Document:

Exhibit 10.4

 

NOTE

 

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR OTHER APPLICABLE SECURITIES LAW AND
MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
COVERING THE TRANSFER OR PURSUANT TO AN EXEMPTION FROM REGISTRATION.

 

THE FOLLOWING INFORMATION IS SUPPLIED SOLELY
FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE MAY BE ISSUED WITH ORIGINAL ISSUE DISCOUNT (‘‘OID’’)
WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE ‘‘CODE’’), AND THIS LEGEND IS REQUIRED BY TREASURY REGULATIONS PROMULGATED UNDER SECTION 1275(c)
OF THE CODE.

 

Holders
may obtain information regarding the amount of OID (IF ANY), the issue price, the issue date, and the yield to maturity relating
to the notes by contacting THE LEGAL DEPARTMENT at THEMAVEN, INC., 1500 FOURT AVENUE, SUITE 200, SEATTLE, WA 98101, LEGAL@MAVEN.IO,
OR AT (646) 732-4427.

 

THEMAVEN,
INC.

 

12.00% Note due July 31, 2019

 

	No. R-1	 
	$20,000,000.00	June 10, 2019

 

THEMAVEN, INC., a Delaware
corporation (the “Company”), for value received, hereby promises to pay to BRF FINANCE CO., LLC (the foregoing,
and any successors or its registered assigns of this Note, “Holder”), the principal amount of TWENTY MILLION]=
DOLLARS ($20,000,000) on the Maturity Date, with interest (computed on the basis of the actual number of days elapsed over a 360-day
year) on the unpaid balance of such principal amount at the rates, on the dates and in the manner specified in the Note Purchase
Agreement (as defined below); provided that in no event shall the amount payable by the Company as interest on this Note
exceed the highest lawful rate permissible under any law applicable hereto. Payments of principal, premium, if any, and interest
hereon shall be made in lawful money of the United States of America by the method and at the address for such purpose specified
in the Note Purchase Agreement hereinafter referred to, and such payments shall be overdue for purposes hereof if not made on the
originally scheduled date of payment therefor, without giving effect to any applicable grace period.

 

This Note is one of
the Company’s 12.00% Notes due July 31, 2019, issued pursuant to that certain Note Purchase Agreement dated June 10, 2019
(such agreement, as amended, modified and supplemented from time to time, the “Note Purchase Agreement”) among,
among others, the Company, the other Note Parties named therein, and the Purchasers named therein, and the holder hereof is entitled
to the benefits of the Note Purchase Agreement and the other Note Documents referred to in the Note Purchase Agreement and may
enforce the agreements contained therein and exercise the remedies provided for thereby or otherwise available in respect thereof,
all in accordance with the terms thereof.

 

    	 

     

    

 

This Note is subject
to prepayment only as specified in the Note Purchase Agreement.

 

Capitalized terms used
herein without definition have the meanings ascribed to them in the Note Purchase Agreement.

 

This Note is in registered
form and is transferable only by surrender hereof at the principal executive office of the Company as provided in the Note Purchase
Agreement. This Note may not be transferred except in accordance with the provisions of the Note Purchase Agreement and any purported
transfer in violation of the terms of the Note Purchase Agreement shall be null and void. The Company may treat the person in whose
name this Note is registered on the Note register maintained at such office pursuant to the Note Purchase Agreement as the owner
hereof for all purposes, and the Company shall not be affected by any notice to the contrary.

 

In case an Event of
Default, as defined in the Note Purchase Agreement, shall occur and be continuing, the unpaid balance of the principal of this
Note may be declared and become due and payable in the manner and with the effect provided in the Note Purchase Agreement.

 

The parties hereto,
including the makers and all guarantors and endorsers of this Note, hereby waive presentment, demand, notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance or enforcement of this Note.

 

THIS NOTE SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

    	 

     

    

 

IN WITNESS WHEREOF, the Company has executed
this Note as an instrument under seal as of the date first above written.

 

	 	THEMAVEN, INC.
	 	 
	 	By:	        
	 	Name: 
	 	Title: 

 

[Signature Page to Note]Exhibit 10.5

 

 

 

PLEDGE AND SECURITY AGREEMENT

 

dated as of June 10, 2019

 

among

 

THEMAVEN, INC.,

 

EACH OF THE OTHER GRANTORS FROM TIME TO
TIME PARTY HERETO

 

and

 

BRF FINANCE CO., LLC,

 

as Agent

 

 

 

    	

     

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	Section 1.	 	Definitions and Interpretations	1
	 	 	 	 
	1.1	 	General Definitions	1
	1.2	 	Definitions; Interpretation	8
	1.3	 	Perfection Certificate References	9
	 	 	 	 
	Section 2.	 	Grant of Security	9
	 	 	 	 
	2.1	 	Grant of Security	9
	2.2	 	Certain Limited Exclusions	10
	 	 	 	 
	Section 3.	 	Security for Obligations; Grantors Remain Liable	11
	 	 	 	 
	3.1	 	Security for Secured Obligations	11
	3.2	 	Continuing Liability Under Collateral	11
	 	 	 	 
	Section 4.	 	Representations and Warranties and Covenants	12
	 	 	 	 
	4.2	 	Reserved	12
	4.4	 	Investment Related Property	12
	 	 	 	 
	4.4.1	 	Investment Related Property Generally	12
	4.4.2	 	Pledged Equity Interests	14
	4.4.3	 	Reserved	16
	4.4.4	 	Investment Accounts	16
	 	 	 	 
	4.6	 	Intellectual Property	16
	4.7	 	Commercial Tort Claims	17
	 	 	 	 
	Section 5.	 	Further Assurances; Additional Grantors	17
	 	 	 	 
	5.1	 	Further Assurances	17
	5.2	 	Additional Grantors	18
	 	 	 	 
	Section 6.	 	Agent Appointed Attorney-In-Fact	18
	 	 	 	 
	6.1	 	Power of Attorney	18
	6.2	 	No Duty on the Part of Agent or Secured Parties	20
	 	 	 	 
	Section 7.	 	Remedies	20
	 	 	 	 
	7.1	 	Generally	20
	7.2	 	Application of Proceeds	22
	7.3	 	Sales on Credit	22
	7.4	 	Investment Related Property	23

 

    	 

     

    

 

	7.5	 	Intellectual Property	23
	7.6	 	Cash Proceeds	25
	 	 	 	 
	Section 8.	 	Continuing Security Interest	25
	Section 9.	 	Termination or Release	26
	Section 10.	 	Standard of Care; Agent May Perform	26
	Section 11.	 	Amendment; Waiver	26
	Section 12.	 	Miscellaneous	27
	Section 13.	 	APPLICABLE LAW	27

 

    	-ii-

     

    

 

This PLEDGE AND SECURITY
AGREEMENT, dated as of June 10, 2019 (this “Agreement”), is entered into by and among THEMAVEN, INC., a
Delaware corporation (the “Borrower”), CERTAIN DIRECT AND INDIRECT SUBSIDIARIES OF THE BORROWER FROM TIME TO
TIME PARTY HERETO (the “Subsidiary Grantors” and, collectively with the Borrower, the “Grantors”)
and BRF FINANCE CO., LLC, as agent for the Purchasers (as herein defined) (in such capacity, together with its successors and assigns,
the “Agent”).

 

RECITALS:

 

WHEREAS, reference is
made to that certain Note Purchase Agreement, dated as of the date hereof (as it may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Note Purchase Agreement”) by and among the Borrower,
the Guarantors (as defined therein) from time to time party thereto, the Purchasers named therein or which thereafter become a
party thereto (each a “Purchaser” and collectively, the “Purchasers”) and the Agent, pursuant
to which the Agent and the Purchasers have agreed, subject to the terms and conditions contained therein, to provide certain financial
accommodations to the Borrower.

 

In order to induce the
Agent and the Purchasers to provide or continue to provide the financial accommodations described in the Note Purchase Agreement,
Grantors have agreed to pledge and grant a security interest to the Agent for its benefit and for the ratable benefit of the other
Secured Parties in the Collateral (as hereinafter defined);

 

NOW, THEREFORE, for value
and in consideration of the premises and the agreements, provisions and covenants herein contained, each Grantor and the Agent
agree as follows:

 

Section 1.              Definitions
and Interpretations.

 

1.1           General
Definitions.    In this Agreement, the following terms shall have the following meanings:

 

“Accounts”
shall mean all “accounts” as such term is defined in Article 9 of the UCC, whether now owned or hereafter acquired,
including all present and future rights of a Grantor to payment of a monetary obligation, whether or not earned by performance,
which is not evidenced by Chattel Paper or an Instrument, (a) for property that has been or is to be sold, leased, licensed,
assigned, or otherwise disposed of, (b) for services rendered or to be rendered, (c) for a secondary obligation incurred
or to be incurred or (d) arising out of the use of a credit or charge card or information contained on or for use with such
a card.

 

“Additional
Grantors” shall have the meaning assigned in Section 5.2.

 

“Agent”
shall have the meaning set forth in the preamble hereto, and shall include its successors and assigns.

 

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

 

    	

     

    

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect,
or any successor statute.

 

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

 

“Cash Proceeds”
shall mean all Proceeds of any Collateral received by any Grantor consisting of cash and checks.

 

“Chattel Paper”
shall mean all “chattel paper” as such term is defined in Article 9 of the UCC, including all “electronic
chattel paper” and all “tangible chattel paper,” as each such term is defined in Article 9 of the UCC.

 

“Closing Date”
shall mean June 10, 2019.

 

“Collateral”
has the meaning assigned to such term in Section 2.1.

 

“Collateral
Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Collateral and shall
include any security agreement or other agreement granting a lien or security interest in such real or personal property.

 

“Commercial
Tort Claims” shall mean all “commercial tort claims” as such term is defined in Article 9 of the UCC
asserted by any Grantor or in which any Grantor has any rights, including all commercial tort claims listed in Section 2(l)
of the Perfection Certificate.

 

“Commodities
Accounts” (i) shall mean all “commodity accounts” as such term is defined in Article 9 of the UCC
and (ii) shall include all commodity accounts listed in Section 2(n) of the Perfection Certificate.

 

“Copyright Licenses”
shall mean any and all agreements providing for the granting of any right in or to Copyrights (only if Grantor is a licensor or
an exclusive licensee thereunder and in each case solely to the extent of such Grantor’s interest), including each agreement
referred to in Section 2(h) of the Perfection Certificate.

 

“Copyrights”
shall mean all United States and foreign copyrights (including community designs), whether now or hereafter owned by or exclusively
licensed to any Grantor, including copyrights in Software and databases, and all Mask Works (as defined under 17 U.S.C. 901
of the U.S. Copyright Act), whether registered or not registered, and, with respect to any and all of the foregoing: (i) all
registrations and applications therefor, including registrations and applications referred to in Section 2(h) of the Perfection
Certificate, (ii) all extensions and renewals thereof, (iii) all rights corresponding thereto throughout the world, (iv) all
rights to sue for past, present and future infringements thereof, and (v) all Proceeds of the foregoing, including licenses,
royalties, income, payments, claims, damages and proceeds of suit.

 

“Deposit Accounts”
(i) shall mean all “deposit accounts” as such term is defined in Article 9 of the UCC and (ii) shall
include all deposit accounts listed in Section 2(n) of the Perfection Certificate.

 

    	-2- 

     

    

 

“Documents”
shall mean all “documents” as such term is defined in Article 9 of the UCC.

 

“Equipment”
shall mean all “equipment” as such term is defined in Article 9 of the UCC, and in any event, shall include (i) all
machinery, equipment, furnishings, appliances, furniture, fixtures, tools and vehicles now or hereafter owned by any Grantor (in
each case, regardless of whether characterized as equipment under the UCC) and (ii) any and all accessions, substitutions,
replacements or additions of any of the foregoing, all parts thereof, wherever located, whether or not at any time of determination
incorporated or installed therein or attached thereto, and all replacements therefor, together with all attachments, components,
parts, equipment and accessories installed thereon or affixed thereto, wherever located, now or hereafter existing, including any
fixtures.

 

“Excluded Assets”
shall have the meaning given to such term in Section 2.2.

 

“General Intangibles”
(i) shall mean all “general intangibles” as such term is defined in Article 9 of the UCC, including “payment
intangibles” as such term is defined in Article 9 of the UCC, and (ii) shall include all interest rate or currency
protection or hedging arrangements, all tax refunds, all licenses, permits, concessions and authorizations and all Intellectual
Property (in each case, regardless of whether characterized as general intangibles under the UCC).

 

“Goods”
(i) shall mean all “goods” as such term is defined in Article 9 of the UCC and (ii) shall include all
Inventory and Equipment (in each case, regardless of whether characterized as goods under the UCC).

 

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

 

“Insolvency
Proceeding” shall mean: (a) any voluntary or involuntary petition, case or proceeding under the Bankruptcy Code
with respect to any Grantor; (b) any other voluntary or involuntary insolvency or bankruptcy petition, case or proceeding,
or any similar petition, case or proceeding (including receiverships, liquidations, reorganizations or recapitalizations) under
any applicable bankruptcy, insolvency or other similar law with respect to any Grantor or with respect to a material portion of
its assets or the claims of its creditors; (c) the admission in writing by any Grantor of its inability to pay its debts generally
as they become due; (d) any liquidation, dissolution, or winding up of any Grantor whether voluntary or involuntary and whether
or not involving insolvency or bankruptcy; or (e) any assignment for the benefit of creditors or any other marshaling of assets
and liabilities for creditors of any Grantor or other similar arrangement in respect of such Grantor’s creditors generally.

 

“Instruments”
shall mean all “instruments” as such term is defined in Article 9 of the UCC.

 

“Intellectual
Property” shall mean, collectively, the Software, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses,
the Trademarks, the Trademark Licenses, the Trade Secrets and the Trade Secret Licenses.

 

    	-3- 

     

    

 

“Inventory”
shall mean (i) all “inventory” as such term is defined in Article 9 of the UCC and (ii) (a) all
goods held for sale or lease or to be furnished under contracts of service or so leased or furnished, all raw materials, work in
process, finished goods, and materials used or consumed in the manufacture, packing, shipping, advertising, selling, leasing, furnishing
or production of such inventory or otherwise used or consumed in any Grantor’s business, (b) all goods in which any
Grantor has an interest in mass or a joint or other interest or right of any kind, (c) all goods which are returned to or
repossessed by any Grantor, (d) all computer programs embedded in any goods and (e) all accessions and products of the
foregoing (in each case, regardless of whether characterized as inventory under the UCC).

 

“Investment
Accounts” shall mean all Securities Accounts, Commodities Accounts and Deposit Accounts.

 

“Investment
Related Property” shall mean (i) all “investment property” (as such term is defined in Article 9
of the UCC) and (ii) all Pledged Equity Interests, Pledged Debt, Investment Accounts and certificates of deposit (in each
case, regardless of whether classified as investment property under the UCC).

 

“Joinder to
Pledge and Security Agreement” shall mean a joinder agreement to this Agreement, which shall be in form and substance
acceptable to the Agent in its discretion.

 

“Letter-of-Credit
Right” shall mean “letter-of-credit right” as such term is defined in Article 9 of the UCC.

 

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

 

“Patent Licenses”
shall mean all agreements providing for the granting of any right in or to Patents (only if a Grantor is a licensor or an exclusive
licensee thereunder and solely to the extent of such Grantor’s right).

 

“Patents”
shall mean all patents (whether United States or foreign) in or to which any Grantor now has or hereafter has any right, title
or interest therein and certificates of invention, or similar industrial property rights, and applications for any of the foregoing,
including: (i) each patent and patent application listed in Section 2(i) of the Perfection Certificate, (ii) all
reissues, divisions, continuations (including continuations in-part and improvements thereof), extensions, renewals, and reexaminations
thereof, (iii) all rights corresponding thereto throughout the world, (iv) all inventions, discoveries, designs and improvements
described therein, (v) all rights to sue for past, present and future infringements thereof, (vi) all licenses, claims,
damages, and proceeds of suit arising therefrom, and (vii) all Proceeds of the foregoing, including licenses, royalties, income,
payments, claims, damages, and proceeds of suit.

 

“Perfection
Certificate” shall mean the Perfection Certificate delivered on the Closing Date by the Grantors to the Agent.

 

    	-4- 

     

    

 

“Pledge Supplement”
shall mean any supplement to this Agreement relating to Pledged Equity Interests acquired by the Grantors after the date hereof,
which shall be in form and substance acceptable to the Agent in its discretion.

 

“Pledged Debt”
shall mean all indebtedness owed to a Grantor, including all indebtedness described in Section 2(k) of the Perfection Certificate,
issued by the obligors named therein, the instruments evidencing such indebtedness, and all interest, cash, instruments and other
property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all
of such indebtedness.

 

“Pledged Equity
Interests” shall mean all Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests, Pledged Trust Interests
and all other ownership interests owned by any Grantor in any Person and all rights and privileges of any Grantor with respect
to any of the foregoing.

 

“Pledged LLC
Interests” shall mean all interests in any limited liability company owned by a Grantor, including all limited liability
company interests listed in Section 2(j) of the Perfection Certificate, and all certificates, if any, representing such limited
liability company interests and any interest of a Grantor on the books and records of such limited liability company or on the
books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants,
rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of such limited liability company interests.

 

“Pledged Partnership
Interests” shall mean all interests in any general partnership, limited partnership, limited liability partnership or
other partnership owned by a Grantor, including all partnership interests listed in Section 2(j) of the Perfection Certificate,
and all certificates, if any, representing such partnership interests and any interest of a Grantor on the books and records of
such partnership or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions,
cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of such partnership interests.

 

“Pledged Stock”
shall mean all shares of capital stock owned by a Grantor, including all shares of capital stock listed in Section 2(j) of
the Perfection Certificate, and all certificates, if any, representing such shares and any interest of a Grantor in the entries
on the books of the issuer of such shares or on the books of any securities intermediary pertaining to such shares, and all dividends,
distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all of such shares.

 

“Pledged Trust
Interests” shall mean all interests in a Delaware business trust or other trust owned (whether legally or beneficially)
by a Grantor, including all trust interests listed in Section 2(j) of the Perfection Certificate, and all certificates, if
any, representing such trust interests and any interest of a Grantor on the books and records of such trust or on the books and
records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options,
instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect
of or in exchange for any or all of such trust interests.

 

    	-5- 

     

    

 

“Proceeds”
shall mean all “proceeds” as such term is defined in Article 9 of the UCC and, in any event, shall also include
(i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Agent or any Grantor from time to
time with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to
any Grantor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any
part of the Collateral by any Governmental Authority (or any Person acting on behalf of any Governmental Authority), (iii) payments
or distributions made with respect to any Investment Related Property, (iv) whatever is receivable or received when Collateral
or proceeds are sold, leased, licensed, exchanged, collected or otherwise disposed of, whether such disposition is voluntary or
involuntary and (v) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral.

 

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

 

“Receivables”
shall mean all rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned
or otherwise disposed of, or services rendered or to be rendered, including all such rights constituting or evidenced by any Account,
Payment Intangible, Chattel Paper, Instrument, General Intangible or Investment Related Property, together with all of a Grantor’s
rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations
related thereto and all Receivables Records.

 

“Receivables
Records” shall mean (i) all original copies of all documents, instruments or other writings or electronic records
or other Records evidencing any Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets
or cards, invoices, and other papers relating to Receivables, including all tapes, cards, computer tapes, computer discs, computer
runs, record keeping systems and other papers and documents relating to any Receivables, whether in the possession or under the
control of a Grantor or any computer bureau or agent from time to time acting for a Grantor or otherwise, (iii) all evidences
of the filing of financing statements and the registration of other instruments in connection therewith, and amendments, supplements
or other modifications thereto, notices to other creditors or secured parties, and certificates, acknowledgments, or other writings,
including lien search reports, from filing or other registration officers, (iv) all credit information, reports and memoranda
relating thereto and (v) all other written or non-written forms of information related in any way to the foregoing or any
Receivable.

 

“Record”
shall have the meaning specified in Article 9 of the UCC.

 

“Secured Obligations”
shall mean all the Obligations of each Grantor, including (i) any and all sums advanced by the Agent in order to preserve
the Collateral or preserve its security interest in the Collateral and (ii) in the event of any proceeding for the collection
or enforcement of any Obligations of each Grantor, after an Event of Default shall have occurred and be continuing, the reasonable
expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or
of any exercise by the Agent of its rights hereunder, together with reasonable attorneys’ fees and expenses and court costs;
it being acknowledged and agreed that the “Secured Obligations” shall include extensions of credit or incurrence of
indebtedness of the types described above, whether outstanding on the date of this Agreement or extended or incurred from time
to time after the date of this Agreement.

 

    	-6- 

     

    

 

“Securities”
shall mean all “securities” as such term is defined in Article 8 of the UCC, any stock, shares, partnership interests,
voting trust certificates, certificates of interest or participation in any profit sharing agreement or arrangement, options, warrants,
bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or
in general any instruments commonly known as “securities” or any certificates of interest, shares or participations
in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any
of the foregoing.

 

“Securities
Accounts” (i) shall mean all “securities accounts” as such term is defined in Article 8 of the
UCC and (ii) shall include all of the securities accounts listed in Section 2(n) of the Perfection Certificate.

 

“Software”
shall mean computer programs, object code, source code and supporting documentation, including “software” as such term
is defined in the UCC, and computer programs that may be construed as included in the definition of “goods” in the
UCC, all licensed rights to the foregoing, and all media on which any such programs, code, documentation or associated data may
be stored.

 

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

 

“Supporting
Obligation” shall mean all “supporting obligations” as such term is defined in Article 9 of the UCC.

 

“Trade Secret
Licenses” shall mean any and all agreements providing for the granting of any right in or to Trade Secrets (only if such
Grantor is a licensor or an exclusive licensee thereunder and solely to the extent of such Grantor’s rights).

 

“Trade Secrets”
shall mean all trade secrets and all other confidential or proprietary information and know-how in which any Grantor now has or
hereafter has any right, title or interest therein, whether or not any of the foregoing has been reduced to a writing or other
tangible form, including all documents and things embodying, incorporating, or referring in any way to any of the foregoing, including:
(i) any secretly held existing engineering or other data, information, production procedures and other know-how relating to
the design manufacture, assembly, installation, use, operation, marketing, sale and/or servicing of any products or business of
any Grantor worldwide, (ii) the right to sue for past, present and future misappropriation or other violation thereof and
(iii) all Proceeds of the foregoing, including licenses, royalties, income, payments, claims, damages, and proceeds of suit.

 

    	-7- 

     

    

 

“Trademark Licenses”
shall mean any and all agreements providing for the granting of any right in or to Trademarks (only if such Grantor is a licensor
or an exclusive licensee thereunder and solely to the extent of such Grantor’s rights).

 

“Trademarks”
shall mean all United States and foreign trademarks, trade names, corporate names, company names, business names, fictitious business
names, Internet domain names, service marks, certification marks, collective marks, logos, trade dress, other source or business
identifiers, designs and general intangibles of a like nature, and all registrations and applications for any of the foregoing
in which any Grantor now has or hereafter has any right, title or interest, including: (i) the registrations and applications
referred to in Section 2(g) of the Perfection Certificate, (ii) all extensions or renewals of any of the foregoing, (iii) all
of the goodwill of the business connected with the use of and symbolized by the foregoing, (iv) the right to sue for past,
present and future infringement or dilution of or unfair competition with any of the foregoing or for any injury to goodwill, and
(v) all Proceeds of the foregoing, including licenses, royalties, income, payments, claims, damages, and proceeds of suit.

 

“United States”
shall mean the United States of America.

 

1.2           Definitions;
Interpretation.    Capitalized terms used herein (including the preamble and recitals hereto) and not otherwise defined
herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement. Capitalized terms used herein (including
the preamble and recitals hereto) and not otherwise defined herein or in the Note Purchase Agreement shall have the meanings ascribed
thereto in the Uniform Commercial Code as in effect from time to time in the State of New York. References to “Sections,”
 “Exhibits” and “Schedules” shall be to Sections, Exhibits and Schedules, as the case may be, of this Agreement
unless otherwise specifically provided. Section headings in this Agreement are included herein for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. Any of the terms defined
herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. The use herein
of the word “include” or “including,” when following any general statement, term or matter, shall not be
construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or
to similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited
to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or
matters that fall within the broadest possible scope of such general statement, term or matter. Unless the context requires otherwise,
(i) any definition of or reference to this Agreement, any other Note Document or any other agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented
or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth in any Note Document),
(ii) any references herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the
words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to
refer to this Agreement in its entirety and not to any particular provision hereof, (iv) any reference to any law, including
the UCC, shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting
such law and (v) the words “assets” and “property” shall be deemed to have the same meaning and to
refer to all the tangible and intangible, whether real or personal (or mixed), assets and properties.

 

    	-8- 

     

    

 

1.3           Perfection
Certificate References.    References to any Section of the Perfection Certificate hereunder shall refer to the Section in the
Perfection Certificate on the Closing Date, as well as to any written supplement or modification to the information contained
in such Section delivered to the Agent thereafter, including but not limited to, any amendment, supplement or modification effected
by delivery of written notice pursuant to the terms of the Note Purchase Agreement, this Agreement or any Pledge Supplement, together
with the applicable supplements to the Perfection Certificate, and the representations and warranties made in this Agreement shall
be deemed to be qualified by the information contained in any such amendment, supplement or modification. Any representation made
or deemed made with respect to a Schedule to the Perfection Certificate will be deemed to be made as of the Closing Date or as
of the earlier of the (i) date on which the most recent updates to the Perfection Certificate were required to be provided
to Agent pursuant to Section 13 hereof or the Note Purchase Agreement and (ii) date on which any such updates were actually
provided to Agent.

 

Section 2.               Grant
of Security.

 

2.1           Grant
of Security.    Subject to Section 2.2(a), as security for the payment and performance in full of the Secured Obligations,
each Grantor hereby grants to the Agent, and its successors and assigns, in each case for the benefit of the Secured Parties, a
continuing lien on and security interest in all of such Grantor’s right, title and interest in, to and under all tangible
and intangible property and assets of such Grantor, in each case whether now or hereafter existing or in which any Grantor now
has or hereafter acquires any right, title or interest and wherever the same may be located (all of which being hereinafter collectively
referred to as the “Collateral”), including without limitation, the following:

 

(i)          all
Accounts;

 

(ii)         all
Goods, including Equipment and Fixtures;

 

(iii)        all
Inventory;

 

(iv)        all
Documents, Instruments and Chattel Paper;

 

(v)         all
Letter-of-Credit Rights;

 

(vi)        all
Investment Related Property;

 

(vii)       all
Intellectual Property;

 

(viii)      all
Commercial Tort Claims, including those described in Section 2(l) of the Perfection Certificate;

 

    	-9- 

     

    

 

(ix)         all
General Intangibles;

 

(x)          all
money and all Deposit Accounts;

 

(xi)         all
Supporting Obligations;

 

(xii)        all
books and records relating to the Collateral;

 

(xiii)       all
Receivables; and

 

(xiv)      all
Proceeds and products of any of the foregoing and all accessions to, substitutions and replacements for any of the foregoing.

 

2.2          Certain
Limited Exclusions.

 

(a)          Notwithstanding
anything herein to the contrary, in no event shall the term “Collateral” include or the liens and security interests
granted under Section 2.1 attach to:

 

(i)          any
property or asset to the extent that the grant of a security interest in such property or asset is prohibited by any Applicable
Law or requires a consent not obtained of any Governmental Authority pursuant to Applicable Law (other than, in each case, to the
extent that any such prohibition or requirement would be rendered ineffective pursuant to the UCC of any relevant jurisdiction
or any other Applicable Law (including Title 11 of the United States Code) or principles of equity and, other than any Receivables
and Proceeds thereof, the assignment of which is expressly deemed effective under the UCC or other Applicable Law notwithstanding
such prohibition or requirement);

 

(ii)         any
right, title or interest in any permit, lease, license, contract or agreement held by any Grantor or to which any Grantor is a
party or any of its right, title or interest thereunder to the extent, but only to the extent, that such a grant would, under the
terms of such permit, lease, license, contract or agreement, result in a breach of the terms of, or constitute a default under
or result in the termination of or give rise to a right on the part of the parties thereto other than the Borrower and Subsidiaries
of the Borrower to terminate, any permit, lease, license, contract or agreement held by any Grantor or to which such Grantor is
a party (other than, in each case, to the extent that any such term would be rendered ineffective pursuant to the UCC of any relevant
jurisdiction or any other Applicable Law (including Title 11 of the United States Code) or principles of equity and other
than any Receivables and Proceeds thereof the assignment of which is expressly deemed effective under the UCC or other Applicable
Law notwithstanding such term); provided, however, that immediately upon the ineffectiveness, lapse or termination of any such
provision, such right, title or interest in such permit, lease, license, contract or agreement shall cease to be excluded from
the Collateral under this Section 2.2(a)(ii);

 

    	-10- 

     

    

 

(iii)        any
trademark or service mark consisting of an “intent to use” application until such time as an amendment to allege use
in respect thereof has been accepted by the United States Patent and Trademark Office, at which time such trademark or service
mark shall cease to be excluded from the Collateral under this Section 2.2(a)(iii) (the assets referred to in clauses (i)
through (iii) above shall, subject to the proviso below, be collectively referred to as the “Excluded Assets”);

 

provided that (A) Excluded
Assets will not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in clauses (i) through
(iii) unless such Proceeds, substitutions or replacements would constitute Excluded Assets referred to in clauses (i) through
(iii); and (B) if and when any property that would constitute Collateral but for the provisions of this Section 2.2(a)
shall cease to be an Excluded Asset, such property shall automatically constitute Collateral and, without any further action, each
applicable provision of this Agreement, including the grant of liens and security interests pursuant to Section 2.1, shall
automatically apply to such property.

 

(b)          Notwithstanding
anything to the contrary in this Agreement, to the extent any provision of this Agreement or the Note Purchase Agreement excludes
any assets from the scope of the Collateral, or from any requirement to take any action to perfect any security interest in favor
of the Agent in any Collateral, the representations, warranties and covenants made by the Grantors in this Agreement or the Note
Purchase Agreement with respect to the creation, perfection or priority (as applicable) of the security interest in the Collateral
granted in favor of the Agent shall be deemed not to apply to such assets (if such asset is an Excluded Asset) or shall be deemed
to be modified as appropriate to give effect to such exclusion, as applicable.

 

Section 3.               Security
for Obligations; Grantors Remain Liable.

 

3.1           Security
for Secured Obligations.    This Agreement secures, and the Collateral is collateral security for, the prompt
and complete payment and performance in full when due, whether at stated maturity, by required prepayment, declaration,
acceleration, demand or otherwise (including the interest and fees accruing during the pendency of any bankruptcy,
insolvency, receivership, or other similar proceeding, regardless of whether allowed or allowable in such proceeding, and the
payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the
Bankruptcy Code (and any successor provision thereof)), of all Secured Obligations.

 

3.2           Continuing
Liability Under Collateral.    Notwithstanding anything herein to the contrary, (a) each Grantor shall
remain liable for all obligations under the Collateral unless released from such obligations in accordance with the Note
Documents and nothing contained herein is intended or shall be a delegation of duties to the Agent or any other Secured
Party, (b) each Grantor shall remain liable under each of the agreements included in the Collateral, including any
agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform in all respects all of the
obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and neither
the Agent nor any other Secured Party shall have any obligation or liability under any of such agreements by reason of or
arising out of this Agreement or any other document related thereto nor shall the Agent nor any other Secured Party have any
obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take
any action to collect or enforce any rights under any agreement included in the Collateral, including any agreements relating
to Pledged Partnership Interests or Pledged LLC Interests and (c) the exercise by the Agent of any of its rights
hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in
the Collateral.

 

    	-11- 

     

    

 

 

Section 4.             Representations
and Warranties and Covenants.

 

4.1          Reserved.

 

4.2          Reserved.

 

4.3          Reserved.

 

4.4          Investment
Related Property.

 

4.4.1      Investment
Related Property Generally.

 

(a)          Covenants
and Agreements.    Each Grantor hereby covenants and agrees that:

 

(i)          in
the event it acquires rights in any Pledged Equity Interests, Investment Accounts, or any Pledged Debt that is evidenced by a promissory
note, Chattel Paper or any similar evidences of Indebtedness after the date hereof, it shall deliver to the Agent, within thirty
(30) days of acquiring such rights, a completed Pledge Supplement together with all applicable supplements to Schedules thereto,
reflecting such new Investment Related Property. Notwithstanding the foregoing, it is understood and agreed that the applicable
security interest of the Agent shall attach to all Investment Related Property immediately upon any Grantor’s acquisition
of rights therein and shall not be affected by the failure of any Grantor to deliver a Pledge Supplement as required hereby;

 

(ii)         except
as provided in the next sentence, in the event such Grantor receives any dividends, interest or distributions on any Investment
Related Property, or any securities or other property upon the merger, consolidation, liquidation or dissolution of any issuer
of any Investment Related Property, then (A) such dividends, interest or distributions and securities or other property shall
be included in the definition of Collateral without further action and (B) such Grantor shall promptly take all steps reasonably
necessary or otherwise reasonably requested by the Agent to ensure the validity, perfection and priority of the security interest
purported to be granted hereby to the Agent in such Investment Related Property, and the control of the Agent over such Investment
Related Property (including delivery thereof to the Agent), and pending any such action such Grantor shall be deemed to hold such
dividends, interest, distributions, securities or other property in trust for the benefit of the Agent and shall segregate such
dividends, distributions, Securities or other property from all other property of such Grantor. Notwithstanding the foregoing,
so long as no Event of Default shall have occurred and be continuing and the Agent has not instructed the Grantors in writing otherwise,
the Agent authorizes each Grantor to retain all cash dividends and distributions and all payments of interest; and

 

    	-12- 

     

    

 

(iii)        each
Grantor consents to the grant by each other Grantor of a security interest in all Investment Related Property to the Agent.

 

(b)          Delivery
and Control.    Each Grantor agrees that (i) with respect to (A) any Investment Related Property in a Subsidiary and
(B) any Investment Related Property in any issuer that is not a Subsidiary with an individual value in excess of $250,000,
in each case, in which it currently has rights, it shall comply with the provisions of this Section 4.4.1(b) on or before
the Closing Date and (ii) with respect to (A) any Investment Related Property in a Subsidiary and (B) any Investment
Related Property in any issuer that is not a Subsidiary with an individual value in excess of $250,000, in each case, hereafter
acquired by such Grantor it shall comply with the provisions of this Section 4.4.1(b) within the later of (x) thirty
(30) days after the Closing Date and (y) thirty (30) days of acquiring rights therein. With respect to any such Investment
Related Property that is represented by a certificate or that is an “instrument” (other than any Investment Related
Property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Agent, indorsed
in blank by an “effective indorsement” (as defined in Section 8-107 of the UCC), regardless of whether such certificate
constitutes a “certificated security” for purposes of the UCC.

 

(c)          Voting
and Distributions.

 

(i)          So
long as no Event of Default shall have occurred and be continuing:

 

(1)         except
as otherwise provided under the covenants and agreements relating to Investment Related Property in this Agreement or the Note
Purchase Agreement, each Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual
rights pertaining to the Investment Related Property or any part thereof for any purpose not inconsistent with the terms of this
Agreement or the Note Purchase Agreement;

 

(2)         at
the sole cost and expense of the Grantors, the Agent shall promptly execute and deliver (or cause to be executed and delivered)
to each Grantor all proxies, and other instruments as such Grantor may from time to time reasonably request in writing for the
purpose of enabling such Grantor to exercise the voting and other consensual rights when and to the extent which it is entitled
to exercise pursuant to clause (1) above; and

 

(3)         each
Grantor shall be entitled to receive and retain all dividends and distributions and all payments of interest with respect to any
Investment Related Property.

 

    	-13- 

     

    

 

(ii)         Upon
notice from the Agent to the Grantors that their rights under this Section 4.4.1 are being suspended upon the occurrence and during
the continuance of an Event of Default (which notice may be provided contemporaneously with the suspension of such rights, and
provided that no such notice shall be required in the case of an Event of Default under subsections 8.1(G) or (H) of the Note Purchase
Agreement):

 

(1)         all
rights of each Grantor to exercise or refrain from exercising the voting and other consensual rights which it would otherwise be
entitled to exercise pursuant hereto shall cease and all such rights shall thereupon become vested in the Agent who shall thereupon
have the right to exercise such voting and other consensual rights;

 

(2)         all
rights of each Grantor to receive dividends, interest, distributions, Securities or other property that such Grantor is authorized
to receive pursuant to paragraph (c)(i)(3) of this Section 4.4.1 shall cease, and all such rights shall thereupon become
vested in the Agent who shall have the sole and exclusive right and authority to receive and retain such dividends, interest or
distribution. Each Grantor shall be deemed to hold any such dividends, interest, distributions, securities or other property received
during such period in trust for the benefit of the Agent and shall segregate such dividends, distributions, Securities or other
property from all other property of such Grantor. Any and all monies and other property paid over to or received by the Agent pursuant
to the provisions of this paragraph shall be retained by the Agent in an account to be established by the Agent and shall
be applied in accordance with the provisions of Section 7.2(a); and

 

(3)         (A) each
Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Agent all proxies, dividend payment orders
and other instruments as shall be necessary to permit the Agent to exercise the voting and other consensual rights which it may
be entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled to receive
hereunder and (B) each Grantor acknowledges that the Agent (acting at the direction of the Requisite Purchasers) may utilize
the power of attorney set forth in Section 6.1.

 

4.4.2      Pledged
Equity Interests.

 

(a)          Representations
and Warranties.    Each Grantor hereby represents and warrants that:

 

(i)          Section 2(j)
of the Perfection Certificate sets forth all of the Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged
Trust Interests owned by any Grantor and such Pledged Equity Interests constitute the percentage of issued and outstanding shares
of stock, percentage of membership interests, percentage of partnership interests or percentage of beneficial interest of the respective
issuers thereof indicated in such Section, all of which is true, accurate and complete as of the Closing Date;

 

    	-14- 

     

    

 

(ii)         except
as set forth in Sections 1(d) and 1(f) of the Perfection Certificate, it has not acquired any majority equity interests of
another entity or substantially all the assets of another entity within the five (5) years prior to the Closing Date;

 

(iii)        it
is the record and beneficial owner of the Pledged Equity Interests described in Section 2(j) of the Perfection Certificate
as held by it, free of all Liens, rights or claims of other Persons other than Permitted Encumbrances and there are no outstanding
warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to,
or property that is convertible into, or that requires the issuance or sale of, any Pledged Equity Interests;

 

(iv)        no
material consent of any Person, including any other general or limited partner, any other member of a limited liability company,
any other shareholder or any other trust beneficiary, is necessary in connection with the creation or perfection (subject to Permitted
Encumbrances) of the security interest of the Agent in any Pledged Equity Interests or the exercise by the Agent of the voting
or other rights provided for in this Agreement or the exercise of remedies in respect thereof;

 

(v)         except
as otherwise set forth in Section 2(j) of the Perfection Certificate, none of the Pledged LLC Interests nor Pledged Partnership
Interests issued by any Grantor or any Subsidiary thereof are or represent interests in issuers that (a) are registered as
investment companies within the meaning of the Investment Company Act of 1940 or (b) are dealt in or traded on securities
exchanges or markets; and

 

(vi)        all
of the Pledged Equity Interests existing on the date hereof have been, and to the extent any Pledged Equity Interests are hereafter
issued, such Pledged Equity Interests will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable
to the extent applicable.

 

(b)          Covenants
and Agreements.    Each Grantor hereby covenants and agrees that:

 

(i)          Reserved;

 

(ii)         Reserved;
and

 

(iii)        it
consents to the grant by each other Grantor of a security interest in all Investment Related Property to the Agent and, without
limiting the foregoing, following the occurrence and during the continuation of an Event of Default and consents to (x) the
transfer of any Pledged Partnership Interest and any Pledged LLC Interest to the Agent or its nominee and (y) the substitution
of the Agent or its nominee as a partner in any partnership or as a member in any limited liability company with all the rights
and powers related thereto.

 

    	-15- 

     

    

 

4.4.3      Reserved.

 

4.4.4      Investment
Accounts.

 

(a)          Representations
and Warranties.    Each Grantor hereby represents and warrants that, on the Closing Date:

 

(i)          Section 2(n)
of the Perfection Certificate sets forth all of the Securities Accounts and Commodities Accounts in which each Grantor has an interest
as of the Closing Date. Each Grantor is the sole entitlement holder of each such Securities Account and Commodities Account, and
such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Agent pursuant to this Agreement and
the securities intermediary or commodities intermediary, as applicable, to the extent such securities intermediary or commodities
intermediary is deemed to have “control” under Applicable Law) having “control” (within the meanings of
Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or Commodities Account or
securities or other property credited thereto;

 

(ii)         Section 2(n)
of the Perfection Certificate sets forth all of the Deposit Accounts in which each Grantor has an interest as of the Closing Date.
Each Grantor is the sole account holder of each such Deposit Account and such Grantor has not consented to, and is not otherwise
aware of, any Person (other than Agent pursuant to this Agreement and the applicable depository bank to the extent such depository
bank is deemed to have “control” under Applicable Law) having either sole dominion and control (within the meaning
of common law) or “control” (within the meanings of Section 9-104 of the UCC) over, or any other interest in,
any such Deposit Account or any money or other property deposited therein; and

 

(iii)        each
Grantor has taken all actions reasonably requested by the Agent, including those specified in Section 4.4.1(b), to, within
the time frames set forth herein, (A) establish the Agent’s “control” (within the meanings of Sections 8-106
and 9-106 of the UCC) over any portion of (x) the Investment Related Property in a Subsidiary and (y) the Investment
Related Property in any issuer that is not a Subsidiary with an individual value in excess of $250,000, in each case, constituting
 “certificated securities” (as defined in the UCC) and (B) deliver all Instruments with an individual value in
excess of $250,000 to the Agent.

 

4.5          Reserved.

 

4.6          Intellectual
Property.

 

(a)          Representations
and Warranties.    Except as disclosed in Sections 2(g), 2(h) or 2(i) of the Perfection Certificate, each Grantor hereby
represents and warrants that:

 

(i)          Sections 2(g),
2(h) and 2(i) of the Perfection Certificate set forth a true and complete list of (x) all registered Trademarks, registered
Copyrights and registered Patents and all applications to register any of the foregoing owned by each Grantor and (y) all
exclusive Copyright Licenses material to any line of business of the Grantors as of the Closing Date;

 

    	-16- 

     

    

 

(ii)         it
is the sole owner of the entire right, title, and interest in and to all Intellectual Property listed in Sections 2(g), 2(h)
and 2(i) of the Perfection Certificate that it purports to own and owns or has the valid right to use Intellectual Property used
in or necessary to conduct its business, free and clear of all Liens (other than Permitted Encumbrances), except where failure
to own or possess the right to use, individually or in the aggregate, has not had, and could not reasonably be expected to have,
a Material Adverse Effect;

 

(iii)        all
Intellectual Property is subsisting and has not been adjudged invalid or unenforceable, in whole or in part, and each Grantor has
performed all acts and has paid all renewal, maintenance, and other fees and taxes required to maintain each registration of and
application for Copyrights, Patents and Trademarks in full force and effect, except where failure to maintain, individually or
in the aggregate, has not had, and could not reasonably be expected to have, a Material Adverse Effect;

 

4.7          Commercial
Tort Claims.

 

(a)          Representations
and Warranties.    Each Grantor hereby represents and warrants, that, on the Closing Date, Section 2(l) of the Perfection
Certificate sets forth all Commercial Tort Claims of each Grantor as of the Closing Date; and

 

(b)          Covenants
and Agreements.    Each Grantor hereby covenants and agrees that with respect to any Commercial Tort Claim in excess of $250,000
individually, or $500,000 in the aggregate, hereafter arising it shall promptly and in no event later than fifteen (15) days of
it acquiring rights in such Commercial Tort Claims deliver to the Agent a completed Pledge Supplement, together with all applicable
supplements to Schedules thereto, identifying such new Commercial Tort Claims and granting to the Agent a security interest therein
and in the Proceeds thereof.

 

Section 5.             Further
Assurances; Additional Grantors.

 

5.1          Further
Assurances.

 

(a)          Each
Grantor agrees that from time to time, at the expense of such Grantor, it shall promptly execute and deliver all such instruments
and documents, and take all such other action, that the Agent may reasonably request in order to create and/or maintain the validity,
perfection or priority of any security interest granted hereby to the extent contemplated hereby, and it shall promptly execute
and deliver all further instruments and documents, and take all further action, that the Agent may reasonably request in order
to enable the Agent to exercise and enforce its rights and remedies hereunder or under any other Security Document with respect
to any Collateral. Without limiting the generality of the foregoing, each Grantor shall:

 

(i)          file
such financing or continuation statements, or amendments thereto, as may be required, and execute and deliver such other agreements,
instruments, endorsements, powers of attorney or notices as Agent may reasonably request, in order to perfect and preserve the
security interests granted or purported to be granted hereby to the extent contemplated hereby; and

 

    	-17- 

     

    

 

(ii)         take
all actions necessary to ensure the recordation of appropriate evidence of the liens and security interest granted hereunder in
owned material United States Patents, Trademarks and Copyrights and Copyright Licenses in respect of which such Grantor is the
exclusive licensee with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, in
which such Intellectual Property is registered or in which an application for registration is pending, including executing and
filing a grant of security in the Intellectual Property in form and substance acceptable to the Agent, at the United States Patent
and Trademark Office or the United States Copyright Office, as applicable;

 

provided, however, that notwithstanding
anything to the contrary, the Agent shall have no obligation to make any request permitted by this Section 5.1(a) and shall
have no liability to the Secured Parties in connection with any such request or its failure to make any such request.

 

(b)          Each
Grantor hereby authorizes, at such Grantor’s expense, the Agent to file a Record or Records, including financing or continuation
statements, and amendments thereto, in any jurisdictions and with any filing offices as Agent may determine, in its sole discretion,
are necessary to perfect the security interest granted to the Agent herein. Such financing statements may describe the Collateral
in the same manner as described herein or may contain an indication or description of collateral that describes such property in
any other manner as Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of
the security interest in the Collateral granted to the Agent herein, including describing such property as “all assets”
or “all personal property, whether now owned or hereafter acquired” or words of similar description.

 

5.2           Additional
Grantors.    From time to time subsequent to the date hereof, to the extent required by the Note Documents, additional
Persons may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a Joinder
to Pledge and Security Agreement. Upon delivery of any such Joinder to Pledge and Security Agreement to the Agent, notice of which
is hereby waived by the Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if such Additional
Grantor were an original signatory hereto. Each Grantor expressly agrees that its obligations arising hereunder shall not be affected
or diminished by the addition or release of any other Grantor hereunder, nor by any election of the Agent not to cause any Subsidiary
of the Borrower to become an Additional Grantor hereunder. This Agreement shall be fully effective as to any Grantor that is or
becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Grantor hereunder.

 

Section 6.              Agent
Appointed Attorney-In-Fact.

 

6.1           Power
of Attorney.    To the fullest extent permitted by law, each Grantor hereby irrevocably appoints the Agent (such appointment
being coupled with an interest) as such Grantor’s attorney-in-fact, with full authority in the place and stead of such Grantor
and in the name of such Grantor, the Agent or otherwise, from time to time, upon the occurrence and during the continuance of
an Event of Default (or at any time in the cases of Section 6.1(e) and 6.1(f)), to take any action and to execute any instrument
that the Agent may deem reasonably necessary or advisable to accomplish the purposes of this Agreement and the other Note Documents,
including the following:

 

    	-18- 

     

    

  

(a)          to
obtain and adjust insurance required to be maintained by such Grantor or paid to the Agent pursuant to the Note Purchase Agreement;

 

(b)          to
ask for, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due
under or in respect of any of the Collateral;

 

(c)          to
receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with clause (b) above;

 

(d)          to
file any claims or take any action or institute any proceedings that the Agent may reasonably request for the collection of any
of the Collateral or otherwise to enforce the rights of the Agent with respect to any of the Collateral;

 

(e)          to
prepare and file any UCC financing statements or continuations thereof, or amendments thereto, against such Grantor as debtor;

 

(f)          to
prepare, sign, and file for recordation in any intellectual property registry, appropriate evidence of the lien and security interest
granted herein in the Intellectual Property in the name of such Grantor as debtor;

 

(g)          to
take or cause to be taken all actions necessary to perform or comply or cause performance or compliance with the terms of this
Agreement, including actions to pay or discharge taxes or Liens (other than Permitted Encumbrances) levied or placed upon or threatened
against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the
Agent in its sole discretion, any such payments made by the Agent to become obligations of such Grantor to the Agent, due and payable
immediately without demand; and

 

(h)          generally
to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely
as though the Agent were the absolute owner thereof for all purposes, and to do, at the Agent’s option and such Grantor’s
expense, at any time or from time to time, all acts and things that Agent deems reasonably necessary to protect, preserve or realize
upon the Collateral and the Agent’s security interest therein in order to effect the intent of this Agreement, all as fully
and effectively as such Grantor might do.

 

    	-19- 

     

    

 

6.2          No
Duty on the Part of Agent or Secured Parties.    The powers conferred on the Agent hereunder are solely to protect the
interests of the Secured Parties in the Collateral and shall not impose any duty upon the Agent or any other Secured Party to
exercise any such powers. The Agent and the other Secured Parties shall be accountable only for amounts that they actually receive
as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be
responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct
(as determined by a court of competent jurisdiction in a final non-appealable judgment).

 

Section 7.             Remedies.

 

7.1          Generally.

 

(a)          If
any Event of Default shall have occurred and be continuing, the Agent (acting at the direction of the Requisite Purchasers) may
(but shall not be obligated to) exercise in respect of the Collateral, in addition to all other rights and remedies provided for
herein or the other Note Documents or otherwise available to it at law or in equity all the rights and remedies of the Agent on
default under the UCC (whether or not the UCC applies to the affected Collateral) to collect, enforce or satisfy any Secured Obligations
then owing, whether by acceleration or otherwise, and also may to the fullest extent permitted by Applicable Law pursue any of
the following separately, successively or simultaneously:

 

(i)          require
any Grantor to, and each Grantor hereby agrees that it shall at its expense and promptly upon request of the Agent forthwith, assemble
all or part of the Collateral as directed by the Agent and make it available to the Agent at a place to be designated by the Agent
that is reasonably convenient to both parties;

 

(ii)         without
notice or demand or legal process, personally, or by agents or attorneys, enter onto the property where any Collateral is located
and take possession thereof with or without judicial process;

 

(iii)        prior
to the disposition of the Collateral, store, process, repair or recondition the Collateral or otherwise prepare the Collateral
for disposition in any manner to the extent the Agent deems appropriate and while the Collateral shall be so stored, provide such
security and maintenance services as shall be commercially reasonable to protect the same and to preserve and maintain them in
good condition;

 

(iv)        without
notice except as specified below or under the UCC, sell, assign, lease, license (on an exclusive or nonexclusive basis) or otherwise
dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Agent’s offices
or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other
terms as the Agent may deem commercially reasonable; and

 

(v)         apply
any monies constituting Collateral or proceeds thereof in accordance with the provisions of Section 7.2.

 

    	-20- 

     

    

 

(b)          The
Agent or any other Secured Party may be the purchaser of any or all of the Collateral at any public or private (to the extent the
portion of the Collateral being privately sold is of a kind that is customarily sold on a recognized market or the subject of widely
distributed standard price quotations) sale in accordance with the UCC and the Agent, as agent for and representative of the Secured
Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion
of the Collateral sold at any such sale made in accordance with the UCC, to use and apply any of the Secured Obligations as a credit
on account of the purchase price for any Collateral payable by the Agent at such sale. Each purchaser at any such sale shall hold
the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent
permitted by Applicable Law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future
have under any rule of law or statute now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of sale
shall be required by law, at least ten (10) days’ notice to such Grantor of the time and place of any public sale or the
time after which any private sale is to be made shall constitute reasonable notification. The Agent shall not be obligated to make
any sale of Collateral regardless of notice of sale having been given. The Agent (acting at the direction of the Requisite Purchasers)
may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may,
without further notice, be made at the time and place to which it was so adjourned. Each Grantor agrees that it would not be commercially
unreasonable for the Agent to dispose of the Collateral or any portion thereof by using Internet sites that provide for the auction
of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and
sellers of assets. Each Grantor hereby waives (to the extent permitted by Applicable Law) any claims against the Agent arising
by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price
which might have been obtained at a public sale, even if the Agent accepts the first offer received and does not offer such Collateral
to more than one offeree. If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured
Obligations, the Grantors shall remain liable for the deficiency and the reasonable and documented fees of any attorneys employed
by the Agent to collect such deficiency. Each Grantor agrees to do or cause to be done all such other acts and things as may be
reasonably necessary to make such disposition or dispositions of all or any portion of the Collateral valid and binding and in
compliance with any and all Applicable Laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts,
arbitrators or Governmental Authorities, domestic or foreign, having jurisdiction over any such sale or sales, all at such Grantor’s
expense. Each Grantor further agrees that a breach of any of the covenants contained in this Section will cause irreparable injury
to the Agent, that the Agent has no adequate remedy at law in respect of such breach and, as a consequence, that each and every
covenant contained in this Section 7.1 shall be specifically enforceable against such Grantor, and such Grantor hereby waives
(to the extent permitted by Applicable Law) and agrees not to assert any defenses against an action for specific performance of
such covenants except for a defense that no default has occurred giving rise to the Secured Obligations becoming due and payable
prior to their stated maturities. Nothing in this Section shall in any way alter the rights of the Agent hereunder.

 

(c)          The
Agent may sell the Collateral without giving any warranties as to the Collateral. The Agent may specifically disclaim or modify
any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of
any sale of the Collateral.

 

    	-21- 

     

    

 

(d)          The
Agent shall have no obligation to marshal any of the Collateral.

 

7.2         Application
of Proceeds.

 

(a)          Whether
or not any Insolvency Proceeding has been commenced by or against any Grantor, all proceeds received by the Agent (or, to the extent
any other Security Document requires proceeds of collateral thereunder, which would otherwise constitute Collateral, to be applied
in accordance with the provisions of this Agreement, the pledgee, assignee, mortgagee or other corresponding party under such other
Security Document) upon any sale, any collection from, or other realization upon all or any part of, the Collateral (whether or
not expressly characterized as such), or in any Insolvency Proceeding, together with all other moneys received by the Agent hereunder
(or, to the extent any other Security Document requires proceeds of collateral thereunder, which would otherwise constitute Collateral,
to be applied in accordance with the provisions of this Agreement, the pledgee, assignee, mortgagee or other corresponding party
under such other Security Document) with respect thereto, shall be applied in accordance with Section 8.6 of the Note Purchase
Agreement.

 

(b)          If,
despite the provisions of this Agreement, any Secured Party shall receive any payment or other recovery in excess of its portion
of payments on account of the Secured Obligations to which it is then entitled in accordance with this Agreement, such Secured
Party shall hold such payment or other recovery in trust for the benefit of all Secured Parties hereunder to be applied in accordance
Section 9.5(B) of the Note Purchase Agreement.

 

(c)          It
is understood that the Grantors shall remain jointly and severally liable to the extent of any deficiency between the amount of
the proceeds of the Collateral and the aggregate amount of the Secured Obligations.

 

(d)          It
is understood and agreed by each Grantor and each Secured Party that the Agent shall have no liability for any determinations made
by it in this Section 7.2, in each case except to the extent resulting from the gross negligence or willful misconduct of
the Agent (as determined by a court of competent jurisdiction in a final and non-appealable decision). Each Grantor and each Secured
Party also agrees that the Agent (acting at the direction of the Requisite Purchasers) may (but shall not be required to), at any
time and in its sole discretion, and with no liability resulting therefrom, petition a court of competent jurisdiction at the Grantors’
expense regarding any application of Collateral in accordance with the requirements hereof, and the Agent shall be entitled to
wait for, and may conclusively rely on, any such determination.

 

7.3          Sales
on Credit.    If the Agent sells any of the Collateral upon credit, each Grantor will be credited only with
payments actually made by purchaser and received by the Agent and applied to indebtedness of the purchaser. In the event the
purchaser fails to pay for any Collateral, the Agent (acting at the direction of the Requisite Purchasers) may resell such
Collateral and each Grantor shall be credited with proceeds of the sale.

 

    	-22- 

     

    

 

7.4          Investment
Related Property.    Each Grantor recognizes that, by reason of certain prohibitions contained in the
Securities Act and applicable state securities laws, the Agent may be compelled, with respect to any sale of all or any part
of the Investment Related Property conducted without prior registration or qualification of such Investment Related Property
under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things,
to acquire the Investment Related Property for their own account, for investment and not with a view to the distribution or
resale thereof. Each Grantor acknowledges that any such private sale may be at prices and on terms less favorable than those
obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration
statement under the Securities Act) and, notwithstanding such circumstances, each Grantor agrees that any such private sale
shall not be deemed to have been made in a commercially unreasonable manner solely as a result of it being a private sale,
and that the Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Investment
Related Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale
requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would, or
should, agree to so register it. If the Agent decides to exercise its right to sell any or all of the Investment Related
Property, upon written request, each Grantor shall and shall cause each issuer of any Pledged Equity Interest to be sold
hereunder, from time to time to furnish to the Agent all such information as Agent may reasonably request in order to
determine the number and nature of interest, shares or other instruments included in the Investment Related Property which
may be sold by the Agent in exempt transactions under the Securities Act and the rules and regulations of the Securities and
Exchange Commission thereunder, as the same are from time to time in effect.

 

7.5          Intellectual
Property.

 

(a)          Anything
contained herein to the contrary notwithstanding, upon the occurrence and during the continuation of an Event of Default:

 

(i)          the
Agent shall have the right (but not the obligation) to bring suit or otherwise commence any action or proceeding in the name of
any Grantor, the Agent or otherwise, in the Agent’s sole discretion, to enforce any Intellectual Property, in which event
such Grantor shall, at the request of the Agent, do any and all lawful acts and execute any and all documents required by the Agent
in aid of such enforcement and such Grantor shall promptly, upon demand, reimburse and indemnify the Agent as provided in the Note
Purchase Agreement in connection with the exercise of its rights under this Section, and, to the extent that the Agent shall elect
not to bring suit to enforce any Intellectual Property as provided in this Section 7.5, each Grantor agrees to use, in its
reasonable business judgment, all reasonable measures, whether by action, suit, proceeding or otherwise, to prevent the infringement
or other violation of any of such Grantor’s rights in the Intellectual Property that is material to the business by others
and for that purpose agrees to diligently maintain any action, suit or proceeding against any Person so infringing as shall be
reasonably necessary to prevent such infringement or violation;

 

    	-23- 

     

    

 

(ii)         upon
written demand from the Agent or exercise of its rights under Section 7.5(c)(ii), each Grantor shall grant, assign, convey
or otherwise transfer to the Agent an absolute assignment of all of such Grantor’s right, title and interest in and to the
Intellectual Property and shall execute and deliver to the Agent such documents as are reasonably necessary or appropriate to carry
out the intent and purposes of this Agreement;

 

(iii)        the
Agent shall have the right to notify, or require each Grantor to notify, any obligors with respect to amounts due or to become
due to such Grantor in respect of the Intellectual Property, of the existence of the security interest created herein, to direct
such obligors to make payment of all such amounts directly to the Agent, and, upon such notification and at the expense of such
Grantor,

 

(1)         to
enforce collection of any such amounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and
to the same extent as such Grantor might have done; and

 

(2)         such
Grantor shall not adjust, settle or compromise the amount or payment of any such amount or release wholly or partly any obligor
with respect thereto or allow any credit or discount thereon; and

 

(iv)        the
Agent (acting at the direction of the Requisite Purchasers) may (but shall not be obligated to), by written notice to the relevant
Grantor, take any or all of the following actions: (A) declare the entire right, title, and interest of such Grantor in the
Intellectual Property vested in the Agent in order to collect, enforce, or satisfy the Secured Obligations, in which event such
right, title, and interest shall immediately vest in the Agent for the benefit of the Secured Parties, in which case the Agent
shall be entitled to exercise the power of attorney referred to in Section 7.5(c)(ii) hereof to execute, cause to be acknowledged
and notarized and to record said absolute assignment with the applicable agency; (B) use or sell the Intellectual Property;
(C) use or sell the goodwill of such Grantor’s business symbolized by the Trademarks and the right to carry on the business
and use the assets of such Grantor in connection with which the Trademarks have been used; and (D) direct such Grantor to
refrain, in which event such Grantor shall refrain, from using the Intellectual Property directly or indirectly, and such Grantor
shall execute such further documents as the Agent may reasonably request further to confirm this and to transfer ownership of the
Intellectual Property and registrations and any pending applications in the United States Copyright Office, United States Patent
and Trademark Office, equivalent office in a state of the United States or a foreign jurisdiction or applicable domain name registrar
to the Agent for the benefit of the Secured Parties.

 

    	-24- 

     

    

 

(b)          If
(i) an Event of Default shall have occurred and, by reason of cure, waiver, modification, amendment or otherwise, no longer
be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment or other transfer
to the Agent of any rights, title and interests in and to the Intellectual Property shall have been previously made in accordance
with the terms hereof and shall have become absolute and effective, and (iv) the Secured Obligations shall not have become
immediately due and payable, upon the written request of any Grantor, the Agent shall promptly execute and deliver to such Grantor,
at such Grantor’s sole cost and expense, such assignments or other transfer as may be reasonably necessary to reassign to
such Grantor any such rights, title and interests as may have been assigned to the Agent as aforesaid, subject to any disposition
thereof that may have been made by the Agent; provided, after giving effect to such reassignment, the Agent’s security interest
granted pursuant hereto, as well as all other rights and remedies of the Agent granted hereunder, shall continue to be in full
force and effect; and provided, further, the rights, title and interests so reassigned shall be free and clear of any other Liens
granted by or on behalf of the Agent and the Secured Parties.

 

(c)          Solely
for the purpose of enabling the Agent to exercise rights and remedies under this Section 7 and at such time as the Agent shall
be lawfully entitled to exercise such rights and remedies hereunder, each Grantor hereby grants to the Agent, to the extent it
has the right to do so, (i) an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation
to such Grantor) (subject, in the case of Trademarks, to sufficient rights to quality control and inspection in favor of such Grantor
to avoid the risk of invalidation of said Trademarks) to use, operate under, license, or sublicense any Intellectual Property now
owned or hereafter acquired by such Grantor, and wherever the same may be located; and (ii) an absolute power of attorney
to sign, upon the occurrence and during the continuation of an Event of Default, any document which may be required to effect any
assignments or enforce any rights or obligations as provided for in this Section 7.

 

7.6           Cash
Proceeds.    In addition to the rights of the Agent specified in Section 4.3 with respect to payments of Receivables,
if any Event of Default shall have occurred and be continuing, all proceeds of any Collateral received by any Grantor consisting
of Cash Proceeds shall, upon demand by Agent, be held by such Grantor in trust for the Agent, segregated from other funds of such
Grantor, and shall, forthwith upon receipt by such Grantor, unless such funds are deposited in a Deposit Account subject to a
Control Agreement, be turned over to the Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the
Agent, if required) and held by the Agent. Any Cash Proceeds received by the Agent (whether from a Grantor or otherwise) if an
Event of Default shall have occurred and be continuing, may, in the sole discretion of the Agent, (a) be held by the Agent
for the benefit of the Secured Parties as collateral security for the Secured Obligations (whether matured or unmatured) and/or
(b) then or at any time thereafter be applied by the Agent against the Secured Obligations then due and owing in accordance
with Section 7.2(a).

 

Section 8.              Continuing
Security Interest.    This Agreement shall create a continuing security interest in the Collateral and shall remain in
full force and effect until the payment in full in cash of all the Secured Obligations (other than contingent obligations to the
extent no claims giving rise thereto have been asserted by the Person entitled thereto), and be binding upon each Grantor, its
successors and assigns, and inure, together with the rights and remedies of the Agent hereunder, to the benefit of the Agent and
its successors, transferees and assigns.

 

    	-25- 

     

    

 

Section 9.            Termination
or Release.    This Agreement shall terminate (other than provisions hereof providing for indemnities and similar contingent
obligations) and the security interests granted hereby shall be automatically released upon payment in full in cash of all the
Secured Obligations (other than contingent obligations to the extent no claims giving rise thereto have been asserted by the Person
entitled thereto). The Liens securing the Secured Obligations will be released, in whole or in part, as provided in Section 9.1(H)
of the Note Purchase Agreement; provided, that this Agreement and the security interests granted hereby shall be reinstated
and continue to be effective, if at any time any amount owed and paid to the Purchasers in respect of the Secured Obligations is
rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy dissolution, liquidation or reorganization
of any Grantor or upon the appointment of any intervener or conservatory of, or trustee or similar official for, any Grantor or
any substantial part of such Grantor’s property, or otherwise, all as though such payments had not been made. The obligations
of each Grantor contained in this Section 9 shall survive the termination hereof and the discharge of each such Grantor’s
obligations under this Agreement, the Note Purchase Agreement and the other Note Documents.

 

Section 10.            Standard
of Care; Agent May Perform.    The powers conferred on the Agent hereunder are solely to protect its interest in the Collateral
and shall not impose any duty upon it to exercise any such powers. Beyond the safe custody thereof, the Agent shall have no duty
with respect to any Collateral or with respect to any income thereon or the preservation of rights against prior parties or any
other rights pertaining thereto. The Agent shall be deemed to have exercised reasonable care in the custody and preservation of
the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Agent accords its
own property. Neither the Agent nor any of its directors, officers, employees or agents shall be liable for failure to demand,
collect or realize upon all or any part of the Collateral or any delay in doing so or for any diminution in the value thereof,
by reason of the act or omission of any warehouse, carrier, forwarding agency, consignee, broker or other agent or bailee selected
by any Grantor or selected by the Agent in good faith.

 

Section 11.            Amendment;
Waiver.    Section 9.4(A) of the Note Purchase Agreement is hereby incorporated herein, mutatis mutandis, as
if a part hereof.

 

    	-26- 

     

    

 

Section 12.            Miscellaneous.
    Any notice required or permitted to be given under this Agreement shall be given in accordance with Section 11.3 of the Note
Purchase Agreement. No failure or delay on the part of the Agent in the exercise of any power, right or privilege hereunder or
under any other Note Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence
therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof
or of any other power, right or privilege. All rights and remedies existing under this Agreement and the other Note Documents are
cumulative to, and not exclusive of, any rights or remedies otherwise available. In case any provision in or obligation under this
Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining
provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired
thereby. In the event that any provision hereunder directly conflicts with any express provision of the Note Purchase Agreement,
the Note Purchase Agreement shall control. This Agreement shall be binding upon and inure to the benefit of the Agent, the Secured
Parties and the Grantors and their respective successors and assigns. This Agreement and the other Note Documents embody the entire
agreement and understanding between the Grantors and the Agent and supersede all prior agreements and understandings between such
parties relating to the subject matter hereof and thereof. Accordingly, the Note Documents may not be contradicted by evidence
of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.
This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that
all signature pages are physically attached to the same document. Delivery of an executed signature page to this Agreement by facsimile,
PDF or other electronic transmission shall be as effective as delivery of an original executed counterpart of this Agreement.

 

Section
13.          APPLICABLE
LAW.    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

[Signature Pages Follow]

 

    	-27- 

     

    

 

IN WITNESS WHEREOF, each
Grantor and the Agent have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

 

	 	THEMAVEN, INC., as a Grantor
	 	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James C. Heckman
	 	Title:	CEO
	 	 	 
	 	MAVEN COALITION, INC., as a Grantor
	 	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James C. Heckman
	 	Title:	CEO
	 	 	 
	 	HUBPAGES, INC., as a Grantor
	 	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James C. Heckman
	 	Title:	CEO
	 	 	 
	 	SAY MEDIA, INC., as a Grantor
	 	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James C. Heckman
	 	Title:	CEO
	 	 	 
	 	TST ACQUISITION CO., INC., as a Grantor
	 	 	 
	 	By:	/s/ James C. Heckman
	 	Name:	James C. Heckman
	 	Title:	CEO

 

[Signature Page to Pledge and Security Agreement]

 

    	

     

    

 

	 	BRF FINANCE CO., LLC, as the Agent
	 	 	 
	 	By:	/s/ Bryant R. Riley
	 	Name:	Bryant R. Riley
	 	Title:	Chief Executive Officer

 

[Signature Page to Pledge and Security Agreement]

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