Document:

Exhibit
      4.5

    

    AMENDMENT
      AND WAIVER AGREEMENT

    

    THIS
      AMENDMENT AND WAIVER AGREEMENT
      (this
“Agreement”)
      dated
      as of October 6, 2008, is entered into among Medialink Worldwide Incorporated,
      a
      Delaware corporation (the “Company”)
      and
      the undersigned holder (the “Holder”)
      of the
      Company’s Variable Rate Convertible Debenture due November 9, 2009 (the
“Debenture”).
      Capitalized terms used herein but not otherwise defined herein shall have the
      meanings ascribed to such terms in the Purchase Agreement (as defined below)
      or
      the Debenture.

    

    WHEREAS,
      pursuant to that certain Securities Purchase Agreement (the “Purchase
      Agreement”),
      dated
      as of November 8, 2004, among the Company, the Holder, and the other holders
      of
      the Debentures (collectively with the Holder, the “Holders”),
      the
      Company issued Debentures in the aggregate principal amount of $5 million;
      and

    

    WHEREAS,
      the
      Company has requested that the Holder agree to certain waivers and amendments
      under the Transaction Documents, and the Holder has agreed to such request,
      subject to the terms and conditions of this Agreement;

    

    NOW
      THEREFORE,
      for
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the Holder and the Company hereby agree as follows:

    

    1. Prepayment
      of Holder’s Debenture.

    

    (a) The
      Company shall prepay in cash to the Holder, the Holder’s pro rata share of $1.7
      million principal amount of the Debentures (the “Permitted
      Prepayment”)
      no
      later than three (3) business days after the Effective Date (the “Permitted
      Prepayment Date”).
      The
      Permitted Prepayment shall be applied to reduce a portion of the then
      outstanding principal amount of the Holder’s Debenture in the allocable
      percentage amounts to the Holder set forth on Schedule
      1
      attached
      hereto (the “Disbursement
      Instructions”).
      Failure to make the Permitted Prepayment in full on or before the Permitted
      Prepayment Date shall be an Event of Default under the Holder’s
      Debenture.

    

    (b) The
      Company and the Holder hereby agree that no later than the Permitted Prepayment
      Date the Company shall prepay the Holder’s pro rata share of $300,000 of
      interest on the Debentures, in cash, which shall account for the interest due
      for the 15-month period subsequent to the Permitted Prepayment Date (the
“Prepaid
      Interest”).
      Notwithstanding anything contained in this Section 1(b) to the contrary, the
      Company shall timely pay all interest that accrues to the Holder through the
      Permitted Prepayment Date and this Section 1(b) shall not be construed as a
      waiver by the Holder of such interest payments. Failure to make such payment
      in
      full on or before the Permitted Prepayment Date shall be an Event of Default
      under the Holder’s Debenture.

    

    (c) Each
      such
      prepayment of the principal amount and interest on the Holder’s Debenture shall
      be paid to the Holder pro-rata based upon the outstanding principal amount
      of
      Holder’s Debenture held by the Holder on the date hereof, all as set forth in
      the Disbursement Instructions.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (d) Upon
      the
      satisfaction of the conditions set forth in Section 10 hereof, the agreements,
      waivers and amendments contained in Sections 1(a), 1(b), 3 through and including
      7, and 9 shall become effective and such date shall be the “Effective
      Date”.

    

    2. Ratifications.
      The
      Company hereby confirms and agrees that, except as otherwise expressly provided
      herein, the Purchase Agreement and each other Transaction Document is, and
      shall
      continue to be, in full force and effect and is hereby ratified and confirmed
      in
      all respects, except that on and after the Effective Date (i) all references
      in
      the Purchase Agreement to "this Agreement", "hereto", "hereof", "hereunder"
      or
      words of like import referring to the Purchase Agreement shall mean the Purchase
      Agreement as amended by this Agreement, and (ii) all references in the
      other Transaction Documents to the "Securities Purchase Agreement", "thereto",
      "thereof", "thereunder" or words of like import referring to the Purchase
      Agreement shall mean the Purchase Agreement as amended by this
      Agreement.

    

    3. Extension
      of Maturity Date.
      Effective as of the Effective Date, the Company and the Holder hereby agree
      that
      the “Maturity Date” of the Holder’s Debenture as to the remaining principal
      amount outstanding after the application of the Permitted Prepayment shall
      be
      extended until June 30, 2010.

    

    4. Amendment
      of Default on the Holder’s Debenture.
      Effective as of the Effective Date, the Company and the Holder hereby amend
      Section 8(a)(v) and Section 8(a)(vi) of the Holder’s Debenture to provide that
      all references to “Subsidiary” therein shall exclude TTX (US) LLC, a New York
      limited liability company, TTX Limited, a United Kingdom entity and Medialink
      UK
      Limited (collectively, the “Excluded
      Subsidiaries”).
      Such
      exclusion shall only apply to Sections 8(a)(v) and 8(a)(vi) of the Debenture
      and
      to no other Events of Default or provisions under the Transaction Documents.
      In
      the event of a sale of assets, liquidation, dissolution, reorganization or
      similar event of an Excluded Subsidiary that results in the Company receiving
      net proceeds in excess of $750,000 in the aggregate or in excess of $1.25
      million in the aggregate, such excess proceeds shall be applied 50% or 100%,
      respectively, to the repayment of the Debentures. Additionally, the definition
      of “Subsidiary” under the Transaction Documents is hereby amended to include any
      future formed subsidiaries of the Company or any subsidiary of the Company
      which
      would be covered by Sections 8(a)(v) and 8(a)(vi) of the Debenture. The Company
      agrees to honor all guarantees or co-obligations that it has of the Excluded
      Subsidiaries’ obligations.

    

    5. Amendment
      to Sections 1 and 8(a)(vii) of the Holder’s Debenture.
      Effective as of the Effective Date, the Company and the Holder hereby agree
      that
      the term “Trading Market” as defined in Section 1 and used in Section 8(a)(vii)
      of the Holder’s Debenture shall be deemed to include the OTC Bulletin Board
      (but, specifically, not the “pink sheets” published by Pink Sheets
      LLC).

    

    6. Amendment
      to Section 8(a)(viii) of the Holder’s Debenture.
      Effective as of the Effective Date, the Company and the Holder hereby amend
      Section 8(a)(viii) of the Holder’s Debenture to replace it in its entirety with
      the following:

    

    “subsequent
      to the Effective Date, the Company shall be a party to any Change of Control
      Transaction or shall agree to sell or dispose of 40% of its assets in one or
      more transactions (whether or not such sale shall constitute a Change of Control
      Transaction);” 

    
      
         

      

      
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    7. No
      Default. 

    

    
      	 	
              (a)

            	
              The
                Company and the Holder hereby acknowledge that no Event of Default
                under
                Section 8(a)(viii) has heretofore occurred or is presently occurring
                as of
                the Effective Date.

            

    

    

    
      	 	
              (b)

            	
              The
                Company represents that no other Events of Default have occurred
                as of the
                Effective Date.

            

    

    

    
      	 	
              (c)

            	
              The
                Holder represents that it is not aware of any other Events of Default
                having occurred as of the Effective
                Date.

            

    

    

    8. Amendment
      to Holder’s Warrants.
      Subject
      to NASDAQ having approved in writing the Warrant Repricing without requiring
      approval of the Company’s shareholders (the “NASDAQ Approval”), the Company and
      the Holder agree to amend the Exercise Price set forth in the introductory
      paragraph and in Section 2(b) of the Warrant to $0.50 (the “Warrant Repricing”)
      and the Holder hereby waives notice required to be given by the Company under
      Section 3(e) of the Warrant. The Company shall use best efforts to obtain the
      NASDAQ Approval. Notwithstanding the failure to obtain the NASDAQ Approval,
      all
      provisions of this Agreement with the exception of this Section 8 shall remain
      in full force and effect.

    

    9. Superiority
      of Claims.
      Notwithstanding anything contained in the Purchase Agreement or the Transaction
      Documents to the contrary, the Company’s obligations under the Holder’s
      Debenture shall,
      pari
      passu
      with the
      Company’s obligations under all of the Debentures, be superior to and shall take
      precedence over any and all claims of creditors, including without limitation,
      trade creditors to the Company’s collateral for the Company’s indebtedness. The
      Company shall execute a security agreement in a form acceptable to the Holders
      of the Debentures, wherein it shall grant each Holder a first lien security
      interest in all of the Company’s assets heretofore and from time to time
      hereafter received, securing the Company’s obligations under the Debentures, as
      amended hereby.

    

    10. Conditions
      to Obligations Hereunder.
      The
      obligations hereunder are subject to the satisfaction of each of the following
      conditions, provided that the conditions set forth in paragraph (c) are for
      the
      Holder's sole benefit and may be waived by the Holder at any time in its sole
      discretion by providing the Company with prior written notice
      thereof:

    

    (a) The
      Company shall have executed and delivered (i) the security agreement referred
      to
      in Section 9 above, (ii) any and all other documentation requested in order
      to
      perfect the security interest granted therein, including without limitation UCC
      Financing Statements, provided that the Holders shall be responsible for any
      UCC
      filings, and (iii) an opinion of counsel to the effect that the security
      interest granted therein shall constitute a valid first lien on the Company’s
      assets.

    

    (b) Each
      of
      the other Holders shall have (i) executed agreements similar in all respects
      to
      this Agreement (the “Other
      Agreements”),
      and
      (ii) satisfied or waived all conditions to the closings contemplated by the
      Other Agreements.

    

    (c) The
      representations and warranties of the Company hereunder shall be true and
      correct in all material respects as of the date when made and as of the
      Effective Date as though made at that time (except for representations and
      warranties that speak as of a specific date) and the Company shall have
      performed, satisfied and complied in all respects with the covenants, agreements
      and conditions required by the Transaction Documents to be performed, satisfied
      or complied with by the Company at or prior to the Effective Date and after
      giving effect to the terms of this Agreement and the Other Agreements, no Event
      of Default shall have occurred and be continuing as of the Effective Date.
      

    
      
         

      

      
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    11. Representations
      and Warranties of the Company.
      The
      Company hereby makes the representations and warranties set forth below to
      the
      Holder as of the date of its execution of this Agreement:

    

    (a) Authorization;
      Enforcement.
      The
      Company has the requisite corporate power and authority to enter into and to
      consummate the transactions contemplated by this Agreement and otherwise to
      carry out its obligations hereunder. The execution and delivery of this
      Agreement by the Company and the consummation by the Company of the transactions
      contemplated hereby have been duly authorized by all necessary action on the
      part of the Company and no further action is required by the Company, its board
      of directors or its stockholders in connection therewith. This Agreement has
      been duly executed by the Company and, when delivered in accordance with the
      terms hereof, will constitute the valid and binding obligation of the Company
      enforceable against the Company in accordance with its terms, except (i) as
      limited by general equitable principles and applicable bankruptcy, insolvency,
      reorganization, moratorium and other laws of general application affecting
      enforcement of creditors’ rights generally, (ii) as limited by laws relating to
      the availability of specific performance, injunctive relief or other equitable
      remedies and (iii) insofar as indemnification and contribution provisions may
      be
      limited by applicable law.

     

    (b) No
      Conflicts.
      The
      execution, delivery and performance of this Agreement by the Company and the
      consummation by the Company of the transactions contemplated hereby do not
      and
      will not: (i) conflict with or violate any provision of the Company’s
      certificate of incorporation, bylaws or other organizational or charter
      documents; or (ii) conflict with, or constitute a default (or an event that
      with
      notice or lapse of time or both would become a default) under, result in the
      creation of any Lien upon any of the properties or assets of the Company in
      connection with, or give to others any rights of termination, amendment,
      acceleration or cancellation (with or without notice, lapse of time or both)
      of,
      any material agreement, credit facility, debt or other material instrument
      (evidencing Company debt or otherwise) or other material understanding to which
      the Company is a party or by which any property or assets of the Company is
      bound or affected; or (iii) conflict with or result in a violation of any law,
      rule, regulation, order, judgment, injunction, decree or other restriction
      of
      any court or governmental authority to which the Company is subject (including
      federal and state securities laws and regulations), or by which any property
      or
      asset of the Company is bound or affected.

     

    (c) Equal
      Consideration.
      Except
      as set forth in this Agreement, no consideration has been offered or paid to
      any
      person to amend or consent to a waiver, modification, forbearance or otherwise
      of any provision of any of the Transaction Documents.

     

    (d) Affirmation
      of Prior Representations and Warranties.
      Except
      as set forth in the SEC Reports, the Company hereby represents and warrants
      to
      the Holder that the Company’s representations and warranties set forth in each
      of the documents executed by the Company in connection with the Transaction
      Documents are true and correct as of the date hereof. 

    
      
         

      

      
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    12. Representations
      and Warranties of the Holder.
      The
      Holder hereby makes the representations and warranties set forth below to the
      Company as of the date of its execution of this Agreement. The Holder represents
      and warrants that (a) the execution and delivery of this Agreement by it and
      the
      consummation by it of the transactions contemplated hereby have been duly
      authorized by all necessary action on its behalf and (b) this Agreement has
      been
      duly executed and delivered by the Holder and constitutes the valid and binding
      obligation of the Holder, enforceable against it in accordance with its terms
      except (i) as limited by general equitable principles and applicable bankruptcy,
      insolvency, reorganization, moratorium and other laws of general application
      affecting enforcement of creditors’ rights generally, (ii) as limited by laws
      relating to the availability of specific performance, injunctive relief or
      other
      equitable remedies and (iii) insofar as indemnification and contribution
      provisions may be limited by applicable law.

    

    13. Public
      Disclosure.
      The
      Company shall, as soon as practical and, in any event, within 4 Trading Days
      of
      the Effective Date, issue a Current Report on Form 8-K, reasonably acceptable
      to
      the Holder, disclosing the material terms of the transactions contemplated
      hereby and attaching this Agreement as an exhibit thereto. The Company shall
      consult with the Holder in issuing any other press releases with respect to
      the
      transactions contemplated hereby.

    

    14. Effect
      on Transaction Documents.
      Except
      as expressly set forth above, all of the terms and conditions of the Transaction
      Documents shall continue in full force and effect after the execution of this
      Agreement and shall not be in any way changed or modified by the terms set
      forth
      herein, including, but not limited to, any other obligations the Company may
      have to the Holder under the Transaction Documents. Notwithstanding the
      foregoing, this Agreement shall be deemed for all purposes as an amendment
      to
      any Transaction Document as required to serve the purposes hereof, and in the
      event of any conflict between the terms and provisions of any other Transaction
      Document, on the one hand, and the terms and provisions of this Agreement,
      on
      the other hand, the terms and provisions of this Agreement shall prevail.

    

    15. Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this sentence, may
      not
      be amended, modified or supplemented, and waivers or consents to departures
      from
      the provisions hereof may not be given, unless the same shall be in writing
      and
      signed by the Company and the Holder. An e-mail intending to modify or amend
      this Agreement shall not be binding upon the parties hereto.

    

    16. Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be delivered as set forth in the Purchase
      Agreement.

    

    17. Survival.
      All
      warranties and representations (as of the date such warranties and
      representations were made) made herein or in any certificate or other instrument
      delivered by it or on its behalf under this Agreement shall be considered to
      have been relied upon by the parties hereto and shall survive for the applicable
      statute of limitations.

    

    18. Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties hereto; provided, however,
      that no
      party may assign this Agreement or the obligations and rights of such party
      hereunder without the prior written consent of the other parties
      hereto.

    
      
         

      

      
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    19. Execution.
      This
      Agreement may be executed in two or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart. In the event that any signature is delivered by facsimile
      transmission or by e-mail delivery of a “.pdf” format data file, such signature
      shall create a valid and binding obligation of the party executing (or on whose
      behalf such signature is executed) with the same force and effect as if such
      facsimile or “.pdf” signature page were an original thereof.

    

    20. Fees
      and Expenses.
      Each
      party shall pay the fees and expenses of its advisers, counsel, accountants
      and
      other experts, if any, and all other expenses incurred by such party incident
      to
      the negotiation, preparation, execution, delivery and performance of this
      Agreement.

    

    21. Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be determined pursuant to the Governing Law provision
      of
      the Purchase Agreement.

    

    22. Severability.
      If any
      provision of this Agreement is held to be invalid or unenforceable in any
      respect, the validity and enforceability of the remaining terms and provisions
      of this Agreement shall not in any way be affected or impaired thereby and
      the
      parties will attempt to agree upon a valid and enforceable provision that is
      a
      reasonable substitute therefor, and upon so agreeing, shall incorporate such
      substitute provision in this Agreement.

    

    23. Construction.
      The
      headings herein are for convenience only, do not constitute a part of this
      Agreement and shall not be deemed to limit or affect any of the provisions
      hereof. The language used in this Agreement will be deemed to be the language
      chosen by the parties to express their mutual intent, and no rules of strict
      construction will be applied against any party.

    

    24. Entire
      Agreement.
      The
      Agreement, together with the exhibits and schedules thereto, contain the entire
      understanding of the parties with respect to the subject matter hereof and
      supersede all prior agreements and understandings, oral or written, with respect
      to such matters, which the parties acknowledge have been merged into such
      documents, exhibits and schedules.

    

    25. Independent
      Nature of Holder’s Obligations and Rights.
      The
      obligations of the Holder hereunder are several and not joint with the
      obligations of any other Holders executing similar agreements, and no Holder
      shall be responsible in any way for the performance of the obligations of any
      other Holder. Nothing contained herein or in any other agreement or document
      delivered at any closing, and no action taken by the Holder pursuant hereto,
      shall be deemed to constitute the Holder with the other Holders as a
      partnership, an association, a joint venture or any other kind of entity, or
      create a presumption that the Holders are in any way acting in concert with
      respect to such obligations or the transactions contemplated by this Agreement.
      The Holder shall be entitled to protect and enforce its rights, including
      without limitation the rights arising out of this Agreement, and it shall not
      be
      necessary for any other Holder to be joined as an additional party in any
      proceeding for such purpose.

    

    26. Legal
      Fees.
      By the
      Permitted Prepayment Date, the Company shall pay Rockmore Investment Master
      Fund
      Ltd. $10,000 as reimbursement for legal fees incurred in connection with this
      Agreement. 

    

    [SIGNATURE
      PAGE FOLLOWS]

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

    
      
         

      

      
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    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed by their proper and duly authorized officers as of the day and year
      first above written.

    

    COMPANY:

    

    
      	
              MEDIALINK
                WORLDWIDE INCORPORATED

            
	 	 
	
              By:
                

            	 

	
              Name:

            
	
              Title:

            

    

    

    HOLDER:

    

    
      	
              Name
                of Holder: __________________________

            
	 
	
              Signature
                of Authorized Signatory of Holder:
                __________________________

            
	 
	
              Name
                of Authorized Signatory: _________________________

            
	 
	
              Title
                of Authorized Signatory:
                __________________________

            

    

    
      
         

      

      
        7Exhibit
      10.16

    

    SECURITY
      AGREEMENT

    

    1.
      THE
      SECURITY. The undersigned, Medialink Worldwide Incorporated, a Delaware
      corporation (the “Pledgor”)
      and
      all of the subsidiaries of the Pledgor exclusive of the Excluded Subsidiaries
      (as defined in the Amendment and Waiver Agreement dated October 6, 2008 (the
      “Subsidiaries”
and
      together with the Pledgor, the “Debtors”),
      hereby assign and grant to the holders of the Pledgor’s Variable Rate
      Convertible Debentures (collectively, the “Debentures”),
      signatory hereto, their endorsees, transferees and assigns (collectively, the
      “Creditors”),
      a
      security interest in all assets of the Debtors, now owned or hereafter acquired,
      including the following described property now owned or hereafter acquired
      by
      the Debtors (the “Collateral”):

     

    (a)
      All
      accounts, contract rights, chattel paper, instruments, deposit accounts, letter
      of credit rights, payment intangibles and general intangibles, including all
      amounts due to each Debtor from a factor; and all returned or repossessed goods
      which, on sale or lease, resulted in an account or chattel paper.

    

    (b)
      All
      inventory, including all materials, work in process and finished
      goods.

    

    (c)
      All
      machinery, furniture, fixtures and other equipment of every type now owned
      or
      hereafter acquired by the Pledgor.

    

    (d)
      All
      instruments, notes, chattel paper, documents, certificates of deposit,
      securities and investment property of every type, including, without limitation,
      the capital stock of all of the Subsidiaries. The Collateral shall include
      all
      liens, security agreements, leases and other contracts securing or otherwise
      relating to the foregoing.

    

    (e)
      All
      general intangibles, including, but not limited to: (i) all patents, and all
      unpatented or unpatentable inventions, (ii) all trademarks, service marks,
      and
      trade names, (iii) all copyrights and literary rights, (iv) all computer
      software programs, (v) all mask works of semiconductor chip products, and (vi)
      all trade secrets, proprietary information, customer lists, manufacturing,
      engineering and production plans, drawings, specifications, processes and
      systems. The Collateral shall include all good will connected with or symbolized
      by any of such general intangibles, all contract rights, documents,
      applications, licenses, materials and other matters related to such general
      intangibles; all tangible property embodying or incorporating any such general
      intangibles; and all chattel paper and instruments relating to such general
      intangibles.

    

    (f)
      All
      negotiable and nonnegotiable documents of title covering any
      Collateral.

     

    
      
        
        

      

      
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    (g)
      All
      accessions, attachments and other additions to the Collateral, and all tools,
      parts and equipment used in connection with the Collateral.

    

    (h)
      All
      substitutes or replacements for any Collateral, all cash or non-cash proceeds,
      product, rents and profits of any Collateral, all income, benefits and property
      receivable on account of the Collateral, all rights under warranties,
      indemnities and insurance contracts, letters of credit, guaranties or other
      supporting obligations covering the Collateral, and any causes of action
      relating to the Collateral.

    

    (i)
      All
      books and records pertaining to any Collateral, including but not limited to
      any
      computer-readable memory and any computer hardware or software necessary to
      process such memory ("Books
      and Records").

    

    2.
      THE
      INDEBTEDNESS. The Collateral secures and will secure all Indebtedness.
      "Indebtedness"
      means
      all debts, obligations or liabilities under the Debentures now or hereafter
      existing, absolute or contingent of the Debtors to the Creditors, whether
      voluntary or involuntary, whether due or not due, or whether incurred directly
      or indirectly or acquired by the Creditors by assignment or otherwise.

    

    3.
      DEBTORS’ COVENANTS. Each Debtor, severally and jointly, represents, covenants
      and warrants that unless compliance is waived by each of the Creditors in
      writing:

    

    (a)
      Each
      Debtor will properly preserve the Collateral (except for any thereof that is
      sold in the ordinary course of business), defend the Collateral against any
      adverse claims and demands, and keep accurate Books and Records.

    

    (b)
      Each
      Debtor’s chief executive office is located in the state specified on the
      signature page hereof. In addition, each Debtor is incorporated in or organized
      under the laws of the state specified on such signature page. Each Debtor shall
      give the Creditors at least thirty (30) days notice before changing its chief
      executive office or state of incorporation or organization. The Debtors will
      notify the Creditors in writing prior to any change in the location of any
      Collateral (except to the extent the change arises from the sale thereof in
      the
      ordinary course of business), including the Books and Records.

    

    (c)
      Each
      Debtor will notify the Creditors, in writing, prior to any change in the
      Debtor’s name, identity or material change in its business
      structure.

    

    (d)
      Except as set forth on Exhibit
      B
      attached
      hereto, or except as otherwise specifically contemplated by this Agreement
      or
      unless otherwise agreed, each Debtor has not granted and will not grant any
      security interest in any of the Collateral except to the Creditors, and will
      keep the Collateral free of all liens, claims, security interests and
      encumbrances of any kind or nature except the security interest of the
      Creditors.

    

    
      
        
        

      

      
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    (e)
      Each
      Debtor will promptly notify the Creditors, in writing, of any event which
      materially affects the value of the Collateral, the ability of the Debtors
      or
      the Creditors to dispose of the Collateral, or the rights and remedies of the
      Creditors in relation thereto, including, but not limited to, the levy of any
      legal process against any Collateral and the adoption of any marketing order,
      arrangement or procedure affecting the Collateral, whether governmental or
      otherwise.

    

    (f)
      Each
      Debtor, severally and jointly, shall pay all costs necessary to preserve,
      defend, enforce and collect the Collateral, including but not limited to taxes,
      assessments, insurance premiums, repairs, rent, storage costs and expenses
      of
      sales, and any costs to perfect the security interest of the Creditors
      (collectively, the “Collateral
      Costs”).
      Without waiving such Debtor’s default for failure to make any such payment, the
      Creditors, following any such failure, at its option may pay any such Collateral
      Costs, and discharge encumbrances on the Collateral, and such Collateral Costs
      payments shall be a part of the Indebtedness and bear interest at the rate
      set
      out in the Indebtedness. Each Debtor, severally and jointly, agrees to reimburse
      the Creditors on demand for any Collateral Costs reasonably
      incurred.

    

    (g)
      Until
      the Creditors exercise their rights to make collection, the Debtors will
      diligently collect all Collateral.

    

    (h)
      If
      any Collateral is or becomes the subject of any registration certificate,
      certificate of deposit or negotiable document of title, including any warehouse
      receipt or bill of lading, each Debtor shall immediately deliver such document
      to the Creditors, together with any necessary endorsements.

    

    (i)
      The
      Debtors will not sell, lease, agree to sell or lease, or otherwise dispose
      of
      any Collateral generating proceeds (A) in excess of $15,000 in any one or a
      series of related transactions or (B) in excess of $100,000 in the aggregate,
      except with the prior written consent of the Creditors; provided,
      however,
      that
      the Debtors may, without the consent of the Creditors, (1) sell inventory in
      the
      ordinary course of business or (2) sell all or substantially all of the assets
      of the Debtors in a transaction provided that, as a condition to any such sale,
      the Debentures shall be redeemed in full, including all outstanding interest,
      costs and expenses (the “Outstanding Obligations”), at closing pursuant to an
      escrow account in which a sufficient amount of the proceeds from such sale
      to
      cover the Outstanding Obligations are paid to and distributed directly to the
      holders of the Debentures.

    

    (j)
      Each
      Debtor will maintain and keep in force insurance covering the Collateral against
      fire and extended coverage, to the extent that any Collateral is of a type
      which
      can be so insured. Such insurance shall require losses to be paid on a
      replacement cost basis and include a loss payable endorsement in favor of the
      Creditors in a form reasonably acceptable to the Creditors. Upon the request
      of
      the Creditors, the Debtors shall deliver to the Creditors a certificate of
      insurance listing all insurance in force.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

      
        
           

        

      

    

    (k)
      The
      Debtors will not attach any Collateral to any real property or fixture in a
      manner which might cause such Collateral to become a part thereof unless the
      Debtor first obtains the written consent of any owner, holder of any lien on
      the
      real property or fixture, or other person having an interest in such property
      to
      the removal by the Creditors of the Collateral from such real property or
      fixture. Such written consent shall be in form and substance reasonably
      acceptable to the Creditors and shall provide that the Creditors have no
      liability to such owner, holder of any lien, or any other person.

    

    (l)
      Exhibit
      A
      to this
      Agreement is a complete list of all patents, trademark and service mark
      registrations, copyright registrations, mask work registrations, and all
      applications therefore, in which each Debtor has any right, title, or interest,
      throughout the world.
      Each
      Debtor will promptly notify the Creditors of any acquisition (by adoption and
      use, purchase, license or otherwise) of any patent, trademark or service mark
      registration, copyright registration, mask work registration, and applications
      therefore, and unregistered trademarks and service marks and copyrights,
      throughout the world, which are granted or filed or acquired by any Debtor
      after
      the date hereof or which are not listed on such Exhibit.
      Each
      Debtor authorizes the Creditors, without notice to any Debtor, to modify this
      Agreement by amending such Exhibit to include any such Collateral.

    

    (m)
      Each
      Debtor will, at its expense, diligently prosecute all material patent, trademark
      or service mark or copyright applications pending on or after the date hereof,
      will maintain in effect all issued patents and will renew all trademark and
      service mark registrations, including payment of any and all maintenance and
      renewal fees relating thereto, except for such patents, service marks and
      trademarks that are being sold, donated or abandoned by the Debtors pursuant
      to
      the terms of its intellectual property management program.
      Each
      Debtor also will promptly make application on any material patentable but
      unpatented inventions, material registerable but unregistered trademarks and
      service marks, and material copyrightable but uncopyrighted works.
      Each
      Debtor will at its expense protect and defend all rights in the Collateral
      against any material claims and demands of all persons other than the Creditors
      and will, at its expense, enforce all rights in the Collateral against any
      and
      all infringers of the Collateral where such infringement would materially impair
      the value or use of the Collateral to the Debtors or the Creditors.
      No
      Debtor
      will license or transfer any of the Collateral, except for such licenses as
      are
      customary in the ordinary course of the Debtors’ business, or except with the
      prior written consent of each of the Creditors, which consent shall not be
      unreasonably withheld.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

      
        
           

        

      

    

    4.
      ADDITIONAL OPTIONAL REQUIREMENTS.
      Each
      Debtor agrees that the Creditors may, at their option at any time, whether
      or
      not any Debtor is in default:

    

    (a)
      Require the Debtors to deliver to the Creditors (i) copies of or extracts from
      the Books and Records, and (ii) information on any contracts or other matters
      affecting the Collateral.

    

    (b)
      Examine the Collateral, including the Books and Records, and make copies of
      or
      extracts from the Books and Records, and for such purposes enter at any
      reasonable time, with or without prior notice, upon the property where any
      Collateral or any Books and Records are located.

    

    (c)
      Require each Debtor to deliver to the Creditors any instruments, chattel paper
      or letters of credit which are part of the Collateral, and to assign to the
      Creditors the proceeds of any such letters of credit.

    

    (d)
      Notify any account debtors, any buyers of the Collateral, or any other persons
      of the Creditors’ interest in the Collateral; provided, however, that the
      Creditors may make such notification under this Section 4(d) only if (A) the
      Debtor is in default or (B) an event has occurred which, with the passage of
      time or notice by the Creditors, the Debtor will be in default.

    

    5.
      DEFAULTS. Any one or more of the following shall be a default
      hereunder:

    

    (a)
      Any
      Indebtedness is not paid when due, or any default occurs under any agreement
      relating to the Indebtedness, after giving effect to any applicable grace or
      cure periods.

    

    (b)
      Any
      Debtor
      breaches
      any term, provision, warranty or representation under this Agreement or under
      any other obligation of the Debtor to the Creditor, and such breach remains
      uncured after any applicable cure period.

    

    (c)
      Any
      Creditor fails to have an enforceable lien on or security interest in the
      Collateral due to the action or inaction on the part of the Debtor.

    

    (d)
      Any
      custodian, receiver or trustee is appointed to take possession, custody or
      control of all or a material portion of the Collateral.

    

    (e)
      Any
      involuntary material lien of any kind or character attaches to any Collateral,
      except for liens for taxes not yet due.

    

    6.
      CREDITOR’S REMEDIES AFTER DEFAULT. In the event of any default, the Creditors
      may do any one or more of the following:

    

    (a)
      Declare any Indebtedness immediately due and payable, without notice or
      demand.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

      
        
           

        

      

    

    (b)
      Enforce
      the security interest given hereunder pursuant to the Uniform Commercial Code
      and any other applicable law.

    

    (c)
      Require the Debtors to obtain the Creditors’ prior written consent to any sale,
      lease, agreement to sell or lease, or other disposition of any Collateral
      consisting of inventory.

    

    (d)
      Require the Debtors to segregate all collections and proceeds of the Collateral
      so that they are capable of identification and deliver daily such collections
      and proceeds to the Creditors in kind.

    

    (e)
      Require the Debtors, to the extent not previously required, to direct all
      account debtors to forward all payments and proceeds of the Collateral to a
      post
      office box or account under the Creditors’ exclusive control.

    

    (f)
      Require the Debtors to assemble the Collateral, including the Books and Records,
      and make them available to the Purchaser at a place designated by the
      Creditors.

    

    (g)
      Enter
      upon the property where any Collateral, including any Books and Records, are
      located and take possession of such Collateral and such Books and Records,
      and
      use such property (including any buildings and facilities) and any of the
      Debtors’ equipment, if the Creditor deems such use necessary or advisable in
      order to take possession of, hold, preserve, process, assemble, prepare for
      sale
      or lease, market for sale or lease, sell or lease, or otherwise dispose of,
      any
      Collateral.

    

    (h)
      Demand and collect any payments on and proceeds of the Collateral. In connection
      therewith, each Debtor irrevocably authorizes the Creditors to endorse or sign
      the Debtor’s name on all checks, drafts, collections, receipts and other
      documents, and to take possession of and open the mail addressed to the Debtor
      and remove therefrom any payments and proceeds of the Collateral.

    

    (i)
      Grant
      extensions and compromise or settle claims with respect to the Collateral for
      less than face value, all without prior notice to any Debtor.

    

    (j)
      Use
      or transfer any of the Debtors’ rights and interests in any Intellectual
      Property now owned or hereafter acquired by any Debtor, if the Creditors deem
      such use or transfer necessary or advisable in order to take possession of,
      hold, preserve, process, assemble, prepare for sale or lease, market for sale
      or
      lease, sell or lease, or otherwise dispose of, any Collateral.
      The
      Debtors
      agree that any such use or transfer shall be without any additional
      consideration to any Debtor. As used in this paragraph, "Intellectual
      Property"
      includes, but is not limited to, all trade secrets, computer software, service
      marks, trademarks, trade names, trade styles, copyrights, patents, applications
      for any of the foregoing, customer lists, working drawings, instructional
      manuals, and rights in processes for technical manufacturing, packaging and
      labeling, in which any Debtor has any right or interest, whether by ownership,
      license, contract or otherwise.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

      
        
           

        

      

    

    (k)
      Have
      a receiver appointed by any court of competent jurisdiction to take possession
      of the Collateral.
      Each
      Debtor hereby consents to the appointment of such a receiver and agrees not
      to
      oppose any such appointment.

    

    (l)
      Take
      such measures as the Creditors may deem necessary or advisable to take
      possession of, hold, preserve, process, assemble, insure, prepare for sale
      or
      lease, market for sale or lease, sell or lease, or otherwise dispose of, any
      Collateral, and each Debtor hereby irrevocably constitutes and appoints the
      Creditors as the Debtors’ attorneys-in-fact to perform all acts and execute all
      documents in connection therewith.

    

    (m)
      Exercise any other remedies available to the Creditors at law or in
      equity.

     

    7.
      MISCELLANEOUS.

    

    (a)
      Any
      waiver, express or implied, of any provision hereunder and any delay or failure
      by any Creditor to enforce any provision shall not preclude any Creditor from
      enforcing any such provision thereafter.

    

    (b)
      The
      Debtors
      shall, at the request of any of the Creditors, execute such other agreements,
      documents, instruments, or financing statements in connection with this
      Agreement as the Creditors may reasonably deem necessary.

    

    (c)
      This
      Agreement shall be governed by and construed according to the laws of the State
      of New York, to the jurisdiction of which the parties hereto
      submit.

    

    (d)
      All
      rights and remedies herein provided are cumulative and not exclusive of any
      rights or remedies otherwise provided by law. Any single or partial exercise
      of
      any right or remedy shall not preclude the further exercise thereof or the
      exercise of any other right or remedy.

    

    (e)
      All
      terms not defined herein are used as set forth in the Uniform Commercial Code.
      

    

    (f)
      In the
      event of any action by the Creditors to enforce this Agreement or to protect
      the
      security interest of the Creditors in the Collateral, or to take possession
      of,
      hold, preserve, process, assemble, insure, prepare for sale or lease, market
      for
      sale or lease, sell or lease, or otherwise dispose of, any Collateral, the
      Debtors agree to immediately pay the costs and expenses thereof, together with
      reasonable attorney's fees and allocated costs for in-house legal services
      to
      the extent permitted by law.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

      
        
           

        

      

    

    (g)
      In
      the event any of the Creditors seek to take possession of any or all of the
      Collateral by judicial process, the Debtors hereby irrevocably waive any bonds
      and any surety or security relating thereto that may be required by applicable
      law as an incident to such possession, and waives any demand for possession
      prior to the commencement of any such suit or action.

    

    (h)
      This
      Agreement shall constitute a continuing agreement, applying to all future as
      well as existing transactions, whether or not of the character contemplated
      at
      the date of this Agreement, and if all transactions between the Creditors and
      the Debtors shall be closed at any time, shall be equally applicable to any
      new
      transactions thereafter.

    

    (i)
      The
      Creditors’ rights hereunder shall inure to the benefit of its successors and
      assigns. In the event of any assignment or transfer by any Creditors of any
      of
      the Indebtedness or the Collateral, such Creditors thereafter shall be fully
      discharged from any responsibility with respect to the Collateral so assigned
      or
      transferred, but such Creditors shall retain all rights and powers hereby given
      with respect to any of the Indebtedness or the Collateral not so assigned or
      transferred. All representations, warranties and agreements of the Debtors
      shall
      be binding upon the successors and assigns of the Debtors.

    

    (j)
      The
      Debtors agree that the Collateral may be sold as provided for in this Agreement
      and expressly waives any rights of notice of sale, advertisement procedures,
      or
      related provisions granted under applicable law, including the New York Lien
      Law.

    

    8.
      AGENT.
      Each Creditor hereby appoints Rockmore Investment Master Fund Ltd. to act as
      its
      agent (“Agent”)
      for
      purposes of exercising any and all rights and remedies of the Creditors
      hereunder and to take all actions that the Creditors may or could take
      hereunder. Unless any provision of this Agreement specifically requires all
      Creditors to take a specific action or exercise a specific remedy, each Creditor
      agrees that Agent shall exercise any and all rights and remedies of the
      Creditors hereunder and take all actions that the Creditors may or could take
      hereunder.
      In
      addition, unless otherwise specifically required, any notice the Debtors may
      give to Creditors hereunder may instead be given only to Agent. The Agent shall
      have the rights, responsibilities and immunities set forth in Annex
      A
      hereto.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      
         

      

    

    The
      parties executed this Agreement as of October __, 2008.

    

    
      	
              MEDIALINK
                WORLDWIDE INCORPORATED

            	 	
              Address:
                

            	      
              
	 	 	 	 	 
	
              By:

            	       
              	 	
              State
                of Incorporation: 

            
	
               

            	
              Name: 

            	 	     
              
	
               

            	
              Title: 

            	 	 	 

    

    

    
      	
              [INSERT
                NAMES OF ADDITIONAL DEBTORS]

            
	 	 
	By: 	   
              
	 	Name:  
	
               

            	
              Title:  

            

    

    

    [SIGNATURE
      PAGE OF CREDITORS FOLLOWS]

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
       

    

    [SIGNATURE
      PAGE OF CREDITORS TO MDLK SECURITY AGREEMENT]

     

    
      	
              Name
                of Investing Entity:
                __________________________________

            
	 
	
              Signature
                of Authorized Signatory of Investing entity:
                _________________________________

            
	 
	
              Name
                of Authorized Signatory:
                _________________________________

            
	 
	
              Title
                of Authorized Signatory:
                __________________________________

            

    

     

    [SIGNATURE
      PAGE OF CREDITORS FOLLOWS]

     

    
      
        
        

      

      
        10

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