Document:

Exhibit 10.53

 

STOCK PLEDGE AGREEMENT

 

This STOCK PLEDGE AGREEMENT dated
as of April ___, 2015 (this “Pledge Agreement”) between MERRIMAN HOLDINGS, INC. a Delaware corporation
(“Debtor”), and EGS, LLC, A Delaware limited liability company (the “Secured Party”).

 

RECITALS

 

A.Debtor has executed a Promissory Note
(as hereinafter defined) payable to the order of the Secured Party.

 

B.In order to induce Secured Party to
extend the credit evidenced by the Promissory Note, Debtor has agreed to enter into this Pledge Agreement and to pledge and grant
to Secured Party a first priority security interest in the Collateral described below.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Debtor
hereby agrees with the Secured Party as follows:

 

1.Definitions and Interpretation.
Unless otherwise defined herein, all other capitalized terms used herein and defined in the Promissory Note shall have the respective
meanings given to those terms in the Promissory Note, and all terms defined in the New York Uniform Commercial Code (the “UCC”)
shall have the respective meanings given to those terms in the UCC.

 

2.The Pledge. To secure the Obligations
as defined in Section 3 hereof, Debtor hereby pledges and assigns to the Secured Party, and grants to the Secured Party, a
security interest in, all of Debtor's right, title and interest, whether now existing or hereafter arising in all instruments,
certificated and uncertificated securities, money and general intangibles of, relating to or arising from the following property
(the “Collateral”):

 

(a)All of the capital stock (the “Pledged
Securities”) of Merriman Capital Inc., a California corporation (the “Issuer”);

 

(b)All dividends (including cash dividends),
other distributions (including redemption proceeds), or other property, securities or instruments received in respect of or in
exchange for the Pledged Securities, whether by way of dividends, stock dividends, recapitalizations, mergers, consolidations,
split-ups, combinations or exchanges of shares or otherwise; and

 

(c)All proceeds of the foregoing (“Proceeds”).

 

    	 

    	 

    

 

 

3.Security for Obligations. The
obligations secured by this Pledge Agreement (the “Obligations”) shall mean and include only the $1,000,000
Secured Promissory Note dated April 20, 2015 made by the Debtor payable to the order of the Secured Party, as the same may be amended
or otherwise modified from time to time, and any debt obligations incurred to refinance or replace such Promissory Note (the “Promissory
Note”), including principal thereof, all interest accrued thereon and other amounts payable with respect thereto, including,
without limitation, fees, charges, expenses, attorneys' fees and costs and accountants' fees and costs chargeable to and payable
by Debtor hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and
whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U.S.C. Section 101 et
seq.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim
in any such proceeding.

 

4.Delivery of Pledged Collateral;
Financing Statements. Concurrently with the execution of this Pledge Agreement, Debtor shall deliver to the Secured Party one
or more original certificates representing the Pledged Securities in suitable form for transfer by delivery or accompanied by duly
executed instruments of transfer or assignment in blank, all in form and substance satisfactory to Secured Party. Debtor hereby
authorizes the Secured Party to file a UCC-1 financing statement, naming the Debtor, as debtor, and covering the Collateral, in
the appropriate filing office (or offices) under the Uniform Commercial Code as in effect in New York or any other applicable jurisdiction.

 

5.Representations and Warranties.
Debtor hereby represents and warrants as follows:

 

(a)Issuance of Pledged Securities,
Etc. Except with respect to certain debt obligations subject to the Subordination Agreement dated as of April 20, 2015 (the
“Subordination Agreement”) among certain existing lenders to the Debtor and the Secured Party, the Pledged Securities
are owned by Debtor free and clear of any and all liens, pledges, encumbrances or charges, and Debtor has not optioned or otherwise
agreed to sell, hypothecate, pledge, or otherwise encumber or dispose of the Pledged Securities. The Common Stock, par value $0.001
per share, of Merriman Capital, Inc., a California corporation, owned by the Debtor and included in the Pledged Securities, constitutes
99.998% of the issued and outstanding shares of such class of capital stock of the Issuer, and such class of capital stock of the
Issuer is the only authorized class of capital stock of the Issuer.

 

(b)Security Interest. The pledge
of the Pledged Collateral creates a valid security interest in the Pledged Collateral, which security interest is a perfected first
priority security interest, securing the payment of the Obligations.

 

(c)Restatement of Representations
and Warranties. On and as of the date any property becomes Pledged Collateral, the foregoing representations and warranties
shall be deemed restated with respect to such additional Pledged Collateral.

 

6.Further Assurances. Debtor
agrees that at any time and from time to time, at Debtor's expense, Debtor will promptly execute and deliver all further instruments
and documents, including without limitation all additional Pledged Securities, and take all further action, that may be necessary
or desirable, or that Secured Parties may reasonably request, in order to perfect and protect any security interest granted or
purported to be granted hereby or to enable Secured Parties to exercise and enforce its rights and remedies hereunder with respect
to any Pledged Collateral.

 

    	 

    	 

    

 

 

7.Voting Rights; Dividends; Etc.

 

(a)Rights Prior to an Event of Default.
So long as no Event of Default shall have occurred and be continuing:

 

(i)Debtor shall be entitled to exercise
any and all voting and other consensual rights pertaining to the Pledged Securities or any part thereof for any purpose not inconsistent
with the terms of this Pledge Agreement.

 

(ii)Debtor shall be entitled to
receive and retain free and clear of the security interest of Secured Parties hereunder any and all dividends and interest paid
in respect of the Pledged Securities, provided, however, that any and all (A) dividends and interest 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 any Pledged Securities, (B) dividends and other distributions paid or payable in cash in respect of any Pledged
Securities in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital
surplus or paid-in-surplus, and (C) cash paid, payable or otherwise distributed in respect of principal of, or in redemption
of, or in exchange for, any Pledged Securities, shall be, and shall be forthwith delivered to Secured Parties to hold as, Pledged
Collateral and shall, if received by Debtor, be received in trust for the benefit of Secured Parties, be segregated from the other
property or funds of Debtor and be forthwith delivered to Secured Parties as Pledged Collateral in the same form as so received
(with any necessary endorsement) to be held as part of the Pledged Collateral.

 

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

 

(i)All rights of Debtor to exercise the
voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) and to receive
the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall
cease and all such rights shall thereupon become vested in the Secured Party, which shall thereupon have the sole right, but not
the obligation, to exercise such voting and other consensual rights and to receive and hold as Pledged Collateral such dividends
and interest payments.

 

(ii)All dividends and interest payments
which are received by Debtor contrary to the provisions of subparagraph (i) of this Section 7(b) shall be received in trust
for the benefit of Secured Parties, shall be segregated from other funds of Debtor and shall be forthwith delivered to the Secured
Party as Pledged Collateral in the same form as so received (with any necessary endorsement).

 

8.Events of Default; Remedies.

 

(a)Event of Default. An Event
of Default shall be deemed to have occurred under this Pledge Agreement upon the occurrence and during the continuance of an Event
of Default under the Notes.

 

    	 

    	 

    

 

 

(b)Rights Under the UCC. In addition
to all other rights granted hereby, and otherwise by law, the Secured Party shall have, with respect to the Pledged Collateral,
the rights of a secured party under the UCC.

 

(c)Sale of Pledged Collateral.
Debtor acknowledges and recognizes that Secured Party may be unable to effect a public sale of all or a part of the Pledged Securities
and may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obligated to agree,
among other things, to acquire the Pledged Securities for its own account, for investment and not with a view to the distribution
or resale thereof. Debtor acknowledges that any such private sales may be at prices and on terms less favorable to Secured Party
than those of public sales, and agrees that so long as such sales are made in good faith such private sales shall be deemed to
have been made in a commercially reasonable manner and that Secured Party has no obligation to delay sale of any Pledged Securities
to permit the issuer thereof to register it for public sale under the Securities Act of 1933, as amended or under any state securities
law.

 

(d)Compliance with the Exchange Act.
Upon the occurrence of an Event of Default and at Secured Party's request, Debtor agrees to use Debtor's best efforts to cause
Issuer to disseminate publicly all information required to be disseminated pursuant to the Securities Exchange Act of 1934, as
amended, in the event that Issuer or Debtor is required to file reports under such Act, or to otherwise make available such information
as to permit the public or private sale of the Pledged Collateral in accordance with the terms of this Pledge Agreement. Debtor
further agrees to use Debtor's best efforts to cause Issuer to cooperate with Secured Party in taking whatever additional action
may be required to effect such public or private sale of the Pledged Collateral.

 

(e)Notice, Etc. In any case where
notice of sale is required, ten (10) days' notice shall be deemed reasonable notice. The Secured Party may have resort to the Pledged
Collateral or any portion thereof with no requirement on the part of Secured Parties to proceed first against any other Person
or property.

 

(f)Other Remedies. Upon the occurrence
and during the continuance of an Event of Default, (i) at the request of Secured Party, Debtor shall assemble and make available
to Secured Party all records relating to the Pledged Securities at any place or places specified by Secured Party, together with
such other information as Secured Party shall request concerning Debtor's ownership of the Pledged Securities and relationship
to Issuer; and (ii) the Secured Party or its nominee shall have the right, but shall not be obligated, to vote or give consent
with respect to the Pledged Securities or any part thereof.

 

9.Attorney-in-Fact.

 

Debtor hereby appoints the Secured Party
as Debtor's attorney-in-fact, with full authority in the place and stead of Debtor and in the name of Debtor or otherwise, from
time to time in the Secured Party’s discretion and to the full extent permitted by law to take any action and to execute
any instrument which the Secured Party may deem reasonably necessary or advisable to accomplish the purposes of this Pledge Agreement
in accordance with the terms and provisions hereof, including without limitation, to receive, endorse and collect all instruments
made payable to Debtor representing any dividend, interest payment or other distribution in respect of the Pledged Collateral or
any part thereof and to give full discharge for the same.

 

    	 

    	 

    

 

 

Debtor hereby ratifies all reasonable actions
that said attorney shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an interest
and shall be irrevocable. The powers conferred on the Secured Party hereunder are solely to protect its interests in the Pledged
Collateral and shall not impose any duty upon the Secured Party to exercise any such powers. The Secured Party shall be accountable
only for amounts that it actually receives as a result of the exercise of such powers and in no event shall the Secured Party or
any of its officers, directors, employees or agents be responsible to Debtor for any act or failure to act, except for gross negligence
or willful misconduct.

 

10.Miscellaneous.

 

(a)Notices. Except as otherwise
provided herein, all notices, requests, demands, consents, instructions or other communications to or upon Secured Party or Debtor
under this Agreement or the Promissory Note shall be in writing and telecopied, mailed or delivered to each party at the address
or telecopier number last given to the other party. All such notices and communications shall be effective (a) when sent by
Federal Express or other overnight service of recognized standing, on the business day following the deposit with such service;
(b) when mailed by registered or certified mail, first class postage prepaid and addressed as aforesaid through the United
States Postal Service, upon receipt; (c) when delivered by hand, upon delivery; and (d) when telecopied, upon confirmation
of receipt.

 

(b)Nonwaiver. No failure or delay
on the Secured Party’s part in exercising any right hereunder shall operate as a waiver thereof or of any other right nor
shall any single or partial exercise of any such right preclude any other further exercise thereof or of any other right.

 

(c)Amendments and Waivers. This
Pledge Agreement may not be amended or modified, nor may any of its terms be waived, except by written instruments signed by Debtor
and the Secured Party. Each waiver or consent under any provision hereof shall be effective only in the specific instances for
the purpose for which given.

 

(d)Assignments. This Pledge Agreement
shall be binding upon and inure to the benefit of the Secured Party and Debtor and their respective successors and assigns; provided,
however, that Debtor may not assign its rights and duties hereunder without the prior written consent of the Secured Party.

 

(e)Cumulative Rights, etc. The
rights, powers and remedies of the Secured Party under this Pledge Agreement shall be in addition to all rights, powers and remedies
given to the Secured Party by virtue of any applicable law, rule or regulation of any governmental authority, the Notes or any
other agreement, all of which rights, powers, and remedies shall be cumulative and may be exercised successively or concurrently
without impairing the Secured Party’s rights hereunder. Debtor waives any right to require the Secured Party to proceed against
any Person or to exhaust any collateral or to pursue any remedy in the Secured Party’s power.

 

    	 

    	 

    

 

 

(f)Payments Free of Taxes, Etc.
All payments made by Debtor under this Pledge Agreement shall be made by Debtor free and clear of and without deduction for any
and all present and future taxes, levies, charges, deductions and withholdings. In addition, Debtor shall pay upon demand any stamp
or other taxes, levies or charges of any jurisdiction with respect to the execution, delivery, registration, performance and enforcement
of this Pledge Agreement. Upon request by the Secured Party, Debtor shall furnish evidence satisfactory to the Secured Partythat
all requisite authorizations and approvals by, and notices to and filings with, governmental authorities and regulatory bodies
have been obtained and made and that all requisite taxes, levies and charges have been paid.

 

(g)Partial Invalidity. If any
time any provision of this Pledge Agreement is or becomes illegal, invalid or unenforceable in any respect under the law or any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Pledge Agreement nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.

 

(h)Expenses. Debtor shall pay
on demand all reasonable fees and expenses, including reasonable attorneys' fees and expenses, incurred by the Secured Party with
respect to any amendments or waivers hereof requested by Debtor or in the enforcement or attempted enforcement of any of the Obligations
or in preserving any of the Secured Party’s rights and remedies (including, without limitation, all such fees and expenses
incurred in connection with any “workout” or restructuring affecting this Agreement, the Promissory Note or the Obligations
or any bankruptcy or similar proceeding involving Debtor or any of its Subsidiaries). As used herein, the term “reasonable
attorneys' fees” shall include, without limitation, allocable costs of the Secured Party’s in-house legal counsel and
staff.

 

(i)Governing Law. This Pledge
Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts
of law rules (except to the extent governed by the UCC).

 

(j)Jury Trial. EACH OF DEBTOR
AND THE SECURED PARTY, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY
AS TO ANY ISSUE RELATING HERETO IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS PLEDGE AGREEMENT.

 

 

[Signature page to follow]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, each of the Debtor and
the Secured Party has caused this Pledge Agreement to be executed as of the day and year first above written.

 

 

Debtor:

 

MERRIMAN
HOLDINGS, INC.

 

 

By:______________________________

D. Jonathan Merriman

 

Secured
Party:

 

EGS,
LLC

 

 

By:______________________________Exhibit 10.54

 

INTERCREDITOR AGREEMENT

 

INTERCREDITOR AGREEMENT
dated as of April 20, 2015 (this “Agreement”) among Ronald L. Chez (“Chez”), First Bank &
Trust as Custodian for Ronald L. Chez IRA (“Chez IRA”), D. Jonathan Merriman (“Merriman”),
Kenneth R. Werner (“Werner”), William J. Febbo (“Febbo”), Patrick W. O’Brien (“O’Brien”),
Manatuck Hill Scout Fund LP (“Manatuck Hill”), James Ross Byrne Revocable Trust (“Byrne”),
Babu Sivadasan (“Sivadasan”), Falcon Fund, Ltd. (“Falcon”) and Steven Eskenazi (“Eskenazi”
and, together with Chez, Chez IRA, Merriman, Werner, Febbo, O’Brien, Manituck Hill, Byrne, Sivadason and Falcon, collectively,
the “Subordinated Lenders”), and EGS, LLC, a Delaware limited liability company (together with its successors
and assigns, the “Senior Lenders”), and Merriman Holdings, Inc., a Delaware corporation (the “Borrower”).

 

RECITALS

 

WHEREAS, the Borrower
has made the promissory notes listed in Exhibit A payable to the respective Subordinated Lenders (together, the “Subordinated
Notes”);

 

WHEREAS, the Subordinated
Notes are secured by liens and security interests in all of the capital stock of Merriman Capital, Inc., a Delaware corporation,
owned by the Borrower, which is composed of 99.998% of the issued and outstanding Common Stock, par value $.001 per share, of such
corporation (which class of capital stock constitutes the only authorized, issued or outstanding class of capital stock of such
corporation) (the “Pledged Securities”);

 

WHEREAS, Borrower has
requested the Senior Lenders to make a loan to the Borrower in the principal amounts of $1,000,000, which shall be evidenced by
one or more promissory notes made payable to the order of the respective Senior Lenders (each, a “Senior Note”,
and together, the “Senior Notes”)

 

WHEREAS, the obligations
of the Borrower in respect of the Senior Notes also are secured by liens and security interests in all of the Pledged Securities;

 

WHEREAS, it is a condition
to the willingness of the Senior Lender to make the loans evidenced by the Senior Notes that the Subordinated Lenders and the Borrower
enter into this Agreement; and

 

WHEREAS, the Senior
Lender and the Subordinated Lenders have agreed to the subordination and other intercreditor provisions set forth in this Agreement.

 

AGREEMENT

 

In consideration of
the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency
and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

SECTION
1. Definitions; Rules of Construction.

 

1.1               
Defined Terms. As used in the Agreement, the following terms shall have the following meanings:

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

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

 

“Bankruptcy
Law” means the Bankruptcy Code and any other federal, state, or foreign law for the relief of debtors or affecting creditors’
rights generally.

 

    	 

    	 

    

 

 

“Borrower”
has the meaning set forth in the preamble to this Agreement.

 

“Business Day”
means any day other than a Saturday, Sunday, or day on which banks in Los Angeles, California are authorized or required by law
to close.

 

“Collateral”
means all of the assets and property of the Borrower, whether real, personal or mixed, constituting Senior Collateral or Subordinated
Collateral.

 

“Discharge of
Senior Obligations” means, except to the extent otherwise expressly provided in Section 5.5:

 

(a)                
payment in cash or immediately available funds of all amounts owing on account of the Senior Obligations, including interest
accrued after the commencement of any Insolvency Proceeding, default interest, interest on interest, and expense reimbursements,
irrespective of whether any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding;
and

 

(b)                
termination or expiration of all commitments, if any, to extend credit that would constitute Senior Obligations.

 

“Disposition”
or “Dispose” means the sale, assignment, transfer, license, lease (as lessor), exchange, or other disposition
(including any sale and leaseback transaction) of any property by any person (or the granting of any option or other right to do
any of the foregoing).

 

“Exercise any
Creditor Remedies” or “Exercise of Creditor Remedies” means (a) the taking of any action to enforce
any Lien in respect of any Collateral, including the institution of any foreclosure proceedings, the noticing of any public or
private sale or other disposition pursuant to Article 9 of the UCC or other applicable law, or the taking of any action in an attempt
to vacate or obtain relief from a stay or other injunction restricting any other action described in this definition, (b) the exercise
of any other right or remedy provided to a secured creditor under the Senior Loan Documents or the Subordinated Loan Documents
(including the exercise of any right of setoff or recoupment with respect to any obligations owed to the Borrower), under applicable
law, at equity, in an Insolvency Proceeding or otherwise, including the acceptance of Collateral in full or partial satisfaction
of an obligation, (c) the sale, assignment, transfer, lease, license, or other Disposition of all or any portion of the Collateral,
by private or public sale or any other means, (d) the exercise of any other enforcement right relating to the Collateral (including
the exercise of any voting rights relating to any capital stock composing a portion of the Collateral) whether under the Senior
Loan Documents, the Subordinated Loan Documents, under applicable law of any jurisdiction, in equity, in an Insolvency Proceeding,
or otherwise (including the commencement of applicable legal proceedings or other actions with respect to all or any material portion
of the Collateral to facilitate the actions described in the preceding clauses), (e) the acceleration of the maturity of any debt
obligation after any breach of or default under any document or instrument evidencing or governing such debt obligation, or the
exercise of any right to have a debt obligation repurchased or pre-paid prior to the stated maturity thereof, (f) the exercise
of any unsecured creditor remedies, including any legal action or other attempt to enforce payment of or collect any debt obligation,
or (g) the commencement of, or the joinder with any creditor in commencing, any Insolvency Proceeding against the Borrower or any
assets of the Borrower.

 

“Governmental
Authority” means the government of the United States of America or any other nation, any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank, or other entity exercising
executive, legislative, judicial, taxing, regulatory, or administrative powers or functions of or pertaining to government.

 

“Insolvency
Proceeding” means:

 

(a)                
any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to the Borrower;

 

    	 

    	 

    

 

 

(b)                
any other voluntary or involuntary insolvency or bankruptcy case or proceeding, or any receivership, liquidation or other
similar case or proceeding with respect to the Borrower or with respect to a material portion of its assets;

 

(c)                
any liquidation, dissolution, or winding up of the Borrower whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy; or

 

(d)                
any assignment for the benefit of creditors or any other marshaling of assets or liabilities of the Borrower.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien
(statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement
of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a
lessor under a capital lease and any synthetic or other financing lease having substantially the same economic effect as any of
the foregoing.

 

“Person”
means any natural person, corporation, trust, business trust, joint venture, joint stock company, association, company, limited
liability company, partnership, Governmental Authority, or other entity.

 

“Recovery”
has the meaning set forth in Section 6.5.

 

“Refinance”
means, in respect of any indebtedness, to refinance, extend, renew, defease, supplement, restructure, replace, refund or repay,
or to issue other indebtedness in exchange or replacement for such indebtedness, in whole or in part, whether with the same or
different lenders, arrangers or agents. “Refinanced” and “Refinancing” shall have correlative
meanings.

 

“Senior Collateral”
means the Pledged Securities and all other assets and property of the Borrower, whether real, personal or mixed, with respect to
which a Lien is granted (or purported to be granted) as security for any Senior Obligation, in each case including all proceeds
and products thereof.

 

“Senior Collateral
Documents” means the Stock Pledge Agreement dated as of April 20, 2015 between the Borrower and the Senior Lender, as
the same may be amended or otherwise modified from time to time, and any other agreement, document, or instrument pursuant to which
a Lien is granted (or purported to be granted) securing any Senior Obligation or under which rights or remedies with respect to
such Liens are governed.

 

“Senior Default”
means any “Event of Default”, as such term is defined in any Senior Loan Document.

 

“Senior Lenders”
has the meaning set forth in the preamble to this Agreement.

 

“Senior Loan
Documents” means the Senior Notes, Senior Collateral Documents and each other document or instrument from time to time
executed and delivered in connection therewith.

 

“Senior Obligations”
means all obligations and all amounts owing, due, or secured under the terms of the Senior Notes or any other Senior Loan Document,
whether now existing or arising hereafter, including all principal, premium, interest, fees, attorneys fees, costs, charges, expenses,
reimbursement obligations, obligations with respect to loans or indemnities in respect thereof, any other indemnities or guarantees,
and all other amounts payable under or secured by any Senior Loan Document (including, in each case, all amounts accruing on or
after the commencement of any Insolvency Proceeding relating to the Borrower, or that would have accrued or become due under the
terms of the Senior Loan Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all
or any portion of such amounts is allowable or allowed in such Insolvency Proceeding) in each case whether direct or indirect,
absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, secured or unsecured.

 

    	 

    	 

    

 

 

“Subordinated
Collateral” means the Pledged Securities and all other assets and property of the Borrower or any other Person, whether
real, personal, or mixed, with respect to which a Lien is granted (or purported to be granted) as security for any Subordinated
Obligations, in each case including all proceeds and products thereof.

 

“Subordinated
Collateral Documents” means the Subordinated Security Agreements and any other agreement, document, or instrument pursuant
to which a Lien is granted (or purported to be granted) by the Borrower or any other Person securing any Subordinated Obligations
or under which rights or remedies with respect to such Liens are governed.

 

“Subordinated
Default” means any “default” or “event of default” under any Subordinated Loan Document.

 

“Subordinated
Lenders” has the meaning set forth in the preamble to this Agreement.

 

“Subordinated
Loan Documents” means the Subordinated Notes and the Subordinated Collateral Documents.

 

“Subordinated
Notes” has the meaning set forth in the recitals to this Agreement.

 

“Subordinated
Obligations” means all obligations and all amounts owing, due, or secured under the terms of the Subordinated Notes or
any other Subordinated Loan Document, whether now existing or arising hereafter, including all principal, premium, interest, fees,
attorneys fees, costs, charges, expenses, reimbursement obligations, indemnities, guarantees, and all other amounts payable under
or secured by any Subordinated Loan Document (including, in each case, all amounts accruing on or after the commencement of any
Insolvency Proceeding relating to the Borrower, or that would have accrued or become due under the terms of the Subordinated Loan
Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any portion of such amounts
is allowable or allowed in such Insolvency Proceeding), in each case whether direct or indirect, absolute or contingent, joint
or several, due or not due, primary or secondary, liquidated or unliquidated, secured or unsecured.

 

“Subordinated
Security Agreements” means, collectively, the stock pledge agreements between the Borrower and the respective Subordinated
Lenders identified in Exhibit B, as the same may be amended or otherwise modified from time to time.

 

“Subsidiary”
of a person means a corporation, partnership, limited liability company, or other entity in which that person directly or indirectly
owns or controls the shares of capital stock having ordinary voting power to elect a majority of the board of directors (or appoint
other comparable managers) of such corporation, partnership, limited liability company, or other entity.

 

“UCC”
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

 

1.2               
Construction. The definitions of terms in this Agreement shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter
forms. The words “include,” “includes,” and “including” shall be deemed to be followed by the
phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as
the word “shall.” The term “or” shall be construed to have, except where otherwise indicated, the inclusive
meaning represented by the phrase “and/or”. Unless the context requires otherwise:

 

(a)                
except as otherwise provided herein, any definition of or reference to any agreement, instrument, or other document herein
shall be construed as referring to such agreement, instrument, or other document as from time to time amended, restated, supplemented,
modified, renewed, extended, Refinanced, refunded, or replaced;

 

    	 

    	 

    

 

 

(b)                
any reference to any agreement, instrument, or other document herein “as in effect on the date hereof” shall
be construed as referring to such agreement, instrument, or other document without giving effect to any amendment, restatement,
supplement, modification, or Refinance after the date hereof;

 

(c)                
any definition of or reference to Senior Obligations or the Subordinated Obligations herein shall be construed as referring
to the Senior Obligations or the Subordinated Obligations (as applicable) as from time to time amended, restated, supplemented,
modified, renewed, extended, Refinanced, refunded, or replaced;

 

(d)                
any reference herein to any person shall be construed to include such person’s successors and assigns and as to the
Borrower shall be deemed to include a receiver, trustee, or debtor-in-possession on behalf of any of such person or on behalf of
any such successor or assignee of such person;

 

(e)                
the words “herein,” “hereof,” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof;

 

(f)                 
all references herein to Sections shall be construed to refer to Sections of this Agreement unless otherwise specified;
and

 

(g)                
the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights.

 

SECTION
2. Lien Priorities; Debt Priorities.

 

2.1               
Relative Lien Priorities. Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection
of any Liens securing the Subordinated Obligations granted with respect to any Collateral or of any Liens securing the Senior Obligations
granted with respect to any Collateral, and notwithstanding any contrary provision of the UCC or any other applicable law or the
Subordinated Loan Documents or any defect or deficiencies in, or failure to attach or perfect, the Liens securing the Senior Obligations,
or any other circumstance whatsoever, each Subordinated Lender hereby agrees that:

 

(a)                
any Lien with respect to any Collateral securing any Senior Obligations now or hereafter held by or on behalf of, or created
for the benefit of, the Senior Lenders or any of them or any agent or trustee therefor, regardless of how or when acquired, whether
by grant, possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior in right
to any Lien with respect to any Collateral now or hereafter held by or on behalf of, or created for the benefit of, any Subordinated
Lenders or any agent or trustee therefor; and

 

(b)                
any Lien with respect to any Collateral now or hereafter held by or on behalf of, or created for the benefit of, any Subordinated
Lender or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of
law, subrogation, or otherwise, shall be junior and subordinate in all respects to all Liens with respect to all Collateral securing
any Senior Obligations.

 

All Liens with respect
to the Collateral securing any Senior Obligations shall be and remain senior in all respects and prior to all Liens with respect
to the Collateral securing any Subordinated Obligations for all purposes, whether or not such Liens securing any Senior Obligations
are subordinated to any Lien securing any other obligation of the Borrower or any other person.

 

2.2               
Prohibition on Contesting Liens. Each Subordinated Lender agrees that it will not (and hereby waives any right to),
directly or indirectly, contest, or support any other person in contesting, in any proceeding (including any Insolvency Proceeding),
the extent, priority, validity, attachment, perfection or enforceability of a Lien held by or on behalf of any Senior Lender in
the Senior Collateral (or the extent, validity, allowability, or enforceability of any Senior Obligations secured thereby or purported
to be secured thereby) or the provisions of this Agreement, and each Senior Lender agrees that it will not (and hereby waives any
right to), directly or indirectly, contest, or support any other person in contesting, in any proceeding (including any Insolvency
Proceeding), the extent, priority, validity, attachment, perfection or enforceability of a Lien held by or on behalf of any Subordinated
Lender in the Subordinated Collateral (or the extent, validity, allowability, or enforceability of any Subordinated Obligations
secured thereby or purported to be secured thereby) or the provisions of this Agreement; provided, however that nothing
in this Agreement shall be construed to prevent or impair the rights of any Senior Lender or Subordinated Lender to enforce the
terms of this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the Senior Obligations
as provided in Sections 2.1 and 3.

 

    	 

    	 

    

 

 

2.3               
New Liens. So long as the Discharge of Senior Obligations has not occurred, and so long as no Insolvency Proceeding
has been commenced by or against the Borrower, the parties hereto agree that neither the Borrower nor any affiliate thereof shall
grant any additional Liens on any asset to secure any Subordinated Obligation unless the Borrower or such affiliate (1) gives the
Senior Lender at least five (5) Business Days prior written notice thereof and (2) also grants a Lien on such asset to secure the
Senior Obligations concurrently with the grant of a Lien thereon in favor of the Subordinated Lenders. To the extent that the foregoing
provisions are not complied with for any reason, without limiting any other rights and remedies available to the Senior Lender,
each Subordinated Lender agrees that any amounts received by or distributed to it pursuant to or as a result of Liens granted in
contravention of this Section 2.3 shall be subject to Section 4.2.

 

2.4               
Relative Debt Priorities.

 

(a)                
The payment of all Subordinated Obligations shall be postponed and subordinated to the prior Discharge of all Senior Obligations.

 

(b)                
No Subordinated Lender shall demand or receive any payment or other distribution in respect of any Subordinated Obligation,
and no payment or other distribution whatsoever in respect of any Subordinated Obligations shall be made by the Borrower or any
other Person, nor shall any property or assets of the Borrower be applied to the purchase or other acquisition or retirement of
any Subordinated Obligations, until after the Discharge of all Senior Obligations.

 

Any payments or other
distributions received or retained by any Subordinated Lender in violation of this Section 2.4 will be subject to Section
4.2.

 

SECTION
3.  Exercise of Remedies. 

 

3.1               
Standstill. Until the Discharge of Senior Obligations has occurred, whether or not any Insolvency Proceeding has
been commenced by or against the Borrower, the Subordinated Lenders:

 

(a)                
will not exercise or seek to exercise any rights or remedies with respect to any Collateral or with respect to any Subordinated
Obligation (including any Exercise of Creditor Remedies);

 

(b)                
will not contest, protest, or object to any Exercise of Creditor Remedies by any Senior Lender; and

 

(c)                
will not object to (and waive any and all claims with respect to) the forbearance by the Senior Lenders from Exercising
any Creditor Remedies.

 

3.2               
Exclusive Enforcement Rights. Until the Discharge of Senior Obligations has occurred, whether or not any Insolvency
Proceeding has been commenced by or against the Borrower, the Senior Lenders shall have the exclusive right to Exercise any Creditor
Remedies, in each case without any consultation with or the consent of any Subordinated Lender. In connection with any Exercise
of Creditor Remedies, the Senior Lenders may enforce the provisions of the Senior Loan 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 Dispose of Collateral, to incur expenses in connection with such Disposition,
and to exercise all the rights and remedies of a secured creditor under applicable law.

 

    	 

    	 

    

 

 

3.3               
Subordinated Permitted Actions. Anything to the contrary in this Section 3 notwithstanding, the Subordinated
Lender (and any other Subordinated Lender) may, if an Insolvency Proceeding has been commenced by or against the Borrower, file
a claim or statement of interest with respect to the Subordinated Obligations.

 

3.4               
Retention of Proceeds. No Subordinated Lender shall be permitted to retain any proceeds of Collateral in connection
with any Exercise of Creditor Remedies in any circumstance unless and until the Discharge of Senior Obligations has occurred, and
any such proceeds received or retained in any other circumstance will be subject to Section 4.2.

 

3.5               
Non-Interference. Each Subordinated Lender hereby:

 

(a)                
agrees that the Subordinated Lenders will not take any action that would restrain, hinder, limit, delay, or otherwise interfere
with any Exercise of Creditor Remedies by any Senior Lender, including any Disposition of the Collateral, whether by foreclosure
or otherwise;

 

(b)                
waives any and all rights the Subordinated Lenders may have as a junior lien creditor or otherwise to object to the manner
in which the Senior Lenders seek to enforce or collect the Senior Obligations or the Liens securing the Senior Obligations granted
in any of the Senior Collateral, regardless of whether any action or failure to act by or on behalf of the Senior Lenders is adverse
to the interest of the Subordinated Lenders; and

 

(c)                
acknowledges and agrees that no covenant, agreement or restriction contained in any Subordinated Document (other than this
Agreement) shall be deemed to restrict in any way the rights and remedies of the Senior Lenders with respect to the Collateral
as set forth in this Agreement and the Senior Loan Documents.

 

SECTION
4. Proceeds.

 

4.1               
Application of Proceeds. Whether or not any Insolvency Proceeding has been commenced by or against the Borrower,
any Collateral or proceeds thereof received in connection with any Exercise of Creditor Remedies shall (at such time as such Collateral
or proceeds has been monetized) be applied: (a) first, to the payment in full in cash of costs and expenses of the Senior
Lenders in connection with such Exercise of Creditor Remedies, (b) second, to the payment in full in cash of the Senior
Obligations in accordance with the Senior Loan Documents, (c) third, to the payment in full in cash of the Subordinated
Obligations in accordance with the Subordinated Loan Documents or as otherwise required by applicable law. If any Exercise of Creditor
Remedies with respect to the Collateral produces non-cash proceeds, then such non-cash proceeds shall be held by the Senior Lender
that conducted the Exercise of Creditor Remedies as additional Collateral and, at such time as such non-cash proceeds are monetized,
shall be applied as set forth above.

 

4.2               
Turnover.

 

(a)                
Unless and until the Discharge of Senior Obligations has occurred, whether or not any Insolvency Proceeding has been commenced
by or against the Borrower:

 

(i)                  
any Collateral or proceeds thereof received by any Subordinated Lender; and

 

(ii)                
any payments or distributions on account of the Subordinated Obligations received by any Subordinated Lenders;

 

shall, in each
case, be segregated and held in trust and forthwith paid over to the Senior Lenders, ratably, in the same form as received, with
any necessary endorsements or as a court of competent jurisdiction may otherwise direct.

 

(b)                
If, after the Discharge of Senior Obligations, any payment received by any Senior Lender on account of any Senior Obligation
is rescinded or revoked or otherwise recovered from the Senior Lender, this Agreement shall be reinstated and each Subordinated
Lender immediately shall pay to the Senior Lender in cash an amount equal to the sum of all payments received by such Subordinated
Lenderon account of Subordinated Obligations.

 

    	 

    	 

    

 

 

SECTION
5. Releases; Dispositions; Other Agreements.

 

5.1               
Releases.

 

(a)                
The Senior Lenders shall have the exclusive right to make determinations regarding the release or Disposition of any Collateral
pursuant to the terms of the Senior Loan Documents or in accordance with the provisions of this Agreement, in each case without
any consultation with, consent of, or notice to any Subordinated Lender.

 

(b)                
If, in connection with any Disposition in connection with the Exercise of Creditor Remedies by any Senior Lender as provided
for in Section 3, the Senior Lenders release Liens on any part of the Collateral (or such Liens are released by operation
of law) or releases the Borrower from its obligations in respect of the Senior Obligations, then the Liens of the Subordinated
Lenders on such Collateral, and the obligations of the Borrower in respect of the Subordinated Obligations, shall be automatically,
unconditionally, and simultaneously released.

 

(c)                
If, in connection with any Disposition of any Collateral by the Borrower with the consent of the Senior Lenders, The Senior
Lenders release Liens on the portion of the Collateral that is the subject of such Disposition, then the Liens of the Subordinated
Lenders on such Collateral shall be automatically, unconditionally, and simultaneously released.

 

(d)                
To the extent that the Liens of any Subordinated Lender in and to any Collateral are to be released as provided in this
Section 5.1,

 

(i)                  
the Subordinated Lenders shall promptly, upon the written request of the Senior Lenders, execute and deliver such release
documents and confirmations of the authorization to file UCC amendments, in each case, as the Senior Lenders may reasonably require
in connection with such Disposition to evidence and effectuate such release; provided, that any such release or UCC amendment
by the Subordinated Lenders shall not extend to or otherwise affect any of the rights, if any, of the Subordinated Lenders to the
proceeds from any such Disposition of any Collateral (to the extent not applied to the repayment of the Senior Obligations),

 

(ii)                
from and after the time that the Liens of the Subordinated Lenders in and to the Collateral are released, the Subordinated
Lenders shall be automatically and irrevocably deemed to have authorized the Senior Lenders to file UCC amendments releasing the
Collateral subject to such Disposition as to UCC financing statements between the Borrower and any Subordinated Lender to evidence
such release, and

 

(iii)               
in accordance with the provisions of applicable law, the Liens of the Subordinated Lenders shall automatically attach to
any proceeds of any Collateral subject to any such Disposition to the extent not used to repay Senior Obligations.

 

(e)                
Until the Discharge of Senior Obligations occurs, each Subordinated Lender hereby irrevocably constitutes and appoints each
Senior Lender and any officer or agent of the Senior Lender, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of the Subordinated Lender or in the Senior Lender’s own
name, from time to time in Senior Lender’s discretion, for the purpose of carrying out the terms of this Section 5.1,
to take any and all appropriate action and to execute any and all documents and instruments that may be necessary to accomplish
the purposes of this Section 5.1, including any copyright mortgage reconveyances, financing statement amendments (form UCC3)
or any other endorsements or other instruments of transfer or release.

 

    	 

    	 

    

 

 

5.2               
Insurance. Unless and until the Discharge of Senior Obligations has occurred, if any Subordinated Lender shall, at
any time, receive any proceeds of any insurance policy covering the Collateral, it shall pay such proceeds over to the Senior Lenders,
ratably, in accordance with the terms of Section 4.2.

 

5.3               
Amendments; Refinancings; Legend.

 

(a)                
The Senior Loan Documents may be amended, supplemented, or otherwise modified in accordance with their terms and the Senior
Obligations may be Refinanced, in each case without notice to, or the consent of, any Subordinated Lender, all without affecting
the lien subordination or other provisions of this Agreement.

 

(b)                
The Subordinated Lenders will not transfer or assign any Subordinated Obligations to any other person and the Subordinated
Loan Documents may not be amended, restated, modified, supplemented, substituted, refunded or refinanced, in each case, without
the prior written consent of Senior Lenders (each acting in its sole discretion), and, without limitation of the foregoing (i)
any such transfer, assignment, amendment, restatement, modification, supplement, substitution, refunding or refinancing shall not
affect the subordination or other provisions of this Agreement, and (ii) in the case of a transfer, assignment, or refinancing,
the holders of such debt shall bind themselves (in a writing addressed to the Senior Lenders) to the terms of this Agreement.

 

(c)                
The Borrower and the Subordinated Lenders agree that each Subordinated Loan Document shall at all times include the following:

 

“Anything herein to the contrary
notwithstanding, the liens and security interests and obligations evidenced herein, and the exercise of any right or remedy with
respect thereto, are subject to the provisions of the Intercreditor Agreement dated as of April __, 2015 (as amended, restated,
supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”). In the event of any conflict
between the terms of the Intercreditor Agreement and this agreement, the terms of the Intercreditor Agreement shall govern and
control.”

 

5.4               
When Discharge of Senior Obligations Deemed to Not Have Occurred. If the Borrower enters into any Refinancing of
the Senior Obligations, then a Discharge of Senior Obligations shall be deemed not to have occurred for all purposes of this Agreement,
and the obligations under such Refinancing of such Senior Obligations shall be treated as Senior Obligations for all purposes of
this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the Senior
Lenders under the Senior Loan Documents effecting such Refinancing shall be the Senior Lenders for all purposes of this Agreement.

 

5.5               
Injunctive Relief. Should any Subordinated Lender in any way take, attempt to, or threaten to take any action contrary
to terms of this Agreement with respect to the Collateral, or fail to take any action required by this Agreement, any Senior Lender
may obtain relief against such Subordinated Lender by injunction, specific performance, or other appropriate equitable relief,
it being understood and agreed by the Subordinated Lender that (a) the Senior Lenders’ damages from such actions may at that
time be difficult to ascertain and may be irreparable, and (b) by its execution of this Agreement, each Subordinated Lender waives
any defense that the Borrower and/or the Senior Lenders cannot demonstrate damage and/or be made whole by the awarding of damages.
Each Subordinated Lender hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which
might be asserted to bar the remedy of specific performance in any action which may be brought by any Senior Lender.

 

SECTION
6. Insolvency Proceedings.

 

6.1               
Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement
of any Insolvency Proceeding. The relative rights of the Senior Lenders and the Subordinated Lenders to payment of the Senior Obligations
and the Subordinated Obligations, respectively, and in or to any distributions from or in respect of any Collateral or proceeds
of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement
are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code.

 

    	 

    	 

    

 

 

6.2               
Sales. Each Subordinated Lender agrees that it will consent to, and will not object to or oppose, any motion to Dispose
of any Collateral free and clear of the Liens or other claims in favor of the Subordinated Lender under Section 363 or Section
1129 of the Bankruptcy Code if the Senior Lenders have consented to such Disposition of such assets.

 

6.3               
Relief from the Automatic Stay. Until the Discharge of Senior Obligations has occurred, each Subordinated Lender
agrees not to (a) seek (or support any other person seeking) relief from the automatic stay or any other stay in any Insolvency
Proceeding in respect of the Collateral, without the prior written consent of Senior Lenders or (b) oppose any request by any Senior
Lender to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of the Collateral.

 

6.4               
No Waiver. Nothing contained herein shall prohibit or in any way limit the any Senior Lender from objecting in any
Insolvency Proceeding involving the Borrower to any action taken by any Subordinated Lenders, including the seeking by any Subordinated
Lender of adequate protection or the assertion by any Subordinated Lender of any of its rights and remedies under the Subordinated
Loan Documents.

 

6.5               
Avoidance Issues. If any Senior Lender is required in any Insolvency Proceeding or otherwise to turn over, disgorge
or otherwise pay to the estate of the Borrower any amount paid in respect of Senior Obligations (or if any Senior Lender elects
to do so upon the advice of counsel) (a “Recovery”), then such Senior Lender shall be entitled to a reinstatement
of Senior Obligations with respect to all such recovered amounts, and all rights, interests, priorities and privileges recognized
in this Agreement shall apply with respect to any such Recovery. If this Agreement shall have been terminated prior to such Recovery,
this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge,
impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement.

 

6.6               
Plan of Reorganization.

 

(a)                
If, in any Insolvency Proceeding involving the Borrower, debt obligations of the reorganized debtor secured by Liens upon
any property of the reorganized debtor are distributed pursuant to a plan of reorganization or similar dispositive restructuring
plan, both on account of Senior Obligations and on account of Subordinated Obligations, then, to the extent the debt obligations
distributed on account of the Senior Obligations and on account of the Subordinated Obligations are secured by Liens upon the same
property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will
apply with like effect to the Liens securing such debt obligations.

 

(b)                
The provisions of Section 1129(b)(1) of the Bankruptcy Code notwithstanding, the Subordinated Lenders agree that they will
not propose, support, or vote in favor of any plan of reorganization of the Borrower that is inconsistent with the priorities or
other provisions of this Agreement. In addition, unless the Senior Lenders consent in writing otherwise, the each Subordinated
Lender shall not support or vote in favor of any plan of reorganization (and it shall vote to reject any plan of reorganization)
unless such plan pays off, in cash in full, all Senior Obligations.

 

6.7               
Further Assurances. The Senior Lenders may, and are hereby irrevocably authorized and empowered (in its own name
or in the name of any Subordinated Lender or otherwise), but shall have no obligation to, (i) file claims and proofs of claim in
respect of the Subordinated Lenders, and (ii) take such other action as the Senior Lenders may deem necessary or advisable for
the exercise or enforcement of any of the rights or interests of the Senior Lenders hereunder.

 

SECTION
7. Waivers; Etc.

 

7.1               
No Waiver of Lien Priorities.

 

    	 

    	 

    

 

 

(a)                
No right of the Senior Lenders or any of them to enforce any provision of this Agreement or any Senior Loan Document shall
at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Borrower or by any act or failure
to act by any Senior Lender, or by any noncompliance by any person with the terms, provisions, and covenants of this Agreement,
any of the Senior Loan Documents or any of the Subordinated Loan Documents, regardless of any knowledge thereof which the Senior
Lenders, or any of them, may have or be otherwise charged with.

 

(b)                
Without in any way limiting the generality of the foregoing paragraph (but subject to any rights of the Borrower under the
Senior Loan Documents), the Senior Lenders and any of them may, at any time and from time to time in accordance with the Senior
Loan Documents and/or applicable law, without the consent of, or notice to, any Subordinated Lenders, without incurring any liabilities
to any Subordinated Lenders and without impairing or releasing the Lien priorities and other benefits provided in this Agreement
(even if any right of subrogation or other right or remedy of any Subordinated Lenders is affected, impaired, or extinguished thereby)
do any one or more of the following without the prior written consent of any Subordinated Lender:

 

(i)                  
change the manner, place, or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase,
or alter, the terms of any of the Senior Obligations or any Lien on any Senior Collateral or guarantee thereof or any liability
of the Borrower or any other person, or any liability incurred directly or indirectly in respect thereof (including any increase
in or extension of the Senior Obligations, without any restriction as to the tenor or terms of any such increase or extension)
or otherwise amend, renew, exchange, extend, modify, or supplement in any manner any Liens held by the Senior Lenders, the Senior
Obligations, or any of the Senior Loan Documents;

 

(ii)                
sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part
of the Senior Collateral or any liability of the Borrower or any other person to the Senior Lenders, or any liability incurred
directly or indirectly in respect thereof;

 

(iii)               
settle or compromise any Senior Obligation or any other liability of the Borrower or any other person or any security therefor
or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized
to any liability (including the Senior Obligations) in any manner or order; and

 

(iv)              
exercise or delay in or refrain from exercising any right or remedy against the Borrower or any other person, elect any
remedy and otherwise deal freely with the Borrower or any Senior Collateral and any security and any guarantor or any liability
of the Borrower or any other person to the Senior Lenders or any liability incurred directly or indirectly in respect thereof.

 

(c)                
Except as otherwise provided herein, each Subordinated Lender also agrees that the Senior Lenders shall have no liability
any Subordinated Lenders, and the Subordinated Lender hereby waives any claim against the any Senior Lender arising out of any
and all actions which the Lender may, pursuant to the terms hereof, take, permit or omit to take with respect to:

 

(i)                  
the Senior Loan Documents;

 

(ii)                
the collection of the Senior Obligations; or

 

(iii)               
the foreclosure upon, or sale, liquidation, or other disposition of, or the failure to foreclose upon, or sell, liquidate,
or otherwise dispose of, any Senior Collateral. Each Subordinated Lender further agrees that the Senior Lenders have no duty to
them in respect of the maintenance or preservation of the Senior Collateral, the Senior Obligations, or otherwise.

 

(d)                
Until the Discharge of Senior Obligations, each Subordinated Lender agrees not to assert and hereby waives, to the fullest
extent permitted by law, any right to demand, request, plead, or otherwise assert, or otherwise claim the benefit of, any marshaling,
appraisal, valuation, or other similar right that may otherwise be available under applicable law with respect to the Collateral
or any other similar rights a junior secured creditor may have under applicable law.

 

    	 

    	 

    

 

 

7.2               
Obligations Unconditional. For so long as this Agreement is in full force and effect, all rights, interests, agreements
and obligations of the Senior Lenders and the Subordinated Lenders, respectively, hereunder shall remain in full force and effect
irrespective of:

 

(a)                
any lack of validity or enforceability of any Senior Loan Documents or any Subordinated Loan Documents;

 

(b)                
except as otherwise expressly restricted in this Agreement, any change in the time, manner, or place of payment of, or in
any other terms of, all or any of the Senior Obligations or Subordinated Obligations, or any amendment or waiver or other modification,
including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any Senior Loan Document
or any Subordinated Loan Document;

 

(c)                
except as otherwise expressly restricted in this Agreement, any exchange of any security interest in any Collateral or any
other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all
or any of the Senior Obligations or Subordinated Obligations or any guarantee thereof;

 

(d)                
the commencement of any Insolvency Proceeding in respect of the Borrower or any other person; or

 

(e)                
any other circumstances which otherwise might constitute a defense available to, or a discharge of, the Borrower or any
other person in respect of the Senior Obligations, any Senior Lender, the Subordinated Obligations or any Subordinated Lender in
respect of this Agreement.

 

SECTION
8. Representations and Warranties and Miscellaneous Covenants.

 

8.1               
Representations and Warranties of the Subordinated Lenders. Each Subordinated Lender hereby represents and warrants
that it is the legal and beneficial owner of all right, title and interest in the Subordinated Notes reflected on Exhibit A
as being owned by it.

 

8.2               
Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto
as follows:

 

(a)                
such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
and has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder;

 

(b)                
this Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation
of such party, enforceable in accordance with its terms; and

 

(c)                
the execution, delivery, and performance by such party of this Agreement (i) do not require any consent or approval of,
registration or filing with or any other action by any Governmental Authority and (ii) will not violate any provision of law, statute,
rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of such party
or any order of any Governmental Authority or any provision of any indenture, agreement or other instrument binding upon such party.

 

8.3               
Survival. All representations and warranties made by one party hereto in this Agreement shall be considered to have
been relied upon by the other party hereto and shall survive the execution and delivery of this Agreement, regardless of any investigation
made by any such other party.

 

    	 

    	 

    

 

 

SECTION
9. Miscellaneous.

 

9.1               
Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any of the
Senior Loan Documents or any of the Subordinated Loan Documents, the provisions of this Agreement shall govern and control.

 

9.2               
Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed
and delivered by the parties hereto. This is a continuing agreement of debt and lien subordination and the Senior Lenders may continue,
at any time and without notice to any Subordinated Lender, to extend credit and other financial accommodations to or for the benefit
of the Borrower constituting Senior Obligations in reliance hereof. Each Subordinated Lender hereby waives any right it may have
under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive,
and shall continue in full force and effect, in any Insolvency Proceeding. Any provision of this Agreement that is prohibited or
unenforceable shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to any person shall include
such person as debtor and debtor-in-possession and any receiver or trustee for such person in any Insolvency Proceeding. This Agreement
shall terminate and be of no further force and effect:

 

(a)                
with respect to the Senior Lenders, and the Senior Obligations, on the date of Discharge of the Senior Obligations; and

 

(b)                
with respect to the Subordinated Lenders, and the Subordinated Obligations, on the date that the Subordinated Obligations
are paid in full in a manner that is not in violation of this Agreement.

 

9.3               
Amendments; Waivers. No amendment, modification, or waiver of any of the provisions of this Agreement shall be effective
unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall
be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such
waiver or the obligations of the other parties to such party in any other respect or at any other time.

 

9.4               
Information Concerning Financial Condition of the Borrower. The Senior Lenders, on the one hand, and the Subordinated
Lenders, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition of the Borrower
and its subsidiaries and all endorsers and/or guarantors of the Senior Obligations or the Subordinated Obligations and (b) all
other circumstances bearing upon the risk of nonpayment of the Senior Obligations or the Subordinated Obligations. The Senior Lenders
shall have no duty to advise any Subordinated Lender of information known to it or them regarding such condition or any such circumstances
or otherwise.

 

9.5               
Subrogation. With respect to any payments or distributions in cash, property, or other assets that any Subordinated
Lender pays over to the Senior Lenders under the terms of this Agreement, the Subordinated Lender shall be subrogated to the rights
of the Senior Lenders; provided, however, that, each Subordinated Lender hereby agrees not to assert or enforce any
such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of all Senior Obligations has
occurred. Any payments or distributions in cash, property or other assets received by any Subordinated Lenders that are paid over
to the Senior Lenders pursuant to this Agreement shall not reduce any of the Subordinated Obligations.

 

9.6               
SUBMISSION TO JURISDICTION; WAIVERS. Each of the parties hereto irrevocably and unconditionally agrees that it
will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract
or in tort or otherwise, in any way relating to this Agreement or the transactions relating hereto or thereto, in any forum other
than the courts of the State of New York sitting in New York, New York, and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally
submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may
be heard and determined in such New York state court or, to the fullest extent permitted by applicable law, in such federal court.
Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties hereto irrevocably
and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have
to the laying of venue of any action or proceeding arising out of or relating to this Agreement in any court referred to herein.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court. Each party hereto irrevocably consents to service of process
in the manner provided for notices in Section 9.7. Nothing in this Agreement will affect the right of any party hereto to serve
process in any other manner permitted by applicable law.

 

    	 

    	 

    

 

 

9.7               
Notices. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally
served or sent by telefacsimile or United States mail or courier service or electronic mail and shall be deemed to have been given
and received when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile
or electronic mail, or three (3) Business Days after depositing it in the United States mail with postage prepaid and properly
addressed. For the purposes hereof, the initial addresses of the parties hereto shall be as reflected on the signature pages hereof
and thereafter may be changed upon written notice to all of the other parties hereto.

 

9.8               
Further Assurances. Each Senior Lender and each Subordinated Lender agrees to take such further action and shall
execute and deliver such additional documents and instruments (in recordable form, if requested) as any Senior Agent or any Subordinated
Lender may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement, all at the expense
of the Borrower.

 

9.9               
APPLICABLE LAW. This Agreement and any claims, controversy, dispute or cause of action (whether in contract or
tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby and thereby
shall be governed by, and construed in accordance with, the law of the State of New York.

 

9.10           
Binding on Successors and Assigns. This Agreement shall be binding upon the Senior Lenders and the Subordinated Lenders,
and their respective successors and assigns.

 

9.11           
Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose or be given any substantive effect.

 

9.12           
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of
an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by
telecopy shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument,
as applicable.

 

9.13           
No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each
of the parties hereto and its respective successors and assigns and shall inure to the benefit of and bind each of the Senior Lenders
and the Subordinated Lenders. In no event shall the Borrower be a third party beneficiary of this Agreement.

 

9.14           
Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the
purpose of defining the relative rights of the Senior Lenders on the one hand and the Subordinated Lenders on the other hand. Neither
the Borrower or any other creditor thereof shall have any rights hereunder and the Borrower may not rely on the terms hereof. Nothing
in this Agreement shall impair, as between the Borrower and the Senior Lenders, or as between the Borrower and the Subordinated
Lenders, the obligations of the Borrower to pay principal, interest, fees and other amounts as provided in the Senior Loan Documents
and the Subordinated Loan Documents, respectively.

 

9.15           
Costs and Attorneys Fees. In the event it becomes necessary for any Senior Lender or Subordinated Lender to commence
or become a party to any proceeding or action to enforce the provisions of this Agreement, the court or body before which the same
shall be tried shall award to the prevailing party all costs and expenses thereof, including reasonable attorneys fees, the usual
and customary and lawfully recoverable court costs, and all other expenses in connection therewith.

 

    	 

    	 

    

 

 

9.16           
Integration. This Agreement reflects the entire understanding of the parties with respect to the subject matter hereof
and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

 

SUBORDINATED LENDERS:

 

 

 

__________________________________

Ronald L. Chez

 

FIRST BANK & TRUST, as Custodian for Ronald L. Chez IRA

 

 

By:_______________________________

James J. Kosinski, Vice President

 

 

__________________________________

D. Jonathan Merriman

 

 

__________________________________

Kenneth R. Werner

 

 

__________________________________

William J. Febbo

 

 

__________________________________

Patrick W. O’Brien

 

MANATUCK HILL SCOUT FUND

 

By: Manatuck Hill Partners, LLC

 

 

By:_____________________________

Thomas Scalia, Chief Financial Officer

 

JAMES ROSS BYRNE REVOCABLE TRUST

 

By:_______________________________

James Ross Byrne, as Trustee

 

 

__________________________________

Babu Sivadasan

 

    	 

    	 

    

 

 

FALCON FUND, LTD.

 

 

By:_______________________________

Houston Hall, General Partner

 

 

__________________________________

Steven Eskenazi

 

 

SENIOR LENDER:

 

EGS, LLC

 

 

By:_______________________________

 

 

BORROWER;

 

MERRIMAN HOLDINGS, INC.

 

 

By:_______________________________

D. Jonathan Merriman

 

 

 

    	 

    	 

    

 

 

Exhibit A

 

	Subordinated Lender	 	 	Stated Principal Amount
 of Notes Held	 
	 	 	 	 	 
	Ronald L. Chez, and First Bank & Trust as Custodian for Ronald L. Chez IRA	 	$	1,921,600	 
	D. Jonathan Merriman	 	 	305,000	 
	Kenneth R. Werner	 	 	35,000	 
	William J. Febbo	 	 	10,000	 
	Patrick W. O’Brien	 	 	10,000	 
	Manatuck Hill Scout Fund LP	 	 	500,000	 
	James Ross Byrne	 	 	120,000	 
	Babu Sivadason	 	 	112,000	 
	Falcon Fund, Ltd.	 	 	100,000	 
	Steven Eskenazi	 	 	50,000	 
	Total	 	$	3,163,600

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