Document:

Exhibit 10.10

 

SUBSIDIARY GUARANTY

 

This SUBSIDIARY GUARANTY
(as amended, restated, supplemented, or otherwise modified and in effect from time to time, this “Guaranty”)
is made as of this 23rd day of October, 2015, jointly and severally, by usell.com, Inc., a Delaware corporation (“usell”),
BST Distribution, Inc., a New York corporation (“BST”), WE SELL CELLULAR LLC, a Delaware limited liability company
(“We Sell” and together with usell and BST, each a “Company” and collectively the “Companies”),
HD Capital Holdings LLC, a Delaware limited liability company (“HD Capital”), Upstream Phone Company USA, Inc.,
a Delaware corporation (“Upstream”), and Upstream Phone Holdings, Inc., a Delaware corporation (“Upstream
Holdings” and together with HD Capital, Upstream, and with each other person or entity who becomes a party to this Guaranty
by execution of a joinder in the form of Exhibit A attached hereto, each referred to individually as a “Guarantor”
and collectively as the “Guarantors”); in favor of BAM Administrative Services LLC, a Delaware limited
liability company, in its capacity as agent (together with its successors and assigns in such capacity, the “Agent”)
for the benefit of the Purchasers (as defined below).

 

WITNESSETH:

 

WHEREAS, Senior
Health Insurance Company of Pennsylvania (“Purchaser”, and together with its successors and assigns and each
other purchaser of a Note (as defined below) and their respective successors and assigns, individually and collectively, the “Purchasers”)
have made, and may make, loans and certain other financial accommodations (collectively, the “Loans”) the Companies,
as evidenced by those certain senior secured notes dated as of the Initial Closing Date in an original aggregate principal amount
of $4,040,000 and a deferred aggregate amount of notes dated as of the Deferred Draw Closing Date in a principal amount of up to
$4,040,000 (such notes, together with any promissory notes or other securities issued in exchange or substitution therefor or replacement
thereof, and as any of the same may be amended, supplemented, restated or modified and in effect from time to time, the “Notes”);

 

WHEREAS, the
Notes are being acquired by each Purchaser, together with their successors and assigns and each other purchaser of a Note (as defined
below) and their respective successors and assigns, individually and collectively, the “Purchasers”, pursuant
to a Note Purchase Agreement dated as of the date hereof among the Purchasers, the Companies and the Agent (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”);

 

WHEREAS, pursuant
to a Pledge Agreement dated as of the Initial Closing Date by the Companies in favor of the Agent, the Companies have pledged a
lien on and security interest in all of the issued and outstanding equity interests owned by the Companies;

 

WHEREAS, pursuant
to a Security Agreement dated as of the Initial Closing Date (as the same may be amended, restated, supplemented or otherwise modified
and in effect from time to time, the “Security Agreement”) by the “Debtors” (as defined therein)
in favor of the Agent, such Debtors have granted the Agent, for its benefit and the benefit of the Purchasers, a first priority
security interest in, lien upon and pledge of each of their rights in the Collateral (as defined in the Security Agreement); and

 

     

     

    

 

WHEREAS, the
Guarantors are direct or indirect subsidiaries of the Companies and, as such, will derive substantial benefit and advantage from
the Loans and other financial accommodations available to the Companies set forth in the Note Purchase Agreement, the Notes and
the other Related Agreements (together, the “Transaction Documents”), and it will be to each Guarantor’s
direct interest and economic benefit to assist the Companies in procuring said Loans and other financial accommodations from Purchasers.

 

NOW, THEREFORE,
for and in consideration of the premises and in order to induce Purchasers to make the Loans, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby jointly and severally agrees
as follows:

 

1.           Definitions:
Capitalized terms used herein without definition and defined in the Note Purchase Agreement are used herein as defined therein.
In addition, as used herein:

 

“Bankruptcy
Code” shall mean the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended and
in effect from time to time thereunder.

 

“Obligations”
shall mean (i) all obligations, liabilities and indebtedness of every nature of each Company from time to time owed or owing to
the Purchasers and Agent arising under, out of or in connection with the Note Purchase Agreement, the Notes, the Loans and the
other Transaction Documents, including, without limitation, the principal amount of all debts, claims and indebtedness, accrued
and unpaid interest and all fees, taxes, indemnities, costs and expenses, whether primary, secondary, direct, contingent, fixed
or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable, whether before or after the filing of a
bankruptcy, insolvency or similar proceeding under applicable federal, state, foreign or other law and whether or not an allowed
claim in any such proceeding, and (ii) all obligations, liabilities and indebtedness of every nature of any subsequent Guarantor
from time to time owed or owing to the Purchasers and/or Agent, under or in respect of this Guaranty, the Pledge Agreement, the
Security Agreement, the Note Purchase Agreement, the Notes, the Loans and the other Transaction Documents, as the case may be,
including, without limitation, the principal amount of all debts, claims and indebtedness, accrued and unpaid interest and all
fees, taxes, indemnities, costs and expenses, whether primary, secondary, direct, contingent, fixed or otherwise, heretofore, now
and/or from time to time hereafter owing, due or payable, whether before or after the filing of a bankruptcy, insolvency or similar
proceeding under applicable federal, state, foreign or other law and whether or not an allowed claim in any such proceeding.

 

2.           Guaranty
of Payment.

 

(a)          Each
Guarantor, jointly and severally, hereby unconditionally and irrevocably guarantees the full and prompt payment and performance
to Purchasers and Agent, on behalf of itself and in its capacity as agent for the benefit of Purchasers, when due, upon demand,
at maturity or by reason of acceleration or otherwise and at all times thereafter, of any and all of the Obligations.

 

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(b)          Each
Guarantor acknowledges that valuable consideration supports this Guaranty, including, without limitation, the consideration set
forth in the recitals above, as well as any commitment to lend, extension of credit or other financial accommodation, whether heretofore
or hereafter made by Purchasers to any Company; any extension, renewal or replacement of any of the Obligations; any forbearance
with respect to any of the Obligations or otherwise; any cancellation of an existing guaranty; any purchase of any Company’s
assets by any Purchaser or Agent; or any other valuable consideration.

 

(c)          Each
Guarantor agrees that all payments under this Guaranty shall be made in United States currency and in the same manner as provided
for the Obligations.

 

(d)          Notwithstanding
any provision of this Guaranty to the contrary, it is intended that this Guaranty, and any interests, liens and security interests
granted by Guarantors as security for this Guaranty, not constitute a “Fraudulent Conveyance” (as defined below) in
the event that this Guaranty or such interest is subject to the Bankruptcy Code or any applicable fraudulent conveyance or fraudulent
transfer law or similar law of any state. Consequently, Guarantors, Agent and Purchasers agree that if this Guaranty, or any such
interests, liens or security interests securing this Guaranty, would, but for the application of this sentence, constitute a Fraudulent
Conveyance, this Guaranty and each such lien and security interest shall be valid and enforceable only to the maximum extent that
would not cause this Guaranty or such interest, lien or security interest to constitute a Fraudulent Conveyance, and this Guaranty
shall automatically be deemed to have been amended accordingly at all relevant times. For purposes hereof, “Fraudulent
Conveyance” means a fraudulent conveyance under Section 548 of the Bankruptcy Code or a fraudulent conveyance or fraudulent
transfer under the provisions of any applicable fraudulent conveyance or fraudulent transfer law or similar law of any state, as
in effect from time to time.

 

3.          Costs
and Expenses. Each Guarantor, jointly and severally, agrees to pay on demand, all reasonable costs and expenses of every kind
incurred by any Purchaser or Agent: (a) in enforcing this Guaranty, (b) in collecting any of the Obligations from any Company
or any Guarantor, (c) in realizing upon or protecting or preserving any collateral for this Guaranty or for payment of any of
the Obligations, and (d) in connection with any amendment of, modification to, waiver or forbearance granted under, or enforcement
or administration of any Transaction Document or for any other purpose in connection with any Transaction Document, in each case,
to the extent Purchaser or Agent may take such action pursuant to the terms and conditions of this Agreement. “Costs
and expenses” as used in the preceding sentence shall include, without limitation, reasonable attorneys’ fees
incurred by any Purchaser or Agent in retaining legal counsel for advice, suit, appeal, any insolvency or other proceedings under
the Bankruptcy Code or otherwise, or for any purpose specified in the preceding sentence.

 

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4.           Nature
of Guaranty: Continuing, Absolute and Unconditional.

 

(a)          This
Guaranty is and is intended to be a continuing guaranty of payment of the Obligations, and not of collectibility, and is intended
to be independent of and in addition to any other guaranty, endorsement, collateral or other agreement held by Purchasers or Agent
therefor or with respect thereto, whether or not furnished by a Guarantor. None of Purchasers and Agent shall be required to prosecute
collection, enforcement or other remedies against any Company, any other Guarantor or guarantor of the Obligations or any other
person or entity, or to enforce or resort to any of the Collateral or other rights or remedies pertaining thereto, before calling
on a Guarantor for payment. The obligations of each Guarantor to repay the Obligations hereunder shall be unconditional. Guarantor
shall have no right to exercise any right of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim
which it may now or hereafter have against any Company in connection with this Guaranty until the termination of this Guaranty
in accordance with Section 8 below, and hereby waives any benefit of, and any right to participate in, any security or collateral
given to Purchasers to secure payment of the Obligations, and each Guarantor agrees that it will not take any action to enforce
any obligations of any Company to such Guarantor prior to the Obligations being finally and irrevocably paid in full in cash, provided
that, in the event of the bankruptcy or insolvency of any Company, to the extent the Obligations have not been finally and irrevocably
paid in full in cash, Agent, for the benefit of itself and Purchasers, and Purchasers shall be entitled notwithstanding the foregoing,
to file in the name of any Guarantor or in its own name a claim for any and all indebtedness owing to a Guarantor by such Company
(exclusive of this Guaranty), vote such claim and to apply the proceeds of any such claim to the Obligations.

 

(b)          For
the further security of Purchasers and without in any way diminishing the liability of the Guarantors, following the occurrence
and during the continuance of an Event of Default, all debts and liabilities, present or future of the Companies to the Guarantors
and all monies received from any Company or for its account by the Guarantors in respect thereof shall be received in trust for
Purchasers and Agent and promptly following receipt shall be paid over to Agent, for its benefit and in its capacity as Agent for
the benefit of Purchasers, until all of the Obligations have been paid in full in cash. This assignment and postponement is independent
of and severable from this Guaranty and shall remain in full effect whether or not any Guarantor is liable for any amount under
this Guaranty.

 

(c)          This
Guaranty is absolute and unconditional and shall not be changed or affected by any representation, oral agreement, act or thing
whatsoever, except as herein provided. This Guaranty is intended by the Guarantors to be the final, complete and exclusive expression
of the guaranty agreement among the Companies (as limited by the express terms of this Guaranty), the Guarantors, the Agent and
Purchasers. No modification or amendment of any provision of this Guaranty shall be effective against any party hereto unless in
writing and signed by a duly authorized officer of such party. This Guaranty, together with the other Transaction Documents, supersedes
all other prior oral or written agreements between each Purchaser, the Guarantors, the Agent, their Affiliates and Persons acting
on their behalf with respect to the matters discussed herein, and this Guaranty, together with the other Transaction Documents
and the other instruments referenced herein and therein, contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or therein, neither any Guarantor, the Agent nor any Purchaser
makes any representation, warranty, covenant or undertaking with respect to such matters. As of the date of this Guaranty, there
are no unwritten agreement between the parties with respect to the matters discussed herein. No provision of this Guaranty may
be amended, modified or supplemented other than by an instrument in writing signed by the parties hereto.

 

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(d)          Each
Guarantor hereby releases each Company from all, and agrees not to assert or enforce (whether by or in a legal or equitable proceeding
or otherwise) any “claims” (as defined in Section 101(5) of the Bankruptcy Code), whether arising under any law, ordinance,
rule, regulation, order, policy or other requirement of any domestic or foreign Governmental Authority or any instrumentality or
agency thereof, having jurisdiction over the conduct of its business or assets or otherwise, to which the Guarantors are or would
at any time be entitled by virtue of its obligations hereunder, any payment made pursuant hereto or the exercise by any Purchaser
or Agent of its rights with respect to the Collateral, including any such claims to which such Guarantors may be entitled as a
result of any right of subrogation, exoneration or reimbursement.

 

5.           Certain
Rights and Obligations.

 

(a)          Each
Guarantor acknowledges and agrees that Purchasers and Agent, for its benefit and as agent for the benefit of Purchasers, may, without
notice, demand or any reservation of rights against such Guarantor and without affecting such Guarantor’s obligations hereunder,
from time to time:

 

(i)          renew,
extend, increase, accelerate or otherwise change the time for payment of, the terms of or the interest on the Obligations or any
part thereof or grant other indulgences to any Company or others;

 

(ii)        accept
from any person or entity and hold collateral for the payment of the Obligations or any part thereof, and modify, exchange, enforce
or refrain from enforcing, or release, compromise, settle, waive, subordinate or surrender, with or without consideration, such
collateral or any part thereof;

 

(iii)       accept
and hold any endorsement or guaranty of payment of the Obligations or any part thereof, and discharge, release or substitute any
such obligation of any such endorser or guarantor, or discharge, release or compromise any Guarantor, or any other person or entity
who has given any security interest in any collateral as security for the payment of the Obligations or any part thereof, or any
other person or entity in any way obligated to pay the Obligations or any part thereof, and enforce or refrain from enforcing,
or compromise or modify, the terms of any obligation of any such endorser, guarantor, or person or entity;

 

(iv)       dispose
of any and all collateral securing the Obligations in its reasonable discretion, as it may deem appropriate, and direct the order
or manner of such disposition and the enforcement of any and all endorsements and guaranties relating to the Obligations or any
part thereof as Agent in its reasonable discretion may determine;

 

(v)        subject
to the terms of the Notes, determine the manner, amount and time of application of payments and credits, if any, to be made on
all or any part of any component or components of the Obligations (whether principal, interest, fees, costs, and expenses, or otherwise),
including, without limitation, the application of payments received from any source to the payment of indebtedness other than the
Obligations even though Purchasers might lawfully have elected to apply such payments to the Obligations or to amounts which are
not covered by this Guaranty; and

 

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(vi)       take
advantage or refrain from taking advantage of any security or accept or make or refrain from accepting or making any compositions
or arrangements when and in such manner as Agent, in its sole discretion, may deem appropriate;

 

and generally do or refrain from doing
any act or thing which might otherwise, at law or in equity, release the liability of such Guarantor as a guarantor or surety in
whole or in part, and in no case shall Purchasers or Agent be responsible or shall any Guarantor be released either in whole or
in part for any act or omission in connection with Purchasers or Agent having sold any security at less than its value.

 

(b)          Following
the occurrence and during the continuance of an Event of Default, and upon demand by Agent, each Guarantor, jointly and severally,
hereby agrees to pay the Obligations to the extent hereinafter provided and to the extent unpaid:

 

(i)         without
deduction by reason of any setoff, defense (other than payment) or counterclaim of any Company or any other Guarantor;

 

(ii)        without
requiring presentment, protest or notice of nonpayment or notice of default to any Guarantor, to any Company or to any other person
or entity;

 

(iii)       without
demand for payment or proof of such demand or filing of claims with a court in the event of receivership, bankruptcy or reorganization
of any Company or any other Guarantor;

 

(iv)       without
requiring Purchasers or Agent to resort first to any Company (this being a guaranty of payment and not of collection), to any other
Guarantor, or to any other guaranty or any collateral which Purchasers or Agent may hold;

 

(v)        without
requiring notice of acceptance hereof or assent hereto by any Purchaser or Agent; and

 

(vi)       without
requiring notice that any of the Obligations has been incurred, extended or continued or of the reliance by any Purchaser or Agent
upon this Guaranty;

 

all of which each Guarantor hereby waives.

 

(c)          Each
Guarantor’s obligation hereunder shall not be affected by any of the following, all of which such Guarantor hereby waives:

 

(i)         any
failure to perfect or continue the perfection of any security interest in or other lien on any collateral securing payment of any
of the Obligations or any Guarantor’s obligation hereunder;

 

(ii)        the
invalidity, unenforceability, propriety of manner of enforcement of, or loss or change in priority of any document or any such
security interest or other lien or guaranty of the Obligations;

 

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(iii)       any
failure to protect, preserve or insure any such collateral;

 

(iv)       failure
of a Guarantor to receive notice of any intended disposition of such collateral;

 

(v)        any
defense arising by reason of the cessation from any cause whatsoever of liability of any Company including, without limitation,
any failure, negligence or omission by any Purchaser or Agent in enforcing its claims against any Company;

 

(vi)       any
release, settlement or compromise of any obligation of any Company, any other Guarantor or any other guarantor of the Obligations;

 

(vii)      the
invalidity or unenforceability of any of the Obligations;

 

(viii)     any
change of ownership of any Company, any other Guarantor or any other guarantor of the Obligations or the insolvency, bankruptcy
or any other change in the legal status of any Company, any other Guarantor or any other guarantor of the Obligations;

 

(ix)        any
change in, or the imposition of, any law, decree, regulation or other governmental act which does or might impair, delay or in
any way affect the validity, enforceability or the payment when due of the Obligations;

 

(x)         the
existence of any claim, setoff or other rights which the Guarantor, any Company, any other Guarantor or guarantor of the Obligations
or any other person or entity may have at any time against any Purchaser, Agent or any Company in connection herewith or any unrelated
transaction;

 

(xi)        any
Purchaser’s or Agent’s election in any case instituted under chapter 11 of the Bankruptcy Code, of the application
of section 1111(b)(2) of the Bankruptcy Code;

 

(xii)       any
use of cash collateral, or grant of a security interest by any Company, as debtor in possession, under sections 363 or 364 of the
Bankruptcy Code;

 

(xiii)      the
disallowance of all or any portion of any of any Purchaser’s or Agent’s claims for repayment of the Obligations under
sections 502 or 506 of the Bankruptcy Code;

 

(xiv)     any
stay or extension of time for payment by any Company or any other Guarantor resulting from any proceeding under the Bankruptcy
Code or any similar law; or

 

(xv)      any
other fact or circumstance which might otherwise constitute grounds at law or equity for the discharge or release of a Guarantor
from its obligations hereunder, all whether or not such Guarantor shall have had notice or knowledge of any act or omission referred
to in the foregoing clauses (i) through (xiv) of this Section 5(c).

 

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6.         Representations
and Warranties. Each Guarantor further represents and warrants to Purchasers and Agent that: (a) such Guarantor is a corporation
or other entity duly incorporated or organized, as applicable, validly existing and in good standing under the laws of the jurisdiction
of its incorporation or formation, as applicable, and has full power, authority and legal right to own its property and assets
and to transact the business in which it is presently engaged; (b) such Guarantor has full power, authority and legal right to
execute and deliver, and to perform its obligations under, this Guaranty, and has taken all necessary action to authorize the
guarantee hereunder on the terms and conditions of this Guaranty and to authorize the execution, delivery and performance of this
Guaranty; (c) this Guaranty has been duly executed and delivered by such Guarantor and constitutes a legal, valid and binding
obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, except to the extent that such enforceability
is subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance and moratorium laws and other laws of general
application affecting enforcement of creditors’ rights generally, or the availability of equitable remedies, which are subject
to the discretion of the court before which an action may be brought; and (d) the execution, delivery and performance by each
Guarantor of this Guaranty do not require any action by or in respect of, or filing with, any governmental body, agency or official
and do not violate, conflict with or cause a breach or a default under any provision of (i) applicable law or regulation, (ii)
the organizational documents of any Guarantor, (iii) any judgment, injunction, order, decree or other instrument binding upon
it, or (iv) any agreement binding upon it.

 

7.         Negative
Covenants. Each Guarantor covenants with Purchasers and Agent that such Guarantor shall not grant any security interest in
or permit any lien, claim or encumbrance upon any of its assets in favor of any person or entity other than liens and security
interests in favor of Purchasers and Agent and Permitted Encumbrances. Each Guarantor agrees that it shall not take any action
or engage in any transaction that such Guarantor is prohibited from taking or engaging in pursuant to the terms of the Note Purchase
Agreement. In addition, each Guarantor agrees to comply with the terms of Section 8 of the Note Purchase Agreement to the same
extent that any Company is required to cause the Guarantors to comply with such Section of the Note Purchase Agreement. Each Company,
by its signature hereto, hereby acknowledges and agrees that any breach by a Guarantor of any term or provision of this Guaranty
or the Security Agreement, which is not cured to the Agent’s reasonable satisfaction within any applicable cure or grace
period, shall constitute an “Event of Default” under the Note.

 

8.         Termination.
This Guaranty shall not terminate until such time, if any, as (i) all Obligations shall be finally and irrevocably paid in full
in cash, (ii) no Notes shall remain outstanding, (iii) all commitments to lend under the Note Purchase Agreement shall have terminated
and (iv) there shall exist no other outstanding payment or reimbursement obligations (other than contingent indemnification obligations
for which no claims shall have been asserted) of the Borrower or the Guarantors to the Agent under any of the Transaction Documents.
Thereafter, but subject to the following, Agent, on its behalf and as agent for Purchasers, shall take such action and execute
such documents as the Guarantors may request (and at the Guarantors’ cost and expense) in order to evidence the termination
of this Guaranty. Payment of all of the Obligations the owing from time to time shall not operate as a discontinuance of this
Guaranty. Each Guarantor further agrees that, to the extent that any Company makes a payment or payments to Purchasers or Agent
on the Obligations, or Purchasers or Agent receive any proceeds of collateral securing the Obligations or any other payments with
respect to the Obligations, which payment or receipt of proceeds or any part thereof is subsequently invalidated, declared to
be fraudulent or preferential, set aside or required to be returned or repaid to any Company, its estate, trustee, receiver, debtor
in possession or any other person or entity, including, without limitation, the Guarantors, under any insolvency or bankruptcy
law, state or federal law, common law or equitable cause, then to the extent of such payment, return or repayment, the obligation
or part thereof which has been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect
as of the date when such initial payment, reduction or satisfaction occurred, and this Guaranty shall continue in full force notwithstanding
any contrary action which may have been taken by any Purchaser or Agent in reliance upon such payment, and any such contrary action
so taken shall be without prejudice to any Purchaser’s or Agent’s rights under this Guaranty and shall be deemed to
have been conditioned upon such payment having become final and irrevocable.

 

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9.          Guaranty
of Performance. Each Guarantor also guarantees the full, prompt and unconditional performance of all obligations and agreements
of every kind owed or hereafter to be owed by the Companies and the Guarantors to Purchasers and Agent under the Note Purchase
Agreement, the Notes, and the other Transaction Documents. Every provision for the benefit of Purchasers and Agent contained in
this Guaranty shall apply to the guaranty of performance given in this paragraph.

 

10.          Assumption
of Liens and Obligations. To the extent that a Guarantor has received or shall hereafter receive distributions or transfers
from any Company of property or cash that are subject, at the time of such contribution, to liens and security interests in favor
of Purchasers and/or the Agent in accordance with the Notes, the Security Agreement or any other Transaction Document, such Guarantor
hereby expressly agrees that (i) it shall hold such assets subject to such liens and security interests, and (ii) it shall be
liable for the payment of the Obligations secured thereby. Each Guarantor’s obligations under this Section 10 shall
be in addition to its obligations as set forth in other sections of this Guaranty and not in substitution therefor or in lieu
thereof.

 

11.          Miscellaneous.

 

(a)          The
terms “Company” and “Guarantor” as used in this Guaranty shall include: (i) any successor individual or
individuals, association, partnership, limited liability company or corporation to which all or substantially all of the business
or assets of such Company or such Guarantor shall have been transferred and (ii) any other association, partnership, limited liability
company, corporation or entity into or with which such Company or such Guarantor shall have been merged, consolidated, reorganized,
or absorbed.

 

(b)          Without
limiting any other right of any Purchaser or Agent, whenever any Purchaser or Agent has the right to declare any of the Obligations
to be immediately due and payable (whether or not it has been so declared), Agent, on its behalf and in its capacity as agent for
the benefit of Purchasers, at its sole election without notice to the undersigned may appropriate and set off against the Obligations:

 

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(i)          any
and all indebtedness or other moneys due or to become due to any Guarantor by any Purchaser or Agent in any capacity; and

 

(ii)          any
credits or other property belonging to any Guarantor (including all account balances, whether provisional or final and whether
or not collected or available) at any time held by or coming into the possession of any Purchaser or Agent, or any affiliate of
any Purchaser or Agent, whether for deposit or otherwise;

 

whether or not the Obligations or the obligation
to pay such moneys owed by any Purchaser or Agent is then due, and the applicable Purchaser or Agent shall be deemed to have exercised
such right of set off immediately at the time of such election even though any charge therefor is made or entered on such Purchaser’s
or Agent’s records subsequent thereto. Agent agrees to notify such Guarantor in a reasonably practicable time of any such
set-off; however, failure to so notify such Guarantor shall not affect the validity of any set-off.

 

(c)          Each
Guarantor’s obligation hereunder is to pay the Obligations in full in cash when due according to the Notes, the other Transaction
Documents, this Guaranty and the other agreements, documents and instruments governing the Obligations to the extent provided herein,
and shall not be affected by any stay or extension of time for payment by any Company or any other Guarantor resulting from any
proceeding under the Bankruptcy Code or any similar law.

 

(d)          No
course of dealing between any Company or any Guarantor and Purchasers or Agent and no act, delay or omission by Purchasers or Agent
in exercising any right or remedy hereunder or with respect to any of the Obligations shall operate as a waiver thereof or of any
other right or remedy, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise
of any other right or remedy. Any Purchaser or Agent may remedy any default by any Company under any agreement with any Company
or with respect to any of the Obligations in any reasonable manner without waiving the default remedied and without waiving any
other prior or subsequent default by any Company. All rights and remedies of Purchasers and Agent hereunder are cumulative.

 

(e)          This
Guaranty shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

(f)          Agent
may assign its rights hereunder without the consent of Guarantors, in which event such assignee shall be deemed to be Agent hereunder
with respect to such assigned rights.

 

(g)          Captions
of the sections of this Guaranty are solely for the convenience of the parties hereto, and are not an aid in the interpretation
of this Guaranty and do not constitute part of the agreement of the parties set forth herein.

 

(h)          If
any provision of this Guaranty is unenforceable in whole or in part for any reason, the remaining provisions shall continue to
be effective.

 

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(i)          All
questions concerning the construction, validity, enforcement and interpretation of this Guaranty shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State
of New York. Each Guarantor 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 suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each Guarantor hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing by registered
or certified mail a copy thereof to such party at the address for such notices to it under this Guaranty and agrees that such service
shall constitute good and sufficient service of process and notice thereof as of the date that is five (5) business days after
the mailing thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law.

 

(j)          Notices.
All notices, approvals, requests, demands and other communications hereunder shall be delivered or made in the manner set forth
in, and shall be effective in accordance with the terms of, the Note Purchase Agreement or, in the case of communications to the
Agent, directed to the notice address set forth in the Security Agreement; provided, that any communication shall be effective
as to any Guarantor if made or sent to the Company in accordance with the foregoing.

 

12.          WAIVERS.

 

(a)          EACH
GUARANTOR WAIVES THE BENEFIT OF ALL VALUATION, APPRAISAL AND EXEMPTION LAWS.

 

(b)          UPON
THE OCCURRENCE OF A DEFAULT OR EVENT OF DEFAULT, EACH GUARANTOR HEREBY WAIVES ALL RIGHTS TO NOTICE AND HEARING OF ANY KIND PRIOR
TO THE EXERCISE BY ANY PURCHASER OR AGENT, ON ITS BEHALF AND IN ITS CAPACITY AS AGENT FOR THE BENEFIT OF PURCHASERS, OF ITS RIGHTS
TO REPOSSESS THE COLLATERAL WITHOUT JUDICIAL PROCESS OR TO REPLEVY, ATTACH OR LEVY UPON THE COLLATERAL WITHOUT PRIOR NOTICE OR
HEARING. EACH GUARANTOR ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY COUNSEL OF ITS CHOICE WITH RESPECT TO THIS TRANSACTION AND THIS
GUARANTY.

 

(c)          EACH
GUARANTOR WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS
GUARANTY, OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PURCHASER
OR AGENT. EACH GUARANTOR AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT
LIMITING THE FOREGOING, EACH GUARANTOR FURTHER AGREES THAT ITS RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION
AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY
OF THIS GUARANTY OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
TO THIS GUARANTY.

 

    	 	11	 

     

    

 

13.          Agent.
The terms and provisions of Section 5.11 of the Security Agreement which set forth the appointment of the Agent and the indemnifications
to which the Agent is entitled are hereby incorporated by reference herein as if fully set forth therein.

 

14.          Payments
Free of Taxes.

 

(a)          Definitions.
In this Section 14:

 

(i)          “Excluded
Taxes” means, with respect to the Agent or the Purchasers, or any other recipient of any payment to be made by or on
account of any obligations of any Guarantor under this Guaranty, or under any other Security Document, income or franchise taxes
imposed on (or measured by) its net income by the United States of America or such other jurisdiction under the laws of which such
recipient is organized or in which its principal office is located.

 

(ii)          “Governmental
Authority” means the government of the United States of America or any other nation, or any political subdivision thereof,
whether state or local, or any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government over
the Company or any of its Subsidiaries, or any of their respective properties, assets or undertakings.

 

(iii)          “Indemnified
Taxes” means Taxes other than Excluded Taxes.

 

(iv)          “Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority.

 

(b)          Any
and all payments by or on account of any obligation of any of the Guarantors under this Guaranty or any other Security Document
shall be made without any set-off, counterclaim or deduction and free and clear of and without deduction for any Indemnified Taxes;
provided that if any Guarantor shall be required to deduct any Indemnified Taxes from such payments, then (i) the sum payable shall
be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable
under this Section 14(b)), the Agent or Purchasers, as applicable, receives an amount equal to the sum it would have received
had no such deductions been made, (ii) such Guarantor shall make such deductions and (iii) such Guarantor shall pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable law.

 

    	 	12	 

     

    

 

(c)          Indemnification
by the Guarantors. Each Guarantor shall indemnify the Agent and the Purchasers, within ten (10) days after written demand therefor,
for the full amount of any Indemnified Taxes paid by the Agent or Purchasers, as applicable, on or with respect to any payment
by or on account of any obligation of such Guarantor under this Guaranty and the other Transaction Documents (including Indemnified
Taxes or imposed or asserted on or attributable to amounts payable under this Section 14) and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate of the Agent or any Purchaser as to the amount of such
payment or liability under this Section 14 shall be delivered to such Guarantor and shall be conclusive absent manifest
error.

 

15.          Counterparts;
Headings. This Guaranty may be executed in two or more identical counterparts, all of which together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party; provided that a facsimile, .pdf or similar electronically transmitted signature shall be considered due execution and shall
be binding upon the signatory thereto with the same force and effect as if the signature were an original signature. The headings
in this Guaranty are for convenience of reference only and shall not alter or otherwise affect the meaning hereof.

 

16.          Rights
of Contribution. The Guarantors hereby agree as among themselves that, if any Guarantor shall make an Excess Payment (as defined
below), such Guarantor shall have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s
Contribution Share (as defined below) of such Excess Payment. The payment obligations of any Guarantor under this Section 16
shall be subordinate and subject in right of payment to the Obligations until such time as the Obligations have been paid
in full in cash and all commitments to lend under the Note Purchase Agreement have expired or terminated, and none of the Guarantors
shall exercise any right or remedy under this Section 16 against any other Guarantor until such Obligations have been paid
in full in cash and all commitments to lend under the Note Purchase Agreement have expired or terminated. For purposes of this
Section 16, (a) “Excess Payment” shall mean the amount paid by any Guarantor in excess of its Ratable
Share of any Obligations; (b) “Ratable Share” shall mean, for any Guarantor in respect of any payment of Obligations,
the ratio (expressed as a percentage) as of the date of such payment of Obligations of (i) the amount by which the aggregate present
fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor (including
contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder)
to (ii) the amount by which the aggregate present fair salable value of all assets and other properties of Companies and Guarantors
exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities,
but excluding the obligations of the Guarantors hereunder) of the Companies and Guarantors, provided, however, that, for purposes
of calculating the Ratable Shares of the Guarantors in respect of any payment of Obligations, any Guarantor that became a Guarantor
subsequent to the date of any such payment shall be deemed to have been a Guarantor on the date of such payment and the financial
information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection
with such payment; and (c) “Contribution Share” shall mean, for any Guarantor in respect of any Excess Payment
made by any other Guarantor, the ratio (expressed as a percentage) as of the date of such Excess Payment of (i) the amount by
which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities
of such Guarantor (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the Obligations)
of Companies and Guarantors other than the maker of such Excess Payment; provided, however, that, for purposes of calculating
the Contribution Shares of the Guarantors in respect of any Excess Payment, any Guarantor that became a Guarantor subsequent to
the date of any such Excess Payment shall be deemed to have been a Guarantor on the date of such Excess Payment and the financial
information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection
with such Excess Payment. This Section 16 shall not be deemed to affect any right of subrogation, indemnity, reimbursement
or contribution that any Guarantor may have under law against any Company in respect of any payment of Obligations.

 

[rest of page intentionally left blank;
signature page follows]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF,
each Company and the Guarantors have executed this Guaranty as of the date first written above.

 

	USELL.COM, INC., 

a Delaware corporation	 	BST DISTRIBUTION, INC.,

 a New York corporation

 

	By:	/s/ Nikhil Raman	 	By:	/s/ Brian Tepfer
	 	Name:  Nikhil Raman	 	 	Name:  Brian Tepfer
	 	Title:  Chief Executive Officer	 	 	Title:  Chief Executive Officer

 

	WE SELL CELLULAR LLC, 

a Delaware limited liability company	 	Upstream Phone Company USA, Inc.,

 a Delaware corporation

 

	By:	/s/ Nikhil Raman	 	By:	/s/ Nikhil Raman
	 	Name:  Nikhil Raman	 	 	Name: Nikhil Raman
	 	Title:  Manager	 	 	Title:  President

 

	UPSTREAM PHONE HOLDINGS, INC.,

 a Delaware corporation	 	HD CAPITAL HOLDINGS LLC, 

an Delaware limited liability company

 

	By:	/s/ Nikhil Raman	 	By:	/s/ Daniel Brauser
	 	Name: Nikhil Raman	 	 	Name:  Daniel Brauser
	 	Title:  President	 	 	Title:  Manager

 

SIGNATURE PAGE TO

 SUBSIDIARY GUARANTY

 

     

     

    

 

EXHIBIT A

 

Form of Joinder

 

Joinder to Guaranty

 

This Joinder Agreement
is made between the undersigned, [__________] a [__________], (the “New Subsidiary”) and BAM Administrative
Services LLC, a Delaware limited liability company, as agent under that certain Subsidiary Guaranty dated as of _________ __,
2015 among usell.com, Inc., a Delaware corporation (“usell”), BST Distribution, Inc., a New York corporation
(“BST”), WE SELL CELLULAR LLC, a Delaware limited liability company (“We Sell” and together
with usell and BST, each a “Company” and collectively the “Companies”), HD Capital Holdings LLC,
a Delaware limited liability company (“HD Capital”), Upstream Phone Company USA, Inc., a Delaware corporation
(“Upstream”), and Upstream Phone Holdings, Inc., a Delaware corporation (“Upstream Holdings”)
; together with HD Capital, Upstream, and each other person or entity that becomes a Guarantor thereunder after the date and pursuant
to the terms thereof, to and in favor of the Purchasers (as amended, restated, supplemented or otherwise modified from time to
time, the “Guaranty”). Capitalized terms herein and not otherwise defined herein shall have the meanings assigned
to such terms in the Guaranty.

 

1.          The
New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed
to be a party to the Guaranty and a “Guarantor” for all purposes of the Guaranty, and shall have all of the obligations
of a Guarantor thereunder as if it had executed the Guaranty. The New Subsidiary hereby ratifies, as of the date hereof, and agrees
to be bound by, all of the terms, provisions and conditions applicable to the Guarantors contained in the Guaranty. Without limiting
the generality of the foregoing terms of this paragraph 1, the New Subsidiary hereby jointly and severally together with the other
Guarantors, guarantees to Purchasers and Agent, as provided in the Guaranty, the prompt payment and performance of the obligations
in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with
the terms thereof.

 

2.          The
New Subsidiary represents and warrants that the representations and warranties set forth in Section 6 of the Guaranty are, with
respect to the undersigned, true and correct as of the date hereof.

 

3.          From
and after the date hereof, each reference to a Guarantor in the Guaranty shall be deemed to include the undersigned.

 

4.          This
Agreement may be executed in multiple counterparts, each of which shall constitute an original but all of which when taken together
shall constitute one contract.

 

5.          THIS
AGREEMENT SHALL BE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW
OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION
OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

     

     

    

 

 

IN WITNESS WHEREOF,
the undersigned has executed this Joinder this ___ day of _________, 201_.

 

	 	 

 

    	 	2Exhibit 10.11

 

PLEDGE AGREEMENT

 

THIS PLEDGE AGREEMENT
made as of this 23rd day of October, 2015 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”),
among USELL.COM, INC., a Delaware corporation (“USELL”), BST DISTRIBUTION, INC., New York corporation (“BST”;
together with USELL, the “Pledgors” and each, the “Pledgor”) and BAM Administrative Services
LLC, a Delaware limited liability company, in its capacity as agent (“Agent”) for the Purchasers identified
below (in such capacity, together with its successors and assigns, the “Pledgee”).

 

WHEREAS:

 

A.           Each
Pledgor and We Sell Cellular LLC (“We Sell”) have executed and delivered to Senior Health Insurance Company
of Pennsylvania (“Purchaser”, and together with its successors and assigns and each other purchaser of a Note
(as defined below) and their respective successors and assigns, individually and collectively, the “Purchasers”)
those certain senior secured notes each made by the applicable Pledgor and dated as of the date hereof in an original aggregate
principal amount of $4,040,000 and a deferred aggregate amount of up to $4,040,000 (such notes, together with any promissory notes
or other securities issued in exchange or substitution therefor or replacement thereof, and as any of the same may be amended,
supplemented, restated or modified and in effect from time to time, the “Notes”). The Notes were issued pursuant
to a certain Note Purchase Agreement dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise
modified, the “Note Purchase Agreement”), among the Pledgors, We Sell, the Agent and the Purchasers. References
to the “Transaction Documents” shall mean the Note Purchase Agreement, the Notes and the other Related Agreements.

 

B.           Each
Pledgor legally and beneficially owns the interests specified on Exhibit A hereto and each other corporation or other
entity, the stock or other equity interests and securities of which are owned or acquired by Pledgor and described on an addendum
hereto from time to time executed by Pledgor in form and substance satisfactory to Pledgee, is referred to herein as a “Pledge
Entity” and collectively as the “Pledge Entities”; provided that the parties hereto agree that, as
of the date hereof, the Pledge Entities specified on Exhibit A are the only Pledge Entities.

 

C.           Pursuant
to a Security Agreement dated as of the date hereof by and among the Agent, the Pledgors, the other entities party thereto as “Debtors”
and Pledgee (as the same may be amended, restated, modified or supplement and in effect from time to time, the “Security
Agreement”), each Pledgor has granted Pledgee, for its benefit and the benefit of the Purchasers, a first priority security
interest in, lien upon and pledge of all of such Pledgor’s rights in such Pledgor’s Collateral (as defined in the Security
Agreement).

 

     

     

    

 

D.           To
induce the Purchasers to enter into the Note Purchase Agreement, purchase the Notes and to make the financial accommodations available
to the Pledgors and We Sell under the Note Purchase Agreement, and in order to secure the payment and performance by each Pledgor
of the Liabilities (as hereafter defined), each Pledgor has agreed to pledge to Pledgee all of the capital stock and other equity
interests and securities (the “Pledged Equity”) of the Pledge Entities now or hereafter owned or acquired by
such Pledgor to secure the Liabilities. For purposes of this Agreement, “Liabilities” means all Liabilities
(as defined in the Security Agreement), and all obligations, liabilities and indebtedness of every nature of Pledgors from time
to time owed or owing under or in respect of this Agreement, the Note Purchase Agreement, the Notes, the Security Agreement, the
Account Control Agreements, the Subsidiary Guaranty and any of the other Transaction Documents, as the case may be, including,
without limitation, the principal amount of all debts, claims and indebtedness, accrued and unpaid interest and all fees, costs
and expenses, whether primary, secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter
owing, due or payable whether before or after the filing of a bankruptcy, insolvency or similar proceeding under applicable federal,
state, foreign or other law and whether or not an allowed claim in any such proceeding.

 

NOW, THEREFORE,
in consideration of the premises and in order to induce the Purchasers to purchase the Notes under the Note Purchase Agreement
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor hereby
agrees with Pledgee as follows:

 

1.           Defined
Terms. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given them in the Note
Purchase Agreement.

 

2.           Pledge.

 

(a)          Each
Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers,
a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the
Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii)
any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii)
all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect
thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto;
(v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the
foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities,
cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any
time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as
defined below), and without affecting the obligations of any Pledgor under any provision of the Security Agreement, in the event
of any consolidation or merger in which any Pledgor is not the surviving corporation, all shares of each class or Pledged Equity
of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i)
through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral
security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise)
of the Liabilities. All of the Pledged Interests now owned by each Pledgor which are presently represented by certificates are
listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership
interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith.
Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B
attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor
shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates
representing the Pledged Interests and any additional Pledged Collateral.

 

    	 	2	 

     

    

 

(b)          Each
Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership
interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will
not be deemed a “security” governed by Article 8 of the UCC.

 

3.           Representations
and Warranties of Pledgors. Each Pledgor represents and warrants to Pledgee, and covenants with Pledgee, that:

 

(a)          Exhibit
A sets forth (i) the authorized capital stock and other equity interests of each Pledge Entity, (ii) the number of shares of
capital stock and other equity interests of each Pledge Entity that are issued and outstanding as of the date hereof, and (iii)
the percentage of the issued and outstanding shares of capital stock and other equity interests of each Pledge Entity held by such
Pledgor. Such Pledgor is the record and beneficial owner of, and has good and marketable title to, the Pledged Interests of such
Pledgor, and such shares are and will remain free and clear of all pledges, liens, security interests and other encumbrances and
restrictions whatsoever, except the liens and security interests in favor of Pledgee created by this Agreement;

 

(b)          Except
as set forth on Exhibit A, there are no outstanding options, warrants or other similar agreements with respect to the Pledged
Interests or any of the other Pledged Collateral;

 

(c)          This
Agreement is the legal, valid and binding obligation of each Pledgor, enforceable against each Pledgor in accordance with its terms
except to the extent that such enforceability is subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance
and moratorium laws and other laws of general application affecting enforcement of creditors’ rights generally, or the availability
of equitable remedies, which are subject to the discretion of the court before which an action may be brought;

 

(d)          The
Pledged Interests have been duly and validly authorized and issued, are fully paid and non-assessable, and the Pledged Interests
listed on Exhibit A constitute all of the issued and outstanding capital stock or other equity interests of the Pledge Entities;

 

(e)          No
consent, approval or authorization of or designation or filing with any governmental or regulatory authority on the part of any
Pledgor is required in connection with the pledge and security interest granted under this Agreement;

 

(f)          The
execution, delivery and performance of this Agreement will not violate any provision of any applicable law or regulation or of
any order, judgment, writ, award or decree of any court, arbitrator or governmental authority, which are applicable to any Pledgor,
or of the articles or certificate of incorporation, certificate of formation, bylaws or any other similar organizational documents
of any Pledgor or any Pledge Entity or of any securities issued by any Pledgor or any Pledge Entity or of any mortgage, indenture,
lease, contract, or other agreement, instrument or undertaking to which any Pledgor or any Pledge Entity is a party or which is
binding upon any Pledgor or any Pledge Entity or upon any of the assets of any Pledgor or any Pledge Entity, and will not result
in the creation or imposition of any lien, charge or encumbrance on or security interest in any of the assets of any Pledgor or
any Pledge Entity, except as otherwise contemplated by this Agreement;

 

    	 	3	 

     

    

 

(g)          The
pledge, assignment and delivery of the Pledged Interests and the other Pledged Collateral pursuant to this Agreement creates a
valid first lien on and perfected first priority security interest in such Pledged Interests and Pledged Collateral and the proceeds
thereof in favor of Pledgee, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance
or to any agreement purporting to grant to any third party a security interest in the property or assets of Pledgor which would
include the Pledged Interests or any other Pledged Collateral. Until this Agreement is terminated pursuant to Section 11 hereof,
each Pledgor covenants and agrees that it will defend, for the benefit of Pledgee, Pledgee’s right, title and security interest
in and to the Pledged Interests, the other Pledged Collateral and the proceeds thereof against the claims and demands of all other
persons or entities; and

 

(h)          No
Pledgor nor any Pledged Entity (i) will become a person whose property or interests in property are blocked or subject to blocking
pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions with Persons
Who Commit, Threaten to Commit or Support Terrorism (66 Fed. Reg. 49079(2001), (ii) will engage in any dealings or transactions
prohibited by Section 2 of such executive order, or (iii) will otherwise become a person on the list of Specially Designated Nationals
and Blocked Persons or subject to the limitations or prohibitions under any other Office of Foreign Asset Control regulation or
executive order.

 

4.           Dividends,
Distributions, Etc. If, prior to irrevocable repayment in full in cash of the Liabilities, any Pledgor shall receive any certificate
(including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification,
increase or reduction of capital, or issued in connection with any reorganization, merger or consolidation), or any options or
rights, whether as an addition to, in substitution for, or in exchange for any of the Pledged Interests or otherwise, such Pledgor
agrees, in each case, to accept the same as Pledgee’s agent and to hold the same in trust for Pledgee, and to deliver the
same promptly (but in any event within five days) to Pledgee in the exact form received, with the endorsement of such Pledgor when
necessary and/or with appropriate undated assignments separate from certificates or stock powers duly executed in blank, to be
held by Pledgee subject to the terms hereof, as additional Pledged Collateral. The applicable Pledgor shall promptly deliver to
Pledgee (i) a Pledge Addendum with respect to such additional certificates, and (ii) any financing statements or amendments to
financing statements as requested by Pledgee. Each Pledgor hereby authorizes Pledgee to attach each such Pledge Addendum to this
Agreement. Except as provided in Section 5(b) below, all sums of money and property so paid or distributed in respect of
the Pledged Interests which are received by any Pledgor shall, until paid or delivered to Pledgee, be held by Pledgor in trust
as additional Pledged Collateral.

 

    	 	4	 

     

    

 

5.           Voting
Rights; Dividends; Certificates.

 

(a)          So
long as no Event of Default (as defined in the Notes) has occurred and is continuing, each Pledgor shall be entitled (subject to
the other provisions hereof, including, without limitation, Section 8 below) to exercise its voting and other consensual
rights with respect to the Pledged Interests and otherwise exercise the incidents of ownership thereof in any manner not inconsistent
with this Agreement, the Note Purchase Agreement and/or any of the other Transaction Documents. Each Pledgor hereby grants to Pledgee
or its nominee, an irrevocable proxy to exercise all voting, corporate and limited liability company rights relating to the Pledged
Interests in any instance, which proxy shall be effective, at the discretion of Pledgee, upon the occurrence and during the continuance
of an Event of Default. Upon the request of Pledgee at any time, each Pledgor agrees to deliver to Pledgee such further evidence
of such irrevocable proxy or such further irrevocable proxies to vote the Pledged Interests as Pledgee may request.

 

(b)          So
long as no Event of Default shall have occurred and be continuing, each Pledgor shall be entitled to receive cash dividends or
other distributions made in respect of the Pledged Interests, to the extent permitted to be made pursuant to the terms of the Notes
and the Note Purchase Agreement. Upon the occurrence and during the continuance of an Event of Default, in the event that any Pledgor,
as record and beneficial owner of the Pledged Interests, shall have received or shall have become entitled to receive, any cash
dividends or other distributions in the ordinary course, such Pledgor shall deliver to Pledgee, and Pledgee shall be entitled to
receive and retain, for the benefit of Pledgee and the Purchasers, all such cash or other distributions as additional security
for the Liabilities.

 

(c)          Subject
to any sale or other disposition by Pledgee of the Pledged Interests, any other Pledged Collateral or other property pursuant to
this Agreement, upon the indefeasible full payment in cash, satisfaction and termination of all of the Liabilities and the termination
of this Agreement pursuant to Section 11 hereof and of the liens and security interests hereby granted, the Pledged Interests,
the other Pledged Collateral and any other property then held as part of the Pledged Collateral in accordance with the provisions
of this Agreement shall be returned to the applicable Pledgor or to such other persons or entities as shall be legally entitled
thereto.

 

(d)          Each
Pledgor shall cause all Pledged Interests (other than the Pledged Interests consisting of limited liability company interests)
to be certificated at all times while this Agreement is in effect.

 

6.           Rights
of Pledgee. Pledgee shall not be liable for failure to collect or realize upon the Liabilities or any collateral security or
guaranty therefor, or any part thereof, or for any delay in so doing, nor shall Pledgee be under any obligation to take any action
whatsoever with regard thereto. Any or all of the Pledged Interests held by Pledgee hereunder may, if an Event of Default has occurred
and is continuing, without notice, be registered in the name of Pledgee or its nominee, and Pledgee or its nominee may thereafter
without notice exercise all voting and corporate rights at any meeting with respect to any Pledge Entity and exercise any and all
rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to any of the Pledged Interests
as if it were the absolute owner thereof, including, without limitation, the right to vote in favor of, and to exchange at its
discretion any and all of the Pledged Interests upon the merger, consolidation, reorganization, recapitalization or other readjustment
with respect to any Pledge Entity or upon the exercise by any Pledge Entity, any Pledgor or Pledgee of any right, privilege or
option pertaining to any of the Pledged Interests, and in connection therewith, to deposit and deliver any and all of the Pledged
Interests with any committee, depository, transfer agent, registrar or other designated agency upon such terms and conditions as
Pledgee may reasonably determine, all without liability except to account for property actually received by Pledgee, but Pledgee
shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure
to do so or delay in so doing.

 

    	 	5	 

     

    

 

7.          Remedies.
Upon the occurrence and during the continuance of an Event of Default, Pledgee may exercise in respect of the Pledged Collateral,
in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured
party under the Uniform Commercial Code (“UCC”) of the jurisdiction applicable to the affected Pledged Collateral
from time to time. Without limiting the foregoing, Pledgee may, without demand of performance or other demand, advertisement or
notice of any kind (except the notice specified below of time and place of public or private sale) to or upon any Pledgor or any
other person or entity (all and each of which demands, advertisements and/or notices are hereby expressly waived), upon the occurrence
and during the continuance of an Event of Default forthwith collect, receive, appropriate and realize upon the Pledged Collateral,
or any part thereof, and/or may forthwith date and otherwise fill in the blanks on any assignments separate from certificates or
stock power or otherwise sell, assign, give an option or options to purchase, contract to sell or otherwise dispose of and deliver
said Pledged Collateral, or any part thereof, in one or more portions at one or more public or private sales or dispositions, at
any exchange or broker’s board or at any of Pledgee’s offices or elsewhere upon such terms and conditions as Pledgee
may deem advisable and at such prices as it may deem best, for any combination of cash and/or securities or other property or on
credit or for future delivery without assumption of any credit risk, with the right to Pledgee upon any such sale, public or private,
to purchase the whole or any part of said Pledged Collateral so sold, free of any right or equity of redemption in Pledgor, which
right or equity is hereby expressly waived or released. Pledgee shall apply the net proceeds of any such collection, recovery,
receipt, appropriation, realization, sale or disposition, after deducting all costs and expenses of every kind incurred therein
or incidental to the safekeeping of any and all of the Pledged Collateral or in any way relating to the rights of Pledgee hereunder,
including reasonable attorneys’ fees and legal expenses, to the payment, in whole or in part, of the Liabilities, in such
order as Pledgee may elect. Each Pledgor shall remain liable for any deficiency remaining unpaid after such application. Only after
so paying over such net proceeds and after the payment by Pledgee of any other amount required by any provision of law, including,
without limitation, Section 9-608 of the UCC, need Pledgee account for the surplus, if any, to any Pledgor. Each Pledgor agrees
that Pledgee need not give more than ten (10) days’ notice of the time and place of any public sale or of the time after
which a private sale or other intended disposition is to take place and that such notice is reasonable notification of such matters.
No notification need be given to any Pledgor if it has signed after default a statement renouncing or modifying any right to notification
of sale or other intended disposition. Notwithstanding any provision in any operating agreement or shareholder agreement of any
issuer of the Pledged Collateral or the Delaware Limited Liability Company Act or the Business Corporation Law of the State of
New York to the contrary, the undersigned constituting all of the members and/or shareholders of each issuer hereby acknowledge
that such member and/or shareholder, as applicable, may pledge to the Agent all of such member’s and/or shareholder’s
right, title and interest in such issuer, and upon foreclosure the successful bidder (which may include the Agent) will be deemed
admitted as a member and/or shareholder, as applicable, of such issuer, and will automatically succeed to all of such pledged right,
title and interest, including without limitation such members’ and/or shareholder’s limited liability company and equity
interests, right to vote and participate in the management and business affairs of the issuer, right to a share of the profits
and losses of the issuer and right to receive distributions from the issuer.

 

    	 	6	 

     

    

 

8.           No
Disposition, Etc. Until the irrevocable payment in full in cash of the Liabilities, each Pledgor agrees that it will
not sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Pledged Interests or any
other Pledged Collateral, nor will any Pledgor create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security
interest, charge, option or any other encumbrance with respect to any of the Pledged Interests or any other Pledged Collateral,
or any interest therein, or any proceeds thereof, except for the lien and security interest of Pledgee provided for by this Agreement
and the Security Agreement and Permitted Encumbrance, as defined in the Note Purchase Agreement.

 

9.           Sale
of Pledged Interests.

 

(a)          Each
Pledgor recognizes that Pledgee may be unable to effect a public sale or disposition (including, without limitation, any disposition
in connection with a merger of a Pledge Entity) of any or all the Pledged Interests by reason of certain prohibitions contained
in the Securities Act, and applicable state securities laws, but may be compelled to resort to one or more private sales or dispositions
thereof to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities for their
own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges and agrees that
any such private sale or disposition may result in prices and other terms (including the terms of any securities or other property
received in connection therewith) less favorable to the seller than if such sale or disposition were a public sale or disposition
and each Pledgor agrees that it is not commercially unreasonable for Pledgee to engage in any such private sales or dispositions
under such circumstances. Pledgee shall be under no obligation to delay a sale or disposition of any of the Pledged Interests in
order to permit any Pledgor or a Pledge Entity to register such securities for public sale under the Securities Act, or under applicable
state securities laws, even if such Pledgor or a Pledge Entity would agree to do so.

 

(b)          Each
Pledgor further agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make such sales
or dispositions of the Pledged Interests valid and binding and in compliance with any and all applicable laws, regulations, orders,
writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign,
having jurisdiction over any such sales or dispositions, all at such Pledgor’s expense; provided that no Pledgor shall have
any obligation to register the Pledged Interests as securities under the Securities Act or the applicable state securities laws
solely by virtue of this Section 9(b). Each Pledgor further agrees that a breach of any of the covenants contained in Sections
4, 5(a), 5(b), 8, 9 and 24 will cause irreparable injury to Pledgee and that Pledgee has
no adequate remedy at law in respect of such breach and, as a consequence, agrees, without limiting the right of Pledgee to seek
and obtain specific performance of other obligations of each Pledgor contained in this Agreement, that each and every covenant
referenced above shall be specifically enforceable against each Pledgor, and each Pledgor hereby waives and agrees not to assert
any defenses against an action for specific performance of such covenants.

 

    	 	7	 

     

    

 

(c)          Each
Pledgor further agrees to indemnify and hold harmless the Purchasers, Pledgee and their respective successors and assigns, their
respective officers, directors, employees, attorneys and agents, and any person or entity in control of any thereof, from and against
any loss, liability, claim, damage and expense, including, without limitation, legal fees and expenses (in this paragraph collectively
called the “Indemnified Liabilities”), under federal and state securities laws or otherwise insofar as such
Indemnified Liability (i) arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained
in any registration statement, prospectus or offering memorandum or in any preliminary prospectus or preliminary offering memorandum
or in any amendment or supplement to any thereof or in any other writing prepared by any Pledgor in connection with the offer,
sale or resale of all or any portion of the Pledged Collateral unless such untrue statement of material fact was provided by Pledgee,
in writing, specifically for inclusion therein, or (ii) arises out of or is based upon any omission or alleged omission to state
therein a material fact required to be stated or necessary to make the statements therein not misleading, such indemnification
to remain operative regardless of any investigation made by or on behalf of Pledgee or any successor thereof, or any person or
entity in control of any thereof. In connection with a public sale or other distribution, each Pledgor will provide customary indemnification
to any underwriters, their successors and assigns, officers and directors and each person or entity who controls any such underwriter
(within the meaning of the Securities Act). If and to the extent that the foregoing undertakings in this paragraph may be unenforceable
for any reason, each Pledgor agrees to jointly and severally make the maximum contribution to the payment and satisfaction of each
of the Indemnified Liabilities which is permissible under applicable law. The obligations of each Pledgor under this paragraph
(c) shall survive any termination of this Agreement.

 

(d)          Each
Pledgor further agrees not to exercise any and all rights of subrogation it may have against a Pledge Entity upon the sale or disposition
of all or any portion of the Pledged Collateral by Pledgee pursuant to the terms of this Agreement until the termination of this
Agreement in accordance with Section 11 below.

 

10.          No
Waiver; Cumulative Remedies. Pledgee shall not by any act, delay, omission or otherwise be deemed to have waived any of its
remedies hereunder, and no waiver by Pledgee shall be valid unless in writing and signed by Pledgee, and then only to the extent
therein set forth. A waiver by Pledgee of any right or remedy hereunder on any one occasion shall not be construed as a bar to
any right or remedy which Pledgee would otherwise have on any further occasion. No course of dealing between any Pledgor and Pledgee
and no failure to exercise, nor any delay in exercising on the part of Pledgee or the Purchasers of, any right, power or privilege
hereunder or under the other Transaction Documents shall impair such right or remedy or operate as a waiver thereof; nor shall
any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein provided are cumulative and may be exercised singly
or concurrently, and are not exclusive of any rights or remedies provided by law or in the Note Purchase Agreement.

 

    	 	8	 

     

    

 

11.         Termination.
This Agreement and the liens and security interests granted hereunder shall terminate and Pledgee, at each Pledgor’s sole
cost and expense, shall return any Pledged Interests or other Pledged Collateral then held by Pledgee in accordance with the provisions
of this Agreement to Pledgor upon the termination of the Note Purchase Agreement and the full and complete performance and indefeasible
satisfaction of all of the Liabilities (i) in respect of the Notes (including, without limitation, the indefeasible payment in
full in cash of all such Liabilities) and (ii) with respect to which claims have been asserted by Pledgee and/or Purchasers.

 

12.         Possession
of Collateral. Beyond the exercise of reasonable care to assure the safe custody of the Pledged Interests in the physical possession
of Pledgee pursuant hereto, neither Pledgee, nor any nominee of Pledgee, shall have any duty or liability to collect any sums due
in respect thereof or to protect, preserve or exercise any rights pertaining thereto (including any duty to ascertain or take action
with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to the Pledged Collateral and any
duty to take any necessary steps to preserve rights against any parties with respect to the Pledged Collateral), and shall be relieved
of all responsibility for the Pledged Collateral upon surrendering them to any Pledgor. Each Pledgor assumes the responsibility
for being and keeping itself informed of the financial condition of a Pledge Entity and of all other circumstances bearing upon
the risk of non-payment of the Liabilities, and Pledgee shall have no duty to advise any Pledgor of information known to Pledgee
regarding such condition or any such circumstance. Pledgee shall have no duty to inquire into the powers of a Pledge Entity or
its officers, directors, managers, members, partners or agents thereof acting or purporting to act on its behalf.

 

13.         Taxes
and Expenses. Each Pledgor will jointly and severally pay to Pledgee within the Applicable Time Frame (as hereafter defined)
(a) any taxes (excluding income taxes, franchise taxes or other taxes levied on gross earnings, profits or the like of Pledgee)
payable or ruled payable by any Governmental Authority (as defined in the Security Agreement) in respect of this Agreement, together
with interest and penalties, if any, and (b) all expenses, including the fees and expenses of counsel for Pledgee and of any experts
and agents that Pledgee may incur in connection with (i) the administration, modification or amendment of this Agreement, (ii)
the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Pledged Collateral, (iii)
the exercise or enforcement of any of the rights of Pledgee hereunder, or (iv) the failure of Pledgor to perform or observe any
of the provisions hereof. For purposes hereof, the term “Applicable Time Frame” means the earlier of (a) ten (10) days
after Pledgee’s written demand for such payment and (b) the date set forth in Pledgee’s written demand for such payment
if such payment is required to be made by Pledgee prior to the ten (10) day period referred to in the foregoing clause “(a).”

 

14.         Pledgee
Appointed Attorney-In-Fact. Each Pledgor hereby irrevocably appoints Pledgee as such Pledgor’s attorney-in-fact, with
full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time in Pledgee’s
discretion, to take any action and to execute any instrument that Pledgee deems reasonably necessary or advisable to accomplish
the purposes of this Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to
such Pledgor representing any dividend, interest payment or other distribution in respect of the Pledged Collateral or any part
thereof and to give full discharge for the same, when and to the extent permitted by this Agreement; provided that the power of
attorney granted hereunder shall only be exercised by Pledgee after the occurrence and during the continuance of an Event of Default.

 

    	 	9	 

     

    

 

15.         Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of New York. Each party 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 suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing by registered or certified mail a copy thereof to such party at the address for such notices to
it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof
five (5) business days after the mailing thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Notwithstanding the foregoing, the Pledgee may enforce its rights and remedies in any other
jurisdiction applicable to the Pledged Collateral. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

16.         Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided
that a facsimile, .pdf or similar electronically transmitted signature shall be considered due execution and shall be binding upon
the signatory thereto with the same force and effect as if the signature were an original signature.

 

17.         Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

18.         Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

    	 	10	 

     

    

 

19.         ENTIRE
AGREEMENT; AMENDMENTS. THIS AGREEMENT, TOGETHER WITH THE OTHER TRANSACTION DOCUMENTS, SUPERSEDES ALL OTHER PRIOR ORAL OR WRITTEN
AGREEMENTS BETWEEN ANY PLEDGOR, PLEDGEE, THEIR AFFILIATES AND PERSONS ACTING ON THEIR BEHALF WITH RESPECT TO THE MATTERS DISCUSSED
HEREIN, AND THIS AGREEMENT, TOGETHER WITH THE OTHER TRANSACTION DOCUMENTS AND THE OTHER INSTRUMENTS REFERENCED HEREIN AND THEREIN,
CONTAIN THE ENTIRE UNDERSTANDING OF THE PARTIES WITH RESPECT TO THE MATTERS COVERED HEREIN AND THEREIN AND, EXCEPT AS SPECIFICALLY
SET FORTH HEREIN OR THEREIN, NEITHER THE PLEDGEE NOR ANY PLEDGOR MAKES ANY REPRESENTATION, WARRANTY, COVENANT OR UNDERTAKING WITH
RESPECT TO SUCH MATTERS. AS OF THE DATE OF THIS AGREEMENT, THERE ARE NO UNWRITTEN AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO
THE MATTERS DISCUSSED HEREIN. EXCEPT AS SET FORTH IN SECTION 2(A) HEREOF, NO PROVISION OF THIS AGREEMENT MAY BE AMENDED, MODIFIED
OR SUPPLEMENTED OTHER THAN BY AN INSTRUMENT IN WRITING SIGNED BY THE PLEDGOR AND PLEDGEE.

 

20.         Notices.
All notices, approvals, requests, demands and other communications hereunder shall be delivered or made in the manner set forth
in, and shall be effective in accordance with the terms of, the Note Purchase Agreement, in the case of communications to the Agent,
directed to the notice address set forth in the Security Agreement.

 

21.         Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns, including any purchasers of the Notes. Pledgor shall not assign this Agreement or any rights or obligations hereunder
without the prior written consent of Pledgee. Pledgee may assign its rights hereunder without the consent of Pledgor, in which
event such assignee shall be deemed to be Pledgee hereunder with respect to such assigned rights.

 

22.         No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person or entity.

 

23.         Survival.
All representations, warranties, covenants and agreements of Pledgor and Pledgee shall survive the execution and delivery of this
Agreement.

 

24.         Further
Assurances. Each Pledgor agrees that it will, at any time and from time to time upon the written request of Pledgee, execute
and deliver all assignments separate from certificates or stock powers, financing statements and such further documents and do
such further acts and things as Pledgee may reasonably request consistent with the provisions hereof in order to carry out the
intent and accomplish the purpose of this Agreement and the consummation of the transactions contemplated hereby.

 

25.         No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

26.         Pledgee
Authorized. Each Pledgor hereby authorizes Pledgee to file one or more financing or continuation statements and amendments
thereto (or similar documents required by any laws of any applicable jurisdiction) relating to all or any part of the Pledged Interests
or other Pledged Collateral without the signature of such Pledgor.

 

    	 	11	 

     

    

 

27.         Pledgee
Acknowledgement. Each Pledgor acknowledges receipt of an executed copy of this Agreement. Each Pledgor waives the right to
receive any amount that it may now or hereafter be entitled to receive (whether by way of damages, fine, penalty, or otherwise)
by reason of the failure of the Pledgee to deliver to any Pledgor a copy of any financing statement or any statement issued by
any registry that confirms registration of a financing statement relating to this Agreement.

 

28.         Agent.
The terms and provisions of Section 5.11 of the Security Agreement which set forth the appointment of the Pledgee as Agent
and the indemnifications to which the Agent is entitled are hereby incorporated by reference herein as if fully set forth herein.

 

[Signature Page Follows]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Pledge Agreement to be duly executed and delivered by their duly authorized officers on the
date first above written.

 

	 	PLEDGORS:
	 	 
	 	USELL.COM, INC., a Delaware corporation
	 	 	 
	 	By:	/s/ Nikhil Raman
	 	 	Name:  Nikhil Raman
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	bst distribution, inc., a New York corporation
	 	 	 
	 	By:	/s/ Brian Tepfer
	 	 	Name:  Brian Tepfer
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	WE SELL CELLULAR LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Nikhil Raman
	 	 	Name:  Nikhil Raman
	 	 	Title:  Manager
	 	 	 
	 	PLEDGEE:
	 	 	 
	 	BAM ADMINISTRATIVE SERVICES LLC, a Delaware limited liability company, in its capacity as agent for
    the Purchasers
	 	 	 
	 	By: 	/s/
	 	 	Name:
	 	 	Title:

 

SIGNATURE
PAGE TO

PLEDGE AGREEMENT

 

     

     

    

  

ACKNOWLEDGEMENT

 

Each of the undersigned
hereby (i) acknowledges receipt of a copy of the foregoing Pledge Agreement, (ii) waives any rights or requirement at any time
hereafter to receive a copy of such Pledge Agreement in connection with the registration of any Pledged Interests (as defined therein)
in the name of Pledgee or its nominee or the exercise of voting rights by Pledgee and (iii) agrees promptly to note on its books
and records the grant of the security interest in the stock or other equity interests of the undersigned as provided in such Pledge
Agreement.

 

Dated: October 23, 2015

 

	HD CAPITAL HOLDINGS LLC, a Delaware limited liability company	 	BST DISTRIBUTION, INC., a New York corporation
	 	 	 	 	 
	By:	/s/ Daniel Brauser	 	By:	/s/ Brian Tepfer
	 	Name: Daniel Brauser	 	 	Name: Brian Tepfer
	 	Title: Manager	 	 	Title: Chief Executive Officer
	 	 	 	 	 
	UPSTREAM PHONE COMPANY USA, INC., a Delaware corporation	 	WE SELL CELLULAR LLC, a Delaware limited liability company
	 	 	 
	By:	/s/ Nikhil Raman	 	By:	/s/ Nikhil Raman
	 	Name: Nikhil Raman	 	 	Name: Nikhil Raman
	 	Title: President	 	 	Title: Manager
	 	 	 	 	 
	UPSTREAM PHONE HOLDINGS, INC., a Delaware corporation	 	 	 
	 	 	 	 
	By:	/s/ Nikhil Raman	 	 	 
	 	Name: Nikhil Raman	 	 	 
	 	Title: President	 	 	 

 

SIGNATURE PAGE TO

ACKNOWLEDGMENT TO

PLEDGE AGREEMENT

 

     

     

    

 

EXHIBIT A

to Pledge Agreement

 

Description of Pledged Interests or Units

 

	Pledgor	 	Name of

Pledged Entity	 	Class	 	Stock or Unit

 Certificate No.	 	Percentage of 

Units 

Held by Pledgor
	 	 	 	 	 	 	 	 	 
	USELL.COM, INC., a Delaware corporation	 	HD CAPITAL HOLDINGS LLC	 	N/A	 	Uncertificated	 	100%
	 	 	 	 	 	 	 	 	 
	USELL.COM, INC., a Delaware corporation	 	UPSTREAM PHONE COMPANY USA, INC.	 	Common	 	01	 	100%
	 	 	 	 	 	 	 	 	 
	USELL.COM, INC., a Delaware corporation	 	BST DISTRIBUTION, INC.	 	Common	 	03	 	100%
	 	 	 	 	 	 	 	 	 
	USELL.COM, INC., a Delaware corporation	 	UPSTREAM PHONE HOLDINGS, INC.	 	Common	 	01	 	100%
	 	 	 	 	 	 	 	 	 
	BST DISTRIBUTION, INC., a New York corporation	 	WE SELL CELLULAR LLC	 	N/A	 	Uncertificated	 	100%

 

 

 

     

     

    

  

EXHIBIT B

to Pledge Agreement

 

Addendum to Pledge Agreement

 

The undersigned, being
the Pledgor pursuant to that certain Pledge Agreement dated as of October 23, 2015 (as amended, restated, supplemented or otherwise
modified from time to time, the “Pledge Agreement”) in favor of BAM Administrative Services LLC, a Delaware
limited liability company, as Agent (“Pledgee”), by executing this Addendum, hereby acknowledges that Pledgor
has acquired and legally and beneficially owns all of the issued and outstanding [ shares of capital stock ] of [__________________,
a _______ corporation ] (“Company”) described below (the “Shares”). Pledgor hereby agrees
and acknowledges that the Shares shall be deemed Pledged Interests pursuant to the Pledge Agreement. Pledgor hereby represents
and warrants to Pledgee that (i) all of the [ capital stock ] of the Company now owned by Pledgor is presently represented by the
certificates listed below, which certificates, with undated assignments separate from certificate or stock powers duly executed
in blank by Pledgor, are being delivered to Pledgee, simultaneously herewith (or have been previously delivered to Pledgee), and
(ii) after giving effect to this addendum, the representations and warranties set forth in Section 3 of the Pledge Agreement
are true, complete and correct as of the date hereof.

 

Pledged Interests

 

	Name of the Pledged

Entity	 	Class of Equity

 Interest	 	Certificate

No.	 	Percentage of Units Held by

Pledgor
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  

IN WITNESS WHEREOF,
Pledgor has executed this Addendum this _____ day of ______.

 

	      [		]

	 	 	 	 
	 	 By:	  	 
	 	 	Name:	 
	 	 	
        Title:

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