Document:

Exhibit 10.8

 

	STATE OF LOUISIANA	§
	PARISH OF NEW ORLEANS	§

 

AMENDED AND RESTATED SUBORDINATED PROMISSORY
NOTE

 

	$3,147,899.68	FEBRUARY 8, 2013

 

FOR
VALUE RECEIVED, TELETOUCH COMMUNICATIONS, INC., a Delaware corporation ("TCI") and PROGRESSIVE CONCEPTS,
INC., a Texas corporation ("PCI", together with TCI and any other Person identified or named from time to
time as a Debtor under the Loan Documents, jointly, severally and in solido, "Debtor") unconditionally
promises to pay to the order of THERMO CREDIT, LLC, a Colorado limited liability company (together with its successors and
permitted assigns, "Subordinated Creditor"), without setoff, at its offices at 639 Loyola Avenue, Suite 2565,
New Orleans, Louisiana 70113, or at such other place as may be designated by Subordinated Creditor, the sum of THREE MILLION
ONE HUNDRED FORTY-SEVEN THOUSAND EIGHT HUNDRED NINETY-NINE AND 68/100 DOLLARS ($3,147,899.68)
and so much as may be added to the outstanding principal balance thereof in accordance with the terms and conditions set forth
herein, in immediately available funds, together with interest computed daily on the outstanding principal balance hereunder, at
the annual interest rate set forth in this Note (the "Rate"), and in accordance with the payment schedule, indicated
below.

 

THIS SUBORDINATED
PROMISSORY NOTE (this "Note") is executed pursuant to and evidences the Indebtedness funded by Subordinated
Creditor and secured pursuant to that certain LOAN AND SECURITY AGREEMENT among Debtor and Subordinated Creditor, as amended
through the date hereof, including by that certain SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT dated as of even date
herewith (as the same may be amended, restated, supplemented, renewed or extended from time to time, the "Subordinate Loan
Agreement"), to which reference is made for a statement of the collateral, rights and obligations of Debtor and Subordinated
Creditor in relation thereto; but neither this reference to the Subordinate Loan Agreement nor any provision thereof shall affect
or impair the absolute and unconditional obligation of Debtor to pay unpaid principal of and interest on this Note when due. Contemporaneously
herewith, Subordinated Creditor has executed that certain SUBORDINATION AND INTERCREDITOR AGREEMENT (the "Subordination
Agreement") as the Subordinated Creditor with DCP TELETOUCH LENDER, LLC, in its capacity as agent (the "Agent")
for the lenders defined therein. Capitalized terms not otherwise defined herein shall have the same meanings as in the Subordinate
Loan Agreement.

 

1.          Rate.
From the date of this Note, the Rate shall be a rate per annum equal to the lesser of (a) the MAXIMUM RATE, or (b)
(i) NINE and SEVEN-TENTHS PERCENT (9.70%) for any month for which the accrued and unpaid interest computed for such month
is paid current, or (ii) EIGHTEEN PERCENT (18.00%) for any month for which the accrued and unpaid interest computed for
such month is not paid current. Accrued and unpaid interest as of the date of any Scheduled Payment of interest shall be "paid
current" if paid within ONE (1) Business Day of the date of the Scheduled Payment (such date, with respect to any payment,
the "Current Date"). Any accrued and unpaid interest for any month which is not paid current shall be added to
the outstanding principal balance of this Note and shall accrue interest from and after the then Current Date. Notwithstanding
any provision of this Note or any other Loan Document or any other agreement or commitment between Debtor and Subordinated Creditor,
whether written or oral, express or implied, Subordinated Creditor shall never be entitled to charge, receive, or collect, nor
shall Debtor be required to pay interest at a rate greater than the Maximum Rate. It is the intention of the parties that this
Note, and all Loan Documents securing the payment of this Note or executed or delivered in connection herewith, shall comply with
applicable usury law. If Subordinated Creditor ever contracts for, charges, receives or collects anything of value under any Loan
Document which is deemed to be interest under applicable law, and if the occurrence of any circumstance or contingency, whether
acceleration of maturity of this Note, prepayment of this Note, delay in advancing proceeds of this Note, or any other event, should
cause such interest to exceed the maximum lawful amount, any amount which exceeds interest at the Maximum Rate shall be applied
to the reduction of the unpaid principal balance of this Note, and if this Note and such other indebtedness are paid in full, any
remaining excess shall be paid to Debtor. In determining whether the interest payable hereunder exceeds interest at the Maximum
Rate, the total amount of interest shall be spread, prorated and amortized throughout the entire term of this Note until its payment
in full. The term "Maximum Rate" as used in this Note means the maximum nonusurious rate of interest per annum
permitted by applicable Louisiana law, including to the extent permitted by applicable law, any amendments thereof hereafter or
any new law hereafter coming into effect to the extent a higher Maximum Rate is permitted thereby. If
at any time the Rate shall exceed the Maximum Rate, the Rate shall be automatically limited to the Maximum Rate until the total
amount of interest accrued hereunder equals the amount of interest which would have accrued if there had been no limitation to
the Maximum Rate.

 

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2.          Accrual
Method. Interest on the Indebtedness evidenced by this Note shall be computed on the basis of a THREE HUNDRED SIXTY-FIVE
(365) or THREE HUNDRED SIXTY-SIX (366) (as the case may be) day year and shall accrue on the actual days elapsed.
In computing the number of days during which interest accrues, the day on which funds are initially advanced shall be included
regardless of the time of day such advance is made, and the day on which funds are repaid shall be included unless repayment is
credited prior to the close of business on the business day received as provided herein.

 

3.          Payment
Schedule. Except as expressly provided herein to the contrary, all payments on this Note shall be applied in the following
order of priority: (a) the payment of accrued but unpaid interest thereon and (b) the payment of all or any portion of
the principal balance hereof then outstanding hereunder. If any payment of principal or interest on this Note shall become due
on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall
in such case be included in computing interest in connection with such payment. All payment obligations under this Note shall be
subject to the provisions of the Subordination Agreement. This Note shall be due and payable as follows:

 

(a)          The
principal of this Note shall be due and payable in THIRTY (30) fully amortizing payments, beginning FEBRUARY 1, 2014,
and continuing on the FIRST (1st) day of each calendar month thereafter with the final payment being due and
owing on AUGUST 1, 2016 (the "Maturity Date"), when the entire balance of principal and accrued and unpaid
interest shall be due and payable (payments due and owing under this Section 3(a) are subject to compliance with Section
2(b)(iv) of the Subordination Agreement) and

 

(b)          Commencing
on MARCH 1, 2013, and continuing on the FIRST (1st) day of each month thereafter (such date being a "Scheduled
Payment") until the Maturity Date, Debtor shall make a payment on the this Note in the amount of TWENTY-FIVE THOUSAND
AND NO/100 DOLLARS ($25,000.00), which amount which shall first be applied to accrued but unpaid interest (computed on the
average unpaid principal balance of this Note outstanding during any month) and then to principal (payments due and owing under
this Section 3(b) are subject to compliance with Section 2(b)(v) of the Subordination Agreement); and

 

(c)          After
giving effect to the provisions of Section 2(b)(i) of the Subordination Agreement, a portion of the Fort Worth Refinancing
Proceeds (as such term is defined in the Subordination Agreement by reference to the Senior Loan Agreement) in an amount of up
to SEVEN HUNDRED THOUSAND AND NO/100 DOLLARS ($700,000.00) shall be due and owing within FIVE (5) Business Days following
receipt of the Fort Worth Refinancing Proceeds, which sum shall be applied to the outstanding principal balance of this Note as
a prepayment under Section 4 of this Note; and

 

(d)          Debtor
shall, within ONE (1) Business Day of receipt, make a prepayment on the outstanding principal balance of this Note under
Section 4 of this Note in an amount equal to the net cash proceeds (not to exceed THREE HUNDRED THOUSAND AND NO/100 DOLLARS
($300,000.00)) arising from the sale of the Tyler Texas Property (as defined in the Subordination Agreement by reference to
the Senior Loan Agreement); and

 

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(e)          Upon
the expiration of the AT&T Distribution Agreement (as defined in the Subordination Agreement by reference to the Senior Loan
Agreement), provided that (i) the portion of the Senior Indebtedness attributable to the then outstanding advances against Eligible
Transfer Right Subscribers and Eligible Pre-Bill Cellular Accounts (each a component of the Borrowing Base, as such terms are defined
in the Subordination Agreement by reference to the Senior Loan Agreement) has been irrevocably paid in full, and (ii) no Senior
Indebtedness Default has occurred and continues to then exist, and (iii) Debtor’s 30 Day Average Liquidity (as defined in
the Subordination Agreement by reference to the Senior Loan Agreement) for the THIRTY (30) day period immediately preceding
the date of (and after giving effect to) the payment on the Indebtedness described in Section 2(b)(iii) of the Subordination
Agreement is no less than ONE MILLION AND NO/100 DOLLARS ($1,000,000.00), then, within TEN (10) days following the
receipt of the final payment (net of all applicable clawbacks and off-set rights, if any, described in the AT&T Distribution
Agreement) from AT&T (as defined in the Subordination Agreement by reference to the Senior Loan Agreement) following the transfer
of all Eligible Transfer Right Subscribers to AT&T and following the satisfaction of each of (i), (ii) and (iii) above, Debtor
shall pay to Lender any then accrued, past-due but unpaid principal and interest on the Indebtedness in an amount not to exceed
any excess proceeds received in connection with the expiration of the AT&T Distribution Agreement and the related transfer
of the Eligible Transfer Right Subscribers by Debtor to AT&T.

 

4.          Prepayments.
The Debtor may at any time and from time to time prepay the outstanding principal balance of this Note, in whole or in part, without
premium, penalty or exit fee. All prepayments of this Note shall be applied to payments due hereunder in the inverse order of the
maturity of such payment.

 

5.          Subordination.
The outstanding principal balance of this Note and accrued and unpaid interest thereon is subordinated in accordance with the terms
and conditions of the Subordination Agreement, to the prior payment in full of all of Debtor's obligations under that certain LOAN
AND SECURITY AGREEMENT dated contemporaneously herewith by and among Debtor and Agent for the benefit of itself and any other
lender that from time to time become party thereto (as amended, restated, supplemented or otherwise modified from time to time,
the "Senior Loan Agreement"). The subordination provisions contained herein are for the direct benefit of, and
may be enforced by Agent or Lenders and/or any of their respective assignees (collectively, the "Senior Claimants")
under the Senior Loan Agreement. Until the date on which all indebtedness outstanding under the Senior Loan Agreement has been
repaid in full and all other obligations of Debtor to Senior Claimant (all such obligations, collectively, the "Senior
Claim") have been indefeasibly paid and satisfied in full, Subordinated Creditor shall not demand, accelerate, sue for,
take, receive or accept from Debtor, directly or indirectly, in cash or other property or by set off or any other manner (including,
without limitation, from or by way of collateral) any payment or security of all or any of the indebtedness under this Note or
exercise any remedies or take any action or proceeding to enforce the same except as permitted by the Subordination Agreement.
Should any payment, distribution or security or proceeds thereof be received by Subordinated Creditor in violation of the Subordination
Agreement, Subordinated Creditor agrees that such payment shall be segregated, received and held in trust for the benefit of, and
deemed to be the property of, and shall be immediately paid over and delivered to the Agent for the benefit of the Senior Claimants.
NOTWITHSTANDING ANYTHING CONTAINED TO THE CONTRARY, DEBTOR SHALL MAKE ALL PAYMENTS TO SUBORDINATED CREDITOR REQUIRED OR PERMITTED
UNDER THE SUBORDINATION AGREEMENT.

 

6.          Waivers,
Consents and Covenants. Debtor, any endorser or guarantor hereof, or any other party hereto (individually an “Obligor”
and collectively “Obligors”) and each of them jointly and severally: (a) waives presentment, demand, protest,
notice of demand, notice of intent to accelerate, notice of acceleration of maturity, notice of protest, notice of nonpayment,
notice of dishonor, and any other notice required to be given under the law to any Obligor in connection with the delivery, acceptance,
performance, default or enforcement of this Note, any endorsement or guaranty of this Note, or any other documents executed in
connection with this Note or any other Loan Documents now or hereafter executed in connection with any obligation of Debtor to
Subordinated Creditor; (b) consents to all delays, extensions, renewals or other modifications of this Note or the Loan Documents,
or waivers of any term hereof or of the Loan Documents, or release or discharge by Subordinated Creditor of any of Obligors, or
release, substitution or exchange of any security or Collateral for the payment hereof, or the failure to act on the part of Subordinated
Creditor, or any indulgence shown by Subordinated Creditor (without notice to or further assent from any of Obligors); and (c)
agrees that no such action, failure to act or failure to exercise any right or remedy by Subordinated Creditor shall in any way
affect or impair the obligations of any Obligors or be construed as a waiver by Subordinated Creditor of, or otherwise affect,
any of Subordinated Creditor’s rights under this Note, under any endorsement or guaranty of this Note or under any of the
Loan Documents.

 

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7.          Remedies
Upon Default. In the event an Event of Default has occurred and is continuing and subject to the Subordination Agreement,
(a) the entire balance outstanding hereunder and all other obligations of any Obligor to Subordinated Creditor (however acquired
or evidenced) shall, at the option of Subordinated Creditor, become immediately due and payable and any obligation of Subordinated
Creditor to permit further borrowing under this Note shall immediately cease and terminate, and/or (b) from and after the date
on which prior written notice is received by Debtor from Subordinated Creditor, to the extent permitted by law, the Rate of interest
on the unpaid principal shall be prospectively increased at Subordinated Creditor’s discretion up to the lesser of (a) the
MAXIMUM RATE, or (b) EIGHTEEN PERCENT (18.00%) (the “Default Rate”) (provided that the Default
Rate shall not any time exceed the Maximum Rate for so long as such Event of Default is continuing). The provisions herein for
a Default Rate shall not be deemed to extend the time for any payment hereunder or to constitute a “grace period” giving
Obligors a right to cure any default. At Subordinated Creditor’s option, any accrued and unpaid interest, fees or charges
then due and owing may, solely for purposes of computing and accruing interest on a daily basis after the due date of this Note
or any installment thereof, be deemed to be a part of the principal balance, and interest shall accrue on a daily compounded basis
after such date at the Default Rate provided in this Note for so long as such Event of Default is continuing. Upon the occurrence
and during the continuance of an Event of Default (but subject to the Subordination Agreement), Subordinated Creditor is hereby
authorized at any time, at its option and upon prior written notice to Debtor, to set off and charge against any deposit accounts
of Debtor (as well as any money, instruments, securities, documents, chattel paper, credits, claims, demands, income and any other
property, rights and interests of any Obligor), which at any time shall come into the possession or custody or under the control
of Subordinated Creditor, any and all obligations due hereunder. Subject to the Subordination Agreement, Subordinated Creditor
shall have all rights and remedies available under each of the Loan Documents, as well as all rights and remedies available at
law or in equity.

 

8.          Waiver.
The failure at any time of Subordinated Creditor to exercise any of its options or any other rights hereunder shall not constitute
a waiver thereof, nor shall it be a bar to the exercise of any of its options or rights at a later date. All rights and remedies
of Subordinated Creditor shall be cumulative and may be pursued singly, successively or together, at the option of Subordinated
Creditor. The acceptance by Subordinated Creditor of any partial payment shall not constitute a waiver of any default or of any
of Subordinated Creditor's rights under this Note. No waiver of any of its rights hereunder, and no modification or amendment of
this Note, shall be deemed to be made by Subordinated Creditor unless the same shall be in writing, duly signed on behalf of Subordinated
Creditor; each such waiver shall apply only with respect to the specific instance involved, and shall in no way impair the rights
of Subordinated Creditor or the obligations of Obligors to Subordinated Creditor in any other respect at any other time.

 

9.          Applicable
Law, Venue and Jurisdiction. Debtor agrees that this Note shall be deemed to have been made in the State of Louisiana at
Subordinated Creditor’s address indicated at the beginning of this Note and shall be governed by, and construed in accordance
with, the laws of the State of Louisiana (without giving effect to its choice of law provisions)
and is performable in the City and Parish of Louisiana indicated at the beginning of this Note. In any litigation in connection
with or to enforce this Note or any endorsement or guaranty of this Note or any Loan Documents, Debtor, irrevocably consents to
the non-exclusive jurisdiction of the courts of the State of Louisiana or the United States courts located within the State of
Louisiana. Nothing contained herein shall, however, prevent Subordinated Creditor from bringing any action or exercising any rights
within any other state or jurisdiction or from obtaining personal jurisdiction by any other means available under applicable law.

 

10.         Partial
Invalidity. The unenforceability or invalidity of any provision of this Note shall not affect the enforceability or validity
of any other provision herein and the invalidity or unenforceability of any provision of this Note to any person or circumstance
shall not affect the enforceability or validity of such provision as it may apply to other persons or circumstances.

 

11.         Binding
Effect. This Note shall be binding upon and inure to the benefit of Debtor and Subordinated Creditor and their respective
successors, assigns, heirs, administrators and personal representatives, provided, however, that no obligations of Debtor hereunder
can be assigned without prior written consent of Subordinated Creditor.

 

12.         Controlling
Document. To the extent that this Note conflicts with or is in any way incompatible with any other document related specifically
to the loan evidenced by this Note, this Note shall control over any other such document, and if this Note does not address an
issue, then each other such document shall control to the extent that it deals most specifically with an issue.

 

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13.         Amendments.
The terms of this Note may not be amended or otherwise modified without the prior written consent of Agent for the benefit of the
Senior Claimants.

 

14.         Collection.
If during the continuance of an Event of Default this Note is placed in the hands of an attorney for collection, or if it is collected
through any legal proceeding at law or in equity or in bankruptcy, receivership or other court proceedings, Debtor agrees to pay
all documented and reasonable costs of collection, including, but not limited to, court costs and reasonable attorneys' fees, incurred
by Subordinated Creditor of all amounts owed by Debtor to Subordinated Creditor under this Note or the Loan Documents.

 

15.         Notice
of Balloon Payment. At maturity (whether by acceleration or otherwise), Debtor must repay the entire outstanding principal
balance of this Note and accrued unpaid interest then due. Subordinated Creditor is under no obligation to refinance the outstanding
principal balance of this Note (if any) at that time. Debtor will, therefore, be required to make payment out of other assets Debtor
may own; or Debtor will have to find a lender willing to lend Debtor the money at prevailing market rates, which may be higher
than the interest rate on the outstanding principal balance of this Note.

 

16.         AMENDMENT
AND RESTATEMENT. THIS NOTE AMENDS AND RESTATES IN ITS ENTIRETY THAT CERTAIN PROMISSORY NOTE DATED AS OF APRIL 30, 2008
(THE "ORIGINAL NOTE") EXECUTED BY DEBTOR AND PAYABLE TO THE ORDER OF SUBORDINATED CREDITOR. NEITHER
THE EXECUTION NOR DELIVERY OF THIS NOTE OR THE AMENDMENT AND RESTATEMENT OF THE ORIGINAL NOTES CONSTITUTES A NOVATION OR PAYMENT
OF ANY PART OF THE INDEBTEDNESS EVIDENCED BY THE ORIGINAL NOTE.

 

17.         Representations,
Warranties and Confirmations. Debtor hereby represents and warrants to Subordinated Creditor that (a) this Note has been
duly executed and delivered by Debtor, is valid and binding upon Debtor and is enforceable against Debtor in accordance with its
terms, except as limited by any applicable bankruptcy, insolvency or similar laws of general application relating to the enforcement
of creditors' rights and except to the extent specific remedies may generally be limited by equitable principles, (b) no action
of, or filing with, any governmental authority is required to authorize, or is otherwise required in connection with, the execution,
delivery and performance by Debtor of this Note, and (c) the execution, delivery and performance by Debtor of this Note does not
require the consent of any other person and does not and will not constitute a violation of any laws, agreements or understandings
to which Debtor is a party or by which Debtor is bound.

 

18.         Waiver
Of Jury Trial. DEBTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
SUIT, PROCEEDING, OR COUNTERCLAIM THAT RELATES TO OR ARISES OUT OF THIS NOTE OR ANY OF THE LOAN DOCUMENTS OR THE ACTS OR FAILURE
TO ACT OF OR BY SUBORDINATED CREDITOR IN THE ENFORCEMENT OF ANY OF THE TERMS OR PROVISIONS OF THIS NOTE OR THE OTHER LOAN DOCUMENTS.

 

REMAINDER OF PAGE LEFT INTENTIONALLY
BLANK

 

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EXECUTED as of the date
first written above.

 

	DEBTOR:	 
	 	 
	TELETOUCH COMMUNICATIONS, INC.	 
	 	 
	By:	/s/ Thomas A. Hyde, Jr.	 
	Printed Name:	Thomas A. Hyde, Jr.	 
	Title	President and Chief Operating Officer	 
	 	 
	PROGRESSIVE CONCEPTS, INC.	 
	 	 
	By:	/s/ Thomas A. Hyde, Jr.	 
	Printed Name:	Thomas A. Hyde, Jr.	 
	Title	President and Chief Executive Officer	 

 

    	6Exhibit 10.9

 

SUBORDINATION
AND INTERCREDITOR AGREEMENT

 

THIS SUBORDINATION
AND INTERCREDITOR AGREEMENT (this "Agreement"), dated as of dated as of FEBRUARY 8, 2013 (the "Effective
Date"), is made by THERMO CREDIT, LLC (the "Subordinated Creditor"), for the benefit of DCP
TELETOUCH LENDER, LLC, in its capacity as agent for the Lenders (as hereinafter defined) (with its successors and assigns,
the "Senior Agent").

 

WHEREAS, pursuant
to that certain LOAN AND SECURITY AGREEMENT dated as of the date hereof (as amended and in effect from time to time, including
any replacement agreement or agreements therefor, the "Senior Loan Agreement"), by and among TELETOUCH COMMUNICATIONS,
INC., a Delaware corporation and PROGRESSIVE CONCEPTS, INC., a Texas corporation (each
a "Company" and collectively, the "Companies"), the Senior Agent and the lending institutions
party thereto (each a "Senior Lender" and collectively, the "Senior Lenders"), the Senior Lenders
have agreed, upon the terms and subject to the conditions contained therein, to make certain loans in favor of the Companies, which
loans are secured by the Collateral (as hereinafter defined); and

 

WHEREAS, the
Companies are indebted to the Subordinated Creditor in respect of Subordinated Indebtedness described on Exhibit A attached
hereto, which Subordinated Indebtedness is secured by some or all of the Collateral; and

 

WHEREAS, the
Companies intend to use a portion of the proceeds of the Senior Indebtedness (as hereinafter defined) to pay a portion of the outstanding
Subordinated Indebtedness; and

 

WHEREAS, it
is a condition precedent to the Senior Lenders' willingness to make loans to the Companies pursuant to the Senior Loan Agreement
that the Subordinated Creditor enter into this Agreement which, among other things, subordinates (i) the payment of the Subordinated
Creditor's loans to Companies to the payment of any and all indebtedness of the Companies to the Senior Agent and the Senior Lenders,
and (ii) the liens of the Subordinated Creditor in the Collateral to the liens of the Senior Agent, for the benefit of the Senior
Lenders in such Collateral.

 

ACCORDINGLY,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Subordinated Creditor hereby
agrees as follows:

 

1.            Definitions.
As used herein, the following terms have the meanings set forth below:

 

"Collateral"
means all property now or at any time hereafter securing payment of any Senior Indebtedness, including all proceeds thereof; and
including, but not limited to the "Collateral" (as such term is defined in the Senior Loan Agreement).

 

"Lien"
means any security interest, mortgage, deed of trust, pledge, lien, charge, encumbrance, title retention agreement or analogous
instrument or device, including the interest of each lessor under any capitalized lease and the interest of any bondsman under
any payment or performance bond, in, of or on any assets or properties of a Person, whether now owned or hereafter acquired and
whether arising by agreement or operation of law.

 

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"Senior
Indebtedness" is used herein in its most comprehensive sense and means any and all advances, debts, obligations and liabilities
of the Companies to the Senior Agent and the Senior Lenders, heretofore, now or hereafter made, incurred or created, whether voluntary
or involuntary and however arising, whether due or not due, absolute or contingent, liquidated or unliquidated, joint or several,
determined or undetermined, and whether the Companies (or any of them) may be liable individually or jointly with others, or whether
recovery upon such indebtedness may be or hereafter becomes unenforceable, and including all interest and/or fees accruing on such
indebtedness after the commencement of a bankruptcy or insolvency proceeding, whether or not allowed in such proceeding (including,
without limitation, all principal, interest, fees, reimbursement obligations with indemnities, costs and expenses from time to
time outstanding pursuant to or under the Senior Loan Documents) up to an aggregate amount not to exceed the sum of: (a) up to
$9,200,000 of loans at any time outstanding pursuant to the Senior Loan Agreement; plus (b) all accrued but unpaid interest arising
under or with respect to the Senior Loan Documents (including, in the event of a bankruptcy or insolvency proceeding, any and all
post-petition interest and costs from and after the date of filing of a petition by or against Borrower or its bankruptcy estate,
whether or not such amounts are allowed as a claim against Borrower in any bankruptcy or insolvency proceeding); plus (c) all amounts
advanced by Senior Agent and/or Senior Lenders under the Senior Loan Documents, or costs and expenses incurred by Senior Agent
and Senior Lenders, (i) to maintain, protect or preserve the Collateral and/or the rights of the Senior Agent and Senior Lenders
under the Senior Loan Documents, (ii) to enhance the likelihood of, or to maximize the amount of, repayment of the Senior Indebtedness,
or (iii) is made to pay any amount chargeable to the Companies under the Senior Loan Documents ( including by way of example, costs
of collection, court costs, appraisal and consulting fees, reasonable attorneys' fees, auctioneers' fees, rent, storage, insurance
premiums and like items, and whether or not such amounts are allowed as a claim against the Companies in connection with any bankruptcy
or insolvency proceeding); plus (d) all unreimbursed fees, charges, costs, expenses and indemnities owing by the Companies to Senior
Agent and Senior Lenders under or in connection with the Senior Loan Documents.

 

"Senior
Indebtedness Default" means the occurrence of any Default or Event of Default (as such terms are defined in the Senior
Loan Agreement).

 

"Senior
Loan Documents" means, collectively, the "Loan Documents" as such term is defined in the Senior Loan Agreement.

 

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"Standstill
Period" means, with respect to (i) the occurrence of any Subordinated Payment Default on account of the failure by the
Companies to make any payment required to be made under Sections 3(a), (c), (d) and (e) of the Subordinated Note (as in effect
as of the date of this Agreement), the period of ninety (90) days following the date of delivery by Subordinated Creditor to Senior
Agent of the applicable Subordinated Payment Default Notice, and (ii) the occurrence of any Subordinated Payment Default on account
of the failure by the Companies to make any payment required to be made under Section 3(b) of the Subordinated Note (as in effect
as of the date of this Agreement), the period of thirty (30) days following the date of delivery by Subordinated Creditor to Senior
Agent of the applicable Subordinated Payment Default Notice; provided, in each case, that to the extent that any Senior Indebtedness
Default shall have occurred and be continuing at the time of delivery of such Subordinated Payment Default Notice (other than a
Senior Indebtedness Default arising solely as a result of the applicable Subordinated Payment Default), such period shall be extended
to the date one hundred eighty (180) days following the occurrence of such Senior Indebtedness Default.

 

"Subordinated
Indebtedness" is used herein in its most comprehensive sense and means each and every advance, debt, liability and obligation
of every type and description, whether voluntary or involuntary and however arising, which the Companies may now or at any time
hereafter owe to the Subordinated Creditor, whether such advance, debt, liability or obligation now exists or is hereafter created
or incurred, and whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary,
liquidated or unliquidated, joint, several or joint and several, determined or undetermined, and whether the Companies (or any
of them) may be liable individually or jointly with others, or whether recovery upon such indebtedness may be or hereafter becomes
unenforceable, and including all interest and/or fees accruing on such indebtedness after the commencement of a bankruptcy or insolvency
proceeding, whether or not allowed in such proceeding, including, without limitation, the indebtedness of the Companies owing to
Subordinated Creditor described on Exhibit A attached hereto.

 

"Subordinate
Payment Default" means any failure by Companies to make any payment required to be made under Section 3 of the Subordinated
Note (as in effect as of the date of this Agreement).

 

"Subordinated
Payment Default Notice" has the meaning set forth in Section 5(b) of this Agreement.

 

"Subordinated
Note" means that certain Amended and Restated Subordinated Promissory Note dated February 8, 2013, made by the Companies
in favor of the Subordinated Creditor referred to on Exhibit A attached hereto.

 

2.            Subordination
of Debt; Restrictions on Payments.

 

(a)          The
payment of all of the Subordinated Indebtedness is hereby expressly subordinated to the payment in full of the Senior Indebtedness.
Until all of Senior Indebtedness has been paid in full and the Senior Agent, on behalf of the Senior Lenders, has released its
Lien in the Collateral, the Subordinated Creditor shall not, without the Senior Agent's prior written consent, demand, receive
or accept any payment (whether of principal, interest or otherwise) from the Companies in respect of the Subordinated Indebtedness,
or exercise any right of or permit any setoff in respect of the Subordinated Indebtedness except as set forth herein. The Subordinated
Indebtedness shall continue to be subordinated to the Senior Indebtedness even if all or a portion of the Senior Indebtedness is
deemed unsecured, undersecured, subordinated, avoided or disallowed under the United States Bankruptcy Code or other applicable
law.

 

    	3

    	 

    

 

(b)          Notwithstanding
anything contained in this Agreement to the contrary, the Companies may pay, and the Subordinated Creditor may accept payments
of Subordinated Indebtedness in accordance with the following:

 

(i)          Provided
that no Senior Indebtedness Default has occurred and continues to then exist, upon the consummation of the Fort Worth Refinancing
(as defined in the Senior Loan Agreement), the Fort Worth Refinancing Proceeds (as defined in the Senior Loan Agreement) shall
be applied by the Companies as follows:

 

(A) first,
to the extent that Companies' 30 Day Average Liquidity (as defined in the Senior Loan Agreement) for the thirty (30) day period
immediately preceding the receipt of the Fort Worth Refinancing Proceeds is less than $500,000, to the repayment of Senior Indebtedness
in the manner contemplated by the Senior Loan Agreement, until the Companies' 30 Day Average Liquidity (as defined in the Senior
Loan Agreement) for the thirty (30) day period immediately preceding the receipt of the Fort Worth Refinancing Proceeds (as defined
in the Senior Loan Agreement) is equal to $500,000;

 

(B) second,
(x) fifty percent (50%) of the remaining Fort Worth Refinancing Proceeds (if any) shall be applied to the outstanding Subordinated
Indebtedness, and (y) fifty percent (50%) of such Fort Worth Refinancing Proceeds shall be applied to reduce the outstanding Senior
Indebtedness until the Companies' 30 Day Average Liquidity (as defined in the Senior Loan Agreement) for the thirty (30) day period
immediately preceding the receipt of the Fort Worth Refinancing Proceeds (as defined in the Senior Loan Agreement) is equal to
$1,000,000; and

 

(C) then,
any remaining Forth Worth Refinancing Proceeds may be applied to the outstanding Subordinated Indebtedness;

 

provided,
however, in no event shall the amounts applied to the Subordinated Indebtedness on account of the Fort Worth Refinancing
Proceeds exceed $700,000. If there are excess Fort Worth Refinancing Proceeds after giving effect to payment of the Subordinated
Indebtedness contemplated by this Section 2(b)(i), then such excess Fort Worth Refinancing Proceeds shall be applied to
the Senior Indebtedness pursuant to the terms of the Senior Loan Agreement.

 

(ii)         The
Companies may, within one (1) business day of receipt, make payment on the Subordinated Indebtedness in an amount equal to the
net cash proceeds (not to exceed $300,000) arising from the sale of the Tyler Texas Property (as defined in the Senior Loan Agreement).

 

    	4

    	 

    

 

(iii)        Upon
the expiration of the AT&T Distribution Agreement (as defined in the Senior Loan Agreement), provided that (A) the portion
of the Senior Indebtedness attributable to the then outstanding advances against Eligible Transfer Right Subscribers and Eligible
Pre-Bill Cellular Accounts (each a component of the Borrowing Base, as such terms are defined in the Senior Loan Agreement) has
been irrevocably paid in full, and (B) no Senior Indebtedness Default has occurred and continues to then exist, and (C) Companies'
30 Day Average Liquidity (as defined in the Senior Loan Agreement) for the thirty (30) day period immediately preceding the date
of (and after giving effect to) the payment on the Subordinated Indebtedness described in this Section 2(b)(iii) is no less
than $1,000,000, then, as soon as reasonably practicable following the receipt of the final payment (net of all applicable clawbacks
and off-set rights, if any, described in the AT&T Distribution Agreement) from AT&T (as defined in the Senior Loan Agreement)
following the transfer of all Eligible Transfer Right Subscribers to AT&T and following the satisfaction of each of (A), (B)
and (C) above, Companies may pay to Subordinated Creditor any then accrued, past-due but unpaid principal and interest on the Subordinated
Indebtedness in an amount not to exceed any excess proceeds received in connection with the expiration of the AT&T Distribution
Agreement and the related transfer of the Eligible Transfer Right Subscribers by the Company to AT&T.

 

(iv)         Companies
may make regularly scheduled payments of principal on account of the Subordinated Indebtedness required under Section 3(a) of the
Subordinated Note (as in effect as of the date of this Agreement), provided that after giving effect to any such payment (A) Companies'
30 Day Average Liquidity (as defined in the Senior Loan Agreement) for the thirty (30) day period immediately preceding such payment
would be greater than $1,000,000, and (B) Companies have achieved EBITDA (as defined in the Senior Loan Agreement) of no less than
the EBITDA amount set forth on Schedule 10.5 of the Senior Loan Agreement as of the end of the most recently ended testing period
under the Senior Loan Agreement, and (C) no Senior Indebtedness Default has occurred and continues to then exist.

 

(v)          Provided
that no Senior Indebtedness Default has occurred and continues to then exist, Companies may make regularly scheduled payments on
account of the Subordinated Indebtedness required under Section 3(b) of the Subordinated Note (as in effect as of the date of this
Agreement).

 

3.            Collateral
Subordination.

 

(a)          Notwithstanding
the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Subordinated Indebtedness
granted on the Collateral or any Liens securing the Senior Indebtedness granted on the Collateral, and notwithstanding any provision
of the Uniform Commercial Code or any other applicable law or the documents, instruments and agreements creating, evidencing or
securing the Subordinated Indebtedness or any defect or deficiencies in, or failure to perfect, the Liens securing the Senior Indebtedness
or any other circumstances whatsoever, the Subordinated Creditor hereby agrees that any Lien on the Collateral securing any Senior
Indebtedness now or hereafter held by or on behalf of the Senior Agent and/or the Senior Lenders, or any agent or trustee therefor,
regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior
in all respects and prior to any Lien on the Collateral securing any Subordinated Indebtedness.

 

    	5

    	 

    

 

(b)          The
Subordinated Creditor agrees that it will not (and hereby waives any right to) contest or support any other person in contesting,
in any proceeding, including, without limitation, any Insolvency Proceeding (as hereinafter defined), the perfection, priority,
validity, or enforceability of any Lien held by or on behalf of the Senior Agent and/or the Senior Lenders or the provisions of
this Agreement.

 

4.            Receipt
of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated
Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received
in trust for the Senior Agent, on behalf of the Senior Lenders, and will forthwith turn over such payment to the Senior Agent in
the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Senior
Indebtedness (whether or not due), in such manner of application as the Senior Agent may deem appropriate. If the Subordinated
Creditor exercises any right of setoff against any party, the Subordinated Creditor will promptly pay over to the Senior Agent,
in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor
fails to make any endorsement required under this Agreement, the Senior Agent, or any of its officers or employees or agents on
behalf of the Senior Agent, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest)
for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

 

5.            Action
on Subordinated Indebtedness; Senior Agent Exercise of Remedies; Release of Collateral.

 

(a)          Except
as otherwise permitted under Section 5(b), until the payment in full of all Senior Indebtedness the Subordinated Creditor
will not:

 

(i)          commence
any action or proceeding against any of the Companies to recover all or any part of the Subordinated Indebtedness, or join with
any creditor (unless the Senior Agent and/or Senior Lenders shall so join) in bringing any Insolvency Proceeding, or take possession
of, sell, or dispose of any Collateral, or exercise or enforce any right or remedy available to the Subordinated Creditor with
respect to any such Collateral (all actions with respect to the Collateral, being a "Collateral Remedy"), unless
and until all Senior Indebtedness has been paid in full and the Senior Agent has released its Lien in the Collateral; or

 

    	6

    	 

    

 

(ii)         contest,
protest or object to any foreclosure proceeding or action brought by or on behalf of the Senior Agent, or any other exercise by
the Senior Agent and/or Senior Lenders of any rights or remedies relating to the Collateral under the Senior Loan Agreement and
any related documents.

 

(b)          Subordinated
Creditor shall deliver to the Senior Agent and the Companies a notice of any Subordinate Payment Default (a "Subordinate
Payment Default Notice"). Provided that no Senior Indebtedness Default exists either at the time of such Subordinate Payment
Default Notice or upon the expiration of the Standstill Period, then, in the event that the Companies shall fail to cure such Subordinate
Payment Default prior to the expiration of the Standstill Period, Subordinated Creditor shall be permitted to exercise all of its
rights and remedies under the loan documents relating to the Subordinated Indebtedness (including, any Collateral Remedy) without
the Senior Agent's prior written consent; subject however, to the superior lien of Senior Agent. Notwithstanding the foregoing,
if at the conclusion of the Standstill Period Senior Agent has initiated and is diligently pursuing exercise of rights and remedies
with respect to all or any material portion of the Collateral, Subordinated Creditor shall not exercise any Collateral Remedy.

 

(c)          Subordinated
Creditor acknowledges and agrees that until the payment in full of all Senior Indebtedness, the Senior Agent and the Senior Lenders
shall have the right to enforce rights, exercise remedies (including, but not limited to, the right to credit bid the Senior Indebtedness)
and make determinations regarding the release, disposition or restrictions with respect to the Collateral without any consultation
with or the consent of Subordinated Creditor. In exercising rights and remedies with respect to the Collateral, the Senior Agent
and the Senior Lenders may enforce provisions of the Senior Loan Agreement and related documents and exercise remedies thereunder,
all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement
shall include the rights of an agent appointed by them to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses
in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under applicable
law.

 

(d)          If
in connection with the exercise of the Senior Agent's remedies in respect of Collateral, the Senior Agent, on behalf of the Senior
Lenders, releases its Lien on any part of the Collateral, then so long as (i) such release of Liens is in connection with a sale
or other disposition of such Collateral after the commencement of an Insolvency Proceeding or otherwise conducted in accordance
with applicable law, (ii) the proceeds of such sale are applied to the Senior Indebtedness in accordance with the provisions of
the Senior Loan Agreement, and (iii) any excess proceeds of such sale (after payment in full of the Senior Indebtedness) are applied
to the Subordinated Indebtedness or as otherwise required in accordance with applicable law, then the Liens of the Subordinated
Creditor on such Collateral shall be automatically, unconditionally and simultaneously released. The Subordinated Creditor promptly
shall execute and deliver to the Senior Agent such termination statements, discharges, releases and other documents as the Senior
Agent may request to effectuate or confirm such release.

 

    	7

    	 

    

 

(e)          If
in connection with any sale, lease, exchange, transfer or other disposition (a "Disposition") of any Collateral
by any Company permitted under the terms of the Senior Loan Agreement or related documents or to which the Senior Agent and/or
the Senior Lenders have otherwise consented, the Senior Agent, on behalf of itself and the Senior Lenders, releases its Lien on
any part of the Collateral subject to such Disposition, then the Liens, if any, of the Subordinated Creditor on such Collateral
shall be automatically, unconditionally and simultaneously released, provided, however, in the event that after the
refinancing of the Fort Worth Texas Property the Senior Agent on behalf of itself and the Senior Lenders, maintains a Lien on any
part of the Fort Worth Texas Property subject to a Lien in connection with such refinancing, then the Subordinated Creditor may
maintain a Lien on such part of the Fort Worth Texas Property which such Lien shall be subject to the terms and conditions of this
Agreement. The Subordinated Creditor promptly shall execute and deliver to the Senior Agent or the applicable Company such termination
statements, discharges, releases and other documents as the Senior Agent or such Company may request to effectuate or confirm such
release.

 

(f)          Until
the payment in full of the Senior Indebtedness, Subordinated Creditor hereby irrevocably constitutes and appoints the Senior Agent
or any of its officers or employees on behalf of the Senior Agent, as the attorney-in-fact for the Subordinated Creditor (which
appointment is coupled with an interest) with the power and authority in the place and stead of the Subordinated Creditor, from
time to time in Senior Agent's discretion, for the purpose of this Section 5, to take any and all appropriate action and
to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5, including,
but not limited to, any endorsements or other instruments of transfer or release.

 

6.            Notice
of Default. So long as the Senior Indebtedness shall remain outstanding, each of the Subordinated Creditor and the Senior Agent
shall provide to each other written notice of any default under the Subordinated Indebtedness and the Senior Indebtedness, as applicable,
provided, however, that neither party shall be liable to the other for any failure to do so.

 

7.            Bankruptcy
and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization
or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of
any of the Companies, dissolution, liquidation or any other marshalling of the assets or liabilities of any of the Companies (an
"Insolvency Proceeding"), the Subordinated Creditor will file all claims, proofs of claim or other instruments
of similar character necessary to enforce the obligations of the applicable Company in respect of the Subordinated Indebtedness
and will hold in trust for the Senior Agent and promptly pay over to the Senior Agent in the form received (except for the endorsement
of the Subordinated Creditor where necessary) for application to the then-existing the Senior Indebtedness, any and all moneys,
dividends or other assets received in any such proceedings on account of the Subordinated Indebtedness, unless and until the Senior
Indebtedness has been paid in full and the Senior Agent's Lien in the Collateral has been terminated. If the Subordinated Creditor
shall fail to take any such action, the Senior Agent, as attorney-in-fact for the Subordinated Creditor, may take such action on
the Subordinated Creditor's behalf. The Subordinated Creditor hereby irrevocably appoints the Senior Agent, or any of its officers
or employees on behalf of the Senior Agent, as the attorney-in-fact for the Subordinated Creditor (which appointment is coupled
with an interest) with the power but not the duty to demand, sue for, collect and receive any and all such moneys, dividends or
other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote
claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement,
composition or extension and to take such other action in the Senior Agent's own name or in the name of the Subordinated Creditor
as the Senior Agent may deem necessary or advisable for the enforcement of the agreements contained herein; and the Subordinated
Creditor will execute and deliver to the Senior Agent such other and further powers-of-attorney or instruments as the Senior Agent
may request in order to accomplish the foregoing. If the Senior Agent desires to permit the use of cash collateral or to provide
post-petition financing to the Company, the Subordinated Creditor shall not object to the same or assert that its interests are
not being adequately protected.

 

    	8

    	 

    

 

8.          Transfer
of Subordinated Indebtedness. The Subordinated Creditor will mark its books conspicuously to evidence the subordination effected
hereby. Without the prior written consent of the Senior Agent, the Subordinated Creditor will not assign, transfer or pledge any
other person any of the Subordinated Indebtedness, other than a person who agrees in writing to become a party hereto and to succeed
to the rights and to be bound by all of the obligations of such Subordinated Creditor hereunder. Without the prior written consent
of the Senior Agent, the Subordinated Creditor will not agree to a discharge or forgiveness of the same.

 

9.          Appointment
of Senior Agent as Agent. The Subordinated Creditor hereby appoints the Senior Agent as its agent to perfect by possession
or control its lien in any of the Collateral (a) which lien is capable of being perfected by possession or control and (b) that
is, at any time, delivered to and in the possession, or is under the control of the Senior Agent, subject always to the rights
of the Senior Agent as prior lien holder. The Senior Agent acknowledges that it holds such Collateral for the benefit of the Subordinated
Creditor upon and subject to the terms contained in this Agreement. The Senior Agent agrees to turn over to the Subordinated Creditor
with appropriate endorsements any Collateral in its possession upon payment in full of the Senior Indebtedness. Notwithstanding
the foregoing, Senior Agent shall not be liable to the Subordinated Creditor for any action or failure to act pursuant to this
Section 9 unless the same constitutes gross negligence or willful misconduct on the part of Senior Agent.

 

10.         Continuing
Effect; Amendments to Senior Loan Documents and Subordinated Indebtedness. This Agreement shall constitute a continuing agreement
of subordination, and the Senior Agent may, without notice to or consent by the Subordinated Creditor, modify any term of the Senior
Indebtedness in reliance upon this Agreement. Without limiting the generality of the foregoing, the Senior Agent and Senior Lenders
may, at any time and from time to time, without the consent of or notice to the Subordinated Creditor and without incurring responsibility
to the Subordinated Creditor or impairing or releasing any of the Senior Agent's rights or any of the Subordinated Creditor's obligations
hereunder:

 

(a)          change
the interest rate or change the amount of payment or extend the time for payment or renew or otherwise alter the terms of any the
Senior Indebtedness or any instrument evidencing the same in any manner;

 

(b)          sell,
exchange, release or otherwise deal with any property at any time securing payment of the Senior Indebtedness or any part thereof;

 

    	9

    	 

    

 

(c)          release
anyone liable in any manner for the payment or collection of the Senior Indebtedness or any part thereof;

 

(d)          exercise
or refrain from exercising any right against any of the Companies or any other person (including, but not limited to, the Subordinated
Creditor); and

 

(e)          apply
any sums received by the Senior Agent and/or the Senior Lenders, by whomsoever paid and however realized, to the Senior Indebtedness
in such manner as the Senior Agent shall deem appropriate.

 

Until the Senior Indebtedness
is paid in full, notwithstanding anything to the contrary in any document or agreement evidencing the Subordinated Indebtedness,
the Subordinated Creditor shall not and the Companies shall not, without the prior written consent of the Senior Lender, agree
to any amendment or supplement to or consent to any departure or waiver from, or other modification to, any document or agreement
evidencing the Subordinated Indebtedness.

 

11.         No
Commitment. None of the provisions of this Agreement shall be deemed or construed to constitute or imply any commitment or
obligation on the part of the Senior Agent or Senior Lenders to make any future loans or other extensions of credit or financial
accommodations to the Companies or to any affiliates of the Companies.

 

12.         Notice.
All notices and other communications hereunder shall be in writing and shall be (i) personally delivered, (ii) transmitted by registered
mail, postage prepaid, or (iii) transmitted by facsimile, in each case addressed to the party to whom notice is being given at
its address as set forth below:

 

If to the Subordinated Creditor:

 

Thermo Credit,
LLC

639 Loyola
Avenue, Suite 2565

New Orleans
LA 70113

Attention:
Seth Block

Facsimile:

 

With a copy
to:

 

Gardere Wynne
Sewell LLP

1601 Elm Street,
Suite 3000

Dallas, TX
75201

Attention:
Steven S. Camp

Facsimile:
214-999-3354

 

    	10

    	 

    

 

If to Senior Agent
or Senior Lender, at the address set forth below:

 

c/o Downtown Capital
Partners, LLC

One Barker Ave., Suite 260

White Plains, NY 10601

Attention: Gary Katz

Facsimile: 914-698-9614

 

With a copy to:

 

Greenberg Traurig,
LLP

One International Place

Boston, MA 02110

Attn: Jeffrey M. Wolf,
Esq.

Facsimile: 617-310-6001

 

or at such other address as may hereafter
be designated in writing by that party. All such notices or other communications shall be deemed to have been given on (i) the
date received if delivered personally, (ii) the date of posting if delivered by mail, or (iii) the date of transmission if delivered
by telecopy.

 

13.         Conflict
in Agreements. If the subordination provisions of any instrument evidencing Subordinated Indebtedness conflict with the terms
of this Agreement, the terms of this Agreement shall govern the relationship between the Senior Agent and the Subordinated Creditor.

 

14.         No
Waiver; No Amendment. No waiver shall be deemed to be made by the Senior Agent of any of its rights hereunder unless the same
shall be in writing signed on behalf of the Senior Agent, and each such waiver, if any, shall be a waiver only with respect to
the specific matter or matters to which the waiver relates and shall in no way impair the rights of the Senior Agent or the obligations
of the Subordinated Creditor to the Senior Agent in any other respect at any time. This Agreement may be amended only upon the
written agreement of Subordinated Creditor and Senior Agent.

 

15.         Binding
Effect; Acceptance. This Agreement shall be binding upon the Subordinated Creditor and the Subordinated Creditor's heirs, legal
representatives, successors and assigns and shall inure to the benefit of the Senior Agent and its participants, successors and
assigns irrespective of whether this or any similar agreement is executed by any other creditor of the Company. Notice of acceptance
by the Senior Agent of this Agreement or of reliance by the Senior Agent upon this Agreement is hereby waived by the Subordinated
Creditor.

 

16.         Miscellaneous.
The paragraph headings herein are included for convenience of reference only and shall not constitute a part of this Agreement
for any other purpose. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all
of which together shall constitute one instrument.

 

    	11

    	 

    

 

17.         Governing
Law; Consent to Jurisdiction and Venue: Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance
with the substantive laws (other than conflict laws) of the State of New York. Each party consents to the personal jurisdiction
of the state and federal courts located in the State of New York in connection with any controversy related to this Agreement,
waives any argument that venue in any such forum is not convenient, and agrees that any litigation initiated by any of them in
connection with this Agreement may be venued in either the state or federal courts located in the City of White Plains or the City
of New York in the State of New York. THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED ON OR PERTAINING
TO THIS AGREEMENT.

 

[Signature Page to Follow]

 

    	12

    	 

    

 

IN WITNESS WHEREOF,
the Subordinated Creditor has executed this Agreement as of the date and year first above-written.

 

	 	THERMO CREDIT, LLC
	 	 
	 	By:	/s/ Seth Block
	 	Name:	Seth Block
	 	Title:	Executive Vice President

 

Agreed and Acknowledged:

 

DCP TELETOUCH LENDER, LLC,

as Senior Agent

 

	By:	/s/ Gary Katz	 
	Name:	Gary Katz	 
	Title:	Authorized Representative	 

 

    	13

    	 

    

 

Acknowledgment by Companies

 

The undersigned, being the Companies referred
to in the foregoing Agreement, hereby (i) acknowledges receipt of a copy thereof, (ii) agree to all of the terms and provisions
thereof, (iii) agree to and with the Senior Agent that it shall make no payment on the Subordinated Indebtedness that the Subordinated
Creditor would not be entitled to receive under the provisions of the Agreement, (iv) agree that any such payment will constitute
a default under the Senior Loan Agreement, and (v) agrees to mark its books conspicuously to evidence the subordination of the
Subordinated Indebtedness effected hereby.

 

TELETOUCH COMMUNICATIONS, INC.

 

	By:	/s/ Thomas A. Hyde, Jr.	 
	Name:	Thomas A. Hyde, Jr.	 
	Title:	President and Chief Operating Officer	 

 

PROGRESSIVE CONCEPTS, INC.

 

	By:	/s/ Thomas A. Hyde, Jr.	 
	Name:	Thomas A. Hyde, Jr.	 
	Title:	President and Chief Executive Officer	 

 

    	14

    	 

    

 

EXHIBIT
A

 

SUBORDINATED
INDEBTEDNESS

 

Indebtedness arising under that certain
LOAN AND SECURITY AGREEMENT dated as of APRIL 30, 2008 between Subordinated Creditor and the Companies, as amended
through the date hereof, including by that certain SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT dated as of even date
herewith, as the same may be amended, restated, supplemented, renewed or extended from time to time, the "Subordinate Loan
Agreement") and the Loan Documents (as such term is defined in the Subordinate Loan Agreement) executed in connection
therewith, including, without limitation, that certain Amended and Restated Subordinated Promissory Note, dated February 8, 2013
(the "Subordinated Note").

 

    	15

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