Document:

Exhibit 10.1

 

 

SECURITY AGREEMENT

 

among

 

INTERCEPT PHARMACEUTICALS, INC.,

as Issuer,

 

and

 

THE GUARANTORS PARTY HERETO FROM TIME TO TIME,

as Guarantors

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent

 

Dated as of August 17, 2021

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article I DEFINITIONS AND INTERPRETATION	2
	 	 	 
	 	SECTION 1.1	Definitions	2
	 	SECTION 1.2	Interpretation	8
	 	SECTION 1.3	Resolution of Drafting Ambiguities	8
	 	 	 
	Article II GRANT OF SECURITY AND SECURED OBLIGATIONS	8
	 	 	 
	 	SECTION 2.1	Grant of Security Interest	8
	 	SECTION 2.2	Filings	10
	 	SECTION 2.3	Control Agreements	11
	 	 	 
	Article III PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; USE OF PLEDGED COLLATERAL	12
	 	 	 
	 	SECTION 3.1	Delivery of Certificated Securities Collateral	12
	 	SECTION 3.2	Perfection of Other Securities Collateral	13
	 	SECTION 3.3	Financing Statements and Other Filings; Maintenance of Perfected Security Interest	13
	 	SECTION 3.4	Other Actions	14
	 	 	 
	Article IV REPRESENTATIONS, WARRANTIES AND COVENANTS	16
	 	 	 
	 	SECTION 4.1	Title; Consent	16
	 	SECTION 4.2	Validity of Security Interest	16
	 	SECTION 4.3	Defense of Claims	17
	 	SECTION 4.4	Other Financing Statements	17
	 	SECTION 4.5	Chief Executive Office; Change of Name; Jurisdiction of Organization, etc.	17
	 	SECTION 4.6	Due Authorization and Issuance	17
	 	SECTION 4.7	Pledged Collateral	18
	 	 	 
	Article V CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	18
	 	 	 
	 	SECTION 5.1	Voting Rights; Distributions; etc.	18
	 	 	 
	Article VI CERTAIN PROVISIONS CONCERNING INTELLECTUAL PROPERTY COLLATERAL	19
	 	 	 
	 	SECTION 6.1	Grant of License	19
	 	SECTION 6.2	Scheduled Intellectual Property	20
	 	SECTION 6.3	No Violations or Proceedings	20
	 	SECTION 6.4	Protection of Collateral Agent’s Security	20
	 	SECTION 6.5	After-Acquired Property	21
	 	SECTION 6.6	Litigation	21

 

    i 

     

    

 

TABLE OF CONTENTS (continued)

 

	 	 	Page
	 	 	 
	Article VII MAINTENANCE OF RECORDS	22
	 	 	 
	Article VIII REMEDIES	22
	 	 	 
	 	SECTION 8.1	Remedies	22
	 	SECTION 8.2	Notice of Sale	24
	 	SECTION 8.3	Waiver of Claims; Other Waivers; Marshalling	24
	 	SECTION 8.4	Standards for Exercising Rights and Remedies	25
	 	SECTION 8.5	Certain Sales of Pledged Collateral	25
	 	SECTION 8.6	No Waiver; Cumulative Remedies	26
	 	SECTION 8.7	Certain Additional Actions Regarding Intellectual Property	26
	 	 	 	 
	Article IX APPLICATION OF PROCEEDS	27
	 	 	 
	Article X MISCELLANEOUS	27
	 	 	 
	 	SECTION 10.1	Collateral Agent Appointed Attorney-in-Fact	27
	 	SECTION 10.2	Continuing Security Interest	27
	 	SECTION 10.3	Termination; Release	27
	 	SECTION 10.4	Modification in Writing	28
	 	SECTION 10.5	Notices	28
	 	SECTION 10.6	Governing Law and Consent to Jurisdiction; Waiver of Jury Trial	28
	 	SECTION 10.7	Severability of Provisions	28
	 	SECTION 10.8	Execution in Counterparts	29
	 	SECTION 10.9	Business Days	29
	 	SECTION 10.10	No Claims Against Collateral Agent	29
	 	SECTION 10.11	Obligations Absolute	29
	 	SECTION 10.12	Concerning the Collateral Agent	30

 

	SCHEDULES	 
	 	 
	Schedule 1	Commercial Tort Claims
	Schedule 2	Letters of Credit
	Schedule 3	Filing Offices
	Schedule 4	Pledged Securities
	Schedule 5	Intellectual Property
	Schedule 6	Deposit Accounts, Securities Accounts and Commodities Accounts
	Schedule 7	Deliverable Intercompany Notes, Instruments and Tangible Chattel Paper
	 	 
	EXHIBITS	 
	 	 
	Exhibit 1	Form of Joinder Agreement
	Exhibit 2	Form of Copyright Security Agreement
	Exhibit 3	Form of Patent Security Agreement
	Exhibit 4	Form of Trademark Security Agreement

 

    ii 

     

    

 

SECURITY AGREEMENT

 

This SECURITY AGREEMENT, dated as of August 17,
2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the provisions
hereof, including by one or more Joinder Agreements, or otherwise, this “Agreement”), is made by and among Intercept
Pharmaceuticals, Inc., a Delaware corporation (“Issuer”), and the Subsidiaries of Issuer that may from time to time
be a party hereto as guarantors (collectively, the “Guarantors”), as pledgors and debtors (Issuer, together with the
Guarantors, in such capacities, the “Pledgors,” and each, a “Pledgor”), and U.S. Bank National Association,
a national banking association (“U.S. Bank”), solely in its capacity as collateral agent pursuant to the Indenture
(in such capacity, together with any successors in such capacity, the “Collateral Agent”).

 

R E C I T A L S:

 

A.               
In connection with the execution and delivery of this Agreement, Issuer, U.S. Bank, as trustee and the Collateral Agent, and the
other parties party thereto have entered into that certain Base Indenture, dated as of August 17, 2021 (the “Base Indenture”),
as supplemented by that certain First Supplemental Indenture, dated as of August 17, 2021 (the “Supplemental Indenture”;
the Base Indenture, as supplemented by the Supplemented Indenture and as further amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Indenture”).

 

B.                
The Pledgors will receive substantial direct and/or indirect benefits from the execution and delivery of the Indenture and the
other Notes Documents (this and each other capitalized term used but not defined herein shall have the respective meaning given to it
in the Indenture) and is, therefore, willing to enter into this Agreement.

 

C.                
This Agreement is made by and among the Pledgors and the Collateral Agent to grant a Lien on the Pledged Collateral to the Collateral
Agent for the benefit of the Secured Parties to secure the payment and performance of all of the Obligations.

 

D.               
It is a condition to the issuance of the Notes that Issuer executes and delivers the applicable Notes Documents, including this
Agreement.

 

     

     

    

 

A G R E E M E N T:

 

NOW THEREFORE, in consideration of the foregoing
premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor and the
Collateral Agent hereby agree as follows:

 

Article
I

 

DEFINITIONS AND INTERPRETATION

 

SECTION 1.1             
Definitions.        (a) Unless otherwise defined
herein or in the Indenture, capitalized terms used herein that are defined in the UCC shall have the meanings assigned to them in the
UCC (as defined below).

 

(b)              
The following terms shall have the following meanings:

 

“Agreement” shall have the meaning
assigned to such term in the preamble hereof.

 

“Base Indenture” shall have
the meaning assigned to such term in the recitals hereof.

 

“Blocked Account” shall mean,
collectively, the Existing Blocked Accounts and the New Blocked Accounts.

 

“CFC” shall mean a “controlled
foreign corporation” within the meaning of section 957(a) of the Code.

 

“Code” shall mean the Internal
Revenue Code of 1986, as amended.

 

“Collateral Agent” shall have
the meaning assigned to such term in the preamble hereof.

 

“Control” means with respect
to any asset, right or property with respect to which a security interest therein is perfected by a Secured Party’s having “control”
thereof (whether pursuant to the terms of an agreement or through the existence of certain facts and circumstances), that the intended
Secured Party has “control” of such asset, right, or property as contemplated in the UCC.

 

“Copyright Security Agreement”
shall mean an agreement substantially in the form annexed hereto as Exhibit 2.

 

“Copyrights” shall mean, collectively
all works of authorship (whether protected by statutory or common law copyright, whether established or registered in the United States
or any other country, multi-national registry, or any political subdivision thereof, whether registered or unregistered and whether published
or unpublished) and all copyright registrations and applications therefor, including the copyright registrations and applications listed
in Schedule 5, together with any and all restorations, renewals and extensions thereof and amendments thereto.

 

“Deliverable Intercompany Notes”
shall mean, with respect to each Pledgor, all Pledged Intercompany Notes owed to such Pledgor, other than (i) any Pledged Intercompany
Note that is in an aggregate principal amount of less than $5,000,000 or (ii) any Pledged Intercompany Note owed by another Pledgor.

 

“Distributions” shall
mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights, instruments, distributions,
returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as
a result of a split, revision, reclassification or other like change of the Pledged Securities, from time to time received,
receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Pledged
Intercompany Notes.

 

    2 

     

    

 

“Excluded Account” shall mean,
collectively, (i) Deposit Accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for
the benefit of Note Parties’ employees, (ii) tax accounts, including, without limitation, sales tax accounts, (iii) escrow accounts
and customs accounts, (iv) fiduciary or trust accounts, (v) zero balance accounts that sweep on a daily basis to a Blocked Account, (vi)
Federal A/R Accounts, (vii) collateral accounts pledged to secure performance (including to secure letters of credit and bank guarantees)
to the extent constituting Permitted Liens and (viii) other Deposit Accounts and Securities Accounts so long as the amount held therein
does not exceed an average daily balance of $2,000,000 in the aggregate for any period of 30 consecutive days.

 

“Excluded Assets” shall mean
(A) any fee-owned Real Property located outside the United States and any leasehold interest in Real Property located outside the United
States, (B) all Vehicles and other assets covered by a certificate of title (except to the extent a security interest therein can be perfected
by the filing of a UCC financing statement or the equivalent under other applicable law), (C) any lease, license or agreement or any Property
subject to a purchase money security interest or Capital Lease Obligation, in each case, to the extent that a grant of a security interest
therein would violate or invalidate such lease, license or agreement or purchase money agreements or arrangement or capital lease agreements
or arrangement or create a right of termination in favor of any other party thereto (other than any Pledgor) after giving effect to the
applicable anti-assignment provisions of the UCC or other applicable law, other than the proceeds and receivables thereof the assignment
of which is expressly deemed effective under the UCC or other applicable law notwithstanding such prohibition, (D) any Excluded Capital
Stock, (E) any Property where the cost of obtaining a security interest in, or perfection of, such assets exceeds the practical benefit
to the Lenders afforded thereby as reasonably determined by Issuer and notified to the Collateral Agent in writing, (F) any application
for registration of a Trademark on the basis of the applicant’s intent-to-use such Trademark, unless and until evidence of use of
the Trademark has been filed with, and accepted by, the USPTO pursuant to Section 1(c) or Section 1(d) of the Lanham Act (15 U.S.C. §1051,
et seq.), to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would
impair the validity or enforceability of such Trademark application or any registration issuing therefrom under applicable federal law,
(G) Excluded Accounts, other than Excluded Accounts described in clauses (v) and (viii) of the definition thereof and (H) any assets the
grant of a security interest in which would be prohibited by applicable law but only, in each case, to the extent, and only for so long
as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by the UCC, any other laws (including
the Debtor Relief Laws), or principles of equity, and, to the extent severable, shall attach immediately to any portion of such assets
that do not result in such prohibition; provided that, immediately upon the ineffectiveness, lapse or termination of any such prohibition,
the Collateral shall include, and such Pledgor shall be deemed to have granted a security interest in, such assets as if such provision
had never been in effect unless such asset or Property otherwise constitutes Excluded Assets.

 

    3 

     

    

 

“Excluded Capital Stock” means
all Capital Stock of Immaterial Foreign Subsidiaries (except to the extent perfected by a UCC financing statement.

 

“Exclusive Copyright Licenses”
means Licenses granting to a Pledgor an exclusive license right with respect to any United States registered Copyright owned by a third
party that is material to the business of Issuer and its Subsidiaries, taken as a whole.

 

“Existing Blocked Account” shall
have the meaning assigned to such term in Section 2.3(a).

 

“Federal A/R Account” shall
mean any Deposit Account into which the only deposits made are payments on Medicare or Medicaid accounts receivable or other accounts
receivable under which the United States federal government is the account debtor and so long as such Deposit Account is subject to a
daily sweep, pursuant to an agreement between the Collateral Agent, the Pledgor and the applicable depository bank into a Blocked Account.

 

“Foreign Subsidiary” shall mean
any Subsidiary that is incorporated or organized under the laws of any jurisdiction other than the United States of America, any state
thereof or the District of Columbia.

 

“FSHCO” shall mean any Subsidiary
substantially all of the assets of which (directly or through one or more disregarded entities for U.S. federal income tax purposes) consist
of shares of Capital Stock (including, for this purpose, any debt or other instrument treated as equity for U.S. federal income tax purposes)
of one or more Foreign Subsidiaries that are CFCs.

 

“Guarantors” shall have the
meaning assigned to such term in the preamble hereof.

 

“Immaterial Foreign Subsidiary”
shall mean any Foreign Subsidiary or FSHCO that did not, as of the last day of the fiscal quarter of Issuer and its Subsidiaries most
recently ended for which financial statements (or pro forma financial statements, as applicable) have been (or were required to be) delivered
pursuant to Section 4.04 of the Supplemental Indenture, have assets with a value equal to or in excess of 2.5% of consolidated total assets
of Issuer and its Subsidiaries. Notwithstanding the foregoing, if at any time all Immaterial Foreign Subsidiaries, taken as a whole, have
total assets at such time exceeding 10.0% of the consolidated total assets of Issuer and its Subsidiaries on such date then the Issuer
shall designate which of such Subsidiaries shall no longer constitute Immaterial Foreign Subsidiaries for purposes of this Agreement to
the extent necessary to cause such excess to be eliminated; provided that, if no such designation is made by the Issuer, then one
or more of such Immaterial Foreign Subsidiaries shall be deemed not to be Immaterial Foreign Subsidiaries in descending order based on
the amounts of their consolidated total assets until such excess shall have been eliminated; provided, further, that no
Foreign Subsidiary or FSHCO that has an exclusive license (including, without limitation, the licenses and rights in Material Intellectual
Property granted pursuant to that certain License Agreement, dated and effective as of May 22, 2015, by and between the Issuer and Intercept
Pharma Europe Ltd., or similar intercompany arrangements between or among the Issuer and its Subsidiaries entered into subsequent to the
date of the Indenture, but excluding licenses that are exclusive only in respect of immaterial rights, fields or territories) for any
Material Intellectual Property shall constitute an Immaterial Foreign Subsidiary.

 

    4 

     

    

 

“Indenture” shall have the meaning
assigned to such term in the recitals hereof.

 

“Instrument” shall have the
meaning specified in Article 9 of the UCC.

 

“Intellectual Property” shall
mean, collectively, all domestic, foreign and multi-national intellectual property rights of any kind, whether now or hereafter existing,
including, without limitation, all Patents, Trademarks, Copyrights and Trade Secrets, together with any and all (i) rights and privileges
arising under applicable law with respect to the use of any of the foregoing, (ii) rights to proceeds, income, fees, royalties, damages
and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past,
present or future infringements, misappropriations, dilutions or other violations thereof, (iii) rights to sue or otherwise recover for
past, present and future infringements, misappropriations, dilutions or other violations thereof and (iv) rights corresponding thereto
throughout the world.

 

“Intellectual Property Collateral”
shall mean, with respect to each Pledgor, all Intellectual Property of such Pledgor (including rights under Licenses), whether now owned
or held, or hereafter acquired or created by or assigned to such Pledgor; provided that, notwithstanding anything to the contrary
in this Agreement, Intellectual Property Collateral shall not include any Excluded Assets.

 

“Issuer” shall have the meaning
assigned to such term in the preamble hereof.

 

“Joinder Agreement” shall mean
an agreement substantially in the form annexed hereto as Exhibit 1.

 

“Licenses” shall mean all licenses,
covenants not to sue and any other agreement granting any right with respect to any Intellectual Property (whether a Pledgor is the grantor
or grantee thereunder).

 

“Material Adverse Effect” shall
mean a material adverse effect on (a) the business affairs, operations or results of operations, or condition (financial or otherwise)
of Issuer and its Subsidiaries, taken as a whole, (b) the ability of the Issuer to perform its payment obligations under the Notes Documents
or (c) the rights and remedies of the Collateral Agent and the other Secured Parties (as defined in the Indenture) under the Indenture
or the other Notes Documents, taken as a whole.

 

“Material IP Collateral” shall
mean any Intellectual Property Collateral that is material to the operation of the business of Issuer and its Subsidiaries, taken as a
whole; provided that the Secured Parties and the Pledgors acknowledge that, as of the date hereof, no Intellectual Property Collateral
other than the issued patents that are listed in the FDA’s Orange Book List of Approved Drug Products With Therapeutic Equivalence
Evaluations for OCALIVA (NDA 207999) and the trademarks for Ocaliva® and the design mark associated therewith, shall be
considered to be material to the business of Issuer and its Subsidiaries, taken as a whole.

 

“New Blocked Account” shall
have the meaning assigned to such term in Section 2.3(b).

 

“Order” shall mean any
judgment, decree, verdict, order, consent order, consent decree, writ, declaration or injunction.

 

    5 

     

    

 

“Organization Documents” mean,
collectively, with respect to any Person, (a) in the case of any corporation, the certificate of incorporation and by-laws (or similar
constitutive documents) of such Person, (b) in the case of any limited liability company, the certificate of formation and operating agreement
(or similar constitutive documents) of such Person, (c) in the case of any limited partnership, the certificate of formation and limited
partnership agreement (or similar constitutive documents) of such Person, (d) in the case of any general partnership, the partnership
agreement (or similar constitutive document) of such Person and (e) in any other case, the functional equivalent of the foregoing.

 

“Patent Security Agreement”
shall mean an agreement substantially in the form annexed hereto as Exhibit 3.

 

“Patents” shall mean, collectively,
patents and patent applications issued or applied for in the United States or any other country, multi-national registry, or any political
subdivision thereof, including those listed in Schedule 5, together with any and all (i) inventions and improvements described and claimed
therein and (ii) reissues, substitutions, reexaminations, divisions, renewals, extensions, continuations and continuations-in-part thereof
and amendments thereto.

 

“Pledged Collateral” shall have
the meaning assigned to such term in Section 2.1.

 

“Pledged Debt” shall have the
meaning assigned to such term in Section 3.4(a).

 

“Pledged Intercompany Notes”
shall mean, with respect to each Pledgor, all intercompany promissory notes by such Pledgor evidencing Indebtedness for borrowed money
and all Instruments evidencing such intercompany notes, and all assignments, amendments, restatements, supplements, extensions, renewals,
replacements or modifications thereof to the extent not prohibited pursuant to the terms hereof and under the Indenture; provided
that notwithstanding anything to the contrary in this Agreement, Pledged Intercompany Notes shall not include any Excluded Assets.

 

“Pledged Interests” shall mean,
collectively, with respect to each Pledgor, (i) all membership, partnership or other Capital Stock (other than in a corporation), as applicable,
now or hereafter owned by such Pledgor at any time including without limitation, those of each issuer described in Schedule 4 hereto,
together with all rights, privileges, authority and powers of such Pledgor in and to each such issuer or under any Organization Document
of each such issuer and (ii) the certificates, instruments and agreements representing such membership, partnership or other interests
and any and all interest of such Pledgor in the entries on the books of any securities intermediary pertaining to such membership, partnership
or other Capital Stock; provided that notwithstanding anything to the contrary in this Agreement, Pledged Interests shall not include
any Excluded Assets.

 

“Pledged Securities” shall mean,
collectively, the Pledged Interests and the Pledged Shares; provided that, notwithstanding anything to the contrary in this Agreement,
Pledged Securities shall not include any Excluded Assets.

 

“Pledged Shares” shall
mean, collectively, with respect to each Pledgor, (i) the issued and outstanding shares of Capital Stock, whether certificated or
uncertificated, now or hereafter owned by such Pledgor at any time, together with all rights, privileges, authority and powers of
such Pledgor relating to such interests in each such issuer or under any Organization Document of each such issuer and (ii) the
certificates, instruments and agreements representing such shares of Capital Stock and any and all interest of such Pledgor in the
entries on the books of the issuer of such shares or of any financial intermediary pertaining to the Pledged Shares; provided
that notwithstanding anything to the contrary in this Agreement, Pledged Shares shall not include any Excluded Assets.

 

    6 

     

    

 

“Pledgor” shall have the meaning
assigned to such term in the preamble hereof.

 

“Registered Organization” is
any “registered organization” as defined in the Code with such additions to such term as may hereafter be made.

 

“Secured Parties” shall mean
the Collateral Agent, the Trustee and the holders of Notes.

 

“Securities Collateral” shall
mean, collectively, the Pledged Securities, the Pledged Intercompany Notes and the Distributions; provided that notwithstanding
anything to the contrary in this Agreement, Securities Collateral shall not include any Excluded Assets.

 

“Supplemental Indenture” shall
have the meaning assigned to such term in the recitals hereof.

 

“Trademark Security Agreement”
shall mean an agreement substantially in the form annexed hereto as Exhibit 4.

 

“Trademarks” shall mean, collectively,
all trademarks (including service marks), slogans, logos, certification marks, trade dress, uniform resource locations (URLs), domain
names, trade names, or other indicia of source, whether registered or unregistered, and all registrations and applications for the foregoing
(whether statutory or common law and whether registered or applied for in the United States or any other country, multi-national registry,
or any political subdivision thereof), including those trademark and service mark registrations and applications listed in Schedule 5
together with any and all (i) goodwill of the business connected with the use thereof and symbolized thereby and (ii) extensions and renewals
thereof and amendments thereto.

 

“Trade Secrets” shall mean,
collectively, all trade secrets and all other confidential or proprietary information and know-how, whether or not reduced to a writing
or other tangible form.

 

“UCC” shall mean the Uniform
Commercial Code as in effect on the date hereof in the State of New York; provided, however, that if by reason of mandatory provisions
of applicable law, any or all of the perfection or priority of the Collateral Agent’s security interest in any item or portion of
the Pledged Collateral is governed by the Uniform Commercial Code in a jurisdiction other than the State of New York, the term “UCC”
shall mean the Uniform Commercial Code as in effect on the date hereof in such other jurisdiction for purposes of the provisions hereof
relating to such perfection or priority and for purposes of definitions relating to such provisions.

 

    7 

     

    

 

“Uncertificated Security” shall
have the meaning assigned to such term in Section 3.2.

 

“USCO” means the United States
Copyright Office.

 

“USPTO” means the United States
Patent and Trademark Office.

 

SECTION 1.2             
Interpretation. The interpretive provisions specified in the Indenture shall be applicable to this Agreement. No
failure on the part of the Collateral Agent to provide any Pledgor with any notice expressly required hereunder in connection with the
exercise of any right, power or remedy hereunder shall impair the validity of exercise of such right, power or remedy.

 

SECTION 1.3             
Resolution of Drafting Ambiguities. Each Pledgor acknowledges and agrees that it was represented by counsel in connection
with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and
that any rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Collateral Agent)
shall not be employed in the interpretation hereof.

 

Article
II

GRANT OF SECURITY AND SECURED OBLIGATIONS

 

SECTION 2.1             
Grant of Security Interest. As collateral security for the payment and performance in full of all the Obligations,
each Pledgor hereby pledges and grants to the Collateral Agent for the ratable benefit of the Secured Parties, a Lien on and security
interest in and to all of the right, title and interest of such Pledgor in, to and under the following Property, wherever located, whether
now existing or hereafter arising or acquired from time to time (collectively, after giving effect to clause (a) of the proviso in this
Section 2.1, the “Pledged Collateral”):

 

(i)         all Accounts;

  

(ii)        all Equipment, Goods, Inventory
and Fixtures;

  

(iii)       all Documents, Instruments
and Chattel Paper;

 

(iv)       all Letter-of-Credit Rights;

 

(v)        all Securities Collateral;

  

(vi)       all Investment Property and
Deposit Accounts;

 

(vii)      all Intellectual Property
Collateral;

  

(viii)     the Commercial Tort Claims
described on Schedule 1 hereto (as such Schedule may be supplemented from time to time pursuant to Section 3.4(f));

 

(ix)        all General
Intangibles; 

 

    8 

     

    

 

(x)         all
Money;

 

(xi)        all Supporting Obligations;

 

(xii)       all books and records pertaining to any and/or all of the foregoing;

 

(xiii)      to the extent not covered by clauses (i) through (xii) of this sentence, choses in action of such Pledgor, whether tangible
or intangible; and

 

(xiv)      all Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents,
profits and products of, each of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to
such Pledgor from time to time with respect to any of the foregoing;

 

provided, however, that, notwithstanding
anything to the contrary contained in clauses (i) through (xiv) above or any other provision of this Agreement or any other Notes Document:

 

(a)       the
security interest created by this Agreement is not granted in and shall not extend to, and the term “Pledged Collateral” and
 “Intellectual Property Collateral” shall not include, any Excluded Assets;

 

(b)       no Pledgor
shall be required to take any action with respect to perfection by “control” (within the meaning of the UCC), other than in
respect of (A) certificated Pledged Securities (to the extent such Pledged Securities can be perfected by control and are required to
be delivered to the Collateral Agent hereunder), (B) Pledged Debt evidenced by an Instrument to the extent required to be delivered to
the Collateral Agent hereunder and (C) any Deposit Accounts or Securities Accounts pursuant to Section 2.3;

 

(c)       except
as provided in Section 4.08 of the Supplemental Indenture, no security agreements or pledge agreements governed under the laws of any
jurisdiction, other than the United States or any of its States, shall be required;

 

(d)       no Pledgor
shall be required to facilitate the perfection of the security interests granted by this Agreement by any means other than by (A) filings
pursuant to the UCC in the office of the secretary of state (or similar central filing office) or local filing office, as applicable,
of the relevant state(s), (B) the filing and recording of fully executed agreements substantially in the forms set forth in Exhibits 2,
3, and 4 hereto in the USPTO or in the USCO, as applicable (C) the obtaining of “control” (within the meaning of the UCC)
of certificated Pledged Securities, Pledged Debt evidenced by an Instrument and any Deposit Accounts or Securities Accounts pursuant to
Section 2.3 to the extent expressly required elsewhere herein, or (D) other methods expressly provided herein; and

 

(e)       no Pledgor
shall be required to seek to obtain or deliver any leasehold mortgage, landlord consent or estoppel, collateral access agreement or bailee
letters.

 

Notwithstanding anything to the contrary
contained herein, immediately upon any Property of a Pledgor ceasing to constitute Excluded Assets, the Pledged Collateral shall
include, and the Issuer and the other Pledgors, as applicable, shall be deemed to have granted a security interest in, such
Property.

 

    9 

     

    

 

SECTION 2.2             
Filings.

 

(a)              
Each Pledgor hereby irrevocably authorizes the Collateral Agent (or its designee) at any time and from time to time prior
to the termination of this Agreement pursuant to Section 10.3 to file (but the Collateral Agent shall have no duty to file) in
any relevant jurisdiction any financing statements (including fixture filings), continuation statements and amendments thereto that contain
the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement, continuation
statement or amendment thereto relating to the Pledged Collateral, including whether such Pledgor is an organization, the type of organization
and any organizational identification number issued to such Pledgor. Each Pledgor agrees to use commercially reasonable efforts to provide
all information described in the immediately preceding sentence to the Collateral Agent promptly upon reasonable request and, upon reasonable
request by a Pledgor, the Collateral Agent agrees to use commercially reasonable efforts to make available to such Pledgor copies of any
such filings. Such financing statements may describe the collateral in the same manner as described herein or may contain a description
of collateral that describes such Property in any other manner as the Collateral Agent may determine, in its reasonable discretion, is
necessary or advisable to ensure the perfection of the security interest in the collateral granted to the Collateral Agent in connection
herewith, including, describing such Property as “all assets whether now owned or hereafter acquired” or “all personal
property whether now owned or hereafter acquired” or words of similar meaning (regardless of whether any particular asset comprised
in the Pledged Collateral falls within the scope of Article 9 of the UCC).

 

(b)              
Each Pledgor hereby further authorizes the Collateral Agent (or its designee) to file (but the Collateral Agent shall have
no duty to file) instruments with the USPTO or the USCO (or any successor office), including Copyright Security Agreements, Patent Security
Agreements and Trademark Security Agreements, or other documents that are necessary for the purpose of perfecting, confirming, continuing,
enforcing or protecting the pledge and security interest granted by such Pledgor hereunder in (i) any Intellectual Property Collateral
owned by Pledgor and applied for, registered or issued in the United States and (ii) any Exclusive Copyright Licenses, in each case naming
such Pledgor, as debtor, and the Collateral Agent, as secured party.

 

(c)              
Subject to the other terms, limitations and conditions set forth in this Agreement and the other Notes Documents, notwithstanding
the grant of authority to the Collateral Agent under this section, the Pledgors shall file or cause to be filed any and all financing
statements, continuation statements, amendments or other documents and agreements as may be reasonably necessary (as determined by the
Issuer in good faith) to perfect and maintain the perfection of the Collateral Agent’s security interest over the Pledged Collateral.

 

    10 

     

    

 

SECTION 2.3             
Control Agreements.

 

(a)               As
of the date hereof, no Pledgor has any Deposit Accounts, Securities Accounts or Commodities Accounts other than the accounts listed
on Schedule 6. For all Deposit Accounts and Securities Accounts maintained by the Issuer as of the date hereof (other than Excluded
Accounts, collectively, the “Existing Blocked Accounts”), the Issuer shall ensure that the Collateral Agent has
control (within the meaning of the UCC), within 90 days after the date of this Agreement, by causing the institution maintaining
each such Existing Blocked Account to enter into a Control agreement with the Collateral Agent, pursuant to which the applicable
institution shall agree to comply with the Collateral Agent’s instructions with respect to disposition of funds in such
Existing Blocked Account without further consent by Issuer or agree to comply with the Collateral Agent’s Entitlement Orders
with respect to such Securities Account without further consent by the Issuer, as applicable, or agree to comply with the Collateral
Agent’s Entitlement Orders with respect to such Securities Account without further consent by the Issuer, as applicable. If
any institution with which an Existing Blocked Account is maintained refuses to, or does not, enter into a Control agreement in
response to reasonable comments from the Collateral Agent, then the Issuer shall promptly (and in any event within 90 days after
notice from the Collateral Agent) close the applicable Existing Blocked Account, transfer all balances therein to another Blocked
Account meeting the requirements of this Section 2.3, and, if practicable, prior to such transfer, cause the institution
maintaining such account to enter into a Control agreement in compliance with this Section 2.3(a); provided that, to
the extent it is not practicable for the Issuer to cause the institution maintaining such account to enter into a Control agreement
prior to such transfer, Section 2.3(b)(i) shall not apply to the new Blocked Account being opened and within 90 days of
opening such account, the Issuer shall ensure that the Collateral Agent has control (within the meaning of the UCC) with respect to
such account. Notwithstanding anything else contained herein, no institution shall be required to subordinate its security interest
in a Deposit Account, Securities Account, or Commodities Account.

 

(b)              
Within 90 days of (1) any Person becoming a Pledgor or (ii) any Pledgor acquiring or opening any Deposit Account or Securities
Account (other than the Excluded Accounts, collectively, the “New Blocked Accounts”), the applicable Pledgor shall
ensure that the Collateral Agent has Control with respect to any New Blocked Account of such Pledgor by causing the institution maintaining
such account, within 90 days after the date of such Person becoming a Pledgor or the opening of such New Blocked Account, as applicable,
to enter into a control agreement with the Collateral Agent, pursuant to which the applicable institution shall agree to comply with the
Collateral Agent’s instructions with respect to disposition of funds in such Blocked Account without further consent by such Pledgor,
or agree to comply with the Collateral Agent’s Entitlement Orders with respect to such Securities Account without further consent
by such Pledgor, as applicable. If any institution with which a New Blocked Account is maintained refuses to, or does not, enter into
a Control agreement in response to reasonable comments from the Collateral Agent, then the respective Pledgor shall promptly (and in any
event within 90 days after notice from the Collateral Agent) close the applicable New Blocked Account, transfer all balances therein to
another Blocked Account meeting the requirements of this Section 2.3, and, if practicable, prior to such transfer, cause the institution
maintaining such account to enter into a Control agreement in compliance with this Section 2.3(b)(ii); provided that, to
the extent it is not practicable for to cause the institution maintaining such account to enter into a Control agreement prior to such
transfer, Section 2.3(b)(i) shall not apply to the new Blocked Account being opened and within 90 days of opening such account,
such Pledgor shall ensure that the Collateral Agent has control (within the meaning of the UCC) with respect to such account.

 

    11 

     

    

 

Article
III

 

PERFECTION;
SUPPLEMENTS; FURTHER ASSURANCES;

USE OF PLEDGED COLLATERAL

 

SECTION 3.1             
Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants that as of the date hereof,
Schedule 3 hereto sets forth the office of the secretary of state (or similar central filing office) of the relevant state(s) in which
a filing pursuant to the UCC would perfect the security interests granted by this Agreement with respect to the Pledged Collateral (solely
to the extent such security interests in the Pledged Collateral can be perfected by such filing). Each Pledgor represents and warrants
that as of the date hereof, Schedule 4 hereto sets forth all Pledged Securities of such Pledgor. Each Pledgor represents and warrants
that (i) all certificates or instruments representing or evidencing any Pledged Securities and (ii) the Deliverable Intercompany Notes,
in each case, in existence on the date hereof, will be delivered to the Collateral Agent (or its designee) in suitable form for transfer
by delivery and accompanied by duly executed instruments of transfer or assignment in blank and that the Collateral Agent has a valid
and perfected first priority security interest therein (subject, as to priority, to Permitted Liens) within 60 days of the date hereof
; provided that, during any period in which delivery is not practicable, impossible or otherwise restricted as a result of a force
majeure (including, without limitation, a pandemic, outbreak or similar health issue), no certificates or Instruments representing any
Pledged Securities or Deliverable Intercompany Notes shall be required to be delivered to the Collateral Agent but shall be required to
be delivered promptly after the expiration of any such period. Each Pledgor hereby agrees that (i) all certificates or instruments representing
or evidencing any Pledged Securities and (ii) the Deliverable Intercompany Notes, in each case, acquired by such Pledgor after the date
hereof shall, within 60 days after receipt thereof by such Pledgor, be delivered to the Collateral Agent (or its designee) pursuant hereto
and shall be in suitable form for transfer by delivery and shall be accompanied by duly executed instruments of transfer or assignment
in blank; provided that, during any period in which delivery is not practicable, impossible or otherwise restricted as a result
of a force majeure (including, without limitation, a pandemic, outbreak or similar health issue), no Pledged Securities or Deliverable
Intercompany Notes shall be required to be delivered to the Collateral Agent but shall be required to be delivered promptly after the
expiration of any such period. Each delivery of Pledged Securities and Deliverable Intercompany Notes shall be accompanied by a schedule
describing such Pledged Securities and Deliverable Intercompany Notes, which schedule shall be deemed to supplement Schedule 4 and Schedule
7 and made a part thereof; provided that failure to supplement Schedule 4 and Schedule 7 shall not affect the validity of such
pledge of such Pledged Securities or Deliverable Intercompany Notes. Each schedule so delivered shall supplement or amend and restate,
as applicable, any prior schedules so delivered.

 

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The Collateral Agent shall have the right, at
any time upon the occurrence and during the continuance of any Event of Default, upon prior written notice to Issuer, to endorse,
assign or otherwise transfer to or to register in the name of the Collateral Agent or any of its nominees or endorse for negotiation
any or all of such Pledged Securities or Deliverable Intercompany Notes, without any indication that such Pledged Securities or
Deliverable Intercompany Notes are subject to the security interest hereunder; provided, however, notwithstanding
anything contained herein to the contrary, immediately upon the cure or waiver of any applicable Events of Default, the Collateral
Agent shall promptly endorse, assign or otherwise transfer to or register in the name of the applicable Pledgor any such Pledged
Securities or Deliverable Intercompany Notes (subject to revesting in the event of a subsequent Event of Default that is continuing
and upon prior written notice from the Collateral Agent to Issuer, provided, that such Pledged Securities or Deliverable
Intercompany Notes remain in the possession of the Collateral Agent at such time). In addition, the Collateral Agent shall have the
right (but not the obligation) at any time upon the occurrence and during the continuance of any Event of Default to exchange
certificates or Instruments representing or evidencing any Pledged Securities or Deliverable Intercompany Notes for certificates or
Instruments of smaller or larger denominations for any purpose consistent with this Agreement.

 

SECTION 3.2             
Perfection of Other Securities Collateral. Each Pledgor represents and warrants that, subject to the provisions of
Section 4.2, upon the filing of UCC financing statements in the jurisdictions indicated on Schedule 3, the Collateral Agent has
a valid and perfected first priority security interest (subject, as to priority, to Permitted Liens) under applicable U.S. federal or
state law in all Pledged Securities not represented by a certificated interest (“Uncertificated Security”) pledged
by it hereunder that are in existence on the date hereof to the extent such security interest can be perfected by the filing of an appropriate
UCC financing statement. Pledged Interests shall either (i) be represented by a certificate, and in the organizational documents
of such entity, the applicable Pledgor shall cause the issuer of such interests (or use commercially reasonable efforts to cause the issuer
if such issuer is not an Affiliate of such Pledgor), to elect to treat such interests as a “security” within the meaning of
Article 8 of the UCC of its jurisdiction of organization or formation, as applicable, by including in its organizational documents language
that such interests shall be a “security” (within the meaning of Article 8 of the UCC) governed by Article 8 of the UCC, or
(ii) not be represented by a certificate and the applicable Pledgor shall cause the issuer of such interests not to have elected to treat
such interests as a “security” within the meaning of Article 8 of the UCC.

 

SECTION 3.3              Maintenance
of Perfected Security Interest. Each Pledgor agrees that at the sole reasonable cost and expense of the Pledgors (i) such
Pledgor shall take all commercially reasonable actions necessary to defend the security interest created by this Agreement in the
Pledged Collateral against the material claims and demands of all Persons, except with respect to Pledged Collateral as reasonably
determined by such Pledgor is no longer necessary or materially beneficial to the conduct of such Pledgor’s business, (ii)
such Pledgor shall furnish to the Collateral Agent from time to time information further identifying and describing the Pledged
Securities and Pledged Debt as the Collateral Agent may reasonably request, all in reasonable detail, and (iii) at any time and from
time to time, such Pledgor shall promptly and duly execute and deliver, to the extent applicable, and/or cause to be filed and
recorded, as applicable, such further instruments and documents and take such further action as is reasonably necessary or as the
Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and the
rights and powers herein granted, including (x) the filing of any financing statements and amendments thereto, continuation
statements and other documents (including this Agreement) under the UCC (or other similar laws) in effect in the United States or
any of its States with respect to the security interest created hereby and (y) the execution and delivery of Patent Security
Agreements, Copyright Security Agreements, and Trademark Security Agreements.

 

    13 

     

    

 

SECTION 3.4             
Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral
Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each Pledgor (i) represents and warrants and/or
(ii) covenants, at such Pledgor’s own expense, to take the following actions, in each case with respect to the following Pledged
Collateral:

 

(a)              
Instruments and Tangible Chattel Paper. As of the date hereof, each Pledgor hereby represents and warrants that (i)
no amounts individually in excess of $5,000,000 payable to such Pledgor under or in connection with any of the Pledged Collateral (other
than amounts owed by another Pledgor) are evidenced by any Instrument (other than checks to be deposited in the ordinary course of business)
or Tangible Chattel Paper (other than documents or records evidencing amounts owed by customers in the ordinary course of business pursuant
to deferred payment procedures) other than the Deliverable Intercompany Notes and the Instruments and Tangible Chattel Paper listed in
Schedule 7 and (ii) each such Deliverable Intercompany Note, Instrument and each such item of Tangible Chattel Paper individually
in excess of $5,000,000 (other than checks to be deposited in the ordinary course of business) has been or will be properly endorsed and
delivered to the Collateral Agent (or its designee) within 60 days after the date hereof, accompanied by instruments of transfer or assignment
duly executed in blank; provided that, during any period in which delivery is not practicable, impossible or otherwise restricted
as a result of a force majeure (including, without limitation, a pandemic, outbreak or similar health issue), no Pledged Securities or
Deliverable Intercompany Notes shall be required to be delivered to the Collateral Agent, but shall be required to be delivered promptly
after the expiration of any such period. If any amount, individually, in excess of $5,000,000 then payable under or in connection with
any of the Pledged Collateral (other than any amount owed by any Pledgor) shall be evidenced by any Instrument (other than checks to be
deposited in the ordinary course of business) or Tangible Chattel Paper (other than documents or records evidencing amounts owed by customers
in the ordinary course of business pursuant to deferred payment procedures) (such Instruments and Tangible Chattel Paper, collectively,
together with the Deliverable Intercompany Notes, the “Pledged Debt”) and has not previously been delivered to the
Collateral Agent, the Pledgor acquiring such Instrument or Tangible Chattel Paper shall promptly (and in any event within 60 days after
acquisition by such Pledgor) endorse, assign and deliver the same to the Collateral Agent (or its designee), accompanied by such instruments
of transfer or assignment duly executed in blank as the Collateral Agent may from time to time reasonably specify; provided that,
during any period in which delivery is not practicable, impossible or otherwise restricted as a result of a force majeure (including,
without limitation, a pandemic, outbreak or similar health issue), no Pledged Securities or Deliverable Intercompany Notes shall be required
to be delivered to the Collateral Agent, but shall be required to be delivered promptly after the expiration of any such period; provided,
however, that so long as no Event of Default has occurred and is continuing, upon written request by such Pledgor, the Collateral
Agent (or its designee) shall promptly (and in any event within 10 Business Days) return such Instrument or Tangible Chattel Paper to
such Pledgor from time to time, to the extent necessary for collection or cancellation thereof in the ordinary course of such Pledgor’s
business.

 

    14 

     

    

 

(b)              
[Reserved].

 

(c)              
[Reserved].

 

(d)              
[Reserved].

 

(e)              
Letter-of-Credit Rights. As of the date hereof, no Pledgor is the beneficiary or assignee under any letter of credit,
other than those listed on Schedule 2 hereto. The parties hereto acknowledge and agree that under no circumstances shall any Pledgor
hereunder be under any obligation to take any perfection steps (other than the filing of appropriate financing statements under the UCC)
with respect to any security interest granted in any letter of credit under which any Pledgor is a beneficiary having a value reasonably
believed by the Pledgors to be, individually, less than $5,000,000. If any Pledgor shall become the beneficiary or assignee under any
letter of credit with a value, individually, in excess of $5,000,000 that is not a Supporting Obligation with respect to any of the Pledged
Collateral, such Pledgor shall either (i) use commercially reasonable efforts to arrange for the issuer and any confirmer of such letter
of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under such letter of credit or (ii) use commercially
reasonable efforts to arrange for the Collateral Agent to become the transferee beneficiary of such letter of credit, with the Collateral
Agent agreeing, in each case, that the proceeds of any drawing under such letter of credit are to be paid to the applicable Pledgor unless
an Event of Default has occurred and is continuing.

 

(f)               
Commercial Tort Claims. As of the date hereof, each Pledgor hereby represents and warrants that it holds no Commercial
Tort Claims having a value reasonably believed by the Pledgors to be, individually, in excess of $5,000,000 for which such Pledgor has
filed a complaint in a court of competent jurisdiction, other than those listed on Schedule 1 hereto. If any Pledgor shall at any
time file a Commercial Tort Claim having a value reasonably believed by the Pledgors to be, individually, in excess of $5,000,000, such
Pledgor shall promptly (and in any event within 30 days of filing such Commercial Tort Claim) notify the Collateral Agent in a writing
signed by such Pledgor of the brief details thereof and grant to the Collateral Agent in such writing a security interest therein and
in the Proceeds thereof, all upon the terms of this Agreement. Unless otherwise agreed, the grant of a security interest in any such Commercial
Tort Claim shall not prejudice the right of such Pledgor to prosecute, enforce or exercise any of its rights in connection with such Commercial
Tort Claim, which it will continue to enjoy until an Event of Default has occurred and is continuing.

  

    15 

     

    

 

ARTICLE IV

 

REPRESENTATIONS,
WARRANTIES AND COVENANTS

  

Each Pledgor represents, warrants and covenants
as follows:

 

SECTION 4.1             
Title; Consent.

 

(a)               Except
for the security interest granted to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Agreement
and Permitted Liens, such Pledgor owns (or, in the case of the Intellectual Property Collateral, either owns or has a License to or
other right to use) and, as to Pledged Collateral acquired by it from time to time after the date hereof, will either own or hold a
License to the rights in (or other right to use) each item of Pledged Collateral pledged by it hereunder free and clear of any and
all Liens of others, except (i) for those failures to own or have a License which could not reasonably be expected to result in a
Material Adverse Effect and (ii) as otherwise permitted by the Notes Documents. As of the date hereof, there are no outstanding
warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or
Property that is convertible into, or that requires the issuance or sale of, any Pledged Securities that constitute Capital Stock
(in each case, other than to any Pledgor). No person other than the Collateral Agent (or (i) its bailee for such purpose or (ii) the
Pledgor that owns such Pledged Securities, Pledged Debt or Deposit Account, as applicable) has, or will have, control or possession
of all or any part of the Pledged Securities, Pledged Debt or Deposit Account, except as expressly permitted by the Notes
Documents.

 

(b)              
Other than as required by (i) foreign laws with respect to the Capital Stock in any Foreign Subsidiary and (ii) laws affecting
the offering and sale of securities generally, no consent of any Person, including any general or limited partner, any other member or
manager of a limited liability company, any shareholder or any other trust beneficiary, is necessary (from the perspective of a secured
party) in connection with the creation, perfection or first priority status (or the maintenance thereof) of the security interest of the
Collateral Agent in any Capital Stock pledged to the Collateral Agent under this Agreement and the other Collateral Documents or the exercise
by the Collateral Agent of any remedies in respect of any Pledged Securities, except in each case as have already been obtained.

 

SECTION 4.2             
Validity of Security Interest.

 

(a)              
The security interest in, and Lien on, the Pledged Collateral granted to the Collateral Agent for the ratable benefit of
the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and
performance of the Obligations, and (b) a valid and perfected first priority security interest (subject, as to priority, to Permitted
Liens) in all the Pledged Collateral with respect to which a lien may be perfected by (i) filing a financing statement pursuant to the
UCC in the office of the secretary of state (or similar central filing office) or local filing office, as applicable, of the relevant
State(s), (ii) possession or Control by the Collateral Agent (or its bailee for such purpose and subject to the time periods provided
in Sections 2.3 and Article 3 of this Agreement) or (iii) filing Patent Security Agreements, Copyright Security Agreements and Trademark
Security Agreements with the USPTO or USCO, as applicable (other than in respect of Intellectual Property Collateral acquired or arising
after the date hereof, for which additional filings with the USPTO or USCO, as applicable, may be required).

 

(b)              
Notwithstanding anything to the contrary in any of the Notes Documents, no Note Party shall be required to take any actions
nor shall be deemed to make any representation, in each case under any Collateral Document with respect to any requirements of foreign
laws that may affect the validity or perfection of any security interest purported to be granted under any Collateral Document.

 

    16 

     

    

 

SECTION
4.3             
Defense of Claims. Each Pledgor shall, at its own cost and expense, upon the reasonable request of the Collateral
Agent (at the direction of the Trustee or Holders of a majority of the aggregate principal amount of the Notes given in accordance with
the Indenture), take any and all commercially reasonable actions necessary to defend title to the Pledged Collateral pledged by it hereunder
and the security interest therein and Lien thereon granted to the Collateral Agent and the priority thereof against all material claims
and demands of all persons at any time claiming any interest therein adverse to the Collateral Agent or any other Secured Party other
than Permitted Liens. Each Pledgor shall promptly notify the Collateral Agent of any claims or demands of the type described in the foregoing
sentence.

 

SECTION 4.4             
Other Financing Statements. No Pledgor has filed, nor authorized any third party to file, any effective financing
statement (or similar statement or instrument of registration under the law of any jurisdiction of the United States or any of its States)
covering or purporting to cover any interest of any kind in the Pledged Collateral, except such as have been filed in favor of the Collateral
Agent pursuant to this Agreement or in favor of any holder of a Permitted Lien with respect to such Permitted Lien. Until the satisfaction
and discharge of the Indenture in accordance with Section 3.02 of the Supplemental Indenture or Covenant Termination under the Indenture
in accordance with Section 3.03 of the Supplemental Indenture, no Pledgor shall execute, authorize or consent to be filed in any public
office any financing statement (or similar statement or instrument of registration under the law of any jurisdiction of the United States
or any of its States or territories) relating to any Pledged Collateral, except financing statements and other statements and instruments
filed or to be filed in respect of and covering the security interests granted by such Pledgor to the holder(s) of Permitted Liens.

 

SECTION 4.5             
Chief Executive Office; Change of Name; Jurisdiction of Organization, etc. Such Pledgor shall give the Collateral
Agent written notice at least 10 days prior to the occurrence of any change to its legal name, legal structure (whether by merger, consolidation,
change in corporate form or otherwise), type of organization, jurisdiction of organization, organizational identification number if it
has one (but solely to the extent such organizational identification number is required to be set forth on financing statements under
the applicable UCC) or, in the case of any Pledgor that is not a Registered Organization, its sole place of business (or, if it has more
than one place of business, its chief executive office). In such event, such Pledgor shall take all steps reasonably necessary (as determined
by the Issuer in good faith) to maintain the Collateral Agent’s valid and perfected security interest with the priority required
hereunder in such Pledgor’s property constituting Pledged Collateral. The Collateral Agent shall not be liable nor responsible to
any party for any failure to maintain a valid and perfected security interest with the priority required hereunder in such Pledgor’s
property constituting Pledged Collateral. The Collateral Agent shall have no duty to inquire about such changes, the parties acknowledging
and agreeing that it would not be feasible or practical for the Collateral Agent to search for information on such changes if such information
is not provided by any Pledgor.

 

SECTION 4.6             
 Due Authorization and Issuance. All of the Pledged Shares have been duly authorized, validly issued and are fully
paid and non-assessable. All of the Pledged Interests have been fully paid for.

 

    17 

     

    

 

SECTION
4.7             
Pledged Collateral. As of the date hereof, all information set forth in the schedules annexed hereto, in each case,
relating to the Pledged Collateral, is accurate and complete in all material respects. As of the date of delivery of any updated information
to the schedules expressly required under this Agreement, such information shall be accurate and complete in all material respects.

 

Article
V

 

CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL

 

SECTION 5.1             
Voting Rights; Distributions; etc. 

 

(i)                
So long as no Event of Default shall have occurred and be continuing and subject to the provisions of Section 5.1(ii):

 

(A)            
each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities Collateral
or any part thereof for any purpose not inconsistent with the terms or purposes of this Agreement and the other Notes Documents; provided,
however, that no Pledgor shall in any event exercise such rights in any manner that would be adverse in any material respect to
the ability of the Collateral Agent to exercise rights and remedies hereunder in accordance with this Agreement if an Event of Default
shall have occurred and be continuing; and

 

(B)             
each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien granted hereunder, any and
all Distributions.

 

(ii)             
If an Event of Default has occurred and is continuing, upon prior written notice from the Collateral Agent to Issuer:

 

(A)            
all rights of each Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise
pursuant to Section 5.1(i) (A) shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall
thereupon have the sole right (but not the obligation) to exercise such voting and other consensual rights (but if directed by the Trustee
in accordance with the Indenture, the Collateral Agent shall have the right from time to time following and during the continuance of
an Event of Default to permit the Pledgors to exercise such rights) until the applicable Event of Default is no longer continuing, at
which time all such rights automatically shall revert to such Pledgor, and in which case the Collateral Agent’s rights under this
Section 5.1(ii)(A) shall cease to be effective, subject to revesting in the event of a subsequent Event of Default that is continuing
and upon prior written notice from the Collateral Agent as set forth above; provided that the foregoing clause (A) shall not apply
with respect to (and this clause (A) shall not be construed as a restriction of) any voting and or consensual rights such Pledgor is entitled
to exercise in connection with the approval, payment and/or accrual of Distributions then permitted under Section 4.14 of the Supplemental
Indenture; and

 

    18 

     

    

 

(B)              all
rights of each Pledgor to receive Distributions that it would otherwise be authorized to receive and retain pursuant to Section
5.1(i)(B) without further action shall cease and all such rights shall thereupon become vested in the Collateral Agent, which
shall thereupon have the sole right to receive and hold as Pledged Collateral such Distributions until all Event of Defaults are no
longer continuing, in which case the Collateral Agent’s rights under this Section 5.1(ii)(B) shall cease to be
effective, subject to revesting in the event of a subsequent Event of Default that is continuing and upon prior written notice from
the Collateral Agent as set forth above.

 

(iii)           
At any time and from time to time, upon the written request of the Collateral Agent, each Pledgor shall, at its sole cost
and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments as may be reasonably necessary (as
determined by the Issuer in good faith) or as the Collateral Agent may reasonably request in writing to permit the Collateral Agent to
exercise the voting and other rights which it may be entitled to exercise pursuant to Section 5.1(ii)(A) and to receive all Distributions
which it may be entitled to receive under Section 5.1(ii)(B).

 

(iv)            
All Distributions that are received by any Pledgor contrary to the provisions of Section 5.1(ii)(B) shall be received
in trust for the benefit of the Collateral Agent, shall be promptly (and in any event within three (3) Business Days) paid over to the
Collateral Agent as Pledged Collateral in the same form as so received (with any necessary or reasonably requested endorsement).

 

		Article VI
 
 CERTAIN
                                                         PROVISIONS CONCERNING INTELLECTUAL
 PROPERTY COLLATERAL

 

SECTION 6.1             
Grant of License.

 

(a)              
Solely for the purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement, each Pledgor
grants to the Collateral Agent (to the extent such Pledgor has the rights to do so) an irrevocable (subject to termination under Section
10.3), nonexclusive license (exercisable without payment of royalty or other compensation to the Pledgors) to use, license or sublicense
any Intellectual Property now owned or hereafter acquired by such Pledgor, and wherever the same may be located, and including in such
license reasonable access (to the extent such Pledgor has the rights to grant such access) to all media in which any of the licensed items
may be recorded or stored and to all computer software and programs used for the compilation or printout thereof, to the extent that such
non-exclusive license (a) does not violate the express terms of any agreement between a Pledgor and a third party governing the applicable
Pledgor’s use of such Intellectual Property, or gives such third party any right of acceleration, modification, termination or cancellation
therein and (b) is not prohibited by any applicable law; provided, that such licenses to be granted hereunder with respect to Trademarks
shall be subject to the maintenance of quality standards with respect to the goods and services on which such Trademarks are used sufficient
to preserve the validity of such Trademarks. The use of such license by the Collateral Agent may only be exercised, at the option of the
Collateral Agent, upon the occurrence and during the continuation of an Event of Default at such time as the Collateral Agent is lawfully
entitled to exercise its rights and remedies under this Agreement.

 

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SECTION
6.2             
Scheduled Intellectual Property. Schedule 5 correctly sets forth all United States issued Patents, Patent applications,
registered Trademarks and applications for registration thereto, and registered Copyrights, in each case, issued, applied-for or registered
with the USPTO or USCO and owned by each Pledgor in its own name as of the date hereof and all Exclusive Copyright Licenses granted to
such Grantor as of the Closing Date. On and as of the date hereof, except as set forth in Schedule 5, collectively, the Pledgors own
(a) all issued Patents and pending Patent applications issued by or filed at the USPTO listed in Schedule 5, (b) all registered Trademarks
and Trademark applications registered by or filed at the USPTO listed in Schedule 5 and (c) all registered Copyrights and Copyright applications
pending at the USCO listed in Schedule 5, except, in each case, where the failure to own or possess the right to use, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Except as set forth in Schedule 5,
as of the date hereof, all such scheduled Intellectual Property Collateral has not been abandoned and, to the knowledge of each Pledgor,
is valid, subsisting and in full force and effect, in each case, except as could not reasonably be expected to result in a Material Adverse
Effect.

 

SECTION 6.3             
No Violations or Proceedings. To the knowledge of each Pledgor, other than as publicly disclosed in materials filed
or furnished to the Securities Exchange Commission, as of the date hereof, there is no violation, misappropriation, dilution or infringement
by others of any right of such Pledgor with respect to any Material IP Collateral, except where such violation, misappropriation, dilution
or infringement, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. To the knowledge
of each Pledgor, other than as publicly disclosed in materials filed or furnished to the Securities Exchange Commission, such Pledgor
is not infringing upon, diluting, misappropriating or otherwise violating any Intellectual Property right of any other person, except
where such infringement, misappropriation, dilution or violation, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect.

 

SECTION 6.4             
Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and
expense, (i) maintain and protect the Material IP Collateral owned by such Pledgor, (ii) not permit to lapse or become abandoned any Material
IP Collateral owned by such Pledgor, and (iii) during the continuance of an Event of Default, upon prior notice from the Collateral Agent
to Issuer, (x) not enter into any settlement, covenant not to sue, or other agreement, in each case that would materially impair the validity
or enforceability of any Material IP Collateral owned by such Pledgor, or materially impair such Pledgor’s ownership of any Material
IP Collateral owned by such Pledgor and (y) not permit to lapse or become abandoned any Material IP Collateral owned by such Pledgor;
provided, that, except with respect to clause (iii) above, nothing in this Agreement shall prevent any Pledgor from disposing of,
discontinuing the use or maintenance of, failing to pursue or otherwise allowing to lapse, terminate or put into the public domain, any
of its Intellectual Property, to the extent Issuer determines in good faith that such Intellectual Property is not material to the business
of Issuer and its Subsidiaries, taken as a whole. Upon the Collateral Agent’s reasonable request, each Pledgor shall furnish to
the Collateral Agent from time to time information further identifying and describing the Intellectual Property Collateral as the Collateral
Agent may reasonably request, all in reasonable detail (it being understood that the Collateral Agent shall have no duty to make such
request (other than pursuant to any direction given by the Trustee or the Holders of a majority of the aggregate principal amount of the
Notes in accordance with the Indenture)).

 

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SECTION
6.5             
After-Acquired Property. If any Pledgor, at any time before the satisfaction and discharge of the Indenture in accordance
with Section 3.02 of the Supplemental Indenture or a Covenant Termination of the Indenture in accordance with Section 3.03 of the Supplemental
Indenture, (i) obtains any rights to any additional Intellectual Property Collateral or (ii) becomes entitled to the benefit of any additional
Intellectual Property Collateral or extension thereof, including any reissue, division, continuation, or continuation-in-part of any
Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, the provisions hereof shall automatically
apply thereto and any such item enumerated in clause (i) or (ii) of this sentence with respect to such Pledgor shall automatically constitute
Intellectual Property Collateral if such would have constituted Intellectual Property Collateral at the time of execution hereof and
be subject to the Lien and security interest created by this Agreement without further action by any party. Each Pledgor shall, (i) at
the time of filing of the quarterly and annual financial statements required by Section 4.04 of the Supplemental Indenture, with respect
to any item of Intellectual Property Collateral owned by a Pledgor and applied for, registered or issued in the United States, and any
Exclusive Copyright Licenses entered into by a Pledgor, that is not listed on the Schedules hereto or for which a notice hereunder has
not previously been provided to the Collateral Agent provide to the Collateral Agent written notice of each such item and (ii) promptly
thereafter, file the instruments and documents provided for in Section 2.2(b) with respect to such item.

 

SECTION 6.6             
Litigation. Upon the occurrence and during the continuance of any Event of Default, to the extent permissible by
law, the Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual
Property Collateral and/or bring suit in the name of any Pledgor, the Collateral Agent or the Secured Parties to enforce the Intellectual
Property Collateral and any License thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the Collateral
Agent, do any and all lawful acts and execute any and all documents reasonably requested by the Collateral Agent in aid of such enforcement,
and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all reasonable and documented costs and expenses incurred
by the Collateral Agent in the exercise of its rights under this Section 6.6 in accordance with Section 6.06 and Section 6.02(a)
of the Base Indenture. In the event that, upon the occurrence of and during the continuance of any Event of Default, the Collateral Agent
elects not to bring such suit to enforce the Intellectual Property Collateral, each Pledgor agrees, at the reasonable request of the Collateral
Agent, to take all reasonable actions, whether by suit, proceeding or other action, as such Pledgor, in its reasonable business judgment,
deems necessary and appropriate to prevent the infringement, counterfeiting, unfair competition, dilution, misappropriation, diminution
in value of or other damage to any Material IP Collateral by others and for that purpose agrees, subject to the foregoing qualifications,
to diligently maintain any such suit, proceeding or other action to prevent such infringement, counterfeiting, unfair competition, dilution,
misappropriation, diminution in value of or other damage to the Material IP Collateral owned by any Pledgor.

 

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Article
VII

 

Maintenance of RECORDS

 

Upon the occurrence and during the continuance
of any Event of Default, the Collateral Agent may (but shall not be obligated to (other than pursuant to any direction given by the Trustee
or the Holders of a majority of the aggregate principal amount of the Notes in accordance with the Indenture)) transfer a full and complete
copy of any Pledgor’s books, records, credit information, reports, memoranda and all other writings relating to the Accounts to
and for the use by any person that has acquired or is contemplating acquisition of an interest in the Accounts or the Collateral Agent’s
security interest therein without the consent of any Pledgor; provided, that the Collateral Agent agrees to use reasonable efforts to
provide prior written notice of any such transfer to such Pledgor.

 

Article
VIII

 

REMEDIES

 

SECTION 8.1             
Remedies. Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may from time
to time (but shall not be obligated to (other than pursuant to any direction given by the Trustee or the Holders of a majority of the
aggregate principal amount of the Notes in accordance with the Indenture)) exercise in respect of the Pledged Collateral, in addition
to the other rights and remedies provided for herein or otherwise available to it, the following remedies, in each case, to the fullest
extent permitted by applicable law:

 

(i)                
personally, or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from any
Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose
may enter upon any Pledgor’s premises where any of the Pledged Collateral is located, remove such Pledged Collateral, remain present
at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection with
such removal and possession any and all services, supplies, aids and other facilities of any Pledgor;

 

(ii)             
demand, sue for, collect or receive any money or Property at any time payable or receivable in respect of the Pledged Collateral
including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral
to make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent, and in connection
with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided,
however, that in the event that any such payments are made directly to any Pledgor, such Pledgor shall promptly (but in no event later
than three (3) Business Days after receipt thereof or such later date as may be agreed to in writing by the Collateral Agent) pay such
amounts to the Collateral Agent;

 

(iii)            sell,
assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license to use or otherwise
liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of
the proceeds of any such sale, assignment, license or liquidation, with respect to licenses to Trademarks, subject to reasonable
quality control provisions in connection with the goods and services offered under any Trademarks sufficient to avoid the risk of
cancellation, voiding or invalidation of such Trademarks;

 

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(iv)            
take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing to deliver the same to
the Collateral Agent at any place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense:
(A) forthwith cause the same to be moved to the place or places designated by the Collateral Agent and therewith delivered to the Collateral
Agent; (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such place or places pending further action by
the Collateral Agent; and (C) while the Pledged Collateral shall be so stored and kept, provide such security and maintenance services
as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to deliver
the Pledged Collateral as contemplated in this Section 8.1(iv) is of the essence hereof. Upon application to a court of equity
having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by any Pledgor of such obligation;

 

(v)              
retain and apply the Distributions to the Obligations as provided in Article 6 of the Supplemental Indenture;

 

(vi)            
exercise any and all rights as beneficial and legal owner of the Pledged Collateral subject to Section 5.1(ii); and

 

(vii)          exercise
all the rights and remedies of a secured party upon default under the UCC or other applicable law or in equity, and the Collateral
Agent may also, at the direction of the Trustee or Holders of a majority of the aggregate principal amount of the Notes given in
accordance with the Indenture, without notice except as specified in Section 8.2, sell, assign, transfer or grant a license
to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s
board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price
or prices and upon such other terms as the Collateral Agent may deem commercially reasonable. The Collateral Agent or any other
Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of any or all of the
Pledged Collateral at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the
purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the
Obligations owed to such person as a credit on account of the purchase price of any Pledged Collateral payable by such person at
such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the Property sold, assigned or licensed
absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted
by applicable law, all rights of redemption, stay and/or appraisal that it now has or may at any time in the future have under any
applicable law now existing or hereafter enacted. The Collateral Agent shall not be obligated to make any sale of Pledged Collateral
regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which
it was so adjourned. Each Pledgor hereby waives, to the fullest extent permitted by applicable law, any claims against the
Collateral Agent arising by reason of the fact that the price at which any Pledged Collateral may have been sold, assigned or
licensed at such a private sale was less than the price which might have been obtained at a public sale, even if the Collateral
Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree.

 

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SECTION 8.2             
Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of Pledged
Collateral shall be required by any applicable law, 10 days’ prior written notice to such Pledgor of the time and place of any public
sale or of the time after which any private sale or other intended disposition is to take place shall be commercially reasonable notification
of such matters. To the extent permitted by applicable law, no notification need be given to any Pledgor if it has signed, after the occurrence
of an Event of Default, a statement renouncing or modifying any right to notification of sale or other intended disposition.

 

SECTION 8.3             
Waiver of Claims; Other Waivers; Marshalling.

 

(i)                
Each Pledgor hereby waives, to the fullest extent permitted by applicable law, notice of judicial hearing in connection
with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of any of the Pledged Collateral, including
any and all prior notice and hearing for any prejudgment remedy or remedies and any such right which such Pledgor would otherwise have
under any applicable law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law (i) all damages occasioned
by such taking of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to
the enforcement of the Collateral Agent’s rights hereunder and (iii) all rights of redemption, appraisal, valuation, stay, extension
or moratorium now or hereafter in force under any applicable law. The Collateral Agent shall not be liable for any incorrect or improper
payment made pursuant to this Article VIII except to the extent resulting solely from the Collateral Agent’s (or its authorized
representative’s) gross negligence or willful misconduct, as determined in a final, non-appealable judgment by a court of competent
jurisdiction. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to
divest all right, title, interest, claim and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall
be a perpetual bar both at law and in equity or otherwise against such Pledgor and against any and all persons claiming or attempting
to claim the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor.

 

(ii)             
To the maximum extent permitted by applicable law, each Pledgor hereby waives demand, notice (except for any notices required
hereunder), protest, notice of acceptance of this Agreement, notice of Pledged Collateral received or delivered or any other action taken
in reliance hereon.

 

(iii)            The
Collateral Agent shall not be required to marshal any present or future collateral security (including the Pledged Collateral) for,
or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other assurances of
payment in any particular order. To the maximum extent permitted by applicable law, each Pledgor hereby agrees that it will not
invoke any applicable law relating to the marshalling of collateral and hereby irrevocably waives the benefits of all such
applicable laws.

 

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SECTION 8.4             
Standards for Exercising Rights and Remedies. To the extent that applicable laws impose duties on the Collateral
Agent to exercise remedies in a commercially reasonable manner, each Pledgor acknowledges and agrees that it is not commercially unreasonable
for the Collateral Agent, if an Event of Default has occurred and is continuing and the Collateral Agent is exercising remedies in accordance
with this Agreement, (i) not to incur expenses reasonably deemed significant by the Collateral Agent to prepare Pledged Collateral for
disposition or otherwise to fail to complete raw material or work in process into finished goods or other finished products for disposition,
(ii) to fail to exercise collection remedies against account debtors or other persons obligated on Pledged Collateral or to fail to remove
liens or encumbrances on or any adverse claims against Pledged Collateral, (iii) to exercise collection remedies against account debtors
and other persons obligated on Pledged Collateral directly or through the use of collection agencies and other collection specialists,
(iv) to advertise dispositions of Pledged Collateral through publications or media of general circulation, whether or not the Pledged
Collateral is of a specialized nature, (v) to contact other persons, whether or not in the same business as any Pledgor, for expressions
of interest in acquiring all or any portion of the Pledged Collateral, (vi) to hire one or more professional auctioneers to assist in
the disposition of Pledged Collateral, whether or not the collateral is of a specialized nature, (vii) to dispose of Pledged Collateral
by utilizing internet sites that provide for the auction of assets of the types included in the Pledged Collateral or that have the reasonable
capability of doing so, or that match buyers and sellers of assets, (viii) to dispose of assets in wholesale rather than retail markets,
(ix) to disclaim or modify disposition warranties, (x) to purchase insurance or credit enhancements to insure the Collateral Agent against
risks of loss, collection or disposition of Pledged Collateral or to provide to the Collateral Agent a guaranteed return from the collection
or disposition of Pledged Collateral, or (xi) to the extent reasonably deemed appropriate by the Collateral Agent, to obtain the services
of other brokers, investment bankers, consultants and other professionals to assist the Collateral Agent in the collection or disposition
of any of the Pledged Collateral. The Pledgors acknowledge that the purpose of this Section 8.4 is to provide non-exhaustive indications
of what actions or omissions by the Collateral Agent would fulfill the Collateral Agent’s duties under the UCC or other applicable
laws of the State or any other relevant jurisdiction in the Collateral Agent’s exercise of remedies against the Pledged Collateral
and that other actions or omissions by the Collateral Agent shall not be deemed to fail to fulfill such duties solely on account of not
being indicated in this Section 8.4. Without limiting the foregoing, nothing contained in this Section 8.4 shall be construed
to grant any rights to any Pledgor or to impose any duties on the Collateral Agent that would not have been granted or imposed by this
Agreement or by applicable law in the absence of this Section 8.4.

 

SECTION 8.5             
Certain Sales of Pledged Collateral.

 

(i)                 Each
Pledgor recognizes that, by reason of certain prohibitions contained in applicable law, the Collateral Agent may be compelled, with
respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of a
Governmental Authority. Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Collateral
Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that
any such restricted sale shall be deemed to have been made in a commercially reasonable manner and that, except as may be required
by applicable law, the Collateral Agent shall have no obligation to engage in public sales.

 

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(ii)             
Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended (the
 “Securities Act”), and applicable state or foreign securities’ laws, the Collateral Agent may be compelled, with
respect to any sale or disposition of all or any part of the Securities Collateral and Investment Property, to limit purchasers to persons
who will agree, among other things, to acquire such Securities Collateral or Investment Property for their own account, for investment
and not with a view to the distribution or resale thereof.

 

(iii)           
If the Collateral Agent determines to exercise its right to sell any or all of the Securities Collateral or Investment Property
if an Event of Default has occurred and is continuing, upon written request, the applicable Pledgor shall, and shall use commercially
reasonable efforts to cause each issuer of Securities Collateral and Investment Property to be sold hereunder to, from time to time furnish
to the Collateral Agent all such information as the Collateral Agent may reasonably request to determine the number and nature or interest
of securities or other instruments included in the Securities Collateral or Investment Property which may be sold by the Collateral Agent
as exempt transactions under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are from
time to time in effect. Each Pledgor further agrees that a breach of any of the covenants contained in this Section 8.5(iii) will
cause irreparable injury to the Collateral Agent and other Secured Parties, that the Collateral Agent and the other Secured Parties have
no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 8.5(iii)
shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an
action for specific performance of such covenants, except for a defense that no Event of Default has occurred that is continuing or that
the Obligations (other than contingent obligations and expense reimbursement not then due and payable) have been paid in full.

 

SECTION 8.6             
No Waiver; Cumulative Remedies. No failure on the part of the Collateral Agent to exercise, no course of dealing
with respect to, and no delay on the part of the Collateral Agent in exercising, any right, power or remedy hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise of any such right, power or remedy hereunder preclude any other or further
exercise thereof or the exercise of any other right, power or remedy; nor shall the Collateral Agent be required to look first to, enforce
or exhaust any other security, collateral or guaranties. The remedies herein provided are cumulative and are not exclusive of any remedies
provided by applicable law, in equity or otherwise.

 

SECTION 8.7              Certain
Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be continuing, upon the
reasonable written demand of the Collateral Agent (pursuant to any direction given by the Trustee or the Holders of a majority of
the aggregate principal amount of the Notes in accordance with the Indenture), each Pledgor shall execute and deliver to the
Collateral Agent an assignment or assignments of the registered Intellectual Property Collateral (and any applications therefor) or
such other documents as are reasonably necessary (as determined by the Issuer in good faith) or reasonably requested by the
Collateral Agent to carry out the intent and purposes hereof.

 

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Article
IX

 

APPLICATION OF PROCEEDS

 

The proceeds received by the Collateral Agent in
respect of any sale of, collection from, or other realization upon all or any part of the Pledged Collateral pursuant to the exercise
by the Collateral Agent of its remedies shall, together with any other sums then held by the Collateral Agent, be applied in accordance
with Section 6.06 of the Supplemental Indenture.

 

Article
X

 

MISCELLANEOUS

 

SECTION 10.1         
Collateral Agent Appointed Attorney-in-Fact. Each Pledgor hereby appoints the Collateral Agent as its attorney-in-fact,
with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, at the direction of
the Trustee or Holders of a majority of the aggregate principal amount of the Notes given in accordance with the Indenture, to take any
action and to execute any instrument consistent with the terms of the Indenture, this Agreement and the other Notes Documents which the
Collateral Agent may deem necessary or advisable to accomplish the purposes hereof. The foregoing grant of authority is a power of attorney
coupled with an interest and such appointment shall be irrevocable. Each Pledgor hereby ratifies all that such attorney shall lawfully
do in accordance with the terms of this Agreement and the other Notes Documents and only to the extent permitted hereunder or thereunder.
Notwithstanding anything in this Section 10.1 to the contrary, the Collateral Agent agrees that it will not exercise any rights
under the power of attorney provided for in this Section 10.1 unless an Event of Default has occurred and is continuing.

 

SECTION 10.2         
Continuing Security Interest. This Agreement shall create a continuing security interest in the Pledged Collateral
and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies
of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured Parties and each of their respective successors,
transferees and permitted assigns; provided that no Secured Party, other than the Collateral Agent, shall have the right to exercise
any rights or remedies hereunder against the Pledgor or the Collateral except pursuant to Section 6.07 of the Supplemental Indenture.
No other persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect hereto.

 

SECTION
10.3          Termination;
Release. (a) This Agreement shall automatically terminate upon the satisfaction and discharge of the Indenture in accordance
with Section 3.02 of the Supplemental Indenture or a Covenant Termination of the Indenture in accordance with Section 3.03 of the
Supplemental Indenture. Upon termination hereof, the Lien granted hereby shall automatically terminate and all rights to the Pledged
Collateral shall automatically revert to the applicable Pledgor or to such other person as may be entitled thereto pursuant to any
Order or other applicable law. The Lien granted hereby shall be automatically released and shall automatically terminate with
respect to all or any portion of the Pledged Collateral in accordance with Section 8.03 of the Supplemental Indenture. A Pledgor
shall automatically be released from its obligations hereunder if it ceases to be a Note Party in accordance with the Indenture.

 

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(b)              
In accordance with, and subject to the provisions of, Section 8.02(b) of the Supplemental Indenture, any of the Liens granted
hereby may be subordinated pursuant to an Accepted Form of non-disturbance agreement or other agreement necessary or advisable to consummate
a Permitted Commercialization Arrangement.

 

(c)              
In connection with any termination or release pursuant to paragraph (a) of this Section 10.3, so long as Issuer shall
have provided the Collateral Agent with such certifications or documents as provided in Section 8.03(b) and (c) of the Supplemental Indenture,
the Collateral Agent shall execute and deliver to any Pledgor, at such Pledgor’s expense, all documents that such Pledgor shall
reasonably request to evidence such termination or release and shall perform such other actions reasonably requested by such Pledgor to
effect such release, including delivery of certificates, securities and instruments.

 

SECTION 10.4         
Modification in Writing. No amendment, modification, supplement, termination or waiver of or to any provision hereof,
nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of
the Indenture and unless in writing (including by electronic mail) and signed by the Collateral Agent and the applicable Pledgor. Any
amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure
by any Pledgor from the terms of any provision hereof shall be effective only in the specific instance and for the specific purpose for
which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on any Pledgor in any case
shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances.

 

SECTION 10.5         
Notices. Unless otherwise provided herein or in the Indenture, any notice or other communication herein required
or permitted to be given shall be given in the manner and become effective as set forth in the Indenture, as to any Pledgor, addressed
to it at the address of Issuer set forth in the Indenture and as to the Collateral Agent, addressed to it at the address set forth in
the Indenture, or in each case at such other address as shall be designated by such party in a written notice (which, in the case of notice
to the Collateral Agent, may be electronic mail) to the other party complying as to delivery with the terms of this Section 10.5.

 

SECTION 10.6         
Governing Law and Consent to Jurisdiction; Waiver of Jury Trial. The terms
of Sections 17.03 and 17.11 of the Supplemental Indenture with respect to governing law, consent of jurisdiction, service of process,
venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.

 

SECTION
10.7          Severability
of Provisions. In the event any provision of this Agreement shall be invalid, illegal or unenforceable, then (to the extent
permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or
impaired.

 

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SECTION 10.8         
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Agreement and
of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Agreement as to the parties
hereto and may be used in lieu of the original Agreement for all purposes. Signatures of the parties hereto transmitted by facsimile or
PDF shall be deemed to be their original signatures for all purposes. The words “delivery,” “execution,” “execute,”
 “signed,” “signature,” and words of like import in or related to any document to be signed in connection with
this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment
terms and contract formations on electronic platforms approved by the Trustee and the Collateral Agent, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act. The Pledgors agree to assume all risks arising
out of the use of digital signatures and electronic methods, including without limitation the risk of the Collateral Agent acting on unauthorized
instructions, and the risk of interception and misuse by third parties.

 

SECTION 10.9         
Business Days. In the event any time period or any date provided in this Agreement ends or falls on a day other than
a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day,
and performance herein may be made on such Business Day, with the same force and effect as if made on such other day.

 

SECTION 10.10     
No Claims Against Collateral Agent. Nothing contained in this Agreement or any other Notes Document, nor the exercise
by the Collateral Agent of any of the rights or remedies hereunder, shall constitute any consent or request by the Collateral Agent, express
or implied, for the performance of any labor or services or the furnishing of any materials or other Property in respect of the Pledged
Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the performance of any
labor or services or the furnishing of any materials or other Property in such fashion as would permit the making of any claim against
the Collateral Agent in respect thereof or any claim that any Lien based on the performance of such labor or services or the furnishing
of any such materials or other Property is prior to the Lien hereof.

 

SECTION 10.11     
Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute and unconditional irrespective
of:

 

(i)                 any
bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any Pledgor;

 

    29 

     

    

 

(ii)             
 any lack of validity or enforceability of any Notes Document or any other agreement or instrument relating thereto against
any Pledgor;

 

(iii)           
any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other
amendment or waiver of or any consent to any departure from any Notes Document or any other agreement or instrument relating thereto (except,
and only to the extent provided by, any amendment, waiver or consent executed in accordance with Article 10 of the Supplemental Indenture
which alters any such obligation hereunder);

 

(iv)            
any pledge, exchange, release or non-perfection or loss of priority of any other collateral, or any release thereto (except,
and only to the extent provided by, any release executed in accordance with Section 10.3 hereof which alters any such obligation
hereunder) or amendment or waiver of or consent to any departure from any guarantee thereto (except, and only to the extent provided by,
any amendment, waiver or consent executed in accordance with Article 10 of the Supplemental Indenture which alters any such obligation
hereunder), for all or any of the Obligations;

 

(v)              
any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof of any Notes Document;
or

 

(vi)            
any other circumstances which might otherwise constitute a defense (other than the indefeasible payment in full of the Obligations
(other than contingent obligations and expense reimbursement not yet due and payable)) available to, or a discharge of, the Pledgors.

 

SECTION 10.12     
Concerning the Collateral Agent.

 

(a)              
The powers conferred on the Collateral Agent hereunder are solely to protect the Secured Parties’ interest in the
Pledged Collateral and shall not impose any duty upon the Collateral Agent to exercise any such powers (other than as directed by the
Trustee or the Holders of a majority of the aggregate principal amount of the Notes in accordance with the Indenture). Except for the
safe custody of any Pledged Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral
Agent shall have no duty as to any Pledged Collateral (other than as directed by the Trustee or the Holders of a majority of the aggregate
principal amount of the Notes in accordance with the Indenture), as to ascertaining or taking action with respect to any Pledged Collateral,
whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve
rights against any parties or any other rights pertaining to any Pledged Collateral. The Collateral Agent shall be deemed to have exercised
reasonable care in the custody and preservation of any Pledged Collateral in its possession if such Pledged Collateral is accorded treatment
substantially equal to that which it accords its own property.

 

    30 

     

    

 

(b)               U.S.
Bank National Association, is entering this Agreement not in its individual capacity, but solely in its capacity as Collateral Agent
under the Indenture. In acting hereunder, the Collateral Agent shall be entitled to all of the rights, privileges and immunities of
the Collateral Agent set forth in the Indenture, including without limitation in Article 8 of the Supplemental Indenture, as if such
rights, privileges and immunities were expressly set forth herein.

 

(c)              
The Collateral Agent shall have no duty or obligation to make any filings, recordings, re-filings or re-recordings to perfect
or maintain the perfection of the Collateral Agent’s security interest in the Pledged Collateral.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    31 

     

    

 

IN WITNESS WHEREOF, the Pledgors and the Collateral
Agent have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the date first above written.

 

	 	INTERCEPT
                                            PHARMACEUTICALS, INC.,

                                                                          as
                                            Pledgor

	 	 
	 	By:	/s/
Rocco Venezia
	 	 	Name: Rocco Venezia
	 	 	Title: Chief Accounting Officer & Treasurer
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	solely
    in its capacity as Collateral Agent
	 	 
	 	By:	/s/ Juliet Taylor
	 	 	Name: Juliet Taylor
	 	 	Title: Assistant Vice President

 

     

     

    

 

Schedule
1

 

COMMERCIAL TORT CLAIMS

 

Schedule 1

 

     

     

    

 

Schedule
2

 

LETTERS OF CREDIT

 

Schedule 2

 

     

     

    

 

Schedule
3

 

FILING OFFICES

 

Schedule 3

 

     

     

    

 

Schedule
4

 

PLEDGED SECURITIES

 

Schedule 4

 

	Owner	Issuer	Class of 

Capital Stock	No. of Shares Owned	Certificated or Uncertificated	Percent Pledged
	 	 	 	 	 	 
	 	 	 	 	 	 

 

     

     

    

 

Schedule
5

 

INTELLECTUAL PROPERTY

 

Schedule 5

 

 

(a)       Patents
and Patent Applications

 

	United States Patents:	 	 
	OWNER	TITLE	PATENT NUMBER
	United States Patent Applications:	 	 
	OWNER	TITLE	APPLICATION NUMBER

 

(b)       Trademarks
and Trademark Applications

 

United States Trademark Registrations:

	OWNER	TITLE	REGISTRATION NUMBER

 

United States Trademark Applications:

 

	OWNER	MARK	SERIAL NUMBER

 

(c)       Copyrights,
Copyright Applications and Copyright Licenses

 

	United States Copyright Registrations:	 	 
	OWNER	TITLE	REGISTRATION NUMBER

 

     

     

    

 

Schedule
5

 

	United States Copyright Applications:	 	 
	 	 	 
	OWNER	TITLE	 
	Exclusive Copyright Licenses:	 	 

 

     

     

    

 

Schedule
6

 

DEPOSIT ACCOUNTS, SECURITIES ACCOUNTS AND COMMODITIES
ACCOUNTS

 

Schedule 6 

 

Deposit Accounts:

 

	Pledgor	Account Number	Type of 

Account	Name and Address of 

Financial Institution
	 	 	 	 
	 	 	 	 

 

Securities Accounts:

 

	Pledgor	Account Number	Type of 

Account	Name and Address of 

Financial Institution
	 	 	 	 
	 	 	 	 

 

Commodities Accounts:

 

	Pledgor	Account Number	Type of 

Account	Name and Address of 

Financial Institution
	 	 	 	 
	 	 	 	 

 

     

     

    

 

Schedule
7

 

DELIVERABLE INTERCOMPANY NOTES, INSTRUMENTS AND
TANGIBLE CHATTEL PAPER

 

Schedule 7

 

     

     

    

 

Exhibit
1   

  

[Form of]

 

JOINDER AGREEMENT

 

[Name of New Pledgor]

[Address of New Pledgor]

 

[Date]

 

U.S. Bank National Association

as Collateral Agent for

the Secured Parties referred to below

CityPlace I

185 Asylum Street, 27th Floor

Hartford, CT 06103

 

Attn: Juliet Taylor (Intercept Pharmaceuticals)

Facsimile: (860) 241-6897

 

	 	Re:	Intercept Pharmaceuticals, Inc.

 

Ladies and Gentlemen:

 

Reference is made to that certain Security Agreement,
dated as of August 17, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”), entered into by Intercept Pharmaceuticals, Inc., a Delaware corporation (“Issuer”), the other
Pledgors (as defined therein) party thereto and U.S. Bank National Association, as collateral agent for the Secured Parties (in such capacity,
together with any successor thereof in such capacity, the “Collateral Agent”). Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to such terms in the Security Agreement.;

 

    Exhibit 1 – Form of Joinder Agreement

1

     

    

 

This joinder agreement (this “Joinder
Agreement”) supplements the Security Agreement and is delivered by the undersigned,
[             ] (the “New Pledgor”), pursuant to
Section 3.5 of the Security Agreement. The New Pledgor hereby agrees to be bound as a Pledgor by all of the terms, covenants and
conditions set forth in the Security Agreement to the same extent that it would have been bound if it had been a signatory to the
Security Agreement on the execution date of the Security Agreement. Without limiting the generality of the foregoing, as collateral
security for the payment and performance in full of all the Obligations, the New Pledgor hereby pledges and grants to the Collateral
Agent for the ratable benefit of the Secured Parties, a Lien on and security interest in and to all of the right, title and interest
of such New Pledgor in, to and under the Pledged Collateral, wherever located, whether now existing or hereafter arising or acquired
from time to time and expressly assumes all obligations and liabilities of a Pledgor under the Security Agreement and the other
Notes Documents. The New Pledgor hereby agrees to each of the covenants applicable to such Pledgor contained in the Security
Agreement. The New Pledgor hereby irrevocably authorizes the Collateral Agent (or its designee) at any time and from time to time
prior to the termination of the Security Agreement to file (but the Collateral Agent shall have no duty to file) in any relevant
jurisdiction any financing statements (including fixture filings), continuation statements and amendments thereto that contain the
information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement, continuation
statement or amendment thereto relating to the Pledged Collateral, including whether such New Pledgor is an organization, the type
of organization and any organizational identification number issued to such New Pledgor. The New Pledgor agrees to provide all
information described in the immediately preceding sentence to the Collateral Agent promptly upon reasonable request and, upon
reasonable request by the New Pledgor, the Collateral Agent agrees to use commercially reasonable efforts to make available to such
New Pledgor copies of any such filings. Such financing statements may describe the collateral in the same manner as described herein
or may contain a description of collateral that describes such Property in any other manner as the Collateral Agent may determine,
in its reasonable discretion, is necessary or advisable to ensure the perfection of the security interest in the collateral granted
to the Collateral Agent in connection herewith, including, describing such Property as “all assets whether now owned or
hereafter acquired” or “all personal property whether now owned or hereafter acquired” or words of similar meaning
(regardless of whether any particular asset comprised in the Pledged Collateral falls within the scope of Article 9 of the UCC).

 

The New Pledgor hereby represents and warrants
that (a) set forth under its signature hereto is the true and correct legal name of the New Pledgor, its jurisdiction of formation and
the location of its chief executive office, and (b) set forth on Schedule I attached hereto is a true and correct schedule of the information
required by the Schedules to the Security Agreement applicable to it.

 

This Joinder Agreement and any amendments, waivers,
consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one
and the same agreement. Delivery of an executed counterpart of this Joinder Agreement by facsimile or PDF transmission or other electronic
signature shall be effective as delivery of a manually executed counterpart of this Joinder Agreement. This Joinder Agreement is a Notes
Document.

 

THIS JOINDER AGREEMENT AND ANY CLAIMS, CONTROVERSY,
DISPUTE OR CAUSE OF ACTION (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS JOINDER AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

 

[Remainder of this page intentionally left blank]

 

    Exhibit 1 – Form of Joinder Agreement

2

     

    

 

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

	 	[NEW PLEDGOR]

 

		By:	
	 	 	Name:
	 	 	Title:
	 	 	 

	 	Legal Name:
	 	Jurisdiction of Formation:
	 	Location of Chief Executive Office:
	 	 

AGREED TO AND ACCEPTED:

 

U.S. BANK NATIONAL ASSOCIATION,

solely in its capacity as Collateral Agent

 

	By:		 
	 	Name:	 
	 	Title:	 

 

    Exhibit 1 – Form of Joinder Agreement

3

     

    

 

Exhibit
2 

 

[Form of]

 

COPYRIGHT SECURITY AGREEMENT

 

This Copyright Security Agreement dated as of [         ],
20[   ] (this “Copyright Security Agreement”), by and among the signatory hereto indicated as a “Pledgor”
(the “Pledgor”) in favor of U.S. Bank National Association solely in its capacity as collateral agent for the Secured
Parties (in such capacity, together with any successor thereof in such capacity, the “Collateral Agent”) pursuant to
that certain Base Indenture, dated as of August 17, 2021 (the “Base Indenture”), as supplemented by that certain First
Supplemental Indenture dated as of August 17, 2021 (the “Supplemental Indenture”; the Base Indenture, as supplemented
by the Supplemented Indenture and as further amended, restated, amended and restated, supplemented or otherwise modified from time to
time, the “Indenture”), by and among Intercept Pharmaceuticals, Inc., a Delaware corporation (“Issuer”),
the Pledgor and each of the other guarantors listed on the signature pages thereto, and U.S. Bank National Association, as collateral
agent.

 

W I T N E S E T H:

 

WHEREAS, the Pledgor is party to that certain Security
Agreement dated as of August 17, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time,
the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgor pledged and granted to the
Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in the Copyright Collateral (as defined below);
and

 

WHEREAS, pursuant to the Security Agreement, the
Pledgor is required to execute and deliver this Copyright Security Agreement.

 

NOW, THEREFORE, in consideration of the premises
and to induce the Collateral Agent, for the ratable benefit of the Secured Parties, to enter into the Indenture, the Pledgor hereby agrees
with the Collateral Agent as follows:

 

SECTION 1.     Defined Terms. Capitalized
terms used but not defined herein shall have the meanings given or given by reference to them in the Security Agreement.

 

SECTION 2.     Grant of Security Interest in
Copyright Collateral. The Pledgor hereby pledges and grants to the Collateral Agent for the ratable benefit of the Secured Parties
a Lien on and security interest in and to all of the right, title and interest of the Pledgor in, to and under all the following Pledged
Collateral of the Pledgor, in each case excluding Excluded Assets, whether now existing or hereafter arising or acquired from time to
time (collectively, the “Copyright Collateral”):

 

(a)       whether
now owned or held, or hereafter acquired or created by or assigned to such Pledgor, all works of authorship (whether protected by
statutory or common law copyright, whether registered or unregistered, and whether published or unpublished) and all copyright
registrations and applications therefor, including the United States registered copyrights, listed on Schedule 1 attached
hereto, together with any and all (i) rights and privileges arising under applicable law with respect to the use of the foregoing,
(ii) restorations, renewals and extensions thereof and amendments thereto, (iii) rights to proceeds, income, fees, royalties,
damages and payments now or hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments
for past, present or future infringements or other violations thereof, (iv) rights to sue or otherwise recover for past, present or
future infringements or other violations and (v) rights corresponding thereto throughout the world; and

 

    Exhibit 2 – Form of Copyright Security Agreement

1

     

    

 

(b)       all
Exclusive Copyright Licenses listed on Schedule 1 attached hereto.

 

SECTION 3.     Security Agreement. The security
interest granted pursuant to this Copyright Security Agreement is granted in conjunction with the security interest granted to the Collateral
Agent pursuant to the Security Agreement, and the Pledgor hereby acknowledges and affirms that the rights and remedies of the Collateral
Agent with respect to the security interest in the Copyright Collateral made and granted hereby are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any
provision of this Copyright Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement
shall control.

 

SECTION 4.     Counterparts. This Copyright
Security Agreement may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Copyright Security Agreement and of signature pages by facsimile
or PDF transmission shall constitute effective execution and delivery of this Copyright Security Agreement as to the parties hereto and
may be used in lieu of the original Copyright Security Agreement for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes. The words “delivery,” “execution,” “execute,”
 “signed,” “signature,” and words of like import in or related to any document to be signed in connection with
this Copyright Security Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Trustee and the Collateral Agent, or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION
5.    Governing Law. The terms of SECTIONS 17.03 and 17.11 of the Supplemental Indenture with respect to governing law, consent
of jurisdiction, service of process, venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and
the parties hereto agree to such terms.

 

SECTION
6.      Concerning the Collateral Agent. U.S. Bank National Association is entering this
Agreement not in its individual capacity, but solely in its capacity as Collateral Agent under the Indenture. In acting hereunder,
the Collateral Agent shall be entitled to all of the rights, privileges and immunities of the Collateral Agent set forth in the
Indenture, including without limitation in Article 8 of the Supplemental Indenture, as if such rights, privileges and immunities
were expressly set forth herein.

 

[Signature Page Follows]

 

    Exhibit 2 – Form of Copyright Security Agreement

2

     

    

 

IN WITNESS WHEREOF, the Pledgor has caused this
Copyright Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

 

	 	[PLEDGOR]
	 	 

		By:	

                                                                    

                                                                    

	 	 	Name:
	 	 	Title:
	 	 	 

U.S. BANK NATIONAL ASSOCIATION,

solely in its capacity as Collateral Agent

 

	By:		 
	 	Name:	 
	 	Title:	 

 

    Exhibit 2 – Form of Copyright Security Agreement

3

     

    

 

SCHEDULE 1

to

COPYRIGHT SECURITY AGREEMENT

 

UNITED STATES COPYRIGHT REGISTRATIONS, COPYRIGHT
APPLICATIONS AND 

EXCLUSIVE COPYRIGHT LICENSES

 

	United States Copyright Registrations:	 	 
	 	 	 
	OWNER	TITLE	REGISTRATION NUMBER
	 	 	 
	United States Copyright Applications:	 	 
	 	 	 
	OWNER	TITLE	 
	 	 	 
	Exclusive Copyright Licenses:	 	 

 

    Exhibit 2 – Form of Copyright Security Agreement

4

     

    

 

Exhibit
3 

 

[Form of]

 

PATENT SECURITY AGREEMENT

 

This Patent Security Agreement, dated as of [         ],
20[   ] (this “Patent Security Agreement”), by and among the signatory hereto indicated as a “Pledgor”
(the “Pledgor”) in favor of U.S. Bank National Association solely in its capacity as collateral agent for the Secured
Parties (in such capacity, together with any successor thereof in such capacity, the “Collateral Agent”) pursuant to
that certain Base Indenture, dated as of August 17, 2021 (the “Base Indenture”), as supplemented by that certain First
Supplemental Indenture dated as of August 17, 2021 (the “Supplemental Indenture”; the Base Indenture, as supplemented
by the Supplemented Indenture and as further amended, restated, amended and restated, supplemented or otherwise modified from time to
time, the “Indenture”), by and among Intercept Pharmaceuticals, Inc., a Delaware corporation (“Issuer”),
the Pledgor and each of the other guarantors listed on the signature pages thereto, and U.S. Bank National Association, as collateral
agent.

 

W I T N E S E T H:

 

WHEREAS, the Pledgor is party to that certain Security
Agreement dated as of August 17, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time,
the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgor pledged and granted to the
Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in the Patent Collateral (as defined below); and

 

WHEREAS, pursuant to the Security Agreement, the
Pledgor is required to execute and deliver this Patent Security Agreement.

 

NOW, THEREFORE, in consideration of the premises
and to induce the Collateral Agent, for the ratable benefit of the Secured Parties, to enter into the Indenture, the Pledgor hereby agrees
with the Collateral Agent as follows:

 

SECTION 1.      Defined Terms. Capitalized
terms used but not defined herein shall have the meanings given or given by reference to them in the Security Agreement.

 

    Exhibit 3 – Form of Patent Security Agreement

1

     

    

 

SECTION 2.     Grant
of Security Interest in Patent Collateral. The Pledgor hereby pledges and grants to the Collateral Agent for the ratable benefit
of the Secured Parties a Lien on and security interest in and to all of the right, title and interest of the Pledgor in, to and under
all following Pledged Collateral of the Pledgor, in each case excluding Excluded Assets, whether now existing or hereafter arising or
acquired from time to time (collectively, the “Patent Collateral”): whether now owned or held, or hereafter acquired
or created by or assigned to such Pledgor, all patents and patent applications issued or applied for in the United States listed on Schedule
1 attached hereto, together with any and all (i) rights and privileges arising under applicable law with respect to the use of any
of the foregoing, (ii) inventions and improvements described and claimed therein, (iii) reissues, substitutions, reexaminations, divisions,
renewals, extensions, continuations and continuations-in-part thereof and amendments thereto, (iv) rights to proceeds, income, fees,
royalties, damages and payments now or hereafter due and/or payable thereunder and with respect thereto including damages, claims and
payments for past, present or future infringements or other violations thereof, (v) rights to sue or otherwise recover for past, present
or future infringements or other violations thereof and (vi) rights corresponding thereto throughout the world.

 

SECTION 3.     Security Agreement. The security
interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security interest granted to the Collateral
Agent pursuant to the Security Agreement, and the Pledgor hereby acknowledges and affirms that the rights and remedies of the Collateral
Agent with respect to the security interest in the Patent Collateral made and granted hereby are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any
provision of this Patent Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement
shall control.

 

SECTION 4.      Counterparts. This Patent
Security Agreement may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Patent Security Agreement and of signature pages by facsimile
or PDF transmission shall constitute effective execution and delivery of this Patent Security Agreement as to the parties hereto and may
be used in lieu of the original Patent Security Agreement for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes. The words “delivery,” “execution,” “execute,”
 “signed,” “signature,” and words of like import in or related to any document to be signed in connection with
this Patent Security Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Trustee and the Collateral Agent, or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION
5.    Governing Law. The terms of SECTIONS 17.03 and 17.11 of the Supplemental Indenture with respect to governing law, consent
of jurisdiction, service of process, venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and
the parties hereto agree to such terms.

 

SECTION 6.     Concerning the Collateral Agent.
U.S. Bank National Association is entering this Agreement not in its individual capacity, but solely in its capacity as Collateral Agent
under the Indenture. In acting hereunder, the Collateral Agent shall be entitled to all of the rights, privileges and immunities of the
Collateral Agent set forth in the Indenture, including without limitation in Article 8 of the Supplemental Indenture, as if such rights,
privileges and immunities were expressly set forth herein.

 

[Signature Page Follows]

  

    Exhibit 3 – Form of Patent Security Agreement
 2

     

    

 

IN WITNESS WHEREOF, the Pledgor has caused this
Patent Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

	 	[PLEDGOR]

 

		By:	
	 	 	Name:
	 	 	Title:
	 	 	 

Accepted and Agreed:

 

U.S. BANK NATIONAL ASSOCIATION,

solely in its capacity as Collateral Agent

 

	By:		 
	 	Name:	 
	 	Title:	 

 

    Exhibit 3 – Form of Patent Security Agreement
 3

     

    

 

SCHEDULE 1

to

PATENT SECURITY AGREEMENT

 

UNITED STATES PATENTS AND PATENT APPLICATIONS

 

	United States Patents:	 	 
	 	 	 
	OWNER	TITLE	PATENT NUMBER
	 	 	 
	United States Patent Applications:	 	 
	 	 	 
	OWNER	TITLE	APPLICATION NUMBER

 

    Exhibit 3 – Form of Patent Security Agreement
 4

     

    

 

EXHIBIT 4

 

[Form of]

TRADEMARK SECURITY AGREEMENT

 

This Trademark Security Agreement, dated as of
[         ], 20[   ] (this “Trademark Security Agreement”),
by and among the signatory hereto indicated as a “Pledgor” (the “Pledgor”) in favor of U.S. Bank
National Association solely in its capacity as collateral agent for the Secured Parties (in such capacity, together with any successor
thereof in such capacity, the “Collateral Agent”) pursuant to that certain Base Indenture, dated as of August 17, 2021
(the “Base Indenture”), as supplemented by that certain First Supplemental Indenture dated as of August 17, 2021 (the
 “Supplemental Indenture”; the Base Indenture, as supplemented by the Supplemented Indenture and as further amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Indenture”), by and among
Intercept Pharmaceuticals, Inc., a Delaware corporation (“Issuer”), the Pledgor and each of the other guarantors listed
on the signature pages thereto, and U.S. Bank National Association, as collateral agent.

 

W I T N E S E T H:

 

WHEREAS, the Pledgor is party to that certain Security
Agreement dated as of August 17, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time,
the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgor pledged and granted to the
Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in the Trademark Collateral (as defined below);
and

 

WHEREAS, pursuant to the Security Agreement, the
Pledgor is required to execute and deliver this Trademark Security Agreement.

 

NOW, THEREFORE, in consideration of the premises
and to induce the Collateral Agent, for the ratable benefit of the Secured Parties, to enter into the Indenture, the Pledgor hereby agrees
with the Collateral Agent as follows:

 

SECTION 1.     Defined Terms. Capitalized terms
used but not defined herein shall have the meanings given or given by reference to them in the Security Agreement.

 

    Exhibit
                                            4 – Form of Trademark Security Agreement
 1

     

    

 

SECTION 2.     Grant of Security Interest in Trademark
Collateral. The Pledgor hereby pledges and grants to the Collateral Agent for the ratable benefit of the Secured Parties a Lien on
and security interest in and to all of the right, title and interest of the Pledgor in, to and under all the following Pledged Collateral
of the Pledgor, in each case excluding Excluded Assets (including any application
for registration of a Trademark on the basis of the applicant’s intent-to-use such Trademark, unless and until evidence
of use of the Trademark has been filed with, and accepted by, the United States Patent and Trademark Office pursuant to Section 1(c)
or Section 1(d) of the Lanham Act (15 U.S.C. §1051, et seq.), to the extent, if any, that, and solely during the period, if any,
in which, the grant of a security interest therein prior to such filing would impair the validity or enforceability of such Trademark
application or any registration issuing therefrom under applicable federal law), whether now existing or hereafter arising or acquired
from time to time (collectively, the “Trademark Collateral”): whether now owned or held, or hereafter acquired or
created by or assigned to such Pledgor, all trademarks (including service marks), slogans, logos, certification marks, trade dress, uniform
resource locations (URLs), domain names, trade names, or other indicia of source, whether registered or unregistered, all registrations
and applications for the foregoing (whether statutory or common law and whether registered or applied for in the United States or any
other country, multi-national registry or any political subdivision thereof), including the United States trademark and service mark
registrations and applications for registration listed on Schedule 1 attached hereto, together with any and all (i) rights and
privileges arising under applicable law with respect to the use of any of the foregoing, (ii) all goodwill of the business connected
with the use thereof and symbolized thereby, (iii) extensions and renewals thereof and amendments thereto, (iv) rights to proceeds, income,
fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims
and payments for past, present or future infringements, dilutions or other violations thereof, (v) rights to sue or otherwise recover
for past, present and future infringements, dilutions or other violations thereof and (vi) rights corresponding thereto throughout the
world.

 

SECTION 3.     Security Agreement. The security
interest granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interest granted to the Collateral
Agent pursuant to the Security Agreement, and the Pledgor hereby acknowledges and affirms that the rights and remedies of the Collateral
Agent with respect to the security interest in the Trademark Collateral made and granted hereby are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any
provision of this Trademark Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement
shall control.

 

SECTION 4.     Counterparts. This Trademark
Security Agreement may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Trademark Security Agreement and of signature pages by facsimile
or PDF transmission shall constitute effective execution and delivery of this Trademark Security Agreement as to the parties hereto and
may be used in lieu of the original Trademark Security Agreement for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes. The words “delivery,” “execution,” “execute,”
 “signed,” “signature,” and words of like import in or related to any document to be signed in connection with
this Trademark Security Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Trustee and the Collateral Agent, or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

    Exhibit 4 – Form of Trademark Security Agreement
 2

     

    

 

SECTION
5.    Governing Law. The terms of SECTIONS 17.03 and 17.11 of the Supplemental Indenture with respect to governing law, consent of
jurisdiction, service of process, venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the
parties hereto agree to such terms.

 

SECTION 6.     Concerning the Collateral Agent.
U.S. Bank National Association is entering this Agreement not in its individual capacity, but solely in its capacity as Collateral Agent
under the Indenture. In acting hereunder, the Collateral Agent shall be entitled to all of the rights, privileges and immunities of the
Collateral Agent set forth in the Indenture, including without limitation in Article 8 of the Supplemental Indenture, as if such rights,
privileges and immunities were expressly set forth herein.

 

[Signature Page Follows]

 

    Exhibit 4 – Form of Trademark Security Agreement
 3

     

    

 

IN WITNESS WHEREOF, the Pledgor has caused this
Trademark Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

	 	[PLEDGOR]
	 	 

		By:	______________________________
 
	 	 	Name:
	 	 	Title:

 

Accepted and Agreed:

 

U.S. BANK NATIONAL ASSOCIATION,

solely in its capacity as Collateral Agent

 

	By:		 
	 	Name:	 
	 	Title:	 

 

    Exhibit 4 – Form of Trademark Security Agreement
 4

     

    

 

SCHEDULE 1

to

TRADEMARK SECURITY AGREEMENT

 

UNITED STATES TRADEMARK REGISTRATIONS AND APPLICATIONS

 

United States Trademark Registrations:

 

	OWNER	TITLE	REGISTRATION NUMBER
	 	 	 

 

United States Trademark Applications:

 

	OWNER	MARK	SERIAL NUMBER
	 	 	 
	 	 	 

 

    Exhibit 4 – Form of Trademark Security Agreement
 5Document

EXHIBIT 10.2

Contract Amendment 

Between
Spark Networks SE 
Kohlfurterstr. 41/43
D-10999 Berlin
hereinafter referred to as "Company”

and
Gitte Bendzulla
Danziger Strasse 75
10405 Berlin
hereinafter referred to as "Executive Director" (Geschäftsführende Direktorin)
In amendment to the Executive Director Service Agreement from 29.05.2020 (“Executive Director Service Agreement”) the following amendment will be concluded:

						
	§ 1 Präambel

Mit Beschluss vom 26. Juni 2019 hat der Verwaltungsrat der Gesellschaft Frau Bendzulla mit sofortiger Wirkung zum Geschäftsführer der Gesellschaft ernannt. In Ergänzung zum bestehenden Executive Director Service Agreement nebst etwaiger Ergänzungsvereinbarung, und in Umsetzung des Beschlusses des Verwaltunsgrates der Gesellschaft vom 09. Juni 2021 vereinbaren die Vertragspartner mit Wirkung zum 15.06.2021 wie folgt:
	Section § 1 Preamble

By resolution of June 26, 2019 the Company’s Administrative Board has appointed Gitte Bendzulla as executive director of the Company with immediate effect. Executing the respective resolution of the Board of Directors of the Company of June 9th 2021, the Parties agree to the following amendments to the Executive Director Service Contract as emended, effective June 15, 2021:

	§ 2  Änderungen	Section § 2   Amendments
	(1)   § 3 (2)  Laufzeit der Vereinbarung 
Kündigt die Gesellschaft den Vertrag gem. 3 Abs. 1 hat die Executive Direktorin Anspruch auf eine Abfindung in Höhe ihres Vergütungsanspruchs für sechs monatliche Vergütungen gemäß § 4 zuzüglich des anteiligen variablen Jahresbonus bei einer Zielerreichung von 100 %. Die Abfindung ist mit der letzten regulären Gehaltszahlung fällig und zahlbar. VSOP oder Aktienoptionen, die der Executive Direktorin gemäß § 4 Abs. 3 gewährt wurden, die innerhalb der nächsten drei Monate nach Wirksamwerden der Kündigung vesten, bleiben unberührt und vesten.
	(1)Section § 3 (2)  Duration of the Agreement In case the company terminates the Agreement in accordance with sec. 3 (1) the Managing Director shall be entitled to receive a severance payment equal to the amount of her remuneration entitlement for six equal installments under sect. 4 plus the pro rata variable annual bonus assuming a target achievement of 100%. The severance payment shall be due and payable together with the last regular salary payment. Any vesting of VSOP or stock option granted to the Managing Director under sect. 4 (3) due to occur within the next three months after the effective date of the termination shall continue to vest. 

- 2 -

						
	(2)  § 4 (2)  Vergütung 
Zusätzlich zum festen Bruttojahresgehalt kann die Executive Direktorin derzeit einen jährlichen Bonus mit einem Zielbetrag von 30 % des dann aktuellen festen Bruttojahresgehalts erhalten. Die entsprechenden Ziele und die entsprechenden Bonuszahlungen werden jährlich vom Verwaltungsrat nach Anhörung der Executive Direktorin festgelegt. Die endgültige Höhe des Bonus wird dann jährlich vom Verwaltungsrat auf Basis der Zielerreichung zeitgleich mit der Feststellung des Jahresabschlusses der Gesellschaft durch die Wirtschaftsprüfer der Gesellschaft festgelegt. Der Jahresbonus, sofern vorhanden, ist am Ende des Monats fällig und zahlbar, der auf die Genehmigung des Jahresabschlusses folgt.

	1.Section § 4 (2)  Remuneration
 In addition to the fixed gross annual salary, Executive Director is currently eligible to receive an annual bonus with a target amount of 30% of the then current fixed gross annual salary. The relevant goals and corresponding bonus payments shall be established annually by the Administrative Board after consultation of the Executive Director. The final amount of the bonus shall then be determined annually by the Administrative Board based on target achievement at the same time as the annual financial statements of the Company are approved by the Company’s auditors. The annual bonus, if any, shall be due and payable at the end of the month following this approval of the annual financial statements. 

	(3)  § 11 (4)  Nachvertragliches Wettbewerbsverbot 
Die Gesellschaft ist berechtigt, jederzeit, auch nach Beendigung des Dienstverhältnisses, durch schriftliche Erklärung auf dieses Wettbewerbsverbot zu verzichten, sodass die Executive Direktorin mit sofortiger Wirkung von den Verpflichtungen befreit ist, und die Gesellschaft von der Verpflichtung zur Zahlung einer Entschädigung mit sofortiger Wirkung ab dem Zeitpunkt der Erklärung befreit ist.

	(3)  Section § 11 (4)  Post-contractual Non-compete Covenant (with effect from 15.06.2021)
The Company shall be entitled to waive this non-compete covenant by written declaration at any time, including after the service relationship, with the effect that the Executive Director is released of the obligations immediately, the Company shall be free of the obligation to pay compensation with immediate effect starting from the date of declaration. 

- 3 -

						
	§ 3  Schlussbestimmung

Sofern vorstehend nichts Abweichendes geregelt wird, bleiben die übrigen Bestimmungen des Arbeitsvertrages und eventuell zusätzlicher gültiger Vertragsänderungen unberührt.  

Der englische Text dient nur zur Orientierung. Bei Unstimmigkeiten zwischen der deutschen Version und der englischen Version ist die deutsche Version maßgebend. 
	Section § 3  Concluding Provision

As far as this amendment does not state otherwise, the remaining provisions of the employment contract and any amendments shall remain unaffected. 

The English text is provided for guidance only. In the event of any inconsistency between the German version and the English version, the German version shall prevail. 

	Berlin, 15.06.2021

/s/ David Khalil
Spark Networks SE
Represented by its Administrative Board, represented by the chairman of the Administrative
Board, Mr. David Khalil 

/s/ Gitte Bendzulla
Gitte Bendzulla
	

- 4 -

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