Document:

NEWCO PLEDGE AGREEMENT

 

This PLEDGE AGREEMENT
(this “Agreement”), dated as of May 16, 2012, is made by Max Cash Media, Inc., a Nevada corporation (the
“Company”), each person and entity listed as a pledgor on the signature pages hereto (each a “Pledgor”),
and each additional person, if any, who becomes a Pledgor pursuant to the requirements of Section 3.18 of the Bridge Loan Agreement
(defined below) (the “Additional Pledgors”), in favor of Gottbetter & Partners, LLP, in its capacity
as collateral agent (in such capacity, the “Collateral Agent”) for the “Buyers” (as defined
below) party to that certain Securities Purchase Agreement, dated as of May 16, 2012 (the “Securities Purchase
Agreement”).

 

WITNESSETH:

 

WHEREAS, the
Company and each party listed as a “Buyer” on the Schedule of Buyers attached to the Securities Purchase Agreement
(collectively, the “Buyers”) are parties to that Securities Purchase Agreement, pursuant to which the Company
shall sell, and the Buyers shall purchase, the “Notes” (as defined therein); and

 

WHEREAS, pursuant
to that certain Bridge Loan Agreement dated as of even date herewith (the “Bridge Loan Agreement”) between the
Company and BOLDFACE Licensing + Branding, a Nevada corporation (“Newco”), the Company has agreed to lend the
proceeds of the Notes to Newco (the “Bridge Loan”);

 

WHEREAS, pursuant
to the Bridge Loan Agreement, the Pledgors have agreed to pledge the Pledged Shares (as defined below) to the Collateral Agent
for the benefit of the Buyers on the terms and conditions set forth in this Agreement;

 

WHEREAS, it
is a condition precedent to the Buyers purchasing the Notes that the Pledgors shall have executed and delivered to the Collateral
Agent for the benefit of itself and the Buyers this Agreement to secure all of the Company’s obligations under the Securities
Purchase Agreement, the Notes issued pursuant thereto and the other “Transaction Documents” (as defined in the Securities
Purchase Agreement, and as the same may be amended, restated, replaced or otherwise modified from time to time in accordance with
the terms thereof, the “Transaction Documents”), on the terms and conditions set forth herein; and

 

WHEREAS, each
Pledgor has determined that the execution, delivery and performance of this Agreement directly benefits, and is in the best interest
of, Newco;

 

NOW, THEREFORE,
in consideration of the premises and the agreements herein and in order to induce the Buyers to perform under the Securities Purchase
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Pledgor
agrees with the Collateral Agent as follows:

 

    	 

    	 

    

 

SECTION 1.          Definitions
and Rules of Interpretation.

 

(a)          Definitions.
Reference is made to the Securities Purchase Agreement and the Notes for a statement of terms thereof. Capitalized terms used herein
without definition shall have the meanings ascribed to them in the Securities Purchase Agreement or the Notes. All terms used in
this Agreement which are defined in the Securities Purchase Agreement or the Notes or in Article 8 or Article 9 of the Uniform
Commercial Code as in effect from time to time in the State of New York (the “Code”), and which are not otherwise
defined herein shall have the same meanings herein as set forth therein; provided, that terms used herein which are defined in
the Code as in effect in the State of New York on the date hereof shall continue to have the same meaning notwithstanding any replacement
or amendment of such statute except as the Collateral Agent may otherwise determine. In the event that any such term is defined
in both the Securities Purchase Agreement or the Notes and the Code, the definition of such term in the Securities Purchase Agreement
or the Notes shall control.

 

(b)          Rules
of Interpretation. Except as otherwise expressly provided in this Agreement, the following rules of interpretation apply to
this Agreement: (i) the singular includes the plural and the plural includes the singular; (ii) “or” and “any”
are not exclusive and “include” and “including” are not limiting; (iii) a reference to any agreement or
other contract includes permitted supplements and amendments; (iv) a reference to a law includes any amendment or modification
to such law and any rules or regulations issued thereunder; (v) a reference to a person includes its permitted successors and assigns;
and (vi) a reference in this Agreement to an Article, Section, Annex, Exhibit or Schedule is to the Article, Section, Annex, Exhibit
or Schedule of this Agreement.

 

SECTION 2.          Pledge
and Grant of Security Interest.

 

(a)          As
collateral security for all of the Obligations (as defined in Section 3 hereof), each of the Pledgors hereby pledges and assigns
and grants to the Collateral Agent a continuing security interest in, and Lien on, all of such Pledgor’s right, title and
interest in and to the following (collectively, the “Collateral”):

 

the shares of capital stock of
Newco described next to the Pledgor’s name in Schedule 1, which are represented by one or more stock certificates,
as set forth in Schedule 1, representing such equity interests (the “Pledged Shares”), including, but
not limited to, any stock dividend and any distribution in connection with a stock split from time to time received, receivable
or otherwise distributed in respect of any of the foregoing, and all cash and noncash proceeds thereof, and any additional shares
of capital stock of Newco that may be required to be added to the Collateral pursuant to Section 3.18 of the Bridge Loan Agreement.

 

SECTION 3.          Security
for Obligations. The security interest created hereby in the Collateral constitutes continuing collateral security for all
of the following obligations, whether now existing or hereafter incurred (the “Obligations”):

 

    	2

    	 

    

 

(a)          the
payment by the Company, as and when due and payable (by scheduled maturity, required prepayment, acceleration, demand or otherwise),
of all amounts from time to time owing by it in respect of the Securities Purchase Agreement, the Notes and the other Transaction
Documents, including, without limitation, (A) all principal of and interest on the Notes (including, without limitation, all interest
that accrues after the commencement of any bankruptcy proceeding of the Pledgors, whether or not the payment of such interest is
unenforceable or is not allowable due to the existence of such bankruptcy proceeding), and (B) all fees, commissions, expense reimbursements,
indemnifications and all other amounts due or to become due under any of the Transaction Documents, above, for so long as the Notes
are outstanding; and

 

(b)          
the due performance and observance by each Pledgor of all of its other obligations from time to time existing in respect of any
of the Transaction Documents for so long as the Notes are outstanding.

 

SECTION 4.          Delivery
of the Collateral.

 

(a)          All
certificates currently representing the Pledged Shares shall be delivered to the Collateral Agent on or prior to the execution
and delivery of this Agreement. All other promissory notes, certificates and instruments constituting Collateral from time to time
or required to be pledged to the Collateral Agent pursuant to the terms of this Agreement (the “Additional Collateral”)
shall be delivered to the Collateral Agent promptly upon receipt thereof by or on behalf of any of the Pledgors. All such certificates,
promissory notes and instruments shall be held by the Collateral Agent pursuant hereto and shall be delivered in suitable form
for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment or undated stock powers
executed in blank (“Transfer Materials”), all in form and substance reasonably satisfactory to the Collateral
Agent. If any Collateral consists of uncertificated securities, unless the immediately following sentence is applicable thereto,
the Pledgors shall cause the Collateral Agent (or its designated custodian, nominee or other designee) to become the registered
holder thereof, or cause each issuer of such securities to agree that it will comply with instructions originated by the Collateral
Agent (or its designated custodian, nominee or other designee) with respect to such securities without further consent by the Pledgors.

 

(b)          If
any Pledgor shall receive, by virtue of such Pledgor’s being or having been an owner of any Collateral, any (i) stock certificate
(including, without limitation, any certificate representing a stock dividend or distribution in connection with any increase or
reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares, stock split, spin-off or
split-off), promissory note or other instrument, (ii) option or right, whether as an addition to, substitution for, or in exchange
for, any Collateral, or otherwise, (iii) dividends payable in cash (except such dividends permitted to be retained by such Pledgor
pursuant to Section 7 hereof) or in securities or other property or (iv) dividends, distributions, cash, instruments, investment
property and other property in connection with a partial or total liquidation or dissolution or in connection with a reduction
of capital, capital surplus or paid-in surplus, such Pledgor shall receive such stock certificate, promissory note, instrument,
option, right, payment or distribution in trust for the benefit of the Collateral Agent, shall segregate it from such Pledgor’s
other property and shall deliver it forthwith to the Collateral Agent in the exact form received, together with appropriate Transfer
Materials, to be held by the Collateral Agent as Collateral and as further collateral security for the Obligations.

 

    	3

    	 

    

 

SECTION 5.          Representations
and Warranties of each Pledgor. Each Pledgor severally represents and warrants to the Pledgee (which representations and warranties
shall be deemed to continue to be made until all of the Obligations have been paid in full and each Transaction Documents have
been irrevocably terminated) that:

 

(a)          the
execution, delivery and performance by each Pledgor of this Agreement and the pledge of the Collateral hereunder do not and will
not result in any violation of any agreement, indenture, instrument, license, judgment, decree, order, law, statute, ordinance
or other governmental rule or regulation applicable to any Pledgor;

 

(b)          this
Agreement constitutes the legal, valid, and binding obligation of each Pledgor enforceable against each Pledgor in accordance with
its terms;

 

(c)          (i)
all Pledged Shares owned by each Pledgor is set forth on Schedule 1 hereto and (ii) each Pledgor is the direct and beneficial
owner of each share of the Pledged Shares;

 

(d)          all
of the Pledged Shares have been duly authorized, validly issued and are fully paid and nonassessable;

 

(e)          no
consent or approval of any person, corporation, governmental body, regulatory authority or other entity, is or will be necessary
for (i) the execution, delivery and performance of this Agreement, (ii) the exercise by the Pledgee of any rights with respect
to the Collateral or (iii) the pledge and assignment of, and the grant of a security interest in, the Collateral hereunder;

 

(f)          there
are no pending or, to the best of Pledgor’s knowledge, threatened actions or proceedings before any court, judicial body,
administrative agency or arbitrator which may materially adversely affect the Collateral;

 

(g)          each
Pledgor has the requisite power and authority to enter into this Agreement and to pledge and assign the Collateral to the Pledgee,
for the ratable benefit of the Buyers, in accordance with the terms of this Agreement;

 

(h)          each
Pledgor owns each item of the Collateral and, except for the pledge and security interest granted to Pledgee, for the ratable benefit
of the Buyers, hereunder, the Collateral shall be, immediately following the closing of the transactions contemplated by the Transaction
Documents, free and clear of any other security interest, mortgage, pledge, claim, lien, charge, hypothecation, assignment, offset
or encumbrance whatsoever;

 

(i)          there
are no restrictions on transfer of the Pledged Shares contained in the certificate of incorporation or by-laws (or equivalent organizational
documents) of Newco or otherwise which have not otherwise been enforceably and legally waived by the necessary parties;

 

    	4

    	 

    

 

(j)          none
of the Pledged Shares has been issued or transferred in violation of the securities registration, securities disclosure or similar
laws of any jurisdiction to which such issuance or transfer may be subject; and

 

(k)          the
Pledgor shall cause any and all Additional Pledgors to execute a signature page of, and thereby become a party to, this Agreement.

 

SECTION 6.          Covenants
as to the Collateral. So long as any Obligations shall remain outstanding and the Securities Purchase Agreement and the other
Transaction Documents shall not have been terminated, each Pledgor severally covenants that such Pledgor will, unless the Collateral
Agent shall otherwise consent in writing:

 

(a)          at
such Pledgor’s expense, defend the Collateral Agent’s right, title and security interest in and to the Collateral against
the claims of any person;

 

(b)          at
such Pledgor’s expense, at any time and from time to time, promptly execute and deliver all further instruments and documents
and take all further action that may be necessary or that the Collateral Agent may reasonably request in order to (i) perfect and
protect, or maintain the perfection of, the security interest and Lien purported to be created hereby, (ii) enable the Collateral
Agent to exercise and enforce its rights and remedies hereunder in respect of the Collateral or (iii) otherwise effect the purposes
of this Agreement, including, without limitation, delivering to the Collateral Agent irrevocable proxies in respect of the Collateral
registered in the name of such Pledgor, except for Collateral which the Pledgor is entitled to vote under the terms of Section
7 hereof;

 

(c)          not
sell, assign, transfer, convey, or otherwise dispose of its rights in or to the Collateral or any interest therein; nor will any
Pledgor create, incur or permit to exist any Lien whatsoever with respect to any of the Collateral or the proceeds thereof other
than that created hereby; and

 

(d)          not
take or fail to take any action which would in any manner impair the validity or enforceability of the Collateral Agent’s
security interest in and Lien on any Collateral.

 

SECTION 7.          Voting
Rights, Dividends, Etc. in Respect of the Collateral.

 

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

 

(i)          each
Pledgor may exercise any and all voting and other consensual rights pertaining to any Collateral for any purpose not inconsistent
with the terms of this Agreement, the Notes or the other Transaction Documents; provided, however, that (A) none
of the Pledgors will exercise or refrain from exercising any such right, as the case may be, if the Pledgee has provided prior
written notice to such Pledgors that, in the Collateral Agent’s reasonable judgment, such action (or inaction) could reasonably
be expected to affect adversely in any material respect the value of any Collateral or otherwise could reasonably be expected to
have a Material Adverse Effect, and (B) each Pledgor will give the Collateral Agent at least five (5) Business Days’ notice
of the manner in which it intends to exercise, or the reasons for refraining from exercising, any such right that could reasonably
be expected to affect adversely in any material respect the value of any Collateral or otherwise could reasonably be expected to
have a Material Adverse Effect;

 

    	5

    	 

    

 

(ii)         the
Pledgors may receive and retain any and all dividends, interest or other distributions paid in respect of the Collateral to the
extent permitted by the Securities Purchase Agreement; provided, however, that prior to the date by which the Pledged
Shares are required to be returned to the registered holder thereof, any and all (A) dividends and interest paid or payable other
than in cash in respect of, and instruments (other than checks) and other property received, receivable or otherwise distributed
in respect of or in exchange for, any Collateral, (B) dividends and other distributions paid or payable in cash in respect of any
Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital
surplus or paid-in surplus, and (C) cash paid, payable or otherwise distributed in redemption of, or in exchange for, any Collateral,
together with any dividend, distribution, interest or other payment which at the time of such dividend, distribution, interest
or other payment was not permitted by the Securities Purchase Agreement, shall be, and shall forthwith be delivered to the Collateral
Agent to hold as, Collateral and shall, if received by any of the Pledgors, be received in trust for the benefit of the Collateral
Agent, shall be segregated from the other property or funds of the Pledgors, and shall be forthwith delivered to the Collateral
Agent in the exact form received with any Transfer Materials, to be held by the Collateral Agent as Collateral and as further collateral
security for the Obligations; and

 

(iii)        the
Collateral Agent will execute and deliver (or cause to be executed and delivered) to a Pledgor all such proxies and other instruments
as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and other rights which it
is entitled to exercise pursuant to paragraph (i) of this Section 7(a) and to receive the dividends, distributions, interest and
other payments which it is authorized to receive and retain pursuant to paragraph (ii) of this Section 7(a), in each case, to the
extent that the Collateral Agent has possession of such Collateral.

 

(b)          Upon
the occurrence and during the continuance of an Event of Default:

 

(i)          all
rights of each Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant
to paragraph (i) of subsection (a) of this Section 7, and to receive the dividends, distributions, interest and other payments
which it would otherwise be authorized to receive and retain pursuant to paragraph (ii) of subsection (a) of this Section 7, shall
cease, and all such rights shall thereupon become vested in the Collateral Agent which shall thereupon have the sole right to exercise
such voting and other consensual rights and to receive and hold as Collateral such dividends, distributions, interest and other
payments;

 

    	6

    	 

    

 

(ii)         without
limiting the generality of the foregoing, the Collateral Agent may, at its option, exercise any and all rights of conversion, exchange,
subscription or any other rights, privileges or options pertaining to any of the Collateral as if it were the absolute owner thereof,
including, without limitation, the right to exchange, in its discretion, any and all of the Collateral upon the merger, consolidation,
reorganization, recapitalization or other adjustment of any issuer of the Collateral or upon the exercise by any issuer of the
Collateral of any right, privilege or option pertaining to any Collateral, and, in connection therewith, to deposit and deliver
any and all of the Collateral with any committee, depository, transfer collateral agent, registrar or other designated collateral
agent upon such terms and conditions as it may determine; and

 

(iii)        all
dividends, distributions, interest and other payments which are received by any Pledgor contrary to the provisions of paragraph
(i) of this Section 7(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds
of such Pledgor, and shall be forthwith paid over to the Collateral Agent as Collateral in the exact form received with any necessary
endorsement and/or appropriate stock powers duly executed in blank, to be held by the Collateral Agent as Collateral and as further
collateral security for the Obligations.

 

SECTION 8.          Additional
Provisions Concerning the Collateral.

 

(a)          Each
Pledgor hereby (i) authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto,
relating to the Collateral, without the signature of such Pledgor where permitted by law, (ii) ratifies such authorization to the
extent that the Collateral Agent has filed any such financing or continuation statements, or amendments thereto, without the signature
of such Pledgor prior to the date hereof and (iii) authorizes the Collateral Agent to execute any agreements, instruments or other
documents in such Pledgor’s name and to file such agreements, instruments or other documents that perfect, protect or enforce
the security interest and Lien of the Collateral Agent in the Collateral or as provided under Article 8 or Article 9 of the UCC
in any appropriate filing office.

 

(b)          Each
Pledgor hereby irrevocably appoints the Collateral Agent as its attorney-in-fact and proxy, with full authority in the place and
stead and in its name or otherwise, from time to time in the Collateral Agent’s discretion to take any action and to execute
any instrument, in each case, upon the occurrence and during the continuance of an Event of Default, which the Collateral Agent
may deem necessary or advisable to accomplish the purposes of this Agreement (subject to the rights of such Pledgor under Section
7(a) hereof), including, without limitation, to receive, indorse and collect all instruments made payable to such Pledgor representing
any dividend, interest payment or other distribution in respect of any Collateral and to give full discharge for the same. This
power is coupled with an interest and is irrevocable until the termination of this Agreement in accordance with Section 14(e) hereof.

 

(c)          If
any Pledgor fails to perform any agreement or obligation contained herein, then after the occurrence and during the continuance
of an Event of Default, the Collateral Agent itself may perform, or cause performance of, such agreement or obligation, and the
expenses of the Collateral Agent incurred in connection therewith shall be paid by the Company and shall be secured by the Collateral.

 

    	7

    	 

    

 

(d)          Other
than the exercise of reasonable care to assure the safe custody of the Collateral while held hereunder, the Collateral Agent shall
have no duty or liability to preserve rights pertaining thereto and shall be relieved of all responsibility for the Collateral
upon surrendering it or tendering surrender of it to the respective Pledgors. The Collateral 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 Collateral Agent accords its own property, it being understood that the Collateral Agent shall not have
responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other
matters relating to any Collateral, whether or not the Collateral Agent has or is deemed to have knowledge of such matters, or
(ii) taking any necessary steps to preserve rights against any parties with respect to any Collateral.

 

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

 

(f)          Upon
the occurrence and during the continuation of any Default or Event of Default, the Collateral Agent may at any time in its discretion
(i) without notice to the Pledgors, transfer or register in the name of the Buyers or the Collateral Agent or any of their nominees
any or all of the Collateral, subject only to the revocable rights of the Pledgors under Section 7(a) hereof, and (ii) exchange
certificates or instruments constituting Collateral for certificates or instruments of smaller or larger denominations. In the
event of any such transfer to the Buyers, they will assume all rights and obligations of the Collateral Agent under this Agreement.

 

SECTION 9.          Remedies
upon Default. If any Event of Default shall have occurred and be continuing:

 

 

(a)          The
Collateral Agent shall deliver to the Buyers their respective pro rata portion of the Pledged Shares held by the Collateral Agent
hereunder, whereupon the Buyers may exercise all rights and remedies of a secured party with respect to such property as may be
available under the Uniform Commercial Code as in effect in the State of New York, including but not limited to selling the Collateral
or any part thereof in one or more parcels at public or private sale, at any exchange or broker’s board or elsewhere, at
such price or prices and on such other terms as the Buyers may deem commercially reasonable. The Pledgors agree that, to the extent
notice of sale shall be required by law, at least ten (10) days’ notice to any of the Pledgors 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 Buyers shall not
be obligated to make any sale of Collateral regardless of notice of sale having been given. The Buyers may adjourn any public or
private sale from time to time by announcement at the time and place fixed therefore, and such sale may, without further notice,
be made at the time and place to which it was so adjourned.

 

    	8

    	 

    

 

(b)          Each
Pledgor recognizes that it may be impracticable to effect a public sale of all or any part of the Pledged Shares or any other securities
constituting Collateral and that the Buyers may, therefore, determine to make one or more private sales of any such securities
to a restricted group of purchasers who will be obligated to agree, among other things, to acquire such securities for its own
account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private
sale may be at prices and on terms less favorable to the seller than the prices and other terms which might have been obtained
at a public sale and, notwithstanding the foregoing, agrees that such private sales shall be deemed to have been made in a commercially
reasonable manner and that the Buyers shall have no obligation to delay sale of any such securities for the period of time necessary
to permit the issuer of such securities to register such securities for public sale under the Securities Act of 1933, as amended
(the “Securities Act”). Each Pledgor further acknowledges and agrees that any offer to sell such securities
which has been (i) publicly advertised on a bona fide basis in a newspaper or other publication of general circulation in the financial
community of New York, New York (to the extent that such an offer may be so advertised without prior registration under the Securities
Act) or (ii) made privately in the manner described above to not less than fifteen (15) bona fide offerees shall be deemed to involve
a “public disposition” for the purposes of Section 9-610 of the Code (or any successor or similar, applicable statutory
provision) as then in effect in the State of New York, notwithstanding that such sale may not constitute a “public offering”
under the Securities Act, and that the Collateral Agent may, in such event, bid for the purchase of such securities.

 

(c)          Any
cash held by the Collateral Agent as Collateral and all cash proceeds received by the Collateral Agent in respect of any sale of,
collection from, or other realization upon, all or any part of the Collateral shall be applied (after payment of any amounts payable
to the Collateral Agent pursuant to Section 10 hereof) by the Collateral Agent against, all or any part of the Obligations in such
order as the Collateral Agent shall elect consistent with the provisions of the Securities Purchase Agreement.

 

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

 

(e)          In
the event that the proceeds of any such sale, collection, or realization are more than sufficient to pay all amounts to which the
Buyers are legally entitled, the remainder of such proceeds together with any remaining Pledged Shares and Subsequent Pledged Shares
shall be returned to the Pledgors in accordance with the terms hereof.

 

SECTION 10.         Indemnity
and Expenses.

 

(a)          The
Company hereby agrees to indemnify and hold the Pledgors and the Collateral Agent (and all of its officers, directors, employees,
attorneys, and consultants) harmless from and against any and all claims, damages, losses, liabilities, obligations, penalties,
fees, costs and expenses (including, without limitation, reasonable legal fees and disbursements of counsel) to the extent that
they arise out of or otherwise result from this Agreement (including, without limitation, enforcement of this Agreement), except
such claims, damages, losses, liabilities, obligations, penalties, fees, costs and expenses resulting from such person’s
gross negligence or willful misconduct as determined by a court of competent jurisdiction.

 

    	9

    	 

    

 

(b)          The
Company shall be obligated for, and will upon demand pay to the Pledgors and the Collateral Agent the reasonable amount of any
and all out-of-pocket costs and expenses, including the reasonable fees and disbursements of the Collateral Agent’s counsel
and of any experts which the Collateral Agent may incur in connection with (i) the preparation, negotiation, execution, delivery,
recordation, administration, amendment, waiver or other modification or termination of this Agreement, (ii) the custody, preservation,
use or operation of, or the sale of, collection from, or other realization upon, any Collateral, (iii) the exercise or enforcement
of any of the rights of the Collateral Agent hereunder, or (iv) the failure by any Pledgor to perform or observe any of the provisions
hereof.

 

SECTION 11. Notices,
Etc. All notices and other communications provided for hereunder shall be in writing and shall be mailed (by certified mail,
postage prepaid and return receipt requested), sent by Federal Express or other recognized courier service (return receipt requested),
telecopied or delivered by hand, if to any Pledgor, to it at the address specified for the Company in the Securities Purchase Agreement
or if to the Collateral Agent, to it at the address specified in the Securities Purchase Agreement or, if not a party to the Securities
Purchase Agreement as follows:

 

	If to the Company:	Max Cash Media, Inc.
	 	50 Brompton Road, Apt. 1X
	 	Great Neck, NY  11021
	 	Attention: Noah Levinson, Chief Executive Officer
	 	 
	With a copy to:	Gottbetter & Partners, LLP
	 	488 Madison Avenue, 12th Floor
	 	New York, NY  10022
	 	Attention: Adam S. Gottbetter, Esq.
	 	Telephone: 212.400.6900
	 	Facsimile: 212.400.6901
	 	 
	If to Pledgors, to:	Nicole Ostoya
	 	c/o BOLDFACE Licensing + Branding
	 	1945 Euclid Street
	 	Santa Monica, CA 90404
	 	Telephone:
	 	Facsimile: 310.581.4652

 

    	10

    	 

    

 

	With a copy to:	 
	 	Eisner, Kahan & Gorry,
	 	a Professional Corporation
	 	9601 Wilshire Blvd., Suite 700
	 	Beverly Hills, CA 90210
	 	Telephone: 310.855.3200
	 	Attn: Joseph O’Hara, Esq.
	 	Facsimile: 310.855.3201
	 	 
	If to the Collateral Agent, to:	Gottbetter & Partners, LLP
	 	488 Madison Avenue, 12th Floor
	 	New York, NY  10022
	 	Attention: Adam S. Gottbetter, Esq.
	 	Telephone: 212-400-6900
	 	Facsimile: 212-400-6901

 

or as to either such person at such other
address as shall be designated by such person in a written notice to such other person complying as to delivery with the terms
of this Section 11. All such notices and other communications shall be effective (i) if sent by certified mail, postage
prepaid, return receipt requested, when received; or (ii) if telecopied, when transmitted and confirmation is received, provided
same is on a Business Day and, if not, on the next Business Day or (iii) if delivered by hand or sent by Federal Express or other
recognized courier service (return receipt requested), upon delivery, provided same is on a Business Day and, if not, on
the next Business Day.

 

SECTION 12. Security
Interest Absolute. All rights of the Collateral Agent, all liens and all obligations of each of the Pledgors hereunder shall
be absolute and unconditional irrespective of: (i) any lack of validity or enforceability of the Securities Purchase Agreement
or any other Transaction Document, (ii) any change in the time, manner or place of payment of, or in any other term in respect
of, all or any of the Obligations, or any other amendment or waiver of or consent to any departure from the Securities Purchase
Agreement or any other Transaction Document, (iii) any exchange or release of, or non-perfection of any Lien on any Collateral,
or any release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Obligations, or (iv)
any other circumstance which might otherwise constitute a defense available to, or a discharge of, any of the Pledgors in respect
of the Obligations (other than the payment in full of the Obligations). All authorizations and agencies contained herein with respect
to any of the Collateral are irrevocable and powers coupled with an interest.

 

SECTION 13. Conflict
Waiver. The Pledgors hereby acknowledge that the Collateral Agent is counsel to the Company in connection with the transactions
contemplated and referred to herein. The Pledgors agree that in the event of any dispute arising in connection with this Agreement
or otherwise in connection with any transaction or agreement contemplated and referred herein, the Collateral Agent shall be permitted
to continue to represent the Company, and the Pledgors will not seek to disqualify such counsel and waive any objection the Pledgors
might have with respect to the Collateral Agent acting as the Collateral Agent pursuant to this Agreement.

 

    	11

    	 

    

 

SECTION 14. The
Collateral Agent.

 

(a)          Delegation
of Duties. The Collateral Agent may execute any of its duties under this Agreement or any other Transaction Document by or
through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that
it selects with reasonable care.

 

(b)          Liability
of Collateral Agent. None of the Collateral Agent Related Persons (as defined below) shall (i) be liable for any action taken
or omitted to be taken by any of them under or in connection with this Agreement or any other Transaction Document or the transactions
contemplated hereby (except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of
the Buyers for any recital, statement, representation or warranty made by any other party, or any officer thereof, contained in
this Agreement or in any other Transaction Document, or in any certificate, report, statement or other document referred to or
provided for in, or received by the Collateral Agent under or in connection with, this Agreement or any other Transaction Document,
or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Transaction Document,
or for any failure of any other party to this Agreement or any other Transaction Document to perform its obligations hereunder
or thereunder. No Collateral Agent Related Person shall be under any obligation to any Buyer to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Transaction Document,
or to inspect the properties, books or records of the Company or any of the Company’s Subsidiaries or Affiliates. “Collateral
Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective
affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

 

(c)          Reliance
by Collateral Agent. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other
document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper person or
persons, and upon advice and statements of legal counsel (including counsel to the Company or Newco), independent accountants and
other experts selected by the Collateral Agent. The Collateral Agent shall be fully justified in failing or refusing to take any
action under this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the Majority
Buyers as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Buyers against
any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Collateral
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Transaction
Document in accordance with a request or consent of the Majority Buyers and such request and any action taken or failure to act
pursuant thereto shall be binding upon all of the Buyers. “Majority Buyers” means at any time a Buyer or Buyers then
holding in excess of 50%of the then aggregate unpaid principal amount of the Notes.

 

    	12

    	 

    

 

(d)          Notice
of Default. The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any default or Event
of Default, except with respect to defaults in the delivery of any documents or certificates required to be delivered to the Collateral
Agent hereunder for the benefit of the Buyers, unless the Collateral Agent shall have received written notice from a Buyer or the
Company or Newco referring to this Agreement, describing such default or Event of Default and stating that such notice is a “notice
of default”. The Collateral Agent will notify the Buyers of its receipt of any such notice. The Collateral Agent shall take
such action with respect to such Default or Event of Default as may be requested by the Majority Buyers in accordance with this
Agreement; provided, however, that unless and until the Collateral Agent has received any such request, the Collateral Agent may
(but shall not be obligated to) take such action, or refrain from taking such action, with respect to such default or Event of
Default as it shall deem advisable or in the best interest of the Buyers.

 

(e)          Indemnification
of Collateral Agent. Whether or not the transactions contemplated hereby and by the other Transaction Documents are consummated,
the Buyers shall indemnify upon demand the Collateral Agent Related Persons (to the extent not reimbursed by or on behalf of the
Company or Newco and without limiting the obligation of the Company or Newco to do so), pro rata, from and against any and all
Indemnified Liabilities (as defined below); provided, however, that no Buyer shall be liable for the payment to the Collateral
Agent Related Persons of any portion of such Indemnified Liabilities resulting solely from such person’s gross negligence
or willful misconduct. Without limitation of the foregoing, each Buyer shall reimburse the Collateral Agent upon demand for its
ratable share of any costs or out of pocket expenses (including fees and disbursements of legal counsel) incurred by the Collateral
Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether
through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Agreement, any other Transaction Document, or any document contemplated by or referred to herein, to the extent that the Collateral
Agent is not reimbursed for such expenses by or on behalf of the Company. Notwithstanding the foregoing, no Buyer shall be required
to pay, in total under this paragraph (e) and any similar provision in any other Transaction Document, any amount in excess of
the total gross purchase price of the Notes purchased by such Buyer. The undertaking in this paragraph shall survive the payment
of all obligations hereunder and the resignation or replacement of the Collateral Agent. “Indemnified Liabilities”
means all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses and disbursements
(including fees and disbursements of legal counsel) of any kind or nature whatsoever which may at any time (including at any time
following repayment of the Notes and the termination, resignation or replacement of the Collateral Agent) be imposed on, incurred
by or asserted against any Collateral Agent Related Person in any way relating to or arising out of this Agreement or any document
contemplated by or referred to herein, or the transactions contemplated hereby and thereby, or any action taken or omitted by any
such Collateral Agent Related Person under or in connection with any of the foregoing, including with respect to any investigation,
litigation or proceeding (including any bankruptcy or insolvency proceeding or appellate proceeding) related to or arising out
of this Agreement or the Notes or the other Transaction Documents or the use of the proceeds thereof, whether or not any Collateral
Agent Related Person is a party thereto.

 

    	13

    	 

    

 

(f)          Collateral
Agent in Individual Capacity. Any Collateral Agent Related Person may engage in transactions with, make loans to, acquire equity
interests in and generally engage in any kind of business with the Company or Newco and their affiliates, including purchasing
and holding Notes, as though the Collateral Agent were not the Collateral Agent hereunder and without notice to or consent of the
Buyers. The Buyers acknowledge that, pursuant to such activities, any Collateral Agent Related Person may receive information regarding
the Company or Newco and their affiliates (including information that may be subject to confidentiality obligations in favor of
the Company or Newco and their affiliates) and acknowledge that the Collateral Agent shall be under no obligation to provide such
information to them. With respect to any Notes it holds, a Collateral Agent Related Person shall have the same rights and powers
under this Agreement as any other Buyer and may exercise the same as though the Collateral Agent were not the Collateral Agent,
and the terms “Buyer” and “Buyers” include any such Collateral Agent Related Person in its individual capacity.

 

(g)          Successor
Collateral Agent. The Collateral Agent may, and at the request of the Majority Buyers shall, resign as Collateral Agent upon
30 days’ notice to the Buyers. If the Collateral Agent resigns under this Agreement, the Majority Buyers shall appoint from
among the Buyers a successor agent for the Buyers, which successor agent shall be approved by the Company, such approval not to
be unreasonably withheld. If no successor agent is appointed prior to the effective date of the resignation of the Collateral Agent,
the Collateral Agent may appoint, after consulting with the Buyers and the Company, a successor agent from among the Buyers. Upon
the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and
duties of the retiring Collateral Agent and the term “Collateral Agent” shall mean such successor agent and the retiring
Collateral Agent’s appointment, powers and duties as Collateral Agent shall be terminated. After any retiring Collateral
Agent’s resignation hereunder as Collateral Agent, the provisions of this Section 14(g) shall inure to its benefit as to
any actions taken or omitted to be taken by it while it was Collateral Agent under this Agreement. If no successor agent has accepted
appointment as Collateral Agent by the date which is 30 days following a retiring Collateral Agent’s notice of resignation,
the retiring Collateral Agent’s resignation shall nevertheless thereupon become effective and the Buyers shall perform all
of the duties of the Collateral Agent hereunder until such time, if any, as the Majority Buyers appoint a successor agent as provided
for above.

 

SECTION 15. Miscellaneous.

 

(a)          No
amendment of any provision of this Agreement shall be effective unless it is in writing and signed by each Pledgor and the Collateral
Agent, and no waiver of any provision of this Agreement, and no consent to any departure by the Pledgors therefrom, shall be effective
unless it is in writing and signed by the Collateral Agent, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

 

    	14

    	 

    

 

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

 

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

 

(d)          This
Agreement shall create a continuing security interest in and Lien on the Collateral and shall (i) remain in full force and effect
until the termination of this Agreement in accordance with Section 15(e) hereof and (ii) be binding on the Pledgors and their respective
successors and assigns and shall inure, together with all rights and remedies of the Collateral Agent, to the benefit of the Collateral
Agent and its successors, transferees and assigns. Without limiting the generality of clause (ii) of the immediately preceding
sentence, the Collateral Agent may assign or otherwise transfer its rights and obligations under this Agreement and any other Transaction
Document to any other person pursuant to the terms of the Securities Purchase Agreement, and such other person shall thereupon
become vested with all of the benefits in respect thereof granted to the Collateral Agent herein or otherwise. Upon any such assignment
or transfer, all references in this Agreement to the Collateral Agent shall mean the assignee of the Collateral Agent. None of
the rights or obligations of any of the Pledgors hereunder may be assigned or otherwise transferred without the prior written consent
of the Collateral Agent, and any such assignment or transfer shall be null and void. The Company may assign or otherwise transfer
its rights and obligations under this Agreement to any other person without the prior written consent of any other party hereto.

 

(e)          Notwithstanding
anything to the contrary in this Agreement, (i) this Agreement (along with all powers of attorney granted hereunder) and the security
interests and Lien created hereby shall terminate and all rights to the Collateral shall revert to the Pledgors upon the repayment
in full of all indebtedness obligations owed by the Company to the Buyers under the Notes (including, without limitation, all principal,
interest, if any, and fees related to the Notes) or conversion of such Notes into equity interests in accordance with their terms,
and (ii) the Collateral Agent will, upon each Pledgor’s request and at each such Pledgor’s expense, (A) return to such
Pledgor such of the Collateral (to the extent delivered to the Collateral Agent) as shall not have been sold or otherwise disposed
of or applied pursuant to the terms hereof, and (B) execute and deliver to such Pledgor, without recourse, representation or warranty,
such documents as such Pledgor shall reasonably request to evidence such termination.

 

(f)          The
internal laws, and not the laws of conflicts, of New York shall govern the enforceability and validity of this Agreement, the construction
of its terms and the interpretation of the rights and duties of the parties, except as required by mandatory provisions of law
and except to the extent that the validity and perfection or the perfection and the effect of perfection or non-perfection of the
security interest and Lien created hereby, or remedies hereunder, in respect of any particular Collateral are governed by the law
of a jurisdiction other than the State of New York.

 

    	15

    	 

    

 

(g)          Each
party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the United States District Court for the Southern District of New York sitting in Manhattan or the Commercial Division, Civil
Branch of the Supreme Court of the State of New York sitting in New York County in connection with any suit, action or proceeding
directly or indirectly arising out of, under or in connection with this Agreement or the other Transaction Documents or the transactions
contemplated hereby or thereby. No party to this Agreement may move to (i) transfer any such suit, action or proceeding brought
in such New York court or federal court to another jurisdiction, (ii) consolidate any such suit, action or proceeding brought in
such New York court or federal court with a suit, action or proceeding in another jurisdiction or (iii) dismiss any such suit,
action or proceeding brought in such New York court or federal court for the purpose of bringing the same in another jurisdiction.
Each party to this Agreement agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be
enforced in any other jurisdiction by suit on the judgment or in any other manner provided by law. Each party to this Agreement
hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which
it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
or the other Transaction Documents, in any New York court sitting in the County of New York or any federal court sitting in the
Southern District of New York.

 

(h)          Each
Pledgor irrevocably consents to the service of process of any of the aforesaid courts in any such action, suit or proceeding by
the mailing of copies thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to
such Pledgor at its address provided herein, such service to become effective when received or ten (10) days after such mailing,
whichever first occurs.

 

(i)          Nothing
contained herein shall affect the right of the Collateral Agent to serve process in any other manner permitted by law or commence
legal proceedings or otherwise proceed against any Pledgor or any property of any Pledgor in any other jurisdiction.

 

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

 

(k)          EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY SUIT, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR OTHER TRANSACTION
DOCUMENTS.

 

(l)          The
headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

    	16

    	 

    

 

(m)          This
Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. The parties agree
that Buyers are third party beneficiaries to this Agreement.

 

(n)          All
of the obligations of the Pledgors hereunder are several. The release or discharge of any Pledgor by the Collateral Agent shall
not release or discharge any other Pledgor from the obligations of such person hereunder.

 

[SIGNATURE PAGE FOLLOWS]

 

    	17

    	 

    

 

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

 

	 	Max Cash Media, Inc.
	 	 
	 	By:	/s/ Noah Levinson
	 	Name:  	Noah Levinson
	 	Title:	 President
	 	 
	 	PLEDGORS:
	 	 
	 	/s/ Nicole Ostoya
	 	Nicole Ostoya
	 	 
	 	/s/ Robin Coe-Hutshing
	 	Robin Coe-Hutshing
	 	 
	 	/s/ Maria Torres
	 	Maria Torres

 

	ACCEPTED BY:
	 
	GOTTBETTER & PARTNERS, LLP
	as Collateral Agent
	 
	By:  	/s/ Adam S. Gottbetter
	 	Name: Adam S. Gottbetter
	 	Title: Managing Partner

 

[SIGNATURE PAGE TO NEWCO PLEDGE AGREEMENT]COMPANY SECURITY AGREEMENT

 

THIS SECURITY AGREEMENT
(“Agreement”) is made and entered into as of the 16th day of May, 2012, by and among Max Cash Media,
Inc., a Nevada corporation (the “Company”), BOLDFACE Licensing + Branding, a Nevada corporation (the
“Borrower”), and Gottbetter & Partners, LLP, in its capacity as collateral agent (in such capacity,
the “Collateral Agent”) for the Buyers (as defined below) party to that certain Securities Purchase Agreement,
dated as of May 16, 2012 (the “Securities Purchase Agreement”).

 

WITNESSETH:

 

WHEREAS, the
Company and each party listed as a “Buyer” on the Schedule of Buyers attached to the Securities Purchase Agreement
(collectively, the “Buyers”) are parties to that Securities Purchase Agreement, pursuant to which the Company
shall sell, and the Buyers shall purchase, the “Notes” (as defined therein);

 

WHEREAS, pursuant
to that certain bridge loan agreement dated as of even date herewith (the “Bridge Loan Agreement”) between the Company
and the Borrower, the Company has agreed to lend the proceeds of the Notes to the Borrower (the “Bridge Loan”);
and

 

WHEREAS, the
Company has agreed to grant a security interest in and to the Collateral (as defined in this Agreement) to the Buyers on the terms
and conditions set forth in this Agreement;

 

NOW, THEREFORE,
for and in consideration of the bridge loan and other premises and intending to be legally bound, the parties covenant and agree
as follows:

 

1.          Definitions.
In addition to the words and terms defined elsewhere in this Agreement, the following words and terms shall have the following
meanings, unless the context otherwise clearly requires:

 

“Bridge Loan Documents”
shall mean collectively, this Agreement, the Bridge Loan Agreement, the “Notes” (as defined in the Bridge Loan Agreement)
representing the Bridge Loan (the “Bridge Notes”), and all other agreements, documents and instruments executed and
delivered in connection therewith, as each may be amended, supplemented or modified from time to time.

 

“Accounts” shall
have the meaning given to that term in the Code, but only insofar as they relate to the Bridge Loan Documents or Proceeds thereof.

 

“Chattel Paper” shall
have the meaning given to that term in the Code, but only insofar as they relate to the Bridge Loan Documents or Proceeds thereof.

 

“Code” shall mean
the Uniform Commercial Code as in effect on the date of this Agreement and as amended from time to time, of the state or states
having jurisdiction with respect to all or any portion of the Collateral from time to time. 

 

    	 

    	 

    

 

“Collateral” shall
mean (i) the Bridge Loan Documents, Accounts, Chattel Paper, Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles,
Instruments, Intellectual Property, Inventory, Investment Property, and (ii) Proceeds thereof.

 

“Deposit Accounts”
shall have the meaning given to that term in the Code, but only insofar as they relate to the Bridge Loan Documents or Proceeds
thereof.

 

“Documents” shall
have the meaning given to that term in the Code, but only insofar as they relate to the Bridge Loan Documents or Proceeds thereof.

 

“Equipment” shall
have the meaning given to that term in the Code, but only insofar as they relate to the Bridge Loan Documents or Proceeds thereof.

 

“Event of Default”
shall mean (i) any of the Events of Default described in the Securities Purchase Agreement, the Notes, the Bridge Notes or the
Bridge Loan Documents, or (ii) any default by the Company in the performance of its obligations under this Agreement.

 

“Fixtures” shall
have the meaning given to that term in the Code, and shall include without limitation leasehold improvements, but only insofar
as they relate to the Bridge Loan Documents or Proceeds thereof.

 

“General Intangibles”
shall have the meaning given to that term in the Code, but only insofar as they relate to the Bridge Loan Documents or Proceeds
thereof.

 

“Instruments” shall
have the meaning given to that term in the Code, but only insofar as they relate to the Bridge Loan Documents or Proceeds thereof.

 

“Inventory” shall
have the meaning given to that term in the Code, but only insofar as they relate to the Bridge Loan Documents or Proceeds thereof.

 

“Investment Property,”
“Securities Intermediary” and “Commodities Intermediary” each shall have the meaning set forth in the Code,
but only insofar as they relate to the Bridge Loan Documents or Proceeds thereof.

 

“Loan Documents”
shall mean collectively, this Agreement, the Notes, the Securities Purchase Agreement and all other agreements, documents and instruments
executed and delivered in connection therewith, as each may be amended, supplemented or modified from time to time.

 

“Permitted Liens”
shall mean all (i) all existing liens on the assets of the Company which have been disclosed to the Buyers by the Company on a
Schedule attached hereto, and (ii) all purchase money security interests hereinafter incurred by the Company in the ordinary course
of business.

 

    	2

    	 

    

  

“Proceeds” shall
have the meaning given to that term in the Code and shall include without limitation whatever is received when Collateral or Proceeds
are sold, exchanged, collected or otherwise disposed of, whether cash or non-cash, and includes without limitation proceeds of
insurance payable by reason of loss of or damage to Collateral.

 

Capitalized terms used
herein without definition shall have the meanings ascribed to them in the Securities Purchase Agreement. Capitalized terms not
otherwise defined in this Agreement or the Securities Purchase Agreement shall have the meanings attributed to such terms in the
Code.

 

2.          Security
Interest.

 

(a)          As
security for the full and timely payment of the Notes in accordance with the terms of the Securities Purchase Agreement and the
performance of the obligations of the Company under the Notes and the Securities Purchase Agreement, the Company agrees that the
Buyers shall have, and the Company shall grant and convey to and create in favor of the Buyers, a security interest under the Code
in and to its Collateral, whether now owned or existing or hereafter acquired or arising and regardless of where located. The security
interest granted to the Buyers in this Agreement shall be a first priority security interest, prior and superior to the rights
of all third parties existing on or arising after the date of this Agreement, subject to the Permitted Liens.

 

(b)          None
of the Collateral is in the possession of any bailee, warehousemen, processor or consignee. Schedule I discloses the Company’s
name as of the date hereof as it appears in official filings in the state or province, as applicable, of its incorporation, formation
or organization, the type of entity of the Company (including corporation, partnership, limited partnership or limited liability
company), the organizational identification number issued by the Company’s state of incorporation, formation or organization
(or a statement that no such number has been issued), and the chief place of business, chief executive officer and the office where
the Company keep its books and records. The Company has only one state or province, as applicable, of incorporation, formation
or organization. The Company does not do business and has not done business during the past five (5) years under any trade name
or fictitious business name except as disclosed on Schedule I attached hereto.

 

3.          Provisions
Applicable to the Collateral. The parties agree that the following provisions shall be applicable to the Collateral:

 

(a) The Company covenants
and agrees that at all times during the term of this Agreement it shall keep accurate and complete books and records concerning
the Collateral that is now owned by the Company.

 

(b) The Buyers or their
representatives shall have the right, upon reasonable prior written notice to the Company and during the regular business hours
of the Company, to examine and inspect the Collateral and to review the books and records of the Company concerning the Collateral
that is now owned or acquired after the date of this Agreement by the Company and to copy the same and make excerpts therefrom;
provided, however, that from and after the occurrence of an Event of Default, the rights of inspection and entry shall be subject
to the requirements of the Code.

 

    	3

    	 

    

 

(c) The Company shall
not move the location of its principal executive offices without prior written notification to the Buyers.

 

(d) Promptly upon request
of the Buyers from time to time, the Company shall furnish the Buyers with such information and documents regarding the Collateral
and the Company’s financial condition, business, assets or liabilities, at such times and in such form and detail as the
Buyers may reasonably request.

 

(e) During the term
of this Agreement, the Company shall deliver to the Buyers, upon their reasonable, written request from time to time, without limitation,
all invoices and customer statements rendered to the Borrower, documents, contracts, chattel paper, instruments and other writings
pertaining to the Company’s contracts or the performance of the Company’s contracts relating to the Bridge Loan Documents.

 

(f) Notwithstanding
the security interest in the Collateral granted to and created in favor of the Buyers under this Agreement, the Company shall have
the right until one or more Events of Default shall occur, at its own cost and expense, to enforce its contract rights.

 

(g) After the occurrence
and during the continuance of an Event of Default, the Collateral Agent shall have the right, in its sole discretion, to give notice
of the Buyers’ security interest to the Borrower, to notify the Borrower to make payment directly to the Buyers and to enforce
the Company’s contract rights relating to the Bridge Loan Documents. It is understood and agreed by the Company that Collateral
Agent shall have no liability whatsoever under this subsection (i) except for their own gross negligence or willful misconduct.

 

(h) The Company shall
not change its name, entity status, federal taxpayer identification number, or provincial organizational or registration number,
or the state under which it is organized without the prior written consent of the Buyers, which consent shall not be unreasonably
withheld.

 

(i) The Company shall
cooperate with the Buyers, at the Company’s expense, in perfecting Buyers’ security interest in any of the Collateral.

 

(j) The Collateral
Agent may file any necessary financing statements and other documents the Collateral Agent deems reasonably necessary in order
to perfect the Buyers’ security interest without the Company’s signature. The Company grants to Collateral Agent a
power of attorney for the sole purpose of executing any documents on behalf of the Company which the Collateral Agent deems reasonably
necessary to perfect the Buyers’ security interest. Such power, coupled with an interest, is irrevocable.

 

    	4

    	 

    

 

4.          Actions
with Respect to Accounts. The Company irrevocably makes, constitutes and appoints the Collateral Agent its true and lawful
attorney-in-fact with power to sign its name and to take any of the following actions after the occurrence and prior to the cure
of an Event of Default, at any time without notice to the Company and at the Company’s reasonable expense:

 

(a) Verify the validity
and amount of, or any other matter relating to, the Collateral by mail, telephone, telegraph or otherwise;

 

(b) Enforce payment
of and collect any Accounts, by legal proceedings or otherwise, and for such purpose the Buyers may:

 

(1) Demand
payment of any Accounts or direct any account debtors to make payment of Accounts directly to the Buyers;

 

(2) Receive
and collect all monies due or to become due to the Borrower pursuant to the Accounts;

 

(3) Exercise
all of the Borrower’s rights and remedies with respect to the collection of Accounts;

 

(4) Settle,
adjust, compromise, extend, renew, discharge or release Accounts in a commercially reasonable manner;

 

(5) Sell
or assign Accounts on such reasonable terms, for such reasonable amounts and at such reasonable times as the Buyers reasonably
deems advisable;

 

(6) Prepare,
file and sign the Borrower’s name on any Proof of Claim or similar documents in any proceeding filed under federal or state
bankruptcy, insolvency, reorganization or other similar law as to any account debtor;

 

(7) Prepare,
file and sign the Borrower’s name on any notice of lien, claim of mechanic’s lien, assignment or satisfaction of lien
or mechanic’s lien or similar document in connection with the Collateral;

 

(8) Endorse
the name of the Borrower upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents
or agreements relating to Accounts or goods pertaining to Accounts or upon any checks or other media of payment or evidence of
a security interest that may come into the Buyers’ possession;

 

(9) Sign
the name or names of the Borrower to verifications of Accounts and notices of Accounts sent by account debtors to the Borrower;
or

 

(10) Take
all other actions that the Buyers reasonably deems to be necessary or desirable to protect the Borrower’s interest in the
Accounts.

 

    	5

    	 

    

 

(c) Negotiate and endorse
any Document in favor of the Buyers or its designees, covering Inventory which constitutes Collateral, and related documents for
the purpose of carrying out the provisions of this Agreement and taking any action and executing in the name of Borrower any instrument
which the Buyers may reasonably deem necessary or advisable to accomplish the purpose hereof. Without limiting the generality of
the foregoing, the Collateral Agent shall have the right and power to receive, endorse and collect checks and other orders for
the payment of money made payable to the Borrower representing any payment or reimbursement made under, pursuant to or with respect
to, the Collateral or any part thereof and to give full discharge to the same. This power, being coupled with an interest, is irrevocable
until the Notes are paid in full or converted into equity interests in accordance with their terms (at which time this power shall
terminate in full) and the Borrower shall have performed all of its obligations under this Agreement. The Borrower further agrees
to use its reasonable efforts to assist the Collateral Agent in the collection and enforcement of the Accounts and will not hinder,
delay or impede the Buyers in any manner in its collection and enforcement of the Accounts.

 

5.          Preservation
and Protection of Security Interest. The Company represents and warrants that it has, and covenants and agrees that at all
times during the term of this Agreement, it will have, good and marketable title to the Collateral now owned by it free and clear
of all mortgages, pledges, liens, security interests, charges or other encumbrances, except for the Permitted Liens and those junior
in right of payment and enforcement to that of the Buyers or in favor of the Buyers, and shall defend the Collateral against the
claims and demands of all persons, firms and entities whomsoever. Assuming the Buyers have taken all required action to perfect
a security interest in the Collateral as provided by the Code, the Company represents and warrants that as of the date of this
Agreement the Buyers have, and that all times in the future the Buyers will have, a first priority perfected security interest
in the Collateral, prior and superior to the rights of all third parties in the Collateral existing on the date of this Agreement
or arising after the date of this Agreement, subject to the Permitted Liens. Except as permitted by this Agreement, the Company
covenants and agrees that it shall not, without the prior written consent of the Buyers (i) borrow against the Collateral or any
portion of the Collateral from any other person, firm or entity, except for borrowings which are subordinate to the rights of the
Buyers, (ii) grant or create or permit to attach or exist any mortgage, pledge, lien, charge or other encumbrance, or security
interest on, of or in any of the Collateral or any portion of the Collateral except those in favor of the Buyers or the Permitted
Liens, (iii) permit any levy or attachment to be made against the Collateral or any portion of the Collateral, except those subject
to the Permitted Liens, or (iv) permit any financing statements to be on file with respect to any of the Collateral, except financing
statements in favor of the Buyers or those with respect to the Permitted Liens. The Company shall faithfully preserve and protect
the Buyers’ security interest in the Collateral and shall, at their own cost and expense, cause, or assist the Buyers to
cause that security interest to be perfected and continue perfected so long as the Notes or any portion of the Notes are outstanding,
unpaid or executory. For purposes of the perfection of the Buyers’ security interest in the Collateral in accordance with
the requirements of this Agreement, the Company shall from time to time at the request of the Buyers file or record, or cause to
be filed or recorded, such instruments, documents and notices, including assignments, financing statements and continuation statements,
as the Buyers may reasonably deem necessary or advisable from time to time in order to perfect and continue perfected such security
interest. The Company shall do all such other acts and things and shall execute and deliver all such other instruments and documents,
including further security agreements, pledges, endorsements, assignments and notices, as the Buyers in their discretion may reasonably
deem necessary or advisable from time to time in order to perfect and preserve the priority of such security interest as a first
lien security interest in the Collateral prior to the rights of all third persons, firms and entities, subject to the Permitted
Liens and except as may be otherwise provided in this Agreement. The Company agrees that a carbon, photographic or other reproduction
of this Agreement or a financing statement is sufficient as a financing statement and may be filed instead of the original.

 

    	6

    	 

    

 

6.          Insurance.
At the reasonable request of the Buyers, the Company’s policies of insurance shall contain loss payable clauses in favor
of the Company and the Buyers as their respective interests may appear and shall contain provision for notification of the Buyers
thirty (30) days prior to the termination of such policy. At the request of the Buyers, copies of all such policies, or certificates
evidencing the same, shall be deposited with the Buyers. If the Company fails to effect and keep in full force and effect such
insurance or fails to pay the premiums when due, the Buyers may (but shall not be obligated to) do so for the account of the Company
and add the cost thereof to the Notes, upon five (5) days written notice to Borrower. The Buyers are irrevocably appointed attorney-in-fact
of the Company to endorse any draft or check which may be payable to the Borrower in order to collect the proceeds of such insurance.
Any balance of insurance proceeds remaining in the possession of the Buyers after payment in full of the Notes shall be paid over
to the Borrower or its order.

 

7.          [RESERVED]

 

8.          Preservation
of Rights Against Third Parties; Preservation of Collateral in Buyers’s Possession. Until such time as the Buyers exercise
their right to effect the enforcement of the Company’s contract rights relating to the Bridge Loan Documents, the Company
assumes full responsibility for taking any and all commercially reasonable steps to preserve rights in respect of its contracts
against prior parties. The Buyers shall be deemed to have exercised reasonable care in the custody and preservation of such of
the Collateral as may come into its possession from time to time if the Buyers take such action for that purpose as the Company
shall request in writing, provided that such requested action shall not, in the judgment of the Buyers, impair the Buyers’
security interest in the Collateral or its right in, or the value of, the Collateral, and provided further that the Buyers receive
such written request in sufficient time to permit the Buyers to take the requested action.

 

9.          Events
of Default and Remedies.

 

(a) If any one or more
of the Events of Default shall occur or shall exist, the Collateral Agent may then or at any time thereafter, so long as such default
shall continue, foreclose the lien or security interest in the Collateral in any way permitted by law, or upon thirty (30) days
prior written notice to the Borrower, sell any or all Collateral at private sale at any time or place in one or more sales, at
such price or prices and upon such terms, either for cash or on credit, as the Collateral Agent, in its commercially reasonable
sole discretion, may elect, or sell any or all Collateral at public auction, either for cash or on credit, as the Collateral Agent,
in its commercially reasonable sole discretion, may elect, provided, that any such sale shall comply with applicable law, and at
any such sale, the Collateral Agent may bid for and become the purchaser of any or all such Collateral. Pending any such action
the Collateral Agent may liquidate the Collateral.

 

    	7

    	 

    

 

(b) If any one or more
of the Events of Default shall occur or shall exist, the Collateral Agents may then, or at any time thereafter, so long as such
default shall continue, grant extensions to, or adjust claims of, or make compromises or settlements with, debtors, guarantors
or any other parties with respect to Collateral or any securities, guarantees or insurance applying thereon, without notice to
or the consent of the Borrower, without affecting the Borrower’s liability under this Agreement or the Notes. The Borrower
waives notice of acceptance, of nonpayment, protest or notice of protest of any Accounts or Chattel Paper, any of its contract
rights or Collateral and any other notices to which the Borrower may be entitled.

 

(c) If any one or more
of the Events of Default shall occur or shall exist and be continuing, then in any such event, the Collateral Agent shall have
such additional rights and remedies in respect of the Collateral or any portion thereof as are provided by the Code and such other
rights and remedies in respect thereof which it may have at law or in equity or under this Agreement, including without limitation
the right to enter any premises where Equipment, Inventory and/or Fixtures are located and take possession and control thereof
without demand or notice and without prior judicial hearing or legal proceedings, which the Borrower expressly waives.

 

(d) The Collateral
Agent shall apply the Proceeds of any sale or liquidation of the Collateral, and, subject to Section 5, any Proceeds received by
the Collateral Agent from insurance, first to the payment of the reasonable costs and expenses incurred by the Collateral Agent
in connection with such sale or collection, including without limitation reasonable attorneys’ fees and legal expenses; second
to the payment of the Notes, pro rata, whether on account of principal or interest or otherwise as the Collateral Agent, in its
sole discretion, may elect, and then to pay the balance, if any, to the Borrower or as otherwise required by law. If such Proceeds
are insufficient to pay the amounts required by law, the Borrower shall be liable for any deficiency.

 

(e) Upon the occurrence
and continuance of any Event of Default, the Borrower shall promptly upon written demand by the Collateral Agent assemble the Equipment,
Inventory and Fixtures and make them available to the Buyers at a place or places to be designated by the Collateral Agent The
rights of the Collateral Agent under this paragraph to have the Equipment, Inventory and Fixtures assembled and made available
to it is of the essence of this Agreement and the Collateral Agent may, at its election, seek to enforce such right by an action
in equity for injunctive relief or specific performance, without the requirement of a bond.

  

10.         Defeasance.
Notwithstanding anything to the contrary contained in this Agreement, upon payment and performance in full of the Notes or their
conversion into equity interests in accordance with their terms, this Agreement shall terminate and be of no further force and
effect and the Buyers shall thereupon terminate their security interest in the Collateral, including promptly filing a UCC-3 termination
statement and taking such other actions necessary to evidence such termination. Until such time, however, this Agreement shall
be binding upon and inure to the benefit of the parties, their successors and assigns, provided that, without the prior written
consent of the Buyers, the Borrower may not assign this Agreement or any of its rights under this Agreement or delegate any of
its duties or obligations under this Agreement and any such attempted assignment or delegation shall be null and void. This Agreement
is not intended and shall not be construed to obligate the Buyers to take any action whatsoever with respect to the Collateral
or to incur expenses or perform or discharge any obligation, duty or disability of the Borrower.

 

    	8

    	 

    
 

11.         The
Collateral Agent.

 

(a)          Delegation
of Duties. The Collateral Agent may execute any of its duties under this Agreement or any other Transaction Document by or
through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that
it selects with reasonable care.

 

(b)          Liability
of Collateral Agent. None of the Collateral Agent Related Persons (as defined below) shall (i) be liable for any action taken
or omitted to be taken by any of them under or in connection with this Agreement or any other Transaction Document or the transactions
contemplated hereby (except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of
the Buyers for any recital, statement, representation or warranty made by any other party, or any officer thereof, contained in
this Agreement or in any other Transaction Document, or in any certificate, report, statement or other document referred to or
provided for in, or received by the Collateral Agent under or in connection with, this Agreement or any other Transaction Document,
or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Transaction Document,
or for any failure of any other party to this Agreement or any other Transaction Document to perform its obligations hereunder
or thereunder. No Collateral Agent Related Person shall be under any obligation to any Buyer to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Transaction Document,
or to inspect the properties, books or records of the Company or any of the Company’s Subsidiaries or Affiliates. “Collateral
Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective
affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

 

(c)          Reliance
by Collateral Agent. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other
document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper person or
persons, and upon advice and statements of legal counsel (including counsel to the Company or the Borrower), independent accountants
and other experts selected by the Collateral Agent. The Collateral Agent shall be fully justified in failing or refusing to take
any action under this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the
Majority Buyers as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Buyers
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.
The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any
other Transaction Document in accordance with a request or consent of the Majority Buyers and such request and any action taken
or failure to act pursuant thereto shall be binding upon all of the Buyers. “Majority Buyers” means at any time a Buyer
or Buyers then holding in excess of 50% of the then aggregate unpaid principal amount of the Notes.

 

    	9

    	 

    

 

(d)          Notice
of Default. The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any default or Event
of Default, except with respect to defaults in the delivery of any documents or certificates required to be delivered to the Collateral
Agent hereunder for the benefit of the Buyers, unless the Collateral Agent shall have received written notice from a Buyer or the
Company or the Borrower referring to this Agreement, describing such default or Event of Default and stating that such notice is
a “notice of default”. The Collateral Agent will notify the Buyers of its receipt of any such notice. The Collateral
Agent shall take such action with respect to such Default or Event of Default as may be requested by the Majority Buyers in accordance
with this Agreement; provided, however, that unless and until the Collateral Agent has received any such request, the Collateral
Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such default or
Event of Default as it shall deem advisable or in the best interest of the Buyers.

 

(e)          Indemnification
of Collateral Agent. Whether or not the transactions contemplated hereby and by the other Transaction Documents are consummated,
the Buyers shall indemnify upon demand the Collateral Agent Related Persons (to the extent not reimbursed by or on behalf of the
Company or the Borrower and without limiting the obligation of the Company or the Borrower to do so), pro rata, from and against
any and all Indemnified Liabilities (as defined below); provided, however, that no Buyer shall be liable for the payment to the
Collateral Agent Related Persons of any portion of such Indemnified Liabilities resulting solely from such Person’s gross
negligence or willful misconduct. Without limitation of the foregoing, each Buyer shall reimburse the Collateral Agent upon demand
for its ratable share of any costs or out of pocket expenses (including fees and disbursements of legal counsel) incurred by the
Collateral Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement
(whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under,
this Agreement, any other Transaction Document, or any document contemplated by or referred to herein, to the extent that the Collateral
Agent is not reimbursed for such expenses by or on behalf of the Company. Notwithstanding the foregoing, no Buyer shall be required
to pay, in total under this paragraph (e) and any similar provision in any other Transaction Document, any amount in excess of
the total gross purchase price of the Notes purchased by such Buyer. The undertaking in this paragraph shall survive the payment
of all obligations hereunder and the resignation or replacement of the Collateral Agent. “Indemnified Liabilities”
means all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses and disbursements
(including fees and disbursements of legal counsel) of any kind or nature whatsoever which may at any time (including at any time
following repayment of the Notes and the termination, resignation or replacement of the Collateral Agent) be imposed on, incurred
by or asserted against any Collateral Agent Related Person in any way relating to or arising out of this Agreement or any document
contemplated by or referred to herein, or the transactions contemplated hereby and thereby, or any action taken or omitted by any
such Collateral Agent Related Person under or in connection with any of the foregoing, including with respect to any investigation,
litigation or proceeding (including any bankruptcy or insolvency proceeding or appellate proceeding) related to or arising out
of this Agreement or the Notes or the other Transaction Documents or the use of the proceeds thereof, whether or not any Collateral
Agent Related Person is a party thereto.

 

    	10

    	 

    

 

(f)          Collateral
Agent in Individual Capacity. Any Collateral Agent Related Person may engage in transactions with, make loans to, acquire equity
interests in and generally engage in any kind of business with the Company or the Borrower and their affiliates, including purchasing
and holding Notes, as though the Collateral Agent were not the Collateral Agent hereunder and without notice to or consent of the
Buyers. The Buyers acknowledge that, pursuant to such activities, any Collateral Agent Related Person may receive information regarding
the Company or the Borrower and their affiliates (including information that may be subject to confidentiality obligations in favor
of the Company or the Borrower and their affiliates) and acknowledge that the Collateral Agent shall be under no obligation to
provide such information to them. With respect to any Notes it holds, a Collateral Agent Related Person shall have the same rights
and powers under this Agreement as any other Buyer and may exercise the same as though the Collateral Agent were not the Collateral
Agent, and the terms “Buyer” and “Buyers” include any such Collateral Agent Related Person in its individual
capacity.

 

(g)          Successor
Collateral Agent. The Collateral Agent may, and at the request of the Majority Buyers shall, resign as Collateral Agent upon
30 days’ notice to the Buyers. If the Collateral Agent resigns under this Agreement, the Majority Buyers shall appoint from
among the Buyers a successor agent for the Buyers, which successor agent shall be approved by the Company, such approval not to
be unreasonably withheld. If no successor agent is appointed prior to the effective date of the resignation of the Collateral Agent,
the Collateral Agent may appoint, after consulting with the Buyers and the Company, a successor agent from among the Buyers. Upon
the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and
duties of the retiring Collateral Agent and the term “Collateral Agent” shall mean such successor agent and the retiring
Collateral Agent’s appointment, powers and duties as Collateral Agent shall be terminated. After any retiring Collateral
Agent’s resignation hereunder as Collateral Agent, the provisions of this Section 11

shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral
Agent under this Agreement. If no successor agent has accepted appointment as Collateral Agent by the date which is 30 days following
a retiring Collateral Agent’s notice of resignation, the retiring Collateral Agent’s resignation shall nevertheless
thereupon become effective and the Buyers shall perform all of the duties of the Collateral Agent hereunder until such time, if
any, as the Majority Buyers appoint a successor agent as provided for above.

 

12.         Miscellaneous.

 

(a) The provisions
of this Agreement are intended to be severable. If any provision of this Agreement shall for any reason be held invalid or unenforceable
in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity
or unenforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction
or any other provision of this Agreement in any jurisdiction.

 

    	11

    	 

    

 

(b) No failure or delay
on the part of the Buyers in exercising any right, remedy, power or privilege under this Agreement and the Notes shall operate
as a waiver thereof or of any other right, remedy, power or privilege of the Buyers under this Agreement, the Notes or any of the
other Loan Documents; nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other
right, remedy, power or privilege or further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges of the Buyers under this Agreement, the Notes and the other Loan Documents are cumulative
and not exclusive of any rights or remedies which they may otherwise have.

 

(c) Unless otherwise
provided herein, all demands, notices, consents, service of process, requests and other communications hereunder shall be in writing
and shall be delivered in person or by overnight courier service, or mailed by certified mail, return receipt requested, addressed:

 

If to Company:

 

Max Cash Media, Inc.

50 Brompton Road, Apt. 1X

Great Neck, NY 11021

Attention:        Noah Levinson, Chief
Executive Officer

 

with a copy to:

 

Gottbetter & Partners, LLP

488 Madison Avenue, 12th
Floor

New York, NY 10022

Attn: Adam S. Gottbetter, Esq.

Facsimile: (212) 400-6901

 

If to Borrower:

 

BOLDFACE Licensing + Branding

1945 Euclid Street

Santa Monica, CA 90404

Attn: Nicole Ostoya, CEO

Facsimile: 310.581.4652

 

with a copy to:

 

Eisner, Kahan & Gorry,

a Professional Corporation

9601 Wilshire Blvd., Suite 700

Beverly Hills, CA 90210

Telephone: 310.855.3200

Attn: Joseph O’Hara, Esq.

Facsimile: 310.855.3201

 

    	12

    	 

    

 

If to Collateral Agent:

 

Gottbetter & Partners, LLP

488 Madison Avenue, 12th
Floor

New York, NY 10022

Attn: Adam S. Gottbetter, Esq.

Facsimile: (212) 400-6901

 

Any such notice shall be effective (a) when
delivered, if delivered by hand delivery or overnight courier service, or U.S. Mail return receipt requested.

 

(d) The section headings
contained in this Agreement are for reference purposes only and shall not control or affect its construction or interpretation
in any respect.

 

(e) Unless the context
otherwise requires, all terms used in this Agreement which are defined by the Code shall have the meanings stated in the Code.

 

(f) The Code shall
govern the settlement, perfection and the effect of attachment and perfection of the Buyers’ security interest in the Collateral,
and the rights, duties and obligations of the Buyers and the Borrower with respect to the Collateral. This Agreement shall be deemed
to be a contract under the laws of the State of New York and the execution and delivery of this Agreement and, to the extent not
inconsistent with the preceding sentence, the terms and provisions of this Agreement shall be governed by and construed in accordance
with the laws of that State.

 

(g) This Agreement
may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the
same instrument. All of such counterparts shall be read as though one, and they shall have the same force and effect as though
all the signers had signed a single page.

 

[SIGNATURE PAGE FOLLOWS]

 

    	13

    	 

    

 

IN WITNESS WHEREOF, and intending
to be legally bound, the parties have executed and delivered this Security Agreement as of the day and year set forth at the beginning
of this Security Agreement.

 

	 	COMPANY:
	 	 
	 	MAX CASH MEDIA, INC.
	 	 
	 	By:	/s/ Noah Levinson
	 	 	Name:  Noah Levinson
	 	 	Title:  CEO

 

	 	BORROWER:
	 	 
	 	BOLDFACE LICENSING + BRANDING
	 	 	 
	 	By:	/s/ Nicole Ostoya
	 	Name:  Nicole Ostoya
	 	Title:  President

 

ACCEPTED BY:

 

GOTTBETTER & PARTNERS, LLP

as Collateral Agent

 

	By:	/s/ Adam S. Gottbetter
	 	Name: Adam S. Gottbetter
	 	Title: Managing Partner

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]