Document:

Exhibit
10.2

 

SECURITY AND PLEDGE AGREEMENT

 

THIS SECURITY AND PLEDGE
AGREEMENT (this “Agreement”) is entered into as of December 19, 2018, among BRPI ACQUISITION CO LLC, a Delaware
limited liability company, UNITED ONLINE, INC., a Delaware corporation, and YMAX CORPORATION, a Delaware corporation (collectively,
the “Borrowers”), the other parties identified as “Grantors” on the signature pages hereto and such
other parties that may become Grantors hereunder after the date hereof (together with the Borrowers, each individually a “Grantor”,
and collectively, the “Grantors”) and BANC OF CALIFORNIA, N.A., in its capacity as administrative agent (in
such capacity, the “Administrative Agent”) for the Secured Parties.

 

RECITALS

 

WHEREAS, pursuant to
that certain Credit Agreement, dated as of the date hereof (as amended, modified, extended, restated, renewed, replaced, or supplemented
from time to time, the “Credit Agreement”) among the Borrowers, the Secured Guarantors, the Lenders party thereto
and the Administrative Agent, the Lenders have agreed to make the Term Loans upon the terms and subject to the conditions set forth
therein; and

 

WHEREAS, this Agreement
is required by the terms of the Credit Agreement.

 

NOW, THEREFORE, in
consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.             Definitions.

 

(a)       Capitalized
terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. With reference
to this Agreement, unless otherwise specified herein: (i) the definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined, (ii) whenever the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms, (iii) the words “include,” “includes” and “including” shall be deemed
to be followed by the phrase “without limitation,” (iv) the word “will” shall be construed to have the
same meaning and effect as the word “shall,” (v) any definition of, or reference to, any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document, as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein),
(vi) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns, (vii)
the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (viii) all references herein to Sections,
Exhibits and Schedules shall be construed to refer to Sections of, and Exhibits and Schedules to, this Agreement, (ix) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (x) the term “documents”
includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings,
however evidenced, whether in physical or electronic form, (xi) in the computation of periods of time from a specified date to
a later specified date, the word “from” means “from and including;” the words “to” and “until”
each mean “to but excluding;” and the word “through” means “to and including”, (xii) Section
headings herein are included for convenience of reference only and shall not affect the interpretation of this Agreement and (xiii)
where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer
to such Grantor’s Collateral or the relevant part thereof.

 

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(b)   
    The following terms shall have the meanings set forth in the UCC (defined below): Accession,
Account, Account Debtor, Adverse Claim, As-Extracted Collateral, Certificated Security, Chattel Paper, Commercial Tort Claim,
Consumer Goods, Deposit Account, Document, Electronic Chattel Paper, Equipment, Farm Products, Financial Asset, Fixtures,
General Intangible, Goods, Instrument, Inventory, Investment Company Security, Investment Property, Letter-of-Credit Right,
Manufactured Home, Payment Intangible, Proceeds, Securities Account, Securities Intermediary, Security, Software, Supporting
Obligation and Tangible Chattel Paper.

 

(c)           In
addition, the following terms shall have the meanings set forth below:

 

“Assignment
of Claims Act” means the Assignment of Claims Act of 1940 (41 U.S.C. Section 15, 31 U.S.C. Section 3737, and 31 U.S.C.
Section 3727), including all amendments thereto and regulations promulgated thereunder.

 

“Collateral”
has the meaning provided in Section 2 hereof.

 

“Control”
means the manner in which “control” is achieved under the UCC with respect to any Collateral for which the UCC specifies
a method of achieving “control”.

 

“Copyright License”
means any agreement now or hereafter in existence, providing for the grant by, or to, any rights (including, without limitation,
the grant of rights for a party to be designated as an author or owner and/or to enforce, defend, use, display, copy, manufacture,
distribute, exploit and sell, make derivative works, and require joinder in suit and/or receive assistance from another party)
covered in whole or in part by a Copyright.

 

“Copyrights”
means, collectively, all of the following of any Grantor: (i) all copyrights, works protectable by copyright, copyright registrations
and copyright applications anywhere in the world, (ii) all derivative works, counterparts, extensions and renewals of any of the
foregoing, (iii) all income, royalties, damages and payments now or hereafter due and/or payable under any of the foregoing or
with respect to any of the foregoing, including, without limitation, damages or payments for past, present and future infringements,
violations or misappropriations of any of the foregoing, (iv) the right to sue for past, present and future infringements, violations
or misappropriations of any of the foregoing and (v) all rights corresponding to any of the foregoing throughout the world.

 

“Government
Contract” means a contract between any Grantor and an agency, department or instrumentality of the United States or any
state, municipal or local Governmental Authority located in the United States or all obligations of any such Governmental Authority
arising under any Account now or hereafter owing by any such Governmental Authority, as Account Debtor, to any Grantor.

 

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“Intellectual
Property” means, collectively, all of the following of any Grantor: (i) all systems software and applications software
(including source code and object code), all documentation for such software, including, without limitation, user manuals, flowcharts,
functional specifications, operations manuals, and all formulas, processes, ideas and know-how embodied in any of the foregoing,
(ii) concepts, discoveries, improvements and ideas, know-how, technology, reports, design information, trade secrets, practices,
specifications, test procedures, maintenance manuals, research and development, inventions (whether or not patentable), blueprints,
drawings, data, customer lists, catalogs, and all physical embodiments of any of the foregoing, (iii) Patents and Patent Licenses,
Copyrights and Copyright Licenses, Trademarks and Trademark Licenses and (iv) other agreements with respect to any rights in any
of the items described in the foregoing clauses (i), (ii), and (iii).

 

“Issuer”
means the issuer of any Pledged Equity.

 

“Patent License”
means any agreement, now or hereafter in existence, providing for the grant by, or to, any Grantor of any rights (including, without
limitation, the right for a party to be designated as an owner and/or to enforce, defend, make, have made, make improvements, manufacture,
use, sell, import, export, and require joinder in suit and/or receive assistance from another party) covered in whole or in part
by a Patent.

 

“Patents”
means collectively, all of the following of any Grantor: (i) all patents, all inventions and patent applications anywhere in the
world, (ii) all improvements, counterparts, reissues, divisional, re-examinations, extensions, continuations (in whole or in part)
and renewals of any of the foregoing and improvements thereon, (iii) all income, royalties, damages or payments now or hereafter
due and/or payable under any of the foregoing or with respect to any of the foregoing, including, without limitation, damages or
payments for past, present or future infringements, violations or misappropriations of any of the foregoing, (iv) the right to
sue for past, present and future infringements, violations or misappropriations of any of the foregoing and (v) all rights corresponding
to any of the foregoing throughout the world.

 

“Pledged Equity”
means, with respect to each Grantor, (i) 100% of the issued and outstanding Equity Interests of each Domestic Subsidiary of such
Grantor that is directly owned by such Grantor and (ii) 65% (or such greater percentage that, due to a change in an applicable
Law after the date hereof, that could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary,
as determined for United States federal income tax purposes, to be treated as a deemed dividend to such Foreign Subsidiary’s
United States parent) of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section
1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg.
Section 1.956-2(c)(2)) in each Foreign Subsidiary of such Grantor that is directly owned by such Grantor, including the Equity
Interests of the Subsidiaries owned by such Grantor as set forth on Schedule 5.21(f) to the Credit Agreement (as updated
from time to time in accordance with the Credit Agreement), in each case together with the certificates (or other agreements or
instruments), if any, representing such shares, and all options and other rights, contractual or otherwise, with respect thereto,
including, but not limited to, the following:

 

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(1)       all
Equity Interests representing a dividend thereon, or representing a distribution or return of capital upon or in respect thereof,
or resulting from a stock split, revision, reclassification or other exchange therefor, and any subscriptions, warrants, rights
or options issued to the holder thereof, or otherwise in respect thereof; and

 

(2)       in
the event of any consolidation or merger involving any Issuer and in which such Issuer is not the surviving Person, all shares
of each class of the Equity Interests of the successor Person formed by or resulting from such consolidation or merger, to the
extent that such successor Person is a direct Subsidiary of a Grantor.

 

Notwithstanding anything
to the contrary contained herein, the Pledged Equity shall not include any Excluded Property.

 

“Trademark License”
means any agreement, now or hereafter in existence, providing for the grant by, or to, any Grantor of any rights in (including,
without limitation, the right for a party to be designated as an owner and/or to enforce, defend, use, mark, police, and require
joinder in suit and/or receive assistance from another party) covered in whole, or in part, by a Trademark.

 

“Trademarks”
means, collectively, all of the following of any Grantor: (i) all trademarks, trade names, corporate names, company names, business
names, fictitious business names, internet domain names, trade styles, service marks, logos, other business identifiers, whether
registered or unregistered, all registrations and recordings thereof, and all applications in connection therewith (other than
each United States application to register any trademark or service mark prior to the filing under applicable Law of a verified
statement of use for such trademark or service mark) anywhere in the world, (ii) all counterparts, extensions and renewals of any
of the foregoing, (iii) all income, royalties, damages and payments now or hereafter due and/or payable under any of the foregoing
or with respect to any of the foregoing, including, without limitation, damages or payments for past, present or future infringements,
violations, dilutions or misappropriations of any of the foregoing, (iv) the right to sue for past, present or future infringements,
violations, dilutions or misappropriations of any of the foregoing and (v) all rights corresponding to any of the foregoing (including
the goodwill) throughout the world.

 

“Vehicles”
means all cars, trucks, trailers, construction and earth moving equipment and other vehicles covered by a certificate of title
under the laws of any state, all tires and all other appurtenances to any of the foregoing.

 

“Vessel”
means any watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water (including,
without limitation, those whose primary purpose is the maritime transportation of cargo or which are otherwise engaged, used or
useful in any business activities of the Grantors) which are owned by and registered (or to be owned and registered) in the name
of any of the Grantors, including, without limitation, any Vessel leased or otherwise registered in the foregoing parties’
names, pursuant to a lease or other operating agreement constituting a capital lease obligation, in each case together with all
related spares, equipment and any additional improvements, vessel owned, bareboat chartered or operated by a Grantor other than
Vessels owned by an entity other than a Grantor and which are managed under Vessel management agreements.

 

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“UCC”
means the Uniform Commercial Code as in effect from time to time in the state of California except as such term may be used in
connection with the perfection of the Collateral and then the applicable jurisdiction with respect to such affected Collateral
shall apply.

 

“USPTO”
means the United States Patent and Trademark Office.

 

“Work”
means any work that is subject to copyright protection pursuant to Title 17 of the United States Code.

 

2.             Grant
of Security Interest in the Collateral. To secure the prompt payment and performance in full when due, whether by lapse of
time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations, each Grantor hereby grants to the Administrative
Agent, for the benefit of the Secured Parties, a continuing security interest in, and a right to set off against, any and all right,
title and interest of such Grantor in and to all of the following, whether now owned or existing or owned, acquired, or arising
hereafter (collectively, the “Collateral”): (a) all Accounts; (b) all cash, currency and Cash Equivalents; (c)
all Chattel Paper (including Electronic Chattel Paper and Tangible Chattel Paper); (d) those certain Commercial Tort Claims set
forth on Schedule 5.21(e) to the Credit Agreement (as updated from time to time in accordance with the Credit Agreement);
(e) all Deposit Accounts; (f) all Documents; (g) all Equipment; (h) all Fixtures; (i) all General Intangibles; (j) all Goods; (k)
all Instruments; (l) all Intellectual Property; (m) all Inventory; (n) all Investment Property; (o) all Letter-of-Credit Rights;
(p) all Payment Intangibles; (q) all Pledged Equity; (r) all Securities Accounts; (s) all Software; (t) all Supporting Obligations;
(u) all Vehicles; (v) all books and records pertaining to the Collateral; (w) all Accessions and all Proceeds and products of any
and all of the foregoing and (x) all other personal property of any kind or type whatsoever now or hereafter owned by such Grantor
or as to which such Grantor now or hereafter has the power to transfer interest therein.

 

Notwithstanding anything
to the contrary contained herein, the security interests granted under this Agreement shall not extend to (a) Excluded Property
or Excluded Accounts, (b) any General Intangible, permit, lease, license, contract or other Instrument of a Grantor to the extent
the grant of a security interest in such General Intangible, permit, lease, license, contract or other Instrument in the manner
contemplated by this Agreement, under the terms thereof or under applicable Law, is prohibited and would result in the termination
thereof or give the other parties thereto the right to terminate, accelerate or otherwise alter such Grantor’s rights, titles
and interests thereunder (including upon the giving of notice or the lapse of time or both) or (c) any United States intent-to-use
trademark applications to the extent that, and solely during the period in which the grant of a security interest therein would
impair the validity or enforceability of or render void or result in the cancellation of, any registration issued as a result of
such intent-to-use trademark applications under applicable Law; provided that upon submission and acceptance by the USPTO
of an amendment to allege pursuant to 15 U.S.C. Section 1060(a) or any successor provision, such intent-to-use trademark application
shall be considered Collateral; provided, further that (i) any such limitation described in the foregoing clause
(b) on the security interests granted hereunder shall only apply to the extent that any such prohibition or right to terminate
or accelerate or alter the Grantor’s rights could not be rendered ineffective pursuant to the UCC or any other applicable
Law (including Debtor Relief Laws) or principles of equity and (ii) in the event of the termination or elimination of any such
prohibition or right or the requirement for any consent contained in any applicable Law, General Intangible, permit, lease, license,
contract or other Instrument, to the extent sufficient to permit any such item to become Collateral hereunder, or upon the granting
of any such consent, or waiving or terminating any requirement for such consent, a security interest in such General Intangible,
permit, lease, license, contract or other Instrument shall be automatically and simultaneously granted hereunder and shall be included
as Collateral hereunder.

 

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The Grantors and the
Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and agree that the security interest created hereby
in the Collateral (a) constitutes continuing collateral security for all of the Secured Obligations, whether now existing or hereafter
arising and (b) is not to be construed as an assignment of any Intellectual Property.

 

3.             Representations
and Warranties. Each Grantor hereby represents and warrants to the Administrative Agent, for the benefit of the Secured Parties,
that until the Facility Termination Date:

 

(a)       Ownership.
Each Grantor is the legal and beneficial owner of its Collateral and has the right to pledge, sell, assign or transfer the same.
There exists no Adverse Claim with respect to the Pledged Equity of such Grantor.

 

(b)       Security
Interest/Priority. This Agreement creates a valid security interest in favor of the Administrative Agent, for the benefit of
the Secured Parties, in the Collateral of such Grantor and, when properly perfected by filing, shall constitute a valid and perfected,
first priority security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited
liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing
under the UCC, free and clear of all Liens except for Permitted Liens. No Grantor has authenticated any currently effective agreement
authorizing any secured party thereunder to file a financing statement, except to perfect Permitted Liens. The taking possession
by the Administrative Agent of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting
Collateral will perfect and establish the first priority of the Administrative Agent’s security interest in all the Pledged
Equity evidenced by such certificated securities and such Instruments. With respect to any Collateral consisting of a Deposit Account,
Securities Entitlement or held in a Securities Account, upon execution and delivery by the applicable Grantor, the applicable Securities
Intermediary and the Administrative Agent of an agreement granting control to the Administrative Agent over such Collateral, the
Administrative Agent shall have a valid and perfected, first priority security interest in such Collateral.

 

(c)       Types
of Collateral. None of the Collateral consists of, or is the Proceeds of, (i) As-Extracted Collateral, (ii) Consumer Goods,
(iii) Farm Products, (iv) Manufactured Homes, (v) standing timber, (vi) an aircraft, airframe, aircraft engine or related property,
(vii) an aircraft leasehold interest, (viii) a Vessel or (ix) any other interest in or to any of the foregoing.

 

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(d)       Accounts.
(i) Each Account of the Grantors and the papers and documents relating thereto are genuine and in all material respects what they
purport to be, (ii) each Account arises out of (A) a bona fide sale of goods sold and delivered by such Grantor (or is in the process
of being delivered) or (B) services theretofore actually rendered by such Grantor to, the account debtor named therein, (iii) no
Account of a Grantor is evidenced by any Instrument or Chattel Paper unless, subject to Section 5.21(c) of the Credit Agreement
and Section 4(c)(i) of this Agreement, such Instrument or Chattel Paper, to the extent requested by the Administrative Agent, has
been endorsed over and delivered to, or submitted to the control of, the Administrative Agent, (iv) no surety bond was required
or given in connection with any Account of a Grantor or the contracts or purchase orders out of which they arose, (v) the right
to receive payment under each Account may be assigned as a matter of law, and (vi) no Account Debtor has any defense, set-off,
claim or counterclaim against any Grantor that can be asserted against the Administrative Agent, whether in any proceeding to enforce
the Administrative Agent’s rights in the Collateral otherwise, except defenses, setoffs, claims or counterclaims that are
not, in the aggregate, material to the value of the Accounts, taken as a whole.

 

(e)       Equipment
and Inventory. With respect to any Equipment and/or Inventory of a Grantor, each such Grantor has exclusive possession and
control of such Equipment and Inventory of such Grantor except for (i) Equipment leased by such Grantor as a lessee, (ii) Equipment
or Inventory in transit with common carriers or (iii) Equipment and/or Inventory in the possession or control of a warehouseman,
bailee or any agent or processor of such Grantor to the extent such Grantor has complied with Section 4(e). No Inventory of a Grantor
is held by a Person other than a Grantor pursuant to consignment, sale or return, sale on approval or similar arrangement. Collateral
consisting of Inventory is of good and merchantable quality, free from material defects. None of such Inventory is subject to any
licensing, Patent, Trademark, trade name or Copyright with any Person that restricts any Grantor’s ability to use, manufacture,
lease, sell or otherwise dispose of such Inventory. The completion of the manufacturing process of such Inventory by a Person other
than the applicable Grantor would be permitted under any contract to which such Grantor is a party or to which the Inventory is
subject.

 

(f)       Authorization
of Pledged Equity. All Pledged Equity (i) is duly authorized and validly issued, (ii) is fully paid and, to the extent applicable,
nonassessable and is not subject to the preemptive rights of any Person, (iii) is beneficially owned as of record by a Grantor
and (iv) constitute all the issued and outstanding shares of all classes of the equity of such Issuer issued to such Grantor.

 

(g)       No
Other Equity Interests, Instruments, Etc. As of the Closing Date, (i) no Grantor owns any certificated Equity Interests in
any Subsidiary that are required to be pledged and delivered to the Administrative Agent hereunder except as set forth on Schedule
5.21(f) to the Credit Agreement (as updated from time to time in accordance with the Credit Agreement), and (ii) no Grantor
holds any Instruments, Documents or Tangible Chattel Paper required to be pledged and delivered to the Administrative Agent pursuant
to Section 4(c)(i) of this Agreement other than as set forth on Schedule 5.21(c) to the Credit Agreement (as updated from
time to time in accordance with the Credit Agreement). Subject to Section 5.21(c) of the Credit Agreement and Section 4(c)(i) of
this Agreement, all such certificated securities, Instruments, Documents and Tangible Chattel Paper have been delivered to the
Administrative Agent to the extent (A) requested by the Administrative Agent or (B) as required by the terms of this Agreement
and the other Loan Documents.

 

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(h)       Partnership
and Limited Liability Company Interests. Except as previously disclosed to the Administrative Agent, none of the Collateral
consisting of an interest in a partnership or a limited liability company (i) is dealt in or traded on a securities exchange or
in a securities market, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an
Investment Company Security, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset.

 

(i)       Contracts;
Agreements; Licenses. Except as could not reasonably be expected to have a Material Adverse Effect, no Grantor has any Material
Contracts, agreements or licenses which are non-assignable by their terms, or as a matter of law, or which prevent the granting
of a security interest therein.

 

(j)       Consents;
Etc. No approval, consent, exemption, authorization or other action by, notice to, or filing with, any Governmental Authority
or any other Person (including, without limitation, any stockholder, member or creditor of such Grantor), is necessary or required
for (i) the grant by such Grantor of the security interest in the Collateral granted hereby or for the execution, delivery or performance
of this Agreement by such Grantor, (ii) the perfection of such security interest (to the extent such security interest can be perfected
by filing under the UCC, the granting of control (to the extent required under Section 4(c) hereof) or by filing an appropriate
notice with the USPTO or the United States Copyright Office) or (iii) the exercise by the Administrative Agent or the Secured Parties
of the rights and remedies provided for in this Agreement (including, without limitation, as against any Issuer), except for (A)
the filing or recording of UCC financing statements or other filings under the Assignment of Claims Act, (B) the filing of appropriate
notices with the USPTO and the United States Copyright Office, (C) obtaining control to perfect the Liens created by this Agreement
(to the extent required under Section 4(c) hereof), (D) such actions as may be required by Laws affecting the offering and sale
of securities, (E) such actions as may be required by applicable foreign Laws affecting the pledge of the Pledged Equity of Foreign
Subsidiaries, (F) consents, authorizations, filings or other actions which have been obtained or made, and (G) as may be required
with respect to Vehicles registered under a certificate of title, subject to Section 4(o) of this Agreement.

 

(k)       Commercial
Tort Claims. As of the Closing Date, no Grantor has any Commercial Tort Claims seeking damages in excess of $1,500,000 other
than as set forth on Schedule 5.21(e) to the Credit Agreement (as updated from time to time in accordance with the Credit
Agreement).

 

(l)        Copyrights,
Patents and Trademarks.

 

(i)          All
Intellectual Property of such Grantor that is reasonably necessary for, or material to, the operation of such Grantor’s business
is valid, subsisting, unexpired, enforceable and has not been abandoned.

 

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(ii)       No
holding, decision or judgment has been rendered by any Governmental Authority that would limit, cancel or question the validity
of any Intellectual Property of any Grantor.

 

(iii)       All
applications pertaining to the Copyrights, Patents and Trademarks of each Grantor have been duly and properly filed, and all registrations
or letters pertaining to such Copyrights, Patents and Trademarks have been duly and properly filed and issued.

 

(iv)       No
Grantor has made any assignment or agreement in conflict with the security interest in the Intellectual Property of any Grantor
hereunder.

 

(v)       Each
Grantor and each of its Subsidiaries, own, or possess the right to use, all of the Intellectual Property that is reasonably necessary
for the operation of their respective businesses, without conflict with the rights of any other Person.

 

(vi)       To
the best knowledge of such Grantor, no slogan or other advertising device, product, process, method, substance, part or other material
now employed, or now contemplated to be employed by such Grantor or any of its Subsidiaries infringes upon any rights held by any
other Person.

 

(vii)       Except
as set forth on Schedule 5.06 to the Credit Agreement, no proceeding, claim or litigation regarding any of the foregoing
is pending or, to the best knowledge of such Grantor, threatened, which, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

4.             Covenants.
Each Grantor covenants that until the Facility Termination Date, that such Grantor shall:

 

(a)           Maintenance
of Perfected Security Interest; Further Information.

 

(i)       Maintain
the security interest created by this Agreement as a first priority perfected security interest (subject only to Permitted Liens)
and shall take commercially reasonable steps to defend such security interest against the claims and demands of all Persons whomsoever
(other than the holders of Permitted Liens).

 

(ii)       From
time to time furnish to the Administrative Agent upon the Administrative Agent’s reasonable request, statements and schedules
further identifying and describing the assets and property constituting Collateral of such Grantor and such other reports in connection
therewith as the Administrative Agent may reasonably request, all in reasonable detail.

 

(b)           Required
Notifications. Each Grantor shall promptly notify the Administrative Agent, in writing, of: (i) any Lien (other than Permitted
Liens) on any of the Collateral which would adversely affect the ability of the Administrative Agent to exercise any of its remedies
hereunder and (ii) the occurrence of any other event which could reasonably be expected to have a material impairment on the aggregate
value of the Collateral or on the security interests created hereby.

 

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(c)           Perfection
through Possession and Control.

 

(i)       If
any amount in excess of $1,500,000 payable under or in connection with any of the Collateral shall be or become evidenced by any
Instrument or Tangible Chattel Paper or Supporting Obligation, or if any property constituting Collateral with a value in excess
of $1,500,000 shall be stored or shipped subject to a Document, ensure that such Instrument, Tangible Chattel Paper, Supporting
Obligation or Document is either in the possession of such Grantor at all times or, if requested by the Administrative Agent to
perfect its security interest in such Collateral, is delivered to the Administrative Agent duly endorsed in a manner satisfactory
to the Administrative Agent. Such Grantor shall ensure that any Collateral consisting of Tangible Chattel Paper with a value in
excess of $1,500,000 is marked with a legend reasonably acceptable to the Administrative Agent indicating the Administrative Agent’s
security interest in such Tangible Chattel Paper.

 

(ii)       Deliver
to the Administrative Agent promptly upon the receipt thereof by or on behalf of a Grantor, all certificates and instruments constituting
Certificated Securities or Pledged Equity. Prior to delivery to the Administrative Agent, all such certificates constituting Pledged
Equity shall be held in trust by such Grantor for the benefit of the Administrative Agent pursuant hereto. All such certificates
representing Pledged Equity shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed
instruments of transfer or assignment in blank, substantially in the form provided in Exhibit A hereto or other form reasonably
acceptable to the Administrative Agent.

 

(iii)       If
any Collateral shall consist of Deposit Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, Securities Accounts or uncertificated
Investment Property, execute and deliver (and, with respect to any Collateral consisting of a Securities Account or uncertificated
Investment Property, in each case, with a value in excess of $1,500,000 individually or in the aggregate, cause the Securities
Intermediary or the Issuer, as applicable, with respect to such Investment Property to execute and deliver) to the Administrative
Agent all control agreements, assignments, instruments or other documents as reasonably requested by the Administrative Agent for
the purposes of obtaining and maintaining Control of such Collateral. If any Collateral shall consist of Deposit Accounts or Securities
Accounts, comply with Section 6.14 of the Credit Agreement.

 

(d)           Filing
of Financing Statements, Notices, etc. Each Grantor shall execute and deliver to the Administrative Agent and/or file such
agreements, assignments or instruments (including affidavits, notices, reaffirmations and amendments and restatements of existing
documents, as the Administrative Agent may reasonably request) and do all such other things as the Administrative Agent may reasonably
deem necessary or appropriate (i) to assure to the Administrative Agent its security interests hereunder, including (A) such instruments
as the Administrative Agent may from time to time reasonably request in order to perfect and maintain the security interests granted
hereunder in accordance with the UCC, including, without limitation, financing statements (including continuation statements),
(B) with regard to Copyrights, a Notice of Grant of Security Interest in Copyrights substantially in the form of Exhibit B
or other form reasonably acceptable to the Administrative Agent, (C) with regard to Patents, a Notice of Grant of Security Interest
in Patents for filing with the USPTO substantially in the form of Exhibit C or other form reasonably acceptable to the Administrative
Agent and (D) with regard to Trademarks, a Notice of Grant of Security Interest in Trademarks for filing with the USPTO substantially
in the form of Exhibit D or other form reasonably acceptable to the Administrative Agent, (ii) to consummate the transactions
contemplated hereby and (iii) to otherwise protect and assure the Administrative Agent of its rights and interests hereunder. Furthermore,
each Grantor also hereby irrevocably makes, constitutes and appoints the Administrative Agent, its nominee or any other person
whom the Administrative Agent may designate, as such Grantor’s attorney in fact with full power and for the limited purpose
to prepare and file (and, to the extent applicable, sign) in the name of such Grantor any financing statements, or amendments and
supplements to financing statements, renewal financing statements, notices or any similar documents which in the Administrative
Agent’s reasonable discretion would be necessary or appropriate in order to perfect and maintain perfection of the security
interests granted hereunder, such power, being coupled with an interest, being and remaining irrevocable until the Facility Termination
Date. Each Grantor hereby agrees that a carbon, photographic or other reproduction of this Agreement or any such financing statement
is sufficient for filing as a financing statement by the Administrative Agent without notice thereof to such Grantor wherever the
Administrative Agent may in its sole discretion desire to file the same.

 

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(e)           Collateral
Held by Warehouseman, Bailee, etc.

 

(i)       If
any Collateral with a value in excess of $700,000 is in the possession or control of any one warehouseman, bailee or any agent
or processor of such Grantor or if there is any Collateral with a value in excess of $1,800,000 in the aggregate for all such warehousemans,
bailees or any agents or processors of such Grantor (A) notify the Administrative Agent of such possession, (B) notify such Person
in writing of the Administrative Agent’s security interest for the benefit of the Secured Parties in such Collateral, (C)
instruct such Person to hold all such Collateral for the Administrative Agent’s account and subject to the Administrative
Agent’s instructions and (D) unless otherwise consented to in writing by the Administrative Agent, obtain (1) a written acknowledgment
from such Person that it is holding such Collateral for the benefit of the Administrative Agent and (2) such other documentation
required by the Administrative Agent (including, without limitation, subordination and access agreements).

 

(ii)       Perfect
and protect such Grantor’s ownership interests in all Inventory with a value in excess of $700,000 at any one location and
$1,800,000 in the aggregate at all such locations, stored with a consignee against creditors of the consignee by filing and maintaining
financing statements against the consignee reflecting the consignment arrangement filed in all appropriate filing offices, providing
any written notices required by the UCC to notify any prior creditors of the consignee of the consignment arrangement, and taking
such other actions as may be appropriate to perfect and protect such Grantor’s interests in such inventory under Section
2-326, Section 9-103, Section 9-324 and Section 9-505 of the UCC or otherwise, which such financing statements filed pursuant to
this Section shall be assigned to the Administrative Agent, for the benefit of the Secured Parties.

 

(f)            Treatment
of Accounts. Not grant or extend the time for payment of any Account, or compromise or settle any Account for less than the
full amount thereof, or release any person or property, in whole or in part, from payment thereof, or amend, supplement or modify
any Account in any manner that could reasonably be likely to adversely affect the value thereof, or allow any credit or discount
thereon, other than as normal and customary in the ordinary course of a Grantor’s business or in respect of Accounts with
a face value of less than $500,000. Each Grantor will deliver to the Administrative Agent a copy of each material demand, notice
or document received by it that questions or calls into doubt the validity or enforceability of any Account, but only if the amount
of such Account subject to doubt or question, whether as to enforceability or otherwise, exceeds $500,000.

 

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(g)           Commercial
Tort Claims. Execute and deliver such statements, documents and notices and do and cause to be done all such things as may
be required by the Administrative Agent, or required by Law to create, preserve, perfect and maintain the Administrative Agent’s
security interest in any Commercial Tort Claims with a value in excess of $1,500,000 initiated by or in favor of any Grantor.

 

(h)           Inventory.
With respect to the Inventory of each Grantor:

 

(i)       At
all times maintain inventory records reasonably satisfactory to the Administrative Agent, keeping correct and accurate records
itemizing and describing the kind, type, quality and quantity of Inventory and such Grantor’s cost therefore and daily withdrawals
therefrom and additions thereto.

 

(ii)       Produce,
use, store and maintain the Inventory with all reasonable care and caution and in accordance with applicable standards of any insurance
and in conformity with applicable Laws (including the requirements of the Federal Fair Labor Standards Act of 1938, as amended
and all rules, regulations and orders related thereto).

 

(i)            Books
and Records. Mark its books and records (and shall cause the Issuer of the Pledged Equity of such Grantor to mark its books
and records) to reflect the security interest granted pursuant to this Agreement.

 

(j)            Nature
of Collateral. At all times maintain the Collateral, other than Collateral consisting of Fixtures or real property, as personal
property and not affix any of the Collateral to any real property in a manner which would change its nature from personal property
to real property or a Fixture to real property, unless the Administrative Agent shall have a perfected Lien on such Fixture or
real property or the aggregate value of Collateral so affixed is less than $500,000.

 

(k)           Issuance
or Acquisition of Equity Interests in Partnerships or Limited Liability Companies.

 

(i)       Not
without executing and delivering, or causing to be executed and delivered, to the Administrative Agent such agreements, documents
and instruments as the Administrative Agent may reasonably require, issue or acquire any Pledged Equity consisting of an interest
in a partnership or a limited liability company, to the extent such Pledged Equity has an aggregate value of $500,000 or more,
that (A) is dealt in or traded on a securities exchange or in a securities market, (B) by its terms expressly provides that it
is a Security governed by Article 8 of the UCC, (C) is an investment company security, (D) is held in a Securities Account or (E)
constitutes a Security or a Financial Asset.

 

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(ii)       Without
the prior written consent of the Administrative Agent, no Grantor will (A) vote to enable, or take any other action to permit,
any applicable Issuer to issue any Investment Property or Equity Interests constituting partnership or limited liability company
interests, except for those additional Investment Property or Equity Interests constituting partnership or limited liability company
interests that will be subject to the security interest granted herein in favor of the Secured Parties, or (B) enter into any agreement
or undertaking, except in connection with a Disposition permitted under Sections 7.04, 7.05, 7.06 or 7.08 of the Credit Agreement,
restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or transfer any Investment Property
or Pledged Equity or Proceeds thereof. The Grantors will take commercially reasonable efforts to defend the right, title and interest
of the Administrative Agent in and to any Investment Property and Pledged Equity against the claims and demands of all Persons
whomsoever.

 

(iii)       If
any Grantor shall become entitled to receive or shall receive (A) any Certificated Securities (including, without limitation, any
certificate representing a stock dividend or a distribution in connection with any reclassification, increase or reduction of capital
or any certificate issued in connection with any reorganization), option or rights in respect of the ownership interests of any
Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any Investment Property, or otherwise
in respect thereof, or (B) any sums paid upon or in respect of any Investment Property upon the liquidation or dissolution of any
Issuer, such Grantor shall accept the same as the agent of the Secured Parties, hold the same in trust for the Secured Parties,
segregated from other funds of such Grantor, and, if the aggregate value thereof is in excess of $500,000, promptly deliver the
same to the Administrative Agent, on behalf of the Secured Parties, in accordance with the terms hereof.

 

(l)             Intellectual
Property.

 

(i)       Not
do any act or omit to do any act whereby any material Copyright may become invalidated and (A) not do any act, or omit to do any
act, whereby any material Copyright may become injected into the public domain; (B) notify the Administrative Agent immediately
if it knows that any material Copyright may become injected into the public domain or of any materially adverse determination or
development (including, without limitation, the institution of, or any such determination or development in, any court or tribunal
in the United States or any other country) regarding a Grantor’s ownership of any such Copyright or its validity; (C) take
all necessary steps as it shall deem appropriate under the circumstances, to maintain and pursue each application (and to obtain
the relevant registration) of each material Copyright owned by a Grantor and to maintain each registration of each material Copyright
owned by a Grantor including, without limitation, filing of applications for renewal where necessary; and (D) promptly notify the
Administrative Agent of any material infringement, misappropriation, dilution or impairment of any material Copyright of a Grantor
of which it becomes aware and take such actions as it shall reasonably deem appropriate under the circumstances to protect such
Copyright, including, where appropriate, the bringing of suit for infringement, dilution or impairment or seeking injunctive relief
and seeking to recover any and all damages for such infringement, misappropriation, dilution or impairment.

 

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(ii)       Not
make any assignment or agreement in conflict with the security interest in the Copyrights of each Grantor hereunder (except as
permitted by the Credit Agreement or the other Loan Documents).

 

(iii)       (A)
Continue to use each material Trademark on each and every trademark class of goods applicable to its current line as reflected
in its current catalogs, brochures and price lists in order to maintain such Trademark in full force free from any claim of abandonment
for non-use, (B) maintain as in the past the quality of products and services offered under such Trademark, (C) employ such Trademark
with the appropriate notice of registration, if applicable, (D) not adopt or use any mark that is confusingly similar or a colorable
imitation of such Trademark unless the Administrative Agent, for the benefit of the Secured Parties, shall obtain a perfected security
interest in such mark pursuant to this Agreement, and (E) not (and not permit any licensee or sublicensee thereof to) do any act
or omit to do any act whereby any such Trademark may become invalidated.

 

(iv)       Not
do any act, or omit to do any act, whereby any material Patent may become abandoned or dedicated.

 

(v)       Notify
the Administrative Agent immediately if it knows that any application or registration relating to any material Patent or Trademark
may become abandoned or dedicated, or of any materially adverse determination or development (including, without limitation, the
institution of, or any such determination or development in, any proceeding in the USPTO or any court or tribunal in any country)
regarding such Grantor ownership of any Patent or Trademark or its right to register the same or to keep and maintain the same.

 

(vi)       Take
all reasonable and necessary steps, including, without limitation, in any proceeding before the USPTO, or any similar office or
agency in any other country or any political subdivision thereof, to maintain and pursue each application (and to obtain the relevant
registration) and to maintain each registration of each material Patent and Trademark, including, without limitation, filing of
applications for renewal, affidavits of use and affidavits of incontestability.

 

(vii)       Promptly
notify the Administrative Agent after it learns that any material Patent or Trademark included in the Collateral is infringed,
misappropriated, diluted or impaired by a third party and promptly sue for infringement, misappropriation, dilution or impairment,
to seek injunctive relief where appropriate and to recover any and all damages for such infringement, misappropriation, dilution
or impairment, or to take such other actions as it shall reasonably deem appropriate under the circumstances to protect such material
Patent or Trademark.

 

(viii)       Not
make any assignment or agreement in conflict with the security interest in the Patents or Trademarks of each Grantor hereunder
(except as permitted by the Credit Agreement or the other Loan Documents).

 

(ix)       Grants
to the Administrative Agent a royalty free license to use such Grantor’s Intellectual Property in connection with the enforcement
of the Administrative Agent’s rights hereunder, but only to the extent any license or agreement granting such Grantor rights
in such Intellectual Property do not prohibit such use by the Administrative Agent.

 

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Notwithstanding the foregoing, the Grantors
may, in their reasonable business judgment, fail to maintain, pursue, preserve or protect any Copyright, Patent or Trademark which
is not material to their businesses.

 

(m)           Equipment.
Maintain each item of Equipment in good working order and condition (reasonable wear and tear and obsolescence excepted).

 

(n)           Government
Contracts. Promptly notify the Administrative Agent, in writing, if it enters into any contract with a Governmental Authority
under which such Governmental Authority, as account debtor, owes a monetary obligation to any Grantor under any Account.

 

(o)           Vehicles.
Upon the request of the Administrative Agent upon the occurrence and during the continuance of an Event of Default, file or cause
to be filed in each office in each jurisdiction which the Administrative Agent shall deem reasonably advisable to perfect its Liens
on the Vehicles, all applications for certificates of title or ownership (and any other necessary documentation) indicating the
Administrative Agent’s first priority Lien on the Vehicle (subject to any Permitted Liens) covered by such certificate, in
each case to the extent such Vehicle has a fair market value of $100,000 or more.

 

(p)           Internet
Property Rights. Upon the request of the Administrative Agent made after the occurrence and during the continuance of an Event
of Default, with respect to its rights, titles and interests in and to any internet domain names or registration rights relating
thereto, and any internet websites or the content thereof (collectively, “Internet Property Rights”) whether
now existing or hereafter created or acquired and wheresoever located, each Grantor shall cause to be delivered to the Administrative
Agent an undated transfer document with respect to each of its internet domain names, duly executed in blank by such Grantor and
in the form required by the applicable internet domain name registrar, sufficient to effect the transfer of each internet domain
name to the transferee thereof named in such transfer form upon delivery to such registrar. Notwithstanding anything to the contrary
in the immediately preceding sentence, the requirements of this Section 4(p) shall not apply to any domain names permitted to be
disposed of pursuant to Section 7.05(k) of the Credit Agreement.

 

(q)           Further
Assurances.

 

(i)       Promptly
upon the request of the Administrative Agent and at the sole expense of the Grantors, duly execute and deliver, and have recorded,
such further instruments and documents and take such further actions as the Administrative Agent may reasonably request for the
purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including,
without limitation, (A) the assignment of any Material Contract, other than Governmental Contracts governed by clause (B) of this
Section 4(q)(i), (B) with respect to Government Contracts, assignment agreements and notices of assignment, in form and substance
satisfactory to the Administrative Agent, duly executed by any Grantors party to such Government Contract in compliance with the
Assignment of Claims Act (or analogous state applicable Law), and (C) all applications, certificates, instruments, registration
statements, and all other documents and papers the Administrative Agent may reasonably request and as may be required by law in
connection with the obtaining of any consent, approval, registration, qualification, or authorization of any Person deemed necessary
or appropriate for the effective exercise of any rights under this Agreement; provided that no Grantor shall be required
to take any action to perfect a security interest in any Collateral that the Administrative Agent reasonably determines in its
sole discretion that the costs and burdens to the Grantors of perfecting a security interest in such Collateral (including any
applicable stamp, intangibles or other taxes) are excessive in relation to value to the Lenders afforded thereby.

 

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(ii)       From
time to time upon the Administrative Agent’s reasonable request, promptly furnish such updates to the information disclosed
pursuant to this Agreement and the Credit Agreement, including any Schedules hereto or thereto, such that such updated information
is true and correct in all material respects as of the date so furnished.

 

5.             Authorization
to File Financing Statements. Each Grantor hereby authorizes the Administrative Agent to prepare and file such financing statements
(including continuation statements) or amendments thereof or supplements thereto or other instruments as the Administrative Agent
may from time to time deem necessary or appropriate in order to perfect and maintain the security interests granted hereunder in
accordance with the UCC, which such financing statements may describe the Collateral in the same manner as described herein or
may contain an indication or description of Collateral that describes such property in any other manner as the Administrative Agent
may determine, in its reasonable discretion, is necessary, advisable or prudent to ensure the perfection of the security interest
in the Collateral granted herein, including, without limitation, describing such property as “all assets, whether now owned
or hereafter acquired” or “all personal property, whether now owned or hereafter acquired.”

 

6.             Advances.
On failure of any Grantor to perform any of the covenants and agreements contained herein or in any other Loan Document, the Administrative
Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative
Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums,
the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any
Adverse Claim and all other expenditures which the Administrative Agent may make for the protection of the security hereof or which
may be compelled to make by operation of Law. All such sums and amounts so expended shall be repayable by the Grantors on a joint
and several basis promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and
shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement
by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of
any Default or Event of Default. The Administrative Agent may make any payment hereby authorized in accordance with any bill, statement
or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy
of such bill, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim, in
each case, except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against
which adequate reserves are being maintained in accordance with GAAP.

 

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7.             Remedies.

 

(a)       General
Remedies. Upon the occurrence of an Event of Default and during the continuation thereof, the Administrative Agent on behalf
of the Secured Parties shall have, in addition to the rights and remedies provided herein, in the Loan Documents, in any other
documents relating to the Secured Obligations, or by any applicable Law (including, but not limited to, levy of attachment, garnishment
and the rights and remedies set forth in the UCC of the jurisdiction applicable to the affected Collateral), the rights and remedies
of a secured party under the UCC (regardless of whether the UCC is the law of the jurisdiction where the rights and remedies are
asserted and regardless of whether the UCC applies to the affected Collateral), and further, the Administrative Agent may, with
or without judicial process or the aid and assistance of others, subject to (A) rights reserved to any landlord, warehouseman and/or
bailee in an agreement between such party and the Administrative Agent in all cases where such types of agreements are executed
in accordance with the terms of the Credit Agreement and (B) rights of landlords, warehousemen and/or bailees, in all other instances,
(i) enter on any premises on which any of the Collateral may be located and, without resistance or interference by the Grantors,
take possession of the Collateral, (ii) dispose of any Collateral on any such premises, (iii) require the Grantors to assemble
and make available to the Administrative Agent at the expense of the Grantors any Collateral at any place and time designated by
the Administrative Agent which is reasonably convenient to both parties, (iv) remove any Collateral from any such premises for
the purpose of effecting sale or other disposition thereof, (v) without demand and without advertisement, notice, hearing or process
of law, all of which each of the Grantors hereby waives to the fullest extent permitted by Law, at any place and time or times,
sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof
(or contract to do any of the foregoing), in one or more parcels any or all Collateral held by or for it at public or private sale
(which in the case of a private sale of Pledged Equity, shall be to a restricted group of purchasers who will be obligated to agree,
among other things, to acquire such securities for their own account, for investment and not with a view to the distribution or
resale thereof), at any exchange or broker’s board or elsewhere, by one or more contracts, in one or more parcels, for money,
upon credit or otherwise, at such prices and upon such terms as the Administrative Agent deems advisable, in its sole discretion
(subject to any and all mandatory legal requirements) and/or (vi) complete and tender each internet domain name transfer document
in its own name, place and stead of the Grantor in order to effect the transfer of any internet domain name registration, either
to the Administrative Agent or to another transferee, as the case may be and maintain, obtain access to, and continue to operate,
in its own name or in the name, place and stead of such Grantor, such Grantor’s internet website and the contents thereof,
and all related advertising, linking and technology licensing and other contractual relationships, in each case in connection with
the maintenance, preservation, operation, sale or other disposition of the Collateral or for any other purpose permitted under
the Loan Documents or by applicable Law. Each Grantor 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 sale shall be deemed to have been made in a commercially reasonable manner and, in the case
of a sale of Pledged Equity, that the Administrative Agent 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. The Administrative Agent or any other Secured Party shall have the right upon any such public sale or sales, and,
to the extent permitted by applicable Law, upon any such private sale or sales, to purchase the whole or any part of the Collateral
so sold. Neither the Administrative Agent’s compliance with applicable Law nor its disclaimer of warranties relating to the
Collateral shall be considered to adversely affect the commercial reasonableness of any sale. To the extent the rights of notice
cannot be legally waived hereunder, each Grantor agrees that any requirement of reasonable notice shall be met if such notice,
specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed,
postage prepaid, to the Borrower in accordance with the notice provisions of Section 11.02 of the Credit Agreement at least 10
days before the time of sale or other event giving rise to the requirement of such notice. Each Grantor further acknowledges and
agrees that any offer to sell any Pledged Equity which has been (A) publicly advertised on a bona fide basis in a newspaper or
other publication of general circulation in the financial community of Los Angeles, California (to the extent that such offer may
be advertised without prior registration under the Securities Act of 1933), or (B) made privately in the manner described above
shall be deemed to involve a “public sale” under the UCC, notwithstanding that such sale may not constitute a “public
offering” under the Securities Act of 1933, and the Administrative Agent may, in such event, bid for the purchase of such
securities. The Administrative Agent shall not be obligated to make any sale or other disposition of the Collateral regardless
of notice having been given. To the extent permitted by applicable Law, any Secured Party may be a purchaser at any such sale.
To the extent permitted by applicable Law, each of the Grantors hereby waives all of its rights of redemption with respect to any
such sale. Subject to the provisions of applicable Law, the Administrative Agent may postpone or cause the postponement of the
sale of all or any portion of the Collateral by announcement at the time and place of such sale, and such sale may, without further
notice, to the extent permitted by Law, be made at the time and place to which the sale was postponed, or the Administrative Agent
may further postpone such sale by announcement made at such time and place. To the extent permitted by applicable Law, each Grantor
waives all claims, damages and demands it may acquire against the Administrative Agent or any Secured Party arising out of the
exercise by them of any rights hereunder except to the extent any such claims, damages or demands result solely from the gross
negligence or willful misconduct of the Administrative Agent or any other Secured Party as determined by a final non-appealable
judgment of a court of competent jurisdiction, in each case against whom such claim is asserted. Each Grantor agrees that the internet
shall constitute a “place” for purposes of Section 9-610(b) of the UCC and that any sale of Collateral to a licensor
pursuant to the terms of a license agreement between such licensor and a Grantor is sufficient to constitute a commercially reasonable
sale (including as to method, terms, manner, and time) within the meaning of Section 9-610 of the UCC.

 

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(b)           Remedies
Relating to Accounts.

 

(i)       During
the continuation of an Event of Default, whether or not the Administrative Agent has exercised any or all of its rights and remedies
hereunder, (A) each Grantor shall, promptly following the Administrative Agent’s written request, notify (such notice to
be in form and substance satisfactory to the Administrative Agent) its Account Debtors and parties to the Material Contracts subject
to a security interest hereunder that such Accounts and the Material Contracts have been assigned to the Administrative Agent,
for the benefit of the Secured Parties and promptly upon written request of the Administrative Agent, instruct all account debtors
to remit all payments in respect of Accounts to a mailing location selected by the Administrative Agent and (B) the Administrative
Agent shall have the right to enforce any Grantor’s rights against its customers and account debtors, and the Administrative
Agent or its designee may notify any Grantor’s customers and account debtors that the Accounts of such Grantor have been
assigned to the Administrative Agent or of the Administrative Agent’s security interest therein, and may (either in its own
name or in the name of a Grantor or both) demand, collect (including without limitation by way of a lockbox arrangement), receive,
take receipt for, sell, sue for, compound, settle, compromise and give acquittance for any and all amounts due or to become due
on any Account, and, in the Administrative Agent’s discretion, file any claim or take any other action or proceeding to protect
and realize upon the security interest of the Secured Parties in the Accounts.

 

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(ii)       Each
Grantor acknowledges and agrees that the Proceeds of its Accounts remitted to or on behalf of the Administrative Agent in accordance
with the provisions hereof shall be solely for the Administrative Agent’s own convenience and that such Grantor shall not
have any right, title or interest in such Accounts or in any such other amounts except as expressly provided herein. Neither the
Administrative Agent nor the Secured Parties shall have any liability or responsibility to any Grantor for acceptance of a check,
draft or other order for payment of money bearing the legend “payment in full” or words of similar import or any other
restrictive legend or endorsement or be responsible for determining the correctness of any remittance.

 

(iii)       During
the continuation of an Event of Default, (A) the Administrative Agent shall have the right, but not the obligation, to make test
verifications of the Accounts in any manner and through any medium that it reasonably considers advisable, and the Grantors shall
furnish all such assistance and information as the Administrative Agent may require in connection with such test verifications,
(B) upon the Administrative Agent’s request and at the expense of the Grantors, the Grantors shall cause independent public
accountants or others satisfactory to the Administrative Agent to furnish to the Administrative Agent reports showing reconciliations,
aging and test verifications of, and trial balances for, the Accounts and (C) the Administrative Agent in its own name or in the
name of others may communicate with account debtors on the Accounts to verify with them to the Administrative Agent’s satisfaction
the existence, amount and terms of any Accounts.

 

(iv)       Upon
the request of the Administrative Agent during the continuation of an Event of Default, each Grantor shall forward to the Administrative
Agent, on the last Business Day of each week, deposit slips related to all cash, money, checks or any other similar items of payment
received by the Grantor during such week, and, if requested by the Administrative Agent, copies of such checks or any other similar
items of payment, together with a statement showing the application of all payments on the Collateral during such week and a collection
report with regard thereto, in form and substance satisfactory to the Administrative Agent.

 

(c)           Deposit
Accounts/Securities Accounts. Upon the occurrence of an Event of Default and during continuation thereof, the Administrative
Agent may prevent withdrawals or other dispositions of funds in Deposit Accounts and Securities Accounts subject to control agreements
or held with any Secured Party, in each case, except for any Excluded Accounts.

 

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(d)           Investment
Property/Pledged Equity. Upon the occurrence of an Event of Default and during the continuation thereof: the Administrative
Agent shall have the right to (but shall not be required to) receive any and all cash dividends, payments or distributions made
in respect of any Investment Property or Pledged Equity or other Proceeds paid in respect of any Investment Property or Pledged
Equity, and any or all of any Investment Property or Pledged Equity may, at the option of the Administrative Agent, be registered
in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (i)
all voting, corporate and other rights pertaining to such Investment Property, or any such Pledged Equity at any meeting of shareholders,
partners or members of the relevant Issuers or otherwise and (ii) any and all rights of conversion, exchange and subscription and
any other rights, privileges or options pertaining to such Investment Property or Pledged Equity as if it were the absolute owner
thereof (including, without limitation, the right to exchange at its discretion any and all of the Investment Property or Pledged
Equity upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate, partnership
or limited liability company structure of any Issuer or upon the exercise by any Grantor or the Administrative Agent of any right,
privilege or option pertaining to such Investment Property or Pledged Equity, and in connection therewith, the right to deposit
and deliver any and all of the Investment Property or Pledged Equity with any committee, depositary, transfer agent, registrar
or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability except
to account for property actually received by it; but the Administrative Agent shall have no duty to any Grantor to exercise any
such right, privilege or option and the Administrative Agent and the other Secured Parties shall not be responsible for any failure
to do so or delay in so doing. In furtherance thereof, each Grantor hereby authorizes and instructs each Issuer with respect to
any Collateral consisting of Investment Property and/or Pledged Equity to (A) comply with any instruction received by it from the
Administrative Agent in writing that (1) states that an Event of Default has occurred and is continuing and (2) is otherwise in
accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees
that each Issuer shall be fully protected in so complying following receipt of such notice and prior to notice that such Event
of Default is no longer continuing, and (B) except as otherwise expressly permitted hereby, pay any dividends, distributions or
other payments with respect to any Investment Property or Pledged Equity directly to the Administrative Agent. Unless an Event
of Default shall have occurred and be continuing and the Administrative Agent shall have given notice to the relevant Grantor of
the Administrative Agent’s intent to exercise its corresponding rights pursuant to this Section 7, each Grantor shall be
permitted to receive all cash dividends, payments or other distributions made in respect of any Investment Property and any Pledged
Equity, in each case paid in the normal course of business of the relevant Issuer and consistent with past practice, to the extent
permitted in the Credit Agreement, and to exercise all voting and other corporate, company and partnership rights with respect
to any Investment Property and Pledged Equity to the extent not inconsistent with the terms of this Agreement and the other Loan
Documents.

 

(e)           Material
Contracts. Upon the occurrence of an Event of Default and during the continuation thereof, the Administrative Agent shall be
entitled to (but shall not be required to): (i) proceed to perform any and all obligations of the applicable Grantor under any
Material Contract and exercise all rights of such Grantor thereunder as fully as such Grantor itself could, (ii) do all other acts
which the Administrative Agent may deem necessary or proper to protect its security interest granted hereunder, provided such acts
are not inconsistent with or in violation of the terms of any of the Credit Agreement, of the other Loan Documents or applicable
Law, and (iii) sell, assign or otherwise transfer any Material Contract in accordance with the Credit Agreement, the other Loan
Documents and applicable Law, subject, however, to the prior approval of each other party to such Material Contract, to the extent
required under such Material Contract.

 

    20 

     

    

 

(f)            Access.
In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default and during the continuance thereof,
subject to (A) rights reserved to any landlord, warehouseman and/or bailee in an agreement between such party and the Administrative
Agent in all cases where such types of agreements are executed in accordance with the terms of the Credit Agreement and (B) rights
of landlords, warehousemen and/or bailees, in all other instances, the Administrative Agent shall have the right to enter and remain
upon the various premises of the Grantors without cost or charge to the Administrative Agent, and use the same, together with materials,
supplies, books and records of the Grantors for the purpose of collecting and liquidating the Collateral, or for preparing for
sale and conducting the sale of the Collateral, whether by foreclosure, auction or otherwise. In addition, subject to rights reserved
to any landlord, warehouseman or bailee in an agreement between such party and the Administrative Agent, the Administrative Agent
may remove Collateral, or any part thereof, from such premises and/or any records with respect thereto, in order to effectively
collect or liquidate such Collateral. If the Administrative Agent exercises its right to take possession of the Collateral, each
Grantor shall also at its expense perform any and all other steps reasonably requested by the Administrative Agent to preserve
and protect the security interest hereby granted in the Collateral, such as placing and maintaining signs indicating the security
interest of the Administrative Agent, appointing overseers for the Collateral and maintaining inventory records.

 

(g)       Nonexclusive
Nature of Remedies. Failure by the Administrative Agent or the Secured Parties to exercise any right, remedy or option under
this Agreement, any other Loan Document, any other document relating to the Secured Obligations, or as provided by Law, or any
delay by the Administrative Agent or the Secured Parties in exercising the same, shall not operate as a waiver of any such right,
remedy or option. No waiver hereunder shall be effective unless it is in writing, signed by the party against whom such waiver
is sought to be enforced and then only to the extent specifically stated, which in the case of the Administrative Agent or the
Secured Parties shall only be granted as provided herein. To the extent permitted by Law, neither the Administrative Agent, the
Secured Parties, nor any party acting as attorney for the Administrative Agent or the Secured Parties, shall be liable hereunder
for any acts or omissions or for any error of judgment or mistake of fact or law other than their gross negligence or willful misconduct
hereunder as determined by a final non-appealable judgment of a court of competent jurisdiction. The rights and remedies of the
Administrative Agent and the Secured Parties under this Agreement shall be cumulative and not exclusive of any other right or remedy
which the Administrative Agent or the Secured Parties may have.

 

(h)           Retention
of Collateral. In addition to the rights and remedies hereunder, the Administrative Agent may, in compliance with Sections
9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable Law of the relevant jurisdiction, accept
or retain the Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided
such notices, however, the Administrative Agent shall not be deemed to have retained any Collateral in satisfaction of any Secured
Obligations for any reason.

 

    21 

     

    

 

(i)            Waiver;
Deficiency. Each Grantor hereby waives, to the extent permitted by applicable Laws, all rights of redemption, appraisement,
valuation, stay, extension or moratorium now or hereafter in force under any applicable Laws in order to prevent or delay the enforcement
of this Agreement or the absolute sale of the Collateral or any portion thereof. In the event that the proceeds of any sale, collection
or realization are insufficient to pay all amounts to which the Administrative Agent or the Secured Parties are legally entitled,
the Grantors shall be jointly and severally liable for the deficiency, together with interest thereon at the Default Rate, together
with the costs of collection and the fees, charges and disbursements of counsel. Any surplus remaining after the full payment and
satisfaction of the Secured Obligations shall be returned to the Grantors or to whomsoever a court of competent jurisdiction shall
determine to be entitled thereto.

 

(j)            Registration
Rights.

 

(i)       If
the Administrative Agent shall determine that in order to exercise its right to sell any or all of the Collateral it is necessary
or advisable to have such Collateral registered under the provisions of the Securities Act (any such Collateral, the “Restricted
Securities Collateral”), the relevant Grantor will cause each applicable Issuer (acting through the officers and directors
thereof) that is a Grantor or a Subsidiary of a Grantor to (A) execute and deliver all such instruments and documents, and do or
cause to be done all such other acts as may be, in the opinion of the Administrative Agent, necessary or advisable to register
such Restricted Securities Collateral, or that portion thereof to be sold, under the provisions of the Securities Act, (B) use
its commercially reasonable efforts to cause the registration statement relating thereto to become effective and to remain effective
for a period of one year from the date of the first public offering of such Restricted Securities Collateral, or that portion thereof
to be sold, and (C) make all amendments thereto and/or to the related prospectus which, in the opinion of the Administrative Agent,
are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the
Securities and Exchange Commission applicable thereto. Each Grantor agrees to cause each applicable Issuer (acting through the
officers and directors thereof) to comply with the provisions of the securities or “Blue Sky” laws of any and all jurisdictions
which the Administrative Agent shall designate and to make available to its security holders, as soon as practicable, an earnings
statement (which need not be audited) which will satisfy the provisions of the Securities Act.

 

(ii)       Each
Grantor agrees to use its commercially reasonable efforts to do or cause to be done all such other acts as may be necessary to
make such sale or sales of all or any portion of the Restricted Securities Collateral valid and binding and in compliance with
any and all other applicable Laws. Each Grantor further agrees that a breach of any of the covenants contained in this Section
7 will cause irreparable injury to the Administrative Agent and the other Secured Parties, that the Administrative Agent and the
other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant
contained in this Section 7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not
to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default
has occurred under the Credit Agreement.

 

    22 

     

    

 

8.             Rights
of the Administrative Agent.

 

(a)            Power
of Attorney. In addition to other powers of attorney contained herein, each Grantor hereby designates and appoints the Administrative
Agent, on behalf of the Secured Parties, and each of its designees or agents, as attorney-in-fact of such Grantor, irrevocably
and with power of substitution, with authority to take any or all of the following actions upon the occurrence and during the continuance
of an Event of Default:

 

(i)       to
demand, collect, settle, compromise, adjust, give discharges and releases, all as the Administrative Agent may reasonably determine;

 

(ii)       to
commence and prosecute any actions at any court for the purposes of collecting any Collateral and enforcing any other right in
respect thereof;

 

(iii)       to
defend, settle or compromise any action brought and, in connection therewith, give such discharge or release as the Administrative
Agent may deem reasonably appropriate;

 

(iv)       to
receive, open and dispose of mail addressed to a Grantor and endorse checks, notes, drafts, acceptances, money orders, bills of
lading, warehouse receipts or other instruments or documents evidencing payment, shipment or storage of the goods giving rise to
the Collateral of such Grantor on behalf of and in the name of such Grantor, or securing, or relating to such Collateral;

 

(v)       to
sell, assign, transfer, make any agreement in respect of, or otherwise deal with or exercise rights in respect of, any Collateral
or the goods or services which have given rise thereto, as fully and completely as though the Administrative Agent were the absolute
owner thereof for all purposes;

 

(vi)       to
adjust and settle claims under any insurance policy relating to any Collateral;

 

(vii)       to
execute and deliver all assignments, conveyances, statements, financing statements, continuation financing statements, security
agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may determine necessary
in order to perfect and maintain the security interests and liens granted in this Agreement and in order to fully consummate all
of the transactions contemplated herein;

 

(viii)       to
institute any foreclosure proceedings that the Administrative Agent may deem appropriate;

 

(ix)       to
sign and endorse any drafts, assignments, proxies, stock powers, verifications, notices and other documents relating to the Collateral;

 

    23 

     

    

 

(x)       to
exchange any of the Pledged Equity or other property upon any merger, consolidation, reorganization, recapitalization or other
readjustment of the Issuer thereof and, in connection therewith, deposit any of the Pledged Equity with any committee, depository,
transfer agent, registrar or other designated agency upon such terms as the Administrative Agent may reasonably deem appropriate;

 

(xi)       to
vote for a shareholder resolution, or to sign an instrument in writing, sanctioning the transfer of any or all of the Pledged Equity
into the name of the Administrative Agent or one or more of the Secured Parties or into the name of any transferee to whom the
Pledged Equity or any part thereof may be sold pursuant to Section 7 hereof;

 

(xii)       to
pay or discharge taxes, liens, security interests or other encumbrances levied or placed on or threatened against the Collateral;

 

(xiii)       to
direct any parties liable for any payment in connection with any of the Collateral to make payment of any and all monies due and
to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct;

 

(xiv)       to
receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of
or arising out of any Collateral;

 

(xv)       in
the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and
papers as the Administrative Agent may request to evidence the security interests created hereby in such Intellectual Property
and the goodwill and General Intangibles of such Grantor relating thereto or represented thereby; and

 

(xvi)       do
and perform all such other acts and things as the Administrative Agent may reasonably deem to be necessary, proper or convenient
in connection with the Collateral.

 

This power of attorney is a power coupled
with an interest and shall be irrevocable until the Facility Termination Date. The Administrative Agent shall be under no duty
to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the
Administrative Agent in this Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Administrative
Agent shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual
capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct
as determined by a final non-appealable judgment of a court of competent jurisdiction. This power of attorney is conferred on the
Administrative Agent solely to protect, preserve and realize upon its security interest in the Collateral and shall not impose
any duty upon the Administrative Agent or any other Secured Party to exercise any such powers.

 

(b)           Assignment
by the Administrative Agent. The Administrative Agent may from time to time assign the Secured Obligations to a successor Administrative
Agent appointed in accordance with the Credit Agreement, and such successor shall be entitled to all of the rights and remedies
of the Administrative Agent under this Agreement in relation thereto.

 

    24 

     

    

 

(c)           The
Administrative Agent’s Duty of Care. Other than the exercise of reasonable care to assure the safe custody of the Collateral
while being held by the Administrative Agent hereunder, the Administrative Agent shall have no duty or liability to preserve rights
pertaining thereto, it being understood and agreed that the Grantors shall be responsible for preservation of all rights in the
Collateral, and the Administrative Agent shall be relieved of all responsibility for the Collateral upon surrendering it or tendering
the surrender of it to the Grantors. The Administrative 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 Administrative Agent accords its own property, which shall be no less than the treatment employed by a reasonable and prudent
agent in the industry, it being understood that the Administrative Agent shall not have responsibility for taking any necessary
steps to preserve rights against any parties with respect to any of the Collateral. In the event of a public or private sale of
Collateral pursuant to Section 7 hereof, the Administrative Agent shall have no 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 Administrative Agent has or is deemed to have knowledge of such matters, or (ii) taking any steps to clean, repair or otherwise
prepare the Collateral for sale.

 

(d)           Liability
with Respect to Accounts. Anything herein to the contrary notwithstanding, each of the Grantors shall remain liable under each
of the Accounts to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in
accordance with the terms of any agreement giving rise to each such Account. Neither the Administrative Agent nor any Secured Party
shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of
this Agreement or the receipt by the Administrative Agent or any Secured Party of any payment relating to such Account pursuant
hereto, nor shall the Administrative Agent or any Secured Party be obligated in any manner to perform any of the obligations of
a Grantor under or pursuant to any Account (or any agreement giving rise thereto), to make any payment, to make any inquiry as
to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party under any
Account (or any agreement giving rise thereto), to present or file any claim, to take any action to enforce any performance or
to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

 

(e)            Releases
of Collateral.

 

(i)       If
any Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a transaction permitted by the Credit Agreement,
then the Administrative Agent, at the request and sole expense of such Grantor, shall promptly execute and deliver to such Grantor
all releases and other documents, and take such other action, reasonably necessary for the release of the Liens created hereby
or by any other Collateral Document on such Collateral.

 

(ii)       The
Administrative Agent may release any of the Pledged Equity from this Agreement or may substitute any of the Pledged Equity for
other Pledged Equity without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of
this Agreement as to any Pledged Equity not expressly released or substituted, and this Agreement shall continue as a first priority
lien on all Pledged Equity not expressly released or substituted.

 

    25 

     

    

 

9.             Application
of Proceeds. After the exercise of remedies provided for in Section 8.02 of the Credit Agreement (or after the Loans have automatically
become immediately due and payable as set forth in Section 8.02 of the Credit Agreement) any payments in respect of the Secured
Obligations and any proceeds of the Collateral, when received by the Administrative Agent or any Secured Party in cash or Cash
Equivalents will be applied in reduction of the Secured Obligations in the order set forth in the Credit Agreement.

 

10.           Continuing
Agreement.

 

(a)          This
Agreement shall remain in full force and effect until the Facility Termination Date, at which time this Agreement shall be automatically
terminated (other than obligations under this Agreement which expressly survive such termination) and the Administrative Agent
shall, upon the request and at the expense of the Grantors, forthwith release all of its liens and security interests hereunder
and shall execute and deliver all UCC termination statements and/or other documents reasonably requested by the Grantors evidencing
such termination.

 

(b)           This
Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any time payment, in whole or
in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or
any Secured Party as a preference, fraudulent conveyance or otherwise under any Debtor Relief Law, all as though such payment had
not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be restored
or returned, all reasonable and documented out-of-pocket costs and expenses (including without limitation any reasonable legal
fees and disbursements of outside counsel to the extent reimbursable pursuant to Section 11.04 of the Credit Agreement) incurred
by the Administrative Agent or any Secured Party in defending and enforcing such reinstatement shall be deemed to be included as
a part of the Secured Obligations.

 

11.           Amendments;
Waivers; Modifications, etc. This Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged
or terminated except as set forth in Section 11.01 of the Credit Agreement.

 

12.    
      Successors in Interest. This Agreement shall be binding upon each Grantor, its successors and
assigns and shall inure, together with the rights and remedies of the Administrative Agent and the Secured Parties hereunder,
to the benefit of the Administrative Agent and the Secured Parties and their successors and permitted assigns.

 

13.  
       Notices. All notices required or permitted to be given under this Agreement shall
be in conformance with Section 11.02 of the Credit Agreement; provided that notices and communications to the Grantors
shall be directed to the Grantors, at the address of the Borrowers set forth in Section 11.02 of the Credit Agreement.

 

14.           Counterparts.
This Agreement may be executed in any number of counterparts, each of which where so executed and delivered shall be an original,
but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Agreement to produce
or account for more than one such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by fax
transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Agreement. Without limiting the foregoing, to the extent a manually executed counterpart
is not specifically required to be delivered, upon the request of any party, such fax transmission or electronic mail transmission
shall be promptly followed by such manually executed counterpart.

 

    26 

     

    

 

15.  
        Headings. The headings of the sections hereof are provided for convenience only
and shall not in any way affect the meaning or construction of any provision of this Agreement.

 

16.           Governing
Law; Submission to Jurisdiction; Venue; WAIVER OF JURY TRIAL. The terms of Sections 11.14 and 11.15 of the Credit Agreement
with respect to governing law, submission to jurisdiction, venue and waiver of jury trial are incorporated herein by reference,
mutatis mutandis, and the parties hereto agree to such terms.

 

17.           Severability.
If any provision of this Agreement is determined to be illegal, invalid or unenforceable, such provision shall be fully severable
and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal,
invalid or unenforceable provisions.

 

18.           Entirety.
This Agreement, the other Loan Documents and the other documents relating to the Secured Obligations represent the entire agreement
of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any
commitment letters or correspondence relating to the Loan Documents, any other documents relating to the Secured Obligations, or
the transactions contemplated herein and therein.

 

19.           Other
Security. To the extent that any of the Secured Obligations are now or hereafter secured by property other than the Collateral
(including, without limitation, real property and securities owned by a Grantor), or by a guarantee, endorsement or property of
any other Person, then the Administrative Agent shall have the right to proceed against such other property, guarantee or endorsement
upon the occurrence of any Event of Default, and the Administrative Agent shall have the right, in its sole discretion, to determine
which rights, security, liens, security interests or remedies the Administrative Agent shall at any time pursue, relinquish, subordinate,
modify or take with respect thereto, without in any way modifying or affecting any of them or the Secured Obligations or any of
the rights of the Administrative Agent or the Secured Parties under this Agreement, under any other of the Loan Documents or under
any other document relating to the Secured Obligations.

 

20.     
     Joinder. At any time after the date of this Agreement, one or more additional Persons may
become party hereto by executing and delivering to the Administrative Agent a Joinder Agreement in the form of Exhibit
D to the Credit Agreement or such other form reasonably acceptable to the Administrative Agent. Immediately upon such
execution and delivery of such Joinder Agreement (and without any further action), each such additional Person will become a
party to this Agreement as a “Grantor” and have all of the rights and obligations of a Grantor hereunder and this
Agreement and the schedules hereto shall be deemed amended by such Joinder Agreement.

 

    27 

     

    

 

21.           Consent
of Issuers of Pledged Equity. Any Loan Party that is an Issuer hereby acknowledges, consents and agrees to the grant of the
security interests in such Pledged Equity by the applicable Grantors pursuant to this Agreement, together with all rights accompanying
such security interest as provided by this Agreement and applicable Law, notwithstanding any anti-assignment provisions in any
operating agreement, limited partnership agreement or similar organizational or governance documents of such Issuer.

 

22.           Joint
and Several Obligations of Grantors.

 

(a)       Each
of the Grantors is accepting joint and several liability hereunder in consideration of the financial accommodations to be provided
by the Lenders under the Credit Agreement, for the mutual benefit, directly and indirectly, of each of the Grantors and in consideration
of the undertakings of each of the Grantors to accept joint and several liability for the obligations of each of them.

 

(b)       Each
of the Grantors jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a primary
obligor, joint and several liability with the other Grantors with respect to the payment and performance of all of the Secured
Obligations, it being the intention of the parties hereto that (i) all the Secured Obligations shall be the joint and several obligations
of each of the Grantors without preferences or distinction among them and (ii) a separate action may be brought against each Grantor
to enforce this Agreement whether or not the Borrower, any other Grantor or any other person or entity is joined as a party.

 

(c)       Notwithstanding
any provision to the contrary contained herein, in any other of the Loan Documents, to the extent the obligations of a Grantor
shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state
or federal law relating to fraudulent conveyances or transfers) then the obligations of such Grantor hereunder shall be limited
to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, Debtor
Relief Laws).

 

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

 

    28 

     

    

 

24.           Injunctive
Relief.

 

(a)          Each
Grantor recognizes that, in the event such Grantor fails to perform, observe or discharge any of its obligations or liabilities
under this Agreement or any other Loan Document, any remedy of law may prove to be inadequate relief to the Administrative Agent
and the other Secured Parties. Therefore, each Grantor agrees that the Administrative Agent and the other Secured Parties, at the
option of the Administrative Agent and the other Secured Parties, shall be entitled to temporary and permanent injunctive relief
in any such case without the necessity of proving actual damages.

 

(b)            The
Administrative Agent, the other Secured Parties and each Grantor hereby agree that no such Person shall have a remedy of punitive
or exemplary damages against any other party to a Loan Document and each such Person hereby waives any right or claim to punitive
or exemplary damages that they may now have or may arise in the future in connection with any dispute under this Agreement or any
other Loan Document, whether such dispute is resolved through arbitration or judicially.

 

25.           Secured
Parties. Each Secured Party that is not a party to the Credit Agreement who obtains the benefit of this Agreement shall be
deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of the Credit Agreement,
and with respect to the actions and omissions of the Administrative Agent hereunder or otherwise relating hereto that do or may
affect such Secured Party, the Administrative Agent and each of its Affiliates shall be entitled to all of the rights, benefits
and immunities conferred under Article IX of the Credit Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    29 

     

    

 

Each of the parties
hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

 

	GRANTORS	BRPI ACQUISITION CO LLC,

        a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	UNITED ONLINE, INC.,a Delaware corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	YMAX CORPORATION, a Delaware corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	NETZERO, INC., a Delaware corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	JUNO ONLINE SERVICES, INC., a Delaware
        corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Security and Pledge Agreement

 

     

     

    

 

	 	JUNO INTERNET SERVICES, INC., a Delaware
        corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	CLASSMATES MEDIA CORPORATION, a Delaware
        corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	NETZERO MODECOM, INC., a Delaware corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	NETZERO WIRELESS, INC., a Delaware
        corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	UNITED ONLINE ADVERTISING NETWORK, INC.,
        a Delaware corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Security and Pledge Agreement

 

     

     

    

 

	 	UNITED ONLINE WEB SERVICES, a Delaware
        corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	MAGICJACK HOLDINGS CORPORATION, a Delaware
        corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	BROADSMART HOLDING CO INC., a Delaware
        corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	BROADSMART GLOBAL, INC., a Florida
        corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	MAGICJACK LP, a Delaware limited partnership
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Security and Pledge Agreement

 

 

     

     

    

 

	 	YMAX COMMUNICATIONS CORP. OF VIRGINIA,
        a Virginia corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	MAGICJACK SMB, INC., a Florida corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	TIGER JET NETWORK, INC., a California
        corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Accepted and agreed to as of the date first above written.

 

 

	BANC OF CALIFORNIA, N.A.,

as Administrative Agent

	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

Security and Pledge Agreement

 

     

     

    

 

EXHIBIT A

[FORM OF]

IRREVOCABLE STOCK POWER

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers to __________________ the following Equity Interests of [___________], a [_________]
[corporation] [limited liability company]:

 

	No.
    of Shares	Certificate
    No.

  

and irrevocably appoints __________________________________
its agent and attorney-in-fact to transfer all or any part of such Equity Interests and to take all necessary and appropriate
action to effect any such transfer. The agent and attorney-in-fact may substitute and appoint one or more persons to act for him.

	 	 	 	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

  

    A-1 

     

    

 

EXHIBIT 
B

[FORM OF]

NOTICE OF

GRANT OF SECURITY INTEREST

IN COPYRIGHTS

 

[United States Copyright Office] [Canadian
Intellectual Property Office]

 

Ladies and Gentlemen:

 

Please be advised that
pursuant to the Security and Pledge Agreement dated as of December 19, 2018 (as amended, modified, extended, restated, renewed,
replaced, or supplemented from time to time, the “Agreement”) by and among the Grantors party thereto (each
a “Grantor” and collectively, the “Grantors”) and Banc of California, N.A., as administrative
agent (the “Administrative Agent”) for the Secured Parties referenced therein, the undersigned Grantor has granted
a continuing security interest in and continuing lien upon the copyrights and copyright applications shown on Schedule 1,
attached hereto, to the Administrative Agent for the ratable benefit of the Secured Parties.

 

The undersigned Grantor
and the Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and agree that the security interest in the
foregoing copyrights and copyright applications (a) may only be terminated in accordance with the terms of the Agreement
and (b) is not to be construed as an assignment of any copyright or copyright application.

 

	 	Very truly yours,	 
	 	[GRANTOR]	 
	 	By:		 
	 	Name:		 
	 	Title:		 

 

	Acknowledged and Accepted:	 
	BANC OF CALIFORNIA, N.A.,	 
	as Administrative Agent	 
	By:		 
	Name:		 
	Title:		 

 

    B-1 

     

    

 

EXHIBIT 
C

[FORM OF]

NOTICE OF

GRANT OF SECURITY INTEREST

IN PATENTS

 

[United States Patent and Trademark Office]
[Canadian Intellectual Property Office]

 

Ladies and Gentlemen:

 

Please be advised that
pursuant to the Security and Pledge Agreement dated as of December 19, 2018 (as amended, modified, extended, restated, renewed,
replaced, or supplemented from time to time, the “Agreement”) by and among the Grantors party thereto (each
a “Grantor” and collectively, the “Grantors”) and Banc of California, N.A., as administrative
agent (the “Administrative Agent”) for the Secured Parties referenced therein, the undersigned Grantor has granted
a continuing security interest in and continuing lien upon the patents and patent applications shown on Schedule 1, attached
hereto, to the Administrative Agent for the ratable benefit of the Secured Parties.

 

The undersigned Grantor
and the Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and agree that the security interest in the
foregoing patents and patent applications (a) may only be terminated in accordance with the terms of the Agreement and (b) is
not to be construed as an assignment of any patent or patent application.

 

	 	Very truly yours,	 
	 	[GRANTOR]	 
	 	By:		 
	 	Name:		 
	 	Title:		 

 

	Acknowledged and Accepted:	 
	BANC OF CALIFORNIA, N.A.,	 
	as Administrative Agent	 
	By:		 
	Name:		 
	Title:		 

 

    C-1 

     

    

 

EXHIBIT 
D

[FORM OF]

NOTICE OF

GRANT OF SECURITY INTEREST

IN TRADEMARKS

 

[United States Patent and Trademark Office]
[Canadian Intellectual Property Office]

 

Ladies and Gentlemen:

 

Please be advised that
pursuant to the Security and Pledge Agreement dated as of December 19, 2018 (as amended, modified, extended, restated, renewed,
replaced, or supplemented from time to time, the “Agreement”) and among the Grantors party thereto (each a “Grantor”
and collectively, the “Grantors”) and Banc of California, N.A., as administrative agent (the “Administrative
Agent”) for the Secured Parties referenced therein, the undersigned Grantor has granted a continuing security interest
in and continuing lien upon the trademarks and trademark applications shown on Schedule 1, attached hereto, to the Administrative
Agent for the ratable benefit of the Secured Parties.

 

The undersigned Grantor
and the Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and agree that the security interest in the
foregoing trademarks and trademark applications (a) may only be terminated in accordance with the terms of the Agreement and
(b) is not to be construed as an assignment of any trademark or trademark application.

 

	 	Very truly yours,	 
	 	[GRANTOR]	 
	 	By:		 
	 	Name:		 
	 	Title:		 

 

	Acknowledged and Accepted:	 
	BANC OF CALIFORNIA, N.A.,	 
	as Administrative Agent	 
	By:		 
	Name:		 
	Title:		 

 

    D-1Exhibit 10.3

 

UNCONDITIONAL GUARANTY AND PLEDGE AGREEMENT

 

This UNCONDITIONAL
GUARANTY AND PLEDGE AGREEMENT (this “Agreement”) is entered into as of December 19, 2018, by B.
RILEY PRINCIPAL INVESTMENTS, LLC, a Delaware limited liability company (the “Guarantor”), in favor
of BANC OF CALIFORNIA, N.A., in its capacity as administrative agent (in such capacity, the “Administrative
Agent”), for the Secured Parties (as defined in the Credit Agreement, hereinafter defined).

 

		A.	Guarantor, directly or indirectly, owns 100% of the issued and outstanding Equity Interests (as
defined in the Credit Agreement, hereinafter defined) of each of (i) BRPI Acquisition Co LLC, a Delaware limited liability company,
United Online, Inc., a Delaware corporation, and YMax Corporation, a Delaware corporation (collectively “Borrowers”).

 

		B.	For and in consideration of all extensions of credit, loans and other financial accommodations
provided to Borrowers, which loans will be made pursuant to a Credit Agreement among Borrowers, the Secured Guarantors party thereto,
the Administrative Agent and the Lenders party thereto, dated of even date herewith (as amended from time to time, and any and
all modifications, extensions or renewals thereof, the “Credit Agreement”), Guarantor hereby unconditionally
and irrevocably guarantees the prompt and complete payment of all amounts Borrowers owe the Secured Parties arising under the Credit
Agreement and the other Loan Documents and Borrowers’ performance of the Credit Agreement and the other Loan Documents according
to their terms. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them under
the Credit Agreement.

 

Section
1 – GUARANTEE

 

1.1       If
Borrowers do not perform their obligations under the Loan Documents, Guarantor shall upon demand by Administrative Agent immediately
pay all amounts due thereunder (including, without limitation, all principal, interest and fees) and satisfy all of Borrowers’
payment obligations under the Loan Documents (“Guarantor Obligations”).

 

1.2       The
obligations hereunder are independent of the obligations of Borrowers, and a separate action or actions may be brought and prosecuted
against Guarantor whether action is brought against Borrowers or whether Borrowers be joined in any such action or actions. This
Agreement is a primary obligation of Guarantor, and not merely the creation of a surety relationship. Guarantor agrees that it
is directly, jointly and severally liable with Borrowers and any other Guarantor (as defined in the Credit Agreement) or guarantor
of the Guarantor Obligations. Guarantor waives the benefit of any statute of limitations affecting its liability hereunder or the
enforcement thereof. Guarantor’s liability under this Agreement is not conditioned or contingent upon the genuineness, validity,
regularity or enforceability of the Loan Documents.

 

    1 

     

    

 

1.3       Guarantor
authorizes Administrative Agent, without notice or demand and without affecting its liability hereunder, from time to time to (a)
renew, extend or otherwise change the terms of the Loan Documents or any part thereof, (b) take security for the payment due under
this Agreement or the Loan Documents, (c) exchange, enforce, waive or release any such security, and (d) apply any security and
direct its sale as Administrative Agent, in its discretion, chooses.

  

1.4       Guarantor
waives any right to require Administrative Agent to (a) proceed against Borrowers, any other guarantor or any other Person; (b)
proceed against or exhaust any security held from Borrowers, any other guarantor or any other Person; or (c) pursue any other remedy
in Administrative Agent’s power whatsoever. Administrative Agent may, at its election, exercise, decline or fail to exercise,
any right or remedy it may have against Borrowers or any security held by Administrative Agent, including without limitation the
right to foreclose upon any such security by judicial or nonjudicial sale, without affecting or impairing in any way the liability
of Guarantor hereunder. Guarantor waives any defense arising by reason of any disability or other defense of Borrowers or any other
guarantor, or by reason of the cessation from any cause whatsoever of the liability of Borrowers or any other guarantor. Guarantor
waives any setoff, defense or counterclaim that Borrowers may have against Administrative Agent, except for the defense of payment
and performance in full of all amounts Borrowers owe to the Secured Parties under the Credit Agreement and the other Loan Documents.
Guarantor waives any defense arising out of the absence, impairment or loss of any right of reimbursement or subrogation or any
other rights against Borrowers. Until all of the amounts that Borrowers owe to the Secured Parties (other than contingent indemnity
obligations for which no claim has been asserted) have been paid in full, (d) Guarantor shall not have any right of subrogation
or reimbursement for claims arising out of or in connection with this Agreement, (e) Guarantor shall not have any right of contribution
or other rights against Borrowers, (f) Guarantor waives any right to enforce any remedy that Administrative Agent now has or may
hereafter have against Borrowers, and (g) Guarantor waives all rights to participate in any security now or hereafter held by Administrative
Agent. Guarantor waives all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices
of dishonor and notices of acceptance of this Agreement and of the existence, creation or incurrence of new or additional Indebtedness.
Guarantor assumes the responsibility for being and keeping itself informed of the financial condition of Borrowers and of all other
circumstances bearing upon the risk of nonpayment of any Indebtedness or nonperformance of any obligation of Borrowers, warrants
to Administrative Agent that it will keep so informed, and agrees that absent a request for particular information by Guarantor,
Administrative Agent shall have no duty to advise Guarantor of information known to Administrative Agent regarding such condition
or any such circumstances. Guarantor waives the benefits of California Civil Code sections 2809, 2810, 2819, 2845, 2847, 2848,
2849, 2850, 2899 and 3433.

 

    2 

     

    

 

1.5       Guarantor
acknowledges that all or any portion of the Obligations may now or hereafter be secured by a Lien or Liens upon real property owned
or leased by Borrowers and evidenced by certain documents including, without limitation, deeds of trust and assignments of rents.
Administrative Agent may, pursuant to the terms of said real property security documents and applicable law, foreclose under all
or any portion of one or more of said Liens by means of judicial or nonjudicial sale or sales. Guarantor agrees that Administrative
Agent may exercise whatever rights and remedies it may have with respect to said real property security, all without affecting
the liability of Guarantor hereunder, except to the extent Administrative Agent realizes payment by such action or proceeding.
No election to proceed in one form of action or against any party, or on any obligation shall constitute a waiver of Administrative
Agent’s right to proceed in any other form of action or against Guarantor or any other Person, or diminish the liability
of Guarantor, or affect the right of Administrative Agent to proceed against Guarantor for any deficiency, except to the extent
Administrative Agent realizes payment by such action, notwithstanding the effect of such action upon Guarantor’s rights of
subrogation, reimbursement or indemnity, if any, against Borrowers, any other guarantor or any other Person. Without limiting the
generality of the foregoing, Guarantor expressly waives all rights, benefits and defenses, if any, applicable or available to Guarantor
under either California Code of Civil Procedure Sections 580a or 726, which provide, among other things, that the amount of any
deficiency judgment which may be recovered following either a judicial or nonjudicial foreclosure sale is limited to the difference
between the amount of any Indebtedness owed and the greater of the fair value of the security or the amount for which the security
was actually sold. Without limiting the generality of the foregoing, Guarantor further expressly waives all rights, benefits and
defenses, if any, applicable or available to Guarantor under either California Code of Civil Procedure Sections 580b, providing
that no deficiency may be recovered on a real property purchase money obligation, or 580d, providing that no deficiency may be
recovered on a note secured by a deed of trust on real property if the real property is sold under a power of sale contained in
the deed of trust.

 

1.6       If
any Borrower becomes insolvent, is adjudicated bankrupt or files a petition for reorganization, arrangement, composition or similar
relief under any present or future provision of the United States Bankruptcy Code or reorganization or insolvency laws of any applicable
jurisdiction, or if such a petition is filed against any Borrower, and in any such proceeding some or all of any Indebtedness or
obligations under the Credit Agreement are terminated or rejected or any obligation of Borrowers is modified or abrogated, or if
Borrowers’ obligations are otherwise avoided for any reason, Guarantor agrees that Guarantor’s liability hereunder
shall not thereby be affected or modified and such liability shall continue in full force and effect as if no such action or proceeding
had occurred. This Agreement shall continue to be effective or be reinstated, as the case may be, if any payment must be returned
by Administrative Agent upon the insolvency, bankruptcy or reorganization of any Borrower, Guarantor or any other guarantor or
otherwise, as though such payment had not been made.

 

1.7       Any
Indebtedness of any Borrower now or hereafter held by Guarantor is hereby subordinated to any Indebtedness of Borrower to the Secured
Parties; and such Indebtedness of such Borrower to Guarantor shall be collected, enforced and received by Guarantor as trustee
for Administrative Agent and be paid over to Administrative Agent on account of the Indebtedness of Borrowers to Administrative
Agent but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Agreement.

 

    3 

     

    

 

Section
2 – [INTENTIONALLY OMITTED]

 

Section
3 – PLEDGE

 

3.1       As
security for the full, prompt and complete payment and performance when due (whether by stated maturity, by acceleration or otherwise)
of all the Guarantor Obligations, Guarantor hereby pledges to Administrative Agent, and grants to Administrative Agent, a first
priority security interest in all of the following (collectively, the “Pledged Collateral”):

 

(a)       the
shares of capital stock or other equity securities of the entities listed on Exhibit A attached hereto, now owned or hereafter
acquired (whether in connection with any recapitalization, reclassification, or reorganization of the capital of such entities
or any successors in interest thereto) by Guarantor (the “Pledged Shares”), together with all proceeds
and substitutions thereof, all cash, stock and other monies and property paid thereon, all rights to subscribe for securities declared
or granted in connection therewith, and all other cash and noncash proceeds of the foregoing. On the date hereof, the certificate
or certificates, if any, representing the Pledged Shares will be delivered to Administrative Agent, accompanied by an instrument
of assignment duly executed in blank by Guarantor in the form provided in Exhibit B hereto or other form acceptable to Administrative
Agent. To the extent required by the terms and conditions governing the Pledged Shares, Guarantor shall cause the books of each
entity whose Pledged Shares are part of the Pledged Collateral and any transfer agent to reflect the pledge of the Pledged Shares.
Upon the occurrence of an Event of Default, Administrative Agent may effect the transfer of any securities included in the Pledged
Collateral (including but not limited to the Pledged Shares) into the name of Administrative Agent or one or more of the Secured
Parties or into the name of any transferee to whom the Pledged Shares or any part thereof may be sold or transferred in accordance
with the provisions hereof, and cause new certificates representing such securities to be issued in the name of Administrative
Agent or its transferee;

 

(b)       all
voting trust certificates held by Guarantor evidencing the right to vote any Pledged Shares subject to any voting trust; and

 

(c)       all
additional shares and voting trust certificates of the entities listed on Exhibit A from time to time acquired by Guarantor
in any manner (which additional shares shall be deemed to be part of the Pledged Shares), and the certificates representing such
additional shares, and all dividends, cash, instruments and other property or proceeds from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of such Pledged Shares.

 

3.2       Guarantor
agrees to pay prior to delinquency all taxes, charges, Liens and assessments, in each case imposed by any Governmental Authority,
against the Pledged Collateral, except those with respect to which the amount or validity is being contested in good faith by appropriate
proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of Guarantor, and upon the
failure of Guarantor to do so, contemporaneous with written notice thereof from Administrative Agent to Guarantor, Administrative
Agent at its option may pay any of them.

 

3.3       In
the event that during the term of this Agreement, any reclassification, readjustment, or other change is declared or made in the
capital structure of the issuer of the Pledged Shares, all new, substituted and additional shares, options, or other securities,
issued or issuable to Guarantor by reason of any such change or exercise shall be delivered to and held by Administrative Agent
under the terms of this Agreement in the same manner as the Pledged Collateral originally pledged hereunder.

 

    4 

     

    

 

Section
4 – REPRESENTATIONS AND WARRANTIES

 

4.1       Guarantor
hereby represents and warrants to Administrative Agent that:

 

(a)       the
execution, delivery and performance by Guarantor of this Agreement (i) does not contravene any Law or any contractual restriction
binding on or affecting Guarantor or by which Guarantor’s property may be affected; (ii) does not require any authorization
or approval or other action by, or any notice to or filing with, any Governmental Authority or any other Person under any indenture,
mortgage, deed of trust, lease, agreement or other instrument to which Guarantor is a party or by which Guarantor or any of its
property is bound, except such as have been obtained, made or waived; and (iii) does not result in the imposition or creation of
any Lien upon any property of Guarantor except the Lien provided to Administrative Agent pursuant to Section 3.1 hereof and Permitted
Liens;

 

(b)       Guarantor
has the limited liability company power to execute, deliver and perform this Agreement and the execution, delivery and performance
of this Agreement has been duly authorized by all requisite action;

 

(c)       this
Agreement is a valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms, except as
the enforceability thereof may be subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other
similar laws relating to or affecting the rights of creditors generally;

 

(d)       there
is no action, suit or proceeding affecting Guarantor pending or threatened before any court, arbitrator, or Governmental Authority,
domestic or foreign, which may have a material adverse effect on the ability of Guarantor to perform its obligations under this
Agreement;

 

(e)       Guarantor’s
obligations hereunder are not subject to any offset or defense against Administrative Agent or Borrowers of any kind;

 

(f)       Guarantor
has established adequate means of obtaining from sources other than Administrative Agent and Lenders, on a continuing basis, financial
and other information pertaining to each Borrower’s and each other Loan Party’s, financial condition and the status
of Borrowers’ performance of Obligations imposed by the Loan Documents, and Guarantor agrees to keep adequately informed
from such means of any facts, events or circumstances which might in any way affect Guarantor’s risks hereunder and neither
Administrative Agent nor Lenders have made any representation to Guarantor as to any such matters;

 

(g)       after
the incurrence of Guarantor’s obligations under this Agreement, the fair salable value of Guarantor’s assets (including
goodwill minus disposition costs) exceeds the fair value of its liabilities; Guarantor is not left with unreasonably small capital
after the transactions in this Agreement or the other Loan Documents; and Guarantor is able to pay its debts (including trade debts)
as they mature;

 

(h)       all
representations and warranties contained in this Agreement are true at the time of Guarantor’s execution of this Agreement,
and shall continue to be true until Guarantor’s obligations hereunder have been paid and performed in full. Guarantor expressly
agrees that any misrepresentation or breach of any warranty whatsoever contained in this Agreement shall be deemed material;

 

    5 

     

    

 

(i)       Guarantor
is, at the time of delivery of the Pledged Shares to Administrative Agent hereunder, the sole holder of record and the sole beneficial
owner of the Pledged Collateral, free and clear of any Lien thereon or affecting title thereto, except for the Lien created by
this Agreement and Permitted Liens;

 

(j)       none
of the Pledged Shares have been transferred in violation of applicable federal or state securities, or similar laws, which such
transfer may be subject to in the United States of America or any applicable jurisdiction;

 

(k)       all
of the Pledged Shares have been duly authorized, validly issued, fully paid and are non-assessable;

 

(l)       to
Guarantor’s knowledge, (i) there are no subscriptions, warrants, rights of first refusal or other restrictions on transfer
relative to, or options exercisable with respect to the Pledged Shares; and (ii) the Pledged Shares are not the subject of any
present or threatened suit, action, arbitration, administrative or other proceeding, and Guarantor knows of no reasonable grounds
for the institution of any such proceedings;

 

(m)       no
consent, approval, authorization or other order of any Person and no consent or authorization of any Governmental Authority is
required to be made or obtained which has not yet been made or obtained by Guarantor either (i) for the pledge by Guarantor of
the Pledged Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by Guarantor;
or (ii) for the exercise by Administrative Agent of the voting or other rights provided for in this Agreement or the remedies with
respect to the Pledged Collateral pursuant to this Agreement, except, in the case of clause (i) and (ii), as (x) may be required
in connection with such disposition by laws affecting the offer and sale of securities generally and (y) by the laws of the United
States and any applicable foreign jurisdiction; and

 

(n)       the
pledge, grant of a security interest in, and delivery of the Pledged Collateral pursuant to this Agreement, will create a valid
first priority Lien on and in the Pledged Collateral, subject to any Permitted Liens, if applicable, and the proceeds thereof,
securing the payment of the Guarantor Obligations.

 

Section
5 – COVENANTS

 

5.1       So
long as Administrative Agent has any commitment to make extensions of credit to Borrowers under the Credit Agreement or Borrowers
have any Obligations (other than contingent indemnification obligations for which no claim has been asserted) outstanding under
the Loan Documents, Guarantor agrees that Guarantor:

 

(a)       will
not (i) except as otherwise permitted by the Loan Documents, sell, transfer or otherwise dispose of, or grant any option or warrant
with respect to, any of the Pledged Collateral (or any part thereof or interest therein) except with the prior written consent
of Administrative Agent, or (ii) create or permit to exist any Lien upon or with respect to any of the Pledged Collateral, except
for the Lien created by this Agreement and Permitted Liens. If any Pledged Collateral, or any part thereof, is sold, transferred
or otherwise disposed of in violation of this Section 5.1, the security interest of Administrative Agent shall continue in the
Pledged Collateral, to the extent permitted under applicable law, notwithstanding such sale, transfer or other disposition, and
Guarantor will deliver any proceeds thereof to Administrative Agent to be held as Pledged Collateral hereunder;

 

    6 

     

    

 

(b)       shall,
at Guarantor’s own expense, promptly execute, acknowledge, and deliver all such instruments and take all such actions as
Administrative Agent from time to time may reasonably request to ensure to Administrative Agent the benefits of the Lien in and
to the Pledged Collateral intended to be created by this Agreement;

 

(c)       shall
maintain, preserve and, at Administrative Agent’s request, take commercially reasonable efforts to defend the title to the
Pledged Collateral and the Lien of Administrative Agent thereon against the claim of any other Person; and

 

(d)       upon
obtaining any shares of capital stock or other equity securities that should be pledged pursuant to Section 3.1 of this Agreement,
shall promptly deliver to Administrative Agent a duly executed Pledge Supplement in substantially the form of Exhibit C
attached hereto (a “Pledge Supplement”) identifying such additional shares of capital stock or other
equity securities. Guarantor hereby authorizes Administrative Agent to attach each Pledge Supplement to this Agreement and agrees
that all shares of capital stock or other equity securities listed thereon shall for all purposes hereunder constitute Pledged
Collateral.

 

Section
6 – EVENTS OF DEFAULT

 

6.1       So
long as no Event of Default has occurred:

 

(a)       Guarantors
shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Collateral or any part thereof;
and

 

(b)       Guarantors
shall be entitled to receive and to retain and use free and clear of the Lien created hereby any and all payments, including, but
not limited to, profits, dividends or distributions paid in respect of its Pledged Collateral; provided, however,
that any and all:

 

(i)       non-cash
profits, non-cash dividends or distributions in the form of capital stock, instruments or other property received, receivable or
otherwise distributed in respect of, or in exchange for, any Pledged Collateral, and

 

(ii)       profits,
dividends and other distributions paid or payable in cash in respect of any Pledged Collateral in connection with total liquidation
or dissolution,

 

shall, promptly be delivered
to Administrative Agent, in the case of (i) above, to be held as Collateral and shall, if received by any Guarantor, be received
in trust for the benefit of Administrative Agent, be segregated from the other property of Guarantor, and promptly be delivered
to Administrative Agent as Pledged Collateral in the same form as so received (with any necessary endorsement), and in the case
of (ii) above, to be applied to the Obligations to the extent permitted by the Credit Agreement or otherwise to be held as Pledged
Collateral.

 

    7 

     

    

 

6.2       During
the existence and continuation of an Event of Default,

 

(a)       Administrative
Agent may, to the extent permitted by applicable law, at its election, apply, set off, collect or sell in one or more sales, or
take such steps as may be necessary to liquidate and reduce to cash in the hands of Administrative Agent in whole or in part, with
or without any previous demands or demand of performance or notice or advertisement, the whole or any part of the Pledged Collateral
in such order as Administrative Agent may elect, and any such sale may be made either at public or private sale at its place of
business or elsewhere, or at any broker’s board or securities exchange, either for cash or upon credit or for future delivery;
provided, however, that if such disposition is at private sale, then the purchase price of the Pledged Collateral
shall be equal to the public market price then in effect, or, if at the time of sale no public market for the Pledged Collateral
exists, then, in recognition of the fact that the sale of the Pledged Collateral might have to be registered under the Securities
Act of 1933, as amended (the “Act”), and that the expenses of such registration are commercially unreasonable
for the type and amount of collateral pledged hereunder, Administrative Agent and Guarantors hereby agree that such private sale
shall be at a purchase price mutually agreed to by Administrative Agent and Guarantors or, if the parties cannot agree upon a purchase
price, then at a purchase price established by Administrative Agent in the exercise of its reasonable discretion. Administrative
Agent shall be under no obligation to delay the sale of any of the Pledged Shares for the period of time necessary to permit Guarantors
to register such securities for public sale under the Act, or under applicable state securities laws, even if Guarantors would
agree to do so. Administrative Agent may be the purchaser of any or all Pledged Collateral so sold and hold the same thereafter
in its own right free from any claim of Guarantors or right of redemption. To the extent permitted by applicable law, demands of
performance, notices of sale, advertisements and presence of property at sale are hereby waived. Any sale hereunder may be conducted
by any officer or Administrative Agent of Administrative Agent; and

 

(b)       Administrative
Agent shall have all of the rights of a secured party under the Uniform Commercial Code with respect to the Pledged Collateral.
Guarantors’ obligations hereunder are not limited to the Pledged Collateral or any exercise by Administrative Agent of rights
and remedies against the same, and Administrative Agent may pursue any other available rights and remedies against any Guarantor,
whether hereunder, at law or otherwise, without resort to the Pledged Collateral if Administrative Agent deems it in its best interests
to do so.

 

6.3       The
proceeds of the sale of any of the Pledged Collateral and all sums received or collected by Administrative Agent from or on account
of such Pledged Collateral shall be applied by Administrative Agent to the payment of expenses incurred or paid by Administrative
Agent in connection with any sale, transfer or delivery of the Pledged Collateral, to the payment of any other costs, charges,
attorneys’ fees or expenses mentioned herein, and to the payment of the Obligations or any part hereof, all in such order
and manner as Administrative Agent in its discretion may determine.

 

6.4       Upon
the transfer by Administrative Agent of all or any part of the Obligations pursuant to the terms of the Credit Agreement, Administrative
Agent may transfer all or any part of the Pledged Collateral to the transferee of the Obligations and shall be fully discharged
thereafter from all liability and responsibility with respect to such Pledged Collateral so transferred, and the transferee shall
be vested with all the rights and powers of Administrative Agent hereunder with respect to such Pledged Collateral so transferred;
but with respect to any Pledged Collateral not so transferred, Administrative Agent shall retain all rights and powers hereby given.

 

    8 

     

    

 

Section
7 – MISCELLANEOUS

 

7.1       Guarantors
agree to pay reasonable and documented out-of-pocket attorneys’ fees and all other reasonable and documented out-of-pocket
costs and expenses which may be incurred by Administrative Agent in the enforcement of this Agreement. No terms or provisions of
this Agreement may be changed, waived, revoked or amended without Administrative Agent’s and Guarantor’s prior written
consent. Should any provision of this Agreement be determined by a court of competent jurisdiction to be unenforceable, all of
the other provisions shall remain effective. This Agreement embodies the entire agreement between the parties hereto with respect
to the matters set forth herein, and supersedes all prior agreements among the parties with respect to the matters set forth herein.
No course of prior dealing among the parties, no usage of trade, and no parol or extrinsic evidence of any nature shall be used
to supplement, modify or vary any of the terms hereof. Administrative Agent may assign this Agreement in connection with any assignment
of such role under the Credit Agreement without in any way affecting Guarantors’ liability under it. This Agreement shall
inure to the benefit of Administrative Agent and its successors and assigns. This Agreement is in addition to the guaranties of
any other guarantors of the Obligations.

 

7.2       THIS
AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING
OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA.

 

7.3       GUARANTOR
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION,
WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY SECURED PARTY OR ANY
RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO, IN ANY FORUM OTHER THAN
THE COURTS OF THE STATE OF CALIFORNIA SITTING IN THE COUNTY OF LOS ANGELES AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF CALIFORNIA, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY
BE HEARD AND DETERMINED IN SUCH CALIFORNIA STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY
BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL
AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT AGAINST GUARANTOR IN THE COURTS OF ANY JURISDICTION.

 

    9 

     

    

 

7.4       GUARANTOR
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN
SECTION 7.3. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

7.5       EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7.8 BELOW. NOTHING IN THIS
AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

7.6       EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

IN THE EVENT ANY LEGAL
PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST ANY PARTY HERETO IN CONNECTION
WITH ANY CLAIM AND THE WAIVER SET FORTH ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS:

 

WITH THE EXCEPTION OF
THE MATTERS SPECIFIED IN THE IMMEDIATELY SUCCEEDING PARAGRAPH BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING
IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL
REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF LOS ANGELES, CALIFORNIA.

 

    10 

     

    

 

THE FOLLOWING MATTERS
SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL
PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER, AND (D) TEMPORARY,
PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS, OR PRELIMINARY
INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED
IN CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE IN A REFERENCE PROCEEDING
PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER.

 

UPON THE WRITTEN REQUEST
OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE PARTIES DO NOT AGREE UPON
A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT A REFEREE
PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). THE REFEREE SHALL BE APPOINTED TO SIT WITH ALL OF THE POWERS PROVIDED
BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL REMEDIES.

 

EXCEPT AS EXPRESSLY SET
FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED INCLUDING THE TIME
AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF
THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT
A COURT REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED
AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO
ARRANGE FOR AND PAY THE COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY
BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.

 

THE REFEREE MAY REQUIRE
ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL OVERSEE DISCOVERY
IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN
PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA.

 

    11 

     

    

 

THE REFEREE SHALL APPLY
THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE
WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE
ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL
REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE A
DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED BY THE
COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE
DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.

 

THE PARTIES RECOGNIZE
AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE AND NOT BY A
JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY
AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT
ARISES OUT OF OR IS RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.

 

7.7       This
Agreement may be executed in counterpart signature pages, all of which taken together shall be deemed to be one original of this
instrument. Delivery of an executed counterpart to this Agreement by facsimile or electronic mail shall be effective as a manually
executed counterpart to this Agreement.

 

7.8       All
notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by fax transmission or e-mail transmission. Notices and other communications sent
by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by fax transmission or e-mail transmission shall be deemed to have been given when sent (except
that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business
on the next Business Day for the recipient).

 

[Signatures on following page.]

 

    12 

     

    

  

IN WITNESS WHEREOF,
the undersigned have executed this Unconditional Guaranty and Pledge Agreement as of the day first set forth above.

 

	 	B. RILEY PRINCIPAL INVESTMENTS, LLC, 

a Delaware limited liability company

	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

	 	Guarantor’s Address for Notices:
	 	 
	 	B. Riley Principal Investments, LLC
	 	21255 Burbank Blvd., Suite 400
	 	Woodland Hills, CA 91367
	 	Attn: Phillip Ahn

 

Unconditional Guaranty and Pledge Agreement

  

     

     

    

 

EXHIBIT A – PLEDGED SHARES

 

	Name of Pledged Share Issuer	Jurisdiction of Organization	Number of Shares Authorized	Number of Shares Outstanding	Number of Shares Owned by Guarantor	% of Shares Owned by Guarantor	% of Outstanding Shares Pledged	Certificate Number
	BRPI Acquisition Co LLC	Delaware 	N/A	N/A	N/A	100% of limited liability company interests	100% of limited liability company interests	N/A

   

    Exhibit A

     

    

 

EXHIBIT B – FORM OF IRREVOCABLE
STOCK POWER

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers to __________________ the following Shares of [___________], a [_________]
[corporation] [limited liability company]:

 

	No. of Shares	Certificate
No.

  

 

and irrevocably appoints __________________________________
its agent and attorney-in-fact to transfer all or any part of such Equity Interests and to take all necessary and appropriate action
to effect any such transfer. The agent and attorney-in-fact may substitute and appoint one or more persons to act for him.

 

	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

  

    Exhibit B

     

    

 

EXHIBIT C – FORM OF PLEDGE
SUPPLEMENT

 

PLEDGE
SUPPLEMENT

 

This Pledge Supplement,
dated as of _________, 20__, is delivered pursuant to Section 5.1(d) of the Guaranty and Pledge Agreement referred to below. The
undersigned hereby agrees that this Pledge Supplement may be attached to the Unconditional Guaranty and Pledge Agreement, dated
as of December 19, 2018 (as amended, restated, modified, renewed, supplemented or extended from time to time, the “Guaranty
and Pledge Agreement”; the terms defined therein and not otherwise defined herein being used as therein defined),
made by the undersigned, as Guarantor, in favor of Banc Of California, N.A., in its capacity as Administrative Agent.

 

The shares of capital
stock or other equity securities listed on this Pledge Supplement shall be and become part of the Pledged Collateral pledged by
the undersigned and referred to in the Guaranty and Pledge Agreement and shall secure all the Guarantor Obligations.

 

The undersigned hereby
certifies that the representation and warranties set forth in Section 4.1 of the Guaranty and Pledge Agreement are true and correct
in all material respects with respect to the Pledged Shares listed below on and as of the date hereof.

 

	 	 	 
	 	[NAME OF GUARANTOR]

  

	Name of Pledged Share Issuer	Jurisdiction of Organization	Number of Shares Authorized	Number of Shares 

Issued	Number of Shares Outstanding	Number of Shares Owned by Guarantor	% of Outstanding Shares Pledged	Certificate Number
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    Exhibit C

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