Document:

Exhibit 10.4

 

SECURITY AGREEMENT

 

This SECURITY AGREEMENT,
dated as of February 13, 2015 (this “Agreement”), is by and among Snap Interactive, Inc., a Delaware corporation
(the “Company”), the Subsidiary of the Company that is a signatory hereto (the “Subsidiary”
and together with the Company, the “Debtors”) and the holder of the Company’s 12% Senior Secured Convertible
Notes due February 13, 2017, in the original aggregate principal amount of $3,000,000 (collectively, the “Notes”)
that is a signatory hereto, its endorsees, transferees and assigns (the “Secured Party”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the
Purchase Agreement (as defined in the Notes), the Secured Party has agreed to extend the loans to the Company evidenced by the
Notes;

 

WHEREAS, in order to induce
the Secured Party to extend the loans evidenced by the Notes, each Debtor has agreed to execute and deliver to the Secured Party
this Agreement and to grant the Secured Party (as defined in Section 18 hereof), a security interest in certain property of such
Debtor to secure the prompt payment, performance and discharge in full of all of the Company’s obligations under the Notes.

 

NOW, THEREFORE, in consideration
of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

1. Certain Definitions.
As used in this Agreement, the following terms shall have the meanings set forth in this Section 1. Terms used but not otherwise
defined in this Agreement that are defined in Article 9 of the UCC (such as “account”, “chattel paper”,
“commercial tort claim”, “deposit account”, “document”, “equipment”, “fixtures”,
“general intangibles”, “goods”, “instruments”, “inventory”, “investment property”,
“letter-of-credit rights”, “proceeds” and “supporting obligations”) shall have the respective
meanings given such terms in Article 9 of the UCC.

 

(a) “CFC”
means a Person that is a controlled foreign corporation under Section 957 of the Code.

 

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(b)“Collateral”
means the collateral in which the Secured Party is granted a security interest by this Agreement, being all assets of the Company,
and which shall include the following personal property of the Debtors, whether presently owned or existing or hereafter acquired
or coming into existence, wherever situated, and all additions and accessions thereto and all substitutions and replacements thereof,
and all proceeds, products and accounts thereof, including, without limitation, all proceeds from the sale or transfer of the Collateral
and of insurance covering the same and of any tort claims in connection therewith, and all dividends, interest, notes, securities,
equity interest or other property at any time and from time to time acquired, receivable or otherwise distributed in respect of,
or in exchange for, any or all of the Pledged Securities (as defined below):

 

(i) All goods,
including, without limitation, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships, appliances,
furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature and
wherever situated, together with all documents of title and documents representing the same, all additions and accessions thereto,
replacements therefor, all parts therefor, and all substitutes for any of the foregoing and all other items used and useful in
connection with any Debtor’s businesses and all improvements thereto; and (B) all inventory;

 

(ii) All contract
rights and other general intangibles, including, without limitation, all partnership interests, membership interests, stock or
other securities, rights under any of the Organizational Documents, agreements related to the Pledged Securities, licenses, distribution
and other agreements, computer software (whether “off-the-shelf”, licensed from any third party or developed by any
Debtor), computer software development rights, leases, franchises, customer lists, quality control procedures, grants and rights,
goodwill, Intellectual Property and income tax refunds, other than the Excluded Contracts;

(iii) All accounts,
together with all instruments, all documents of title representing any of the foregoing, all rights in any merchandising, goods,
equipment, motor vehicles and trucks which any of the same may represent, and all right, title, security and guaranties with respect
to each account, including any right of stoppage in transit;

 

(iv) All documents,
letter-of-credit rights, instruments and chattel paper;

 

(v)All commercial
tort claims;

 

(vi)[Reserved];

 

(vii)All investment
property (other than any securities account);

 

(viii)All supporting
obligations;

 

(ix)All files,
records, books of account, business papers, and computer programs; and

 

(x)the products
and proceeds of all of the foregoing Collateral set forth in clauses (i)-(ix) above.

 

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Without limiting
the generality of the foregoing, the “Collateral” shall include all investment property (other than any securities
account) and general intangibles respecting ownership and/or other equity interests in each Guarantor, including, without limitation,
the shares of capital stock and the other equity interests listed on Schedule H hereto (as the same may be modified from
time to time pursuant to the terms hereof), and any other shares of capital stock and/or other equity interests of any other direct
or indirect subsidiary of any Debtor obtained in the future, and, in each case, all certificates representing such shares and/or
equity interests and, in each case, all rights, options, warrants, stock, other securities and/or equity interests that may hereafter
be received, receivable or distributed in respect of, or exchanged for, any of the foregoing and all rights arising under or in
connection with the Pledged Securities, including, but not limited to, all dividends and interest.

 

Notwithstanding any other term
or provision of this Agreement or any Transaction Document, the “Collateral” shall not include any cash, deposit
account or securities account.

 

Notwithstanding
the foregoing, nothing herein shall be deemed to constitute an assignment of any asset which, in the event of an assignment, becomes
void by operation of applicable law or the assignment of which is otherwise prohibited by applicable law (in each case to the extent
that such applicable law is not overridden by Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar applicable law); provided,
however, that to the extent permitted by applicable law, this Agreement shall create a valid security interest in such asset
and, to the extent permitted by applicable law, this Agreement shall create a valid security interest in the proceeds of such asset.

 

(c) “Excluded
Contracts” means any contract or contractual obligation that prohibits, or requires the consent of any person other than
any Debtor which has not been obtained as a condition to, the creation by such Debtor of a lien on any right, title or interest
in such contract or contractual obligation and which is set forth on Annex B hereto.

 

(d)“Intellectual
Property” means the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) all copyrights
arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered
and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith,
including, without limitation, all registrations, recordings and applications in the United States Copyright Office, (ii) all
letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof,
and all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part
thereof, (iii) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade dress,
service marks, logos, domain names and other source or business identifiers, and all goodwill associated therewith, now existing
or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof, or otherwise, and all common law rights related thereto, (iv) all trade
secrets arising under the laws of the United States, any other country or any political subdivision thereof, (v) all rights to
obtain any reissues, renewals or extensions of the foregoing, (vi) all licenses for any of the foregoing, and (vii) all causes
of action for infringement of the foregoing.

 

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(e)“Majority
in Interest” means, at any time of determination, the majority in interest (based on then-outstanding principal amounts
of Notes at the time of such determination) of the Secured Party.

 

(f)“Necessary Endorsement” means undated
stock powers endorsed in blank or other proper instruments of assignment duly executed and such other instruments or documents
as the Secured Party may reasonably request.

 

(g) “Obligations”
means all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become
due, or that are now or may be hereafter contracted or acquired, or owing to, of any Debtor to the Secured Party and its Affiliates,
including, without limitation, all obligations under this Agreement, the Notes and any other instruments, agreements or other documents
executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary,
direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or
not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations
or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from
any of the Secured Party as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted,
extended or modified from time to time. Without limiting the generality of the foregoing, the term “Obligations” shall
include, without limitation: (i) principal of, and interest on the Notes and the loans extended pursuant thereto; (ii) any and
all other fees, indemnities, costs, obligations and liabilities of the Debtors from time to time under or in connection with this
Agreement, the Notes and any other instruments, agreements or other documents executed and/or delivered in connection herewith
or therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing that would
be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due to the existence of
a bankruptcy, reorganization or similar proceeding involving any Debtor.

 

(h) “Organizational
Documents” means with respect to any Debtor, the documents by which such Debtor was organized (such as a certificate
of incorporation, certificate of limited partnership or articles of organization, and including, without limitation, any certificates
of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance of such Debtor
(such as bylaws, a partnership agreement or an operating, limited liability or members agreement).

 

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(i) “Pledged
Interests” shall have the meaning ascribed to such term in Section 4(j).

 

(j) “Pledged
Securities” shall have the meaning ascribed to such term in Section 4(i).

 

(k)“UCC”
means the Uniform Commercial Code of the State of New York and or any other applicable law of any state or states which has jurisdiction
with respect to all, or any portion of, the Collateral or this Agreement, from time to time. It is the intent of the parties that
defined terms in the UCC should be construed in their broadest sense so that the term “Collateral” will be construed
in its broadest sense. Accordingly if there are, from time to time, changes to defined terms in the UCC that broaden the definitions,
they are incorporated herein and if existing definitions in the UCC are broader than the amended definitions, the existing ones
shall be controlling.

 

2. Grant of Security Interest in
Collateral. As an inducement for the Secured Party to extend the loans as evidenced by the Notes and to secure the complete
and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each Debtor hereby unconditionally
and irrevocably pledges, grants and hypothecates to the Secured Party a security interest in and to, a lien upon and a right of
set-off against all of their respective right, title and interest of whatsoever kind and nature in and to, the Collateral (a “Security
Interest” and, collectively, the “Security Interests”).

 

3.Delivery of Certain Collateral.
Contemporaneously or prior to the execution of this Agreement, each Debtor shall deliver or cause to be delivered to the Secured
Party (a) any and all certificates and other instruments representing or evidencing the Pledged Securities, and (b) any and all
certificates and other instruments or documents representing any of the other Collateral, in each case, together with all Necessary
Endorsements. The Debtors are, contemporaneously with the execution hereof, delivering to Secured Party, or have previously delivered
to Secured Party, a true and correct copy of each Organizational Document governing any of the Pledged Securities.

 

4. Representations,
Warranties, Covenants and Agreements of the Debtors. Except as set forth under the corresponding section of the disclosure
schedules delivered to the Secured Party concurrently herewith (the “Disclosure Schedules”), which Disclosure
Schedules shall be deemed a part hereof, each Debtor represents and warrants on the date hereof to, and covenants and agrees with,
the Secured Party as follows:

 

(a) Each Debtor
has the requisite corporate, partnership, limited liability company or other power and authority to enter into this Agreement and
otherwise to carry out its obligations hereunder. The execution, delivery and performance by each Debtor of this Agreement and
the filings contemplated therein have been duly authorized by all necessary corporate action on the part of such Debtor and no
further action is required by such Debtor. This Agreement has been duly executed by each Debtor. This Agreement constitutes the
legal, valid and binding obligation of each Debtor, enforceable against each Debtor in accordance with its terms except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization and similar laws of general application relating
to or affecting the rights and remedies of creditors and by general principles of equity.

 

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(b) The Debtors
have no place of business or offices where their respective books of account and records are kept (other than temporarily at the
offices of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule A
attached hereto (other than Collateral in transit between locations, out for repair or which consists of laptops or other equipment
used by an employee of a Debtor in the ordinary course of business). Except as specifically set forth on Schedule A, each
Debtor is the record owner of the real property where such Collateral is located, and there exist no mortgages or other liens on
any such real property except for Permitted Liens (as defined in the Notes). Except as disclosed on Schedule A, none of
such Collateral (other than Collateral in transit between locations, out for repair or which consists of laptops or other equipment
used by an employee of a Debtor in the ordinary course of business) is in the possession of any consignee, bailee, warehouseman,
agent or processor.

 

(c) Except
for Permitted Liens (as defined in the Notes) and except as set forth on Schedule B attached hereto, the Debtors are the
sole owner of the Collateral (except for non-exclusive licenses granted by any Debtor in the ordinary course of business), free
and clear of any liens, security interests, encumbrances, rights or claims, and are fully authorized to grant the Security Interests.
Except as set forth on Schedule C attached hereto, there is not on file in any governmental or regulatory authority, agency
or recording office an effective financing statement, security agreement, license or transfer or any notice of any of the foregoing
(other than those that will be filed in favor of the Secured Party pursuant to this Agreement) covering or affecting any of the
Collateral. Except as set forth on Schedule C attached hereto and except pursuant to this Agreement, as long as this Agreement
shall be in effect, the Debtors shall not knowingly permit to be on file in any such office or agency any other financing statement
or other document or instrument (except (i) in connection with Permitted Liens or (ii) to the extent filed or recorded in favor
of the Secured Party pursuant to the terms of this Agreement).

 

(d) No written
claim has been received that any Collateral or any Debtor's use of any Collateral violates the rights of any third party. To the
knowledge of the Debtors, there has been no adverse decision to any Debtor's claim of ownership rights in or exclusive rights to
use the Collateral in any jurisdiction or to any Debtor's right to keep and maintain such Collateral in full force and effect,
and there is no proceeding involving said rights pending or, to the best knowledge of any Debtor, threatened before any court,
judicial body, administrative or regulatory agency, arbitrator or other governmental authority.

 

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(e) Each
Debtor shall at all times maintain its books of account and records relating to the Collateral at its principal place of business
and its Collateral at the locations set forth on Schedule A attached hereto and may not relocate such books of account and
records or tangible Collateral unless it delivers to the Secured Party at least 30 days prior to such relocation (i) written notice
of such relocation and the new location thereof (which must be within the United States) and (ii) evidence that appropriate financing
statements under the UCC and other necessary documents have been filed and recorded and other steps have been taken to perfect
the Security Interests to create in favor of the Secured Party, a valid, perfected and continuing perfected first priority lien
in the Collateral, subject to Permitted Liens.

 

(f) This
Agreement creates in favor of the Secured Party a valid security interest in the Collateral, subject only to Permitted Liens (as
defined in the Notes) securing the payment and performance of the Obligations. Upon making the filings described in the immediately
following paragraph, all security interests created hereunder in any Collateral which may be perfected by filing Uniform Commercial
Code financing statements shall have been duly perfected. Except for the filing of the Uniform Commercial Code financing statements
referred to in the immediately following paragraph, the recordation of the Intellectual Property Security Agreement (as defined
in Section 4(p) hereof) with respect to copyrights and copyright applications in the United States Copyright Office referred to
in paragraph (mm), and the delivery of the certificates and other instruments provided in Section 3, no action is necessary on
the date hereof to create, perfect or protect the security interests created hereunder. Without limiting the generality of the
foregoing, except for the filing of said financing statements, and the recordation of said Intellectual Property Security Agreement,
no consent of any third parties and no authorization, approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body is required for (i) the execution, delivery and performance of this Agreement, (ii) the creation or
perfection of the Security Interests created hereunder in the Collateral or (iii) the enforcement of the rights of the the Secured
Party hereunder, except for those consents and approvals which have already been obtained.

 

(g) Each
Debtor hereby authorizes the Secured Party to file one or more financing statements under the UCC, with respect to the Security
Interests, with the proper filing and recording agencies in any jurisdiction deemed proper by it.

 

(h) The execution,
delivery and performance of this Agreement by the Debtors does not (i) violate any of the provisions of any Organizational Documents
of any Debtor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable law, rule
or regulation applicable to any Debtor or (ii) conflict with, or constitute a default (or an event that with notice or lapse of
time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other instrument (evidencing
any Debtor's debt or otherwise) or other understanding to which any Debtor is a party or by which any property or asset of any
Debtor is bound or affected. If any, all required consents (including, without limitation, from stockholders or creditors of any
Debtor) necessary for any Debtor to enter into and perform its obligations hereunder have been obtained.

 

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(i) The capital
stock and other equity interests listed on Schedule H hereto (the “Pledged Securities”) represent all
of the capital stock and other equity interests of the Guarantors, and represent all capital stock and other equity interests owned,
directly or indirectly, by the Company, provided that Pledged Securities shall not include any voting stock of any CFC in excess
of sixty five percent (65%) of such voting stock. All of the Pledged Securities are validly issued, fully paid and nonassessable,
and the Company is the legal and beneficial owner of the Pledged Securities, free and clear of any lien, security interest or other
encumbrance except for the security interests created by this Agreement and other Permitted Liens (as defined in the Notes).

 

(j) The ownership
and other equity interests in partnerships and limited liability companies (if any) included in the Collateral (the “Pledged
Interests”) by their express terms do not provide that they are securities governed by Article 8 of the UCC and are not
held in a securities account or by any financial intermediary.

 

(k) Except
for Permitted Liens (as defined in the Notes), each Debtor shall at all times maintain the liens and Security Interests provided
for hereunder as valid and perfected first priority liens and security interests in the Collateral in favor of the Secured Party,
until this Agreement and the Security Interest hereunder shall be terminated pursuant to Section 14 hereof. Each Debtor hereby
agrees to defend the same against the claims of any and all persons and entities. Each Debtor shall safeguard and protect all Collateral
for the account of the Secured Party. At the request of the Secured Party, each Debtor will pay the cost of filing one or more
financing statements pursuant to the UCC in form reasonably satisfactory to the Secured Party in all public offices wherever filing
is, or is deemed by the Secured Party to be, necessary or desirable to effect the rights and obligations provided for herein. Without
limiting the generality of the foregoing, each Debtor shall pay all fees, taxes and other amounts necessary to maintain the Collateral
and the Security Interests hereunder (other than those fees and taxes that are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided in accordance with GAAP), and each Debtor shall obtain
and furnish to the Secured Party from time to time, upon demand, such releases and/or subordinations of claims and liens which
may be required to maintain the priority of the Security Interests hereunder.

 

(l) No Debtor
will transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral (except for non-exclusive
licenses granted by a Debtor in its ordinary course of business and sales of inventory or obsolete or worn-out items by a Debtor
in its ordinary course of business) without the prior written consent of the Secured Party.

 

(m)Each
Debtor shall keep and preserve its equipment, inventory and other tangible Collateral (other than obsolete or worn-out items)
in good condition, repair and order and shall not operate or locate any such Collateral (or cause to be operated or located) in
any area excluded from insurance coverage.

 

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(n)Each Debtor shall maintain with financially sound and reputable insurers,
insurance with respect to the Collateral, including Collateral hereafter acquired, against loss or damage of the kinds and in
the amounts customarily insured against by entities of established reputation having similar properties similarly situated and
in such amounts as are customarily carried under similar circumstances by other such entities and otherwise as is prudent for
entities engaged in similar businesses but in any event sufficient to cover the full replacement cost thereof. Each Debtor shall
cause each insurance policy issued in connection herewith to provide, and the insurer issuing such policy to certify to the Secured
Party, that (a) the Secured Party will be named as lender loss payee and additional insured under each such insurance policy;
(b) if such insurance be proposed to be cancelled or materially changed for any reason whatsoever, such insurer will promptly
notify the Secured Party and such cancellation or change shall not be effective as to the Secured Party for at least thirty (30)
days after receipt by the Secured Party of such notice, unless the effect of such change is to extend or increase coverage under
the policy; and (c) the Secured Party will have the right (but no obligation) at its election to remedy any default in the payment
of premiums within thirty (30) days of notice from the insurer of such default. If no Event of Default (as defined in the Notes)
exists and if the proceeds arising out of any claim or series of related claims do not exceed $100,000, loss payments in each
instance will be applied by the applicable Debtor to the repair and/or replacement of property with respect to which the loss
was incurred to the extent reasonably feasible, and any loss payments or the balance thereof remaining, to the extent not so applied,
shall be payable to the applicable Debtor; provided, however, that payments received by any Debtor after an Event
of Default occurs and is continuing or in excess of $100,000 for any occurrence or series of related occurrences shall be paid
to the Secured Party on behalf of the Secured Party and, if received by such Debtor, shall be held in trust for the Secured Party
and immediately paid over to the Secured Party unless otherwise directed in writing by the Secured Party. Copies of such policies
or the related certificates, in each case, naming the Secured Party as lender loss payee and additional insured shall be delivered
to the Secured Party at least annually and at the time any new policy of insurance is issued.

 

(o) Each
Debtor shall, within ten (10) days of obtaining knowledge thereof, advise the Secured Party promptly, in sufficient detail, of
any material adverse change in the Collateral, and of the occurrence of any event which would have a material adverse effect on
the value of the Collateral or on the Secured Party’s security interest therein.

 

(p) Each
Debtor shall promptly execute and deliver to the Secured Party such further deeds, mortgages, assignments, security agreements,
financing statements or other instruments, documents, certificates and assurances and take such further action as the Secured Party
may from time to time request and may in its sole discretion deem necessary to perfect, protect or enforce the Secured Party’s
security interest in the Collateral including, without limitation, if applicable, the execution and delivery of a separate security
agreement with respect to each Debtor’s Intellectual Property (“Intellectual Property Security Agreement”)
in which the Secured Party has been granted a security interest hereunder, substantially in a form reasonably acceptable to the
Secured Party, which Intellectual Property Security Agreement, other than as stated therein, shall be subject to all of the terms
and conditions hereof.

 

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(q) Each
Debtor shall permit the Secured Party and its representatives and agents to inspect the Collateral during normal business hours
and upon reasonable prior notice, and to make copies of records pertaining to the Collateral as may be reasonably requested by
the Secured Party from time to time.

 

(r) Each
Debtor shall take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any rights, claims,
causes of action (to the extent that such Debtor determines in its commercially reasonable discretion that the pursuit of such
right, claim or cause of action is beneficial to such Debtor) and accounts receivable in respect of the Collateral.

 

(s) Each
Debtor shall promptly notify the Secured Party in sufficient detail upon becoming aware of any attachment, garnishment, execution
or other legal process levied against a material portion of the Collateral and of any other information received by such Debtor
that may materially affect the value of the Collateral, the Security Interest or the rights and remedies of the Secured Party hereunder.

 

(t) All information
heretofore, herein or hereafter supplied to the Secured Party by or on behalf of any Debtor with respect to the Collateral is accurate
and complete in all material respects as of the date furnished.

 

(u) The Debtors
shall at all times preserve and keep in full force and effect their respective valid existence and good standing and any rights
and franchises material to its business.

 

(v) No Debtor
will change its name, type of organization, jurisdiction of organization, organizational identification number (if it has one),
legal or corporate structure, or identity, or add any new fictitious name or D/B/A unless it provides at least 30 days prior written
notice to the Secured Party of such change.

 

(w)Except
in the ordinary course of business, no Debtor may consign any of its inventory or sell any of its inventory on bill and hold, sale
or return, sale on approval, or other conditional terms of sale without the consent of the Secured Party which shall not be unreasonably
withheld.

 

(x) No Debtor
may relocate its chief executive office to a new location without providing 30 days prior written notification thereof to the Secured
Party and so long as, at the time of such written notification, such Debtor provides any financing statements or fixture filings
necessary to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

 

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(y)Each Debtor was organized and remains
organized solely under the laws of the state set forth next to such Debtor’s name in Schedule D attached hereto,
which Schedule D sets forth each Debtor’s organizational identification number or, if any Debtor does not have one,
states that one does not exist.

 

(z) (i) The
actual name of each Debtor is the name set forth in Schedule D attached hereto; (ii) no Debtor has any trade names except
as set forth on Schedule E attached hereto; (iii) no Debtor has used any name other than that stated in the preamble hereto
or as set forth on Schedule E for the preceding five years; and (iv) no entity has merged into any Debtor or been acquired
by any Debtor within the past five years except as set forth on Schedule E.

 

(aa)At any
time and from time to time that any Collateral consists of instruments, certificated securities or other items that require or
permit possession by the secured party to perfect the security interest created hereby, the applicable Debtor shall deliver such
Collateral to the Secured Party.

 

(bb) Each
Debtor, in its capacity as issuer, hereby agrees to comply with any and all orders and instructions of Secured Party regarding
the Pledged Interests consistent with the terms of this Agreement without the further consent of any Debtor as contemplated by
Section 8-106 (or any successor section) of the UCC. Further, each Debtor agrees that it shall not enter into a similar agreement
regarding the Pledged Interests (or one that would confer “control” within the meaning of Article 8 of the UCC) with
any other person or entity.

 

(cc)Each Debtor shall cause all tangible chattel paper constituting Collateral to be delivered
to the Secured Party, or, if such delivery is not possible, then to cause such tangible chattel paper to contain a legend noting
that it is subject to the security interest created by this Agreement. To the extent that any Collateral consists of electronic
chattel paper, the applicable Debtor shall cause the underlying chattel paper to be “marked” within the meaning of
Section 9-105 of the UCC (or successor section thereto).

 

(dd)[Reserved].

 

(ee) To the
extent that any Collateral consists of letter-of-credit rights, the applicable Debtor shall cause the issuer of each underlying
letter of credit to consent to an assignment of the proceeds thereof to the Secured Party.

 

(ff) To the
extent that any Collateral is in the possession of any third party, the applicable Debtor shall join with the Secured Party in
notifying such third party of the Secured Party’s security interest in such Collateral and shall use its best efforts to
obtain an acknowledgement and agreement from such third party with respect to the Collateral, in form and substance reasonably
satisfactory to the Secured Party.

 

(gg)If any
Debtor shall at any time hold or acquire a commercial tort claim in an amount in excess of $20,000, such Debtor shall promptly
notify the Secured Party in a writing signed by such Debtor of the particulars thereof and grant to the Secured Party in such writing
a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form
and substance satisfactory to the Secured Party.

 

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(hh)Each
Debtor shall immediately provide written notice to the Secured Party of any and all accounts which arise out of contracts with
any governmental authority and, to the extent necessary to perfect or continue the perfected status of the Security Interests in
such accounts and proceeds thereof, shall execute and deliver to the Secured Party an assignment of claims for such accounts and
cooperate with the Secured Party in taking any other steps required, in its judgment, under the Federal Assignment of Claims Act
or any similar federal, state or local statute or rule to perfect or continue the perfected status of the Security Interests in
such accounts and proceeds thereof.

 

(ii)Following
the date hereof, each Debtor shall cause each new subsidiary of such Debtor to become a party hereto (an “Additional Debtor”)
within three (3) Business Days of the acquisition or formation of such new subsidiary by executing and delivering an Additional
Debtor Joinder in substantially the form of Annex A attached hereto and comply with the provisions hereof applicable to
the Debtors. Concurrent therewith, the Additional Debtor shall deliver replacement schedules for, or supplements to all other Schedules
to (or referred to in) this Agreement, as applicable, which replacement schedules shall supersede, or supplements shall modify,
the Schedules then in effect. The Additional Debtor shall also deliver such opinions of counsel, authorizing resolutions, good
standing certificates, incumbency certificates, organizational documents and other information and documentation as the Secured
Party may reasonably request. Upon delivery of the foregoing to the Secured Party, the Additional Debtor shall be and become a
party to this Agreement with the same rights and obligations as the Debtors, for all purposes hereof as fully and to the same extent
as if it were an original signatory hereto and shall be deemed to have made the representations, warranties and covenants set forth
herein as of the date of execution and delivery of such Additional Debtor Joinder, and all references herein to the “Debtors”
shall be deemed to include each Additional Debtor.

 

(jj) Each
Debtor shall vote the Pledged Securities to comply with the covenants and agreements set forth herein and in the Notes.

 

(kk)Each
Debtor shall register the pledge of the applicable Pledged Securities on the books of such Debtor. Each Debtor shall notify each
issuer of Pledged Securities to register the pledge of the applicable Pledged Securities in the name of the Secured Party on the
books of such issuer. Further, except with respect to certificated securities delivered to the Secured Party, the applicable Debtor
shall deliver to Secured Party an acknowledgement of pledge (which, where appropriate, shall comply with the requirements of the
relevant UCC with respect to perfection by registration) signed by the issuer of the applicable Pledged Securities, which acknowledgement
shall confirm that: (a) it has registered the pledge on its books and records; and (b) at any time directed by Secured Party during
the continuation of an Event of Default, such issuer will transfer the record ownership of such Pledged Securities into the name
of any designee of Secured Party, will take such steps as may be necessary to effect the transfer, and will comply with all other
instructions of Secured Party regarding such Pledged Securities without the further consent of the applicable Debtor.

 

    	12

    	 

    

 

(ll) In the
event that, upon an occurrence of an Event of Default, Secured Party shall sell all or any of the Pledged Securities to another
party or parties (herein called the “Transferee”) or shall purchase or retain all or any of the Pledged Securities,
each Debtor shall, to the extent applicable: (i) deliver to Secured Party or the Transferee, as the case may be, the articles of
incorporation, bylaws, minute books, stock certificate books, corporate seals, deeds, leases, indentures, agreements, evidences
of indebtedness, books of account, financial records and all other Organizational Documents and records of the Debtors and their
direct and indirect subsidiaries; (ii) use its best efforts to obtain resignations of the persons then serving as officers and
directors of the Debtors and their direct and indirect subsidiaries, if so requested; and (iii) use its best efforts to obtain
any approvals that are required by any governmental or regulatory body in order to permit the sale of the Pledged Securities to
the Transferee or the purchase or retention of the Pledged Securities by Secured Party and allow the Transferee or Secured Party
to continue the business of the Debtors and their direct and indirect subsidiaries.

 

(mm)Without
limiting the generality of the other obligations of the Debtors hereunder, each Debtor shall promptly (i) cause to be registered
at the United States Copyright Office all of its material copyrights, (ii) provide any requested documents and information and
carry out any actions in connection with recording of the security interest contemplated hereby with respect to all Intellectual
Property at the United States Copyright Office or United States Patent and Trademark Office, and (iii) give the Secured Party notice
whenever it acquires (whether absolutely or by license) or creates any additional material Intellectual Property.

 

(nn)Each
Debtor will from time to time, at the joint and several expense of the Debtors, promptly execute and deliver all such further instruments
and documents, and take all such further action as may be necessary or desirable, or as the Secured Party may reasonably request,
in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Secured Party
to exercise and enforce the rights and remedies hereunder and with respect to any Collateral or to otherwise carry out the purposes
of this Agreement.

 

(oo)As of
the date hereof, Schedule F attached hereto lists all of the patents, patent applications, trademarks, trademark applications,
registered copyrights, and domain names owned by any of the Debtors as of the date hereof. As of the date hereof, Schedule F
lists all material licenses in favor of any Debtor for the use of any patents, trademarks, copyrights and domain names as of the
date hereof. All material patents and trademarks of the Debtors have been duly recorded at the United States Patent and Trademark
Office and all material copyrights of the Debtors have been duly recorded at the United States Copyright Office.

 

(pp)As of
the date hereof, except as set forth on Schedule G attached hereto, none of the account debtors or other persons or entities
obligated on any of the Collateral is a governmental authority covered by the Federal Assignment of Claims Act or any similar federal,
state or local statute or rule in respect of such Collateral.

 

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5.Effect of Pledge on Certain Rights.
If any of the Collateral subject to this Agreement consists of nonvoting equity or ownership interests (regardless of class,
designation, preference or rights) that may be converted into voting equity or ownership interests upon the occurrence of certain
events (including, without limitation, upon the transfer of all or any of the other stock or assets of the issuer), it is agreed
that the pledge of such equity or ownership interests pursuant to this Agreement or the enforcement of any of Secured Party’s
rights hereunder shall not be deemed to be the type of event which would trigger such conversion rights notwithstanding any provisions
in the Organizational Documents or agreements to which any Debtor is subject or to which any Debtor is party.

 

6. Defaults. The following events
shall be “Events of Default”:

 

(a) The occurrence
of an Event of Default (as defined in the Notes) under the Notes;

 

(b) Any representation
or warranty of any Debtor in this Agreement shall prove to have been incorrect in any material respect when made;

 

(c) The failure
by any Debtor to observe or perform any of its obligations hereunder for five (5) Trading Days; or

 

(d) If any provision
of this Agreement shall at any time for any reason be declared to be null and void, or the validity or enforceability thereof shall
be contested by any Debtor, or a proceeding shall be commenced by any Debtor, or by any governmental authority having jurisdiction
over any Debtor, seeking to establish the invalidity or unenforceability thereof, or any Debtor shall deny that any Debtor has
any liability or obligation purported to be created under this Agreement.

 

7. Duty To Hold
In Trust.

 

(a)Upon the
occurrence of any Event of Default and at any time during the continuation thereof, each Debtor shall, upon receipt of any revenue,
income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Notes or otherwise,
or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same
in trust for the benefit of the Secured Party and shall forthwith endorse and transfer any such sums or instruments, or both, to
the Secured Party pro-rata in proportion to their respective then-currently outstanding principal amount of Notes for application
to the satisfaction of the Obligations (and if any Note is not outstanding, pro-rata in proportion to the initial purchases of
the remaining Notes).

 

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(b)If any
Debtor shall become entitled to receive or shall receive any securities or other property (including, without limitation, shares
of Pledged Securities or instruments representing Pledged Securities acquired after the date hereof, or any options, warrants,
rights or other similar property or certificates representing a dividend, or any distribution in connection with any recapitalization,
reclassification or increase or reduction of capital, or issued in connection with any reorganization of such Debtor or any of
its direct or indirect subsidiaries) in respect of the Pledged Securities (whether as an addition to, in substitution of, or in
exchange for, such Pledged Securities or otherwise), such Debtor agrees to (i) accept the same as the agent of the Secured Party;
(ii) hold the same in trust for the benefit of the Secured Party; and (iii) to deliver any and all certificates or instruments
evidencing the same to Secured Party on or before the close of business on the third business day following the receipt thereof
by such Debtor, in the exact form received together with the Necessary Endorsements, to be held by Secured Party subject to the
terms of this Agreement as Collateral.

 

8. Rights and Remedies
Upon Default.

 

(a)Upon the occurrence of
any Event of Default and at any time during the continuation thereof, the Secured Party shall have the right to exercise all of
the remedies conferred hereunder and under the Notes, and the Secured Party shall have all the rights and remedies of a secured
party under the UCC. Without limitation, the Secured Party shall have the following rights and powers:

 

(i) The Secured
Party shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and assistance of any
person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and each Debtor shall
assemble the Collateral and make it available to the Secured Party at places which the Secured Party shall reasonably select, whether
at such Debtor's premises or elsewhere, and make available to the Secured Party, without rent, all of such Debtor’s respective
premises and facilities for the purpose of the Secured Party taking possession of, removing or putting the Collateral in saleable
or disposable form.

 

(ii)Upon notice
to the Debtors by Secured Party, all rights of each Debtor to exercise the voting and other consensual rights which it would otherwise
be entitled to exercise and all rights of each Debtor to receive the dividends and interest which it would otherwise be authorized
to receive and retain, shall cease. Upon such notice, Secured Party shall have the right to receive any interest, cash dividends
or other payments on the Collateral and, at the option of Secured Party, to exercise in such Secured Party’s discretion all
voting rights pertaining thereto. Without limiting the generality of the foregoing, Secured Party shall have the right (but not
the obligation) to exercise all rights with respect to the Collateral as it were the sole and absolute owner thereof, including,
without limitation, to vote and/or to exchange, at its sole discretion, any or all of the Collateral in connection with a merger,
reorganization, consolidation, recapitalization or other readjustment concerning or involving the Collateral or any Debtor or any
of its direct or indirect subsidiaries.

 

    	15

    	 

    

 

(iii) The Secured
Party shall have the right to operate the business of each Debtor using the Collateral and shall have the right to assign, sell,
lease or otherwise dispose of and deliver all or any part of the Collateral, at public or private sale or otherwise, either with
or without special conditions or stipulations, for cash or on credit or for future delivery, in such parcel or parcels and at such
time or times and at such place or places, and upon such terms and conditions as the Secured Party may deem commercially reasonable,
all without (except as shall be required by applicable statute and cannot be waived) advertisement or demand upon or notice to
any Debtor or right of redemption of a Debtor, which are hereby expressly waived. Upon each such sale, lease, assignment or other
transfer of Collateral, the Secured Party may, unless prohibited by applicable law which cannot be waived, purchase all or any
part of the Collateral being sold, free from and discharged of all trusts, claims, right of redemption and equities of any Debtor,
which are hereby waived and released.

 

(iv)The Secured
Party shall have the right (but not the obligation) to notify any account debtors and any obligors under instruments or accounts
to make payments directly to the Secured Party and to enforce the Debtors’ rights against such account debtors and obligors.

 

(v)[Reserved.]

 

(vi)The Secured
Party may (but is not obligated to) transfer any or all Intellectual Property registered in the name of any Debtor at the United
States Patent and Trademark Office and/or Copyright Office into the name of the Secured Party or any designee or any purchaser
of any Collateral.

 

(b)The
Secured Party shall comply with any applicable law in connection with a disposition of Collateral and such compliance will not
be considered adversely to affect the commercial reasonableness of any sale of the Collateral. The Secured Party may sell the Collateral
without giving any warranties and may specifically disclaim such warranties. If the Secured Party sells any of the Collateral on
credit, the Debtors will only be credited with payments actually made by the purchaser. In addition, each Debtor waives any and
all rights that it may have to a judicial hearing in advance of the enforcement of any of the Secured Party’s rights and
remedies hereunder, including, without limitation, its right following an Event of Default to take immediate possession of the
Collateral and to exercise its rights and remedies with respect thereto.

 

(c)For the
purpose of enabling the Secured Party to further exercise rights and remedies under this Section 8 or elsewhere provided by agreement
or applicable law, each Debtor hereby grants to the Secured Party an irrevocable, nonexclusive license (exercisable without payment
of royalty or other compensation to such Debtor) to use, license or sublicense following an Event of Default, any Intellectual
Property now owned or hereafter acquired by such Debtor, and wherever the same may be located, and including in such license 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.

 

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9. Applications
of Proceeds. The proceeds of any such sale, lease or other disposition of the Collateral hereunder or from payments made on
account of any insurance policy insuring any portion of the Collateral shall be applied first, to the expenses of retaking, holding,
storing, processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs
incurred in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses incurred by the Secured
Party in enforcing the Secured Party’s rights hereunder and in connection with collecting, storing and disposing of the Collateral,
and then to satisfaction of the Obligations to Secured Party, and to the payment of any other amounts required by applicable law,
after which the Secured Party shall pay to the applicable Debtor any surplus proceeds. If, upon the sale, license or other disposition
of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Party is legally entitled, the
Debtors will be liable for the deficiency, together with interest thereon, at the rate of 18% per annum or the lesser amount permitted
by applicable law (the “Default Rate”), and the reasonable fees of any attorneys employed by the Secured Party
to collect such deficiency. To the extent permitted by applicable law, each Debtor waives all claims, damages and demands against
the Secured Party arising out of the repossession, removal, retention or sale of the Collateral, unless due solely to the gross
negligence or willful misconduct of the Secured Party as determined by a final judgment (not subject to further appeal) of a court
of competent jurisdiction.

 

10.Securities
Law Provision. Each Debtor recognizes that Secured Party may be limited in its ability to effect a sale to the public of all
or part of the Pledged Securities by reason of certain prohibitions in the Securities Act of 1933, as amended, or other federal
or state securities laws (collectively, the “Securities Laws”), and may be compelled to resort to one or more
sales to a restricted group of purchasers who may be required to agree to acquire the Pledged Securities for their own account,
for investment and not with a view to the distribution or resale thereof. Each Debtor agrees that sales so made may be at prices
and on terms less favorable than if the Pledged Securities were sold to the public, and that Secured Party has no obligation to
delay the sale of any Pledged Securities for the period of time necessary to register the Pledged Securities for sale to the public
under the Securities Laws. Each Debtor shall cooperate with Secured Party in its attempt to satisfy any requirements under the
Securities Laws (including, without limitation, registration thereunder if requested by Secured Party) applicable to the sale
of the Pledged Securities by Secured Party.

 

11. Costs and Expenses.
The Debtors shall pay all other claims and charges which in the reasonable opinion of the Secured Party is reasonably likely to
prejudice, imperil or otherwise affect the Collateral or the Security Interests therein. The Debtors will also, upon demand, pay
to the Secured Party the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and
of any experts and agents, which the Secured Party may incur in connection with the protection, satisfaction, foreclosure, collection
or enforcement of the Security Interest and the administration, continuance, amendment or enforcement of this Agreement and pay
to the Secured Party the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and
of any experts and agents, which the Secured Party may incur in connection with (i) the enforcement of this Agreement, (ii) the
custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, or (iii) the exercise
or enforcement of any of the rights of the Secured Party under the Notes. Until so paid, any fees payable hereunder shall be added
to the principal amount of the Notes and shall bear interest at the Default Rate.

 

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12. Responsibility
for Collateral. The Debtors assume all liabilities and responsibility in connection with all Collateral, and the Obligations
shall in no way be affected or diminished by reason of the loss, destruction, damage or theft of any of the Collateral or its unavailability
for any reason. Without limiting the generality of the foregoing, (a) the Secured Party does not (i) have any duty (either before
or after an Event of Default) to collect any amounts in respect of the Collateral or to preserve any rights relating to the Collateral,
or (ii) have any obligation to clean-up or otherwise prepare the Collateral for sale, and (b) each Debtor shall remain obligated
and liable under each contract or agreement included in the Collateral to be observed or performed by such Debtor thereunder. The
Secured Party shall not have any obligation or liability under any such contract or agreement by reason of or arising out of this
Agreement or the receipt by the Secured Party of any payment relating to any of the Collateral, nor shall the Secured Party be
obligated in any manner to perform any of the obligations of any Debtor under or pursuant to any such contract or agreement, to
make inquiry as to the nature or sufficiency of any payment received by the Secured Party in respect of the Collateral or as to
the sufficiency of any performance by any party under any such contract or agreement, to present or file any claim, to take any
action to enforce any performance or to collect the payment of any amounts which may have been assigned to the Secured Party or
to which the Secured Party may be entitled at any time or times.

 

13. Security Interests Absolute.
All rights of the Secured Party and all obligations of the Debtors hereunder, shall be absolute and unconditional, irrespective
of: (a) any lack of validity or enforceability of this Agreement, the Notes or any agreement entered into in connection with the
foregoing, or any portion hereof or thereof; (b) any change in the time, manner or place of payment or performance of, or in any
other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Notes
or any other agreement entered into in connection with the foregoing; (c) any exchange, release or nonperfection of any of the
Collateral, or any release or amendment or waiver of or consent to departure from any other collateral for, or any guarantee, or
any other security, for all or any of the Obligations; (d) any action by the Secured Party to obtain, adjust, settle and cancel
in its sole discretion any insurance claims or matters made or arising in connection with the Collateral; or (e) any other circumstance
which might otherwise constitute any legal or equitable defense available to a Debtor, or a discharge of all or any part of the
Security Interests granted hereby. Until the Obligations shall have been paid and performed in full, the rights of the Secured
Party shall continue even if the Obligations are barred for any reason, including, without limitation, the running of the statute
of limitations or bankruptcy. Each Debtor expressly waives presentment, protest, notice of protest, demand, notice of nonpayment
and demand for performance. In the event that at any time any transfer of any Collateral or any payment received by the Secured
Party hereunder shall be deemed by final order of a court of competent jurisdiction to have been a voidable preference or fraudulent
conveyance under the bankruptcy or insolvency laws of the United States, or shall be deemed to be otherwise due to any party other
than the Secured Party, then, in any such event, each Debtor’s obligations hereunder shall survive cancellation of this Agreement,
and shall not be discharged or satisfied by any prior payment thereof and/or cancellation of this Agreement, but shall remain a
valid and binding obligation enforceable in accordance with the terms and provisions hereof. Each Debtor waives all right to require
the Secured Party to proceed against any other person or entity or to apply any Collateral which the Secured Party may hold at
any time, or to marshal assets, or to pursue any other remedy. Each Debtor waives any defense arising by reason of the application
of the statute of limitations to any obligation secured hereby.

 

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14. Term of Agreement.
This Agreement and the Security Interests shall terminate on the date on which all payments under the Notes have been indefeasibly
paid in full and all other Obligations have been paid or discharged; provided, however, that all indemnities of the
Debtors contained in this Agreement shall survive and remain operative and in full force and effect regardless of the termination
of this Agreement.

 

15. Power of Attorney; Further
Assurances.

 

(a) Each
Debtor authorizes the Secured Party, and does hereby make, constitute and appoint the Secured Party and its officers, agents, successors
or assigns with full power of substitution, as such Debtor’s true and lawful attorney-in-fact, with power, in the name of
the Secured Party or such Debtor, to, after the occurrence and during the continuance of an Event of Default, (i) endorse any note,
checks, drafts, money orders or other instruments of payment (including payments payable under or in respect of any policy of insurance)
in respect of the Collateral that may come into possession of the Secured Party; (ii) to sign and endorse any invoice, freight
or express bill, bill of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications and notices
in connection with accounts, and other documents relating to the Collateral; (iii) to pay or discharge taxes, liens, security interests
or other encumbrances at any time levied or placed on or threatened against the Collateral; (iv) to demand, collect, receipt for,
compromise, settle and sue for monies due in respect of the Collateral; (v) to transfer any Intellectual Property or provide licenses
respecting any Intellectual Property; and (vi) generally, at the option of the Secured Party, and at the expense of the Debtors,
at any time, or from time to time, to execute and deliver any and all documents and instruments and to do all acts and things which
the Secured Party deems necessary to protect, preserve and realize upon the Collateral and the Security Interests granted therein
in order to effect the intent of this Agreement and the Notes all as fully and effectually as the Debtors might or could do, including,
without limitation, the filing, in its sole discretion, of one or more financing or continuation statements and amendments thereto,
relative to any of the Collateral, which financing statements may (but need not) describe the Collateral as “all assets”
or “all personal property” or words of like import; and each Debtor hereby ratifies all that said attorney shall lawfully
do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable for the term
of this Agreement and thereafter as long as any of the Obligations shall be outstanding. The designation set forth herein shall
be deemed to amend and supersede any inconsistent provision in the Organizational Documents or other documents or agreements to
which any Debtor is subject or to which any Debtor is a party. Without limiting the generality of the foregoing, after the occurrence
and during the continuance of an Event of Default, each Secured Party is specifically authorized to execute and file any applications
for or instruments of transfer and assignment of any patents, trademarks, copyrights or other Intellectual Property with the United
States Patent and Trademark Office and the United States Copyright Office.

 

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(b) On a
continuing basis, each Debtor will take all such action as may reasonably be deemed necessary or advisable, or as reasonably requested
by the Secured Party, to perfect the Security Interests granted hereunder and otherwise to carry out the intent and purposes of
this Agreement, or for assuring and confirming to the Secured Party the grant or perfection of a perfected security interest in
all the Collateral under the UCC.

 

16. Notices.
All notices, requests, demands and other communications hereunder shall be subject to the notice provision of the Purchase Agreement
(as such term is defined in the Notes).

 

17. Other Security.
To the extent that the Obligations are now or hereafter secured by property other than the Collateral or by the guarantee, endorsement
or property of any other person, firm, corporation or other entity, then the Secured Party shall have the right, in its sole discretion,
to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any way modifying or affecting
any of the Secured Party’s rights and remedies hereunder.

 

18. [Reserved]

 

19. Miscellaneous.

 

(a) No course
of dealing between the Debtors and the Secured Party, nor any failure to exercise, nor any delay in exercising, on the part of
the Secured Party, any right, power or privilege hereunder or under the Notes shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof
or the exercise of any other right, power or privilege.

 

(b) All of
the rights and remedies of the Secured Party with respect to the Collateral, whether established hereby or by the Notes or by any
other agreements, instruments or documents or by law shall be cumulative and may be exercised singly or concurrently.

 

(c) This
Agreement, together with the exhibits and schedules hereto, contain the entire understanding of the parties with respect to the
subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which
the parties acknowledge have been merged into this Agreement and the exhibits and schedules hereto. No provision of this Agreement
may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Debtors
and the Secured Party (or, in the event that the Secured Party no longer holds any Notes, in a written instrument signed by the
Debtors and the Majority in Interest), or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought.

 

    	20

    	 

    

 

(d) If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(e) No waiver
of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver
in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

(f) This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company
and the Guarantors may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each
Secured Party (other than by merger). Any Secured Party may assign any or all of its rights under this Agreement to any Person
(as defined in the Purchase Agreement) to whom such Secured Party assigns or transfers any Obligations, provided such transferee
agrees in writing to be bound, with respect to the transferred Obligations, by the provisions of this Agreement that apply to
the “Secured Party.”

 

(g) Each
party shall take such further action and execute and deliver such further documents as may be necessary or appropriate in order
to carry out the provisions and purposes of this Agreement.

 

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(h) Except
to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, all questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the
internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Except to the extent mandatorily
governed by the jurisdiction or situs where the Collateral is located, each party hereto agrees that all proceedings concerning
the interpretations, enforcement and defense of the transactions contemplated by this Agreement and the Notes (whether brought
against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or Secured
agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan. Except
to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and
consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby.

 

(i) 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. In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature
is executed) the same with the same force and effect as if such facsimile signature were the original thereof.

 

(j)All Debtors
shall jointly and severally be liable for the obligations of each Debtor to the Secured Party hereunder.

 

(k)Each Debtor
shall indemnify, reimburse and hold harmless the Secured Party and their respective partners, members, shareholders, officers,
directors, employees and Secured agents (and any other persons with other titles that have similar functions) (collectively, “Indemnitees”)
from and against any and all losses, claims, liabilities, damages, penalties, suits, costs and expenses, of any kind or nature,
(including fees relating to the cost of investigating and defending any of the foregoing) imposed on, incurred by or asserted against
such Indemnitee in any way related to or arising from or alleged to arise from this Agreement or the Collateral, except any such
losses, claims, liabilities, damages, penalties, suits, costs and expenses which result solely from the gross negligence or willful
misconduct of the Indemnitee as determined by a final, nonappealable decision of a court of competent jurisdiction. This indemnification
provision is in addition to, and not in limitation of, any other indemnification provision in the Notes, the Purchase Agreement
(as such term is defined in the Notes) or any other agreement, instrument or other document executed or delivered in connection
herewith or therewith.

 

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(l)Nothing
in this Agreement shall be construed to subject Secured Party to liability as a partner in any Debtor or any if its direct or indirect
subsidiaries that is a partnership or as a member in any Debtor or any of its direct or indirect subsidiaries that is a limited
liability company, nor shall Secured Party be deemed to have assumed any obligations under any partnership agreement or limited
liability company agreement, as applicable, of any such Debtor or any of its direct or indirect subsidiaries or otherwise, unless
and until any such Secured Party exercises its right to be substituted for such Debtor as a partner or member, as applicable, pursuant
hereto.

 

(m) To the
extent that the grant of the security interest in the Collateral and the enforcement of the terms hereof require the consent, approval
or action of any partner or member, as applicable, of any Debtor or any direct or indirect subsidiary of any Debtor or compliance
with any provisions of any of the Organizational Documents, the Debtors hereby grant such consent and approval and waive any such
noncompliance with the terms of said documents.

 

[SIGNATURE PAGES FOLLOW]

 

    	23

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Security Agreement to be duly executed on the day and year first above written. 

 

	snap interactive, inc.	 
	 	 	 
	By:	/s/ Alexander Harrington	 
	 	Name: Alexander Harrington	 
	 	
        Title: Chief Financial Officer and

                 Chief Operating
        Officer
	 
	 	 	 
	snap mobile limited	 
	 	 	 
	By:	/s/ Alexander Harrington	 
	 	Name: Alexander Harrington	 
	 	Title: Chief Financial Officer and

          Chief Operating Officer	 

 

[SIGNATURE PAGE OF HOLDERS
FOLLOWS]

 

    	24

    	 

    

 

[SIGNATURE PAGE OF HOLDERS TO STVI SA]

 

Name of Investing Entity: Sigma Opportunity Fund II, LLC

 

Signature of Authorized Signatory of Investing
entity: /s/ Thom Waye

 

Name of Authorized Signatory: Thom Waye

 

Title of Authorized Signatory: Managing Member

 

    	25

    	 

    

 

ANNEX A

to

SECURITY

AGREEMENT

 

FORM OF ADDITIONAL
DEBTOR JOINDER

 

Security Agreement dated as of February ___,
2015 made by

Snap Interactive, Inc.

and its subsidiaries party thereto from time
to time, as Debtors

to and in favor of

the Secured Party identified therein (the “Security
Agreement”)

 

Reference is made to the
Security Agreement as defined above; capitalized terms used herein and not otherwise defined herein shall have the meanings given
to such terms in, or by reference in, the Security Agreement.

 

The undersigned hereby
agrees that upon delivery of this Additional Debtor Joinder to the Secured Party referred to above, the undersigned shall (a) be
an Additional Debtor under the Security Agreement, (b) have all the rights and obligations of the Debtors under the Security Agreement
as fully and to the same extent as if the undersigned was an original signatory thereto and (c) be deemed to have made the representations
and warranties set forth therein as of the date of execution and delivery of this Additional Debtor Joinder. WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY GRANTS TO THE SECURED PARTY A SECURITY INTEREST IN THE COLLATERAL AS
MORE FULLY SET FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY TRIAL PROVISIONS SET FORTH THEREIN.

 

Attached hereto are supplemental
and/or replacement Schedules to the Security Agreement, as applicable.

 

An executed copy of this
Joinder shall be delivered to the Secured Party, and the Secured Party may rely on the matters set forth herein on or after the
date hereof. This Joinder shall not be modified, amended or terminated without the prior written consent of the Secured Party.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
undersigned has caused this Joinder to be executed in the name and on behalf of the undersigned.

 

	 	[Name of Additional Debtor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:

 

		Dated:	

 

    	 

    	 

    

 

ANNEX B

to

SECURITY

AGREEMENT

 

EXCLUDED CONTRACTSExhibit 10.5

 

SUBSIDIARY GUARANTEE

 

SUBSIDIARY GUARANTEE, dated
as of February 13, 2015 (this “Guarantee”), made by each of the signatories hereto (together with any other
entity that may become a party hereto as provided herein, the “Guarantors”), in favor of the purchaser signatory
(together with its Affiliates and their permitted assigns, the “Purchaser”) to that certain Securities Purchase
Agreement, dated as of the date hereof (the “Purchase Agreement”), between Snap Interactive, Inc., a Delaware
corporation (the “Company”) and the Purchaser.

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the
Purchase Agreement, the Company has agreed to sell and issue to the Purchaser, and the Purchaser has agreed to purchase from the
Company the 12% Senior Secured Convertible Notes due February 13, 2017, in the original aggregate principal amount of $3,000,000
(collectively, the “Notes”), subject to the terms and conditions set forth therein; and

 

WHEREAS, each Guarantor will directly benefit from the extension of credit to the Company represented by the issuance of the
Notes; and

 

NOW, THEREFORE, in consideration
of the premises and to induce the Purchaser to enter into the Purchase Agreement and to carry out the transactions contemplated
thereby, each Guarantor hereby agrees with the Purchaser as follows:

 

1.Definitions.
Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings given to them
in the Purchase Agreement. The words “hereof,” “herein,” “hereto” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision
of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall
have the following meanings:

 

“Guarantee”
means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

 

    	 

    	 

    

 

“Obligations”
means, in addition to all other costs and expenses of collection incurred by Purchaser in enforcing any of such Obligations and/or
this Guarantee, all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or
to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company or any Guarantor to the
Purchaser under this Guarantee, the Notes, the Transaction Documents and any other instruments, agreements or other documents
executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary,
direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or
not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations
or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from
the Purchaser as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended
or modified from time to time. Without limiting the generality of the foregoing, the term “Obligations” shall include,
without limitation: (i) principal of, and interest on the Notes and the loans extended pursuant thereto; (ii) any and all other
reasonable out of pocket fees, indemnities, costs, obligations and liabilities of the Company or any Guarantor from time to time
under or in connection with this Guarantee, the Notes, the Transaction Documents and any other instruments, agreements or other
documents executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition
interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable
or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Company or any Guarantor.

 

2.Guarantee.

 

(a)Guarantee.

 

(i)The Guarantors
hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Purchaser and its respective successors, endorsees,
transferees and assigns, the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration
or otherwise) of the Obligations.

 

(ii)Anything
herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder
and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable
federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer or laws affecting
the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).

 

(iii)Each Guarantor
agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder
without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Purchaser hereunder.

 

(iv)The guarantee
contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations of each Guarantor
under the guarantee contained in this Section 2 shall have been satisfied by payment in full.

 

    	2

    	 

    

 

(v)No payment
made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by the Purchaser from
the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off
or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed
to modify, reduce (other than a reduction of any amount owed hereunder), release or otherwise affect the liability of any Guarantor
hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Obligations
or any payment received or collected from such Guarantor in respect of the Obligations), remain liable for the Obligations up to
the maximum liability of such Guarantor hereunder until the Obligations are paid in full.

 

(vi)Notwithstanding
anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific performance of
which by the Guarantors is not reasonably possible (e.g. the issuance of the Company's Common Stock), the Guarantors shall only
be liable for making the Purchaser whole on a monetary basis for the Company's failure to perform such Obligations in accordance
with the Transaction Documents.

 

(b)Right
of Contribution. Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor shall have paid
more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution
from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor's right
of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall in no respect
limit the obligations and liabilities of any Guarantor to the Purchaser and each Guarantor shall remain liable to the Purchaser
for the full amount guaranteed by such Guarantor hereunder.

 

(c)No
Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor
by the Purchaser, no Guarantor shall be entitled to be subrogated to any of the rights of the Purchaser against the Company or
any other Guarantor or any collateral security or guarantee or right of offset held by the Purchaser for the payment of the Obligations,
nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or any other Guarantor in
respect of payments made by such Guarantor hereunder, until all amounts owing to the Purchaser by the Company on account of the
Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when
all of the Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Purchaser,
segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Purchaser
in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Purchaser, if required), to be applied against
the Obligations, whether matured or unmatured, in such order as the Purchaser may determine.

 

    	3

    	 

    

 

(d)Amendments,
Etc. With Respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation
of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the
Obligations made by the Purchaser may be rescinded by the Purchaser and any of the Obligations continued, and the Obligations,
or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by the Purchaser, and the Purchase Agreement and the other Transaction Documents and
any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole
or in part, as the Purchaser may deem advisable from time to time, and any collateral security, guarantee or right of offset at
any time held by the Purchaser for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. The
Purchaser shall have no obligation to protect, secure, perfect or insure any Lien at any time held by them (or their agent) as
security for the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.

 

(e)Guarantee
Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any
of the Obligations and notice of or proof of reliance by the Purchaser upon the guarantee contained in this Section 2 or acceptance
of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created,
contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and
all dealings between the Company and any of the Guarantors, on the one hand, and the Purchaser, on the other hand, likewise shall
be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor
waives to the extent permitted by law diligence, presentment, protest, demand for payment and notice of default or nonpayment to
or upon the Company or any of the Guarantors with respect to the Obligations. Each Guarantor understands and agrees that the guarantee
contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment and performance
without regard to (a) the validity or enforceability of the Purchase Agreement or any other Transaction Document, any of the Obligations
or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time
held by the Purchaser, (b) any defense, set-off or counterclaim (other than a defense of payment or performance or fraud by Purchaser)
which may at any time be available to or be asserted by the Company or any other Person against the Purchaser, or (c) any other
circumstance whatsoever (with or without notice to or knowledge of the Company or such Guarantor) which constitutes, or might be
construed to constitute, an equitable or legal discharge of the Company for the Obligations, or of such Guarantor under the guarantee
contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its
rights and remedies hereunder against any Guarantor, the Purchaser may, but shall be under no obligation to, make a similar demand
on or otherwise pursue such rights and remedies as they may have against the Company, any other Guarantor or any other Person or
against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by
the Purchaser to make any such demand, to pursue such other rights or remedies or to collect any payments from the Company, any
other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right
of offset, or any release of the Company, any other Guarantor or any other Person or any such collateral security, guarantee or
right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights
and remedies, whether express, implied or available as a matter of law, of the Purchaser against any Guarantor.

 

    	4

    	 

    

 

(f)Reinstatement.
The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Purchaser
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor, or upon or as a result
of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company or any Guarantor
or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

(g)Payments.
Each Guarantor hereby guarantees that payments hereunder will be paid to the Purchaser without set-off or counterclaim in U.S.
dollars at the address set forth or referred to in the Signature Pages to the Purchase Agreement.

 

3.Representations
and Warranties. Each Guarantor hereby makes the following representations and warranties to Purchaser as of the date hereof:

 

(a)Organization
and Qualification. The Guarantor is a corporation, duly incorporated, validly existing and in good standing under the laws
of the applicable jurisdiction set forth on Schedule 1, with the requisite corporate power and authority to own and use its properties
and assets and to carry on its business as currently conducted. The Guarantor has no subsidiaries other than those identified as
such on the Disclosure Schedules to the Purchase Agreement. The Guarantor is duly qualified to do business and is in good standing
as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually
or in the aggregate, (x) adversely affect the legality, validity or enforceability of any of this Guaranty in any material respect,
(y) have a material adverse effect on the results of operations, assets, or financial condition of the Guarantor or (z) adversely
impair in any material respect the Guarantor's ability to perform fully on a timely basis its obligations under this Guaranty (a
“Material Adverse Effect”).

 

    	5

    	 

    

 

(b)Authorization;
Enforcement. The Guarantor has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Guaranty, and otherwise to carry out its obligations hereunder. The execution and delivery of this Guaranty
by the Guarantor and the consummation by it of the transactions contemplated hereby have been duly authorized by all requisite
corporate action on the part of the Guarantor. This Guaranty has been duly executed and delivered by the Guarantor and constitutes
the valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating
to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

 

(c)No
Conflicts. The execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the Guarantor
of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its Organizational Documents
or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, acceleration or cancellation of, any agreement, indenture or instrument for borrowed
money to which the Guarantor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the Guarantor is subject (including Federal and State
securities laws and regulations), or by which any material property or asset of the Guarantor is bound or affected, except in the
case of each of clauses (ii) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as could not, individually or in the aggregate, have or result in a Material Adverse Effect. The business of the Guarantor is not
being conducted in violation of any material law, ordinance or regulation of any governmental authority.

 

    	6

    	 

    

 

(d)Consents
and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make any filing or
registration with, any court or other federal, state, local, foreign or other governmental authority or other person in connection
with the execution, delivery and performance by the Guarantor of this Guaranty except where such failure could not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(e)Purchase
Agreement. The representations and warranties of the Company set forth in the Purchase Agreement as they relate to such Guarantor,
each of which is hereby incorporated herein by reference, are true and correct in all material respects as of each time such representations
are deemed to be made pursuant to such Purchase Agreement, and the Purchaser shall be entitled to rely on each of them as if they
were fully set forth herein, provided that each reference in each such representation and warranty to the Company's knowledge shall,
for the purposes of this Section 3, be deemed to be a reference to such Guarantor's knowledge.

 

(f)Foreign
Law. Each Guarantor has consulted with appropriate foreign legal counsel with respect to any of the above representations for
which non-U.S. law is applicable. Such foreign counsel have advised each applicable Guarantor that such counsel knows of no reason
why any of the above representations would not be true and accurate. Such foreign counsel were provided with copies of this Subsidiary
Guarantee and the Transaction Documents prior to rendering their advice.

 

4.Covenants.

 

(a)Each Guarantor
covenants and agrees with the Purchaser that, from and after the date of this Guarantee until the Obligations shall have been paid
in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each commercially reasonable action that
is necessary to be taken or not taken, as the case may be, so that no Event of Default (as defined in the Notes) is caused by the
failure to take such action or to refrain from taking such action by such Guarantor.

 

(b)So long
as any of the Obligations are outstanding, unless Purchaser shall otherwise consent in writing, each Guarantor will not directly
or indirectly on or after the date of this Guarantee:

 

i.enter into,
create, incur, assume or suffer to exist any indebtedness for borrowed money 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;

 

ii.enter into,
create, incur, assume or suffer to exist any liens of any kind (other than Permitted Liens), 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;

 

    	7

    	 

    

 

iii.amend its
certificate of incorporation, bylaws or other charter documents so as to materially and adversely affect any rights of the Purchaser;

 

iv.repay, repurchase
or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its securities; or

 

enter into any transaction with any Affiliate
of the Guarantor which would be required to be disclosed in any public filing of the Company with the Commission, unless such transaction
is made on an arm’s-length basis; .

 

5.Miscellaneous.

 

(a)Amendments
in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except
in writing by Purchaser.

 

(b)Notices.
All notices, requests and demands to or upon the Purchaser or any Guarantor hereunder shall be effected in the manner provided
for in the Purchase Agreement, provided that any such notice, request or demand to or upon any Guarantor shall be addressed to
such Guarantor at its notice address set forth on Schedule 5(b).

 

(c)No
Waiver By Course Of Conduct; Cumulative Remedies. The Purchaser shall not by any act (except by a written instrument pursuant
to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced
in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising, on the
part of the Purchaser, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise
of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Purchaser of any right or remedy hereunder on any one occasion shall not be construed as a
bar to any right or remedy which the Purchaser would otherwise have on any future occasion. The rights and remedies herein provided
are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

    	8

    	 

    

 

(d)Enforcement
Expenses; Indemnification.

 

(i)Each Guarantor
agrees to pay, or reimburse the Purchaser for, all its costs and expenses incurred in collecting against such Guarantor under the
guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and the other Transaction
Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to
the Purchaser.

 

(ii)Each Guarantor
agrees to pay, and to save the Purchaser harmless from, any and all liabilities with respect to, or resulting from any delay in
paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with any
of the transactions contemplated by this Guarantee.

 

(iii)Each Guarantor
agrees to pay, and to save the Purchaser harmless from, any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement,
performance and administration of this Guarantee to the extent the Company would be required to do so pursuant to the Purchase
Agreement.

 

(iv)The agreements
in this Section shall survive repayment of the Obligations and all other amounts payable under the Purchase Agreement and the other
Transaction Documents.

 

(e)Successor
and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit
of the Purchaser and their respective successors and assigns; provided that no Guarantor may assign, transfer or delegate any of
its rights or obligations under this Guarantee without the prior written consent of the Purchaser.

 

(f)Set-Off.
Each Guarantor hereby irrevocably authorizes the Purchaser at any time and from time to time while an Event of Default under any
of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any other Guarantor, any
such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits, credits, indebtedness
or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time
held or owing by the Purchaser to or for the credit or the account of such Guarantor, or any part thereof in such amounts as the
Purchaser may elect, against and on account of the obligations and liabilities of such Guarantor to the Purchaser hereunder and
claims of every nature and description of the Purchaser against such Guarantor, in any currency, whether arising hereunder, under
the Purchase Agreement, any other Transaction Document or otherwise, as the Purchaser may elect, whether or not the Purchaser has
made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The Purchaser
shall notify such Guarantor promptly of any such set-off and the application made by the Purchaser of the proceeds thereof, provided
that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Purchaser
under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which
the Purchaser may have.

 

    	9

    	 

    

 

(g)Counterparts.
This Guarantee may be executed by one or more of the parties to this Guarantee on any number of separate counterparts (including
by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(h)Severability.
Any provision of this Guarantee 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 hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

(i)Section
Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

 

(j)Integration.
This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Purchaser with respect to
the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Purchaser
relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction Documents.

 

(k)Governing
Laws. All questions concerning the construction, validity, enforcement and interpretation of this Guarantee shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each of the Company and the Guarantors agree that all proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Guarantee (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York, Borough of Manhattan. Each of the Company and the Guarantors hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and
consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Guarantee and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Guarantee or the transactions contemplated hereby.

 

    	10

    	 

    

 

(l)Acknowledgements.
Each Guarantor hereby acknowledges that:

 

(i)it has been
advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents to which it
is a party;

 

(ii)the Purchaser
has no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee or any of the other
Transaction Documents, and the relationship between the Guarantors, on the one hand, and the Purchaser, on the other hand, in connection
herewith or therewith is solely that of debtor and creditor; and

 

(iii)no joint
venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Guarantors and the Purchaser.

 

(m)Additional
Guarantors. The Company shall cause each of its subsidiaries formed or acquired on or subsequent to the date hereof to become
a Guarantor for all purposes of this Guarantee by executing and delivering an

Assumption Agreement in the form of Annex 1 hereto.

 

(n)Release
of Guarantors. Each Guarantor will be released from all liability hereunder concurrently with the indefeasible repayment in
full of all amounts owed under the Purchase Agreement, the Notes and the other Transaction Documents.

 

(o)Seniority.
The Obligations of each of the Guarantors hereunder rank senior in priority to any other Indebtedness (as defined in the Purchase
Agreement) of such Guarantor.

 

(p)WAIVER
OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASER, HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

 

*********************

 

(Signature
Pages Follow)

 

    	11

    	 

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above written.

 

	 	SNAP MOBILE LIMITED
	 	 	 
	 	By:	/s/ Alexander Harrington
	 	 	Name: Alexander Harrington
	 	 	Title:   Chief Financial Officer and 

            Chief Operating Officer

 

    	12

    	 

    

 

SCHEDULE 1

 

GUARANTORS

 

The following are the names, notice addresses
and jurisdiction of organization of each Guarantor.

 

	 	 	 	 	COMPANY
	 	 	JURISDICTION OF	 	OWNED BY
	 	 	INCORPORATION	 	PERCENTAGE
	 	 	 	 	 
	SNAP MOBILE LIMITED	 	UNITED KINGDOM	 	100%

 

    	13

    	 

    

 

Annex 1 to

SUBSIDIARY GUARANTEE

 

ASSUMPTION AGREEMENT, dated as of ____ __,
______ made by ______________________________, a ______________ corporation (the “Additional Guarantor”), in
favor of the Purchaser pursuant to the Purchase Agreement referred to below. All capitalized terms not defined herein shall have
the meaning ascribed to them in such Purchase Agreement.

 

W I T N E S S E T H :

 

WHEREAS, Snap Interactive,
Inc., a Delaware corporation (the “Company”) and the Purchaser have entered into a Securities Purchase Agreement,
dated as of _____________, 2015 (as amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”);

 

WHEREAS, in connection with the Purchase Agreement, the Subsidiaries of the Company (other than the Additional Guarantor)
have entered into the Subsidiary Guarantee, dated as of _________, 2015 (as amended, supplemented or otherwise modified from time
to time, the “Guarantee”) in favor of the Purchaser;

 

WHEREAS, the Purchase
Agreement requires the Additional Guarantor to become a party to the Guarantee; and

 

WHEREAS, the
Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the
Guarantee;

 

NOW, THEREFORE, IT IS
AGREED:

 

1.Guarantee.
By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5(m) of the Guarantee,
hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force and effect as if originally named therein
as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities
of a Guarantor thereunder. The information set forth in Annex 1 hereto is hereby added to the information set forth in Schedule
1 to the Guarantee. The Additional Guarantor hereby represents and warrants that each of the representations and warranties contained
in Section 3 of the Guarantee is true and correct on and as the date hereof as to such Additional Guarantor (after giving effect
to this Assumption Agreement) as if made on and as of such date.

 

2.Governing Law.
THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    	14

    	 

    

 

IN WITNESS WHEREOF, the
undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

 

	 	
        [ADDITIONAL GUARANTOR]

	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

15

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