Document:

Exhibit
10.1

 

Voice
(00:02):

It’s
only entertainment.

 

Josh
Kincaid (00:05):

Welcome
back to the Talking hedge. I’m Josh Kincaid, Capital Market’s analyst and host of your Cannabis Business Podcast. Today, we’ve got Yoko
Miyashita, she’s the CEO of Leafly. Yoko, thanks for being with us on the Talking Hedge.

 

Yoko
Miyashita (00:18):

Thanks
for having me here.

 

Josh
Kincaid (00:18):

Appreciated.

 

Yoko
Miyashita (00:18):

It’s
good to be here.

 

Josh
Kincaid (00:20):

Yeah.
So, um, let’s, let’s get into Leafly real quick. I want to talk to you about a couple of major industry events. I think you were in Vegas
for Weed Week, kind of want to get your recap, your take on that, what that means for the industry. Um, but first, tell us a little bit
about Leafly, there’s maybe one of your other competitors. I don’t know if you consider Weedmaps a competitor, but they just went public
via SPAC. Maybe you can kind of explain what Leafly is or maybe what it will be, um, to the audience, go ahead.

 

Yoko
Miyashita (00:50):

Well,
we’re the leading cannabis resource for consumers, and we really look at our mission as helping consumers discover cannabis. It started
really as a stream database and as you know, you know, cannabis is complex and really for us, it’s rooted in this mission of helping
as many people discover cannabis, leveraging data and science. As that develops, we all know that there’s just so much information that’s
being uncovered in real time about this amazing plant and for us we’re the guide, we’re the journey so to speak.

 

Yoko
Miyashita (01:21):

And
we take that content first approach, that education approach and then help consumers make purchasing decisions through our marketplace.
We connect them with the licensed retailers and brands nearest them offering products. So you, you asked about competition, what I would
say is, yeah, I mean, you know, marketplace has various different forms. Ours is really rooted in contact first and education.

 

Josh
Kincaid (01:45):

And
a lot of that education I’m guessing goes through the hands of budtenders and you guys have just announced something about a, a Budtender
International Day or something. I want to get into that, but first let me go back to the industry as a whole and, and ask you about your
opinion. Well, first off, did you get to Vegas?

 

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Yoko
Miyashita (02:06):

I
did, but there’s a little caveat here, ‘cause it was sort of a very last minute trip for us. We had originally planned a large activation,
but really thinking through COVID and on Delta variant, we actually had canceled our activation, our booth there. So it was sort of one
of these very last minute trips kind of running in circles back and, back and forth just to do, just to meet folks. And I know we were
supposed to meet, so I apologize for-

 

Josh
Kincaid (02:34):

Here
we are.

 

Yoko
Miyashita (02:34):

...
missing you in Vegas, here we are.

 

Josh
Kincaid (02:36):

That’s
all right. Yeah, we, yeah, we had to reschedule, that’s fine. Uh, based on your limited, um, uh, duration down there, what were you able
to gather? Were you able to, I mean, th- the conversations you have, maybe the things you saw, was there anything that gave you kind
of that aha moment of like, that’s where I think the industry is going or they have, they don’t belong here, you know? Or was there anything
you, one way or the other that kind of gave you a, a better perception of, of the industry as a whole?

 

Yoko
Miyashita (03:06):

You
know, it’s so hard, hat was my first MJBizCon, I had never been. So, you know, it’s, it’s really hard, we had a basis for comparison,
but I mean, what struck me was the event was huge, right? Took up massive floor space, there were tons of people and it’s kind of like
walking into a dispensary, all walks of life. To me, that’s just that excitement and that, um, just mass appeal of this magical plant,
like that’s what I was struck by. And, you know, there was a ton of, um, the, it, it just gives you a window in how many different ways
and avenues there are to access this industry, to participate in this industry. And I think that excitement, that palpable excitement
was what was so striking to me, not having ever been.

 

Josh
Kincaid (03:57):

You’re
like a, like a first, you know, like, um, somebody who’s coming back to cannabis for the first time in, in a couple of decades when I
go to MJBizCon, ‘cause I’m so taken back, it’s like walking into a store and seeing 2000 skews and going, where do I start? You walk
into MJBizCon for anybody who hasn’t been there at the Las Vegas Convention Center, the world’s largest cannabis expo, you walk in and
there’s literally over a thousand booths. There’s I think over a million square feet between where they were at and where the hall of
flowers exhibit was. And then they, I think they said something like 27,000 plus people inside, that’s not even counting all of the people
outside who didn’t pay to come in.

 

Josh
Kincaid (04:36):

So
you’re trying to kind of gather and see things and meet people, but it’s incredibly overwhelming, uh, and take several days, I think,
just to absorb it all. And that’s just MJBizCon alone. Now, there’s this whole, this whole weed week where you’ve got MJ-Pak, that’s
more about the retailers and brands, which I thought was very intimate and unique and interesting. I saw a lot of deal flow going on
there, a lot of educating, um, and a lot of interactions there, so it, it was a good week.

 

Yoko
Miyashita (05:05):

It’s
like the physical manifestation of what we report in our jobs report, 321,000 full-time jobs in cannabis as of our last count in 2020,
right? Like that you see in real life, when you see all these people from different parts of the industry coming together.

 

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Josh
Kincaid (05:21):

There’s
a lot of people in the industry, but is it, um, well, let’s get to the, the budtenders thing. Um, so looks like you guys had, uh, announced
a contest to celebrate budtenders on International Budtenders Day. So I have to hire people, I would imagine is, is fairly challenging
in, in this area, um, and this, this timeframe right now. Um, and so kind of focusing on, uh, a key aspect of, of the industry that don’t
make a lot by comparison to some other folks, um, tell us a little bit important about budtenders and why you chose to do this.

 

Yoko
Miyashita (06:01):

You
know, if you read this in what we were focused on really, which is consumers guy, right? Being your consumer’s companion, budtenders
are such an important part of that journey. One of the, one of my questions, when I, whenever I go into a dispenser, I love chatting
with the budtenders. And my first question is, all right, ‘cause you’re asking them, I don’t, I, I’m not usually upfront about our work
in the industry, but you want to just get a sense of what they’re going to recommend and hear how they’re having conversations.

 

Yoko
Miyashita (06:25):

And,
you know, inevitably you ask, hey, where are you getting all your information from? Where are you doing all your comparisons? And for
us, I just, nine times out of 10, I hear Leafly, A, it’s the light bulb, but B, it just makes us realize how important they are, how
much we have to partner together in terms of bringing this co- amazing content that we have and bringing it into the hands of the budtenders
who can help guide consumers through that discovery journey.

 

Yoko
Miyashita (06:53):

People
want to do it here on the site, but there’s just such an important part of that ecosystem and how that influence. And it’s also the make
or break point for new consumers. Right? Think about that experience of walking into a dispensary for the first time. I don’t know what
your experience was like, but I just remember the bright lights and just going, where do I start? Um, that emphasis on the budtender
to your point, like the, you know, probably one of the hardest and lower, lower paid jobs in the industry and how do you make sure we’re
celebrating them because they play such a key role in consumer’s discovery of cannabis.

 

Josh
Kincaid (07:30):

Yeah.
I remember walking into the, um, it was called the Wormhole and it was a roaming, um, medical shop. There’s three different locations.
And if you didn’t know which one it was, and you didn’t know where to go, and if you forgot to ask and you went to the one they were
at last time, they may not be there the next time, so definitely wasn’t convenient. I remember asking what does this RSO stuff? And,
um, yeah, there’s just a lot of different things. I don’t think I really knew much about CBD back in, uh, 2005 or whenever it was that
I was, uh, helping a friend that had MS. But, um, yeah, there’s, there’s a lot of questions, a lot of people don’t really know what to
do.

 

Josh
Kincaid (08:08):

And
I think utilizing a resource like Leafly is the way to go. Um, you guys are also, um, launching an in-app ordering for iPhone users.
So you talked about getting knowledge in the hands of the budtenders and you’re literally doing that, uh, to, for budtenders and for
consumers in general. Um, can you maybe talk a little bit about what that means both for the consumers as well as the business side?
‘Cause you’re getting a lot of data from that and I’m curious what you’re able to do or how you’re able to utilize that as well.

 

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Yoko
Miyashita (08:45):

Oh,
I love that question. In, in terms of iOS ordering what maybe your listeners may not be aware of is the fact that, you know, the, the
apps, both Google and Apple have had very, um, shifting attitudes towards whether they allow ordering or not within the app. And it’s
been very difficult, just think about how we operate as consumers. What do we use? We use our phones. I mean, you know, how many people,
I make most of my shopping for any other product sort of sitting on my phone in an off moment, right? Like when you have a few minutes
to yourself, you’re researching on your phone. And I think that engagement of the consumer with the phone, it’s such a critical channel
in terms of shopping decisions. And the inability to order through the app was literally cutting off consumer access to legal cannabis,
that’s our, our view, right?

 

Yoko
Miyashita (09:35):

And
if you think about the legacy market, how are they transacting? So much of it is on the phone today. So think about that comparison.
If this whole legalized industry’s purpose and mission is to transition as much then as we can out of the illicit into the licensed market,
you gotta be on parity, you gotta be on parity with the, with the legacy market, they’re on the phones. So for us being able, Apple changing
its policies earlier this year and allowing in-app ordering, that’s ground changing. Like for us, it’s let us take you through the whole
journey. And when we talk about our marketplace, it’s the ability to do your research, to figure out what product’s right for you. And
then to be able to order that at a licensed store near you, right?

 

Yoko
Miyashita (10:17):

It’s
that full journey that we’re, we have been striving to deliver to consumers, reduce that friction, make it as easy as possible. And that’s
what iOS in-app ordering allows us to do. Now, you asked a question about what are we learning about our consumers? And we, we see this
and this is one of the big things about being a content first platform. We understand what consumers want, we know what their questions
are, to your point, what is CBD? The ability to answer that question for consumers very early in their cannabis discovery, critical,
but then you go further down the funnel, right?

 

Yoko
Miyashita (10:53):

As
you get further and more, more experienced, what’s RSO, right? Like the, the ability to answer that for our consumer, when they’ve gone
further down the, uh, is it a rabbit hole or is it sort of discovering the amazing complexity of this plant? But being able to do that
in cap and meet consumers where they are, whether that’s in the app, whether that’s on our desktop or our pl- or our website, th- what
we’re learning is what consumers are interested in. And we learn that, whether that’s strains research, whether that’s basic one-on-one
questions, we understand what those emerging trends are. And ultimately for us, it’s being able to take all of that and dial that back
into the platform to make personalization and customization a core part of our value prop for our consumers.

 

Yoko
Miyashita (11:42):

If
we’re saying you order consistently, XYZ products, right? If you’re a Blue Dream, you know, strain person, and we see you consistently
ordering that, what we can start to see is, say, oh, Josh is really into Blue Dream. What we understand is the chemical composition from
our lab data and strains database, Blue Dream has XYZ cannabinoids and terpenes, let’s match Josh to the next nearest strain, especially
if he can’t find Blue Dream in the store nearest him. So it is really about taking what we learn on the platform through data, but reinvesting
that into consumer experiences, if you think about personalization, customization and reducing friction in shopping.

 

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Josh
Kincaid (12:24):

You
have a, uh, any opinion about some of the direct sales we’re seeing in California bypassing some of the rec shops and what that [crosstalk
00:12:34].

 

Yoko
Miyashita (12:33):

In
terms of, yeah, the DTC, I think that’s a really interesting development in terms of what we’ve been watching this industry do and really
struggle, is to drive that brand recognition and that connection between the consumer and the brand. And I think that’s an ongoing, um,
trend and aspiration for brands to be able to reach that consumer. But I think you get there through ultimately what is brand, it’s trust
and how do you develop that? And I think why I get so excited about Leafly’s role in this ecosystem is that we’re sort of that bridge
for consumer trust. As brands continue to, it’s hard to establish brand resonance in this industry and there are a couple of barriers
to that.

 

Yoko
Miyashita (13:20):

You
can’t advertise through Facebook and Google, right? 85 cents on every advertising dollar goes to one of those two platforms and those
are, you know, shot off to cannabis brands. How do you build that relationship? It’s what Leafly’s here to do, we’re here to build the
trust gap for brands and consumers and to connect them. Um, the more tools that we can bring to brands, the more trust that consumers
can develop in the licensed industry, we think that’s great for the overall ecosystem of licensed cannabis.

 

Josh
Kincaid (13:52):

And
so you guys have announced that you’re expanding an advertising tool for cannabis brands, but before we get into how Facebook and Instagram
and even Twitter have been canceling people in the industry, um, I want to ask you, uh, about educating folks, ‘cause you have established,
um, this trust factor. And you’ve, you’ve adopted or taken on the indica sativa hybrid, uh, in terms of, of how you describe cannabis,
but as things are evolving and maturing, um, some have described that as lazy marketing.

 

Josh
Kincaid (14:27):

And,
and they’re not targeting anyone specifically, but at the same time, it’s very difficult to try and market as saying something that your
brand, uh, helps with, um, pain or, or any ailment. Right? And so there’s kind of that, that fine line there. How do you guys, or how,
how is, how will Leafly describe cannabis, um, and how do you feel about the indica sativa hybrid, uh, names?

 

Yoko
Miyashita (14:57):

I
think it, you know, it persists, it’s been around for a long time in terms of the lingo of how we describe cannabis. But what we’ve been
able, what we’ve been trying to really work on over the last several years to say those distinctions, the phenotype of the plant itself
is not sufficient. So what we actually do is take two steps back and say, actually, we need to educate cannabis consumers as to what
actually matters, i.e, what’s driving the effects and start to really think about the plant and your purchase decisions around what affects
am I looking for, right?

 

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Yoko
Miyashita (15:29):

Am
I looking for, do I want to feel hungry? Do I want to feel sleepy? Do I want to feel energized? Um, and really if you can teach consumers
and educate them on how to think about the amazing attributes of this plant as driving particular effects, then I think we can say yes,
chemical, uh, you know, the phenotype indica sativa hybrid exists. But let us help you dial in further into the effects you’re looking
for by actually getting into the chemical composition of the plant, by actually talking about cannabinoids right?

 

Yoko
Miyashita (16:00):

THC,
CBD, all, CBN, CBG, and then the Terpenes. Oh, and also let us help you understand, depending on the form factor, right? Edibles, drinks,
flower concentrates, you may also experience your body metabolizes those things differently. So for us, it’s really, how do you take
what is the amazing complexity of this plant and make it simpler for consumers and meet them where they are in their journey? So I think
I, you know, I’ll be the first to admit, we did try a very over rotation on trying to eliminate the indica sativa hybrid, but that’s
a part of the culture and how do we have the conversations and then add layer to the indica sativa hybrid descriptions to help people
understand that this is really about effects based shopping?

 

Josh
Kincaid (16:52):

Um,
yeah, I think maybe Terpenes down the road with some kind of pictograph or some kind of imagery will help people figure out what kind
of, um, effects they’re going to get, um, hopefully with limited FDA, um, involvement. Uh, uh, and speaking of, on Friday there was a
big bill, Republican led bill that kind of introduced that, that opportunity. Um, are, are you jazzed at all about that? I know you guys
aren’t publicly traded yet, but it looked like a lot of the cannabis stocks saw a, a decent little pop on Friday.

 

Josh
Kincaid (17:30):

I
haven’t looked this morning quite yet, but kind of anticipating some, um, some movement there before the, some profit takers come and
take some money off the top. What is your take on that bill? Is it just another bill in, in the movement that there’s, I’m not holding
my breath, but I think it’s a good sign, what’s your take?

 

Yoko
Miyashita (17:48):

Absolutely,
right? It’s this recognition that I, what I call as the most bipartisan issue in the country today, the cannabis, both sides support
it. You see it in the state legalization activities. So I, I think all of those, it’s to me, just proper acknowledgement of how popular
support is for this plant. And to your point, am I hanging my hat on a particular bait tied to federal legalization as a result of this
announcement? Absolutely not.

 

Yoko
Miyashita (18:20):

But
I, I think what you s- what you see is both sides of the aisle recognizing people want a pathway to this and how are we going to give
it to them? And you can go back and forth about what are the political machinations around it and what, what’s the calculus, but at the
end of the day, and you s- I just think it’s, it’s great for the industry. It’s saying we want a pathway to this, we don’t like old policy,
it’s not working.

 

Josh
Kincaid (18:50):

And
so you guys are creating some additional tools, kind of helping lead that path towards legalization. One of them being that advertising
tools for cannabis brands since there isn’t, um, a dependable, uh, uh, platform yet. So many of them, I mean, LinkedIn has been phenomenal,
uh, at least for me with cannabis, they haven’t really canceled a lot of people yet, uh, where so many other, YouTube included. Um, tell
me a little bit about the advertising tools for cannabis brands and how you’re going to be helping them out.

 

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Yoko
Miyashita (19:21):

Yeah.
So for us, it’s about, it’s all about our engaged consumer audience, right? We talked about sort of our content first, how we’re really
in market, educating consumers even before legalization. And that’s why we have 10 million monthly active users on our site. And for
us, it’s about building the ecosystem for licensed cannabis. It’s that 10 million monthly active users that have brought over 4,600 licensed
retailers on our platform and almost 8,000 brands. And for us it’s how do you build a platform? How do you build an opportunity for that
connection between a brand and a consumer, for a store and a consumer?

 

Yoko
Miyashita (19:56):

And
if you can’t do that in the outside world, let us create a space at Leafly where you can do that here. And it’s about, you know, giving
brands. You mentioned our brand subscription product that we just launched in June. It’s about giving brands, the opportunity to get
in front and center or around consumers to tell their own story. And it’s as simple as to provide their own imagery, to provide their
own product description. And it’s, you know, one of the key features, it’s catalog control, giving brands the ability to control how
their products appear in a consumer’s feed consistently.

 

Yoko
Miyashita (20:30):

I
mean, that’s, you might say that’s so basic, but at the same time, that’s a critical opportunity for brands to engage and drive that
storytelling and narrative with their consumers, that will expand into the ability for brands to advertise, you know, on menus in front
of consumer’s eyeballs. Like for us, helping brands create brand resonance with a consumer is a key part of what we bel- believe is the
value we deliver to brands on our platform, as well as consumers.

 

Josh
Kincaid (21:03):

Tell
me a little bit about your own brand, uh, and, and how you guys are going to deliver value. So you’re going to be, um, traded sometime
in the fourth quarter on NASDAQ, under the ticker symbol, FL, or excuse me, LFLY. Um, and yet JP Morgan just basically banned all cannabis
stocks from being traded. Do you have an opinion about that? Is that even relevant, just being one platform?

 

Yoko
Miyashita (21:31):

I
think it’s, uh, I, I think you can not get too hung up on what’s happening in that world, right? Like we know, we believe in the momentum
of, of this industry. For a company like Leafly, a non plant touching technology company that’s eligible to be traded on the NASDAQ,
we know we’ve got, we, we’ve always had these headwinds. But I look at the situation and say, these are bumps in the road, we know what
this trajectory is, it’s moving in one direction. And that to me is, hey, bringing, able to bring, you know, you talked about the trust,
that brand, that consumers place, that trust that consumers place in the Leafly brand and the Leafly platform.

 

Yoko
Miyashita (22:11):

To
be able to bring an asset like this to the public markets at this stage, when we do have some significant tailwinds, that’s big, we believe
that that delivers value today. You know, we talked about the value that this platform generates, whether it’s consumers and helping
them through their discovery journey, whether it’s licensed retailers to help drive orders from our consumers into their businesses,
or for brands to get that connection to create that connection with consumers ‘cause they can’t do that announced like world. Like we
think there’s an inherent momentum in this and we’re just so excited about this next stage of our growth and maturation.

 

	
    Cannabis_Marketplace_with_Leafly_CEO_Yoko_Miyash... (Completed 12/02/21)

    Transcript by Rev.com
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Josh
Kincaid (22:49):

Maybe
you can unpack that a little bit. I want to know what kind of FOMO you’re going to give all of JP Morgan’s clients that aren’t able to
buy Leafly when it is traded, because you guys just had a, a report, um, that you, uh, co-wrote between Leafly and Beau Whitney of Whitney
Economics, showing that the US cannabis industry is on pace to reach 25 billion in sales by the end of the year, which represents a year
over year revenue increase of 35% putting cannabis on track to be the nation’s fastest growing industry and making Leafly’s these brands
subscription service more crucial than ever for cannabis brands.

 

Josh
Kincaid (23:23):

Once
you do go public, uh, maybe you can, um, you know, describe to, to the audience, um, how you’re going to utilize that, uh, that capital,
um, it’s getting cheaper and cheaper to, to borrow. And so what kind of value are youw going to be able to add, uh, from that exercise
of going public?

 

Yoko
Miyashita (23:43):

Yeah,
for us, we’ve been so [inaudible 00:23:45] staffed for the last several years and, you know, first and foremost, when you’re sitting
in this seat, you’re evaluating all options in terms of putting capital on the balance sheet. So for us having the right partner here
has been critical, Merida Capital, who’s the sponsor of the SPAC. You know, they’ve worked with a ton of, and some great ancillary companies,
non-plant touching companies. So having the right partner in a transaction like this is critical.

 

Yoko
Miyashita (24:09):

But
for us, it’s ultimately what’s the right sizing for this and what are we going to do with it? And I think that’s the core of your question,
for us, it’s, it’s the permeation of that local marketplace. Like we have done so much on a shoestring budget in terms of building our
presence and this is a, truly a local market business where you’re working in regions. You know this, there’s such a distinct local flavor
to cannabis, whether that’s the plant itself or how the industry is set up. And that’s a function of state by state regulation. But for
us to be able to really be really close to our customers, whether that’s consumers and market, retailers and market, brands and market,
and understand inherently that local flavor and then go to market and serve them with that local lens, that’s what putting capital on
the balance sheet allows us to do today.

 

Yoko
Miyashita (24:57):

Um,
I think the other thing to think about is we all know that cannabis is so choppy in terms of the industry is choppy in its development.
The time it takes, because these are state [inaudible 00:25:07], that even once you’ve legalized, you’ve got to plant that seed in the
ground, has to be grown there, has to be processed here, has to be packaged, distributed and sold all within the state, that just takes
time. And so if you’re sitting in this, you’re working in this space, you’re always sort of awake, it, it, it always takes longer than
you would have hoped.

 

Yoko
Miyashita (25:29):

It’s
always choppy at the outset, but we know that these markets reach their stride when they get to a certain stage of maturity. And for
us, we see a lot of, you know, these legalized markets that are hitting, starting to hit their stride with big markets coming online,
with East coast Adult-Use lighting up, like that’s super exciting.

 

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Josh
Kincaid (25:52):

Yeah,
it’s definitely going to take, um, a lot more maturity in the markets along with, um, the experience and the individuals. And it looks
like you guys are adding or, or stacking to, uh, that professionalism that, that’s going to be required as you guys take that next step
and go public. You guys had a, a relatively newer CFO that you’ve added to the team, Suresh Krishnaswamy, um, who has 25 years of global
finance and tech experience.

 

Josh
Kincaid (26:17):

Uh,
and over, he’s going to oversee all of the finance operations and strategy. Uh, there’s a lot of individuals that I see in the cannabis
space that have a CPA and they’re like, that’s good. Whereas like maybe as a controller, that’s fine but then beyond that, you really
do need a CFO. Uh, can you maybe explain why you chose a, uh, a CFO and, and maybe, uh, Suresh specifically?

 

Yoko
Miyashita (26:40):

We
couldn’t be more delighted about Suresh joining this team like you described, he’s got 25 years of experience and he was, you know, Wall
Street trader for many years and he took a very intentional pivot or he got out of that and joined high growth regulated industries,
right? His pivot to that, he’s worked for, you know, big payment solutions provider, Remitly. He worked for Drift, an energy online marketplace.
Like they’re very intentional decisions he’s taken in his career that really, I think set him up to be a fantastic CFO for a regulated
industry marketplace.

 

Yoko
Miyashita (27:22):

And
I, I think that’s, and he’s someone who, you know, he was working with us for several months as a consultant and could just see the opportunity
that was so readily apparent in this industry. So that’s really important for us. We’re really passionate about cannabis. We’re passionate
about the plant. We’re passionate about this industry. So someone who can sort of take all of that experience, see the opportunity and
say, here’s how I want to dive right in, roll up my sleeves and get involved, like that’s what we have in Suresh joining this team.

 

Yoko
Miyashita (27:55):

And
I think it’s, um, you know, I say this to actually a lot of the, um, people who, who come to Leafly to work, like your decision to step
in and work in this industry, that took a lot of courage. You’re taking some risks. This is not the textbook, you know, first I go to
school and I get my degree and then I go do this, this, this, you, you kind of took an off shoot to come in this direction. But you know,
I you know, you could disagree with me if you want, but I think it takes that sort of person who’s willing to see outside the box who
can see out beyond and say, yeah, we’ve got headwinds, but I’m really excited because I know which way this industry’s moving.

 

Josh
Kincaid (28:37):

What’s
your opinion about Wall Street coming in? I’m not, I’m not saying Suresh is, is a carpet bagger or somebody who’s coming in specifically
looking for money. I myself, um, have my own passion, but I didn’t come into the industry until I knew that it was going to be an industry.
I wasn’t ever going to leave my Wall Street job and come into a gray market or illicit market. I was only going to come in when I knew
that it was, and I thought I was coming in late in 2013. Uh, so what do you have to say about, you know, skeptical people, um, that look,
um, at individuals who, who are coming from corporate America, maybe don’t have the, the cannabis experience?

 

    Page 9 of 14

     

    

 

Josh
Kincaid (29:20):

‘Cause
we, we, throughout this conversation, we’ve been talking about how important it is to understand the industry. And so if everyone needs,
let me say it this way, we’re all born ignorant, but it, you have to work really, really, really hard to remain stupid. So, um, for those
that don’t understand the industry, w- w- what kind of response do you have for skeptical, uh, people who think that anyone who’s getting
in this industry is a carpet bagger and only interested in money?

 

Yoko
Miyashita (29:46):

Well,
you know, I would have to actually raise my hand and then say guilty, I’m a ca-carpet bagger then because I, I joined in may of 2019.
I came out of digital media and joined this. And what I found, and, and I think this goes back to sort of being rooted in mission. Like
I came because of the mission of this organization. I have spent, you know, the last two and a half years, there’s, every day there is
a moment of learning in this industry and understanding where it came from.

 

Yoko
Miyashita (30:12):

That’s
where we actually spend a ton of time. I think, I, I think that would be a situation in, uh, anyone who walks in and thinks they can
come in and sort of change things and just be this, you know... Uh, I, I think it really depends on the attitude that you show up with,
because I think if you can’t, we talk about the complexity of the plant, the magic of the plant. If you do not have the respect for it,
I think you will get washed out. But I think if you can come into this industry, you have a respect for the plant and you understand
its history. And by its history, I would include all of its political and cultural contexts, like there’s, th- there’s a place for you
here.

 

Yoko
Miyashita (30:57):

But
do not come in thinking you’ve got a mastery of this because, well, this plant will completely knock you on your rear, if that’s your
attitude. And I think so it really starts with that and understanding why does this have such, why has this persisted through a 100 years
of prohibition, right? There’s something about this plant that has pushed through all of these headwinds to get to where we are today.
Understand that, go deep on that and when you can actually respect and give it its due credit, I think you do end up, you, you end up
probably where you are, probably where I am, completely in love with this plant and industry because of its complexity, because of its
color, because of its opportunity that it holds.

 

Josh
Kincaid (31:47):

Yeah.
I think the, the fact that the US doesn’t have easy access to capital has created some, maybe more altruism. ‘Cause although I come from
finance and, and you’re from the, the, um, you were an attorney, um, but you understand the industry. And so the both of us saw opportunity,
the both of us love the plant, both of us continue to learn. Having said that, in Canada there’s a lot of speculation up in that market.
There’s a lot more folks that are doing press releases, and I’m not saying snake oil.

 

Josh
Kincaid (32:18):

But
they’re going after easy money and not necessarily, uh, utilizing the shareholder value in the way that they should having written off
three billion for canopy, for example. Um, uh, I think that’s, uh, huge red flags to the industry and that’s why there’s a lot more people
looking at the value, which is kind of one of the themes that we’ve been talking about and how Leafly is providing users and shareholders
value because they’re constantly looking to improve. Where do you see the industry heading, um, and, and how is Leafly going to adapt
to stay relevant?

 

    Page 10 of 14

     

    

 

Yoko
Miyashita (32:57):

[crosstalk
00:32:57]. Well, I know, in terms of what other people are doing, like they, uh, I say this a lot to the team, like run your own race,
know who you are, what are you delivering against? And for us, that’s that, and emphasis on, we will continue to serve, whatever the
evolution of this industry and what’s happening around us, we believe we create lasting value by focusing on the consumer, helping them
along on their consumer journey in cannabis. Like we are your cannabis companion and that, through all of this iteration, we always get
this question, oh, what happens with federal legalization? What are you guys going to do? What happens when the non-endemics come in?

 

Yoko
Miyashita (33:38):

We
can sit and speculate until the cows come home as to what that looks like. But what I do know will have endearing and lasting, enduring
and lasting value is that empathy, the relationship that we, we creates with its consumers will have lasting value. And as long as we
continue to serve against that mission and purpose and our existence, that’s, that’s how we create long-term sustainable value, not withstanding
all of the pediatrics, the churn, the drama, like you’ll see us focus there.

 

Josh
Kincaid (34:12):

what
is going to be the, the biggest change, um, do you think? Is it going to be like the Safe Banking Act? Will it be federal legalization?
Although we both said don’t hold your breath, what do you think like in the next 18 months is going to be, um, maybe the, the biggest
change for the industry as a whole?

 

Yoko
Miyashita (34:35):

You
know, there are just some basic things we need, we’d love to see safe banking go through if nothing else, right? Like this is enough,
to your point of the capital constraints, to the, it’s such a source of what I call the, when you work in cannabis, you’re working with
an arm and a leg tied behind your back. You know, we’re an organization that, you know, w- think about us, non-plant touching, we only
work with a licensed place, we love the licensed cannabis industry. We’ve been kicked off our ERP platform, our HR platform, our texting
platform, our, uh, payroll platform.

 

Yoko
Miyashita (35:13):

And,
you know, this is all a function of safe banking on that inability and or that ultimately this fear for service providers to work with
our industry. This is an industry, you know, and I’ve worked with, in multiple other ones, th- like such a heavy emphasis on compliance,
right? Like the licensed industry, I’ve never actually worked in industry where it is such a, it’s a, it’s a non-question, you’re not
fighting for it, right?

 

Yoko
Miyashita (35:45):

Like
it’s, of course you, you, you operate, you know, two hands on the table, you’ve got to operate like that. Um, and yet we see this industry
continuously penalized, and I think people are starting to really just see how absurd that is, right? In a COVID touchless payments world,
this is an industry that is essential and had to operate with cash payments, come on, the absurdity just becomes too much.

 

Josh
Kincaid (36:14):

Yeah.
Do you think even being publicly traded on NASDAQ, one of the, the big board exchanges, is that going to give you, is that a carte blanche
or you just tell your HR platform, no, you can’t cancel this, we’re traded on NASDAQ. I mean, I think for investors, they’re gonna look
at that and be like, wow, that’s impressive. But does that hold any street cred for any other bank or platform or anything else do you
think?

 

    Page 11 of 14

     

    

 

Yoko
Miyashita (36:38):

We
believe it should, whether it’s the watershed moment where all the, you know, sort of chips or dominoes [inaudible 00:36:44], but I can’t
tell you, but like that that’s part of, one of our provinces going out at this stage, right? Like we’re setting the foundation for this
conversation. We are giving you this transparency, you need to understand how this licensed industry works. And they’re going to be,
I think the really smart organizations that say, we get this, we understand where this is going and we’ll be super excited to work with
them.

 

Josh
Kincaid (37:11):

Yeah.
This is, this is a big deal. And I don’t know if a lot of people really understand that ‘cause they just hear, you know, SPAC’s going
public or the OTC markets or, or whatever. But the, the realization is that you were on NASDAQ, that’s a big board exchange with, you
know, you’re going to share the, the likes of Microsoft and Intel and, uh, you know, um, Tesla and some of these other really big companies
that have gone public.

 

Josh
Kincaid (37:37):

Um,
what does that mean to you guys, you know, the whole company as a whole, is this just a, another check box? You’re like, finally, there
we go next, uh, or is this a, uh, uh, a moment where you can stop, smell the flowers and really reflect on it? What is, what, what is
the, the feeling behind this, um, watershed moment?

 

Yoko
Miyashita (38:01):

Yeah,
that’s interesting. I, I wish we were, stop, smell the flowers [inaudible 00:38:05], but that is not how the pace of this industry works.

 

Josh
Kincaid (38:09):

Yeah.

 

Yoko
Miyashita (38:10):

You
pause for a moment and you’ve missed that. Uh, I think it’s a recognition of the incredible work that this team has put in for over a
decade. I think that’s something, something that people forget, Leafly has been around for 11 years. Um, you know, we are super excited
to be one of the first out there in terms of consumer marketplaces and tech companies that are focused on cannabis. And, you know, I
think the biggest either excitement and or responsibility is setting the tone of that conversation once you’re out, right? You were talking
to the market regularly and for us to be able to be a part of both educating and driving that conversation, I do get super excited about
that.

 

Josh
Kincaid (38:51):

Um,
what’s um, what are two goals that you guys have for 2022 and beyond in order to keep your first mover advantages?

 

Yoko
Miyashita (39:05):

You
know, for us, it’s really, we’re very, very excited about, we talked a little bit about that greater local market focus and what increased
staffing allows us to do, really getting tactile, really getting in touch with our local marketplace, whether that’s our retailers, our
brands, our consumers. So you’ll see us double down and emphasize that work. And it really, you know, to get super granular on that,
it’s how do you show up in market, right? It’s not, cannabis is not a national product, so it matters how you’re talking to your consumers
in Illinois.

 

    Page 12 of 14

     

    

 

Yoko
Miyashita (39:38):

It
matters how you’re talking to your consumers in Arizona. And what I’m really excited about is sort of pulling that thread and really
showing up as a local community partner. And I think that’s what capital on the balance sheet allows us to do. If I didn’t say we were
absolutely thrilled about East Coast, I would be lying, now expecting New Jersey rec to come online by middle of 2022. We already have
a great head start in those markets simply because we have readers and consumers who’ve been consulting Leafy for years. So really to
be able to take them through that journey of saying, hey, you’ve been reading about strains on our website for the last decade, let us
help you now shop for those strains at a local dispensary near you, that’s super exciting for us.

 

Yoko
Miyashita (40:22):

And
then, you know, to cover off on another point we talked about, the investment that we can make in our product and engineering teams to
really pull through the personalization and curation that we believe we’re capable of doing with the IP and data that we have, to realize
what’s been sort of a vision and to actually see that implemented, that’s super exciting.

 

Josh
Kincaid (40:45):

Do
you know just off the top of your head, what the top markets are, where people are, um, where the most data’s coming from? Either downloads
or, um, searches where, where’s your top market and, um, top articles? What, what is like the number one article right now that people
are looking at?

 

Yoko
Miyashita (41:07):

Uh,
we have a persistent top article, cannabutter, how to make cannabutter, people want to know how to make cannabutter and that one is like
a long time favorite on our platform. In terms of, well, you know, I, I, we don’t generally talk about top markets in terms of traffic,
but what I’ll tell you is I’ll share some interesting tidbits around where we see tremendous engagement on our platform that is surprising,
Texas.

 

Yoko
Miyashita (41:35):

As
you know, Texas does not really have a legal cannabis program to speak of. But when you see that much consumer engagement around our
content in Texas, what does that tell you? Huge interest, they’re finding it elsewhere.

 

Josh
Kincaid (41:49):

Right.

 

Yoko
Miyashita (41:49):

So,
you know, for us, that data is super helpful. It helps us start to think about how do we talk to the local market. But I think from a
policy perspective, it goes back to that momentum around, this is the most bipartisan issue we have in the country, you have support
from all parts of this country in favor legalization. How do we make that a reality? You’ll continue to see us advocate for that.

 

    Page 13 of 14

     

    

 

Josh
Kincaid (42:14):

Yeah.
Uh, well, so you should have support on both sides for, um, your, your stock, LFLY when it does go public sometime during, uh, Q4 on
NASDAQ. In the meantime, how can people get ahold of you? Where are you guys at? Are you guys on social media or website?

 

Yoko
Miyashita (42:32):

Yeah,
you can download our, first and foremost, we were talking about the app, download our Leafly app on, um, App Store as well as Google
Play Store. And then you can find us on leafly.com.

 

Josh
Kincaid (42:44):

Perfect.
Yeah. And I will have some of that in the show notes, along with Yoko’s-

 

Yoko
Miyashita (42:50):

Awesome.

 

Josh
Kincaid (42:50):

...
um, LinkedIn, if you want to contact her directly. So I think with that, we’re going to roll this one up. I want to thank my guest, Yoko
Miyashita, she’s the CEO of Leafly. Yoko, thanks for being with us at the, the Talking Hedge.

 

Yoko
Miyashita (43:01):

Thanks
so much for having me.

 

Josh
Kincaid (43:02):

Appreciate
it. I’m Josh Kincaid. This is the Talking Hedge. Don’t forget to like, share and subscribe or don’t and I’m out. Don’t forget to smash
that like button on your way out and check out these other videos that we’ve got.

 

 

Page 14 of 14Document

EXECUTION VERSION

SENIOR SECURED LOAN AGREEMENT
$30,000,000    December 3, 2021
FOR VALUE RECEIVED, on July 31, 2022 (the “Maturity Date”), Remark Holdings, Inc., a Delaware corporation having its principal office at 800 S. Commerce Street, Las Vegas, NV 89106 (“Borrower”), and each subsidiary of Borrower listed on the signature pages hereto or that after the date hereof delivers such a signature page (each a “Guarantor”, collectively, the “Guarantors” and, together with Borrower, the “Loan Parties” and each a “Loan Party”) hereby promises to pay to the order of MUDRICK CAPITAL MANAGEMENT, LP. and/or one or more managed funds or accounts (the “Lender”), the principal sum of Thirty Million Dollars ($30,000,000) (the “Loan Agreement”), together with interest on the unpaid principal balance of the Loan payable at a rate equal to sixteen and a half percent (16.5%) per annum (the “Interest Rate”), computed on the basis of a 360-day year for the actual number of days elapsed, commencing on the Effective Date (as defined below) (the “Loan”).
1.Draw Down; Interest; Repayment.  Borrower shall draw down the entire principal amount of the Loan on the Effective Date .  Subject to Section 8, Borrower shall pay interest on the unpaid principal amount of the Loan for the period commencing on the date on which such Loan is made by the Payee (or its successors and assigns) to the Maker until such Loan is paid in full at the Interest Rate.  Accrued interest on the Loan shall be payable in arrears on the last business day of each month commencing on December 31, 2021, upon any prepayment of the Loan and on the Maturity Date.  All amounts outstanding under this Loan Agreement, including all accrued and unpaid, shall be due and payable in full on the Maturity Date.
2.Fees.  Borrower shall pay to Lender on the Effective Date, for its own account, an upfront fee equal to 5.0% of the amount of the Loan, which shall be netted against the drawdown of the Loan. At the option of Lender, any or all of the Closing Payment may be structured in the form of a commitment fee or original issue discount.
3.Application of Payments.  All payments by Borrower under this Loan Agreement shall be applied first to any fees and expenses due and payable hereunder, then to the accrued interest due and payable hereunder and the remainder, if any, to the outstanding principal.  Borrower and every endorser or guarantor of the Loan, regardless of the time, order or place of signing, hereby waives presentment, demand, protest and notices of every kind and assents to any permitted extension of the time of payment and to the addition or release of any other party primarily or secondarily liable hereunder.
4.Method and Place of Payment.  All payments of principal and interest (including prepayments), shall be payable in lawful money of the United States of America to Lender on or before 5:00 p.m.  (Eastern Standard Time) on the applicable payment date thereof by wire transfer to the account Lender designates in writing.  All payments by Borrower under this Loan Agreement shall be made without set-off or counterclaim and be free and clear and without any deduction or withholding for any taxes or fees of any nature whatever, unless the obligation to make such deduction or withholding is imposed by law.
5.Representations and Warranties.  Borrower and each of its subsidiaries has good and marketable title to the assets purported to be owned by it, including, without limitation, the Collateral and the shares owned by Remark Holdings SPV, Inc. (the “Remark SPV”) in Sharecare, Inc., a Delaware corporation (the “Sharecare Shares”), in each case free and clear of any Lien, security interest, pledge, assignment, encumbrance or other interest of any third party, other than Permitted Liens.  Each Loan Party has all requisite power and authority to execute and deliver this Loan Agreement and to perform its obligations hereunder, including without limitation, to pledge and grant a security interest in the applicable Collateral as contemplated hereby.  This Loan Agreement has been duly and validly executed and is the legal, valid and binding obligation of each Loan Party and is enforceable against such Loan Party in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy or insolvency or similar laws affecting enforcement of creditors’ rights generally and by general principle of equity.  Borrower’s disclosures filed with the Securities and Exchange Commission since January 1, 2021 on Form 10-K, Form 10-Q, or Form 8-K (the “Exchange Act Reports”) complied in all material respects with the Securities and Exchange Act of 1934, as amended, and the rules and regulations thereunder at the respective time so filed, on/at such times did not contain an untrue statement  of a material fact or omit to state a material fact in order to make the statements not misleading. No representation, warranty or other statement of any Loan Party in any certificate or written statement given or made to Lender, as of the date such representation, warranty, or other statement was made, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading in light of the circumstances under which they were made.  Borrower is not left with unreasonably small capital after the transactions in this Loan Agreement.  Borrower is able to pay its debts (including trade debts) as they mature.  Borrower has no domestic subsidiaries other than the Guarantors.  Except as set forth in the Exchange Act Reports, the Collateral is not the subject of any present or threatened suit, action, arbitration, administrative or other proceeding, and no Loan Party is aware of the 
KL2 3260857.5

institution of any such proceedings.  Except as set forth on Schedule II hereto, there are no actions or proceedings pending or threatened in writing by or against Borrower or any of its subsidiaries involving more than, individually or in the aggregate, One Hundred Thousand Dollars ($100,000).  No consent, authorization, approval or other action by, and no notice to or filing (other than filings and registrations necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of Lender) with, any person, entity, governmental authority or regulatory body is required to be obtained by any Loan Party either (i) for the pledge by any Loan Party of the Collateral pursuant hereto, (ii) for the execution, delivery or performance of this Loan Agreement by any Loan Party or (iii) for the exercise by Lender of any remedies with respect to the Collateral.  Neither the execution, delivery or performance of this Loan Agreement, including the incurrence of indebtedness and pledge of Collateral hereunder will, (a) violate any applicable law, (b) violate the organizational documents of any Loan Party, or (c) breach, violate or result in a default, or give rise to a termination, cancellation or acceleration right, under any material agreement, instrument or other contractual obligation of any Loan Party.  Borrower and each of its subsidiaries own or licenses or otherwise have the right to use all intellectual property rights that are necessary for the operation of its business, without infringement upon or conflict with the rights of any other Person with respect thereto.  “Lien” means any interest in property securing an obligation, whether such interest is based on common law, statute or contract, and including any security interest or lien arising from a mortgage, encumbrance, pledge, claim, charge, easement, servitude, security agreement, conditional sale or trust receipt or lease, consignment or bailment for security purposes.  
6.Collateral Agent; Collateral and Security Interest.
(a)Pursuant to that Collateral Agency Agreement, dated as of the date hereof, each Loan Party and the Lender appoint TMI Trust Company (and its successors) as Collateral Agent. Each Loan Party hereby pledges, grants and assigns to the Collateral Agent, on behalf of the Lender, to secure the payment and performance in full of all of such Loan Party’s obligations under this Loan Agreement (whether for principal, interest or otherwise), a continuing security interest in all assets, properties and rights of any kind owned by such Loan Party including, without limitation, all personal and fixture property of every kind and nature, including, without limitation, all goods, inventory, equipment, instruments, promissory notes, documents, accounts, including health care insurance receivables, chattel paper (whether tangible or electronic), deposit accounts, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims, investment property, financial assets, supporting obligations, any other contract rights or rights to the payment of money, insurance claims and proceeds, and all general intangibles, including, without limitation, all payment intangibles, patents, patent applications, trademarks, trademark applications, trade names, copyrights, copyright applications, software (including any copyrights, trademarks and trade secrets of the software), customer lists, goodwill, and all licenses, leases, permits, agreements of any kind or nature, wherever located, whether now owned or hereafter acquired or arising and all accessions and improvements to, substitutions and replacements for and rents, profits and products and proceeds thereof (together, the “Collateral”).  For the avoidance of doubt, the Collateral shall include the ShareCare Shares held by the Borrower and its Subsidiaries (the “ShareCare Collateral”). Notwithstanding the foregoing, the Collateral shall not include (i) any property where the granting of a security interest in such property would be prohibited by agreement, applicable law or regulation or, with respect to any pledge of equity interests owned by any Loan Party in any entity that is not wholly-owned by the Loan Parties, the organizational documents of such entity (in each case, only to the extent that such contractual provisions are not rendered ineffective by applicable law or otherwise unenforceable), in each case, to the extent that a grant of a security interest therein would violate or invalidate such agreement or create a right of termination in favor of any other party thereto (other than any Loan Party) after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code notwithstanding such prohibition, (ii) the issued and outstanding voting capital stock of any first-tier foreign subsidiary in excess of 65% of such voting capital stock and 100% of the non-voting stock of any such first-tier foreign subsidiary, and (iii) those assets as to which Lender and Borrower agree in writing shall be excluded where the costs and burdens of obtaining a security interest therein or perfection thereof outweigh the benefit to Lender of the security to be afforded thereby (collectively, the “Excluded Assets”); provided, however, “Excluded Assets” shall not include any proceeds, substitutions or replacements of Excluded Assets (unless such proceeds, substitutions or replacements would in and of themselves constitute Excluded Assets).  For the avoidance of doubt, any ShareCare Collateral shall not consist of Excluded Assets once any contractual restriction with respect to the granting of a lien with respect to such ShareCare Collateral has ceased to be in effect.  Terms used but not otherwise defined in this Section 6(a) have the meanings specified in the Uniform Commercial Code as in effect in the State of New York. 
(b)Each Loan Party hereby irrevocably authorizes Lender at any time and from time to time to file in any Uniform Commercial Code jurisdiction any initial financing statements, amendments or modifications thereto or continuations thereof that (a) indicate the Collateral (i) as all assets of such Loan Party or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Uniform Commercial Code, or (ii) as being of an equal or lesser scope or with greater detail, and (b) contain any other information required by part 5 of Article 9 of the Uniform Commercial Code for the sufficiency or filing office acceptance of any financing statement or amendment.  Each Loan Party hereby further irrevocably authorizes the 
2
KL2 3260857.5

Lender to file intellectual property security agreements with respect to the Collateral with the United States Patent and Trademark Office or United States Copyright Office (or any successor office), as applicable.
(c)At any time and from time to time, each Loan Party will duly execute, deliver and file with appropriate agencies such further instruments and documents, provide such further information and take such further actions as Lender may reasonably request for the purpose of obtaining or preserving the full benefits of this Loan Agreement and of the rights and powers granted herein.  Further to insure the attachment, perfection and first priority of (subject to Permitted Liens), and the ability of Lender to enforce, the security interest in the Collateral, each Loan Party agrees, in each case at such Loan Party’s own expense, that if any Loan Party shall at any time hold or acquire any promissory notes or tangible chattel paper, deposit accounts, securities or investment property, electronic chattel paper, letter of credit rights, or commercial tort claims, or any Collateral shall come into possession of a bailee, such Loan Party shall immediately notify Lender thereof and take any action reasonably requested by Lender to insure the attachment, perfection and first priority of, and the ability of Lender to enforce, the security interest granted to Lender in any and all of the Collateral.
(d)In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default, Lender shall have the right to enter and remain upon the premises of any Loan Party without cost or charge to Lender, and use the same, together with materials, supplies, books and records of such Loan Party for the purpose of collecting and liquidating the Collateral, or for preparing for sale and conducting the sale of the Collateral, whether by foreclosure, auction or otherwise.  In addition, Lender may remove Collateral, or any part thereof, from such premises and/or any records with respect thereto, in order to effectively collect or liquidate such Collateral.
(e)Failure by Lender to exercise any right, remedy or option under this Loan or applicable law, or any delay by Lender in exercising the same, shall not operate as a waiver of any such right, remedy or option.  The rights and remedies of Lender under this Loan Agreement shall be cumulative and not exclusive of any other right or remedy which Lender has.
(f)In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which Lender is legally entitled, the Loan Parties shall be liable for the deficiency, together with interest thereon, together with the costs of collection and the reasonable fees, charges and disbursements of counsel.
(g)Upon request of Lender, each Loan Party shall promptly obtain fully executed and delivered control agreements with respect to any deposit, securities and investment accounts of such Loan Party in form and substance reasonably acceptable to Lender.
(h)Subject to Section 20, upon the repayment in full in cash of the Loan, including pursuant to Section 10, Lender will be forever released from all of its obligations and liabilities under or in respect of the Loan including without limitation, pursuant to this Section 6, and the security interest granted hereunder will thereafter terminate and be of no further force or effect.
7.Default; Acceleration.  At the option of Lender, this Loan Agreement and the indebtedness evidenced hereby shall become due and payable without further notice or demand, and notwithstanding any prior waiver of any breach or default or other indulgence, upon the occurrence any of the following (each, an “Event of Default”):
(a)the failure by any Loan Party to pay when due any amount due under the Loan and such failure continues for more than five (5) days past the due date;
(b)any breach or failure to perform any of the other terms of this Loan Agreement after the earlier of (i) knowledge thereof by the Borrower or (ii) notice thereof to Borrower and such breach or failure continues unremedied for five (5) days; provided that such five (5) day cure period shall not apply with respect to the other clauses of this Section 7, the provisions of Section 14,  or with respect to any breach having and adverse impact in the sole discretion of the Lender on the ShareCare Shares, Remark SPV or the pledge of the equity interests of Remark SPV Holdco LLC (“Holdco SPV”);
(c)any representation, warranty or other statement made or deemed made by or on behalf of any Loan Party pursuant to or in connection with this Loan Agreement shall be incorrect in any material respect as of the date made or deemed made (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to materiality or “material adverse effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification);
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(d)any act by, against, or relating to any Loan Party, or its property or assets, which act constitutes the application for, consent to, or sufferance of the appointment of a receiver, trustee or other Person, pursuant to court action or otherwise, over all, or any part of any Loan Party’s property;
(e)any assignment for the benefit of the creditors of any Loan Party, or the occurrence of any other involuntary liquidation of any Loan Party; the failure by any Loan Party to generally pay the debts of such Loan Party as they mature; adjudication of bankruptcy or insolvency relative to such Loan Party; filing by any Loan Party under, or the entry of an order for relief or similar order with respect to any Loan Party in any proceeding pursuant to, Title 11 of the United States Code entitled “bankruptcy” (the “Bankruptcy Code”) or any other federal bankruptcy law;
(f)the default of any Loan Party for failure to pay amounts due and payable under any indebtedness of such Loan Party in an amount in excess of $100,000, whether individually or in the aggregate (subject to any applicable cure periods, forbearance or forgiveness), if the effect of such default is to accelerate the maturity of any such indebtedness or to permit the holder or holders of any such indebtedness, or any trustee or agent for such holders, to cause such indebtedness to become due and payable prior to its expressed maturity or, if such indebtedness is a guaranty, to call upon such guaranty in advance of nonpayment of the guaranteed indebtedness;
(g)a final judgment or judgments shall be entered against any Loan Party in an aggregate amount in excess of $100,000, whether individually or in the aggregate (net of insurance proceeds, if any), and such judgment or judgments shall remain unstayed, unvacated, undischarged or unsatisfied for 30 calendar days;
(h)Lender shall for any reason cease to hold a valid and enforceable, perfected, first priority Lien the Collateral, subject only to Permitted Liens;
(i)the termination of existence, dissolution, or liquidation of any Loan Party or the ceasing to carry on actively any substantial part of such Loan Party’s current business; or
(j)the occurrence of any of the following: (i) a sale of all or substantially all of the Borrower’s assets other than to a Loan Party, (ii) a merger, consolidation or business combination transaction of Borrower with or into another corporation, limited liability company or other entity, in each case pursuant to which stockholders of the Borrower prior to such merger, consolidation or business combination transaction own less than fifty percent (50%) of the voting interests in the surviving or resulting entity, (iii) the consummation of a transaction, or series of related transactions, in which any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of 50% or more of Borrower’s then outstanding voting securities, (iv) individuals who on the Effective Date constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders of the Borrower was approved by a vote of at least a majority of the directors of the Borrower then still in office who were either directors on the Effective Date, or whose election or nomination for election was previously approved) cease for any reason to constitute a majority of the Board of Directors of the Borrower or (v) Kai-Shing Tao shall  cease to be involved in the day to day operations and management of the business of the Loan Parties. 
Failure to exercise this option shall not constitute a waiver of the right to exercise the same at any other time.  Notwithstanding the foregoing, if an Event of Default specified in Section 7(d), (e) or (f) shall occur, then the Loan, all accrued interest in respect thereof and all accrued and unpaid fees and other indebtedness or obligations owing to Lender hereunder shall immediately become due and payable, as aforesaid shall automatically become effective, in each case without the giving of any notice or other action by Lender, which notice or other action is expressly waived by the Loan Parties.
8.Default Rate.  Upon the occurrence and during the continuance of an Event of Default, the rate of interest otherwise applicable hereunder will be increased by two percent (2% or 200 basis points) (the “Default Rate”) for so long as the Event of Default remains uncured.
9.Remedies Upon Default.  Upon any Event of Default by any Loan Party, Lender may pursue any and all remedies provided at law or in equity.  If an Event of Default shall occur, the Lender shall have the right, upon reasonable written notice (such reasonable notice to be determined by the Lender in its sole and absolute discretion, which shall not be less than five (5) business days), with respect to the Collateral (whether or not the same shall then be or shall thereafter come into the possession, custody or control of the Lender), to sell, lease, license, assign or otherwise dispose of all or any part of the Collateral, at such place or places as the Lender deems best, and for cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private 
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sale, without demand of performance or notice of intention to effect any such disposition or of the time or place thereof (except such notice as is required above or by applicable statute and cannot be waived), and the Lender or anyone else may be the purchaser, lessee, licensee, assignee or recipient of any or all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of the Grantor, any such demand, notice and right or equity being hereby expressly waived and released. The Lender may, to the fullest extent permitted by applicable law, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned.  Lender’s remedies set forth above are not exclusive of any other available remedy or remedies, but each remedy shall be cumulative and shall be in addition to any other remedy given in this Loan Agreement, at law, in equity, or by statute, whether now existing or hereafter arising.  The exercise of any remedy or remedies shall not be an election of remedies.  The remedies and rights of Lender may be exercised concurrently, alone, in any combination, or in any order that Lender deems appropriate.  Any waiver or consent to waiver of any of the foregoing provisions shall not be construed as a bar to a waiver of any such right on any future occasion.  Each Loan Party hereby irrevocably constitutes and appoints Lender and any officer or agent thereof, with full power of substitution, as its true and lawful attorneys-in-fact, with full irrevocable power and authority in the place and stead of such Loan Party or in Lender’s own name, for the purpose of carrying out the terms of this Loan, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this Loan Agreement and, without limiting the generality of the foregoing, hereby gives said attorneys the power and right, on behalf of such Loan Party, without notice to or assent by such Loan Party, to do the following upon the occurrence of an Event of Default:  generally, to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral in such manner as is consistent with the Uniform Commercial Code and as fully and completely as though Lender was the absolute owner thereof for all purposes, and to do at the expense of the Loan Parties, at any time, or from time to time, all acts and things which Lender deems necessary or desirable to protect, preserve or realize upon the Collateral and Lender’s security interest therein, in order to effect the intent of this Loan Agreement, all as fully and effectively as any Loan Party might do.

10.Prepayment.  
The Loan may be prepaid at any time and from time to time, in whole or in part.  Additionally, Borrower shall prepay the Loan on a dollar for dollar basis immediately following the receipt by Borrower or any subsidiary of Borrower of any Net Cash Proceeds from any sale, dividend, transfer or other liquidity event with respect to the Sharecare Shares.  Any principal amount prepaid (other than pursuant to Section 10(b) hereof) shall be accompanied by all accrued and unpaid interest on such amount, together with all interest that would have accrued at the Interest Rate on such amount from the date of such prepayment to the Maturity Date (the “Prepayment Fee”).  Notwithstanding the foregoing, the Prepayment Fee shall not be payable in the event of any prepayment of the Loan with the proceeds of any subsequent financing provided by Lender or any affiliate of Lender to Borrower.  For purposes of this Section 10, “Net Cash Proceeds” means (x) the gross amount of all cash proceeds actually paid to or actually received by Borrower or any subsidiary of Borrower in respect of such sale, dividend, transfer or other liquidity event (including any cash proceeds received as proceeds of any disposition of non-cash proceeds or the fair market value of the ShareCare Collateral that is pledged as collateral for any margin loan borrowing), less (y) the sum of (1) the amount, if any, of all customary fees, legal fees, accounting fees, brokerage fees, commissions, costs and other expenses that are incurred in connection with such sale, dividend, transfer or other liquidity event and are payable by Borrower or any subsidiary of Borrower, and (2) appropriate amounts that must be set aside as a reserve as required by GAAP against any indemnities or liabilities (contingent or otherwise) directly attributable to such sale, dividend, transfer or other liquidity event. It is expressly understood and agreed that the Prepayment Fee constitutes liquidated damages for the loss by the Lenders of their anticipated yield on the Loan in connection with any applicable repayment of the Loan.  Upon the date (such date, the “Trigger Date”) on which both (a) any portion of the ShareCare Shares has become re-sellable under any applicable lock-ups and other restrictions (such ShareCare Shares, the “Unrestricted ShareCare Shares”) and (b) the trading price of the ShareCare Shares is below a price per share equal to $5.50, the Borrower shall prepay a portion of the Loans (together with accrued and unpaid interest on the portion so prepaid, but without any Make-Whole Payment) within five (5) business days of the Trigger Date through the Cash Prepayment (as defined herein) or the Shares Prepayment (as defined herein), at the option of the Lender in its sole discretion.  In the event the Lender elects a Cash Prepayment, the Borrower may elect to either (a) sell the Unrestricted ShareCare Shares through normal market trades within one trading day of such election and prepay the Loans with 100% of the proceeds of such sale, or (b) obtain a margin loan secured by the Unrestricted ShareCare Shares (without recourse to the remaining ShareCare Shares) and prepay the Loan with the proceeds of such margin loan plus other available cash or cash equivalents equal to the Fair Market Amount (as defined herein).  In the event the Lender elects a Shares Prepapayment, the Borrower will cause the Unrestricted ShareCare Shares to be transferred to the Lenders as prepayment of the Loans in an amount equal to the Fair Market Amount.  For purposes hereof, “Fair Market Amount” shall mean an amount equal to the number of Unrestricted ShareCare 
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Shares multiplied by the trailing three day volume-weighted average price for ShareCare Shares determined as of the Trigger Date. 
11.Covenants.  
(a)The Borrower shall use the proceeds from borrowings under this Loan Agreement for general corporate purposes of the Borrower and its subsidiaries, in each case, in a manner consistent with the identified use of proceeds previously disclosed by Borrower to Lender.  The Borrower shall deliver to the Lender on the last business day of each month commencing on December 31, 2021 a statement showing the current share count and the per share value of the ShareCare Shares. None of Borrower nor any subsidiary of Borrower shall (i) change its name or corporate form or jurisdiction of organization, merge with another entity (other than an affiliate of Lender), consolidate, or sell or dispose of any material portion of its assets other than a Permitted Disposition, without Lender’s prior written consent or (ii) sell, lease, license, convey, assign (by operation of law or otherwise), exchange or otherwise voluntarily or involuntarily transfer or dispose of any interest in any of its assets (including the Sharecare Shares) (other than a Permitted Disposition) or any portion thereof or encumber, or hypothecate, or create, incur or permit to exist any pledge, mortgage, lien, security interest, charge, encumbrance or adverse claim upon or other interest in or with respect to any of its assets (including the Sharecare Shares) (other than Permitted Liens) without Lender’s prior written consent.  Borrower and each of its subsidiaries will maintain books and records with respect to the Collateral, and upon Lender’s reasonable request, promptly furnish to Lender such books and records relating to the Collateral.  Borrower shall comply with all filing, reporting and other disclosure requirements under the Securities Exchange Act of 1934, as amended, and the rules of the Securities and Exchange Commission in effect from time to time.  None of Borrower nor any subsidiary of Borrower shall directly or indirectly enter into or permit to exist any transaction with any affiliate (other than a wholly-owned subsidiary) of Borrower other than Permitted Affiliate Transactions.  Borrower will advise Lender promptly and in reasonable detail upon any officer or director of Borrower or any of its subsidiaries obtaining knowledge (i) of any Lien or claim made or asserted against any assets of Borrower or any of its subsidiaries that is not a Permitted Lien, and (ii) of the occurrence of any other event that would have a material adverse effect on the Collateral or the Lien granted hereby, or on the ability of any Loan Party or Lender to dispose of any of the Collateral, including the levy of any legal process against any of the Collateral.  None of Borrower nor any subsidiary of Borrower shall prepay or refinance any Subordinated Indebtedness of Borrower or any subsidiary of Borrower (other than with the proceeds of equity interests or Permitted Refinancing Indebtedness) without the prior written consent of Lender.  None of Borrower nor any subsidiary of Borrower shall create, incur or permit to exist any indebtedness other than Permitted Indebtedness, without the prior written consent of Lender.  None of Borrower nor any subsidiary of Borrower shall pay any dividend or other distribution, or make any other payment on account of any redemption, repurchase, acquisition or other return of capital, direct or indirect (whether in cash, securities or other property), with respect to any equity interests in Borrower or such subsidiary other than Permitted Restricted Payments.  None of Borrower nor any Loan Party shall (i) enter into any transaction of merger or consolidation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution) other than with a Loan Party or where all its assets are distributed to Loan Parties, or acquire by purchase or otherwise (other than Permitted Investments) the business, property or fixed assets of, or stock or other evidence of beneficial ownership of, any Person or any division or line of business or other business unit of any Person, (ii) make any equity or loan investment in any other person (other than Permitted Investments), (ii) create any subsidiary that does not become a Guarantor, in each case without the prior written consent of Lender.  Each of Borrower and its subsidiaries shall remain the sole owners of all of their respective intellectual property, except for Permitted Dispositions (iv) amend, waive, modify, restate, supplement or replace, or suffer or permit any waiver, amendments, modifications, restatements, supplements or replacements to, or any organizational documents of either Holdco SPV or Remark SPV.  Borrower and each Loan Party will, consistent with commercially reasonable practice, defend at their sole expense, the right, title and security interest granted hereunder against the claims of any person, firm, corporation or other entity.  Lender shall have the right, upon reasonable advance notice and at such times as may be reasonably requested, to enter into and upon any premises where any of the Collateral or records with respect thereto are located for the purpose of inspecting the same, performing an audit, making copies of records, observing the use of any part of the Collateral, protecting Lender’s security interest in the Collateral (including discussing the Loan Parties’ affairs with the officers of Borrower and the other Loan Parties and their independent auditors) or otherwise determining whether Borrower or any other Loan Party is in compliance with the terms of this Loan Agreement.
(b)So long as any Loans are outstanding the Lender shall not sell short any equity, security of ShareCare, Inc. or establish a net short derivative position in such equity securities prior to the Maturity Date.
12.Guarantee.
(a)Each Guarantor unconditionally and irrevocably guarantees, jointly with the other Guarantors, and severally, as a primary obligor and not merely as a surety, irrespective of the validity and enforceability of this Loan Agreement or the obligations of Borrower hereunder:  (x) the due and punctual payment 
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of all obligations of Borrower under this Loan Agreement, whether now or hereafter due, owing or incurred in any manner, whether actual or contingent, whether incurred solely or jointly with any other person and whether as principal or surety, whether at scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise, together in each case with all renewals, modifications, consolidations or extensions hereof and (y) the due and punctual performance of all covenants, agreements, obligations and liabilities of Borrower under or pursuant to this Loan Agreement (all such monetary and other obligations being herein collectively referred to as the “Guaranteed Obligations”).  Anything contained in this Loan Agreement to the contrary notwithstanding, the obligations of each Guarantor hereunder shall be limited to a maximum aggregate amount equal to the greatest amount that would not render such Guarantor’s obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any provisions of applicable state law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of such Guarantor, contingent or otherwise, that are relevant under the Fraudulent Transfer Laws and after giving effect as assets of such Guarantor to the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights of such Guarantor pursuant to (i) applicable Law or (ii) any agreement providing for an equitable allocation among such Guarantor and other affiliates of Borrower of obligations arising under guaranties by such parties.  If any Guarantor’s liability hereunder is limited pursuant to this paragraph to an amount that is less than the total amount of the Guaranteed Obligations, then it is understood and agreed that the portion of the Guaranteed Obligations for which such Guarantor is liable hereunder shall be the last portion of the Guaranteed Obligations to be repaid.
(b)Each Guarantor guarantees that the Guaranteed Obligations will be paid in accordance with the terms of the Loan, regardless of any law or regulation now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of Lender with respect hereto.  The obligations of each Guarantor under this Loan Agreement are independent of the Guaranteed Obligations of each other Guarantor or the obligations of Borrower, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce this Loan Agreement, irrespective of whether any action is brought against Borrower or any other Guarantor or whether Borrower or any other Guarantor is joined in any such action or actions.  This Loan Agreement is an absolute and unconditional guaranty of payment when due, and not of collection, by each Guarantor, jointly and severally with each other Guarantor of the Guaranteed Obligations.
(c)The obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including the existence of any claim, set-off or other right which any Guarantor may have at any time against any other person, whether in connection herewith or any unrelated transactions.  Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by any other party under this Loan Agreement but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving Borrower or such party.
(d)Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be released, discharged or otherwise affected or impaired by, and each Guarantor hereby waives:
(i)any change in the manner, place, time or terms of payment of any Guaranteed Obligation or any other amendment, supplement or modification to this Loan Agreement;
(ii)any release, non-perfection or invalidity of any direct or indirect security for any Guaranteed Obligation, any sale, exchange, surrender, realization upon, offset against or other action in respect of any direct or indirect security for any Guaranteed Obligation;
(iii)any change in the existence, structure or ownership of any party or any insolvency, examinership, bankruptcy, reorganization, arrangement, readjustment, composition, liquidation or other similar proceeding affecting any party or its assets or any resulting disallowance, release or discharge of all or any portion of any Guaranteed Obligation;
(iv)the existence of any claim, set-off or other right which any Guarantor may have at any time against any other Person, whether in connection herewith or any unrelated transaction; provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;
(v)any invalidity or unenforceability relating to or against any other party for any reason of the Loan or any other agreement or instrument evidencing or securing 
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any Guaranteed Obligation or any provision of applicable Law purporting to prohibit the payment by any party of any Guaranteed Obligation;
(vi)any failure by Lender:  (A) to file or enforce a claim against Borrower or its estate (in a bankruptcy, examinership or other proceeding); (B) to give notice of the existence, creation or incurrence by Borrower of any new or additional indebtedness or obligation under or with respect to the Guaranteed Obligations; (C) to commence any action against Borrower; (D) to disclose to any Guarantor any facts which Lender may now or hereafter know with regard to Borrower; or (E) to proceed with due diligence in the collection, protection or realization upon any collateral securing the Guaranteed Obligations;
(vii)any direction as to application of payment by any other Person
(viii)any act or failure to act by Lender or Borrower which may deprive any Guarantor of any right to subrogation, contribution or reimbursement against any other Loan Party or any right to recover full indemnity for any payments made by such Guarantor in respect of the Guaranteed Obligations; or
(ix)any other act or omission to act or delay of any kind by any other entity, person or circumstance whatsoever which might, but for the provisions of this clause, constitute a legal or equitable discharge of any Guarantor’s obligations hereunder (except that a Guarantor may assert the defense of payment in full of the Guaranteed Obligations).
(e)Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to Lender in respect of any obligations guaranteed hereby until payment in full of all Guaranteed Obligations.  Each Guarantor further agrees that, as between the Guarantors, on the one hand, and Lender, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 7 for the purposes of this Section 12, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Section 7, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee.  The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of Lender under this Section 12.
13.Use of Proceeds.  $28.5 million of the proceeds of the Loan hereunder shall be used (a) to repay the full amounts outstanding, including all accrued and unpaid interest, under (i) that certain Senior Secured Promissory Note dated February 10, 2021 among the Borrower, each subsidiary of Borrower listed on the signature pages thereto and Jefferson Remark Funding LLC, and (ii) that certain Promissory Note, dated as of April 12, 2017, issued by Borrower in favor of Urban Land of Nevada, LLC, as amended by that certain Amendment No. 1 to Promissory Note, dated as of May 12, 2017 and (b) with the remainder to be credited to fund working capital, capital expenditures and other general corporate purposes.
14.Bankruptcy Remote. Neither Holdco SPV or Remark SPV shall at any time fail to be organized as a bankruptcy-remote entity having bylaws or an operating agreement, as applicable, in form and substance reasonably acceptable to the Lender (with the organization documents in effect on the Closing Date being deemed to be reasonably acceptable), which bylaws or operating agreement, as applicable, shall contain usual and customary provisions for (i) appointment of an independent director whose affirmative vote shall be required to commence an insolvency proceeding (the “Independent Director”) and (ii) separateness representations and covenants. Holdco SPV shall not at any time fail to own 100% of the equity of Remark SPV.  Remark SPV shall not at any time fail to own the ShareCare Shares. Holdco SPV and Remark SPV, as applicable,  shall have the following limitations on business activity: (i) Remark SPV’s sole business shall be the ownership and maintenance of the ShareCare Shares and being a Guarantor hereunder; (ii) Remark SPV shall grant no Liens except under this Loan Agreement and shall have no creditors except the Lender and professional service providers (including, without limitation, attorneys, tax advisors and auditors); (iii) Holdco SPV’s sole business shall be owning 100% of the capital stock of Remark SPV and being a Guarantor hereunder; and (iv) other than Permitted Liens and the creditors with respect thereto, Remark SPV shall grant no Liens except under this Loan Agreement and shall have no creditors except the Lender.  Remark SPV shall be a wholly owned direct Subsidiary of Holdco SPV and Holdco SPV shall be a wholly owned direct Subsidiary of the Borrower.  In addition, the Loan Parties shall cause each of Holdco SPV and Remark SPV to comply with all of their respective obligations, including  obligations to maintain its special purpose vehicle separateness and bankruptcy remote structure, and the Loan Parties shall not amend any such provisions without the prior written consent of the Lender.
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15.Conditions Precedent.  This Loan Agreement and the Borrower’s ability to draw down the principal amount of the Loan shall become effective as of the date on which the following conditions precedent are satisfied or waived (such date, the “Effective Date”)
(a)The Lender (or its counsel) shall have received from the Borrower either (i) a counterpart of this Loan Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Lender (which may include facsimile or other electronic transmission of a signed counterpart of this Incremental Amendment) that such party has signed a counterpart of this Loan Agreement.
(b)The Lender shall have received a written opinion (addressed to the Lender and dated as of the Effective Date) of Kramer Levin Naftalis & Frankel LLP, New York, as counsel for the Loan Parties. The opinion shall include customary third-party closing opinions with respect to, among other customary items, due authorization and execution of this Loan Agreement, enforceability of this Loan Agreement under applicable law and attachment and perfection of liens.
(c)The Lender shall have received as to each Loan Party (i) a copy of each organizational document of such Loan Party certified, to the extent applicable, as of a recent date by the applicable governmental authority, (ii) signature and incumbency certificates of the applicable officers or directors of such Loan Party executing this Loan Agreement and any other related documents to which it is a party or (y) written certification by such Loan Party’s secretary, assistant secretary or other responsible officer that such Loan Party’s signature and incumbency certificates most recently delivered to the Lender prior to the Effective Date pursuant to the First Lien Loan Documents remain true and correct as of the Effective Date, (iii) copies of resolutions of the board of directors and/or similar governing bodies of each Loan Party approving and authorizing the execution, delivery and performance of this Loan Agreement and any other related document to which it is a party, certified as of the Effective Date by a secretary, an assistant secretary or a responsible officer of such Loan Party as being in full force and effect without modification or amendment, and (iv) a good standing certificate (to the extent such concept exists) from the applicable governmental authority of each Loan Party’s jurisdiction of incorporation, organization or formation as of a reasonably recent date.
(d)Each of the Lender, the Collateral Agent, Reynolds Gormly and the Independent Director shall have received all its respective fees, premiums and expenses required to be paid on the Effective Date, including reimbursement or payment of all reasonable and documented out-of-pocket expenses required to be reimbursed or paid on or prior to the Effective Date (including the fees and expenses of counsel).
(e)The Borrower shall (i)(A) have caused Remark SPV to amend and restate the governing documents and (B) shall have successfully formed an entity owning 100% of Holdco SPV, in each case in accordance with Section 14 hereunder and to the satisfaction of the Lender and (ii) shall have appointed Don Puglisi as the Independent Director of Holdco SPV and Remark SPV. 
16.Payment of Costs of Collection; Expenses; Indemnification.  On the Effective Date, the Loan Parties promise to pay all of Lender’s costs and expenses, including reasonable attorneys’ fees, incurred in connection with such action.  In addition, the Loan Parties will pay all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Lender in connection with the negotiation, preparation, execution and administration of this Loan Agreement (the “Closing Expenses”), and in connection with any amendments, waivers or consents under or in respect of this Loan Agreement (whether or not such amendment, waiver or consent becomes effective).  The Loan Parties agree, on a joint and several basis, to indemnify, defend and hold Lender and its directors, officers, employees, agents, attorneys, or any other person affiliated with or representing Lender (each, an “Indemnified Person”) harmless against:  (i) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions contemplated by this Loan Agreement; and (ii) all losses or expenses (including Closing Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Lender and any Loan Party, except for Claims and/or losses and/or expenses directly caused by such Indemnified Person’s gross negligence or willful misconduct.  This Section 16 shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have run.
17.Assignments. The Lender shall be permitted to assign the Loan at any time, in whole or in part. Upon an assignment of the Loan by the Lender, the Borrower shall issue a new loan agreement reflecting such assignment. 
18.Waivers.  Each Loan Party, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of the Loan and assents to any extensions or postponements of the time of payment.
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19.Usury.  In the event any interest is paid on the Loan which is deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of the Loan.
20.Reinstatement.  Notwithstanding anything herein to the contrary, this Loan shall remain in full force and effect and continue to be effective should any petition be filed by or against any Loan Party for liquidation or reorganization, should any Loan Party become insolvent or make an assignment for any benefit of creditors or should a receiver or trustee be appointed for all or any significant part of such Loan Party’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the obligations, whether as a “voidable preference,” “fraudulent conveyance” or otherwise, all as though such payment, or any part thereof, is rescinded, reduced, restored or returned.
21.Notices.  All notices, requests, consents and other communications under this Loan Agreement shall be in writing and shall be deemed delivered (a) three business days after being sent by registered or certified mail, return receipt requested, postage prepaid or (b) one business day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth below:
If to any Loan Party, care of Borrower at its address set forth above; or
If to Lender, such address has been furnished in writing by Lender to Borrower, with a copy to Eric Reimer, Milbank LLP, 2029 Century Park East, 33rd Floor , Los Angeles, CA 90067-3019.
22.General Provisions.  This Loan Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH LOAN PARTY AND LENDER WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS LOAN AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS.  THIS WAIVER IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS LOAN AGREEMENT.  EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.  This Loan Agreement constitutes the entire agreement and understanding between the Loan Parties and Lender relating to the subject matter hereof and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or written between them relating to the subject matter hereof.  No other Person (other than any Indemnified Person) shall be deemed to be a third-party beneficiary of this Loan Agreement or shall have any rights hereunder.  This Loan Agreement may not be amended, modified, waived, discharged or terminated orally, but only by written agreement of Lender and each Loan Party.  Each provision of this Loan Agreement shall be severable from every other provision of this Loan Agreement for the purpose of determining the legal enforceability of any specific provision.  This Loan shall be binding upon each Loan Party and such Loan Party’s successors and assigns.  No Loan Party may assign this Loan Agreement, or delegate its duties hereunder, without the prior written consent of Lender, in its sole and absolute discretion.  Lender may freely assign, pledge or otherwise transfer this Loan Agreement, in whole or in part.  If any of the provisions in this Loan Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Loan Agreement.  This Loan Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same instrument.  The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to this Loan Agreement shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Lender, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Lender to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it.
23.Definitions.  As used herein, the following terms shall have the respective meaning indicated below:
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.
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“GAAP” means generally accepted accounting principles, as applicable at the relevant time.
“Permitted Affiliate Transactions” means (i) transactions consummated in the ordinary course of business in a manner and to an extent consistent with past practice and necessary or desirable for the prudent operation of its business, for fair consideration and on terms no less favorable to Borrower or its subsidiaries than would be obtainable in a comparable arm’s length transaction with a Person that is not an Affiliate thereof, (ii) transactions among Loan Parties, (iii) Permitted Restricted Payments and Permitted Investments, (iv) sales  of common equity interests of the Borrower and the granting of registration and other customary rights in connection therewith, and (v) reasonable and customary director and officer compensation (including bonuses and stock option programs), benefits and indemnification arrangements, in each case approved by the Board of Directors (or a committee thereof) of such Loan Party or such subsidiary.
“Permitted Disposition” means:
(a)    sale of inventory in the ordinary course of business;
(b)    licensing, on a non-exclusive basis, intellectual property rights in the ordinary course of business;
( c)    leasing or subleasing assets in the ordinary course of business;
(d)    (i) the lapse of intellectual property to the extent not economically desirable in the conduct of business or (ii) the abandonment of intellectual property rights in the ordinary course of business.
(e)    any involuntary loss, damage or destruction of property;
(f)    any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property;
(g)    transfers of assets (i) from a Loan Party to another Loan Party, and (ii) from any subsidiary of Borrower that is not a Loan Party to the Borrower or any Loan Party Parent;
(h)    disposition of obsolete or worn-out equipment in the ordinary course of business;
(i)    disposition of property or assets (other than the Sharecare Collateral not otherwise permitted in clauses (a) through (h) above for cash in an aggregate amount not less than the fair market value of such property or assets; and
(j)    a sale of Unrestricted ShareCare Shares pursuant to Section 10(b) hereof.
“Permitted Indebtedness” means:
(a)    and indebtedness under this Loan Agreement;
(b)    and indebtedness listed on Schedule III and any Permitted Refinancing Indebtedness in respect of such Indebtedness;
(c)    Permitted Purchase Money Indebtedness and any Permitted Refinancing Indebtedness in respect of such indebtedness;
(d)     Permitted Intercompany Investments;
(e)    indebtedness incurred in the ordinary course of business under performance, surety, statutory, and appeal bonds;
(f)    indebtedness owed to any Person providing property, casualty, liability, or other insurance to the Loan Parties, so long as the amount of such indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the period in which such indebtedness is incurred and such indebtedness is outstanding only during such period;
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(g)    the incurrence by any Loan Party of indebtedness incurred for the bona fide purpose of hedging the interest rate, commodity, or foreign currency risks associated with such Loan Party’s operations and not for speculative purposes;
(h)    indebtedness incurred in respect of credit cards, credit card processing services, debit card , stored value cards, purchase cards (including so-called “procurement cards” or “P-cards”) or other similar cash management services, in e, incurred in the ordinary course of business;
(i)    contingent liabilities in respect of any indemnification obligation, adjustment of purchase price, non-compete, or similar obligation of any Loan Party incurred in connection with the consummation of an acquisitions;
(j)    other Subordinated Indebtedness in an aggregate principal amount not exceeding $500,000 at any time outstanding;
(k)    indebtedness outstanding under a letter of credit facility; provided that (i) such indebtedness consists entirely of reimbursement obligations in respect of letters of credit, surety bonds and/or other similar instruments issued thereunder (and related fees and expenses); (ii) the aggregate principal amount of such indebtedness (which shall be equal to the face amount of the letters of credit, surety bonds and/or other similar instruments issued thereunder) does not exceed $11,000,000; and (iii) such indebtedness is unsecured, other than with respect to Liens on cash collateral to the extent permitted by clause (p) of the definition of “Permitted Liens”; and
(l)    inventory financing incurred by the Borrower in the ordinary course of the Borrower’s business and consistent with the Borrower’s past practices; provided that the aggregate amount outstanding at any time with respect to such financing shall not exceed $1,000,000. 
“Permitted Intercompany Investments” means investments made by (a) a Loan Party to or in another Loan Party, (b) a subsidiary or Borrower that is not a Loan Party to or in another subsidiary of Borrower that is not a Loan Party, (c) subsidiary of Borrower that is not a Loan Party to or in a Loan Party and (d) a Loan Party to or in a subsidiary of Borrower that is not a Loan Party so long as (i) the aggregate amount of all such investments outstanding at any time made by the Loan Parties to or in subsidiaries of Borrower that are not Loan Parties does not exceed $350,000.
“Permitted Investments” means:
(a)    investments in cash and cash equivalents;
(b)    investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business;
(c)    advances made in connection with purchases of goods or services in the ordinary course of business;
(d)    investments received in settlement of amounts due to any Loan Party or any of its subsidiaries effected in the ordinary course of business or owing to any Loan ]arty or any of its subsidiaries as a result of insolvency proceedings involving an account debtor or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its subsidiaries;
(e)    investments existing on the date hereof, as set forth on Schedule IV hereto, but not any increase in the amount thereof as set forth in such Schedule or any other modification of the terms thereof; and
(f)    Permitted Intercompany Investments.
“Permitted Liens” means:
(a)    Liens securing the obligations under this Loan Agreement and related documents;
(b)    Liens for taxes, assessments and governmental charges;
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(c)    Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s and other similar Liens arising in the ordinary course of business and securing obligations (other than indebtedness for borrowed money) that are not overdue by more than 30 days or are being contested in good faith and by appropriate proceedings promptly initiated and diligently conducted, and a reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made therefor;
(d)    Liens described on Schedule V, provided that any such Lien shall only secure the indebtedness that it secures on the date hereof and any Permitted Refinancing Indebtedness in respect thereof; 
(e)    Liens on equipment acquired by any Loan Party or any of its subsidiaries in the ordinary course of its business to secure Permitted Purchase Money Indebtedness so long as such Lien only (i) attaches to such property, (ii) secures the Indebtedness that was incurred to acquire such property or any Permitted Refinancing Indebtedness in respect thereof and (iii) the aggregate principal amount of all obligations secured thereby shall not exceed $250,000 at any time outstanding;
(f)    deposits and pledges of cash securing (i) obligations incurred in respect of workers’ compensation, unemployment insurance or other forms of governmental insurance or benefits, (ii) the performance of bids, tenders, leases, contracts (other than for the payment of money) and statutory obligations or (iii) obligations on surety or appeal bonds, but only to the extent such deposits or pledges are made or otherwise arise in the ordinary course of business and secure obligations not past due;
(g)    easements, zoning restrictions and similar encumbrances on real property and minor irregularities in the title thereto that do not (i) secure obligations for the payment of money or (ii) materially impair the value of such property or its use by any Loan Party or any of its subsidiaries in the normal conduct of such Person’s business;
(h)    Liens of landlords and mortgagees of landlords (i) arising by statute or under any lease or related contractual obligation entered into in the ordinary course of business, (ii) on fixtures and movable tangible property located on the real property leased or subleased from such landlord, or (iii) for amounts not yet due or that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves or other appropriate provisions are maintained on the books of such Person in accordance with GAAP;
(i)    the title and interest of a lessor or sublessor in and to personal property leased or subleased (other than through a capitalized lease), in each case extending only to such personal property; 
(j)    non-exclusive licenses of intellectual property rights in the ordinary course of business;
(k)    judgment liens (other than for the payment of taxes, assessments or other governmental charges) securing judgments and other proceedings not constituting an Event of Default;
(l)    rights of set-off or bankers’ liens upon deposits of cash in favor of banks or other depository institutions, solely to the extent incurred in connection with the maintenance of such deposit accounts in the ordinary course of business;
(m)    Liens granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums to the extent the financing is permitted under the definition of Permitted Indebtedness;
(n)    Liens solely on any cash earnest money deposits made by any Loan Party in connection with any letter of intent or purchase agreement with respect to an acquisition; and
(p)    Liens on cash collateral securing Indebtedness outstanding a letter of credit facility; provided, that the aggregate amount of such cash collateral does not exceed, 1 any time, 105% of the face amount of the letters of credit, surety bonds and/or other similar instruments outstanding under such letter of credit facility at such time; and
(q)    Liens securing inventory financing incurred by the Borrower in the ordinary course of the Borrower’s business and consistent with the Borrower’s past practices; provided that such Liens shall be limited solely to the Inventory financed by such specific financing and the direct cash proceeds thereof and shall not be granted or attached to any other assets of the Borrower and such financing shall be recourse solely to such Inventory and proceeds and shall otherwise be non-recourse to the Borrower and its assets[; and provided further that the aggregate amount outstanding at any time with respect to such financing shall not exceed $1,000,000.
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    Notwithstanding anything herein to the contrary, the Borrower and the Loan Parties shall not permit to exist any Liens on (i) the equity of  Remark SPV held by Holdco SPV or (ii) the ShareCare Shares held by Remark SPV other than the Liens securing the Guaranteed Obligations and any such other Liens shall not constitute Permitted Liens.
“Permitted Purchase Money Indebtedness” means, as of any date of determination, indebtedness incurred to finance the acquisition of any fixed assets secured by a Lien permitted under clause (e) of the definition of “Permitted Liens”; provided that (a) such indebtedness is incurred within 20 days after such acquisition, (b) such indebtedness when incurred shall not exceed the purchase price of the asset financed and (c) the aggregate principal amount of all such indebtedness shall not exceed $250,000 at any time outstanding.
“Permitted Refinancing Indebtedness” means the extension of maturity, refinancing or modification of the terms of indebtedness so long as:
(a)    after giving effect to such extension, refinancing or modification, the amount of such indebtedness is not greater than the amount of Indebtedness outstanding immediately prior to such extension, refinancing or modification (other than by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith and by the amount of unfunded commitments with respect thereto);
(b)    such extension, refinancing or modification does not result in a shortening of the average weighted maturity (measured as of the extension, refinancing or modification) of the indebtedness so extended, refinanced or modified;
(c)    such extension, refinancing or modification is pursuant to terms that are materially not less favorable to the Loan Parties than the terms of the indebtedness (including, without limitation, terms relating to the collateral (if any) and subordination (if any)) being extended, refinanced or modified; and
(d)    the indebtedness that is extended, refinanced or modified is not recourse to any Loan Party or any of its subsidiaries that is liable on account of the obligations other than those Persons which were obligated with respect to the indebtedness that was refinanced, renewed, or extended.
“Permitted Restricted Payments” means payments made by:
(a)    any subsidiary of any Loan Party to such Loan Party; and
(b)     the Borrower to pay dividends in the form of common Equity Interests.
“Person” means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated organization, joint venture or other enterprise or entity or governmental authority.
“Subordinated Indebtedness” means unsecured indebtedness of any Loan Party the terms of which (including, without limitation, payment terms, interest rates, covenants, remedies, defaults and other material terms) are reasonably satisfactory to the Lender; provided that such unsecured indebtedness shall (a) be expressly subordinated in right of payment to all indebtedness of such Loan Party under the Loan, (b) require that the interest payable thereunder be paid in kind and (c) be subject to a subordination agreement, in form and substance reasonably satisfactory to the Lender.
[Signature Page to Follow]

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IN WITNESS WHEREOF, each Loan Party has caused this Senior Secured Loan to be duly executed as of the date set forth above.
REMARK HOLDINGS, INC., as Borrower
By:        
Name:    Kai-Shing Tao
Title:    Chief Executive Officer
BIKINI.COM, LLC, as a Guarantor
By:  Remark Holdings, Inc., its Sole Member
By:        
Name:    Kai-Shing Tao
Title:    Chief Executive Officer
REMARK HOLDINGS SPV, INC., as a Guarantor
By:        
Name:    Kai-Shing Tao
Title:    President
REMARK AI, LLC, as a Guarantor
By:  Remark Holdings, Inc., its Manager
By:        
Name:    Kai-Shing Tao
Title:    Chief Executive Officer
RAAD PRODUCTIONS, LLC, as a Guarantor 
By:  Remark Holdings, Inc., its Sole Member
By:        
Name:    Kai-Shing Tao
Title:    Chief Executive Officer
RAAD PROMOTIONS, LLC, as a Guarantor
By:  RAAD Productions, LLC, its Sole Member
By:        
Name:    Kai-Shing Tao
Title:    Authorized Person
Signature Page to Senior Secured Loan
KL2 3260857.5

REMARK SPV HOLDCO LLC, as a Guarantor
By:        
Name:    Kai-Shing Tao
Title:    President

Signature Page to Senior Secured Loan
KL2 3260857.5

AGREED TO AND ACCEPTED:
MUDRICK CAPITAL MANAGEMENT, LP.
By:        
Name:    
Title:    
Signature Page to Senior Secured Loan
KL2 3260857.5

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