Document:

Security Agreement between eUniverse and VP Alpha Holdings

 Exhibit 10.49 
  
 SECURITY AGREEMENT 
  
 DEBTOR: 
  

	 Name:
	    	 eUniverse, Inc.
 6060 Center Drive, Suite 300
 Los Angeles, CA 90045

  
 SECURED PARTY: 
  

	 Name:
 Address:
	    	 VP Alpha Holdings IV, L.L.C.
 c/o VantagePoint Venture Partners
 1001 Bayhill Suite 300
 San Bruno, CA 94066

  
 1. 
  
 (a) Debtor, in consideration of the agreement of Secured Party to make a loan
to Debtor pursuant to that certain Secured Note Purchase Agreement, of even date herewith, between Debtor and Secured Party (the “Purchase Agreement”), and for other good and sufficient consideration, hereby grants to Secured Party
a first priority security interest in all of Debtor’s right, title and interest in and to all of the Debtor’s personal property and assets including without limitation the following property (except as set forth herein), including without
limitation any and all additions, accessions and substitutions thereto or therefore, whether now held or hereafter acquired (hereinafter called the “Collateral”): (a) Accounts; (b) Instruments; (c) Documents; (d) Chattel Paper; (e)
Supporting Obligations; (f) Letter of Credit Rights; (g) Equipment; (h) Fixtures; (i) General Intangibles; (j) Inventory; (k) Investment Property; (l) Deposit Accounts; (m) cash, money, currency, and liquid funds, wherever held; (n) Goods; (o)
Intellectual Property; and (p) all Proceeds of each of the foregoing, to secure payment of the unpaid principal amount of and interest on the Note (as defined in the Purchase Agreement) and all other obligations and liabilities of Debtor to Secured
Party, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Purchase Agreement or this Security Agreement and any other document
executed and delivered in connection therewith or herewith and each other obligation and liability, whether direct or indirect, absolute or contingent, due or to become due, or now or hereafter existing, of the Debtor to Secured Party, whether on
account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to Secured Party) or otherwise (the “Obligations”). 
  
 (b) Capitalized terms used herein and not otherwise defined shall have the
meaning set forth in the Uniform Commercial Code of the State of Delaware (the “UCC”). For purposes hereof, the following definitions shall apply: 

 “Intellectual Property” means, collectively, all rights, priorities and privileges of the
Debtor relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, inventions, patents, patent licenses, trademarks, trademark licenses and trade
secrets (including customer lists), domain names, Web sites and know-how, including, but not limited to, the patents, trademarks and copyrights set forth on Schedule 4(n) of the Purchase Agreement. 
  
 2. Debtor expressly represents, warrants and covenants: 
  
 (a) That except for the first priority security interest granted hereby, the
lien in favor of 550 Digital Media Ventures, Inc. (“550 DMV”) which is pari passu with the security interest created hereby and applies to all of the same Collateral, and the permitted liens listed on Schedule A hereto (the
“Permitted Liens”), Debtor is the owner of the Collateral free from any adverse lien, security interest or encumbrances; and that Debtor will defend the Collateral against all claims and demands of all persons at anytime claiming the same
or any interest therein. The security interest granted pursuant to this Security Agreement will constitute a valid and continuing first priority perfected security interest in favor of the Secured Party in the Collateral for which perfection is
governed by the UCC or filing with the United States Copyright Office or United States Patent and Trademark Office. Such security interest will be prior to all other liens on the Collateral, except for Permitted Liens. 
  
 (b) That Debtor has the full power and authority to enter into this Security
Agreement, that this Security Agreement has been duly authorized, executed, and delivered by the Debtor and Debtor’s obligations under this Security Agreement are legal, valid, binding, absolute and unconditional. 
  
 (c) That Debtor’s location is as stated above and the Collateral will
be kept at that location or at the locations of Debtor’s subsidiaries. 
  
 (d) That Debtor will promptly notify Secured Party of any change in the location of the Collateral. 
  
 (e) That Debtor will pay all taxes and assessments of every nature which may be levied or assessed against the Collateral. 
  
 (f) That, except for liens disclosed herein or in the Schedules hereto,
Debtor will not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collateral and will not permit the same to be attached or replevined. 
  
 (g) That Debtor has used, and will continue to use for the duration of this Security Agreement, consistent standards of
quality in its provision of services sold under Debtor’s service marks. Debtor shall use its best efforts to do any and all acts required by Secured Party to ensure Debtor’s compliance with this subparagraph. 
  
 (h) That the Collateral is in good condition, and that Secured Party may
examine and inspect the Collateral at any time, wherever located. Without limiting the generality of 
  

 2 

 the foregoing, Debtor hereby grants to Secured Party and its employees and agents the right to visit
Debtor’s offices from which services are provided under any of Debtor’s service marks, and to inspect the quality control relating thereto at reasonable times during regular business hours. 
  
 (i) That Debtor will not do any act, or omit to do any act, whereby
Debtor’s service marks or any registration or application appurtenant thereto, may become abandoned, invalidated, unenforceable, avoided, avoidable, or will otherwise diminish in value, and shall notify Secured Party immediately if it knows of
any reason or has reason to know of any ground under which this result may occur. Debtor shall take appropriate action at its expense to halt the infringement of Debtor’s service marks and shall properly exercise its duty to control the nature
and quality of the goods offered by any licensees in connection therewith. 
  
 (j) That Debtor will not use the Collateral in violation of any applicable statutes, regulations or ordinances or rights to any third parties. 
  
 (k) That Debtor will keep the Collateral at all times insured against risks of loss or damage by fire, theft and such other
casualties as Secured Party may reasonably require, all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such companies or underwriters as Secured Party may approve, losses in all cases to be payable
to Secured Party and Debtor as their interest may appear. Secured Party may act as attorney for Debtor in making, adjusting and settling claims under or canceling such insurance and endorsing Debtor’s name on any drafts drawn by insurers of the
Collateral. 
  
 (l) At any time and from time to time, upon the
request of Secured Party, Debtor will promptly and duly execute and deliver any and all such further instruments and documents and take such further action as Secured Party may reasonably deem desirable in obtaining the full benefits of this
Security Agreement, including, without limitation, the filing of any financing or continuation statement under the Uniform Commercial Code with respect to the liens and security interests granted hereby. Debtor hereby authorizes Secured Party to
file any such financing or continuation statement without the signature of Debtor to the extent permitted by applicable law. 
  
 (m) That Debtor hereby indemnifies and holds Secured Party, its officers, directors, employees, affiliates, partners and shareholders, harmless from and
against any claim, suit, loss, damage or expense (including reasonable attorneys’ fees) arising out of this Security Agreement, the Purchase Agreement, or Debtor’s operation of its business from the use of the Collateral. 
  

	 	(n)	 	That, subject to Secured Party’s Intercreditor Agreement with 550 DMV, Debtor hereby irrevocably appoints Secured Party, and its successors and assigns, Debtor’s true and
lawful attorney, with full power (in the name of Debtor or otherwise), after the occurrence and during the continuance of an Event of Default (defined in Section 4 below), to ask, require, demand, receive, compound and give acquittance for any and
all moneys, claims and other amounts due and to 

  

 3 

 become due at any time under, or arising out of, the Collateral; to endorse any checks or other
instruments or orders in connection therewith; to enforce all Secured Party’s rights hereunder, to enter into all agreements or instruments required to carry out the terms hereof which are required to be performed by Debtor; to execute such
other assignments and mortgages of the Collateral as Secured Party may deem to be necessary or advisable. Such power of attorney shall be deemed a power coupled with an interest and, therefore, irrevocable. 
  

	 	(o)	 	Without thirty (30) days’ prior written notice to, and the prior written consent from, the Secured Party, the Debtor shall not (i) change the Debtor’s name, state of
incorporation or organization, organizational identification number or place of business (or, if the Debtor has more than one place of business, its chief executive office). 

  

	 	(p)	 	In no event shall the Debtor, either itself or through any agent, employee, licensee or designee, file an application for the registration of any patent, trademark or copyright with
the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency without giving the Secured Party prior written notice thereof, and, upon request of the Secured Party, the Debtor shall execute and
deliver any and all security documents as the Secured Party may request to evidence the Secured Party’s Lien on such Intellectual Property and the general intangibles of the Debtor relating thereto or represented thereby. The Debtor hereby
authorizes the Secured Party to amend this Agreement (without any further action or consent from the Debtor) to include any such patent, trademark or copyright as Collateral hereunder. 

  
 3. Until an Event of Default, Debtor may have possession of the Collateral
and use it in any lawful manner, and upon an Event of Default, Secured Party shall have the immediate right to the possession of the Collateral. The powers conferred on the Secured Party by this Section 3 are solely to protect the Secured
Party’s interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the
Secured Party nor any of its officers, directors, employees or agents shall, in the absence of willful misconduct or gross negligence, be responsible to the Debtor for any act or failure to act pursuant to this Section 3. 
  
 4. Debtor shall be in default under this Security Agreement upon the
happening of any of the following events or conditions (each an “Event of Default”): 
  
 (a) default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any note evidencing the same;

  
 (b) the making or furnishing of any warranty, representation
or statement to Secured Party by or on behalf of Debtor which proves to have been false in any material respect when made or furnished; 
  

 4 

 (c) loss, theft, damage, destruction, sale or encumbrance to or of any of the Collateral, or the making
of any levy seizure or attachment thereof or thereon and, if capable of being remedied, such default shall continue unremedied for a period of 30 days; 
  
 (d) dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property of, assignment for the
benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency laws of, by or against Debtor or any guarantor or surety for Debtor; 
  
 (e) any Event of Default under the Purchase Agreement; 
  
 and Debtor shall give Secured Party immediate notice of the occurrence of any matter referred to in clause (d) of this paragraph.

  
 5. Subject to the Intercreditor Agreement with 550 DMV, upon
such default and at any time thereafter, Secured Party may declare all obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Uniform Commercial Code. Secured Party may require
Debtor to assemble the Collateral and deliver or make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Expenses of taking, holding, preparing for sale, or selling the
Collateral or the like shall include Secured Party’s reasonable attorney’s fees and legal expenses. If an Event of Default has occurred and is continuing, the Secured Party may exercise, in addition to all other rights and remedies granted
to it in this Agreement and in any other instrument or agreement relating to the Obligations, all rights and remedies of a secured party under the UCC. Without limiting the foregoing, the Secured Party, without demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except any notice required by law) to or upon the Debtor or any other person (all of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances
collect, receive, appropriate and realize upon any or all of the Collateral, and/or may sell, lease, assign, give an option or options to purchase, or otherwise dispose of and deliver any or all of the Collateral (or contract to do any of the
foregoing), in one or more parcels at a public or private sale or sales, at any exchange, broker’s board or office of the Secured Party or elsewhere upon such terms and conditions as the Secured Party may deem advisable, for cash or on credit
or for future delivery without assumption of any credit risk. The Secured Party shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable expenses incurred therein or
in connection with the care or safekeeping of any of the Collateral (including, without limitation, reasonable attorneys’ fees and expenses) to the payment in whole or in part of the Obligations, in such order as the Secured Party may elect,
and only after such application and after the payment by the Secured Party of any other amount required by any provision of law, need the Secured Party account for the surplus, if any, to the Debtor. To the extent permitted by applicable law, the
Debtor waives all claims, damages and demands it may acquire against the Secured Party arising out of the exercise by the Secured Party of any of its rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be
required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. The Debtor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the
Collateral are insufficient to pay 
  

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 the Obligations and the fees and disbursements of any attorneys employed by the Secured Party to collect such deficiency.
In furtherance of the Secured Party’s rights hereunder while an Event of Default has occurred and is continuing, the Debtor hereby grants to the Secured Party an irrevocable, non-exclusive license (exercisable without royalty or other payment
by the Secured Party) to use, license or sublicense any patent, trademark, tradename, copyright or other Intellectual Property in which the Debtor now or hereafter has any right, title or interest together with the right of access to all media in
which any of the foregoing may be recorded or stored. 
  
 6. No
waiver by Secured Party of any Event of Default shall operate as a waiver of any other Event of Default or of the same Event of Default on a future occasion. The taking of this Security Agreement shall not waive or impair any other security said
Secured Party may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair this Security Agreement; but said Secured Party may, resort to any security it may have in
the order it may deem proper, and notwithstanding any collateral security, Secured Party shall retain its rights of set-off against Debtor. 
  
 7. Secured Party’s rights hereunder shall be senior to the rights of any other person except for 550 DMV and as listed on Schedule A hereto.

  
 8. All rights of Secured Party hereunder shall inure to the
benefit of its successors and assigns; and all promises and duties of Debtor shall bind his heirs, executors or administrators or his or its successors or assigns. If there be more than one Debtor, their liabilities hereunder shall be joint and
several. 
  
 9. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA, EXCLUDING CONFLICT OF LAWS PRINCIPLES THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY OTHER JURISDICTION. 
  
 10. This Security Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. 
  
 [signature page follows] 
  

 6 

 Dated this 15th day of July, 2003. 
  

	 Debtor:
	 	 	 	 Secured Party:

			
	eUNIVERSE, INC.	 	 	 	VP ALPHA HOLDINGS IV, L.L.C. ,
	 	 	 	 	 	 	 By: VANTAGE POINT VENTURE
ASSOCIATES IV, L.L.C.,
 its Managing Member

					
	 By:
	 	 /s/    BRAD GREENSPAN

	 	 	 	 Title:
	 	 /s/    ALAN E. SALZMAN

	 Name:
	 	Brad Greenspan	 	 	 	 Name:
	 	Alan E. Salzman
	 Title:
	 	Chief Executive Officer	 	 	 	 Title:
	 	Managing Member

  
 [SIGNATURE PAGE TO
SECURITY AGREEMENT] 
  

 7 

 Schedule A 
  
 Permitted Liens 
  
 Secured Party has agreed that the first priority security interest granted to it pursuant to the terms of this Security Agreement shall be subordinate to a revolving,
working capital line of credit obtained by the Debtor from a bona fide commercial lender for the primary purpose of covering day-to-day operational expenses incurred by the Debtor in the ordinary course of business, in an amount that does not exceed
One Million Five Hundred Thousand Dollars ($1,500,000). Secured Party has further agreed to execute such agreements and other documents as may be reasonably necessary to effectuate the subordination provided above. 
  
 Secured Party’s security interest in any Collateral subject to a purchase money security
interest shall be subordinated to such purchase money security interest. 
  
 Secured Party’s security interest shall be pari passu with the security interest of 550 DMV. 
  
 Liens for taxes not yet due and payable, materialman’s, warehouseman’s and mechanics’ liens for amounts not yet due and payable, liens created by statute for amounts not yet due and payable. 

 
 Liens in connection with equipment leases. 
  
 Security interests in proceeds in Debtor accounts held with merchant providers.Bonus Repayment Agreement between eUniverse and Brad D. Greenspan

 EXHIBIT 10.50 
  
 BONUS REPAYMENT AGREEMENT 
  
 This Bonus Repayment Agreement is entered into as of the 21st day of August, 2003, by and between eUniverse, Inc., a Delaware corporation (the
“Company”), and Brad D. Greenspan, an executive employed by the Company (“Executive”). 
  
 RECITALS 
  
 Whereas Executive has been employed by the Company from August 2000 through the present date and has been eligible to receive a short-term incentive bonus from the Company based on the financial performance of the Company; 
  
 Whereas Executive was paid a short-term incentive bonus in the amount of
$42,500 (the “Bonus Amount”) on January 15, 2003 (the “Original Payment Date”), based on the financial performance of the Company during its 2003 fiscal year (ending on March 31, 2003) as described in the Company’s financial
statements for such fiscal year; 
  
 Whereas the Company has
determined that the financial statements of the Company for its 2003 fiscal year included incorrect financial information and, had such financial statements included the correct financial information, Executive would not have been paid the Bonus
Amount and the parties agree that Executive is not entitled to retain such Bonus Amount; and 
  
 Whereas, the parties hereto would like to rescind the payment of the Bonus Amount or otherwise provide for the payment of the value of the Bonus Amount (“Bonus Amount Value”) by Executive to the Company, as
provided herein; 
  
 TERMS OF AGREEMENT 
  
 Now, therefore, in exchange for their respective and mutual promises and
agreements, the parties hereto agree to the following: 
  
 1.
    Payment of Bonus Amount. Executive shall pay the full amount of the Bonus Amount Value to the Company on the following terms. 
  
 (a) Payment may take the form of cash, common stock of the Company (“Common Stock”), or a combination of cash and Common Stock. 
  
 (b) Executive has indicated on Attachment 1 hereto the amount of the Bonus
Amount Value that he intends to pay in cash (the “Cash Amount”) and in Common Stock (the “Common Stock Amount”), respectively. 
  
 (c) Executive shall pay immediately to the Company in cash the Cash Amount. 
  
 (d) Executive shall deliver as soon as practicable after the date hereof to the escrow agent designated by the Company which
may be itself (“Escrow Agent”) that number of shares of Common Stock, rounded to the nearest whole number, equal to the quotient of (i) the Common Stock Amount divided by (ii) $1.25, along with three signed assignments separate from

 certificate with the power of attorney (in the form of the document attached hereto as Attachment 2) to permit the Escrow
Agent to transfer the Common Stock held in escrow as provided herein. Subject to (f) below, such shares of Common Stock shall be held in escrow by the Escrow Agent for the benefit of the Company solely pending determination of the Per Share Value
(as defined below) following the effective date of this Agreement, pursuant to the terms of the escrow (as set forth in the Joint Escrow Instructions attached hereto as Attachment 3). Such escrow shall be irrevocable. On the second business day
following (i) the Per Share Value Determination Date as defined below or, if applicable, (ii) the date of the delivery of the valuation by the independent appraiser as provided in (e)(4) below (the “Escrow Release Date”), the Escrow Agent
shall divide the Common Stock Amount by the Per Share Value, round such quotient to the nearest whole number, distribute to the Company from such escrow that number of shares equal to such quotient, and release the remaining shares (if any) to
Executive. 
  
 (e) “Per Share Value” shall be determined
as follows: 
  
 (1) If the Common Stock is actively traded on the
National market or the SmallCap market of Nasdaq, each share of Common Stock shall be valued at the average of the last reported sale price (or, if not available, the average of the best bid and best ask prices) for each day during the ten (10)
consecutive trading day period ending on the thirtieth (30th) trading day following commencement of active trading.

  
 (2) If the Common Stock is not traded on the National market
or the SmallCap market of Nasdaq but is actively traded on the over-the-counter bulletin board, each share of Common Stock shall be valued at the average of the last reported sale price (or, if not available, the average of the best bid and best ask
prices) for each day during the ten (10) consecutive trading day period ending on the thirtieth (30th) trading day
following commencement of active trading. 
  
 (3) If the Common
Stock is not actively traded on the National market or SmallCap market of Nasdaq or on the over-the-counter bulletin board, but is traded on the pink sheets market, then each share of Common Stock shall be valued at the average of the last reported
sale price (or, if not available, the average of the best bid and best ask prices) for each day during the ten (10) consecutive trading day period ending on the thirtieth (30th) trading day following commencement of active trading. 
  
 (4) If the Common Stock is not actively traded on the National market or SmallCap market of Nasdaq, on the over-the-counter bulletin board, or on the
pink sheets market for at least a thirty (30) day trading period within the 120 day period following the effective date of this Agreement, then the Per Share Value of each share of Common Stock shall be determined by an independent appraiser
appointed by the Board of Directors of the Company. 
  
 (5) The
determination of the Per Share Value shall be made at the close of business on the last day of the ten consecutive trading day period referred to in (1), (2) or (3) above, whichever is applicable, or as of the close of business on the
120th day following the effective date of this Agreement if (4) above is applicable (the “Per Share Value
Determination Date”). 

 (f) Executive shall have the right at any time prior to the Escrow Release Date to replace one or more
shares of Common Stock held in escrow by the Escrow Agent with cash, the number of shares so replaced to be equal to the quotient, rounded down to the nearest whole number, of (i) the amount of such cash (the “Replacement Cash Amount”)
divided by (ii) $1.25, and in the event of any such replacement the Escrow Agent shall release to Executive the number of shares so replaced. In the event of any such replacement, the Common Stock Amount shall be deemed to be reduced, immediately
prior to its division by the Per Share Amount pursuant to (d) above, by the Replacement Cash Amount. 
  
 (g) Notwithstanding the foregoing, if on the Per Share Value Determination Date the product of (i) the number of shares of Common Stock held in escrow by
the Escrow Agent and (ii) the Per Share Value, does not equal or exceed an amount equal to (x) the Common Stock Amount less (y) the Replacement Cash Amount, the Executive shall pay in cash to the Company prior to the Escrow Release Date the amount
of any such shortfall. 
  
 3. Rescission of Bonus Amount.
Executive and the Company hereby rescind the payment of the Bonus Amount subject to the payment by Executive of the Bonus Amount Value to the Company in full solely in the form of cash by December 31, 2003. Executive’s obligation to pay the
Bonus Amount Value to the Company under this Agreement shall not be affected by whether the payment of the Bonus Amount is rescinded under this Section 3. 
  
 4. Opportunity to Obtain Independent Tax Counsel. Executive acknowledges that he has had the opportunity to obtain independent tax counsel
regarding the tax treatment of the payment of the Bonus Amount and the Bonus Amount Value under this Agreement. Executive acknowledges that Pillsbury Winthrop LLP is counsel to the Company and not to him, that he is not and will not be relying on
any advice furnished to the Company by Pillsbury Winthrop LLP or otherwise regarding the matters contained in this Agreement (including the tax effect thereof), and that he has been advised by the Company and Pillsbury Winthrop LLP that he should
seek separate advice regarding the matters contained in this Agreement. 
  
 In Witness Whereof, the parties have executed this Agreement to be effective as of the date first above written. 
  

	eUNIVERSE, INC.	 	 	 	Executive
			
	By: Brett C. Brewer	 	 	 	 /s/    BRAD D.
GREENSPAN

	Title: President	 	 	 	 Brad D. Greenspan

				
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 ATTACHMENT 1 
  

	 Total Bonus Amount
 Value (To Be Repaid)

	 	 Cash Amount
 (Dollar Amount)

	 	 Common Stock Amount

	 	 	 Dollar Amount

	 	 Number of Shares

	 	 	 	 	 	 	 

 ATTACHMENT 2 
  
 ASSIGNMENT SEPARATE FROM CERTIFICATE 
  
 FOR VALUE RECEIVED and pursuant to that certain Bonus Repayment Agreement dated as of
            , 200    , by and between eUniverse, Inc., a Delaware corporation (the “Company”) and the undersigned (the “Repayment
Agreement”), the undersigned hereby sells, assigns and transfers unto the Company or its successor             
(            ) shares of common stock of the Company, standing in the undersigned’s name on the books of said corporation represented by Certificate No.
             herewith, and does hereby irrevocably constitute and appoint the Secretary of the Company attorney to transfer the said stock on the books of the said corporation with
full power of substitution in the premises. This Assignment may be used only in accordance with and subject to the terms and conditions of the Repayment Agreement, in connection with the payment of shares of Common Stock of the undersigned to the
Company pursuant to the Repayment Agreement. 
  

					
	Dated:	 	  

	 	 	 	 Signature
	 	  

	 	 	 	 	 	 	 Name:
	 	  

  
 Three Signed Copies
Required 

 ATTACHMENT 3 
  
 JOINT ESCROW INSTRUCTIONS 
  
 eUniverse, Inc. 
 Escrow Agent 
 6060 Center Drive #300 
 Los Angeles, CA 90045 
 Attention: Christopher S. Lipp, Senior Vice President and General Counsel 
  
 Dear Escrow Agent: 
  
 As Escrow Agent for both eUniverse, Inc., a Delaware corporation (“Company”), and the undersigned executive of the Company (“Executive”), you are
hereby authorized and directed to hold the documents and property delivered to you pursuant to the terms of that certain Bonus Repayment Agreement by and between the Company and Executive (“Bonus Repayment Agreement”) to which these Joint
Escrow Instructions have been attached, in accordance with the following instructions: 
  
 1. Payment of Bonus Amount. 
  
 (a) Pursuant to the Bonus Repayment Agreement (the terms of which are incorporated herein), Executive shall deliver as soon as practicable after the date hereof to you a number of shares of the common stock of the Company (“Common
Stock”) referred to in the Bonus Repayment Agreement as “Common Stock Amount,” along with three signed assignments separate from certificate for the purpose of the transfers of the Common Stock as provided in the Bonus Repayment
Agreement and herein. Subject to (c) below, such shares shall be held in escrow by you as Escrow Agent for the benefit of the Company solely pending determination of the Per Share Value (as defined below) following the effective date of the Bonus
Repayment Agreement, pursuant to the terms herein. This escrow shall be irrevocable. On the second business day following (i) the Per Share Value Determination Date as defined below, or, if applicable, (ii) the date of the delivery of the valuation
by the independent appraiser as provided in (b)(4) below (the “Escrow Release Date”), you shall divide the Common Stock Amount by the Per Share Value, round such quotient to the nearest whole number, distribute to the Company from such
escrow that number of shares equal to such quotient, and release the remaining shares (if any) to Executive. 
  
 (b) “Per Share Value” shall be determined as follows: 
  

(1) If the Common Stock is actively traded on the National market or the SmallCap market of Nasdaq, each share of Common Stock shall be valued at the
average of the last reported sale price (or, if not available, the average of the best bid and best ask prices) for each day during the ten (10) consecutive trading day period ending on the thirtieth (30th) trading day following commencement of active trading. 

 (2) If the Common Stock is not traded on the National market or the SmallCap market of Nasdaq but is
actively traded on the over-the-counter bulletin board, each share of Common Stock shall be valued at the average of the last reported sale price (or, if not available, the average of the best bid and best ask prices) for each day during the ten
(10) consecutive trading day period ending on the thirtieth (30th) trading day following commencement of active
trading. 
  
 (3) If the Common Stock is not actively traded on
the National market or SmallCap market of Nasdaq or on the over-the-counter bulletin board, but is traded on the pink sheets market, then each share of Common Stock shall be valued at the average of the last reported sale price (or, if not
available, the average of the best bid and best ask prices) for each day during the ten (10) consecutive trading day period ending on the thirtieth (30th) trading day following commencement of active trading. 
  
 (4) If the Common Stock is not actively traded on the National market or SmallCap market of Nasdaq, on the over-the-counter bulletin board, or on the
pink sheets market for at least a thirty (30) day trading period within the 120 day period following the effective date of this Agreement, then the Per Share Value of each share of Common Stock shall be determined by an independent appraiser
appointed by the Board of Directors of the Company. 
  
 (5) The
determination of the Per Share Value shall be made at the close of business on the last day of the ten consecutive trading day period referred to in (1), (2) or (3) above, whichever is applicable, or as of the close of business of the
120th day following the effective date of this Agreement if (4) above is applicable (the “Per Share Value
Determination Date”). 
  
 (c) Executive shall have the right
at any time prior to the Escrow Release Date to replace one or more shares of Common Stock held in escrow by the Escrow Agent with cash, the number of shares so replaced to be equal to the quotient, rounded down to the nearest whole number, of (i)
the amount of such cash (the “Replacement Cash Amount”) divided by (ii) $1.25, and in the event of any such replacement the Escrow Agent shall release to Executive the number of shares so replaced. In the event of any such replacement, the
Common Stock Amount shall be deemed to be reduced, immediately prior to its division by the Per Share Amount pursuant to (a) above, by the Replacement Cash Amount. 
  
 2. At the Escrow Release Date, you are directed (a) to date any stock assignments necessary for the transfer in question to
the Company, (b) to fill in the number of shares being transferred, and (c) to deliver same, together with the certificate evidencing the shares of stock to be transferred, to the Company. 
  
 3. Executive irrevocably authorizes the Company to deposit with you any
certificates evidencing shares of stock to be held by you hereunder and any additions and substitutions to said shares as specified in the Bonus Repayment Agreement. Executive does hereby irrevocably constitute and appoint you as his
attorney-in-fact and agent for the term of this escrow to execute with respect to such securities and other property all documents of 

 assignment and/or transfer and all stock certificates necessary or appropriate to make all securities negotiable and
complete any transaction herein contemplated. 
  
 4. This escrow
shall terminate upon the release of the Common Stock to the Company from this escrow. 
  
 5. If at the time of termination of this escrow you should have in your possession any documents, securities, or other property belonging to Executive, you shall deliver all of same to Executive and shall be
discharged of all further obligations hereunder; provided, however, that if at the time of termination of this escrow you are advised by the Company that the property subject to this escrow is the subject of a pledge or other agreement, you shall
deliver all such property to the pledgeholder or other person designated by the Company. 
  
 6. Except as otherwise provided in these Joint Escrow Instructions, your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto. Notwithstanding any
provision herein to the contrary, in the event of any conflict between the terms of the Bonus Repayment Agreement and these Joint Escrow Instructions, the terms of the Bonus Repayment Agreement shall control. 
  
 7. You shall be obligated only for the performance of such duties as are
specifically set forth herein and may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties or their assignees.
You shall not be personally liable for any act you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Executive while acting in good faith and any act done or omitted by you pursuant to the advice of your own attorneys shall
be conclusive evidence of such good faith. 
  
 8. You are hereby
expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or corporation, excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and obey orders,
judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such compliance,
notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction. 
  
 9. You shall not be liable in any respect on account of the identity, authority or rights of the parties executing or
delivering or purporting to execute or deliver the Bonus Repayment Agreement or any documents or papers deposited or called for hereunder. 
  
 10. You shall not be liable for the outlawing of any rights under any statute of limitations with respect to these Joint Escrow Instructions or any
documents deposited with you. 
  
 11. You shall be entitled to
employ such legal counsel (including without limitation the firm of Pillsbury Winthrop LLP) and other experts as you may deem necessary properly to 

 advise you in connection with your obligations hereunder, may rely upon the advice of such counsel, and may pay such
counsel reasonable compensation therefor. 
  
 12. Your
responsibilities as Escrow Agent hereunder shall terminate if you shall resign by written notice to each party. In the event of any such termination, the Company may appoint a successor Escrow Agent and Executive hereby confirms the appointment of
such successor or successors as his attorney-in-fact and agent to the full extent of your appointment. 
  
 13. If you reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect hereto, the
necessary parties hereto shall join in furnishing such instruments. 
  
 14. It is understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of the securities, you may (but are not obligated to) retain in your possession without liability to anyone
all or any part of said securities until such dispute shall have been settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has
expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or defend any such proceedings. 
  
 15. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in
any United States Post Box, by registered or certified mail with postage and fees prepaid, addressed to each of the other parties hereunto entitled at the following addresses, or at such other addresses as a party may designate by ten days’
written notice to each of the other parties hereto: 
  
 TO COMPANY:

  
 eUniverse, Inc. 
 6060 Center Drive #300 
 Los Angeles, CA 90045 
 Attention: Christopher S. Lipp, Senior Vice President and General
Counsel 
  
 with a copy to: 
  
 Pillsbury Winthrop LLP 
 50 Fremont Street 
 San Francisco, CA 94105 
 Attention: Nathaniel M. Cartmell III 
  
 TO EXECUTIVE: 
  
 See Signature Page for Name and Address of Executive. 

 TO ESCROW AGENT: 
  
 eUniverse, Inc. 
 6060 Center Drive #300 
 Los Angeles, CA 90045 
 Attention: Christopher S. Lipp, Senior Vice President and General Counsel 
  
 with a copy to: 
  
 Pillsbury Winthrop LLP 
 50 Fremont Street 
 San Francisco, CA 94105 
 Attention: Nathaniel M. Cartmell III 
  
 16. By signing these Joint Escrow Instructions you become a party hereto only for the purpose of said Joint Escrow Instructions; you do not become a party
to the Bonus Repayment Agreement unless you are already a party to such agreement. 
  
 17. This instrument shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. It is understood and agreed that references to “you” or
“your” herein refer to the original Escrow Agent and to any and all successor Escrow Agents. It is understood and agreed that the Company may at any time or from time to time assign its rights under the Bonus Repayment Agreement and these
Joint Escrow Instructions in whole or in part. 
  
 Very truly yours, 
  
 eUNIVERSE, INC.

  

	
	

	 By:
	 	Brett C. Brewer            
	 	 	President            
	
	EXECUTIVE:
	
	 /s/    BRAD D. GREENSPAN

	Name:	 	Brad D. Greenspan            
	 Address: 6060 Center Drive, #300
 Los Angeles, CA 90045

	
	ESCROW AGENT:
	
	eUNIVERSE, INC.
	
	

	 By:
	 	Christopher S. Lipp            
	 	 	Senior Vice President and General Counsel

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