Document:

Exhibit
10.2

 

SECURITY
AGREEMENT

 

This
SECURITY AGREEMENT (this “Agreement”) made and effective as of February 9, 2022, is executed by and between HEALTHCARE
INTEGRATED TECHNOLOGIES INC., a Delaware corporation (the “Company”), and AJB CAPITAL INVESTMENTS, LLC,
a Delaware limited liability company (the “Secured Party”).

 

WHEREAS,
pursuant to a Securities Purchase Agreement dated as of the date hereof, between the Company and the Secured Party (the “Purchase
Agreement”), the Company has agreed to issue to the Secured Party and the Secured Party has agreed to purchase from Company
a Promissory Note (the “Note”), as more specifically set forth in the Purchase Agreement; and

 

WHEREAS,
in order to induce the Secured Party to purchase the Note, the Company has agreed to execute and deliver to the Secured Party this Agreement
for the benefit of the Secured Party and to grant to Secured Party an unconditional and continuing, first priority security interest
in all of the assets and property of the Company to secure the prompt payment, performance and discharge in full of all of Company’s
obligations under the Note, and the Purchase Agreement and the other document executed in connection with the Purchase Agreement (the
“Transaction Documents”).

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements of the parties hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties each intending to be legally bound, hereby do agree as follows:

 

1.
Recitals. The recitations set forth in the preamble of this Agreement are true and correct and incorporated herein by this reference.

 

2.
Construction and Definition of Terms. In this Agreement, unless the express context otherwise requires: (i) the words “herein,”
“hereof’ and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular
provision of this Agreement; (ii) references to the words “Section” or “Subsection” refer to the respective Sections
and Subsections of this Agreement, and references to “Exhibit” or “Schedule” refer to the respective Exhibits
and Schedules attached hereto; (iii) wherever the word “include,” “includes” or “including” is used
in this Agreement, it will be deemed to be followed by the words “without limitation.” All capitalized terms used in this
Agreement that are defined in the Purchase Agreement or otherwise defined in Articles 8 or 9 of the Code shall have the meanings assigned
to them in the Purchase Agreement or the Code, respectively and as applicable, unless the context of this Agreement requires otherwise.
In addition to the capitalized terms defined in the Code and the Purchase Agreement, unless the context otherwise requires, when used
herein, the following capitalized terms shall have the following meanings (provided that if a capitalized term used herein is defined
in the Purchase Agreement and separately defined in this Agreement, the meaning of such term as defined in this Agreement shall control
for purposes of this Agreement):

 

(a)
“Agreement” means this Security Agreement and all amendments, modifications and supplements hereto.

 

    	 

    	 

    

 

(b)
“Bankruptcy Code” means the United States Bankruptcy Code, as amended from time to time, or any other similar laws,
codes, rules or regulations relating to bankruptcy, insolvency or the protection of creditors.

 

(c)
“Business Premises” shall mean the Company’s offices located at [Please provide].

 

(d)
“Closing” shall mean the date on which this Agreement is fully executed by both parties.

 

(e)
“Code” shall mean the Uniform Commercial Code as in effect from time to time in the State of Nevada, provided that
terms used herein which are defined in the Code as in effect in the State of Nevada on the date hereof shall continue to have the same
meaning notwithstanding any replacement or amendment of such statute, except as the Secured Party may otherwise agree.

 

(f)
“Collateral” shall mean any and all property of the Company, of any kind or description, tangible or intangible, real,
personal or mixed, wheresoever located and whether now existing or hereafter arising or acquired, including the following: (i) all property
of, or for the account of, the Company now or hereafter coming into the possession, control or custody of, or in transit to, Secured
Party or any agent or bailee for Secured Party or any parent, affiliate or subsidiary of Secured Party or any participant with Secured
Party in the Obligations (whether for safekeeping, deposit, collection, custody, pledge, transmission or otherwise), including all cash,
earnings, dividends, interest, or other rights in connection therewith and the products and proceeds therefrom, including the proceeds
of insurance thereon; (ii) the following additional property of the Company, whether now existing or hereafter arising or acquired, and
wherever now or hereafter located, together with all additions and accessions thereto, substitutions, betterments and replacements therefor,
products and Proceeds therefrom, and all of the Company’s books and records and recorded data relating thereto (regardless of the
medium of recording or storage), together with all of the Company’s right, title and interest in and to all computer software required
to utilize, create, maintain and process any such records or data on electronic media, including all: (A) Accounts, and all goods whose
sale, lease or other disposition by the Company have given rise to Accounts and have been returned to, or repossessed or stopped in transit
by, the Company, or rejected or refused by an Account debtor; (B) As-extracted Collateral; (C) Chattel Paper (whether tangible or electronic);
(D) Commodity Accounts; (E) Commodity Contracts; (F) Deposit Accounts, including all cash and other property from time to time deposited
therein and the monies and property in the possession or under the control of the Secured Party or any affiliate, representative, agent,
designee or correspondent of the Secured Party; (G) Documents; (H) Equipment; (I) Farm Products; (J) Fixtures; (K) General Intangibles
(including all Payment Intangibles); (L) Goods, and all accessions thereto and goods with which the Goods are commingled; (M) Health-Care
Insurance Receivables; (N) Instruments; (O) Inventory, including raw materials, work-in-process and finished goods; (P) Investment Property;
(Q) Letter-of-Credit Rights; (R) Promissory Notes; (S) Software; (T) all Supporting Obligations; (U) all commercial tort claims hereafter
arising; (V) all other tangible and intangible personal property of the Company (whether or not subject to the Code), including, all
bank and other accounts and all cash and all investments therein, all proceeds, products, offspring, accessions, rents, profits, income,
benefits, substitutions and replacements of and to any of the property of the Company described within the definition of Collateral (including,
any proceeds of insurance thereon and all causes of action, claims and warranties now or hereafter held by the Company in respect of
any of the items listed within the definition of Collateral), and all books, correspondence, files and other Records, including, all
tapes, desks, cards, Software, data and computer programs in the possession or under the control of the Company or any other Person from
time to time acting for the Company, in each case, to the extent of the Company’s rights therein, that at any time evidence or
contain information relating to any of the property described or listed within the definition of Collateral or which are otherwise necessary
or helpful in the collection or realization thereof; (W) all real property interests of the Company and the interest of the Company in
fixtures related to such real property interests; and (X) Proceeds, including all Cash Proceeds and Noncash Proceeds, and products of
any or all of the foregoing, in each case howsoever the Company’s interest therein may arise or appear (whether by ownership, security
interest, claim or otherwise).

 

    	 

    	 

    

 

(g)
“Event of Default” shall mean any of the events described in Section 4 hereof.

 

(h)
“Obligations” means all obligations and liabilities (monetary (including post-petition interest, allowed or not) or
otherwise) of the Company under this Agreement, the Purchase Agreement, the Note and any other Transaction Document which are owed to
Secured Party, all in each case howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter
existing, or due or to become due.

 

3.
Security.

 

(a)
Grant of Security Interest. As security for the full payment and performance of all of the Obligations, whether or not any instrument
or agreement relating to any Obligation specifically refers to this Agreement or the security interest created hereunder, the Company
hereby assigns, pledges and grants to Secured Party an unconditional, continuing, first priority security interest in all of the Collateral.
Secured Party’s security interest shall continually exist until all Obligations have been indefeasibly satisfied and/or paid in
full.

 

(b)
Representations, Warranties, Covenants and Agreement of the Company. The Company covenants, warrants and represents, for the benefit
of the Secured Party, as follows:

 

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

 

    	 

    	 

    

 

(ii)
The Company represents and warrants that it has no place of business or offices where their respective books of account and records are
kept or places where Collateral is stored or located, except for the Business Premises.

 

(iii)
The Company is the sole owner of the Collateral (except for non-exclusive licenses granted by the Company in the Company’s Ordinary
Course of Business), free and clear of any and all Encumbrances. The Company is fully authorized to grant the security interests in and
to pledge the Collateral to Secured Party. There is not on file in any agency, land records or other office of any Governmental Authority,
an effective financing statement, security agreement, license or transfer or any notice of any of the foregoing (other than those that
have been filed in favor of the Secured Party pursuant to this Agreement) covering or affecting any of the Collateral. So long as this
Agreement shall be in effect, the Company shall not execute and shall not permit to be on file in any such agency, land records or other
office any such financing statement or other document or instrument (except to the extent filed or recorded in favor of the Secured Party
pursuant to the terms of this Agreement).

 

(iv)
No part of the Collateral has been judged invalid or unenforceable. No Claim, Proceeding or other notice or other similar item has been
received by the Company that any Collateral or the Company’s use of any Collateral violates the rights of any Person. There has
been no adverse decision or claim to the Company’s ownership rights in or exclusive rights to use the Collateral in any jurisdiction
or to the Company’s right to keep and maintain such Collateral in full force and effect, and there is no Claim or Proceeding of
any nature involving said rights pending or, to the best knowledge of the Company, threatened, before any Governmental Authority.

 

(v)
The Company shall at all times maintain their books of account and records relating to their Collateral and maintain their Collateral
at the Business Premises, and the Company shall not relocate such books of account and records or its Collateral, except and unless:
(A) Secured Party first approves of such relocation, which approval may be withheld in Secured Party’s sole and absolute discretion;
(B) evidence that appropriate financing statements and other necessary documents have been filed and recorded and other steps have been
taken to create in favor of the Secured Party valid, perfected and continuing liens in the Collateral; or (C) Collateral is moved or
relocated in the Company’s Ordinary Course of Business, provided, however, that any permanent relocation of any of the Collateral
shall require Secured Party’s prior written approval in accordance with Subsection 3(b)(v)(A) above.

 

(vi)
Upon making the filings described in the immediately following sentence or by possession or control of such Collateral by Secured Party
or delivery of such Collateral to Secured Party, this Agreement creates, in favor of the Secured Party, a valid, perfected, first priority,
security interest in the Collateral. Except for the filing of financing statements on Form UCC-1 under the Code with the State of Delaware
no authorization or approval of, or filing with, or notice to any Governmental Authority is required either: (A) for the grant by the
Company of, or the effectiveness of, the security interest granted hereby or for the execution, delivery and performance of this Agreement
by the Company; or (B) for the perfection of or exercise by the Secured Party of its rights and remedies hereunder.

 

    	 

    	 

    

 

(vii)
Simultaneous with the execution of this Agreement, the Company hereby authorizes the Secured Party to file one or more UCC financing
statements, and any continuations, amendments, or assignments thereof with respect to the security interests on the Collateral granted
hereby, with the State of Delaware and in such other jurisdictions as may be requested or desired by the Secured Party.

 

(viii)
The execution, delivery and performance of this Agreement, and the granting of the security interests contemplated hereby, will not:
(A) constitute a violation of, or conflict with the Certificate of Incorporation, Articles of Incorporation, Articles of Organization,
Certificate of Formation, Operating Agreement, Bylaws or any other organizational or governing documents of the Company; (B) constitute
a violation of, or a default or breach under (either immediately, upon notice, upon lapse of time, or both), or conflicts with, or gives
to any other Person any rights of termination, amendment, acceleration or cancellation of, any provision of any Contract or agreement
to which Company is a party or by which any of the Collateral may be bound; (C) constitute a violation of, or a default or breach under
(either immediately, upon notice, upon lapse of time, or both), or conflicts with, any Judgment of any Governmental Authority; (D) constitute
a violation of, or conflict with, any Law; or (E) result in the loss or adverse modification of, or the imposition of any fine, penalty
or other Encumbrance with respect to, any Permit granted or issued to, or otherwise held by or for the use of, the Company or any of
the Collateral. No Consent (including from stockholders or creditors of the Company) is required for the Company to enter into and perform
its obligations hereunder.

 

(ix)
The Company shall at all times maintain the liens and security interests provided for hereunder as valid and perfected liens and security
interests in the Collateral in favor of the Secured Party until this Agreement and the security interests hereunder shall terminate pursuant
to Section 8(o) below. The Company shall at all times safeguard and protect all Collateral, at its own expense, for the account of the
Secured Party. At the request of the Secured Party, the Company will sign and deliver to the Secured Party at any time, or from time
to time, one or more financing statements pursuant to the Code (or any other applicable statute) in form reasonably satisfactory to the
Secured Party and will pay the cost of filing the same in all public offices wherever filing is, or is deemed by the Secured Party to
be, necessary or desirable to effect the rights and obligations provided for herein. Without limiting the generality of the foregoing,
the Company shall pay all fees, taxes and other amounts necessary to maintain the Collateral and the security interests granted hereunder,
and the Company shall obtain and furnish to the Secured Party from time to time, upon demand, such releases and/or subordinations of
claims and liens which may be required to maintain the priority of the security interests hereunder.

 

    	 

    	 

    

 

(x)
The Company will not transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral without the
prior written consent of the Secured Party, which consent may be withheld in the Secured Party’s sole and absolute discretion,
except for transfers, sales or licenses made in the Company Ordinary Course of Business.

 

(xi)
The Company shall keep, maintain and preserve all of the Collateral in good condition, repair and order and the Company will use, operate
and maintain the Collateral in compliance with all Laws, and in compliance with all applicable insurance requirements and regulations.

 

(xii)
The Company shall, within five (5) days of obtaining knowledge thereof, advise the Secured Party promptly, in sufficient detail, of any
substantial or material change in the Collateral, and of the occurrence of any event which would have a Material Adverse Effect.

 

(xiii)
The Company shall promptly execute and deliver to the Secured Party such further deeds, mortgages, assignments, security agreements,
financing statements or other instruments, documents, certificates and assurances and take such further action as the Secured Party may
from time to time request and may in its sole discretion deem necessary to perfect, protect or enforce its security interest in the Collateral,
including, placing legends on Collateral or on books and records pertaining to Collateral stating that Secured Party has a security interest
therein.

 

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

 

(xv)
The Company shall promptly notify the Secured Party in sufficient detail upon becoming aware of any Claim, Proceeding, or any other litigation,
attachment, garnishment, execution or other legal process levied against any Collateral or of any Claim, Proceeding or any other litigation,
attachment, garnishment, execution or other legal process which Company knows or has reason to believe is pending or threatened against
it or the Collateral, and of any other information received by the Company that may materially affect the value of the Collateral, the
security interests granted hereunder or the rights and remedies of the Secured Party hereunder.

 

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

 

(xvii)
Company will promptly pay when due all Taxes and all transportation, storage, warehousing and all other charges and fees affecting or
arising out of or relating to the Collateral and shall defend the Collateral, at Company’s expense, against all claims of any Persons
claiming any interest in the Collateral adverse to Company or Secured Party.

 

    	 

    	 

    

 

(xviii)
During normal business hours and subject to prior reasonable notice from Secured Party to the Company (which notice may be e-mail or
telephonic notice), Secured Party and its agents and designees may enter the Business Premises and any other premises of the Company
and inspect the Collateral and all books and records of the Company (in whatever form), and the Company shall pay the reasonable costs
of such inspections.

 

(xix)
The Company shall maintain comprehensive casualty insurance on the Collateral against such risks, in such amounts, with such loss deductible
amounts and with such companies as may be reasonably satisfactory to the Secured Party, and each such policy shall contain a clause or
endorsement satisfactory to Secured Party naming Secured Party as loss payee and a clause or endorsement satisfactory to Secured Party
that such policy may not be canceled or altered and Secured Party may not be removed as loss payee without at least thirty (30) days
prior written notice to Secured Party. In all events, the amounts of such insurance coverages shall conform to prudent business practices
and shall be in such minimum amounts that Company will not be deemed a co-insurer under applicable insurance laws, policies or practices.
The Company hereby assigns to Secured Party and grants to Secured Party a security interest in any and all proceeds of such policies
and authorizes and empowers Secured Party to adjust or compromise any loss under such policies and to collect and receive all such proceeds.
The Company hereby authorizes and directs each insurance company to pay all such proceeds directly and solely to Secured Party and not
to the Company and Secured Party jointly. The Company authorizes and empowers Secured Party to execute and endorse in Company name all
proofs of loss, drafts, checks and any other documents or instruments necessary to accomplish such collection, and any persons making
payments to Secured Party under the terms of this subsection are hereby relieved absolutely from any obligation or responsibility to
see to the application of any sums so paid. After deduction from any such proceeds of all costs and expenses (including attorney’s
fees) incurred by Secured Party in the collection and handling of such proceeds, the net proceeds shall be applied as follows: if no
Event of Default shall have occurred and be continuing, such net proceeds may be applied, at Company option, either toward replacing
or restoring the Collateral, in a manner and on terms satisfactory to Secured Party, or as a credit against such of the Obligations,
whether matured or unmatured, as Secured Party shall determine in Secured Party’s sole discretion. In the event that Company may
and does elect to replace or restore any of the Collateral as aforesaid, then such net proceeds shall be deposited in a segregated account
opened in the name and for the benefit of Secured Party, and such net proceeds shall be disbursed therefrom by Secured Party in such
manner and at such times as Secured Party deems appropriate to complete and insure such replacement or restoration; provided, however,
that if an Event of Default shall occur at any time before or after replacement or restoration has commenced, then thereupon Secured
Party shall have the option to apply all remaining net proceeds either toward replacing or restoring the Collateral, in a manner and
on terms satisfactory to Secured Party, or as a credit against such of the Obligations, whether matured or unmatured, as Secured Party
shall determine in Secured Party’s sole discretion. If an Event of Default shall have occurred prior to such deposit of the net
proceeds, then Secured Party may, in its sole discretion, apply such net proceeds either toward replacing or restoring the Collateral,
in a manner and on terms satisfactory to Secured Party, or as a credit against such of the Obligations, whether matured or unmatured,
as Secured Party shall determine in Secured Party’s sole discretion.

 

    	 

    	 

    

 

(xx)
The Company shall cooperate with Secured Party to obtain and keep in effect one or more control agreements in Deposit Accounts, Electronic
Chattel Paper, Investment Property and Letter-of-Credit Rights Collateral. In addition, the Company, at the Company expense, shall promptly:
(A) execute all notices of security interest for each relevant type of Software and other General Intangibles in forms suitable for filing
with any United States or foreign office handling the registration or filing of patents, trademarks, copyrights and other intellectual
property and any successor office or agency thereto; and (B) take all commercially reasonable steps in any Proceeding before any such
office or any similar office or agency in any other country or any political subdivision thereof, to diligently prosecute or maintain,
as applicable, each application and registration of any Software, General Intangibles or any other intellectual property rights and assets
that are part of the Collateral, including filing of renewals, affidavits of use, affidavits of incontestability and opposition, interference
and cancellation proceedings.

 

(xxi)
Company shall not file any amendments, correction statements or termination statements concerning the Collateral without the prior written
consent of Secured Party.

 

(c)
Collateral Collections. After an Event of Default shall have occurred, Secured Party shall have the right at any and all times
to enforce the Company’s rights against all Persons obligated on any of the Collateral, including the right to: (i) notify and/or
require the Company to notify any or all Persons obligated on any of the Collateral to make payments directly to Secured Party or in
care of a post office lock box under the sole control of Secured Party established at Company’s expense, and to take any or all
action with respect to Collateral as Secured Party shall determine in its sole discretion, including, the right to demand, collect, sue
for and receive any money or property at any time due, payable or receivable on account thereof, compromise and settle with any Person
liable thereon, and extend the time of payment or otherwise change the terms thereof, without incurring any liability or responsibility
to the Company whatsoever; and/or (ii) require the Company to segregate and hold in trust for Secured Party and, on the day of Company
receipt thereof, transmit to Secured Party in the exact form received by the Company (except for such assignments and endorsements as
may be required by Secured Party), all cash, checks, drafts, money orders and other items of payment constituting any portion of the
Collateral or proceeds of the Collateral. Secured Party’s collection and enforcement of Collateral against Persons obligated thereon
shall be deemed to be commercially reasonable if Secured Party exercises the care and follows the procedures that Secured Party generally
applies to the collection of obligations owed to Secured Party.

 

(d)
Care of Collateral. Company shall have all risk of loss of the Collateral. Secured Party shall have no liability or duty, either
before or after the occurrence of an Event of Default, on account of loss of or damage to, to collect or enforce any of its rights against,
the Collateral, to collect any income accruing on the Collateral, or to preserve rights against Persons with prior interests in the Collateral.
If Secured Party actually receives any notices requiring action with respect to Collateral in Secured Party’s possession, Secured
Party shall take reasonable steps to forward such notices to the Company. The Company is responsible for responding to notices concerning
the Collateral, voting the Collateral, and exercising rights and options, calls and conversions of the Collateral. Secured Party’s
sole responsibility is to take such action as is reasonably requested by Company in writing, however, Secured Party is not responsible
to take any action that, in Secured Party’s sole judgment, would affect the value of the Collateral as security for the Obligations
adversely. While Secured Party is not required to take certain actions, if action is needed, in Secured Party’s sole discretion,
to preserve and maintain the Collateral, Company authorizes Secured Party to take such actions, but Secured Party is not obligated to
do so.

 

    	 

    	 

    

 

4.
Events of Default. The occurrence of any one or more of the following events shall constitute an “Event of Default”
hereunder:

 

(a)
Failure to Pay. The failure of any Credit Party to pay any sum due under or as part of the Obligations as and when due and payable
(whether by acceleration, declaration, extension or otherwise).

 

(b)
Covenants and Agreements. The failure of Company to perform, observe or comply with any and all of the covenants, promises and
agreements of the Company in this Agreement, which such failure is not cured by the Company within ten (10) days after receipt of written
notice thereof from Secured Party, except that there shall be no notice or cure period with respect to any failure to pay any sums due
under or as part of the Obligations.

 

(c)
Information, Representations and Warranties. If any material representation or warranty made herein, or if any information contained
in any financial statement, application, schedule, report or any other document given by the Company in connection with the Obligations,
with the Collateral, or with any Transaction Document, is not in all respects true, accurate and complete, or if the Company omitted
to state any material fact or any fact necessary to make such information not misleading.

 

(d)
Default on Other Obligations. The occurrence of any default under any other borrowing, Obligation or Contract of the Company,
if the result of such default would: (i) permit any Person which is a party to any such borrowing, Obligation or Contract, to accelerate
the maturity thereof, or to cancel or terminate any such borrowing, Obligation or Contract; (ii) cause or be reasonably expected to cause
a Material Adverse Effect; or (iii) materially and adversely affect, as determined by Secured Party in good faith, but in its sole discretion,
any of the Collateral, the value thereof, Secured Party’s rights and remedies to realize upon such Collateral as set forth herein,
or the Secured Party’s ability to comply with the Transaction Documents.

 

(e)
Insolvency. Company shall be or become insolvent or unable to pay its debts as they become due, or admits in writing to such insolvency
or to such inability to pay its debts as they become due.

 

(f)
Involuntary Bankruptcy. There shall be filed against Company an involuntary petition or other pleading seeking the entry of a
decree or order for relief under the Bankruptcy Code or any similar foreign, federal or state insolvency or similar laws ordering: (i)
the liquidation of the Company; or (ii) a reorganization of Company or the business and affairs of Company; or (iii) the appointment
of a receiver, liquidator, assignee, custodian, trustee, or similar official for Company of the property of Company, and the failure
to have such petition or other pleading denied or dismissed within thirty (30) calendar days from the date of filing.

 

    	 

    	 

    

 

(g)
Voluntary Bankruptcy. The commencement by the Company of a voluntary case under the Bankruptcy Code or any foreign, federal or
state insolvency or similar laws or the consent by the Company to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, or similar official for Company of any of the property of the Company or the making by the Company of an
assignment for the benefit of creditors, or the failure by the Company generally to pay its debts as the debts become due.

 

(h)
Judgments, Awards. The entry of any final and non-appealable Judgment or other determination or adjudication against the Company
and a determination by Secured Party, in good faith but in its sole discretion, that any such Judgment or other determination or adjudication
could have a Material Adverse Effect, or could otherwise adversely affect the prospect for Secured Party to fully and punctually realize
the full benefits conferred on Secured Party by this Agreement and the other Transaction Documents, or the prospect of repayment of all
the Obligations.

 

(i)
Injunction. The injunction or restraint of the Company in any manner from conducting its business in whole or in part and a determination
by Secured Party, in good faith but in its sole discretion, that the same could have a Material Adverse Effect, or could otherwise adversely
affect the prospect for Secured Party to fully and punctually realize the full benefits conferred on Secured Party by this Agreement
and the other Transaction Documents, or the prospect of repayment of all the Obligations.

 

(j)
Attachment by Other Parties. Any Assets of the Company shall be attached, levied upon, seized or repossessed, or come into the
possession of a trustee, receiver or other custodian and a determination by Secured Party, in good faith but in its sole discretion,
that the same could have a Material Adverse Effect, or could otherwise adversely affect the prospect for Secured Party to fully and punctually
realize the full benefits conferred on Secured Party by this Agreement and the other Transaction Documents, or the prospect of repayment
of all the Obligations.

 

(k)
Adverse Change in Financial Condition. The determination in good faith by Secured Party that an event has occurred, either in
the financial condition or operations of the Company, or the Collateral, or otherwise, which event could have a Material Adverse Effect,
or could otherwise adversely affect the prospect for Secured Party to fully and punctually realize the full benefits conferred on Secured
Party by this Agreement and the other Transaction Documents.

 

(l)
Adverse Change in Value of Collateral. The determination in good faith by Secured Party that the security for the Obligations
is or has become inadequate.

 

(m)
Prospect of Payment or Performance. The determination in good faith by Secured Party that the prospect for payment or performance
of any of the Obligations is impaired for any reason.

 

    	 

    	 

    

 

5.
Rights and Remedies.

 

(a)
Rights and Remedies of Secured Party. Upon and after the occurrence of an Event of Default, Secured Party may, without notice
or demand, exercise in any jurisdiction in which enforcement hereof is sought, the following rights and remedies, in addition to the
rights and remedies available to Secured Party under the Purchase Agreement and any other Transaction Documents, the rights and remedies
of a secured party under the Code, and all other rights and remedies available to Secured Party under applicable law or in equity, all
such rights and remedies being cumulative and enforceable alternatively, successively or concurrently:

 

(i)
Take absolute control of the Collateral including transferring into the Secured Party’s name or into the name of its nominee or
nominees (to the extent the Secured Party has not theretofore done so) and thereafter receive, for the benefit of the Secured Party,
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 the Company to, and the Company hereby agrees that it will at its expense and upon request of the Secured Party forthwith, assemble
all or part of the Collateral as directed by the Secured Party and make it available to the Secured Party at a place or places to be
designated by the Secured Party that is convenient to Secured Party, and the Secured Party may enter into and occupy the Business Premises
or any other premises owned or leased by the Company where the Collateral or any part thereof is located or assembled in order to effectuate
the Secured Party’s rights and remedies hereunder or under law, including removing such Collateral therefrom, without any obligation
or liability to the Company in respect of such occupation, the Company HEREBY WAIVING ANY AND ALL RIGHTS TO PRIOR NOTICE AND TO JUDICIAL
HEARING WITH RESPECT TO REPOSSESSION OF COLLATERAL AND THE COMPANY HEREBY GRANTING TO SECURED PARTY AND ITS AGENTS AND REPRESENTATIVES
FULL AUTHORITY TO ENTER SUCH PREMISES;

 

    	 

    	 

    

 

(iii)
Without notice, except as specified below, and without any obligation to prepare or process the Collateral for sale: (A) sell the Collateral
or any part thereof in one or more parcels at public or private sale, at any of the Secured Party’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 Secured Party may deem commercially reasonable;
and/or (B) lease, license or dispose of the Collateral or any part thereof upon such terms as the Secured Party may deem commercially
reasonable. The Company agrees that, to the extent notice of sale or any other disposition of the Collateral shall be required by law,
at least ten (10) days’ notice to the Company of the time and place of any public sale or the time after which any private sale
or other disposition of the Collateral is to be made shall constitute reasonable notification. The Secured Party shall not be obligated
to make any sale or other disposition of any Collateral regardless of notice of sale having been given. The Secured Party 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. The Company hereby waives any claims and actions against the Secured
Party arising by reason of the fact that the price at which any of the 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 Secured
Party accepts the first offer received and does not offer such Collateral to more than one offeree, and waives all rights that the Company
may have to require that all or any part of such Collateral be marshaled upon any sale (public or private) thereof. The Company hereby
acknowledges that: (X) any such sale of the Collateral by the Secured Party shall be made without warranty; (Y) the Secured Party may
specifically disclaim any warranties of title, possession, quiet enjoyment or the like; and (Z) such actions set forth in clauses (X)
and (Y) above shall not adversely affect the commercial reasonableness of any such sale of Collateral. In addition to the foregoing:
(1) upon written notice to the Company from the Secured Party after and during the continuance of an Event of Default, the Company shall
cease any use of any intellectual property or any trademark, patent or copyright similar thereto for any purpose described in such notice;
(2) the Secured Party may, at any time and from time to time after and during the continuance of an Event of Default, license, whether
general, special or otherwise, and whether on an exclusive or non-exclusive basis, any of the Company’s intellectual property,
throughout the universe for such term or terms, on such conditions, and in such manner, as the Secured Party shall in its sole discretion
determine; and (3) the Secured Party may, at any time, pursuant to the authority granted under this Agreement (such authority being effective
upon the occurrence and during the continuance of an Event of Default), execute and deliver on behalf of the Company, one or more instruments
of assignment of any intellectual property (or any application or registration thereof), in form suitable for filing, recording or registration
in any country.

 

(iv)
Operate, manage and control the Collateral (including use of the Collateral and any other property or assets of Company in order to continue
or complete performance of Company’s obligations under any contracts of Company), or permit the Collateral or any portion thereof
to remain idle or store the same, and collect all rents and revenues therefrom.

 

(v)
Enforce the Company’s rights against any Persons obligated upon any of the Collateral.

 

(vi)
The Company hereby acknowledges that if the Secured Party complies with any applicable foreign, state, provincial or federal law requirements
in connection with a disposition of the Collateral, such compliance will not adversely affect the commercial reasonableness of any sale
or other disposition of the Collateral.

 

    	 

    	 

    

 

(vii)
The Secured Party shall not be required to marshal any present or future collateral security (including, 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 Secured Party’s rights hereunder and in respect of such collateral security and
other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that
the Company lawfully may, the Company 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 Secured Party’s rights under this Agreement or under any other instrument creating
or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured
or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Company hereby irrevocably waives the benefits
of all such laws.

 

(b)
Power of Attorney. Effective upon the occurrence of an Event of Default, Company hereby designates and appoints Secured Party
and its designees as attorney-in-fact of and for the Company, irrevocably and with full power of substitution, with authority to endorse
the Company’s name on any notes, acceptances, checks, drafts, money orders, instruments or other evidences of payment or proceeds
of the Collateral that may come into Secured Party’s possession; to execute proofs of claim and loss; to adjust and compromise
any claims under insurance policies; and to perform all other acts necessary and advisable, in Secured Party’s sole discretion,
to carry out and enforce this Agreement and the rights and remedies conferred upon the Secured Party by this Agreement, the Purchase
Agreement or any other Transaction Documents. All acts of said attorney or designee are hereby ratified and approved by the Company and
said attorney or designee shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact
or law. This power of attorney is coupled with an interest and is irrevocable so long as any of the Obligations remain unpaid or unperformed
or there exists any commitment by Secured Party which could give rise to any Obligations.

 

(c)
Costs and Expenses. The Company agrees to pay to the Secured Party, upon demand, the amount of any and all costs and expenses,
including the reasonable fees, costs, expenses and disbursements of counsel for the Secured Party and of any experts and agents, which
the Secured Party 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 of the Secured Party hereunder;
or (iv) the failure by the Company to perform or observe any of the provisions hereof. Included in the foregoing shall be the amount
of all expenses paid or incurred by Secured Party in consulting with counsel concerning any of its rights hereunder, under the Purchase
Agreement or under applicable law, as well as such portion of Secured Party’s overhead as Secured Party shall allocate to collection
and enforcement of the Obligations in Secured Party’s sole but reasonable discretion. All such costs and expenses shall bear interest
from the date of outlay until paid, at the highest rate set forth in the Note, or if none is so stated, the highest rate allowed by law.
The provisions of this Subsection shall survive the termination of this Agreement and Secured Party’s security interest hereunder
and the payment of all Obligations.

 

    	 

    	 

    

 

6.
Security Interest Absolute. All rights of the Secured Party and all Obligations of the Company hereunder, shall be absolute and
unconditional, irrespective of: (i) any lack of validity or enforceability of this Agreement, the Purchase Agreement, and any other Transaction
Documents or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (ii) any change in the time,
manner or place of payment or performance of, or in any other term of, all or any of the Obligations, or any other amendment or waiver
of or any consent to any departure from the terms and provisions of the Purchase Agreement, any other Transaction Documents, or any other
agreement entered into in connection with the foregoing; (iii) any exchange, release or non-perfection of any of the Collateral, or any
release or amendment or waiver of or consent to departure from any other collateral for, or any guaranty, or any other security, for
all or any of the Obligations; (iv) any action by the Secured Party to obtain, adjust, settle and cancel in its sole discretion any insurance
claims or matters made or arising in connection with the Collateral; or (v) any other circumstance which might otherwise constitute any
legal or equitable defense available to the Company, or a discharge of all or any part of the security interests granted hereby. Until
the Obligations shall have been paid and performed in full, the rights of the Secured Party shall continue even if the Obligations are
barred for any reason, including, the running of the statute of limitations or bankruptcy. In the event that at any time any transfer
of any Collateral or any payment received by the Secured Party hereunder shall be deemed by final order of a court of competent jurisdiction
to have been a voidable preference or fraudulent conveyance under the Bankruptcy Code or any other similar insolvency or bankruptcy laws
of any jurisdiction , or shall be deemed to be otherwise due to any party other than the Secured Party, then, in any such event, the
Company’s obligations hereunder shall survive cancellation of this Agreement, and shall not be discharged or satisfied by any prior
payment thereof and/or cancellation of this Agreement, but shall remain a valid and binding obligation enforceable in accordance with
the terms and provisions hereof. The Company waives all right to require the Secured Party to proceed against any other Person or to
apply any Collateral which the Secured Party may hold at any time, or to pursue any other remedy. The Company waives any defense arising
by reason of the application of the statute of limitations to any obligation secured hereby.

 

7.
Indemnity. The Company agrees to defend, protect, indemnify and hold the Secured Party forever harmless from and against any and
all Claims of any nature or kind (including reasonable legal fees, costs, expenses, and disbursements of counsel) to the extent that
they arise out of, or otherwise result from, this Agreement (including, enforcement of this Agreement). This indemnity shall survive
termination of this Agreement.

 

8.
Miscellaneous.

 

(a)
Performance for Company. The Company agrees and hereby authorizes that Secured Party may, in Secured Party’s sole discretion,
but Secured Party shall not be obligated to, whether or not an Event of Default shall have occurred, advance funds on behalf of the Company
, without prior notice to the Company, in order to insure the Company’s compliance with any covenant, warranty , representation
or agreement of the Company made in or pursuant to this Agreement, the Purchase Agreement, or any other Transaction Documents, to continue
or complete, or cause to be continued or completed, performance of the Company’s obligations under any Contracts of the Company,
or to preserve or protect any right or interest of Secured Party in the Collateral or under or pursuant to this Agreement, the Purchase
Agreement or any other Transaction Documents, including, the payment of any insurance premiums or taxes and the satisfaction or discharge
of any Claim, Obligation, Judgment or any other Encumbrance upon the Collateral or other property or Assets of Company; provided, however,
that the making of any such advance by Secured Party shall not constitute a waiver by Secured Party of any Event of Default with respect
to which such advance is made, nor relieve the Company of any such Event of Default. The Company shall pay to Secured Party upon demand
all such advances made by Secured Party with interest thereon at the highest rate set forth in the Note, or if none is so stated, the
highest rate allowed by law. All such advances shall be deemed to be included in the Obligations and secured by the security interest
granted Secured Party hereunder; provided, however, that the provisions of this Subsection shall survive the termination of this Agreement
and Secured Party’s security interest hereunder and the payment of all other Obligations.

 

    	 

    	 

    

 

(b)
Applications of Payments and Collateral. Except as may be otherwise specifically provided in this Agreement or the Purchase Agreement,
all Collateral and proceeds of Collateral coming into Secured Party’s possession and all payments made by any Person to Secured
Party with respect to any Collateral may be applied by Secured Party (after payment of any amounts payable to the Secured Party pursuant
to Section 5(c) hereof) to any of the Obligations, whether matured or unmatured, as Secured Party shall determine in its sole, but reasonable
discretion. Any surplus held by the Secured Party and remaining after the indefeasible payment in full in cash 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.
Secured Party may defer the application of Noncash Proceeds of Collateral, to the Obligations until Cash Proceeds are actually received
by Secured Party. In the event that the proceeds of any such sale, collection or realization are insufficient to pay all amounts to which
the Secured Party is legally entitled, the Company shall be liable for the deficiency, together with interest thereon at the highest
rate specified in the Note for interest on overdue principal thereof or such other rate as shall be fixed by applicable law, together
with the costs of collection and the reasonable fees, costs, expenses and other client charges of any attorneys employed by the Secured
Party to collect such deficiency.

 

(c)
Waivers by Company. The Company hereby waives, to the extent the same may be waived under applicable law: (i) notice of acceptance
of this Agreement; (ii) all claims and rights of the Company against Secured Party on account of actions taken or not taken by Secured
Party in the exercise of Secured Party’s rights or remedies hereunder, under the Purchase Agreement, and other Transaction Documents
or under applicable law; (iii) all claims of the Company for failure of Secured Party to comply with any requirement of applicable law
relating to enforcement of Secured Party’s rights or remedies hereunder, under the Purchase Agreement, under any other Transaction
Documents or under applicable law; (iv) all rights of redemption of the Company with respect to the Collateral; (v) in the event Secured
Party seeks to repossess any or all of the Collateral by judicial proceedings, any bond(s) or demand(s) for possession which otherwise
may be necessary or required; (vi) presentment, demand for payment, protest and notice of non-payment and all exemptions applicable to
any of the Collateral or the Company; (vii) any and all other notices or demands which by applicable law must be given to or made upon
the Company by Secured Party; (viii) settlement, compromise or release of the obligations of any Person primarily or secondarily liable
upon any of the Obligations; (ix) all rights of the Company to demand that Secured Party release account debtors or other Persons liable
on any of the Collateral from further obligation to Secured Party; and (x) substitution, impairment, exchange or release of any Collateral
for any of the Obligations. The Company agrees that Secured Party may exercise any or all of its rights and/or remedies hereunder, under
the Purchase Agreement, the other Transaction Documents and under applicable law without resorting to and without regard to any Collateral
or sources of liability with respect to any of the Obligations. Upon termination of this Agreement and Secured Party’s security
interest hereunder and payment of all Obligations, within five (5) Business Days following the Company’s request to Secured Party,
Secured Party shall release control of any security interest in the Collateral perfected by control and Secured Party shall send Company
a statement terminating any financing statement filed against the Collateral.

 

    	 

    	 

    

 

(d)
Waivers by Secured Party. No failure or any delay on the part of Secured Party in exercising any right, power or remedy hereunder,
under this Agreement, the Purchase Agreement, and other Transaction Documents or under applicable law, shall operate as a waiver thereof.

 

(e)
Secured Party’s Setoff. Secured Party shall have the right, in addition to all other rights and remedies available to it,
following an Event of Default, to set off against any Obligations due Secured Party, any debt owing to the Company by Secured Party.

 

(f)
Modifications, Waivers and Consents. No modifications or waiver of any provision of this Agreement, the Purchase Agreement, or
any other Transaction Documents, and no consent by Secured Party to any departure by the Company therefrom, shall in any event be effective
unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given, and any single or partial written waiver by Secured Party of any term, provision or right of Secured Party hereunder
shall only be applicable to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver of
any other right, power or remedy. No notice to or demand upon the Company in any case shall entitle Company to any other or further notice
or demand in the same, similar or other circumstances.

 

(g)
Notices. Except as otherwise provided herein, the Company waives all notices and demands in connection with the enforcement of
Secured Party’s rights hereunder. All notices, requests, demands and other communications provided for hereunder shall be made
in accordance with the terms of the Purchase Agreement, and the Company agrees and acknowledges that notice to each of them may be sent
and delivered to the Company, as required under the Purchase Agreement, and such notice to the Company shall be deemed valid and effective
notice to Company hereunder.

 

    	 

    	 

    

 

(h)
Applicable Law and Consent to Jurisdiction. The Company and the Secured Party each irrevocably agrees that any dispute arising
under, relating to, or in connection with, directly or indirectly, this Agreement or related to any matter which is the subject of or
incidental to this Agreement (whether or not such claim is based upon breach of contract or tort) shall be subject to the exclusive jurisdiction
and venue of the state and/or federal courts located in the State of Florida; provided, however, Secured Party may, at its sole option,
elect to bring any action in any other jurisdiction. This provision is intended to be a “mandatory” forum selection clause
and governed by and interpreted consistent with Florida law. The Company and Secured Party each hereby consents to the exclusive jurisdiction
and venue of any state or federal court having its situs in the State of Florida, and each waives any objection based on forum non conveniens.
The Company hereby waives personal service of any and all process and consent that all such service of process may be made by certified
mail, return receipt requested, directed to the Company, as set forth herein or in the manner provided by applicable statute, law, rule
of court or otherwise. Except for the foregoing mandatory forum selection clause, this Agreement shall be construed in accordance with
the laws of the State of Nevada, without regard to the principles of conflicts of laws, except to the extent that the validity and perfection
or the perfection and the effect of perfection or non-perfection of the security interest created hereby, or remedies hereunder, in respect
of any particular Collateral are governed under the Code by the law of a jurisdiction other than the State of Nevada, in which case such
issues shall be governed by the laws of the jurisdiction governing such issues under the Code.

 

(i)
Survival: Successors and Assigns. All covenants, agreements, representations and warranties made herein shall survive the execution
and delivery hereof, shall survive Closing and shall continue in full force and effect until all Obligations have been paid in full,
there exists no commitment by Secured Party which could give rise to any Obligations and all appropriate termination statements have
been filed terminating the security interest granted Secured Party hereunder. Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the successors and assigns of such party. In the event that Secured Party assigns
this Agreement and/or its security interest in the Collateral, Secured Party shall give written notice to the Company of any such assignment
and such assignment shall be binding upon and recognized by the Company (provided that failure to deliver any such written notice shall
not impair, negate or otherwise adversely affect any of the Secured Party’s rights or remedies under this Agreement or any other
Transaction Documents). All covenants, agreements, representations and warranties by or on behalf of the Company which are contained
in this Agreement shall inure to the benefit of Secured Party, its successors and assigns. The Company may not assign this Agreement
or delegate any of its rights or obligations hereunder, without the prior written consent of Secured Party, which consent may be withheld
in Secured Party’s sole and absolute discretion.

 

(j)
Severability. If any term, provision or condition, or any part thereof, of this Agreement shall for any reason be found or held
invalid or unenforceable by any court or governmental authority of competent jurisdiction, such invalidity or unenforceability shall
not affect the remainder of such term, provision or condition nor any other term, provision or condition, and this Agreement shall survive
and be construed as if such invalid or unenforceable term, provision or condition had not been contained therein.

 

(k)
Merger and Integration. This Agreement and the attached Schedules (if any), together with the Purchase Agreement and the other
Transaction Documents, contain the entire agreement of the parties hereto with respect to the matters covered and the transactions contemplated
hereby and thereby, and no other agreement, statement or promise made by any party hereto or thereto, or by any employee, officer, agent
or attorney of any party hereto, which is not contained herein or therein shall be valid or binding.

 

    	 

    	 

    

 

(l)
WAIVER OF JURY TRIAL. THE COMPANY HEREBY: (a) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT
BY A JURY; AND (b) WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH THE COMPANY AND SECURED PARTY MAY BE PARTIES, ARISING OUT
OF, IN CONNECTION WITH OR IN ANY WAY PERTAINING TO THIS AGREEMENT, THE PURCHASE AGREEMENT AND/OR ANY TRANSACTIONS, OCCURRENCES, COMMUNICATIONS,
OR UNDERSTANDINGS (OR THE LACK OF ANY OF THE FOREGOING) RELATING IN ANY WAY TO DEBTOR-CREDITOR RELATIONSHIP BETWEEN THE PARTIES. IT IS
UNDERSTOOD AND AGREED THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS,
INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS SECURITY AGREEMENT. THIS WAIVER OF JURY TRIAL IS SEPARATELY GIVEN, KNOWINGLY,
WILLINGLY AND VOLUNTARILY MADE BY THE COMPANY AND THE COMPANY HEREBY AGREES THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE
BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. SECURED PARTY IS HEREBY AUTHORIZED
TO SUBMIT THIS AGREEMENT TO ANY COURT HAVING JURISDICTION OVER THE SUBJECT MATTER AND THE COMPANY AND SECURED PARTY, SO AS TO SERVE AS
CONCLUSIVE EVIDENCE OF SUCH WAIVER OF RIGHT TO TRIAL BY JURY. THE COMPANY REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE
SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND/OR THAT IT
HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

(m)
Execution. This Agreement may be executed in one or more counterparts, all of which taken together shall be deemed and considered
one and the same Agreement, and same shall become effective when counterparts have been signed by each party and each party has delivered
its signed counterpart to the other party. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format file or other similar format file, such signature shall be deemed an original for all purposes and shall
create a valid and binding obligation of the party executing same with the same force and effect as if such facsimile or “.pdf”
signature page was an original thereof.

 

(n)
Headings. The headings and sub-headings contained in the titling of this Agreement are intended to be used for convenience only
and shall not be used or deemed to limit or diminish any of the provisions hereof.

 

(o)
Termination. This Agreement and the security interests hereunder shall terminate on the date on which all Obligations have been
indefeasibly paid or discharged in full and there are no commitments outstanding for Secured Party to advance any funds to the Company
and/or Company, either under the Purchase Agreement, the Transaction Documents or any other Contract. Upon such termination, the Secured
Party, at the request and at the expense of the Company, will join in executing any termination statement with respect to any financing
statement executed and filed pursuant to this Agreement.

 

    	 

    	 

    

 

(p)
Gender and Use of Singular and Plural. All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural,
as the identity of the party or parties or their personal representatives, successors and assigns may require.

 

(q)
Further Assurances. The parties hereto will execute and deliver such further instruments and do such further acts and things as
may be reasonably required to carry out the intent and purposes of this Agreement.

 

(r)
Time is of the Essence. The parties hereby agree that time is of the essence with respect to performance of each of the parties’
obligations under this Agreement. The parties agree that in the event that any date on which performance is to occur falls on a Saturday,
Sunday or state or national holiday, then the time for such performance shall be extended until the next business day thereafter occurring.

 

(s)
Joint Preparation. The preparation of this Agreement has been a joint effort of the parties and the resulting documents shall
not, solely as a matter of judicial construction, be construed more severely against one of the parties than the other.

 

(t)
Increase in Obligations. It is the intent of the parties to secure payment of the Obligations, as the amount of such Obligations
may increase from time to time in accordance with the terms and provisions of the Purchase Agreement, and all of the Obligations, as
so increased from time to time, shall be and are secured hereby. Upon the execution hereof, the Company shall pay any and all documentary
stamp taxes and/or other charges required to be paid in connection with the execution and enforcement of the Purchase Agreement and this
Agreement, and if, as and to the extent the Obligations are increased from time to time in accordance with the terms and provisions of
the Note, then the Company shall immediately pay any additional documentary stamp taxes or other charges in connection therewith.

 

[signature
page follows]

 

    	 

    	 

    

 

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

 

	 	COMPANY:

 

	 	Healthcare
    Integrated Technologies Inc.

 

	 	By:	/s/
    Scott M. Boruff
	 	Name:	Scott
    M. Boruff
	 	Title:	Chief
    Executive Officer

 

	 	SECURED
    PARTY:

 

	 	AJB
    Capital Investments, LLC

 

	 	By:	/s/
    Ari Blaine
	 	Name:	Ari
    Blaine
	 	Title:	PartnerEX-10.1

 Exhibit 10.1 

SPONSOR AGREEMENT 

February 14, 2022 
 Software Acquisition
Group Inc. III 
 c/o Software Acquisition Group Inc. 
 1980
Festival Plaza Drive 
 Suite 300 
 Las Vegas, NV 89135 

and 
 Branded Online, Inc. dba Nogin 

1775 Flight Way STE 400 
 Tustin, CA 92782 

Ladies and Gentlemen: 
 Reference is made to
that certain Agreement and Plan of Merger, dated as of the date hereof (as it may be amended, restated or otherwise modified from time to time, the “Merger Agreement”), by and among Software Acquisition Group Inc. III, a Delaware
corporation (“Parent”), Nuevo Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent, and Branded Online, Inc. dba Nogin, a Delaware corporation (the “Company”). This sponsor agreement
(this “Sponsor Agreement”) is being entered into and delivered by the Company, Parent, and Software Acquisition Holdings III, LLC, a Delaware limited liability company (“Sponsor”), in connection with the
transactions contemplated by the Merger Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement. 

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Sponsor, Parent and the Company hereby agree that: 
 1.    Waiver of Anti-dilution Protection. Sponsor hereby,
automatically and without any further action by Sponsor or Parent, irrevocably (a) waives any adjustment to the conversion ratio set forth in the Parent Organizational Documents and any rights to other anti-dilution protections pursuant to the
Parent Organizational Documents or otherwise, and (b) agrees not to assert or perfect any rights to adjustment or other anti-dilution protections, in each case, with respect to the rate that all of the Parent Class B Stock held by Sponsor
convert into Parent Common Stock in connection with the consummation of the transactions contemplated by the Merger Agreement. 

2.    New Shares. If, between the date of this Sponsor Agreement and the Closing, (a) any shares of Parent
Common Stock, Parent Warrants or other equity interests of Parent are issued to Sponsor or the outstanding shares of Parent Common Stock or, if applicable, Parent Warrants owned by Sponsor shall have been changed into a different number of shares or
a different class, by reason of any dividend, subdivision, reclassification, recapitalization, split, combination or 

 
exchange, or any similar event, (b) Sponsor purchases or otherwise acquires beneficial ownership of any shares of Parent Common Stock, Parent Warrants or other equity interests of Parent or
(c) Sponsor acquires the right to vote or share in the voting of any shares of Parent Common Stock, Parent Warrants or other equity interests of Parent (such Parent Common Stock, Parent Warrants or other equity interests of Parent issued or
acquired by Sponsor pursuant to the foregoing clauses (a), (b) or (c), collectively “New Securities”), then such New Securities issued to or acquired or purchased by Sponsor shall be subject to the terms of this Sponsor Agreement to
the same extent as if they constituted Sponsor Securities (as defined below) as of the date hereof, and the number of shares of Parent Common Stock to be terminated, forfeited, surrendered, subject to vesting and cancelled pursuant to this Sponsor
Agreement will be equitably adjusted to reflect such change; provided, however, that nothing in this Section 2 shall be construed to permit Parent to take any action with respect to their respective
securities that is prohibited by the terms and conditions of the Merger Agreement. 
 3.    No Transfer. During
the period commencing on the date hereof and ending on the earlier of (a) the Effective Time, (b) the termination of the Merger Agreement in accordance with its terms and (c) the liquidation of Parent, Sponsor shall not, directly or
indirectly, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, file (or participate in the filing of) a registration statement with the SEC
(other than the Proxy Statement/Registration Statement) or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any shares of
Parent Common Stock, Parent Warrants or other equity interests of Parent owned by Sponsor, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any shares
of Parent Common Stock, Parent Warrants or other equity interests of Parent owned by Sponsor or (iii) take any action in furtherance of or announce any intention to, in each case, effect any transaction specified in clause (i) or (ii).
Sponsor agrees not to, directly or indirectly, deposit any of the Sponsor Securities in a voting trust, enter into a voting trust or subject any of the Sponsor Securities to any arrangement with respect to the voting of such Sponsor Securities other
than this Sponsor Agreement. Any transfer or attempted transfer of Sponsor Securities in violation of this Section 3 shall be, to the fullest extent permitted by applicable Law, null and void ab initio. 

4.    No Solicitation. During the period commencing on the date hereof and ending on the earlier of (a) the
consummation of the Closing, (b) the termination of the Merger Agreement in accordance with its terms and (c) the liquidation of Parent, Sponsor shall not, and Sponsor shall not authorize or (to the extent within its control) permit any of
its directors, officers, employees, agents or representatives to, directly or indirectly, (i) knowingly encourage, initiate, solicit or facilitate, offer or make any offers or proposals related to a Business Combination, (ii) enter into,
engage in or continue any discussions or negotiations with respect to any Business Combination with, or provide any non-public information, data or access to employees to, any Person that has made, or that is
considering making, a proposal with respect to a Business Combination, or (iii) enter into any agreement (whether or not binding) relating to a Business Combination, in each case, other than to or with the Company, its Subsidiaries and their
respective representatives. From and after the date hereof, Sponsor shall, and shall instruct its officers and directors to, and Sponsor shall instruct and cause its representatives, its Subsidiaries and their respective representatives to,
immediately cease and terminate all discussions and negotiations with any Persons that may be ongoing with respect to an Acquisition Proposal (other than the Company, its Subsidiaries and 

  
 2 

 
their respective representatives). Sponsor shall promptly notify the Company of any submissions, proposals or offers made with respect to a Business Combination as soon as practicable following
Sponsor’s awareness thereof. 
 5.    Representations and Warranties. Sponsor hereby represents and warrants
to the Company as follows: 
 (a)    Sponsor owns free and clear of all Liens (other than transfer
restrictions under applicable securities Laws) (i) 5,701,967 shares of Parent Class B Stock and (ii) no shares of Parent Common Stock or preferred stock (the “Sponsor Securities”). Sponsor has, and will have at all
times during the term of this Sponsor Agreement, the sole voting power with respect to the Sponsor Securities. The Sponsor Securities are the only equity securities in Parent owned of record or beneficially by Sponsor on the date of this Sponsor
Agreement, and none of the Sponsor Securities are subject to any proxy, voting trust or other agreement or arrangement with respect to the voting of the Sponsor Securities, except as provided hereunder. Sponsor does not hold or own any rights to
acquire (directly or indirectly) any equity interests of Parent or any equity securities convertible into, or which can be exchanged for, equity securities of Parent. 

(b)    Sponsor has been duly formed and is validly existing as a limited liability company and in good
standing under the Laws of its jurisdiction of formation, and has the requisite power and authority to own, lease or operate all of its properties and assets and to conduct its business as it is now being conducted. Sponsor has all requisite power
and authority to execute and deliver this Sponsor Agreement and to consummate the transactions contemplated hereby and to perform all of its obligations hereunder. The execution and delivery of this Sponsor Agreement have been, and the consummation
of the transactions contemplated hereby has been, duly authorized by all requisite action by Sponsor. This Sponsor Agreement has been duly and validly executed and delivered by Sponsor and, assuming this Sponsor Agreement has been duly authorized,
executed and delivered by the other parties hereto, this Sponsor Agreement constitutes, and upon its execution will constitute, a legal, valid and binding obligation of Sponsor enforceable against it in accordance with its terms, subject to
applicable bankruptcy, insolvency and other similar Laws affecting the enforceability of creditors’ rights generally, general equitable principles and the discretion of courts in granting equitable remedies. 

(c)    There are no Actions pending against Sponsor, or to the knowledge of Sponsor threatened against
Sponsor, by or before (or, in the case of threatened Actions, that would be before) any arbitrator or any Governmental Entity, that would reasonably be expected to challenge or seek to enjoin, alter or materially delay the performance by Sponsor of
its obligations under this Sponsor Agreement. 
 (d)    The execution and delivery of this Sponsor
Agreement by Sponsor does not, and the performance by Sponsor of its obligations hereunder will not, (i) conflict with or result in a violation of the Sponsor Organization Documents or (ii) require any consent or approval that has not been
given or other action that has not been taken by any Person (including under any Contract binding upon Sponsor or the Sponsor Securities), in each case, to the extent such consent, approval or other action would reasonably be expected to prevent,
enjoin or materially delay the performance by Sponsor of its obligations under this Sponsor Agreement. 

  
 3 

 (e)    Except as described on Section 4.13 of the
Parent Disclosure Schedule, no broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated by the Merger Agreement based upon arrangements
made by Sponsor, for which Parent or any of its Affiliates may become liable. 
 (f)    Sponsor has had
the opportunity to read the Merger Agreement and this Sponsor Agreement and has had the opportunity to consult with its tax and legal advisors. 

(g)    Sponsor has not entered into, and shall not enter into, any agreement that would restrict, limit or
interfere with the performance of Sponsor’s obligations hereunder. 
 (h)    Sponsor understands and
acknowledges that each of Parent and the Company is entering into the Merger Agreement in reliance upon Sponsor’s execution and delivery of this Sponsor Agreement. 

6.    Sponsor Agreements. Unless the Merger Agreement is terminated in accordance with its terms, Sponsor hereby
unconditionally and irrevocably agrees to: 
 (a)    at the Parent Common Stockholders Meeting (including
any adjournment thereof or any other stockholder or warrantholder meeting of Parent at which any of the Transaction Proposals are to be voted on), to be present in person or by proxy and vote, or cause to be voted at such meeting, all Sponsor
Securities entitled to vote thereon in favor of the Transaction Proposals; 
 (b)    at the Parent Common
Stockholders Meeting (including any adjournment thereof or any other stockholder or warrantholder meeting of Parent at which any of the Transaction Proposals are to be voted on), to be present in person or by proxy and vote, or cause to be voted at
such meeting, all Sponsor Securities entitled to vote thereon against (i) any Business Combination other than with the Company, its stockholders and their respective affiliates and representatives; (ii) any merger, consolidation,
combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of Parent; (iii) any change in the business, management or Board of Directors of Parent; and (iv) any other action, proposal
or agreement that would be reasonably expected to (1) impede, frustrate, nullify, interfere with, delay, postpone or adversely affect the Transaction Proposals or any of the other transactions contemplated by the Merger Agreement, in each case,
other than the proposal to adjourn the Parent Common Stockholders Meeting, if necessary, to permit further solicitation of proxies because there are not sufficient votes to approve and adopt the other Transaction Proposals, (2) result in a
breach of any covenant, representation or warranty or other obligation or agreement of Parent or Sponsor under the Merger Agreement, (3) result in a breach of any covenant, representation or warranty or other obligation or agreement of Sponsor
contained in this Sponsor Agreement, (4) result in any of the conditions set forth in Article VI of the Merger Agreement not being fulfilled or (5) change in any manner the dividend policy or capitalization of, including the voting rights
of any class of capital stock of, Parent; 

  
 4 

 (c)    at any applicable annual or special meeting of
Parent or action taken by written consent in lieu thereof prior to the Closing, vote or consent to, or cause to be voted or consented to, at such meeting (or written consent in lieu thereof), all Sponsor Securities entitled to vote thereon for such
actions as are necessary to cause the election of members of the Board of Directors of the Company; and 

(d)    not redeem any shares of Parent Common Stock owned by it in connection with the Parent Common
Stockholders Meeting. 
 7.    Restricted Shares. 

(a)    Effective as the Effective Time, the Restricted Shares (as defined below) shall be subject to the
terms and conditions of this Section 7. As used in this Agreement, the term “Restricted Shares” shall mean 1,710,590 shares of Parent Class B Stock and the shares of Parent Common Stock issuable upon
conversion of such shares in connection with the Closing; provided that if, immediately prior to the Closing, holders of shares of Parent Common Stock have validly elected to redeem a number of shares of Parent Common Stock in the Offer (and
have not withdrawn such redemptions) that would result in greater than 40% of the Trust Amount (as calculated at Closing) being paid to such redeeming holders for such redemptions, then the term “Restricted Shares” shall mean
2,565,885 shares of Parent Class B Stock and the shares of Parent Common Stock issuable upon conversion of such shares in connection with the Closing. 

(b)    Sponsor hereby (i) appoints Parent as Sponsor’s attorney-in-fact to take such actions as may be necessary or appropriate to effectuate a transfer of the record ownership of any Restricted Shares that are granted or forfeited hereunder, (ii) agrees to
deliver to Parent, as a precondition to the issuance of any certificate or certificates with respect to any Restricted Shares granted hereunder, one or more stock powers, endorsed in blank, with respect to such Restricted Shares, and
(iii) agrees to sign such other powers and take such other actions as Parent may reasonably request to accomplish the transfer to Parent of any unvested Restricted Shares that are forfeited hereunder. 

(c)    Vesting of Restricted Shares. 

(i)    If, as of any date following the Closing Date, the closing price of a share of Parent Common Stock
on the Nasdaq Stock Market LLC (the “Closing Share Price”) equals or exceeds the share price levels set forth in this Section 7(c)(i), then the corresponding Restricted Shares set forth herein will be
deemed vested as of the close of trading on such date of determination: 

(1)    One-half (1/2) of the Restricted Shares (the “First
Tranche Shares”) will vest if the Closing Share Price is greater than or equal to $12.50 (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on any trading day following the Closing; and 

  
 5 

 (2)    One-half
(1/2) of the Restricted Shares (and, if not already vested, all of the First Trance Shares) will vest if the Closing Share Price is greater than or equal to $14.50 (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) on any trading day following the Closing. 
 (ii)    Upon the occurrence of a Change in
Control (as defined in the Omnibus Incentive Plan as in effect on the Closing Date), any unvested Restricted Shares shall become fully vested. 

(d)    The Restricted Shares shall be evidenced by book-entry shares on the books and records of Parent or
Parent’s transfer agent, as Parent may determine, in Sponsor’s name. Sponsor agrees that, during the period between Closing and the vesting of a Restricted Share, Parent may (i) give stop-transfer instructions to the depository (if
any) to ensure compliance with the provisions hereof or (ii) instruct Parent’s transfer agent to include a legend substantially in the form set forth in Section 7(g) on such Restricted Share. Upon the vesting of a
Restricted Share, Parent shall promptly, but in no event more than five (5) business days later, deliver to Sponsor a statement evidencing such Restricted Share, free of all legends, or shall promptly, but in no event more than five
(5) business days later, cause any restrictions noted in the book-entry position to be removed. 

(e)    Except as otherwise specifically provided in this Agreement, Sponsor shall have all the rights of a
stockholder with respect to the Restricted Shares, including, without limitation, the right to vote such Restricted Shares and the right to receive dividends or distributions in respect of the Restricted Shares. 

(f)    The Restricted Shares may not, at any time prior to becoming vested, be assigned, alienated,
pledged, attached, sold, or otherwise transferred or encumbered by Sponsor. Notwithstanding the foregoing, Sponsor may transfer all or any portion of the Restricted Shares to any of its Affiliates (as defined in the Omnibus Incentive Plan) if such
Affiliate agrees in writing (including via email) to be bound by the terms and conditions set forth herein with respect to such transferred Restricted Shares. Except as set forth in the immediately preceding sentence, any purported assignment,
alienation, pledge, attachment, sale, transfer, or encumbrance of the Restricted Shares shall be void and unenforceable against Parent. 

(g)    Any certificates representing unvested Restricted Shares shall be held by Parent, and any such
certificate shall contain a legend substantially in the following form: 
 THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO VESTING
REQUIREMENTS SET FORTH IN THE SPONSOR AGREEMENT, DATED AS OF FEBRUARY 14, 2022, BY AND AMONG BRANDED ONLINE, INC. DBA NOGIN, SOFTWARE ACQUISITION GROUP INC. III AND SOFTWARE ACQUISITION HOLDINGS III, LLC, AND MAY ONLY BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED AFTER THE VESTING REQUIREMENTS HAVE BEEN SATISFIED PURSUANT TO THE TERMS SET FORTH IN SUCH SPONSOR AGREEMENT. 

  
 6 

 If shares of Parent Common Stock are certificated, then, as soon as practicable following
the vesting of any such Restricted Shares, Parent shall cause a certificate or certificates covering such Restricted Shares, without the aforesaid legend, to be issued and delivered to the Sponsor. If any Restricted Shares are held in book-entry
form, Parent may take such steps as it deems necessary or appropriate to record and manifest the restrictions applicable to such Restricted Shares. 

(h)    Adjustment for Change in Capitalization. 

(i)    In the event of a merger, consolidation, acquisition of property or shares, stock rights offering,
liquidation, disposition for consideration of Parent’s direct or indirect ownership of a subsidiary, or similar event affecting Parent or any of its subsidiaries (each, a “Corporate Transaction”), the board of directors of
Parent (the “Board”) or any committee designated by the Board (the “Committee”) may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (i) the number and kind of
shares or other securities subject to outstanding Restricted Shares, and (ii) the performance thresholds set forth in Section 7(c). 

(ii)    In the event of a stock dividend, stock split, reverse stock split, reorganization, share
combination, or recapitalization or similar event affecting the capital structure of Parent, or separation or spinoff, in each case, without consideration, or other extraordinary dividend of cash or other property to Parent’s stockholders, the
Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to (i) the number and kind of shares or other securities subject to outstanding Restricted Shares, and (ii) the performance
thresholds set forth in Section 7(c). 
 (iii)    In the case of Corporate
Transactions, such adjustments may include, without limitation, (i) the cancellation of outstanding Restricted Shares in exchange for payments of cash, property, or a combination thereof having an aggregate value equal to the value of such
Restricted Shares, as determined by the Board in its good faith discretion; (ii) the substitution of other property (including, without limitation, cash or other securities of Parent and securities of entities other than Parent) for outstanding
Restricted Shares; and (iii) in connection with any sale of a division, separation, or spinoff, arranging for the assumption of Restricted Shares, or replacement of Restricted Shares with new awards based on other property or other securities
(including, without limitation, other securities of Parent and securities of entities other than Parent), by the affected subsidiary, affiliate, or division or by the entity that controls such subsidiary, affiliate, or division following such
transaction (as well as any corresponding adjustments to Restricted Shares that remain based upon Parent’s securities). 

  
 7 

 8.    Lock-Up; Transfer
Restrictions. 
 (a)    The Sponsor agrees that it shall not Transfer any shares of Parent
Class B Stock (or any the shares of Parent Common Stock issuable upon conversion of such shares in connection with the Closing) (the “Sponsor Lock-up”) until the earlier of (A) one
year after the Closing Date and (B) the date following the Closing Date on which Parent completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of Parent’s stockholders
having the right to exchange their Parent Common Stock for cash, securities or other property (the “Sponsor Lock-up Period”). Notwithstanding the foregoing, if the Closing Share Price equals
or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing at least 150 days
after the Closing Date, the shares of Parent Common Stock shall be released from the Sponsor Lock-up. 

(b)    The Sponsor agrees that it shall not effectuate any Transfer of Private Placement Warrants or Parent
Common Stock underlying such Private Placement Warrants until thirty (30) days after the Closing Date. 

(c)    Notwithstanding the provisions set forth in paragraphs 8(a) and (b), Transfers of the shares of
Parent Class B Common Stock (or any the shares of Parent Common Stock issuable upon conversion of such shares in connection with the Closing), Private Placement Warrants and shares of Parent Common Stock underlying the Private Placement
Warrants are permitted (i) to Parent’s officers or directors, any affiliate or family member of any of Parent’s officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any
employees of such affiliates; (ii) in the case of an individual, by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of
such person or to a charitable organization; (iii) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in the case of an individual, pursuant to a qualified domestic relations
order; (v) by virtue of the laws of Delaware or the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; or (vi) in the event of Parent’s completion of a liquidation, merger, share exchange or other
similar transaction which results in all of Parent’s stockholders having the right to exchange their Parent Common Stock for cash, securities or other property subsequent to the Closing; provided, however, that in the case of clauses
(i) through (v) these permitted transferees must enter into a written agreement with Parent agreeing to be bound by these transfer restrictions. 

(d)    As used herein, 

(i)    “Transfer” shall mean the (1) sale of, offer to sell, contract or agreement to
sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call
equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (2) entry into any swap or other
arrangement that transfers to another, in whole or in part, any of 

  
 8 

 
the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (3) public announcement of any
intention to effect any transaction specified in clause (1) or (2); 
 (ii)    “Private
Placement Warrants” shall mean the Parent Warrants to purchase up to 9,982,754 shares of Parent Common Stock that the Sponsor purchased for an aggregate purchase price $9,982,754, or $1.00 per Parent Warrant, in a private placement that
occurred simultaneously with the consummation of Parent’s initial public offering. 
 9.    Further
Assurances. Sponsor hereby irrevocably and unconditionally agrees not to commence or participate in, and to take all actions necessary to opt out of any class action with respect to, any action or claim, derivative or otherwise, against the
Company, Parent or any of their respective Affiliates, successors and assigns relating to the negotiation, execution or delivery of this Sponsor Agreement, the Merger Agreement or the consummation of the transactions contemplated hereby and thereby.

 10.    No Inconsistent Agreement. Sponsor hereby represents and covenants that Sponsor has not entered into,
and shall not enter into, any agreement that would restrict, limit or interfere with the performance of Sponsor’s obligations hereunder. 

11.    Termination. This Sponsor Agreement shall terminate, and have no further force and effect, (a) prior to
the Closing Date, upon the termination of the Merger Agreement in accordance with its terms and (b) subsequent to the Closing Date, upon the later of (i) the vesting of all of the Restricted Shares in accordance with Section 7(c)
herein and (ii) the end of the Sponsor Lock-up Period. No such termination or reversion shall relieve the Sponsor, Parent or the Company from any liability resulting from a breach of this Sponsor
Agreement occurring prior to such termination or reversion. 
 12.    Miscellaneous. Sections 9.2 through 9.14,
Section 9.16 and Section 9.17 of the Merger Agreement are incorporated by reference herein and shall apply hereto mutatis mutandis. 

*    *     *    *    * 

  
 9 

 Please indicate your agreement to the terms of this Sponsor Agreement by signing where
indicated below. 
  

			
	SOFTWARE ACQUISITION HOLDINGS III, LLC
		
	By:	 	 /s/ Jonathan Huberman

	Name:	 	Jonathan Huberman
	Title:	 	Managing Member

  
 Signature Page to
Sponsor Agreement 

			
	Accepted and Agreed:
	
	SOFTWARE ACQUISITION GROUP INC. III
		
	By:	 	 /s/ Jonathan Huberman

	Name:	 	Jonathan Huberman
	Title:	 	Chairman, CEO & CFO

  
 Signature Page to
Sponsor Agreement 

			
	 Accepted and Agreed:

	
	 BRANDED ONLINE, INC. DBA NOGIN

		
	 By:
	 	 /s/ Jan Nugent

	 Name:
	 	 Jan Nugent

	 Title:
	 	 Chief Executive Officer

  
 Signature Page to
Sponsor Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]