Document:

Exhibit 10.4

 

EXHIBIT A

 (Form of Warrant)

 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH
THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

legacy
education alliance, inc.

 

	Warrant
    Shares: _______	Initial
    Exercise Date: _________ __, 2021

 

THIS COMMON STOCK PURCHASE WARRANT
(the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on August 27, 2026
(the “Termination Date”) but not thereafter, to subscribe for and purchase from Legacy Education Alliance, Inc., a
Nevada corporation (the “Company”), having its principal place of business at 1490 N.E. Pine Island Road, Suite 5D,
Cape Coral, FL 33909, up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock.
The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Agreement or in the Debentures, the following terms have the meanings indicated in
this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

     

     

    

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” 
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally
are open for use by customers on such day.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant
to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority
of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities
upon the exercise or exchange of or conversion of any Securities issued hereunder, warrants to the Placement Agent in connection with
the transactions pursuant to this Agreement (if any) and any securities upon exercise of warrants to the Placement Agent and/or other
securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement,
provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations)
or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority
of the disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as defined
in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith
during the six months after the Original Issue Date, and provided that any such issuance shall only be to a Person (or to the equity holders
of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with
the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not
include a transaction in which the Company is issuing securities primarily for the purpose of raising capital in an amount in aggregate
in excess of $500,000 in one or in a series of related transactions or to an entity whose primary business is investing in securities.

 

“Liens”
means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

    2

     

    

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange
or the OTC Bulletin Board (or any successors to any of the foregoing.

 

“Transfer
Agent” means Broadridge Corporate Issue Solutions, the current transfer agent of the Company, with a mailing address of P.O.
Box 1342, Brentwood, NY 11717 and a facsimile number of 215-553-5402, and any successor transfer agent of the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or
quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (“Bloomberg”)
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported
in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price
per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined
by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which
shall be paid by the Company.

 

Section 2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on
or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of
the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the
Company) of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form
annexed hereto (the “Notice of Exercise”). Within the ) two (2) Trading Days following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or
cashier’s check drawn on a United States bank in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and
the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of
such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of
this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face hereof.

 

    3

     

    

 

b) Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be $0.05, subject to adjustment hereunder (the
“Exercise Price”).

 

 c) Mechanics of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. Upon receipt of the Exercise Price in available funds, the Company shall cause the Warrant Shares
purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by Holder, and otherwise by physical delivery of a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the ten (10) Trading Days after the
delivery to the Company of the Notice of Exercise receipt of the Exercise Price in available funds (such date, the “Warrant Share
Delivery Date”). Upon delivery of the Notice of Exercise and receipt of the Exercise Price in available funds, the Holder shall
be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has
been exercised, irrespective of the date of delivery of the Warrant Shares.The Company agrees to maintain a transfer agent that is a participant
in the FAST program so long as this Warrant remains outstanding and exercisable.

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

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

 

v. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent
fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing
corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vi. Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

 

    4

     

    

 

d. Holder’s
Exercise Limitation. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would
beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(d), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the
extent that the limitation contained in this Section 2(d) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation,
and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any
group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(d), in determining the number of outstanding shares of Common Stock, a Holder may
rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report
filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request
of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock
then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall
be 19.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant

 

Section 3. Certain
Adjustments.

 

a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes
a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of
Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common
Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective
date in the case of a subdivision, combination or re-classification.

 

    5

     

    

 

b) Subsequent
Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell,
enter into an agreement to sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue
(or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an
effective price per share less than the Exercise Price then in effect (such lower price, the “Base Share Price” and
such issuances collectively, a “Dilutive Issuance”) then simultaneously with the consummation (or, if earlier, the
announcement) of each Dilutive Issuance the Exercise Price shall be reduced and only reduced by applying a broad based weighted average
adjustment calculation. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect
of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed
issuance of any Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price,
or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”).
For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the
occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless
of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters into a Variable Rate
Transaction, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible price, conversion
price or exercise price at which such securities may be issued, converted or exercised.

 

c) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any
class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including,
without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are
to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right
to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall
not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result
of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the
issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the
record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however,
to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of
any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation).

 

    6

     

    

 

e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any
sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series
of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another
Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities,
cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or
(v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another
Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including
any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in
a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all
of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable
delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the
shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this
Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of
capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the
value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory
in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power
of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the
same effect as if such Successor Entity had been named as the Company herein.

 

    7

     

    

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the
number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g) Notice
to Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall
authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock
of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of
all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile
number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on
which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing
on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

h) Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of
this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period
of time deemed appropriate by the board of directors of the Company

 

Section 4. Transfer
of Warrant.

 

a) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof], this Warrant and all rights
hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the
form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant
to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this
Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant
Shares without having a new Warrant issued.

 

    8

     

    

 

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be
identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.

 

d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this
Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable
state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information
requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of
this Warrant, as the case may be, provides to the Company an opinion of counsel, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that the transfer of this Warrant does not require registration under the Securities Act.

 

e) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise
hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant
to sales registered or exempted under the Securities Act.

 

Section 5. Piggyback Registration
Rights. If, at any time after the Initial Issue Date, the Company shall determine to prepare and file with the Commission a registration
statement relating to an offering for its account or the account of others under the Securities Act of any of its equity securities, other
than on Form S-4 or Form S-8 (each as promulgated under the Securities Act), or their then equivalents relating to equity securities to
be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the stock
option or other employee benefit plans, the Company shall send to each Holder a written notice of such determination and if, within 15
calendar days after the date of such notice, the Holder (or any permitted successor or assign) shall so request in writing, the Company
shall include in such registration statement all or any part of the Warrant Shares and Conversion Shares that such Holder requests to
be registered; provided, however, that the Company shall not be required to register any Warrant Shares or Conversion Shares pursuant
to this Section 5 that are eligible for resale pursuant to Rule 144 under the Securities Act. Further, in the event that the offering
is a firm-commitment underwritten offering, the Company may exclude the Warrant Shares and/or Conversion Shares if so requested in writing
by the lead underwriter of such offering. If less than all of the Warrant Shares and/or Conversion Shares are required to be excluded,
then such cutbacks shall be allocated pro-rata among the Holders requesting to be included, and as to each such Holder, among the Warrant
Shares and Conversion Shares as elected by such Holder. In the case of inclusion in a firm-commitment underwritten offering, the Holders
must sell their Warrant Shares and Conversion Shares on the same terms set by the underwriters for shares of Common Stock to be sold for
the account of the Company

 

Section 6. Miscellaneous.

 

a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.
Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(c)(i) and Section 2(c)(iv) herein, in no event
shall the Company be required to net cash settle an exercise of this Warrant.

 

    9

     

    

 

b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

 

d) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number
of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the
necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
to enable the Company to perform its obligations under this Warrant.

 

Before taking any
action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict of
laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this Warrant shall
be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”).
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue
for such proceeding. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Warrant. If any party shall commence an action or proceeding
to enforce any provisions of this Warrant, then the prevailing party in such action or proceeding shall be reimbursed by the other party
for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or
proceeding.

 

    10

     

    

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

 

g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results
in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder
in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

a) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service,
addressed to the Company, at the address set forth above Attention: General Counsel, facsimile number _______________, email address
jamesmay@legacyea.com, or such other facsimile number, email address or address as the Company may specify for such purposes by notice
to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing
and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile
number or address of such Holder appearing on the books of the Company, or if no such facsimile number or address appears on the books
of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the
date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth in this Section prior
to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m.
(New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

h) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

i) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

j) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.

 

k) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

l) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

m) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

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

 

(Signature Page Follows)

 

    11

     

    

 

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	Legacy Education Alliance, Inc. 
	 	 
	 	
    By:
	            
	 	
    

     
	
    Name: 

	 	 	Title:

 

    12

     

    

 

NOTICE OF EXERCISE

 

To: Legacy
Education Alliance, Inc.

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

Payment shall take the form of lawful
money of the United States; Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ______________________________________________________________

Signature of Authorized Signatory of Investing Entity: ________________________________________

Name of Authorized Signatory: __________________________________________________________

Title of Authorized Signatory: ___________________________________________________________

Date: _______________________________________________________________________________

 

    13

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____] all
of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated: ______________, _______

 

	Holder’s Signature:	_____________________________
	 	 
	Holder’s Address:	_____________________________
	 	 
	 	_________________________

 

NOTE: The signature to this Assignment Form must
correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers
of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the
foregoing Warrant.

 

 

14Exhibit 10.5

 

INTERCREDITOR
AGREEMENT

 

INTERCREDITOR
AGREEMENT (this “Agreement”) dated as of this 27th day of August, 2021, by and among Legacy Tech
Partners, LLC, a Delaware limited liability company (“LTP”), GLD Legacy Holdings, LLC, a Delaware limited
liability company (“GLD”) (LTP and GLD are collectively referred to as the “Lenders”,
and each individually a “Lender”), and Legacy Education Alliance, Inc., a Nevada corporation having its principle
place of business at 1490 N.E. Pine Island Road, Suite 5D, Cape Coral, FL 33909 (together with its successors and permitted assigns, the
“Company”; collectively with the Lenders, the “Parties”, and each individually a “Party”).

 

WHEREAS,
on March 8, 2021, the Company and LTP entered into a 10% Senior Secured Convertible Debenture (the “LTP Debenture”)
pursuant to which LTP has made, or contemporaneously herewith proposes to make, a loan or extension of credit to the Company (each, a
“Loan” and collectively, the “Loans”); 

 

WHEREAS,
the Company and GLD have agreed to enter into a 10% Senior Secured Convertible Debenture (the “GLD Debenture”)
pursuant to which GLD will make, or contemporaneously herewith proposes to make a Loan or Loans provided that LTP first agrees to enter
into this Agreement and that GLD and LTP security interests under their respective debentures will be pari passu (the Company’s
indebtedness and all its obligations with respect to the payment and repayment of principal, interest, fees and other amounts under each
debenture being hereinafter called the Company’s “Loan Obligations” thereunder); and

 

WHEREAS,
the Company’s Loan Obligations to each of the Lenders are secured by security interests granted by the Company (and by certain of
its subsidiaries party to the Loans) to each of them in certain assets as described more fully in the Lenders’ respective Loans
(all such assets, collectively, the ”Collateral”); and

 

WHEREAS,
the Lenders, as a material inducement for each of them to make or maintain their respective Loans and in consideration thereof, expressly
contemplate and intend that the Company’s Loan Obligations to them under their respective Debentures shall rank pari passu in
all respects (including, without limitation, in right and priority of payment and repayment of principal, interest, and all fees and other
amounts) to one another, without priority over one another, and (ii) that the security interests held by each of the Lenders in the Collateral
shall rank pari passu in all respects to one another, without priority over one another, all as described more fully,
and subject to the terms and conditions set forth, in this Agreement;

 

NOW, THEREFORE,
in consideration of the premises and of the mutual covenants and agreements set forth herein, and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree with one another as follows:

 

1. Each
of the Lenders hereby confirms and agrees that (a) the security interests in the Collateral held by them under their respective Debentures
shall rank pari passu, equally and ratably in all respects to one another, without priority over one another, regardless of
the order of time in which such security interests or any claims with respect thereto arise, attach or are perfected by filing, recording,
possession, control or otherwise, and (b) the Company’s Loan Obligations to them under their respective Debentures shall rank pari
passu, equally and ratably in all respects (including, without limitation, in right and priority of payment and repayment of principal,
interest, and all fees and other amounts) to one another, without priority over one another.

 

     

     

    

 

2. Without
limiting the generality of any other provision of this Agreement (including, without limitation, under Paragraph 4 hereof) that provides
for the survival of certain of the Parties’ obligations hereunder, this Agreement, and all of the Parties’ respective obligations
arising hereunder or with respect hereto, shall (a) continue in full force and effect so long as any of the Loan Obligations remain outstanding
and (b) be reinstated if at any time any payment of or distribution with respect to any of the Loan Obligations is rescinded or must otherwise
be returned by a Lender upon the insolvency, bankruptcy or reorganization of the Company or otherwise, all as though such payment or distribution
had not been made.  No defect in, invalidity of, or absence or loss of priority under this Agreement or the Notes shall affect the
Lenders’ respective rights against the Company in respect of the Loans.

 

3. Each
Lender shall (a) promptly notify the other Lenders of any Acceleration Event under such Lender’s Debenture (or of any default
by the Company under any other agreements or documents executed in connection therewith) known to such Lender and not reasonably believed
to have been previously disclosed to such other Lenders; (b) provide such other Lenders with such information and documentation as
either such other Lender may reasonably request in order to protect their respective interests with respect to the Loans; and (c) subject
to the terms of this Agreement, reasonably cooperate with such other Lenders with respect to any and all collections, foreclosure procedures,
and other collection or enforcement actions at any time commenced or initiated against the Company or otherwise in respect of the Collateral
securing the Loan Obligations.   Each Lender agrees that it shall not (and hereby waives any right to) take any action to challenge,
contest, or support any other person in challenging or contesting, in any proceeding, the validity, perfection, priority or enforceability
of a lien securing any Loan Obligations held, or purported to be held, by or on behalf of another Lender.

 

4. The
Lenders hereby designate and appoint Barry Kostiner as their sole and exclusive agent (in such capacity, the “Servicing Agent”)
to act on behalf of all Lenders, subject to the terms of this Agreement, with respect to (a) enforcing the Lenders’ rights and remedies,
and the Company’s obligations, under the Debentures and with respect to the Loan Obligations and (b) dealing with, and securing
and enforcing the Lenders’ rights and remedies and the Company’s obligations with respect to, the Collateral (including, without
limitation, foreclosing and realizing on all or any portion of the Collateral in case of an Acceleration Event, releasing all or any portion
of the Collateral, and filing and refiling any financing statements, continuation statements or other documents under the Uniform Commercial
Code or otherwise with respect to the Collateral).  The Servicing Agent shall not be liable, responsible or accountable to the other
Lenders or the Company for (and the other Lenders and the Company hereby agree to and shall defend, indemnify and hold the Servicing Lender
harmless from and against any and all liability, cost, damage or expense whatsoever with respect to) any act, failure to act, error or
omission by the Servicing Agent in acting as Servicing Agent hereunder, except in cases of the Servicing Agent’s
own fraud, negligence or willful misconduct. The Lenders shall, promptly upon demand by the Servicing Agent, share equally all out-of-pocket
fees, costs and expenses incurred by the Servicing Agent in acting as Servicing Agent hereunder (including, without limitation, all attorneys’
fees, related expenses, filing fees and other charges incurred in connection with (i) the preparation, execution, delivery and administration
of the Loan Documents and any amendments, modifications or waivers of the provisions thereof and (ii) the enforcement, collection, perfection
or foreclosure of the Notes, the Loan Obligations and the Collateral; collectively, “Enforcement Costs”) to
the extent not promptly paid or reimbursed by the Company in accordance with the following proviso; provided, however,
that notwithstanding the foregoing, the Company shall, promptly upon demand by the Servicing Agent, pay directly (or, at the Servicing
Agent’s option exercisable in his sole discretion, reimburse the Servicing Agent for) all Enforcement Costs.  The Company further
agrees to and shall defend, indemnify and hold each Lender harmless from and against any and all costs, fees (including, without limitation,
attorneys’ fees and related expenses), charges, expenses, liabilities, damages, claims, actions, suits or proceedings incurred by
such Lender in connection with this Agreement, the Loans, the Notes or the Loan Obligations, unless caused by such Lender’s
own fraud or willful misconduct.  All of the foregoing indemnities and hold-harmless provisions shall (x) continue indefinitely and
(y) survive termination of this Agreement, discharge of the Notes and the Loan Obligations, and foreclosure or release of the Collateral.
The parties acknowledge and agree that LTP is presently in breach of its obligations to fund certain required loans to the Company under
that certain Senior Secured Debenture issued by the Company in favor of LTP (the “LTP Debenture”). In the event that LTP fails
to cure its breach of the LTP Debenture no later than October 15, and notwithstanding anything set forth herein to the contrary, GLD shall
have the right, upon five (5) business days’ notice to all parties, to replace the Servicing Agent in its sole and absolute discretion.
Upon the replacement by GLD of Barry Kostiner as Servicing Agent pursuant to the terms hereto, the Company agrees that it will only take
direction from the new Servicing Agent as appointed by GLD.

 

    2

     

    

 

5. This
Agreement shall constitute the Servicing Agent’s legal right, power and authority (collectively, the “authority”)
to perform the actions described in Paragraph 4 hereof.  The Servicing Agent shall use his reasonable, good-faith efforts to keep
the other Lenders reasonably apprised of any actions taken by the Servicing Agent under this Agreement.  The Servicing Agent shall
have the authority to employ and consult with attorneys, accountants and other professionals with respect to the actions, or contemplated
actions, of the Servicing Agent under this Agreement.  The Servicing Agent shall be under no duty to take (or to forebear from taking)
any action, to pay any money, or to incur any fees, costs, charges or expenses in regard to the performance of the actions described in
said Paragraph 4 unless he is advanced sufficient funds, either by the Company or by the other Lenders, as described in this Agreement.
 Each Party shall sign all such further documents and instruments, if any, as the Servicing Agent may reasonably request to enable
the Servicing Agent to perform the actions described in said Paragraph 4.  Upon providing the other Lenders with at least ten (10)
business days’ prior written notice, the Servicing Agent may elect not to further perform any of the actions of a Servicing Agent
under this Agreement.  Upon receipt of any such notice, the Lenders shall have the right to appoint a successor Servicing Agent by
unanimous consent.  If no such successor shall have been appointed by the Lenders, and shall have accepted such appointment, within
thirty (30) days after the retiring Servicing Agent gives notice of its resignation, then the retiring Servicing Agent may, on behalf
of the Lenders, appoint a successor Servicing Agent, which shall be a bank or financial institution that acts as an administrative agent
in secured financings in the ordinary course of its business. The Servicing Agent shall not be deemed to have knowledge of any matter
unless and until the Servicing Agent shall have received actual knowledge of such matter, and the Servicing Agent shall not be charged
with constructive notice of any such matter.

 

6. Nothing
in this Agreement shall impair, limit, relieve or otherwise affect the Company’s Loan Obligations to each Lender under such Lender’s
Debenture. Notwithstanding the occurrence of an Acceleration Event with respect to its Loan, no Lender may accelerate the Company’s
Loan Obligations under its Debenture, nor exercise any of its other rights or remedies thereunder, except in accordance with Paragraph
4 hereof.  Upon the occurrence of an Acceleration Event: (a) all collections received by the Servicing Lender in respect of the Loan
Obligations shall be distributed by him ratably to the Lenders according to the respective Loan Obligations then owing to each, after
the payment of all costs, expenses and fees incurred by the Servicing Lender in collecting or enforcing same; and (b) should any payment,
distribution or proceeds be received by a Lender with respect to such Lender’s Loan in excess of such Lender’s ratable share
of the outstanding Loan Obligations, prior to the satisfaction in full of the Loan Obligations, such Lender shall promptly pay or deliver
to each of the other Lenders their respective, ratable portions thereof in the form received.  The Company may not prepay a Debenture
at any time, in whole or in part, unless either such prepayment is made ratably to all Lenders according to their respective Loan Obligations
or the Lenders otherwise agree in writing to such prepayment.

 

7. Each
Lender may transfer and assign (collectively, “assign” and, correlatively, “assignment”),
in whole but not in part, its rights and claims under this Agreement to any entity or trust that is affiliated with and controlled by
such Lender upon three (3) business days’ prior written notice to each of the other Parties; provided that (a)
any such attempted assignment to an unaffiliated third party shall require the other Parties’ prior written consent, which consent
shall not be unreasonably delayed, and (b) any such permitted assignee shall acknowledge in writing to each of the other Parties such
assignee’s express agreement to be bound by the terms of this Agreement.  No assignment or delegation of the Company’s
rights or obligations under this Agreement shall be made or be effective absent the prior written consent of all Lenders.  This Agreement
is solely for the benefit of, and shall bind solely, the Parties and their respective successors and permitted assigns, and no other person
or persons shall have any right, benefit, priority or interest under or because of the existence of this Agreement. 

 

8. Each
Party hereby represents and warrants that it has full right, power and legal authority to enter into this Agreement and to incur and perform
its obligations hereunder.  Each Lender hereby agrees not to amend or modify its Debenture, or any other documents executed in connection
with the Company’s Loan Obligations to such Lender, without the prior written approval of each other Lender, if any, whose rights
hereunder, or whose priority to the Collateral, could be adversely affected by such amendment or modification.

 

    3

     

    

 

9. Within
ten (10) business days after a request therefor by any Lender (the “Requesting Lender”) made not more frequently
than once per calendar quarter, the Lender of whom such request is made (the “Responding Lender”) shall furnish
to the Requesting Lender a written letter addressed to the Requesting Lender which states (a) the principal amount then outstanding on
the Responding Lender’s Debenture, (b) whether the Responding Lender has given notice to the Company of the existence of any Acceleration
Event under the Responding Lender’s Debenture and (c) if not, that to the best of the Responding Lender’s knowledge no condition
or event which constitutes (or which, after notice or lapse of time or both, would constitute) an Acceleration Event thereunder exists
or has occurred, or, if any such condition or event does exist or has occurred, specifying in reasonable detail the nature and period
of existence thereof.

 

10. This
Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of the State of New York applicable
to contracts made between residents of that state, entered into and to be wholly performed within that state, notwithstanding the Parties’
actual states of residence or legal domicile if outside that state and without reference to any conflict of laws or similar rules that
might otherwise mandate or permit the application of the laws of any other jurisdiction.  Any action, suit or proceeding relating
to this Agreement shall be brought exclusively in the courts of New York State sitting in the Borough of Manhattan, New York City, or
in U.S. District Court for the Southern District of New York, and, for all purposes of any such action, suit or proceeding, each of the
Parties hereby irrevocably (a) submits to the exclusive jurisdiction of such courts, (b) waives any objection to such choice of venue
based on forum non conveniens or any other legal or equitable doctrine, and (c) waives trial by jury and, in the case
of the Company, the right to interpose any set-off or counterclaim, of any nature or description whatsoever, in any such action, suit
or proceeding.

 

11. No
Party’s rights or remedies under this Agreement are intended to be exclusive of any other right or remedy available to such Party,
whether at law, in equity, by statute or otherwise, but shall be deemed cumulative with all such other rights and remedies.  No failure
by a Party to exercise, or any delay by a Party in exercising, any of such Party’s rights or remedies hereunder shall operate as
a waiver thereof.  A waiver by any Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to
such Party’s exercise of that same or of any other right or remedy which such Party would otherwise have on any future occasion.
 No forbearance, indulgence, delay or failure by any Party to exercise any of such Party’s rights or remedies hereunder or
with respect to the Loan Obligations, nor any course of dealing between or among the Parties, shall operate as a waiver of any such right
or remedy, nor shall any single or partial exercise of any such right or remedy preclude any other or further exercise thereof or the
exercise of any other right or remedy.  A Party shall not, by any course of dealing, indulgence, omission, or other act (except a
further instrument signed by such Party) or failure to act, be deemed to have waived any right or remedy hereunder or with respect to
the Loan Obligations, or to have acquiesced in any breach of any of the terms of this Agreement.  No modification, rescission, waiver,
forbearance, release or amendment of any term, covenant, condition or provision of this Agreement shall be valid or enforceable unless
made and evidenced in writing, expressly referring to this Agreement.  

 

12. The
terms and provisions of this Agreement are severable. In the event of the unenforceability or invalidity of one or more of the terms,
covenants, conditions or provisions of this Agreement under federal, state or other applicable law in any circumstance, such unenforceability
or invalidity shall not affect the enforceability or validity of such term, covenant, condition or provision in any other circumstance,
or render any other term, covenant, condition or provision of this Agreement unenforceable or invalid.

 

13. All
notices, demands or other communications (collectively, ”notices”) hereunder relating to any matter set
forth herein shall be in writing and made, given, served or sent (collectively, “delivered”) by (a) certified
mail (return receipt requested) or (b) reputable commercial overnight courier service (Federal Express, UPS or equivalent that provides
a receipt) for next-business-morning delivery, in each case with postage thereon prepaid by sender and addressed to the intended recipient
at its address set forth in the first paragraph of this Agreement (or at such other address as the intended recipient shall have previously
provided to the sender in the same manner herein provided). Any such notice sent as so provided shall be deemed effectively delivered
(i) on the third business day after being sent by certified mail, (ii) on the next business morning if sent by overnight courier for next-business-morning
delivery or (iii) on the day of its actual delivery to the intended recipient (as shown by the return receipt or proof-of-delivery), whichever
is earlier.

 

14. This
Agreement may be executed in counterparts, each of which when duly signed and delivered shall be deemed for all purposes hereof to be
an original, but all such counterparts shall collectively constitute one and the same instrument; and any Party may execute this Agreement
by signing any such counterpart.  Any signature delivered by facsimile or email transmission (in scanned .pdf format or the equivalent)
shall be deemed to be an original signature.

 

15. This
Agreement shall inure to the benefit of, and be binding upon, each of the Parties and their respective successors and permitted assigns.
 The provisions of this Agreement are, and are intended, solely for the purpose of defining the relative rights of the Lenders between
and amongst themselves.  This Agreement constitutes the entire agreement, arrangement and understanding, written or oral, among the
Lenders (or between any of them) with respect to its subject matter, superseding and merging all prior and contemporaneous negotiations,
discussions, agreements, arrangements and understandings, written or oral, between or among any of them relating thereto; and there are
no representations, warranties, agreements, arrangements or understandings, written or oral, among the Lenders (or between any of them)
with respect to the subject matter of this Agreement other than as set forth in this Agreement.  There are no intended third-party
beneficiaries of this Agreement, except as may be expressly provided herein.

 

Signature
page follows immediately below

 

    4

     

    

 

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

 

	 	
    Barry Kostiner

    

	 	 
	 	/s/ Barry Kostiner,
	 	as Servicing Agent

 

	 	
    Legacy Tech Partners, LLC

    

	 	 
	 	/s/ Barry Kostiner
	 	Barry Kostiner, President  

 

	 	GLD Legacy Holdings, LLC
	 	 
	 	By	/s/ Dan Gordon 
	 	 	GLD Holding LLC
	 	 	Dan Gordon, Manager
	 	 	 
	 	LEGACY EDUCATION ALLIANCE, INC.
	 	 	 
	 	By	/s/ Michel Botbol

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]