have the meaning set forth in the recitals hereto.


 


“Guaranty”
or “Guaranties” shall have the meaning set forth in the recitals hereto.


 






     


     


    

 


“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any
other bankruptcy or insolvency law or law for the relief of debtors, any proceeding relating to assignments for the benefit of creditors,
formal or informal moratoria, compositions, or extensions generally with creditors, or any proceeding seeking reorganization, arrangement,
or other similar relief.


 


“Intellectual
Property” means, collectively, all intellectual property rights and assets, and all rights, interests and protections that
are associated with, similar to, or required for the exercise of, any of the foregoing, however arising, under the applicable laws of
any jurisdiction throughout the world, whether registered or unregistered, including, without limitation, any and all: (a) Trademarks;
(b) internet domain names, whether or not trademarks, registered in any top-level domain by any authorized private registrar or
Governmental Authority, web addresses, web pages, websites and related content; (c) accounts with YouTube, LinkedIn, Twitter, Instagram,
Facebook and other social media companies and the content found thereon (to the extent that such accounts and content are transferable
pursuant to the terms, conditions, and policies of each applicable social media platform); (d) Copyrights; (e) Patents; and
(f) business and technical information, databases, data collections and other confidential and proprietary information and all rights
therein.


 


“Intellectual
Property Security Agreement” means the Intellectual Property Security Agreement required to be delivered pursuant to Section 6(h)(i) of
this Agreement, substantially in the form attached hereto as Exhibit A.


 


“Licenses”
means, collectively, the Copyright Licenses, the Trademark Licenses and the Patent Licenses.


 


“Lien”
means any mortgage, lien, pledge, charge, security interest, adverse claim or other encumbrance upon or in any property or assets.


 


“Noteholders”
means, at any time, the holders of the Notes at such time.


 


“Notes”
shall have the meaning set forth in the recitals hereto.


 


“Obligations”
shall have the meaning set forth in Section 4 of this Agreement.


 


“Paid
in Full” or “Payment in Full” means the indefeasible payment in full in cash of all of the Obligations (other
than inchoate indemnity obligations).


 


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


 


“Patents”
means all domestic and foreign letters patent, design patents, utility patents, industrial designs, inventions, trade secrets, ideas,
concepts, methods, techniques, processes, proprietary information, technology, know-how, formulae, rights of publicity and other general
intangibles of like nature, now existing or hereafter acquired (including, without limitation, all domestic and foreign letters patent,
design patents, utility patents, industrial designs, inventions, trade secrets, ideas, concepts, methods, techniques, processes, proprietary
information, technology, know-how and formulae described in Schedule II hereto), all applications, registrations and recordings
thereof (including, without limitation, applications, registrations and recordings in the United States Patent and Trademark Office,
or in any similar office or agency of the United States or any other country or any political subdivision thereof), and all reissues,
reexaminations, divisions, continuations, continuations in part and extensions or renewals thereof.


 






     


     


    

 


“Perfection
Requirement” or “Perfection Requirements” shall have the meaning set forth in Section 5(j) of
this Agreement.


 


“Permitted
Liens” shall have the meaning set forth in the Notes1.


 


“Person”
means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated organization,
joint venture or other enterprise or entity or Governmental Authority.


 


“Pledged
Accounts” means all of each Grantor’s right, title and interest in all of its Deposit Accounts, Commodity Accounts and
Securities Accounts (in all cases, including, without limitation, all Controlled Accounts and Foreign Currency Control Accounts).


 


“Pledged
Collateral” shall have the meaning set forth in Section 2(a).


 


“Pledged
Debt” shall have the meaning set forth in Section 2(a).


 


“Pledged
Entity” means, each Person listed from time to time on Schedule IV hereto as a “Pledged Entity,” together
with each other Person, any right in or interest in or to all or a portion of whose Securities or Capital Stock is acquired or otherwise
owned by a Grantor after the date hereof.


 


“Pledged
Equity” means all of each Grantor’s right, title and interest in and to all of the Securities and Capital Stock now or
hereafter owned by such Grantor (including, without limitation, those interests listed opposite the name of such Grantor on Schedule
IV), regardless of class or designation, including all substitutions therefor and replacements thereof, all proceeds thereof and
all rights relating thereto, also including, without limitation, any certificates representing such Securities and/or Capital Stock,
the right to receive any certificates representing any of such Securities and/or Capital Stock, all warrants, options, subscription,
share appreciation rights and other rights, contractual or otherwise, in respect thereof, and the right to receive dividends, distributions
of income, profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in kind, and cash, instruments,
and other property from time to time received, receivable, or otherwise distributed in respect of or in addition to, in substitution
of, on account of, or in exchange for any or all of the foregoing.


 


“Pledged
Operating Agreements” means all of each Grantor’s rights, powers and remedies under the limited liability company operating
agreements of each of the Pledged Entities that is a limited liability company, as may be amended, modified, supplemented, extended,
renewed, restated or replaced from time to time.


 





 






1
To be confirmed.


 






     


     


    

 


“Pledged
Partnership Agreements” means all of each Grantor’s rights, powers, and remedies under the general or limited partnership
agreements of each of the Pledged Entities that is a general or limited partnership, as may be amended, modified, supplemented, extended,
renewed, restated or replaced from time to time.


 


“Pledged
Securities” means any Promissory Notes, stock certificates, limited liability membership interests or other Securities, certificates
or Instruments now or hereafter included in the Pledged Collateral, including all Pledged Equity, Pledged Debt and all other certificates,
instruments or other documents representing or evidencing any Pledged Collateral.


 


“Securities
Purchase Agreement” shall have the meaning set forth in the recitals hereto.


 


“Subsidiary”
means any Person in which a Grantor directly or indirectly, (i) owns any of the outstanding Capital Stock or holds any equity
or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of
such Person, and all of the foregoing, collectively, “Subsidiaries”.


 


“Trademark
Licenses” means all licenses, contracts or other agreements, whether written or oral, naming any Grantor as licensor or licensee
and providing for the grant of any right concerning any Trademark, together with any goodwill connected with and symbolized by any such
licenses, contracts or agreements and the right to prepare for sale or lease and sell or lease any and all Inventory now or hereafter
owned by any Grantor and now or hereafter covered by such licenses, contracts or agreements (including, without limitation, all Trademark
Licenses described in Schedule II hereto).


 


“Trademarks”
means all domestic and foreign trademarks, service marks, collective marks, certification marks, trade names, business names, d/b/a’s,
assumed names, Internet domain names, trade styles, designs, logos and other source or business identifiers and all general intangibles
of like nature, now or hereafter owned, adopted, acquired or used by any Grantor (including, without limitation, all domestic and foreign
trademarks, service marks, collective marks, certification marks, trade names, business names, d/b/a’s, assumed names, Internet
domain names, trade styles, designs, logos and other source or business identifiers described in Schedule II hereto), all applications,
registrations and recordings thereof (including, without limitation, applications, registrations and recordings in the United States
Patent and Trademark Office or in any similar office or agency of the United States, any state thereof or any other country or any political
subdivision thereof), and all reissues, extensions or renewals thereof, together with all goodwill of the business symbolized by such
marks and all customer lists, formulae and other Records of any Grantor relating to the distribution of products and services in connection
with which any of such marks are used.


 


Section 2.     Pledge
of Pledged Collateral.


 


(a)            As
collateral security for the due and punctual payment and performance in full of the Obligations, as and when due, each Grantor hereby
assigns and pledges to the Collateral Agent, its successors and permitted assigns, and hereby grants to the Collateral Agent, its successors
and permitted assigns, for the ratable benefit of the Collateral Agent and the Noteholders, a continuing Lien on and security interest
in, all of such Grantor’s right, title and interest in, to and under all of the following, wherever located and whether now or
hereafter existing and whether now owned or hereafter acquired: (i) the Pledged Equity; (ii) all Promissory Notes, Security
and Instruments evidencing debt now owned or at any time hereafter acquired by it (including, without limitation, those listed opposite
the name of such Grantor on Schedule IV) (the “Pledged Debt”); (iii) subject to Section 2(g) and
2(h), all payments of principal or interest, dividends, distributions, cash, Promissory Notes, Securities, 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 Equity and the Pledged Debt; (iv) all rights and privileges of such
Grantor with respect to the Securities and other property referred to in clauses (i), (ii), and (iii) above; and (v) all Proceeds
of, and Security Entitlements in respect of, any of the foregoing (the items referred to in clauses (a) through (v) above being
collectively referred to as the “Pledged Collateral”); provided that the Pledged Collateral shall not include any
item referred to in clauses (a) through (f) above if, for so long as and to the extent such item constitutes Excluded Collateral.


 






     


     


    

 


(b)            On
the Closing Date (in the case of any Grantor that grants a Lien on any of its assets hereunder on the Closing Date) or on the date on
which it becomes a party to this Agreement pursuant to Section 6(m) (in the case of any other Grantor), each Grantor
shall deliver or cause to be delivered to the Collateral Agent any and all Pledged Securities (other than any Uncertificated Securities,
but only for so long as such Securities remain uncertificated) to the extent such Pledged Securities, in the case of Promissory Notes
and other Instruments evidencing debt, are required to be delivered pursuant to Section 2(c). Thereafter, whenever such Grantor
acquires any other Pledged Security (other than any Uncertificated Securities, but only for so long as such Uncertificated Securities
remain uncertificated), such Grantor shall promptly, and in any event within 30 days (or such longer period as the Collateral Agent
may agree to in writing), deliver or cause to be delivered to the Collateral Agent such Pledged Security as Collateral hereunder to the
extent such Pledged Securities, in the case of Promissory Notes and Instruments evidencing debt, are required to be delivered pursuant
to Section 2(c).


 


(c)            Each
Grantor will cause all debt for borrowed money in excess of an aggregate principal amount of $10,000 or more owed to such Grantor by
any other Person to be evidenced by a duly executed Promissory Note, and shall cause each such Promissory Note to be pledged and delivered
to the Collateral Agent, (i) on the date hereof, in the case of any such debt existing on the date hereof (or, in the case of any
Grantor that becomes a party hereto after the date hereof, on the date such Grantor becomes a party hereto, in the case of any such debt
existing on such date) or (ii) promptly following the incurrence thereof, in the case of any such debt incurred after the date hereof
(or such other date), in each case pursuant to the terms hereof.


 


(d)            Upon
delivery to the Collateral Agent, (i) any Pledged Securities required to be delivered pursuant to Section 2(b) and/or
2(c) shall be accompanied by undated stock or note powers duly executed by the applicable Grantor 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 in order to effect the transfer of such Pledged Securities and (ii) all other property comprising part of the Pledged Collateral
required to be delivered pursuant to Section 2(b) and/or 2(c) shall be accompanied by undated proper instruments
of assignment duly executed by the applicable Grantor and such other instruments or documents as the Collateral Agent may reasonably
request in order to effect transfer of such Pledged Collateral. Each delivery of Pledged Securities or other Pledged Collateral shall
be accompanied by a schedule describing such Pledged Securities or Pledged Collateral, as the case may be, which schedule shall be deemed
to supplement Schedule IV and be 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 any prior schedules so delivered.


 






     


     


    

 


(e)            The
assignment, pledge, Lien and security interest granted in Section 2(a) are granted as security only and shall not subject the
Collateral Agent or any Buyer to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising
out of the Pledged Collateral.


 


(f)            If
an Event of Default shall occur and be continuing and, other than in the case of a Bankruptcy Event of Default, the Collateral Agent
shall have notified the Borrower of its intent to exercise such rights, (a) the Collateral Agent, shall have the right (in its sole
and absolute discretion) to cause each of the Pledged Securities to be transferred of record into the name of the Collateral Agent or
into the name of its nominee (as pledgee or as sub-agent) or the name of the applicable Grantor, endorsed or assigned in blank or in
favor of the Collateral Agent and (b) to the extent permitted by the documentation governing such Pledged Securities and applicable
law, the Collateral Agent shall have the right to exchange the certificates representing Pledged Securities for certificates of smaller
or larger denominations for any purpose consistent with this Agreement. Each Grantor will promptly give to the Collateral Agent copies
of any material notices received by it with respect to Pledged Securities registered in the name of such Grantor. Each Grantor will take
any and all actions reasonably requested by the Collateral Agent to facilitate compliance with this Section 2(f).


 


(g)            Unless
and until an Event of Default shall have occurred and be continuing and, other than in the case of a Bankruptcy Event of Default, the
Collateral Agent shall have notified the Grantors that the rights of the Grantors under this Section 2(g) are being
suspended:


 


(i) 
Each Grantor 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 inconsistent with the terms of this Agreement and the other Transaction Documents.


 


(ii) The
Collateral Agent shall promptly execute and deliver to each Grantor, or cause to be executed and delivered to such Grantor, all such
proxies, powers of attorney and other instruments as such Grantor may reasonably request in writing for the purpose of enabling such
Grantor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to Section 2(g)(i),
in each case as shall be specified in such request.


 


(iii) Each
Grantor 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 permitted by, the other Transaction Documents and applicable laws; provided that any noncash dividends, interest, principal
or other distributions that would constitute Pledged Equity or Pledged Debt, whether resulting from a subdivision, combination or reclassification
of the outstanding equity interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part
thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such
issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall be held
in trust for the benefit of the Collateral Agent and shall, to the extent required by Section 2(b) and/or 2(c) be
forthwith delivered to the Collateral Agent in the same form as so received (with any necessary endorsement or documents set forth in
Section 2(d) or as otherwise reasonably requested by the Collateral Agent). So long as no Event of Default has occurred
and is continuing, the Collateral Agent shall promptly deliver to each Grantor any Pledged Securities in its possession if requested
to be delivered to the issuer thereof in connection with any exchange or redemption of such Pledged Securities.


 






     


     


    

 


(h)            Upon
the occurrence and during the continuance of an Event of Default and, other than in the case of a Bankruptcy Event of Default, after
the Collateral Agent shall have notified the Grantors of the suspension of the rights of the Grantors under Section 2(g)(iii),
all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant
to Section 2(g)(iii) shall cease, and all such rights shall thereupon become vested 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 as part
of the Pledged Collateral, subject to Section 2(k) and the last sentence of this Section 2(h). All dividends,
interest, principal or other distributions received by any Grantor contrary to the provisions of Section 2(g) or this
Section 2(h) shall be held in trust for the benefit of the Collateral Agent and shall be forthwith delivered to the
Collateral Agent upon demand in the same form as so received (with any necessary endorsement reasonably requested by the Collateral Agent).
Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions of Section 2(g) and/or
this Section 2(h) 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, shall be held as security for the payment and performance of the Obligations and shall
be applied in accordance with the provisions of Section 8. After all Events of Default have been cured or waived, and the
Grantors have delivered to the Collateral Agent a certificate of an executive officer to such effect, the Collateral Agent shall promptly
repay to each Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise
be permitted to retain pursuant to the terms of Section 2(g)(iii) in the absence of an Event of Default and that remain
in such account.


 


(i)            Upon
the occurrence and during the continuance of an Event of Default and, other than in the case of a Bankruptcy Event of Default, after
the Collateral Agent shall have notified the Grantors of the suspension of the rights of the Grantors under Section 2(g)(i),
all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to Section 2(g)(i),
and the obligations of the Collateral Agent under Section 2(g)(ii), shall cease, and all such rights shall thereupon become
vested in the Collateral Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights
and powers subject to Section 2(k) and the last sentence of this Section 2(i); 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 Grantors
to exercise such rights. After all Events of Default have been cured or waived, and the Grantors have delivered to the Collateral Agent
a certificate of an executive officer to such effect, each Grantor shall have the exclusive right to exercise the voting and/or consensual
rights and powers that such Grantor would otherwise be entitled to exercise pursuant to the terms of Section 2(g)(i), and
the obligations of the Collateral Agent under Section 2(g)(ii) shall be reinstated.


 






     


     


    

 


(j)            Any
notice given by the Collateral Agent to the Grantors under Section 2(f) or Section 2(g) (i) may
be given by telephone if promptly confirmed in writing, (ii) may be given with respect to one or more of the Grantors at the same
or different times and (iii) may suspend the rights of the Grantors under Section 2(g)(i) or 2(g)(iii) in
part without suspending all such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving
or otherwise affecting the Collateral Agent’s rights to give additional notices from time to time suspending other rights so long
as an Event of Default has occurred and is continuing.


 


(k)            Nothing
contained in this Agreement shall be construed to make the Collateral Agent or any Buyer liable as a member of any limited liability
company or as a partner of any partnership, and neither the Collateral Agent nor any Buyer by virtue of this Agreement or otherwise (except
as referred to in the following sentence) shall have any of the duties, obligations or liabilities of a member of any limited liability
company or as a partner in any partnership. The parties hereto expressly agree that, unless the Collateral Agent shall become the absolute
owner of Pledged Equity consisting of a limited liability company interest or a partnership interest pursuant hereto, this Agreement
shall not be construed as creating a partnership or joint venture among the Collateral Agent, any Buyer, any Grantor and/or any other
Person.


 


Section 3.     Grant
of Security Interest


 


(a)            As
collateral security for the due and punctual payment and performance in full of the Obligations, as and when due, each Grantor hereby
pledges and assigns to the Collateral Agent, its successors and permitted assigns, and hereby grants to the Collateral Agent, its successors
and permitted assigns, for the ratable benefit of the Collateral Agent and the Noteholders, a continuing Lien on and security interest
in, all of such Grantor’s right, title and interest in, to and under all personal property and assets of such Grantor, wherever
located and whether now or hereafter existing and whether now owned or hereafter acquired, of every kind, nature and description, whether
tangible or intangible (together with the Pledged Collateral, the “Collateral”), including, without limitation, the
following:


 


(i)            all
Accounts;


 


(ii)            all
Chattel Paper (whether tangible or Electronic Chattel Paper);


 


(iii)            all
Commercial Tort Claims, including, without limitation, those specified on Schedule VI hereto;


 


(iv)            all
Documents;


 


(v)            all
Equipment;


 


(vi)            all
Fixtures;


 






     


     


    

 


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


 


(viii)            all
Goods;


 


(ix)            all
Instruments;


 


(x)            all
Inventory;


 


(xi)            all
Investment Property (and, regardless of whether classified as Investment Property under the Code, all Pledged Equity, Pledged Operating
Agreements and Pledged Partnership Agreements);


 


(xii)            all
Intellectual Property and all Licenses;


 


(xiii)            all
Letter-of-Credit Rights;


 


(xiv)            all
Pledged Accounts, all cash and other property from time to time deposited therein, and all monies and property in the possession or under
the control of the Collateral Agent or any Noteholder or any Affiliate, representative, agent or correspondent of the Collateral Agent
or any such Noteholder;


 


(xv)            all
Supporting Obligations;


 


(xvi)            all
other tangible and intangible personal property of each Grantor (whether or not subject to the Code), including, without limitation,
all Deposit Accounts and other accounts and all cash and all investments therein, all proceeds, products, offspring, accessions, rents,
profits, income, benefits, substitutions and replacements of and to any of the property of any Grantor described in the preceding clauses
of this Section 3(a) (including, without limitation, any proceeds of insurance thereon and all causes of action, claims
and warranties now or hereafter held by each Grantor in respect of any of the items listed above), and all books, correspondence, files
and other Records, including, without limitation, all tapes, desks, cards, Software, data and computer programs in the possession or
under the control of any Grantor or any other Person from time to time acting for any Grantor, in each case, to the extent of such Grantor’s
rights therein, that at any time evidence or contain information relating to any of the property described in the preceding clauses of
this Section 3(a) or are otherwise necessary or helpful in the collection or realization thereof; and


 


(xvii)            all
Proceeds, including all Cash Proceeds and Noncash Proceeds, and products of any and all of the foregoing Collateral;


 


in each
case howsoever any Grantor’s interest therein may arise or appear (whether by ownership, security interest, claim or otherwise).


 


(b)            Notwithstanding
anything herein to the contrary, the term “Collateral” shall not include any Excluded Collateral.


 






     


     


    

 


(c)            Each
Grantor agrees not to further encumber, or permit any other Lien to exist (other than the Permitted Liens) that encumbers, any of its
Intellectual Property, including, without limitation, any of its Copyrights, Copyright applications, Copyright registrations and like
protections in each work of authorship and derivative work, whether published or unpublished, Licenses, Patents, Patent applications
and like protections, including, without limitation, improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part
of the same, Trademarks, service marks and, to the extent permitted under applicable law, any applications therefor, whether registered
or not, and the goodwill of the business of such Grantor connected with and symbolized thereby, know-how, operating manuals, trade secret
rights, rights to unpatented inventions, and any claims for damage by way of any past, present, or future infringement of any of the
foregoing, in each case without the Collateral Agent’s prior written consent (which consent may be withheld or given in the Collateral
Agent’s sole and absolute discretion).


 


(d)            Each
Grantor agrees that the pledge of the shares of Capital Stock acquired by such Grantor of any and all Persons now or hereafter existing
that is a Foreign Subsidiary may be supplemented by one or more separate pledge agreements, deeds of pledge, share charges or other similar
agreements or instruments, executed and delivered by such Grantor in favor of the Collateral Agent, which agreements or instruments will
provide for the pledge of such shares of Capital Stock and perfection of the Lien on such shares in accordance with the laws of the applicable
foreign jurisdiction. With respect to such shares of Capital Stock, the Collateral Agent may, at any time and from time to time, in its
sole and absolute discretion, take such actions in such foreign jurisdictions that will result in the perfection of the Lien created
in such shares of Capital Stock.


 


(e)            In
addition, to secure the due and punctual payment and performance in full of the Obligations, as and when due, and in order to induce
the Buyers as aforesaid, each Grantor hereby grants to the Collateral Agent, its successors and permitted assigns, for the ratable benefit
of the Collateral Agent and the Noteholders, a right of set-off against the property of such Grantor held by the Collateral Agent, for
itself and for the ratable benefit of the Noteholders, consisting of property described above in Section 2(a) and/or
Section 3(a) now or hereafter in the possession or custody of or in transit to the Collateral Agent, for any purpose,
including safekeeping, collection or pledge, for the account of such Grantor, or as to which such Grantor may have any right or power;
provided that such right shall only to be exercised after an Event of Default has occurred and is continuing.


 


Section 4.     Security
for Obligations. The Lien and security interest created hereby in the Collateral constitutes continuing collateral security for all
of the following obligations, whether direct or indirect, absolute or contingent, and whether now existing or hereafter incurred (collectively,
the “Obligations”):


 


(a)            (i) the
payment by the Company and each other Grantor, as and when due and payable (by scheduled maturity, required prepayment, acceleration,
demand or otherwise), of all amounts from time to time owing by it in respect of the Securities Purchase Agreement, this Agreement, the
Notes and the other Transaction Documents, and (ii) in the case of the Guarantors, the payment by such Guarantors, as and when due
and payable of all Guaranteed Obligations under the Guaranties, including, without limitation, in both cases, (A) all principal
of, interest, make-whole and other amounts on the Notes (including, without limitation, all interest, make-whole and other amounts that
accrues after the commencement of any Insolvency Proceeding of any Grantor, whether or not the payment of such interest is enforceable
or is allowable in such Insolvency Proceeding), and (B) all fees, interest, premiums, penalties, contract causes of action, costs,
commissions, expense reimbursements, indemnifications and all other amounts due or to become due under this Agreement or any of the Transaction
Documents; and


 






     


     


    

 


(b)            the
due and punctual performance and observance by each Grantor of all of its other obligations from time to time existing in respect of
any of the Transaction Documents, including without limitation, with respect to any conversion or redemption rights of the Noteholders
under the Notes.


 


Section 5.     Representations
and Warranties. Each Grantor represents and warrants as follows:


 


(a)            Schedule
I hereto sets forth (i) the exact legal name of each Grantor, and (ii) the state of incorporation, organization or formation
and the organizational identification number of each Grantor in such state. The information set forth in Schedule I hereto with
respect to such Grantor is true and accurate in all respects. Such Grantor has not previously changed its name (or operated under any
other name), jurisdiction of organization or organizational identification number from those set forth in Schedule I hereto except
as disclosed in Schedule I hereto.


 


(b)            There
is no pending or, to its knowledge, written notice threatening any action, suit, proceeding or claim affecting any Grantor before any
Governmental Authority or any arbitrator, or any order, judgment or award issued by any Governmental Authority or arbitrator, in each
case, that may adversely affect the grant by any Grantor, or the perfection, of the Lien and security interest purported to be created
hereby in the Collateral, or the exercise by the Collateral Agent of any of its rights or remedies hereunder.


 


(c)            All
Federal, state and local tax returns and other reports required by applicable law to be filed by any Grantor have been filed, or extensions
have been obtained, and all taxes, assessments and other governmental charges or levies imposed upon any Grantor or any property of any
Grantor (including, without limitation, all federal income and social security taxes on employees’ wages) and which have become
due and payable on or prior to the date hereof have been paid, except to the extent contested in good faith by proper proceedings which
stay the imposition of any penalty, fine or Lien resulting from the non-payment thereof and with respect to which adequate reserves have
been set aside for the payment thereof in accordance with GAAP, except as set forth on Schedul I(c) hereto.


 


(d)            All
Equipment, Fixtures, Goods and Inventory of each Grantor now existing are, and all Equipment, Fixtures, Goods and Inventory of each Grantor
hereafter existing will be, located and/or based at the addresses specified therefor in Schedule III hereto, except that each
Grantor will give the Collateral Agent written notice of any change in the location of any such Collateral within 20 days of such change,
other than to locations set forth on Schedule III hereto (and with respect to which the Collateral Agent has filed financing
statements and otherwise fully perfected its Liens thereon). Each Grantor’s principal place of business and chief executive office,
the place where each Grantor keeps its Records concerning the Collateral and all originals of all Chattel Paper in which any Grantor
has any right, title or interest are located and will continue to be located at the addresses specified therefor in Schedule III
hereto. None of the Accounts in which any Grantor has any right, title or interest is or will be evidenced by Promissory Notes or
other Instruments.


 






     


     


    

 


(e)            Set
forth in Schedule IV hereto is a complete and accurate list, as of the date of this Agreement, of (i) all Pledged Debt, specifying
the debtor thereof and the outstanding principal amount thereof as of the Closing Date, Securities and other Instruments in which any
Grantor has any right, title or interest, (ii) each Pledged Account of each Grantor, together with the name and address of each
institution at which each such Pledged Account is maintained, the account number for each such Pledged Account and a description of the
purpose of each such Pledged Account and (iii) the name of each Foreign Currency Controlled Account of each Grantor, together with
the name and address of each institution at which each such Foreign Currency Controlled Account is maintained and the amount of cash
or cash equivalents held in each such Foreign Currency Controlled Account. Set forth in Schedule II hereto is a complete and correct
list of each trade name used by each Grantor and the name of, and each trade name used by, each Person from which each Grantor has acquired
any substantial part of the Collateral. All of the Pledged Debt, to the best of the Grantors’ knowledge (provided that no such
knowledge qualification applies to Pledged Debt issued by a Grantor or a Subsidiary), is the legal, valid and binding obligation of the
issuer thereof, enforceable against such issuer in accordance with its terms.


 


(f)            Each
Grantor has delivered to the Collateral Agent complete and correct copies of each License described in Schedule II hereto, including
all schedules and exhibits thereto, which represent all of the Licenses of the Grantors existing on the date of this Agreement. Each
such License sets forth the entire agreement and understanding of the parties thereto relating to the subject matter thereof, and there
are no other agreements, arrangements or understandings, written or oral, relating to the matters covered thereby or the rights of such
Grantor or any of its Affiliates in respect thereof. Each material License now existing is, and any material License entered into in
the future will be, the legal, valid and binding obligation of the parties thereto, enforceable against such parties in accordance with
its terms. No default under any material License by any such party has occurred, nor does any defense, offset, deduction or counterclaim
exist thereunder in favor of any such party.


 


(g)            Each
Grantor owns and controls, or otherwise possesses adequate rights to use, all of its Intellectual Property, which is the only Intellectual
Property necessary to conduct its business in substantially the same manner as conducted as of the date hereof. Schedule II hereto
sets forth a true and complete list of all Intellectual Property and Licenses owned or used by each Grantor as of the date hereof, and
applications for grant or registration of Intellectual Property. To the knowledge of each Grantor, all such Intellectual Property of
such Grantor is subsisting and in full force and effect, has not been adjudged invalid or unenforceable, is valid and enforceable and
has not been abandoned in whole or in part. Except as set forth in Schedule II, no such Intellectual Property is the subject
of any licensing or franchising agreement. Except as set forth in Schedule II, no Grantor has any knowledge of any infringement
upon or conflict with the Patent, Trademark, Copyright, trade secret rights of others and, each Grantor is not now infringing or in conflict
with any Patent, Trademark, Copyright, trade secret or similar rights of others, and to the knowledge of each Grantor, no other Person
is now infringing or in conflict in any material respect with any such properties, assets and rights owned or used by each Grantor. No
Grantor has received any notice that it is violating or has violated the Trademarks, Patents, Copyrights, inventions, trade secrets,
proprietary information and technology, know-how, formulae, rights of publicity or other intellectual property rights of any third party.


 






     


     


    

 


(h)            Each
Grantor is and will be at all times the sole and exclusive owner of the Collateral in which such Grantor has granted a Lien and security
interest hereunder free and clear of any Liens, except for (i) Permitted Liens thereon and (ii) certain Intellectual Property
rights of the Company and VSee which is jointly owned by the Company or VSee with certain third parties as described in Schedule II
hereto. No effective financing statement or other instrument similar in effect covering all or any part of the Collateral is on file
in any recording or filing office except such as (i) may have been filed in favor of the Collateral Agent and/or the Noteholders
relating to this Agreement or the other Transaction Documents, or (ii) are intended to perfect Permitted Liens existing as of the
date hereof and disclosed on Schedule VII hereto.


 


(i)            The
exercise by the Collateral Agent of any of its rights and remedies hereunder will not contravene any law or any contractual restriction
binding on or otherwise affecting any Grantor or any of its properties and will not result in or require the creation of any Lien, upon
or with respect to any of its properties other than as granted pursuant to this Agreement, except as set forth on Schedule 5(i) hereto.


 


(j)            No
authorization or approval or other action by, and no notice to or filing with, any Governmental Authority, is required for (i) the
grant by each Grantor, or the perfection, of the Lien and security interest purported to be created hereby in the Collateral, or (ii) the
exercise by the Collateral Agent of any of its rights and remedies hereunder, except for (A) the filing under the Code as in effect
in the applicable jurisdiction of the financing statements described in Schedule V hereto, all of which financing statements have
been duly filed and are in full force and effect, (B) with respect to all Pledged Accounts, and all cash and other property from
time to time deposited therein, the execution of a Controlled Account Agreement with the depository or other institution with which the
applicable Pledged Accounts are maintained, as provided in Section 6(h)(i), (C) with respect to Commodity Contracts, the
execution of a control agreement with the commodity intermediary with which such Commodity Contract is carried, as provided in Section 6(h)(i),
(D) with respect to the perfection of the security interest created hereby in the United States Intellectual Property and Licenses,
the recording of the appropriate Intellectual Property Security Agreement in the United States Patent and Trademark Office or the United
States Copyright Office, as applicable, (E) with respect to the perfection of the security interest created hereby in foreign Intellectual
Property and Licenses, registrations and filings in jurisdictions located outside of the United States and covering rights in such jurisdictions
relating to such foreign Intellectual Property and Licenses, (F) with respect to the perfection of the security interest created
hereby in any Letter-of-Credit Rights, the consent of the issuer of the applicable letter of credit to the assignment of proceeds as
provided in the Code as in effect in the applicable jurisdiction, (G) with respect to Investment Property constituting uncertificated
securities, the applicable Grantor causing the issuer thereof either (i) to register the Collateral Agent as the registered owner
of such securities or (ii) to agree in an authenticated record with such Grantor and the Collateral Agent that such issuer will
comply with instructions with respect to such securities originated by the Collateral Agent without further consent of such Grantor,
such authenticated record to be in form and substance satisfactory to the Collateral Agent, (H) with respect to Investment Property
constituting certificated securities or instruments, such items to be delivered to and held by or on behalf of the Collateral Agent pursuant
hereto in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank, all
in form and substance satisfactory to the Collateral Agent, (I) with respect to any action that may be necessary to obtain control
of Collateral constituting Commodity Contracts, Electronic Chattel Paper or Letter of Credit Rights, the taking of such actions, and
(J) the Collateral Agent having possession of all Documents, Chattel Paper, Instruments and cash constituting Collateral (subclauses
(A) through (J) each a “Perfection Requirement” and collectively, the “Perfection Requirements”).


 






     


     


    

 


(k)            This
Agreement creates in favor of the Collateral Agent a legal, valid and enforceable Lien on and security interest in the Collateral, as
security for the Obligations. The performance of the Perfection Requirements results in the perfection of such Lien on and security interest
in the Collateral. Such Lien and security interest is (or in the case of Collateral in which any Grantor obtains any right, title or
interest after the date hereof, will be), subject only to Permitted Liens and the Perfection Requirements, a first priority, valid, enforceable
and perfected Lien on and security interest in all personal property of each Grantor (other than Excluded Collateral). Such recordings
and filings and all other action necessary to perfect and protect such Lien and security interest have been duly taken (and, in the case
of Collateral in which any Grantor obtains right, title or interest after the date hereof, will be duly taken), except for the Collateral
Agent’s having possession of all Documents, Chattel Paper, Instruments and cash constituting Collateral after the date hereof
and the other actions, filings and recordations described above, including the Perfection Requirements.


 


(l)            As
of the date hereof, no Grantor holds any Commercial Tort Claims or has knowledge of any pending Commercial Tort Claims, except for the
Commercial Tort Claims described in Schedule VI.


 


(m)            All
of the Pledged Equity is presently owned by the applicable Grantor as set forth in Schedule IV free and clear of all Liens other
than Permitted Liens, and is presently represented by the certificates listed on Schedule IV hereto (if applicable). As of the
date hereof, there are no existing options, warrants, calls or commitments of any character whatsoever relating to the Pledged Equity
other than as contemplated and permitted by the Transaction Documents. Each Grantor is the sole holder of record and the sole beneficial
owner of the Pledged Equity, as applicable. None of the Pledged Equity has been issued or transferred in violation of the securities
registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject. The Pledged
Equity constitutes 100% or such other percentage as set forth on Schedule IV of the issued and outstanding shares of Capital
Stock of the applicable Pledged Entity. All of the Pledged Equity has been duly and validly authorized and issued by the issuer thereof
and (i) in the case of Pledged Equity (other than Pledged Equity consisting of limited liability company interests or partnership
interests which, pursuant to the relevant organizational or formation documents, cannot be fully paid and non-assessable), is fully paid
and non-assessable.


 


(n)            Such
Grantor (i) is a corporation, limited liability company or limited partnership, as applicable, duly organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, (ii) has all requisite
corporate, limited liability company or limited partnership power and authority to conduct its business as now conducted and as presently
contemplated and to execute and deliver this Agreement and each other Transaction Document to which such Grantor is a party, and to consummate
the transactions contemplated hereby and thereby and (iii) is duly qualified to do business and is in good standing in each jurisdiction
in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary,
except where the failure to be so qualified would not result in a Material Adverse Effect.


 






     


     


    

 


(o)            The
execution, delivery and performance by each Grantor of this Agreement and each other Transaction Document to which such Grantor is a
party (i) have been duly authorized by all necessary corporate, limited liability company or limited partnership action, (ii) do
not and will not contravene its charter or by-laws, limited liability company or operating agreement, certificate of partnership or partnership
agreement, as applicable, or any applicable law or any contractual restriction binding on such Grantor or its properties, (iii) do
not and will not result in or require the creation of any Lien (other than pursuant to any Transaction Document) upon or with respect
to any of its assets or properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment,
forfeiture or nonrenewal of any material permit, license, authorization or approval applicable to it or its operations or any of its
assets or properties, other than as set forth on Schedule 5(o) hereto.


 


(p)            This
Agreement has been duly executed and delivered by each Grantor and is the legal, valid and binding obligation of such Grantor, enforceable
against such Grantor in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, suretyship or other similar laws and equitable principles (regardless of whether enforcement is sought in equity
or at law). Each of the other Transaction Documents to which any Grantor is or will be a party, when delivered, duly executed and delivered
by such Grantor and the legal, valid and binding obligation of such Grantor, enforceable against such Grantor in accordance with its
terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, suretyship or
other similar laws and equitable principles (regardless of whether enforcement is sought in equity or at law).


 


(q)            There
are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived, other than as set forth on
Schedule 5(q) hereto.


 


Section 6.     Covenants
as to the Collateral. Until all of the Obligations shall have been fully performed and Paid in Full, unless the Collateral Agent
shall otherwise consent in writing (in its sole and absolute discretion):


 


(a)            Further
Assurances. Each Grantor will, at its expense, at any time and from time to time, promptly execute and deliver all further instruments
and documents and take all further action that the Collateral Agent may reasonably request in order to: (i) perfect and protect
the Lien and security interest of the Collateral Agent created hereby; (ii) enable the Collateral Agent to exercise and enforce
its rights and remedies hereunder in respect of the Collateral, including, without limitation, the Controlled Accounts; or (iii) otherwise
effect the purposes of this Agreement, including, without limitation: (A) marking conspicuously all Chattel Paper and, at the request
of the Collateral Agent during the continuance of an Event of Default, each of its Records pertaining to the Collateral with a legend,
in form and substance satisfactory to the Collateral Agent, indicating that such Chattel Paper or Collateral is subject to the Lien and
security interest created hereby, (B) delivering and pledging to the Collateral Agent each Promissory Note, Security (subject to
the limitations set forth in Section 3), Chattel Paper or other Instrument, now or hereafter owned by any Grantor, duly endorsed
and accompanied by executed instruments of transfer or assignment, all in form and substance satisfactory to the Collateral Agent, (C) executing
and filing (to the extent, if any, that any Grantor’s signature is required thereon) or authenticating the filing of, such financing
or continuation statements, or amendments thereto, as may be necessary or that the Collateral Agent may reasonably request in order to
perfect and preserve the security interest created hereby, (D) furnishing to the Collateral Agent from time to time statements and
schedules further identifying and describing the Collateral and such other reports in connection with the Collateral in each case as
the Collateral Agent may reasonably request, all in reasonable detail, (E) if any Collateral in excess in value of $10,000 shall
be in the possession of a third party, notifying such Person of the Collateral Agent’s security interest created hereby and using
commercially reasonable efforts to obtain a written acknowledgment from such Person, in form and substance reasonably satisfactory to
the Collateral Agent, that such Person holds possession of the Collateral for the benefit of the Collateral Agent (for the ratable benefit
of the Collateral Agent and the Noteholders), (F) if at any time after the date hereof, any Grantor acquires or holds any Commercial
Tort Claim, promptly notifying the Collateral Agent in a writing signed by such Grantor setting forth a brief description of such Commercial
Tort Claim and granting to the Collateral Agent a Lien and security interest therein and in the Proceeds thereof, which writing shall
incorporate the provisions hereof and shall be in form and substance satisfactory to the Collateral Agent, (G) to the extent required
by Section 6(j) below, upon the acquisition after the date hereof by any Grantor of any motor vehicle or other Equipment
subject to a certificate of title or ownership (other than a motor vehicle or Equipment that is subject to a purchase money security
interest), causing the Collateral Agent to be listed as the lienholder on such certificate of title or ownership and delivering evidence
of the same to the Collateral Agent in accordance with Section 6(j) hereof; and (H) taking all actions required
by the Code or by other law, as applicable, in any relevant Code jurisdiction, or by other law as applicable in any foreign jurisdiction.2


 





 









2
KDW Note: At closing, no extraterritorial perfection is required. We are not foreclosing the need for same to extent the
companies' foreign interests change. Please see the carveouts at points 1 and 5 of “Excluded Collateral” if costs and tax
consequences are the concern.


 






     


     


    

 


(b)            Location
of Collateral. Each Grantor will keep all Collateral (i) at the locations specified therefor on Schedule III hereto,
or (ii) at such other locations set forth on Schedule III and with respect to which the Collateral Agent has filed financing
statements and otherwise fully perfected its Liens thereon, or (iii) at such other locations in the United States, provided that
30 days prior to any change in the location of any Collateral to such other location, or upon the acquisition of any Collateral to be
kept at such other locations, the Grantors shall give the Collateral Agent written notice thereof and deliver to the Collateral Agent
a new Schedule III indicating such new locations and such other written statements and schedules as the Collateral Agent may require.


 


(c)            Condition
of Equipment. Each Grantor will maintain or cause to be maintained and preserved in good condition, repair and working order, ordinary
wear and tear excepted, the Equipment (necessary or useful to its business) and will forthwith, or in the case of any loss or damage
to any Equipment of any Grantor within a commercially reasonable time after the occurrence thereof, make or cause to be made all repairs,
replacements and other improvements in connection therewith which are necessary or desirable, consistent with past practice, or which
the Collateral Agent may request to such end. Any Grantor will promptly furnish to the Collateral Agent a statement describing in reasonable
detail any such loss or damage in excess of $25,000 per occurrence to any Equipment.


 


(d)            Taxes,
Etc. Each Grantor agrees to pay promptly when due all property and other taxes, assessments and governmental charges or levies imposed
upon, and all claims (including claims for labor, materials and supplies) against, the Equipment and Inventory, except to the extent
the validity thereof is being contested in good faith by proper proceedings which stay the imposition of any penalty, fine or Lien resulting
from the non-payment thereof and with respect to which adequate reserves in accordance with GAAP have been set aside for the payment
thereof.


 


(e)            Insurance.


 


(i)            Each
Grantor will, at its own expense, maintain insurance (including, without limitation, comprehensive general liability, hazard, rent and
business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in
such amounts and covering such risks, in such form and with responsible and reputable insurance companies or associations as is required
by any Governmental Authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice
by companies in similar businesses similarly situated and in any event, in amount, adequacy and scope reasonably satisfactory to the
Collateral Agent.


 


(ii)            To
the extent requested by the Collateral Agent at any time and from time to time, each such policy for liability insurance shall provide
for all losses to be paid on behalf of the Collateral Agent and any Grantor as their respective interests may appear, and each policy
for property damage insurance shall provide for all losses to be adjusted with, and paid directly to, the Collateral Agent. In addition
to and without limiting the foregoing, to the extent requested by the Collateral Agent at any time and from time to time, each such policy
shall in addition (A) name the Collateral Agent as an additional insured party and/or loss payee, as applicable, thereunder (without
any representation or warranty by or obligation upon the Collateral Agent) as its interests may appear, (B) contain an agreement
by the insurer that any loss thereunder shall be payable to the Collateral Agent on its own account notwithstanding any action, inaction
or breach of representation or warranty by any Grantor, (C) provide that there shall be no recourse against the Collateral Agent
for payment of premiums or other amounts with respect thereto, and (D) provide that at least 30 days’ prior written notice
of cancellation, lapse, expiration or other adverse change shall be given to the Collateral Agent by the insurer. Any Grantor will, if
so requested by the Collateral Agent, deliver to the Collateral Agent original or duplicate policies of such insurance (including certificates
demonstrating compliance with this Section 6(e)) and, as often as the Collateral Agent may reasonably request, a report of a reputable
insurance broker with respect to such insurance. Any Grantor will also, at the request of the Collateral Agent, execute and deliver instruments
of assignment of such insurance policies and cause the respective insurers to acknowledge notice of such assignment.


 


(iii)            Reimbursement
under any liability insurance maintained by any Grantor pursuant to this Section 6(e) may be paid directly to the Person
who shall have incurred liability covered by such insurance. In the case of any loss involving damage to Equipment or Inventory, to the
extent paragraph (iv) of this Section 6(e) is not applicable, any proceeds of insurance involving such damage shall
be paid to the Collateral Agent, and any Grantor will make or cause to be made the necessary repairs to or replacements of such Equipment
or Inventory, and any proceeds of insurance maintained by any Grantor pursuant to this Section 6(e) (except as otherwise
provided in paragraph (iv) in this Section 6(e)) shall be paid by the Collateral Agent to any Grantor as reimbursement
for the reasonable costs of such repairs or replacements.


 






     


     


    

 


(iv)            Notwithstanding
anything to the contrary in subsection 6(e)(iii) above, following and during the continuance of an Event of Default, all insurance
payments in respect of each Grantor’s properties and business shall be paid to the Collateral Agent and applied as specified in
Section 8(b) hereof.


 


(f)            Provisions
Concerning Name, Organization, Location, Accounts and Licenses.


 


(i)            Each
Grantor will (A) give the Collateral Agent at least 30 days’ prior written notice of any change in such Grantor’s name,
identity or organizational structure, (B) maintain its jurisdiction of incorporation, organization or formation as set forth in
Schedule I hereto, (C) immediately notify the Collateral Agent upon obtaining an organizational identification number, if
on the date hereof such Grantor did not have such identification number, and (D) keep adequate records concerning the Collateral
and permit representatives of the Collateral Agent during normal business hours on reasonable notice to such Grantor, to inspect and
make abstracts from such records.


 


(ii)            Each
Grantor will (except as otherwise provided in this subsection (f)), continue to collect, at its own expense, all amounts due or
to become due under the Accounts. In connection with such collections, any Grantor may (and, at the Collateral Agent’s direction,
will) take such action as any Grantor or the Collateral Agent may deem necessary or advisable to enforce collection or performance of
the Accounts; provided, however, that the Collateral Agent shall have the right at any time following the occurrence and
during the continuance of an Event of Default to notify the Account Debtors or obligors under any Accounts of the assignment of such
Accounts to the Collateral Agent and to direct such Account Debtors or obligors to make payment of all amounts due or to become due to
any Grantor thereunder directly to the Collateral Agent or its designated agent and, upon such notification and at the expense of any
Grantor and to the extent permitted by applicable law, to enforce collection of any such Accounts and to adjust, settle or compromise
the amount or payment thereof, in the same manner and to the same extent as any Grantor might have done. During the continuance of an
Event of Default, after receipt by any Grantor of a notice from the Collateral Agent that the Collateral Agent has notified, intends
to notify, or has enforced or intends to enforce any Grantor’s rights against the Account Debtors or obligors under any Accounts
as referred to in the proviso to the immediately preceding sentence, (A) all amounts and proceeds (including, without limitation, Instruments)
received by any Grantor in respect of the Accounts shall be received in trust for the benefit of the Collateral Agent hereunder (for
the ratable benefit of the Collateral Agent and the Noteholders), shall be segregated from other funds of any Grantor and shall be forthwith
paid over to the Collateral Agent in the same form as so received (with any necessary endorsement) to be applied as specified in Section 8(b) hereof,
and (B) no Grantor will adjust, settle or compromise the amount or payment of any Account or release wholly or partly any Account
Debtor or obligor thereof or allow any credit or discount thereon. In addition, upon the occurrence and during the continuance of an
Event of Default, the Collateral Agent may (in its sole and absolute discretion) direct any or all of the banks and financial institutions
with which any Grantor either maintains a Deposit Account or a lockbox (including without limitation, any Controlled Account) or deposits
the proceeds of any Accounts to send immediately to the Collateral Agent by wire transfer (to such deposit account as the Collateral
Agent shall specify, or in such other manner as the Collateral Agent shall direct) all or a portion of such Securities, cash, investments
and other items held by such institution. Any such Securities, cash, investments and other items so received by the Collateral Agent
shall be applied as specified in accordance with Section 8(b) hereof.


 






     


     


    

 


(iii)            Upon
the occurrence and during the continuance of any breach or default under any material License referred to in Schedule II hereto
by any party thereto other than any Grantor, each Grantor party thereto will, promptly after obtaining knowledge thereof, give the Collateral
Agent written notice of the nature and duration thereof, specifying what action, if any, it has taken and proposes to take with respect
thereto and thereafter will take reasonable steps to protect and preserve its rights and remedies in respect of such breach or default,
or will obtain or acquire an appropriate substitute License.


 


(iv)            Each
Grantor will, at its expense, promptly deliver to the Collateral Agent a copy of each notice or other communication received by it by
which any other party to any material License referred to in Schedule II hereto purports to exercise any of its rights or affect
any of its obligations thereunder, together with a copy of any reply by such Grantor thereto.


 


(v)            Each
Grantor will exercise promptly and diligently each and every right which it may have under each material License (other than any right
of termination) and will duly perform and observe in all respects all of its obligations under each material License and will take all
action necessary or reasonable to maintain such Licenses in full force and effect. No Grantor will, without the prior written consent
of the Collateral Agent (in its sole and absolute discretion), cancel, terminate, amend or otherwise modify in any respect, or waive
any provision of, any material License referred to in Schedule II hereto.


 


(g)            Transfers
and Other Liens.


 


(i)            Except
as otherwise expressly permitted in the other Transaction Documents, no Grantor shall, directly or indirectly, sell, lease, license,
assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any Collateral whether in a single transaction or a series
of related transactions, other than (A) sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such
assets or rights by such Grantor for fair value in the ordinary course of business consistent with past practices and (B) sales
of Inventory and product in the ordinary course of business.


 


(ii)            Except
as permitted under Section 14(e) of the Notes, no Grantor shall, directly or indirectly, redeem, repurchase or declare or pay
any cash dividend or distribution on any of its Capital Stock.


 


(iii)            No
Grantor shall, directly or indirectly, without the prior written consent of the Required Holders, (A) issue any Notes (other than
as contemplated by the Securities Purchase Agreement and the Notes) or (B) issue any other Securities that would cause a breach
or default under the Notes.


 






     


     


    

 


(iv)            No
Grantor shall enter into, renew, extend or be a party to, any transaction or series of related transactions (including, without limitation,
the purchase, sale, lease, transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any
Affiliate, except in the ordinary course of business in a manner and to an extent consistent with past practice and necessary or desirable
for the prudent operation of its business, for fair consideration and on terms no less favorable to it than would be obtainable in a
comparable arm’s length transaction with a Person that is not an Affiliate thereof.


 


(v)            No
Grantor will create, suffer to exist or grant any Lien upon or with respect to any Collateral other than a Permitted Lien.


 


(h)            Intellectual
Property.


 


(i)            If
applicable, each Grantor shall duly execute and deliver the applicable Intellectual Property Security Agreement. Each Grantor (either
itself or through licensees) will, and will cause each licensee thereof to, take all action necessary to maintain all of the Intellectual
Property in full force and effect, including, without limitation, using the proper statutory notices, numbers and markings (relating
to patent, trademark and copyright rights) and using the Trademarks on each applicable trademark class of goods in order to so maintain
the Trademarks in full force and free from any claim of abandonment for non-use, and each Grantor will not (nor permit any licensee thereof
to) do any act or knowingly omit to do any act whereby any Intellectual Property may become abandoned, cancelled or invalidated; provided,
however, that so long as no Event of Default has occurred and is continuing, no Grantor shall have an obligation to use or to
maintain any Intellectual Property (A) that relates solely to any product or work, that is no longer necessary or material and has
been, or is in the process of being, discontinued, abandoned or terminated in the ordinary course of business and consistent with the
exercise of reasonable business judgment, (B) that is being replaced with Intellectual Property substantially similar to the Intellectual
Property that may be abandoned or otherwise become invalid, so long as the failure to use or maintain such Intellectual Property does
not materially adversely affect the validity of such replacement Intellectual Property and so long as such replacement Intellectual Property
is subject to the Lien created by this Agreement and does not have a material adverse effect on the business of any Grantor or (C) that
is substantially the same as other Intellectual Property that is in full force, so long the failure to use or maintain such Intellectual
Property does not materially adversely affect the validity of such replacement Intellectual Property and so long as such other Intellectual
Property is subject to the Lien and security interest created by this Agreement and does not have a material adverse effect on the business
of any Grantor. Each Grantor will cause to be taken all necessary steps in any proceeding before the United States Patent and Trademark
Office and the United States Copyright Office or any similar office or agency in any other country or political subdivision thereof to
maintain each registration of the Intellectual Property and application for registration of Intellectual Property (other than the Intellectual
Property described in the proviso to the immediately preceding sentence), including, without limitation, filing of renewals, affidavits
of use, affidavits of incontestability and opposition, interference and cancellation proceedings and payment of maintenance fees, filing
fees, taxes or other governmental charges or fees. If any Intellectual Property (other than Intellectual Property described in the proviso
to the second sentence of subsection (i) of this clause (h)) is infringed, misappropriated, diluted or otherwise violated in any
material respect by a third party, each Grantor shall (x) upon learning of such infringement, misappropriation, dilution or other
violation, promptly notify the Collateral Agent and (y) promptly sue for infringement, misappropriation, dilution or other violation,
seek injunctive relief where appropriate and recover any and all damages for such infringement, misappropriation, dilution or other violation,
or take such other actions as such Grantor shall deem appropriate under the circumstances to protect such Intellectual Property. Each
Grantor shall furnish to the Collateral Agent from time to time upon its request statements and schedules further identifying and describing
the Intellectual Property and Licenses and such other reports in connection with the Intellectual Property and Licenses as the Collateral
Agent may reasonably request, all in reasonable detail and promptly upon request of the Collateral Agent, following receipt by the Collateral
Agent of any such statements, schedules or reports, each Grantor shall modify this Agreement by amending Schedule II hereto, as
the case may be, to include any Intellectual Property and License, as the case may be, which is or hereafter becomes part of the Collateral
under this Agreement and shall execute and authenticate such documents and do such acts as shall be necessary or, in the reasonable judgment
of the Collateral Agent, desirable to subject such Intellectual Property and Licenses to the Lien and security interest created by this
Agreement. Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event of Default, no
Grantor may abandon, surrender or cancel or otherwise permit any Intellectual Property to become abandoned, surrendered, cancelled or
invalid without the prior written consent of the Collateral Agent (in its sole and absolute discretion), and if any Intellectual Property
is infringed, misappropriated, diluted or otherwise violated in any material respect by a third party, each Grantor will take such reasonable
action as the Collateral Agent shall deem appropriate under the circumstances to protect such Intellectual Property.


 






     


     


    

 


(ii)            If
any Grantor, either itself or through any agent, employee, licensee or designee, file an application for the registration of any Patent,
Trademark or Copyright or the United States Copyright Office or the United States Patent and Trademark Office, as applicable, or in any
similar office or agency of the United States or any country or any political subdivision thereof it shall give the Collateral Agent
prior written notice thereof. Upon request of the Collateral Agent, any Grantor shall execute, authenticate and deliver any and all assignments,
agreements, instruments, documents and papers as the Collateral Agent may reasonably request to evidence the Collateral Agent’s
security interest hereunder in such Intellectual Property and the General Intangibles of any Grantor relating thereto or represented
thereby, and each Grantor hereby appoints the Collateral Agent its attorney-in-fact to execute and/or authenticate and file all such
writings for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed, and such power (being coupled with
an interest) shall be irrevocable until all Obligations are fully performed and Paid in Full.


 


(i)            Pledged
Accounts.


 


(A) Each
Grantor shall cause each bank and other financial institution which maintains a Controlled Account (each a “Controlled Account
Bank”) to execute and deliver to the Collateral Agent, in form and substance satisfactory to the Collateral Agent, a Controlled
Account Agreement with respect to such Controlled Account, duly executed by each Grantor and such Controlled Account Bank, pursuant to
which such Controlled Account Bank among other things shall irrevocably agree, with respect to such Controlled Account, that (i) at
any time after any Grantor, the Collateral Agent or any Buyer shall have notified such Controlled Account Bank that an Event of Default
has occurred or is continuing, such Controlled Account Bank will comply with any and all instructions originated by the Collateral Agent
directing the disposition of the funds in such Controlled Account without further consent by such Grantor, (ii) such Controlled
Account Bank shall waive, subordinate or agree not to exercise any rights of setoff or recoupment or any other claim against the applicable
Controlled Account other than for payment of its service fees and other charges directly related to the administration of such Controlled
Account and for returned checks or other items of payment, (iii) at any time after any Grantor, the Collateral Agent or any Buyer
shall have notified such Controlled Account Bank that an Event of Default has occurred or is continuing, with respect to each such Controlled
Account, such Controlled Account Bank shall not comply with any instructions, directions or orders of any form with respect to such Controlled
Accounts other than instructions, directions or orders originated by the Collateral Agent, (iv) all funds deposited by any Grantor
with such Controlled Account Bank shall be subject to a perfected, first priority security interest in favor of the Collateral Agent,
and (v) upon receipt of written notice from the Collateral Agent during the continuance of an Event of Default, such Controlled
Account Bank shall immediately send to the Collateral Agent by wire transfer (to such account as the Collateral Agent shall specify,
or in such other manner as the Collateral Agent shall direct) all such funds and other items held by it. No Grantor shall create or maintain
any Pledged Account without the prior written consent of the Collateral Agent (in its sole and absolute discretion) and complying with
the terms of this Agreement.


 






     


     


    

 


(B) If
at any time after the date of this Agreement, any Deposit Account, Commodities Account or Securities Account that is not a Controlled
Account (a “Non-Controlled Account”) does not qualify as an Excluded Account, the Company or VSee shall, either (x) within
two (2) Business Days following such date, transfer to a Controlled Account an amount sufficient to reduce the total aggregate amount
of the cash in such Non-Controlled Account to an amount such that such Non-Controlled Account shall qualify as an Excluded Account or
(y) within twenty-one (21) calendar days following the last day of such calendar month, deliver to the Collateral Agent a Controlled
Account Agreement with respect to such Non-Controlled Account, duly executed by such Grantor and the depositary bank in which such Non-Controlled
Account is maintained.


 


(C) Notwithstanding
anything to the contrary contained in Section 6(i)(B) above, and without limiting any of the foregoing, if at any time
on or after the date that is twenty-one (21) calendar days following the Closing Date, the total aggregate amount of the cash of the
Company and any of its Subsidiaries, in the aggregate, that is held in a Non-Controlled Account exceeds $50,0003
(other than amounts held in accounts used solely for payroll expenses, trust accounts, employee benefit accounts or tax
payments) (the “Maximum Free Cash Amount”), the Company shall within ten (10) Business Days following such date,
either (x) transfer to a Controlled Account an amount sufficient to reduce the total aggregate amount of the cash that is not held
in a Controlled Account to an amount not in excess of the Maximum Free Cash Amount or (y) deliver to the Collateral Agent a Controlled
Account Agreement with respect to such Account (or Accounts), duly executed by such Grantor and the depositary bank in which such Account
(or Accounts) is maintained, as necessary to reduce the total aggregate amount of the cash that is not held in a Controlled Account to
an amount not in excess of the Maximum Free Cash Amount.


 





 









3
To be confirmed.


 






     


     


    

 


(j)            [Reserved].


 


(k)            Control.
Each Grantor hereby agrees to take any or all action that may be necessary or that the Collateral Agent may reasonably request in order
for the Collateral Agent to obtain “control” in accordance with Sections 9-105 through 9-107 of the Code with respect to
the following Collateral: (i) Electronic Chattel Paper, (ii) Investment Property, and (iii) Letter-of-Credit Rights.


 


(l)            Inspection
and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant
or other professionals or other Persons as the Collateral Agent may designate (at Grantors’ sole cost and expense) (i) to
examine and make copies of and abstracts from any Grantor’s Records and books of account, (ii) to visit and inspect its properties,
(iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time,
and (iv) to conduct audits, physical counts, appraisals, valuations and/or examinations at the locations of any Grantor. Each Grantor
shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals
or other Persons as the Collateral Agent may designate to discuss such Grantor’s affairs, finances and accounts with any of its
directors, officers, managerial employees, attorneys, independent accountants or any of its other representatives. Without limiting the
foregoing, the Collateral Agent may, at any time, in the Collateral Agent’s own name, in the name of a nominee of the Collateral
Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor,
parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such
Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments,
Pledged Debt, Chattel Paper, payment intangibles and/or other receivables.


 


(m)            Future
Subsidiaries. If any Grantor hereafter creates or acquires any Subsidiary, simultaneously with the creation or acquisition of such
Subsidiary (or such longer period as Collateral Agent may agree), such Grantor shall (i) if such Subsidiary is a Domestic Subsidiary,
cause such Subsidiary to become a party to this Agreement as an additional “Grantor” hereunder, (ii) deliver to the
Collateral Agent updated Schedules to this Agreement, as appropriate (including, without limitation, an updated Schedule IV to
reflect the grant by such Grantor of a Lien on and security interest in all Pledged Debt and Pledged Equity now or hereafter owned by
such Grantor), (iii) if such Subsidiary is a Domestic Subsidiary, cause such Subsidiary to duly execute and deliver a guaranty of
the Obligations in favor of the Collateral Agent in form and substance reasonably acceptable to the Collateral Agent, and (iv) deliver
to the Collateral Agent the stock certificates representing all of the Capital Stock of such Subsidiary, along with undated stock powers
for each such certificates, executed in blank (or, if any such shares of Capital Stock are uncertificated securities, confirmation and
evidence reasonably satisfactory to the Collateral Agent that the security interest in such uncertificated securities has been perfected
by the Collateral Agent, in accordance with Sections 8-106, 9-106 and 9-314 of the Code or any other similar or local or foreign law
that may be applicable); provided, however, that no Grantor shall be required to pledge any Excluded Collateral. Each Grantor hereby
authorizes the Collateral Agent to attach such updated Schedules to this Agreement and agrees that all Pledged Equity and Pledged Debt
listed on any updated Schedule delivered to the Collateral Agent shall for all purposes hereunder be considered Collateral. [The Grantors
agree that the pledge of the shares of Capital Stock acquired by a Grantor of Foreign Subsidiary, to the extent applicable, may be supplemented
by one or more separate pledge agreements, deeds of pledge, share charges, or other similar agreements or instruments, executed and delivered
by the relevant Grantor in favor of the Collateral Agent, which pledge agreements will provide for the pledge of such shares of Capital
Stock in accordance with the laws of the applicable foreign jurisdiction. With respect to such shares of Capital Stock, the Collateral
Agent may, at any time and from time to time, in its sole discretion, take actions in such foreign jurisdictions that will result in
the perfection of the Lien created in such shares of Capital Stock.]


 






     


     


    

 


Section 7.     Additional
Provisions Concerning the Collateral.


 


(a)            To
the maximum extent permitted by applicable law, and for the purpose of taking any action that the Collateral Agent may deem necessary
or advisable to accomplish the purposes of this Agreement, each Grantor hereby (i) authorizes the Collateral Agent to execute any
such agreements, instruments or other documents in such Grantor’s name and to file such agreements, instruments or other documents
in such Grantor’s name and in any appropriate filing office, (ii) authorizes the Collateral Agent at any time and from time
to time to file, one or more financing or continuation statements, and amendments thereto, relating to the Collateral (including, without
limitation, any such financing statements that (A) describe the Collateral as “all assets” or “all personal property”
(or words of similar effect) or that describe or identify the Collateral by type or in any other manner as the Collateral Agent may determine
regardless of whether any particular asset of such Grantor falls within the scope of Article 9 of the Code or whether any particular
asset of such Grantor constitutes part of the Collateral, and (B) contain any other information required by Part 5 of Article 9
of the Code for the sufficiency or filing office acceptance of any financing statement, continuation statement or amendment, including,
without limitation, whether such Grantor is an organization, the type of organization and any organizational identification number issued
to such Grantor) and (iii) ratifies such authorization to the extent that the Collateral Agent has filed any such financing or continuation
statements, or amendments thereto, prior to the date hereof. A photocopy or other reproduction of this Agreement or any financing statement
covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law.


 


(b)            Each
Grantor hereby irrevocably appoints the Collateral Agent as its attorney-in-fact and proxy, with full authority in the place and stead
of such Grantor and in the name of such Grantor or otherwise, from time to time in the Collateral Agent’s discretion, effective
only during the continuance of an Event of Default (without limiting any rights or powers granted by this Agreement to the Collateral
Agent while no Event of Default has occurred and is continuing), to take any action and to execute any instrument which the Collateral
Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, (i) to obtain
and adjust insurance required to be paid to the Collateral Agent pursuant to Section 6(e) hereof, (ii) to ask,
demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect
of any Collateral, (iii) to receive, endorse, and collect any drafts or other Instruments, Documents and Chattel Paper in connection
with clause (i) or (ii) above, (iv) to file any claims or take any action or institute any action, suit or proceedings
which the Collateral Agent may deem necessary or desirable for the collection of any Collateral or otherwise to enforce the rights of
the Collateral Agent and the Noteholders with respect to any Collateral, (v) to execute assignments, licenses and other documents
to enforce the rights of the Collateral Agent and the Noteholders with respect to any Collateral, and (vi) to verify any and all
information with respect to any and all Accounts. This power is coupled with an interest and is irrevocable until all of the Obligations
are fully performed and Paid in Full.


 






     


     


    

 


(c)            For
the purpose of enabling the Collateral Agent to exercise rights and remedies hereunder, during the continuance of an Event of Default
and at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each
Grantor hereby grants to the Collateral Agent, to the extent assignable, an irrevocable, non-exclusive license (exercisable without payment
of royalty or other compensation to any Grantor) to use, assign, license or sublicense any Intellectual Property in which such Grantor
now or hereafter has any right, title or interest, wherever the same may be located, including, without limitation, in such license reasonable
access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation
or printout thereof. Notwithstanding anything contained herein to the contrary, but subject to the provisions of the Securities Purchase
Agreement that limit the right of any Grantor to dispose of its property, and Section 6(g) and Section 6(h) hereof,
so long as no Event of Default shall have occurred and be continuing, any Grantor may exploit, use, enjoy, protect, license, sublicense,
assign, sell, dispose of or take other actions with respect to the Intellectual Property in the ordinary course of its business and as
otherwise expressly permitted by any of the other Transaction Documents. In furtherance of the foregoing, unless an Event of Default
shall have occurred and be continuing, the Collateral Agent shall from time to time, upon the request of any Grantor, execute and deliver
any instruments, certificates or other documents, in the form so requested, which such Grantor shall have certified are appropriate (in
such Grantor’s judgment) to allow it to take any action permitted above (including relinquishment of the license provided pursuant
to this clause (c) as to any Intellectual Property). Further, upon Payment in Full, the Collateral Agent (subject to Section 11(e) hereof)
shall release and reassign to any Grantor all of the Collateral Agent’s right, title and interest in and to the Intellectual Property,
and the Licenses, all without recourse, representation or warranty whatsoever. The exercise of rights and remedies hereunder by the Collateral
Agent shall not terminate the rights of the holders of any licenses or sublicenses theretofore granted by each Grantor in accordance
with the second sentence of this clause (c). Each Grantor hereby releases the Collateral Agent from any claims, causes of action and
demands at any time arising out of or with respect to any actions taken or omitted to be taken by the Collateral Agent under the powers
of attorney granted herein other than actions taken or omitted to be taken through the Collateral Agent’s gross negligence or willful
misconduct, as determined by a final judgment of a court of competent jurisdiction no longer subject to appeal.


 


(d)            If
any Grantor fails to perform any agreement or obligation contained herein, the Collateral Agent may itself perform, or cause performance
of, such agreement or obligation, in the name of such Grantor or the Collateral Agent, and the expenses of the Collateral Agent incurred
in connection therewith shall be payable by such Grantor pursuant to Section 9 hereof and such obligation shall be secured
by the Collateral.


 






     


     


    

 


(e)            The
powers conferred on the Collateral Agent hereunder are solely to protect its interest in the Collateral and shall not impose any duty
upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to
preserve rights against prior parties or any other rights pertaining to any Collateral.


 


(f)            Anything
herein to the contrary notwithstanding (i) each Grantor shall remain liable under the Licenses and otherwise with respect to any
of the Collateral to the extent set forth therein to perform all of its obligations thereunder to the same extent as if this Agreement
had not been executed, (ii) the exercise by the Collateral Agent of any of its rights or remedies hereunder shall not release any
Grantor from any of its obligations under the Licenses or otherwise in respect of the Collateral, and (iii) the Collateral Agent
shall not have any obligation or liability by reason of this Agreement under the Licenses or with respect to any of the other Collateral,
nor shall the Collateral Agent be obligated to perform any of the obligations or duties of any Grantor thereunder or to take any action
to collect or enforce any claim for payment assigned hereunder.


 


Section 8.     Remedies
Upon Event of Default; Application of Proceeds. If any Event of Default shall have occurred and be continuing:


 


(a)            The
Collateral Agent may exercise in respect of the Collateral, in addition to any other rights and remedies provided for herein, in any
other Transaction Document or otherwise available to it, all of the rights and remedies of a secured party upon default under the Code
(whether or not the Code applies to the affected Collateral), and also may (i) take absolute control of the Collateral, including,
without limitation, transfer into the Collateral Agent’s name or into the name of its nominee or nominees (to the extent the Collateral
Agent has not theretofore done so) and thereafter receive, for the ratable benefit of itself and the Noteholders, all payments made thereon,
give all consents, waivers and ratifications in respect thereof and otherwise act with respect thereto as though it were the outright
owner thereof, (ii) require each Grantor to, and each Grantor hereby agrees that it will at its expense and upon request of the
Collateral Agent forthwith, assemble all or part of its respective Collateral as directed by the Collateral Agent and make it available
to the Collateral Agent at a place or places to be designated by the Collateral Agent that is reasonably convenient to both parties,
and the Collateral Agent may enter into and occupy any premises owned or leased by any Grantor where the Collateral or any part thereof
is located or assembled for a reasonable period in order to effectuate the Collateral Agent’s rights and remedies hereunder or
under law, without obligation to any Grantor in respect of such occupation, and (iii) without notice except as specified below and
without any obligation to prepare or process the Collateral for sale, (A) sell the Collateral or any part thereof in one or more
parcels at public or private sale (including, without limitation, by credit bid), at any of the Collateral Agent’s offices or elsewhere,
for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Collateral Agent may deem commercially
reasonable and/or (B) lease, license or dispose of the Collateral or any part thereof upon such terms as the Collateral Agent may
deem commercially reasonable. Each Grantor agrees that, to the extent notice of sale or any other disposition of its respective Collateral
shall be required by law, at least ten (10) days’ notice to any Grantor of the time and place of any public sale or the time
after which any private sale or other disposition of its respective Collateral is to be made shall constitute reasonable notification.
The Collateral Agent shall not be obligated to make any sale or other disposition of any Collateral regardless of notice of sale having
been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Grantor hereby
waives any claims against the Collateral Agent and the Noteholders arising by reason of the fact that the price at which its respective
Collateral may have been sold at a private sale was less than the price which might have been obtained at a public sale or was less than
the aggregate amount of the Obligations, even if the Collateral Agent accepts the first offer received and does not offer such Collateral
to more than one offeree, and waives all rights that any Grantor may have to require that all or any part of such Collateral be marshaled
upon any sale (public or private) thereof. Each Grantor hereby acknowledges that (i) any such sale of its respective Collateral
by the Collateral Agent shall be made without warranty, (ii) the Collateral Agent may specifically disclaim any warranties of title,
possession, quiet enjoyment or the like, and (iii) such actions set forth in clauses (i) and (ii) above shall not
adversely affect the commercial reasonableness of any such sale of Collateral. In addition to the foregoing, (1) upon written notice
to any Grantor from the Collateral Agent after and during the continuance of an Event of Default, such Grantor shall cease any use of
the Intellectual Property or any trademark, patent or copyright similar thereto for any purpose described in such notice; (2) the
Collateral Agent may, at any time and from time to time after and during the continuance of an Event of Default, upon 10 days’
prior notice to such Grantor, license, whether general, special or otherwise, and whether on an exclusive or non-exclusive basis, any
of the Intellectual Property, throughout the universe for such term or terms, on such conditions, and in such manner, as the Collateral
Agent shall in its sole discretion determine; and (3) the Collateral Agent may, at any time, pursuant to the authority granted in
Section 7 hereof or otherwise (such authority being effective upon the occurrence and during the continuance of an Event
of Default), execute and deliver on behalf of such Grantor, one or more instruments of assignment of the Intellectual Property (or any
application or registration thereof), in form suitable for filing, recording or registration in any country.


 






     


     


    

 


(b)            Any
cash held by the Collateral Agent as Collateral and all Cash Proceeds received by the Collateral Agent in respect of any sale or disposition
of or collection from, or other realization upon, all or any part of the Collateral shall be applied as follows (subject to the provisions
of the Securities Purchase Agreement): first, to pay any fees, indemnities or expense reimbursements then due to the Collateral
Agent (including, without limitation, those described in Section 9 hereof); second, to pay any fees, indemnities or
expense reimbursements then due to the Noteholders, on a pro rata basis; third to pay interest due under the Notes owing to the
Noteholders, on a pro rata basis; fourth, to pay or prepay principal in respect of the Notes, whether or not then due, owing to
the Noteholders, on a pro rata basis; fifth, to pay or prepay any other Obligations, whether or not then due, in such order and
manner as the Collateral Agent shall elect, consistent with the provisions of the Securities Purchase Agreement. Any surplus of such
cash or Cash Proceeds held by the Collateral Agent and remaining after the full performance and Payment in Full of all of the Obligations
shall be paid over to whomsoever shall be lawfully entitled to receive the same or as a court of competent jurisdiction shall direct.


 


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


 


(d)            To
the extent that applicable law imposes duties on the Collateral Agent to exercise rights and remedies in a commercially reasonable manner,
each Grantor acknowledges and agrees that it is commercially reasonable for the Collateral Agent (i) to fail to incur expenses deemed
significant by the Collateral Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into
finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral
to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection
or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors
or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection
remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other
collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether
or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as any Grantor,
for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers
to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral
by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable
capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets,
(x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit
enhancements to insure the Collateral Agent against risks of loss, collection or disposition of Collateral or to provide to the Collateral
Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Collateral
Agent, to obtain the services of brokers, investment bankers, consultants, attorneys and other professionals to assist the Collateral
Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this section is to provide
non-exhaustive indications of what actions or omissions by the Collateral Agent would be commercially reasonable in the Collateral Agent’s
exercise of rights and remedies against the Collateral and that other actions or omissions by the Collateral Agent shall not be deemed
commercially unreasonable solely on account of not being indicated in this section. Without limitation of the foregoing, nothing contained
in this section shall be construed to grant any rights to any Grantor or to impose any duties on the Collateral Agent that would not
have been granted or imposed by this Agreement or by applicable law in the absence of this section.


 


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


 






     


     


    

 


Section 9.     Indemnity
and Expenses.


 


(a)            Each
Grantor agrees, jointly and severally, to defend, protect, indemnify and hold the Collateral Agent and each of the Noteholders harmless
from and against any and all claims, damages, losses, liabilities, obligations, penalties, fees, costs and expenses (including, without
limitation, reasonable legal fees, costs, expenses, and disbursements of such Person’s counsel) to the extent that they arise out
of or otherwise result from this Agreement (including, without limitation, enforcement of this Agreement), except to the extent resulting
from such Person’s gross negligence or willful misconduct, as determined by a final judgment of a court of competent jurisdiction
no longer subject to appeal.


 


(b)            Each
Grantor agrees, jointly and severally, to pay to the Collateral Agent upon demand the amount of any and all costs and expenses, including
the reasonable fees, costs, expenses and disbursements of counsel for the Collateral Agent and of any experts and agents (including,
without limitation, any collateral trustee which may act as agent of the Collateral Agent), which the Collateral Agent may incur in connection
with (i) the preparation, negotiation, execution, delivery, recordation, administration, amendment, waiver or other modification
or termination of this Agreement, (ii) the custody, preservation, use or operation of, or the sale of, collection from, or other
realization upon, any Collateral, (iii) the exercise or enforcement of any of the rights or remedies of the Collateral Agent hereunder,
or (iv) the failure by any Grantor to perform or observe any of the provisions hereof.


 


Section 10.     Notices,
Etc. All notices and other communications provided for hereunder shall be in writing and shall be mailed (by certified mail, first-class
postage prepaid and return receipt requested), telecopied, e-mailed or delivered, if to any Grantor, to the Company’s or VSee’s
address, or if to the Collateral Agent or any Noteholder, to it at its respective address, each as set forth in Section 9(f) of
the Securities Purchase Agreement; or as to any such Person, at such other address as shall be designated by such Person in a written
notice to all other parties hereto complying as to delivery with the terms of this Section 10. All such notices and other
communications shall be effective (a) if sent by certified mail, return receipt requested, when received or five Business Days after
deposited in the mails, whichever occurs first, (b) if telecopied or e-mailed, when transmitted (during normal business hours) and
confirmation is received, and otherwise, the day after the notice or communication was transmitted and confirmation is received, or (c) if
delivered in person, upon delivery. For the avoidance of doubt, all Foreign Subsidiaries, as Grantors, hereby appoint the Company as
its agent for receipt of service of process and all notices and other communications in the United States at the address specified below.


 


Section 11.     Miscellaneous.


 


(a)            No
amendment of any provision of this Agreement shall be effective unless it is in writing and signed by each Grantor and the Collateral
Agent (and approved by the Required Holders), and no waiver of any provision of this Agreement, and no consent to any departure by each
Grantor therefrom, shall be effective unless it is in writing and signed by each Grantor and the Collateral Agent (and approved by the
Required Holders), and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given. No amendment, modification or waiver of this Agreement shall be effective to the extent that it (1) applies to fewer
than all of the holders of Notes or (2) imposes any obligation or liability on any holder of Notes without such holder’s prior
written consent (which may be granted or withheld in such holder’s sole and absolute discretion).


 






     


     


    

 


(b)            No
failure on the part of the Collateral Agent to exercise, and no delay in exercising, any right or remedy hereunder or under any of the
other Transaction Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any such right or remedy preclude
any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies of the Collateral Agent or
any Noteholder provided herein and in the other Transaction Documents are cumulative and are in addition to, and not exclusive of, any
rights or remedies provided by law. The rights and remedies of the Collateral Agent or any Noteholder under any of the other Transaction
Documents against any party thereto are not conditional or contingent on any attempt by such Person to exercise any of its rights or
remedies under any of the other Transaction Documents against such party or against any other Person, including but not limited to, any
Grantor.


 


(c)            Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or thereof or affecting the validity
or enforceability of such provision in any other jurisdiction.


 


(d)            This
Agreement shall create a continuing Lien on and security interest in the Collateral and shall (i) remain in full force and effect
until Payment in Full, and (ii) be binding on each Grantor and all other Persons who become bound as debtor to this Agreement in
accordance with Section 9-203(d) of the Code and shall inure, together with all rights and remedies of the Collateral Agent
and the Noteholders hereunder, to the ratable benefit of the Collateral Agent and the Noteholders and their respective permitted successors,
transferees and assigns. Without limiting the generality of clause (ii) of the immediately preceding sentence, without notice to
any Grantor, the Collateral Agent and the Noteholders may assign or otherwise transfer their rights and obligations under this Agreement
and any of the other Transaction Documents, to any other Person and such other Person shall thereupon become vested with all of the benefits
in respect thereof granted to the Collateral Agent and the Noteholders herein or otherwise. Upon any such assignment or transfer, all
references in this Agreement to the Collateral Agent or any such Noteholder shall mean the assignee of the Collateral Agent or such Noteholder.
None of the rights or obligations of any Grantor hereunder may be assigned, delegated or otherwise transferred without the prior written
consent of the Collateral Agent in its sole and absolute discretion, and any such assignment, delegation or transfer without such consent
of the Collateral Agent shall be null and void.


 


(e)            Upon
Payment in Full, (i) this Agreement and the security interests created hereby shall terminate and all rights to the Collateral shall
revert to the respective Grantor that granted such security interests hereunder, and (ii) the Collateral Agent will, upon any Grantor’s
request and at such Grantor’s expense, (A) return to such Grantor such of the Collateral as shall not have been sold or otherwise
disposed of or applied pursuant to the terms hereof and (B) execute and deliver to such Grantor such documents as such Grantor shall
reasonably request to evidence such termination, all without any representation, warranty or recourse whatsoever. Upon any disposition
of property permitted by Section 15(f) of the Notes, the Liens granted herein on such property shall be deemed to be automatically
released and such property shall automatically revert to the applicable Grantor with no further action on the part of any Person; provided,
that, if any payment or discharge or security, or any arrangement made in connection with the Obligations is capable of being avoided
or reduced for whatever reason the liability of the Grantor shall continue as if there had been no payment, discharge, avoidance or reduction
or arrangement and the Collateral Agent shall be entitled to recover the value or amount of the security or payment as if the payment
discharge or reduction had not occurred.


 






     


     


    

 


(f)            Governing
Law; Jurisdiction; Jury Trial.


 


(i)            All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws
of the State of New York, without giving effect to any provision or rule of law (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdiction other than the State of New York.


 


(ii)            Each
Grantor hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough
of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or under any of the other Transaction Documents
or with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim, defense or objection that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under Section 9(f) of the Securities Purchase Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or
operate to preclude the Collateral Agent or the Noteholders from bringing suit or taking other legal action against any Grantor in any
other jurisdiction to collect on a Grantor’s obligations or to enforce a judgment or other court ruling in favor of the Collateral
Agent or a Noteholder.


 


(iii)            WAIVER
OF JURY TRIAL, ETC. EACH GRANTOR IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT,
ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.


 


(iv)            Each
Grantor irrevocably and unconditionally waives any right it may have to claim or recover in any legal action, suit or proceeding referred
to in this Section any special, exemplary, indirect, incidental, punitive or consequential damages.


 






     


     


    

 


(g)            Section headings
herein are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.


 


(h)            This
Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall
be deemed to be an original, but all of which taken together constitute one and the same Agreement. Delivery of any executed counterpart
of a signature page of this Agreement by pdf, facsimile or other electronic transmission shall be effective as delivery of a manually
executed counterpart of this Agreement.


 


(i)            This
Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Obligations is
rescinded or must otherwise be returned by the Collateral Agent, any Noteholder or any other Person (upon (i) the occurrence of
any Insolvency Proceeding of any of the Company or any Grantor or (ii) otherwise, in all cases as though such payment had not been
made).


 


[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]


 






     


     


    

 


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


 


	 	GRANTORS:
	 	 
	 	VSEE HEALTH INC. (F/K/A DIGITAL HEALTH ACQUISITION CORP.)




 


		By:	 
	 	 	Name:
	 	 	Title:



 





	 	IDOC VIRTUAL TELEHEALTH SOLUTIONS, INC.



 





		By:	 
	 	 	Name:
	 	 	Title:


 





	 	IDOC VIRTUAL NEURO CRITICAL CARE, LLC



 





		By:	 
	 	 	Name:
	 	 	Title:


 





	 	IDOC TELEHEALTH SOLUTIONS NEW HAMPSHIRE, LLC



 





		By:	 
	 	 	Name:
	 	 	Title:


 





	 	ENCOMPASS HEALTHCARE BILLING, LLC



 





		By:	 
	 	 	Name:
	 	 	Title:


 


[Signature
Page to Digital Health Security Agreement]


 






     


     


    

 





	 	IDOC VIRTUAL TELEHEALTH TEXAS, LLC



 





		By:	 
	 	 	Name:
	 	 	Title:


 





	 	VSEE LAB, INC.



 





		By:	 
	 	 	Name:
	 	 	Title:


 


ACCEPTED BY:


 


3I, LP, as Collateral
Agent


 


	By:	 	 
	 	Name: Maier Tarlow	 
	 	Title: Manager on Behalf of the GP	 



 


[Signature
Page to Digital Health Security Agreement]


 






     


     


    

 



 


EXHIBIT A


 


FORM OF
INTELLECTUAL PROPERTY SECURITY AGREEMENT


 


INTELLECTUAL PROPERTY SECURITY AGREEMENT


 


This INTELLECTUAL PROPERTY SECURITY
AGREEMENT (as amended, modified, supplemented, renewed, restated or replaced from time to time, this “IP Security Agreement”),
dated [ , 2022], is made by the Persons listed on the signature pages hereof (collectively, the “Grantors”) in
favor of 3i, LP, in its capacity as collateral agent (the “Collateral Agent”) for the Noteholders. All capitalized
terms not otherwise defined herein shall have the meanings respectively ascribed thereto in the Security Agreement (as defined below).


 


WHEREAS, VSee Health, Inc.
(f/k/a Digital Health Acquisition Corp.,) , a company organized under the laws of the State of Delaware(the “Company”),
and VSee Lab, Inc., a Delaware corporation (“VSee”), and each party listed as a “Buyer” therein (collectively,
the “Buyers”) are parties to that certain Securities Purchase Agreement, dated August 9, 2022, pursuant to which
the Company shall be required to sell, and the Buyers shall purchase or have the right to purchase, the “Notes” (as defined
therein) issued pursuant thereto (as such Notes may be amended, modified, supplemented, renewed, restated or replaced from time to time
in accordance with the terms thereof, collectively, the “Notes”);


 


WHEREAS, it is a condition precedent
to the purchase of the Notes under the Securities Purchase Agreement that each Grantor has executed and delivered that certain Security
and Pledge Agreement, dated [ , 2022], made by the Grantors to the Collateral Agent (as amended, modified, supplemented, renewed, restated
or replaced from time to time, the “Security Agreement”); and


 


WHEREAS, under the terms of
the Security Agreement, the Grantors have granted to the Collateral Agent, for the ratable benefit of the Collateral Agent and the Noteholders,
a Lien on and security interest in, among other property, certain intellectual property of the Grantors, and have agreed as a condition
thereof to execute this IP Security Agreement for recording with the U.S. Patent and Trademark Office, the United States Copyright Office
and other governmental authorities.


 


WHEREAS, the Grantors have determined
that the execution, delivery and performance of this IP Security Agreement directly benefits, and is in the best interest of, the Grantors.


 


NOW, THEREFORE, in consideration
of the premises and the agreements herein and in order to induce the Buyers to perform under the Securities Purchase Agreement, each Grantor
agrees with the Collateral Agent, for the ratable benefit of the Collateral Agent and the Noteholders, as follows


 


SECTION 1. Grant of
Security. As collateral security for the due and punctual payment and performance in full of the Obligations, as and when due, each
Grantor hereby pledges and assigns to the Collateral Agent, its successors and permitted assigns, and hereby grants to the Collateral
Agent, its successors and permitted assigns, for the ratable benefit of the Collateral Agent and the Noteholders, a continuing Lien on
and security interest in, all of such Grantor’s right, title and interest in, to and under the following (the “Collateral”):


 






     


     


    

 


(i)            the
Patents and Patent applications set forth in Schedule A hereto;


 


(ii)            the
Trademark and service mark registrations and applications set forth in Schedule B hereto (provided that no security interest
shall be granted in United States intent-to-use trademark applications to the extent that, and solely during the period in which, the
grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark applications under applicable
federal law), together with the goodwill symbolized thereby;


 


(iii)            all
Copyrights, whether registered or unregistered, now owned or hereafter acquired by such Grantor, including, without limitation, the copyright
registrations and applications and exclusive copyright licenses set forth in Schedule C hereto;


 


(iv)            all
reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations of any of the foregoing, all rights
in the foregoing provided by international treaties or conventions, all rights corresponding thereto throughout the world and all other
rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto;


 


(v)            any
and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation, misuse
or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise recover,
such damages; and


 


(vi)            any
and all Proceeds, including without limitation Cash and Noncash Proceeds of, collateral for, income, royalties and other payments now
or hereafter due and payable with respect to, and Supporting Obligations relating to, any and all of the collateral of or arising from
any of the foregoing.


 


SECTION 2. Security
for Obligations. The grant of a Lien on and security interest in, the Collateral by each Grantor under this IP Security Agreement
constitutes continuing collateral security for the payment and performance of all Obligations of such Grantor now or hereafter existing
under or in respect of the Notes and the Transaction Documents, whether direct or indirect, absolute or contingent, and whether for principal,
reimbursement obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise.


 


SECTION 3. Recordation.
Each Grantor authorizes and requests that the Register of Copyrights, the Commissioner for Patents and the Commissioner for Trademarks
and any other applicable government officer record this IP Security Agreement.


 


SECTION 4. Execution
in Counterparts. This IP Security Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together constitute one and the same Agreement.


 






     


     


    

 


SECTION 5. Grants, Rights
and Remedies. This IP Security Agreement has been entered into in conjunction with the provisions of the Security Agreement. Each
Grantor does hereby acknowledge and confirm that the grant of the Lien and security interest hereunder to, and the rights and remedies
of, the Collateral Agent with respect to the Collateral are more fully set forth in the Security Agreement, the terms and provisions of
which are incorporated herein by reference as if fully set forth herein.


 


SECTION 6. Governing Law; Jurisdiction;
Jury Trial.


 


(i)            All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws
of the State of New York, without giving effect to any provision or rule of law (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdiction other than the State of New York.


 


(ii)            Each
Grantor hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough
of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or under any of the other Transaction Documents
or with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim, defense or objection that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby
irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing
a copy thereof to such party at the address for such notices to it under Section 9(f) of the Securities Purchase Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate
to preclude the Collateral Agent or the Noteholders from bringing suit or taking other legal action against any Grantor in any other jurisdiction
to collect on a Grantor’s obligations or to enforce a judgment or other court ruling in favor of the Collateral Agent or a Noteholder.


 


(iii)            WAIVER
OF JURY TRIAL, ETC. EACH GRANTOR IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT,
ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.


 


(iv)            Each
Grantor irrevocably and unconditionally waives any right it may have to claim or recover in any legal action, suit or proceeding referred
to in this Section any special, exemplary, indirect, incidental, punitive or consequential damages.


 


[The remainder of the page is intentionally
left blank]


 






     


     


    

 


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


 


	 	VSEE HEALTH INC. (F/K/A DIGITAL
    HEALTH ACQUISITION CORP.)
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 




 


[Signature Page to Digital
Health Intellectual Property Security Agreement]


 






     


     


    

 


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


 


	 	IDOC VIRTUAL TELEHEALTH SOLUTIONS, INC.
	 	 
	 	By 	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 


 


[Signature
Page to Digital Health Intellectual Property Security Agreement]


 






     


     


    

 


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


 


	 	IDOC VIRTUAL NEURO CRITICAL CARE, LLC
	 	 
	 	By 	      
	 	 	Name: 
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 


 


[Signature Page to Digital Health Intellectual
Property Security Agreement]


 






     


     


    

 


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


 


	 	IDOC TELEHEALTH SOLUTIONS NEW HAMPSHIRE, LLC
	 	 
	 	By 	      
	 	 	Name: 
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 


 


[Signature Page to
Digital Health Intellectual Property Security Agreement]


 






     


     


    

 


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


 





	 	ENCOMPASS HEALTHCARE BILLING, LLC
	 	 
	 	By 	      
	 	 	Name: 
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 


 


[Signature
Page to Digital Health Intellectual Property Security Agreement]


 






     


     


    

 


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


 





	 	IDOC VIRTUAL TELEHEALTH TEXAS, LLC
	 	 
	 	By: 	      
	 	 	Name: 
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 


 


[Signature
Page to Digital Health Intellectual Property Security Agreement]


  






    


     


    

 


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


 





	 	VSEE LAB, INC.
	 	 
	 	By 	      
	 	 	Name: 
	 	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 


 


[Signature Page to Digital Health Intellectual
Property Security Agreement]