Document:

Exhibit 10.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
EITHER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
OFFERED, PLEDGED OR OTHERWISE DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND SUCH
LAWS COVERING SUCH NOTE, OR BORROWER RECEIVES AN OPINION OF COUNSEL ACCEPTABLE TO IT STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT,
OFFER, PLEDGE OR OTHER DISTRIBUTION FOR VALUE IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT
AND SUCH LAWS.

 

StationDigital Corporation

 

CONVERTIBLE SECURED PROMISSORY NOTE

Due June 1, 2015

 

	$332,853.74	St. Louis, MO
	 	As
of May 1, 2015

 

THIS 15% NOTE is
a duly authorized and validly issued Senior Note of StationDigital Corporation, a Delaware corporation (the “Borrower”
or the “Company”), having its principal place of business at 5700 Oakland Avenue, #200 St. Louis, MO 63110 (the “Note”).

 

FOR VALUE RECEIVED,
the Borrower, unconditionally promises to pay to the order of Edward Storm or his assignee (“Holder”), in the
manner and at the place hereinafter provided, the principal amount of $332,853.74 on June 1, 2015 (the “Maturity Date”).
Borrower also promises to pay to Holder, on the Maturity Date together with the principal amount referenced above interest on the
outstanding principal balance of this Note at the rate of fifteen percent (15%) per annum, pro-rated for the number of days that
the Note is outstanding until the Maturity Date on the basis of a 365-day year. From and after an Event of Default (as defined
in Section 5 below) interest on the outstanding principal balance under this Note together with accrued and unpaid Interest thereon
shall bear interest at a rate equal to the lesser of 24% per annum or the maximum rate permitted by applicable law (“Default
Rate”) which shall accrue from the date of default through and including the date of actual payment in full. Drawdowns
shall be made in accordance with the requirements set forth in paragraph 3, infra.

 

1.                 
Payments. All payments of principal and Interest, in respect of this Note shall be made in lawful money of
the United States of America in same day funds at the office of Holder located at 655 North 163rd Street, Omaha, NE
68118, or at such other place as Holder may direct. If any payment on this Note is stated to be due on a day that is not a Business
Day, such payment shall instead be made on the next Business Day.

 

    	1

    	 

    

  

2.                 
Pre-payments. In the event StationDigital is sold this Note shall be paid at the closing in full along
with the Interest and the Origination fee. This Note may be pre-paid, in whole or in part, at Borrower’s option, without
the consent of the Holder; provided, however, that Borrower shall provide written notice to the Holder at least two (2) Business
Days prior to such date of pre-payment (the “Pre-Payment Date”).

 

3.                 
Senior Note and Security. This Note is senior to all debt except the Senior Secured Note originally dated June 30,
2014 and last modified as of May 8, 2015. This Note is secured by all of assets the Maker as set forth in the Security Agreement
of even date.

 

4.                 
Conversion. 

 

     (a)               
Voluntary Conversion by the Holder. This Note shall be convertible, in whole or in part, into shares of Common Stock
at the option of the Holder, at any time and from time to time at the Conversion Price (defined in Section 4(b) below) in effect
as of the Conversion Date (as defined below). The Holder shall effect conversions by delivering to the Company a Notice of Conversion,
the form of which is attached hereto as Annex A (each, a “Notice of Conversion”), specifying therein
the principal amount of this Note to be converted and the date on which such conversion shall be effected (such date, the “Conversion
Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such
Notice of Conversion is deemed delivered hereunder. To effect conversions hereunder, the Holder shall not be required to physically
surrender this Note to the Company unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon,
has been so converted. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Note in
an amount equal to the applicable conversion. The Holder and the Company shall maintain records showing the principal amount(s)
converted and the date of such conversion(s). The Company may deliver an objection to any Notice of Conversion within one (1) Business
Day of delivery of such Notice of Conversion if any of the requirements for conversion hereunder have not been complied with by
the Holder. In the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative in the
absence of manifest error. The Holder, and any assignee by acceptance of this Note, acknowledge and agree that, by reason of the
provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this
Note may be less than the amount stated on the face hereof.

 

     (b)               In
addition to the foregoing, in the event of a Qualified Financing, in lieu of repayment of this Note, the Holder shall have
the option to convert this Note into the securities purchased by investors in a Qualified Financing (the
“Qualified Securities”). The Company shall give the Holder not less than ten (10) calendar days’ prior
written notice of the closing of any such Qualified Financing. The number of Qualified Securities that shall be issuable upon
conversion of this Note shall equal the number derived by dividing (x) the principal amount plus accrued and unpaid interest
thereon of this Note, by (y) the Qualified Equity Applicable Price. The “Qualified Equity Applicable Price” shall
be equal to: (a) seventy percent (70%) of the conversion price of the securities sold to investors in the Qualified
Financing, or (b) seventy percent (70%) of the issuance price of such securities sold to investors in the Qualified Financing
in the event that such securities are not convertible securities. The Qualified Securities to be issued upon any such
conversion shall have the same rights, preferences and privileges as the securities issued to investors in the Qualified
Financing. The Holder, upon making such conversion or exchange, shall be entitled to all the benefits of any agreements
entered into among the Company and the holders of the Qualified Securities. In the event that the securities sold in the
Qualified Financing shall be sold as units including warrants, the Holder, upon conversion or exchange, shall receive all the
securities comprising the units. No fractional shares shall be issued upon a conversion or exchange of Notes into Qualified
Securities. In lieu of any fractional shares to which Holder would otherwise be entitled, the Company shall pay cash equal to
such fraction multiplied by the Qualified Equity Applicable Price, or, at its option, may round up to the nearest
whole number the amount of shares the Holder shall receive.

 

    	2

    	 

    

 

     (c)               
Conversion Price. The number of shares of Common Stock issuable upon conversion (the “Conversion Shares”)
shall be determined based upon the lesser of (A) 70% of the per share price of Common Stock or Common Stock Equivalents in a Qualified
Financing and (B) $0.45 per share, subject to adjustment hereunder (the “Conversion Price”).

 

     (d)              
Mechanics of Conversion. 

 

 i.Conversion Shares
Issuable Upon Conversion of Principal Amount.  The number of Conversion Shares issuable upon a conversion hereunder,
if this Note is being converted other than for Qualified Securities, shall be determined by the quotient obtained by dividing (x)
the outstanding principal amount of this Note together with accrued and unpaid Interest thereon to be converted by (y) the Conversion
Price in effect as of the Conversion Date. 

 

 ii.Delivery of
Certificate Upon Conversion. Not later than ten (10) Business Days after the Conversion Date (the “Delivery Date”),
the Company shall deliver, or cause to be delivered, to the Holder a certificate or certificates representing the Qualified Securities
or the Conversion Shares representing the number of shares of Common Stock being acquired upon the conversion of this Note, as
applicable.

 

 iii.Obligation
Absolute. The Company’s obligations to issue and deliver the Qualified Securities or the Conversion Shares, as applicable,
upon conversion of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment
against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation
of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation
of the Company to the Holder in connection with the issuance of such Qualified Securities or Conversion Shares; provided, however,
that such delivery shall not operate as a waiver by the Company of any such action the Company may have against the Holder.

 

 iv.Fractional
Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this
Note.  As to any fraction of a share which Holder would otherwise be entitled to purchase upon such conversion, the
Company shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such
fraction multiplied by the Conversion Price or round up to the next whole share.

 

    	3

    	 

    

 

v.Transfer Taxes.  The
issuance of certificates for shares of Common Stock or Qualified Securities, as applicable, on conversion of this Note shall be
made without charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue
or delivery of such certificates, provided that the Company shall not be required to pay any tax that may be payable in respect
of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the
Holder of this Note and the Company shall not be required to issue or deliver such certificates unless or until the person or persons
requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction
of the Company that such tax has been paid.

 

5.            Certain Adjustments.

 

(a) Stock Dividends
and Splits. If the Company, at any time while this Note is outstanding: (A) pays a stock dividend or otherwise make a distribution
or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common
Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion of this
Note), (B) subdivides outstanding shares of Common Stock into a larger number of shares, (C) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (D) issues by reclassification of shares of
the Common Stock any shares of capital stock of the Company, then in each case the Conversion Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such
event and the number of shares issuable upon conversion of this Note shall be proportionately adjusted such that the aggregate
Conversion Price of this Note shall remain unchanged.  Any adjustment made pursuant to this Section 4(a) shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall
become effective immediately after the effective date in the case of a subdivision, combination or reclassification.

 

(b) Subsequent
Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Note is outstanding, shall
sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce
any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents entitling
any Person to acquire shares of Common Stock, at an effective price per share less than the then Conversion Price (such lower
price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”)
(if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase
price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants,
options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock
at an effective price per share which is less than the Conversion Price, such issuance shall be deemed to have occurred for
less than the Conversion Price on such date of the Dilutive Issuance), then the Conversion Price shall be reduced and only
reduced to equal the Base Share Price and the number of Conversion Shares issuable hereunder shall be increased such that the
aggregate Conversion Price payable hereunder, after taking into account the decrease in the Conversion Price, shall be equal
to the aggregate Conversion Price prior to such adjustment.  Such adjustment shall be made whenever such Common Stock or
Common Stock Equivalents are issued.  Notwithstanding the foregoing, no adjustments shall be made, paid or issued under
this Section 4(b) in respect of an Exempt Issuance.  The Company shall notify the Holder in writing, no later than the
Trading Day following the issuance of any Common Stock or Common Stock Equivalents subject to this Section 4(b), indicating
therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms
(such notice the “Dilutive Issuance Notice”).  For purposes of clarification, whether or not the
Company provides a Dilutive Issuance Notice pursuant to this Section 4(b), upon the occurrence of any Dilutive Issuance,
after the date of such Dilutive Issuance the Holder is entitled to receive a number of Conversion Shares based upon the Base
Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Conversion.

 

    	4

    	 

    

 

(c) Subsequent Rights
Offerings.  If the Company, at any time while the Note is outstanding, shall issue rights, options or warrants to all
holders of Common Stock (and not to Holders) entitling them to subscribe for or purchase shares of Common Stock at a price per
share less than the VWAP at the record date mentioned below, then the Conversion Price shall be multiplied by a fraction, of which
the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants
plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the numerator shall be
the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number of shares
which the aggregate offering price of the total number of shares so offered (assuming receipt by the Company in full of all consideration
payable upon exercise of such rights, options or warrants) would purchase at such VWAP.  Such adjustment shall be made whenever
such rights or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders
entitled to receive such rights, options or warrants.

 

(d) Pro Rata
Distributions.  If the Company, at any time while this Note is outstanding, shall distribute to all holders of
Common Stock (and not to Holders of the Notes) evidences of its indebtedness or assets (including cash and cash dividends) or
rights or warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section
4(b)), then in each such case the Conversion Price shall be adjusted by multiplying the Conversion Price in effect
immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a
fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and of which the
numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion
of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as
determined by the Board of Directors in good faith.  In either case the adjustments shall be described in a statement
provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights
applicable to one share of Common Stock.  Such adjustment shall be made whenever any such distribution is made and shall
become effective immediately after the record date mentioned above.

 

    	5

    	 

    

 

(e) Fundamental
Transaction. If, at any time while this Note is outstanding, (A) the Company effects any merger or consolidation of the
Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a
series of related transactions, (C) any tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities,
cash or property, or (D) the Company effects any reclassification of the Common Stock or any compulsory share exchange
pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (each
“Fundamental Transaction”), then, upon any subsequent conversion of this Note, the Holder shall have the
right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior to the
occurrence of such Fundamental Transaction, the number of shares of Common Stock of the successor or acquiring corporation or
of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such merger, consolidation or disposition of assets by a holder of the
number of shares of Common Stock for which this Note is convertible immediately prior to such event. For purposes of any such
conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such
Fundamental Transaction, and the Company shall apportion the Conversion Price among the Alternate Consideration in a
reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If
holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion
of this Note following such Fundamental Transaction.  To the extent necessary to effectuate the foregoing provisions,
any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new note
consistent with the foregoing provisions and evidencing the Holder’s right to convert such note into Alternate
Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions of this Section 4(e) and insuring that this
Note (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental
Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that is (1) an all cash
transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act, or (3) a Fundamental
Transaction involving a person or entity not traded on a national securities exchange, the Nasdaq Global Select Market, the
Nasdaq Global Market, or the Nasdaq Capital Market, the Company or any successor entity shall pay at the Holder’s
option, exercisable at any time concurrently with or within thirty (30) calendar days after the consummation of the
Fundamental Transaction, an amount of cash equal to the value of this Note as determined in accordance with the Black Scholes
Option Pricing Model obtained from the “OV” function on Bloomberg L.P. using (A) a price per share of Common
Stock equal to the VWAP of the Common Stock for the Trading Day immediately preceding the date of consummation of the
applicable  Fundamental Transaction, (B) the risk-free interest rate corresponding to the U.S. Treasury rate for
a period equal to the remaining term of this Note as of the date of consummation of the applicable Fundamental Transaction,
(C) an expected volatility equal to the 100 day volatility obtained from the “HVT” function on Bloomberg L.P.
determined as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction and
(D) a remaining option time equal to the time between the date of the public announcement of such transaction and the
Maturity Date.

 

    	6

    	 

    

 

(f) Calculations.
All calculations under this Section 4 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 4, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(g) Voluntary Adjustment
By Company. The Company may at any time during the term of this Note reduce the then current Conversion Price to any amount
and for any period of time deemed appropriate by the Board of Directors of the Company.

 

(h) Notice to Holder. 

 

i. Adjustment
to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 4, the Company shall
promptly mail to the Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment. If the Company enters into a Variable Rate Transaction (as defined in the Securities Purchase
Agreement (as defined below)), despite the prohibition thereon in the Securities Purchase Agreement, the Company shall be deemed
to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities
may be converted or exercised.

 

ii.
Notice to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution in
whatever form) on the Common Stock; (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of
the Common Stock; (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to
subscribe for or purchase any shares of capital stock of any class or of any rights; (D) the approval of any stockholders of
the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to
which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any
compulsory share exchange whereby the Common Stock is converted into other securities, cash or property; (E) the Company
shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company; then, in
each case, the Company shall cause to be mailed to the Holder at its address specified in Section 9(a) (or such other address
as the Holder may designate by ten (10) calendar days advance written notice to the Company), at least twenty (20) calendar
days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record
is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be
taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger,
sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that
holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or
other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that
the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the
corporate action required to be specified in such notice.  The Holder is entitled to convert this Note during the period
commencing on the date of such notice to the effective date of the event triggering such notice.

 

    	7

    	 

    

 

5.                    
Events of Default. The occurrence of any of the following events shall constitute an “Event
of Default”:

 

     (a)               
failure of Borrower to pay the principal and Interest, if any, within five (5) calendar days after the date due under this
Note (provided that the Holder had provided written notice to the Borrower in the event of any such failure); or

 

     (b)              
any representation or warranty made by Borrower to Holder in connection with this Note shall prove to have been false in
any material respect when made; or

 

     (c)               
(i) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of Borrower in
an involuntary case under Title 11 of the United States Code entitled “Bankruptcy” (as now and hereinafter in
effect, or any successor thereto, the “Bankruptcy Code”) or any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable
federal or state law; or (ii) an involuntary case shall be commenced against Borrower under any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment
of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Borrower or over all or
a substantial part of his property shall have been entered; or the involuntary appointment of an interim receiver, trustee or other
custodian of Borrower for all or a substantial part of his property shall have occurred; or a warrant of attachment, execution
or similar process shall have been issued against any substantial part of the property of Borrower, and, in the case of any event
described in this clause (ii), such event shall have continued for thirty (30) calendar days unless dismissed, bonded or discharged;
or

 

     (d)               an
order for relief shall be entered with respect to Borrower, or Borrower shall commence a voluntary case under the
Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to
the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case,
under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for
all or a substantial part of his property; or Borrower shall make an assignment for the benefit of creditors; or Borrower
shall be unable or fail, or shall admit in writing his inability, to pay his debts as such debts become due; or

 

    	8

    	 

    

 

     (e)               
 the Company shall fail to observe or perform any other covenant or agreement contained in the Notes which failure is not
cured, if possible to cure, within the earlier to occur of (A) five (5) days after notice of such failure sent by the Holder.

 

6.                 
Remedies. If any Event of Default occurs, the outstanding principal amount of this Note, plus accrued but
unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become,
at the Holder’s election, immediately due and payable in cash. Commencing five (5) calendar days after the occurrence of
any Event of Default that results in the eventual acceleration of this Note, the interest rate on this Note shall accrue at an
interest rate equal to the lesser of twenty-four percent (24%) per annum or the maximum rate permitted under applicable law. Upon
the payment in full of the amount due under this Note, the Holder shall promptly surrender this Note to or as directed by the Company.
In connection with such acceleration described herein, the Holder need not provide, and the Company hereby waives, any presentment,
demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce
any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration
may be rescinded and annulled by Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder
of the Note until such time, if any, as the Holder receives full payment pursuant to this Section 5. No such rescission or annulment
shall affect any subsequent Event of Default or impair any right consequent thereon.

 

7.                 
Negative Covenants. As long as any portion of this Note remains outstanding, the Company shall not, and shall
not permit any of its subsidiaries (whether or not a subsidiary on the Original Issue Date) to, directly or indirectly:

 

     (a)               
enter into, create, incur, assume, guarantee or suffer to exist any indebtedness of any kind, including but not limited
to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or
any income or profits therefrom that would be superior payment terms to the indebtedness created hereunder;

 

     (b)              
enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to any of its property or
assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

     (c)               
amend its organizational document in any manner that materially and adversely affects any rights of the Holder;

 

     (d)              
repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its
Common Stock other than as to repurchases of Common Stock of departing officers and directors of the Company, provided that such
repurchases shall not exceed an aggregate of $10,000 for all officers and directors during the term of this Note;

 

    	9

    	 

    

 

     (e)               
repay, repurchase or offer to repay, repurchase or otherwise acquire any indebtedness other than regularly scheduled principal
and interest payments as such terms are in effect as of the Original Issue Date or are extended after the Original Issue Date to
permit later payment;

 

     (f)               
pay cash dividends or distributions on any equity securities of the Company;

 

     (g)              
enter into any transaction with any affiliate of the Company which would be required to be disclosed in any public filing
with the Commission, unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the
disinterested members of the Board of Directors (even if less than a quorum otherwise required for board approval.

 

8.                 
Miscellaneous. 

 

     (a)               
All notices and other communications provided for hereunder shall be in writing (including faxes) and mailed, telecopied,
or delivered as follows: if to Borrower, at its address specified opposite its signature below; and if to Holder, at 5700 Oakland
Avenue, #200 St. Louis, MO 63110 or in each case at such other address as shall be designated by Holder or Borrower. All such notices
and communications shall, when mailed, faxed or sent by overnight courier, be effective when deposited in the mails, delivered
to the overnight courier, as the case may be, or sent by fax. Electronic mail may be used to distribute routine communications;
provided that no signature with respect to any notice, request, agreement, waiver, amendment, or other documents may be sent by
electronic mail.

 

     (b)              
No failure or delay on the part of Holder or any other holder of this Note to exercise any right, power or privilege under
this Note and no course of dealing between Borrower and Holder shall impair such right, power or privilege or operate as a waiver
of any default or an acquiescence therein, nor shall any single or partial exercise of any such right, power or privilege preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies expressly
provided in this Note are cumulative to, and not exclusive of, any rights or remedies that Holder would otherwise have. No notice
to or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances
or constitute a waiver of the right of Holder to any other or further action in any circumstances without notice or demand.

 

     (c)               
THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF BORROWER AND HOLDER HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF MISSOURI WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 

    	10

    	 

    

 

    (d)               ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST BORROWER ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE BROUGHT IN ANY STATE OR
FEDERAL COURT OF COMPETENT JURISDICTION IN THE CITY OF ST. LOUIS STATE OF MISSOURI, AND BY EXECUTION AND DELIVERY OF THIS
NOTE BORROWER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY
JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS NOTE. Borrower hereby agrees that service of all process in any such
proceeding in any such court may be made by registered or certified mail, return receipt requested, to Borrower at its
address set forth below its signature hereto, such service being hereby acknowledged by Borrower to be sufficient for
personal jurisdiction in any action against Borrower in any such court and to be otherwise effective and binding service in
every respect. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the
right of Holder to bring proceedings against Borrower in the courts of any other jurisdiction.

 

     (e)               
BORROWER AND, BY HIS ACCEPTANCE OF THIS NOTE, HOLDER AND ANY SUBSEQUENT HOLDER OF THIS NOTE, HEREBY IRREVOCABLY AGREE
TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY
DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS NOTE AND THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED.
The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate
to the subject matter of this transaction, including without limitation contract claims, tort claims, breach of duty claims and
all other common law and statutory claims. Borrower and, by their acceptance of this Note, Holder and any subsequent holder of
this Note, each (i) acknowledges that this waiver is a material inducement to enter into a business relationship, that the
other parties have already relied on this waiver in entering into this relationship, and that each party will continue to rely
on this waiver in their related future dealings and (ii) further warrants and represents that it has reviewed this waiver
with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel.
THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO
ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF THIS NOTE. In the event of litigation, this provision
may be filed as a written consent to a trial by the court.

 

     (f)               
Borrower hereby waives the benefit of any statute or rule of law or judicial decision which would otherwise require that
the provisions of this Note be construed or interpreted most strongly against the party responsible for the drafting thereof.

 

     (g)              
Borrower waives presentment for payment, demand, notice of demand, notice of non-payment or dishonor, protest of this Note,
and all other notices in connection with the delivery, acceptance, performance, default or enforcement of payment of this Note.

 

    	11

    	 

    

 

9.                  Set-off. In
addition to all liens upon rights of set-off against moneys, securities or other property of the Borrower given to Holder by
law or equity, Holder shall have a lien upon and right of set-off against all moneys, securities, and other property of
Borrower now or hereafter in the possession of Holder for any reason. Every such lien and right of set-off may be exercised
by Holder after the occurrence of an Event of Default without notice to the Borrower.

 

10.               
Expenses. Borrower shall pay all of Holder’s expenses, including Holder’s reasonable attorney’s
fees, incurred in connection with enforcement of Holder’s rights hereunder.

 

11.              
Indemnification of Holder. Subject to the provisions of this Section 10, the Borrower will indemnify and hold
the Holder harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including
all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that Holder
may suffer or incur as a result of or relating to any breach of any of the representations, warranties, covenants or agreements
made by the Borrower in this Note. If any action shall be brought against Holder in respect of which indemnity may be sought pursuant
to this Note, Holder shall promptly notify the Borrower in writing, and the Borrower shall have the right to assume the defense
thereof with counsel of its own choosing reasonably acceptable to the Holder. Holder shall have the right to employ separate counsel
in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of
Holder except to the extent that (i) the employment thereof has been specifically authorized by the Borrower in writing, (ii) the
Borrower has failed after a reasonable period of time (not less than 30 calendar days) to assume such defense and to employ counsel
or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue
between the position of the Borrower and the position of Holder, in which case the Borrower shall be responsible for the reasonable
fees and expenses of no more than one such separate counsel for all of the Holder. The Borrower will not be liable to Holder under
this Note for any settlement by Holder effected without the Borrower’s prior written consent, which shall not be unreasonably
withheld or delayed.

 

 

 

 

 

 

 

[Signature Page to Secured Note Follows]

 

    	12

    	 

    

 

 

[Signature Page to
15% Secured Note]

 

 

 

IN WITNESS WHEREOF,
Borrower has executed and delivered this Note as of the day and year and at the place first above written.

 

 

StationDigital Corporation

 

 

 

By:___/s/ Lou Rossi___________________

Lou Rossi, Chief Executive
Officer

 

 

    	

    	 

    

 

ANNEX A

 

 

 

NOTICE OF CONVERSION

 

 

 

The undersigned hereby
elects to convert principal (together with any accrued and unpaid interest thereon) under the 15% Secured Convertible Notes due
June 1, 2015 of Stationdigital Corporation, a Delaware corporation (the “Company”), into Common Stock, as of
the date written below. If Common Stock is to be issued in the name of a person other than the undersigned, the undersigned will
pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested
by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes,
if any.

 

 

 

Conversion calculations:

 

 

 

Date to Effect Conversion:

 

 

 

Principal Amount of the Notes to be Converted:

 

 

 

Number of shares of Common Stock to be issued:

 

 

 

 

 

Signature:

 

 

 

 

 

Name:

 

 

 

Address for Delivery of Common Stock:SECURITY
AGREEMENT

(ALL ASSETS)

 

This
SECURITY AGREEMENT (this "Agreement") is made as of the 1st day of May, 2015 by Station Digital Corporation.,
a Delaware corporation (the "Grantor"), in favor of Edward Storm (together with his successors and assigns, the
"Lender").

PRELIMINARY
STATEMENTS.

(1)                
The Grantor has executed and delivered to Lender that certain Secured Note dated as of May 1, 2015 (as amended from time to time,
the "Note"). 

(2)                
Pursuant to the Note, the Grantor is entering into this Agreement in order to grant to the Lender a security interest in all personal
property of the Grantor now owned or hereafter acquired, it being a condition precedent to the making of Loan that the Grantor
shall have granted the security interests contemplated by this Agreement.

(3)                
Capitalized terms not defined herein are used herein as defined in the Note. Further, unless otherwise defined in this Agreement
or in the Note, terms defined in the Uniform Commercial Code in effect in the State of Missouri ("Missouri Uniform Commercial
Code") on the date hereof are used in this Agreement as such terms are defined in the Missouri. Uniform Commercial Code.

NOW,
THEREFORE, in consideration of the premises and in order to induce the Lender to make the Loan (or any Advances thereunder),
as aforesaid, the Grantor hereby agrees as follows:

Section
1.                     Grant
of Security. The Grantor hereby assigns and pledges to the Lender, and hereby grants to the Lender a security interest in,
the Grantor’s right, title and interest in and to the following, in each case, as to each type of property described below,
whether now existing or hereafter acquired by the Grantor, wherever located, and whether now or hereafter existing or arising
(collectively, the "Collateral"):

(a)                
All equipment in all of its forms, all fixtures and all parts thereof and all accessions thereto (any and all such equipment,
fixtures, parts and accessions being the "Equipment");

(b)                
All intellectual property. Intellectual Property shall include but not be limited to “Intellectual Property ” means
all domestic or foreign rights in, to and concerning: (i) inventions and discoveries (whether patented, patentable or unpatentable
and whether or not reduced to practice), including ideas, research and techniques, technical designs, and specifications (written
or otherwise), improvements, modifications, adaptations, and derivations thereto, and patents, patent applications, inventor’s
certificates, and patent disclosures, together with divisions, continuations, continuations-in-part, revisions, reissuances and
reexaminations thereof; (ii) trademarks, service marks, brand names, certification marks, collective marks, d/b/a’s, trade
dress, logos, symbols, trade names, assumed names, fictitious names, corporate names and other indications or indicia of origin,
including translations, adaptations, derivations, modifications, combinations and renewals thereof; (iii) published and unpublished
works of authorship, whether copyrightable or not (including databases and other compilations of data or information), copyrights
therein and thereto, moral rights, and rights equivalent thereto, including but not limited to, the rights of attribution, assignation
and integrity; (iv) trade secrets, confidential and/or proprietary information (including ideas, research and development, know-how,
formulas, compositions, manufacturing and production processes and techniques, technical data, schematics, designs, discoveries,
drawings, prototypes, specifications, hardware configurations, customer and supplier lists, financial information, pricing and
cost information, financial projections, and business and marketing methods plans and proposals), collectively “Trade Secrets
”; (v) computer software, including programs, applications, source and object code, data bases, data, models, algorithms,
flowcharts, tables and documentation related to the foregoing; (vi) other similar tangible or intangible intellectual property
or proprietary rights, information and technology and copies and tangible embodiments thereof (in whatever form or medium); (vii)
all applications to register, registrations, restorations, reversions and renewals or extensions of the foregoing; (viii) internet
domain names; and (ix) all the goodwill associated with each of the foregoing and symbolized thereby; and (x) all other intellectual
property or proprietary rights and claims or causes of action arising out of or related to any infringement, misappropriation
or other violation of any of the foregoing, including rights to recover for past, present and future violations thereof.

    	 

    	 

    

(c)                
All inventory in all of its forms (including, without limitation, all raw materials and work in process therefor, finished goods
thereof and materials used or consumed in the manufacture, production, preparation or shipping thereof, and all accessions thereto)
and products thereof and all documents of title therefor or other documents representing the same (any and all such inventory,
accessions, products and documents being the "Inventory");

(d)                
All accounts (including health-care insurance receivables), chattel paper, instruments, documents, bills of lading, warehouse
receipts and other documents of title, deposit accounts, general intangibles, payment intangibles, contract rights, choses in
action, causes of action, intangible property, intellectual property (including, any good will and royalties associated therewith),
"non compete" agreements, licenses, tax refunds and return claims, books and records, all interests in partnerships,
corporations, limited liability companies and all joint ventures of every kind, investment property (including any Investment
Collateral (as defined below)) and all other rights and obligations of any kind, whether or not arising out of or in connection
with the sale or lease of goods or the rendering of services (any and all such accounts, chattel paper, instruments, deposit accounts,
general intangibles, payment intangibles, investment property and other items being, to the extent not referred to in clause (d)
below, the "Receivables"), and all rights now or hereafter existing in and to all security agreements, leases
and other contracts securing or otherwise relating to any of the foregoing (any and all leases, security agreements and other
agreements and contracts related to any of the Receivables being the "Related Contracts"); and

(e)                
All proceeds, products, substitutions, accessions and replacements of any and all of the foregoing Equipment, Inventory, Receivables
and/or Related Contracts (including, without limitation, proceeds that constitute property of the types described in clauses (a),
(b) and (c) of this Section 1 and this clause (d) and, to the extent not otherwise included, all (i) payments under credit insurance,
casualty insurance or other insurance (whether or not the Lender is the loss payee thereof), or any indemnity, warranty or guaranty,
payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral and (ii) cash).

Section
2.                     Security
for Obligations. This Agreement secures the prompt payment and performance of all obligations of the Grantor to the Lender,
now or hereafter existing, whether absolute or contingent, disputed or undisputed, direct or indirect and arising out of whatever
transactions including, without limitation, obligations arising under or in respect of the Note, this Agreement, or with respect
to existing and future loans and advances, all other extensions of credit, security agreements, and all contracts for payment
or performance, and all indebtedness, obligations and liabilities under any guaranty or surety agreement in favor of the Lender
including, without limitation, all principal, interest, fees, indemnifications, costs, expenses or otherwise (all such obligations
being the "Secured Obligations").

Section
3.                     Grantor
Remains Liable. Anything herein to the contrary notwithstanding, (a) the Grantor shall remain liable under the contracts and
agreements included in the Collateral to the extent set forth therein and perform all of its duties and obligations thereunder
to the same extent as if this Agreement had not been executed, (b) the exercise by the Lender of any of the rights hereunder shall
not release the Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral, and
(c) the Lender shall not have any obligation or liability under the contracts and agreements included in the Collateral by reason
of this Agreement, nor shall the Lender be obligated to perform any of the obligations or duties of the Grantor thereunder or
to take any action to collect or enforce any claim for payment assigned hereunder.

Section
4.                     Representations
and Warranties; Certain Covenants. The Grantor represents and warrants as follows:

(a)                
All of the information concerning the Grantor and the Collateral presented on Schedules I, II and III hereto is true and correct
in all material respects.

(b)                
None of the Receivables is evidenced by a promissory note or other instrument.

    	2

    	 

    

 

(c)                
The Grantor is the legal and beneficial owner of the Collateral free and clear of any Lien, except for the security interest created
by this Agreement. No effective financing statement or other instrument similar in effect covering all or any part of the Collateral
is on file in any recording office, except such as may have been filed in favor of the Lender relating to this Agreement.

(d)                
The Grantor has exclusive possession and control of the Equipment and Inventory.

(e)                
All filings and other actions necessary or desirable to perfect and protect the security interest in the Collateral created under
this Agreement have been or will be (in the case of financing statements to be filed in connection herewith, it being understood
that the Lender may file the same on or after the date hereof) duly made or taken and are or will be in full force and effect;
and this Agreement creates in favor of the Lender a valid and, together with such filings, when effected, and other actions, perfected
first priority security interest in the Collateral of the Grantor, securing the payment of the Secured Obligations (except that
in order for the Lender’s Liens on certain investment property, including, without limitation, any Investment Collateral,
to maintain its first priority status or, in the case of a deposit account, to be perfected, the Lender and the Grantor may need
to take the actions contemplated in Section 7(b) below).

(f)                 
No consent of any other Person and no authorization, approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or other third party is required either (i) for the grant by the Grantor of the pledge, assignment
and security interest granted by this Agreement or for the execution, delivery or performance of this Agreement by the Grantor,
(ii) for the perfection or maintenance of the pledge, assignment and security interest created under this Agreement in favor of
the Lender (including the first priority nature of such pledge, assignment or security interest), except for the filing of financing
and continuation statements under the Missouri Uniform Commercial Code, or (iii) for the exercise by the Lender of the remedies
in respect of the Collateral pursuant to this Agreement.

(g)                
Schedule III hereto sets forth the true and correct listing of all corporations, limited liability companies and partnerships
wherein the Grantor owns an interest, and the Grantor’s interests therein. Schedule III also sets forth, in the case of
limited liability companies and partnerships, whether or not such interests constitute investment property under Article 9 of
the Missouri Uniform Commercial Code.

Section
5.                     Further
Assurances. (a) The Grantor agrees that from time to time, at the expense of the Grantor, it will promptly execute and deliver
all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Lender may
request, in order to perfect and protect any pledge, assignment or security interest granted or purported to be granted by the
Grantor under this Agreement or to enable the Lender to exercise and enforce its rights and remedies hereunder with respect to
any Collateral of the Grantor. The Grantor hereby authorizes the Lender to file one or more financing or continuation statements,
and amendments thereto, relating to all or any part of the Collateral of the Grantor. A photocopy or other reproduction of this
Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement
where permitted by law. The Grantor will furnish to the Lender from time to time statements and schedules further identifying
and describing the Collateral of the Grantor and such other reports in connection with such Collateral as the Lender may reasonably
request, all in reasonable detail.

(b)                
Upon the Lender’s request, the Grantor shall promptly (i) deliver to the Lender possession of all (A) stock certificates
evidencing the Grantor’s interest in any corporation (together with duly executed stock powers for each of the same), (B)
certificates evidencing the Grantor’s interest in any limited liability company or partnership (together with executed powers
for each such certificate), which interests constitute investment property under Article 9 of the Missouri Uniform Commercial
Code, and (C) all notes, instruments or warrants (together with any necessary endorsements) owned by the Grantor, and/or (ii)
enter into one or more control (or similar) agreement(s) with the Lender and any applicable securities intermediary or depository
with respect to any security entitlements or other investment property, or any deposit account, of the Grantor, in the case of
each of clauses (i) and (ii) above in form satisfactory to the Lender. (All stock certificates, other certificates and other Collateral
delivered to the Lender pursuant to clause (i) in the preceding sentence, and all other investment property and deposit accounts
which are the subject of a control (or similar) agreement entered into pursuant to clause (ii) in the preceding sentence, collectively
being the "Investment Collateral").

    	3

    	 

    

 

Section
6.                    As
to Equipment and Inventory. The Grantor shall keep the Equipment and Inventory of the Grantor within the State of Missouri
or, upon 30 days’ prior written notice to the Lender, at such other places in a jurisdiction where all action, if any, required
by Section 5 shall have been taken with respect to such Equipment and Inventory. The Grantor shall cause the Equipment of the
Grantor to be maintained and preserved in the same condition, repair and working order as when new, ordinary wear and tear excepted,
and shall, in the case of any loss or damage to any of such Equipment, as quickly as practicable after the occurrence thereof,
make or cause to be made, all repairs, replacements and other improvements in connection therewith that are necessary or desirable
to such end. Grantor shall pay promptly when due all property and other taxes, assessments and governmental charges or levies
imposed upon, and all claims (including claims for labor, materials and supplies) against, the Equipment and Inventory of the
Grantor.

Section
7.                     Insurance.
The Grantor shall, at its own expense, maintain insurance with respect to the Equipment and Inventory of the Grantor in such amounts,
against such risks, in such form and with such insurers, as shall be satisfactory to the Lender from time to time. Each policy
of the Grantor for liability insurance shall provide for all losses to be paid on behalf of the Lender and the Grantor as their
interests may appear, and each policy for property damage insurance shall provide for all losses to be paid directly to the Lender.
Each such policy shall, in addition (a) name the Grantor and the Lender as insured parties thereunder (without any representation
or warranty by or obligation upon the Lender) as its interests may appear, (b) contain the agreement by the insurer, pursuant
to a lender’s loss payable endorsement, that any loss thereunder shall be payable to the Lender notwithstanding any action,
inaction or breach of representation or warranty by the Grantor and (c) provide that at least thirty 30 days’ prior written
notice of cancellation or of lapse shall be given to the Lender by the insurer. The Grantor shall, if so requested by the Lender,
deliver to the Lender original or duplicate policies of such insurance. If Grantor shall fail to provide such insurance, the Lender
may, but shall not be required to, obtain such insurance on the Grantor’s behalf and add the costs thereof to the Secured
Obligations and charge interest thereon at the highest applicable rate under the Note. Reimbursement under any liability insurance
maintained by the Grantor pursuant to this Section 7 may be paid directly to the Person who shall have incurred liability covered
by such insurance. The Lender shall be entitled to apply any payment received as a result of any loss or damage to any Equipment
or Inventory, to reduce the Secured Obligations, in such order of priority as the Lender shall elect.

Section
8.                     Place
of Perfection; Records; Collection of Receivables. (a) The Grantor shall not change its state of organization, and shall keep
its chief executive office and/or the office or location where it keeps its records concerning the Collateral, and all originals
of all chattel paper that evidence any of the Receivables, at the location therefor specified in Section 4, of Schedule I or,
upon thirty (30) days’ prior written notice to the Lender, at such other locations in a jurisdiction where all actions required
by Section 5 (if any) shall have been taken with respect to such Collateral. The Grantor will hold and preserve such records and
chattel paper and will permit representatives of the Lender at any time during normal business hours to inspect and make abstracts
from such records and chattel paper.

(b)                
Except as otherwise provided in this Section 8(b), the Grantor shall continue to collect, at its own expense, all amounts due
or to become due the Grantor under the Receivables. In connection with such collections, the Grantor may take (and, at the Lender’s
direction, shall take) such action as the Grantor or the Lender may deem necessary or advisable to enforce collection of such
Receivables; provided, however, that the Lender shall have the right at any time, upon the occurrence and during
the continuance of a Default, to notify the obligors under any such Receivables of the assignment of such Receivables to the Lender
and to direct such obligors to make payment of all amounts due or to become due to the Grantor thereunder directly to the Lender
and, upon such notification and at the expense of the Grantor, to enforce collection of any such Receivables, and to adjust, settle
or compromise the amount or payment thereof, in the same manner and to the same extent as the Grantor might have done. After receipt
by the Grantor of the notice from the Lender referred to in the proviso to the preceding sentence, (i) all amounts and proceeds
(including instruments) received by the Grantor in respect of the Receivables shall be received in trust for the benefit of the
Lender hereunder, shall be segregated from other funds of the Grantor and shall be forthwith paid over to the Lender in the same
form as so received (with any necessary endorsement), and (ii) the Grantor shall not adjust, settle or compromise the amount or
payment of any Receivable, release wholly or partly any obligor thereof, or allow any credit or discount thereon.

Section
9.                     Transfers
and Other Liens. The Grantor shall not (a) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant
any option with respect to, any of the Collateral of the Grantor, except sales of Inventory in the ordinary course of business,
or (b) create or suffer to exist any Lien upon or with respect to any of the Collateral except for the pledge, assignment and
security interest created by this Agreement.

    	4

    	 

    

 

Section
10.                  Lender Appointed
Attorney-in-Fact. The Grantor hereby irrevocably appoints the Lender as the Grantor’s attorney-in-fact, coupled with
an interest, with full power of substitution and full authority in the place and stead of the Grantor and in the name of the Grantor
or otherwise, from time to time in the Lender’s discretion, to take any action and to prepare, execute, sign, acknowledge
delivery, record and/or file any instrument, notices or other documents of any kind that the Lender may deem necessary or advisable
to accomplish the purposes of this Agreement, including, without limitation, (a) to direct any party liable for any payment under
any of the Collateral to make payment of any and all monies due and to become due thereunder directly to the Lender or as the
Lender shall direct, (b) to obtain and adjust insurance required to be paid to the Lender pursuant to Section 7, (c) to enter
into any premises where any of the Collateral is located and to take possession and control of same, to take possession and control
of all books and records of the Grantor relating to the Collateral, and to ask for, demand, collect, sue for, recover, compromise,
receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral, (d) to
receive, indorse and collect any checks, drafts or other instruments, documents and chattel paper, in connection with clause (a)
or (b) above, (e) to file any claims or take any action or institute any proceedings that the Lender may deem necessary or desirable
for the collection of any of the Collateral or otherwise to enforce the rights of the Lender with respect to any of the Collateral,
(f) to do all acts and things which the Lender deems necessary to protect, preserve or realize upon the Collateral and the Lender’s
security interest therein, in order to effect the intent of this Agreement, all as fully and effectively as the Grantor might
do and (g) to promptly execute and deliver all further instruments and documents, and take all further action as contemplated
by Section 5 hereof.

Section
11.                  Lender May Perform;
Duties.

(a)                
If the Grantor fails to perform any agreement contained herein, the Lender may itself perform, or cause performance of, such agreement,
and the expenses of the Lender incurred in connection therewith shall be payable by the Grantor under Section 13(c). The powers
conferred upon the Lender hereunder are solely for the protection of the its interest in the Collateral and shall not impose any
duty upon it to exercise any such powers.

(b)                
Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder,
the Lender shall have no duty as to any Collateral, whether or not the Lender has or is deemed to have knowledge of such matters,
or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral.
The Lender shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession
if such Collateral is accorded treatment substantially equal to that which the Lender accords its own property.

Section
12.                  Remedies.
(a) If a default shall have occurred and shall be continuing hereunder or under the Note:

(i)                  
The Lender may exercise in respect of the Collateral, in addition to the other rights and remedies provided for herein or otherwise
available to it, all the rights and remedies of a secured party upon default under the Missouri Uniform Commercial Code (whether
or not the Missouri Uniform Commercial Code applies to the affected Collateral) and also may (i) require the Grantor to, and the
Grantor hereby agrees that it will at its expense and upon request of the Lender forthwith, assemble all or part of the Collateral
of the Grantor as directed by the Lender and make it available to the Lender at a place to be designated by the Lender, (ii) without
notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at
any of the Lender’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Lender
may deem commercially reasonable, and (iii) exercise any and all rights and remedies of the Grantor under or in connection with
the Receivables and Related Contracts of the Grantor or otherwise in respect of the Collateral of the Grantor, including, without
limitation, any and all rights of the Grantor to demand or otherwise require payment of any amount under, or performance of any
provision of, the Receivables and the Related Contracts. The Grantor agrees that, to the extent notice of sale shall be required
by law, at least ten (10) days’ notice to the Grantor of the time and place of any public sale or the time after which any
private sale is to be made shall constitute commercially reasonable notification. The Lender shall not be obligated to make any
sale of Collateral regardless of notice of sale having been given. The Lender may adjourn any public or private sale from time
to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned.

    	5

    	 

    

 

(ii)                
All cash proceeds received by the Lender in respect of any sale of, collection from, or other realization upon all or any part
of the Collateral may, in the discretion of the Lender, be held by the Lender as collateral for, and/or then or at any time thereafter
applied (after payment of any amounts payable to the Lender pursuant to Section 13) in whole or in part by the Lender against,
all or any part of the Secured Obligations in such order as the Lender shall elect. Any surplus of such cash or cash proceeds
held by the Lender and remaining after payment in full of all the Secured Obligations shall be paid over to the Grantor or to
whomsoever may be lawfully entitled to receive such surplus.

(iii)               
The Lender may exercise any and all rights and remedies of the Grantor under or in respect of the Collateral.

(iv)              
All payments received by the Grantor under or in respect of the Collateral shall be received in trust for the benefit of the Lender,
shall be segregated from other funds of the Grantor and shall be forthwith paid over to the Lender in the same form as so received
(with any necessary endorsement).

(v)                
The Lender shall have the right to Credit Bid (as defined below) at (i) any public or private sale of all or any portion of the
Collateral conducted under (A) the provisions of the Uniform Commercial Code (including, without limitation, pursuant to Sections
9-610 and 9-620 of the Uniform Commercial Code) or (B) the provisions of the Bankruptcy Code of the United States of America (the
"Bankruptcy Code") (including, without limitation, pursuant to Section 363 of the Bankruptcy Code), (ii) any
foreclosure sale (whether by judicial action or otherwise) or (iii) any other similar disposition of all or any portion of the
Collateral. For purposes hereof, "Credit Bid" means to submit a bid at any public or private sale in connection with
the purchase of all or any portion of the Collateral, in which any of the Secured Obligations owing to the Lender under this Agreement
is used and applied as a credit on account of the purchase price.

(vi)              
With respect to any Collateral consisting of Intellectual Property, on demand of the Lender, the Grantor shall cause the security
interest to become an assignment, transfer and conveyance of any of or all such Collateral by the Grantor to the Lender, or to
license or sublicense, whether general, special or otherwise, and whether on an exclusive or non-exclusive basis, any such Collateral
throughout the world on such terms and conditions and in such manner as the Lender shall determine (other than in violation of
any then existing licensing arrangements to the extent that waivers cannot be obtained).

(b)For
the purpose of enabling the Lender to exercise rights and remedies under subsection (a)(v) above, at such time as the Lender shall
be lawfully entitled to exercise such rights and remedies, the Grantor hereby grants to the Lender an irrevocable, non-exclusive
license (exercisable without payment of royalty or other compensation to the Grantor) to use, license or sub-license any of the
Collateral consisting of Intellectual Property now owned or hereafter acquired by the Grantor, and wherever the same may be located,
and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and
to all computer software and programs used for the compilation or printout thereof. The use of such license by the Lender shall
be exercised, at the option of the Lender, upon the occurrence and during the continuation of a default under this Agreement,
the Note or any other document or agreement executed or delivered in connection therewith; provided that any license, sub-license
or other transaction entered into by the Lender in accordance herewith shall be binding upon the Grantor notwithstanding any subsequent
cure of such default.

(c)So
long as no Default has occurred and is continuing, the Grantor shall be entitled to receive and retain any and all dividends,
interest and other distributions paid in respect of investment property which is Collateral; provided, however, that any and all
(i) dividends, interest and other distributions paid or payable other than in cash in respect of, and instruments and other property
received, receivable or otherwise distributed in respect of, or in exchange for, such Collateral, (ii) dividends and other distributions
paid or payable in cash in respect of such Collateral in connection with a partial or total liquidation or dissolution or in connection
with a reduction of capital, capital surplus or paid-in-surplus, and (iii) cash paid, payable or otherwise distributed in respect
of principal of, or in redemption of, or in exchange for, such Collateral, shall be forthwith delivered to the Lender to hold
as Collateral and shall, if received by the Grantor, be received in trust for the benefit of the Lender, be segregated from the
other property or funds of the Grantor and be forthwith delivered to the Lender as Collateral in the same form as so received
(with any necessary endorsement).

    	6

    	 

    

 

Section
13.                  Indemnity Expenses.
(a) The Grantor agrees to indemnify and hold harmless the Lender and each of its, officers, directors, employees, agents and advisors
(each an "Indemnified Party") from and against any and all claims, losses and liabilities arising out of or in
connection with or by reason of this Agreement or any of the transactions contemplated herein, except to the extent such claims,
losses or liabilities resulting from such Indemnified Party’s gross negligence or willful misconduct as determined by a
final judgment of a court of competent jurisdiction.

(b)                
The Grantor hereby agrees not to assert any claim against any Indemnified Party, on any theory of liability, for special, indirect,
consequential or punitive damages arising out of or otherwise relating to this Agreement or the Note.

(c)                
The Grantor will, upon demand, pay to each applicable Indemnified Party the amount of any and all reasonable expenses, including
the reasonable fees and expenses of its counsel and of any experts and agents, that such Indemnified Party may incur in connection
with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or the sale of, collection
from or other realization upon, any of the Collateral of the Grantor, (iii) the exercise or enforcement of any of the rights of
such Indemnified Party hereunder, or (iv) the failure by the Grantor to perform or observe any of the provisions hereof.

Section
14.                  Amendments; Waivers.
No amendment or waiver of any provision of this Agreement, and no consent to any departure by the Grantor herefrom, shall in any
event be effective unless the same shall be in writing and signed by the Lender, and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given. No failure on the part of the Lender to exercise,
and no delay in exercising any right hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right preclude any other or further exercise thereof or the exercise of any other right.

Section
15.                  Addresses for
Notices. All notices and other communications provided for hereunder shall be in writing (including telecopier communication
and any other method of communication authorized by the Lender) and telecopied or sent by a reputable overnight delivery service
to the Lender, and if to the Grantor, addressed to the Grantor at the Grantor’s address set forth on the signature
pages hereof, or at such other address or telecopier number as shall be designated by such party in a written notice to each other
party complying as to delivery with the terms of this Section. All such notices and other communications shall, when telecopied
or sent by such overnight delivery service, be effective when telecopied or sent as aforesaid, respectively, addressed as aforesaid.

Section
16.                  Continuing Security
Interest. This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force
and effect until the later of the indefeasible payment in full in cash of the Secured Obligations and the termination of the Loan
in accordance with the terms of the Note, (b) be binding upon the Grantor, its successors and assigns, and (c) inure, together
with the rights and remedies of the Lender hereunder, to the benefit of the Lender and its respective successors, transferees
and assigns. Without limiting the generality of the foregoing clause (c), the Lender may assign or otherwise transfer all or any
portion of its rights and obligations under this Agreement and the Note to any other Person and such other Person shall thereupon
become vested with all the benefits in respect thereof granted to the Lender in this Agreement or otherwise.

Section
17.                  Termination.
Upon the later of the indefeasible payment in full in cash of the Secured Obligations and the termination of the Loan in accordance
with the Note, the pledge, assignment and security interest granted hereby shall terminate and all rights to the Collateral shall
revert to the Grantor. Upon any such termination, the Lender will, at the Grantor’s expense, execute and deliver to the
Grantor such documents as the Grantor shall reasonably request to evidence such termination.

    	7

    	 

    

 

Section
18.                  Security Interest
Absolute.

(a)                
The obligations of the Grantor under this Agreement are independent of the Secured Obligations, and a separate action or actions
may be brought and prosecuted against the Grantor to enforce this Agreement, irrespective of whether any action is brought against
the Grantor or whether the Grantor is joined in any such action or actions. All rights of the Lender and the pledge, assignment
and security interest hereunder, and all obligations of the Grantor hereunder, shall be irrevocable, absolute and unconditional
irrespective of, and the Grantor hereby irrevocably waives (to the maximum extent permitted by applicable law) any defenses it
may now have or may hereafter acquire in any way relating to, any or all of the following:

(i)                  
Any lack of validity or enforceability of the Note or any other agreement or instrument relating thereto;

(ii)                
Any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any
other amendment or waiver of or any consent to any departure from the terms of the Note or this Agreement, including, without
limitation, any increase in the Secured Obligations resulting from the extension of additional credit to the Borrower or otherwise;

(iii)               
Any taking, exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or amendment
or waiver of or consent to departure from any guaranty, for all or any of the Secured Obligations;

(iv)              
Any manner of application of any Collateral or any other collateral, or proceeds thereof, to all or any of the Secured Obligations,
or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Secured Obligations;

(v)                
Any change, restructuring or termination of the organizational structure or existence of the Borrower;

(vi)              
Any failure of any other Person to execute this Agreement or the Note, guaranty or agreement or the release or reduction of liability
of the Grantor or other grantor or surety with respect to the Secured Obligations; or

(vii)             
Any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by the Lender that might otherwise constitute a defense available to, or a discharge of, the Grantor or a third party grantor
of a security interest.

(b)                
This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Secured
Obligations is rescinded or must otherwise be returned by the Lender or by any other Person upon the insolvency, bankruptcy or
reorganization of Borrower or otherwise, all as though such payment had not been made.

Section
19.                  Execution in
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart
of a signature page to this Agreement by telecopier shall be effective as delivery of an original executed counterpart of this
Agreement.

Section
20.                  Governing Law;
Jurisdiction; Waiver of Jury Trial, Etc. 

(a)                
This Agreement shall be governed by and construed in accordance with the laws of the State of Missouri without regard to conflicts
of laws principles of Missouri, except to the extent that the perfection, the effect of perfection or nonperfection, and the priority
of the security interest or remedies hereunder in respect of any particular Collateral are governed by the laws of a jurisdiction
other than the State of Missouri.

    	8

    	 

    

 

(b)                
The Grantor (and the Lender by its acceptance hereof) hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of any St. Louis Missouri court or federal court of the United States of America sitting in St.
Louis, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or
for recognition or enforcement of any judgment, and the Grantor (and the Lender by its acceptance hereof) hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such Missouri
court or, to the extent permitted by law, in such federal court. The Grantor consents to the service of process of any and all
process which may be served in any suit, action or proceeding by the mailing of copies of such process to the Grantor at its address
specified in Section 15 hereof. The Grantor agrees that a final judgment in any such action 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 any party may otherwise have to bring any action or proceeding relating to this Agreement or the Note
in the courts of any other jurisdiction.

(c)                
The Grantor irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the Note in any Missouri State or federal court. The Grantor hereby irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such court.

(d)                
THE GRANTOR (AND THE LENDER BY ITS ACCEPTANCE HEREOF) HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTE OR ANY OTHER
DOCUMENT TO WHICH THEY ARE A PARTY, THE LOAN, OR THE ACTIONS OF THE LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR
ENFORCEMENT HEREOF OR THEREOF.

Section
21.                  Severability
of Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

SIGNATURES
ON THE NEXT PAGE

    	9

    	 

    

Section
22.                  Headings. Article,
section and paragraph headings in this Agreement are included herein for convenience of reference only and shall not constitute
a part hereof for any other purpose.

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

	 	StationDigital Corporation
	 	 	 
	 	By:	/s/ Lou Rossi
	 	 	Lou Rossi, Chief Executive Officer
	 	 	 

 

STATE
OF __________________________

COUNTY
OF ________________________

 

On
this ___ day of May, 2015, before me, the undersigned, personally appeared ___________________, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument, and acknowledged
to me that he/she executed the same in such capacity as indicated.

 

______________________________

Notary
Public

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]