Document:

Exhibit
10.10

 

security
agreement

 

This
Security Agreement (this “Agreement”), dated as of _______2021,
by Unique Logistics International, Inc., a Nevada corporation (together with its successors
and, if permitted, assigns, the “Company”) and each of the other entities listed on the signature pages hereof as
guarantor or that becomes a party hereto as such pursuant to Section 7.5 (the “Grantors”), in favor of Trillium
Partners LP, a Delaware limited partnership (together with its successors and registered
assigns, “Trillium”) for itself and as Purchaser Agent (together with
any successor and any replacement agent, the “Purchaser Agent”) for the purchasers
(the “the “Purchasers”) of, the Secured Subordinated Notes of the Company, designated as its 10% Secured
Subordinated Convertible Promissory Notes due _________, 2021 (the “Notes”), issued and sold by the Company pursuant
to one or more Securities Purchase Agreements, dated at or about _______, 2021, among the Company and the Purchasers
(the “Purchase Agreement”).

 

recitals

 

Whereas,
pursuant to the Purchase Agreements, the Purchasers have severally agreed to purchase the Notes from the Company upon the terms and subject
to the conditions set forth therein;

 

Whereas,
each Grantor (other than the Company) has guaranteed the Guaranteed Obligations (as defined in the Guaranty) pursuant to a Guaranty of
even date herewith between the Grantors and the Purchasers (the “Guaranty”), and will derive substantial direct and
indirect benefits from the purchase of the Notes under the Purchase Agreement; and

 

Whereas,
it is a condition precedent to the obligation of each initial Purchaser to purchase the Securities from the Company under the Purchase
Agreement and for the Purchase Agent and the Purchasers to sign the Purchase Agreement that the Grantors shall have executed this Agreement
and delivered it to the Purchase Agent and the initial Purchasers;

 

Now,
therefore, in consideration of the premises and to
induce the initial Purchasers to enter into the Purchase Agreements and the initial Purchasers to purchase the Notes from the Company
thereunder, each Grantor hereby agrees with the Purchaser Agent as follows:

 

ARTICLE
I Defined Terms

 

1.1
Definitions (a) Capitalized terms used but not defined herein shall
be used to refer to any item included within the definition of such term under any Note, including if such term is defined in such Note
merely by reference to such definition in the Purchase Agreement.

 

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

 

“Applicable
IP Office” means the United States Patent and Trademark Office, the United States Copyright Office or any similar office or
agency within or outside the United States.

 

“Collateral”
has the meaning specified in Section 2.1.

 

“Control
Agreement” means an agreement in form and substance satisfactory to the Purchaser Agent, granting “control” (as
defined under the applicable UCC) to the Purchaser Agent over the Collateral described thereunder.

 

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“Copyrights”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Regulation in or relating to copyrights
and all mask work, database and design rights, whether or not registered or published, all registrations and recordations thereof and
all applications in connection therewith, and all rights corresponding to any of the foregoing throughout the world.

 

“Default”
means an event or condition the occurrence of which would, with the lapse of time or the giving of notice, or both, become an Event of
Default.

 

“Deposit
Account Control Agreements” means those certain Intellectual
Property Security Agreements required to be delivered pursuant to this Agreement, each in form attached to the Security Agreement and
otherwise in form and substance satisfactory to the Purchaser Agent.

 

“Event
of Default” means any “Event of Default” under and as defined in any Note.

 

“Excluded
Property” means, collectively, (i) any Permit or similar agreement entered into by any Grantor (A) that prohibits or requires
the consent of any Person other than the Company, any other Company Party or any of their respective Affiliates as a condition to the
creation by such Grantor of a Lien on any right, title or interest in such Permit or other agreement or any Stock or Stock Equivalent
related thereto or (B) to the extent that any Regulation applicable thereto prohibits the creation of a Lien thereon, but only, with
respect to the prohibition in (A) and (B), to the extent, and for as long as, such prohibition is not terminated or rendered unenforceable
or otherwise deemed ineffective by the UCC or any other Regulation, (ii) fixed or capital assets owned by any Grantor that is subject
to a purchase money security interest or a Capital Lease if the documentation pursuant to which such Lien is granted (or in the documentation
providing for such Capital Lease) prohibits or requires the consent of any Person (other than the Company, any other Company Party and
their respective Affiliates) as a condition to the creation of any other Lien on such equipment and (iii) any “intent to use”
Trademark applications for which a statement of use has not been filed (but only until such statement is filed); provided, that
“Excluded Property” shall not include any proceeds, products, substitutions or replacements of Excluded Property (unless
such proceeds, products, substitutions or replacements would otherwise constitute Excluded Property), all of which shall therefore be
included in Collateral as provided hereunder.

 

“Intellectual
Property” means any “Intellectual Property Rights” as defined in the Purchase Agreement, including all applicable
Copyrights, Trademarks, Patents, Internet Domain Names, Trade Secrets and IP Licenses.

 

“Internet
Domain Names” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Regulation in or
relating to Internet domain names.

 

“IP
Ancillary Rights” means, with respect to any other Intellectual Property, as applicable, all foreign counterparts to, and all
divisionals, reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual
Property and all income, royalties, proceeds and Liabilities at any time due or payable or asserted under or with respect to any of the
foregoing or otherwise with respect to such Intellectual Property, including all rights to sue or recover at law or in equity for any
past, present or future infringement, misappropriation, dilution, violation or other impairment thereof, and, in each case, all rights
to obtain any other IP Ancillary Right.

 

“IP
License” means all agreements, licenses and other documentation (and all related IP Ancillary Rights), whether written or oral,
granting any right title and interest in or relating to any Intellectual Property.

 

“Liabilities”
means all claims, actions, suits, judgments, damages, losses, liability, obligations, responsibilities, fines, penalties, sanctions,
costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued
thereon or as a result thereto and fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint
or several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise.

 

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“Obligations”
means each item qualifying as an “Obligation” as defined in any Note as such term may be amended, modified or otherwise revised.

 

“Patents”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Regulation in or relating to any and all
patents and patent applications and all inventions and improvements described and claimed therein, and all rights corresponding to any
of the foregoing throughout the world.

 

“Pledged
Certificated Stock” means all certificated securities and any other Stock or Stock Equivalent of any Person evidenced by a
certificate, instrument or other similar documentation (as defined in the UCC), in each case owned by any Grantor, and any distribution
of property made on, in respect of or in exchange for the foregoing from time to time, including all Stock and Stock Equivalents set
forth on the Disclosure Certificate.

 

“Pledged
Certificated Stock” excludes any Excluded Property.

 

“Pledged
Collateral” means, collectively, the Pledged Stock and the Pledged Debt Instruments.

 

“Pledged
Debt Instruments” means all right, title and interest of any Grantor in instruments evidencing any Indebtedness owed to such
Grantor or other obligations, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time,
including all Indebtedness set forth on the Disclosure Certificate, issued by the obligors named therein.

 

“Pledged
Investment Property” means any investment property of any Grantor, and any distribution of property made on, in respect of
or in exchange for the foregoing from time to time, other than any Pledged Collateral.

 

“Pledged
Stock” means all Pledged Certificated Stock and all Pledged Uncertificated Stock.

 

“Pledged
Uncertificated Stock” means any Stock or Stock Equivalent of any Person that is not Pledged Certificated Stock, including all
right, title and interest of any Grantor as a limited or general partner in any partnership not constituting Pledged Certificated Stock
or as a member of any limited liability company, all right, title and interest of any Grantor in, to and under any constituent documentation
of any partnership or limited liability company to which it is a party, and any distribution of property made on, in respect of or in
exchange for the foregoing from time to time, including in each case those interests set forth on the Disclosure Certificate, to the
extent such interests are not certificated.

 

“Pledged
Uncertificated Stock” excludes any Excluded Property.

 

“Purchaser”
has the meaning specified in the preamble hereto.

 

“Purchase
Agreement” has the meaning specified in the preamble hereto.

 

“Secured
Party” means the Purchaser Agent and any Purchaser, inclusive of any affiliate of any Purchaser.

 

“Software”
means (a) all computer programs, including source code and object code versions, (b) all data, databases and compilations of data, whether
machine readable or otherwise, and (c) all documentation, training materials and configurations related to any of the foregoing.

 

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“Stock”
means all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership
or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless
of how designated) of or in a Person (other than an individual), whether voting or non-voting.

 

“Stock
Equivalents” means all securities convertible into or exchangeable for Stock or any other Stock Equivalent and all warrants,
options or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently
convertible, exchangeable or exercisable.

 

“Trademarks”
means all rights, title and interests (and all related IP Ancillary Rights) arising under any Regulation in or relating to trademarks,
trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other
source or business identifiers and, in each case, all goodwill associated therewith, including all registrations and recordations thereof
and all applications in connection therewith, all registrations and applications for registration and recording applications filed in
connection therewith, including registrations and registration applications in the Applicable IP Office, all common law trademarks and
the goodwill of the business symbolized by the foregoing, all licenses of the foregoing, whether as licensee or licensor, and all rights
corresponding to any of the foregoing throughout the world.

 

“Trade
Secrets” means all right, title and interest (and all related IP Ancillary Rights) arising under any Regulation in or relating
to trade secrets, including all rights corresponding to any of the foregoing throughout the world.

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however, that, in
the event that, by reason of mandatory provisions of any applicable Regulation, any of the attachment, perfection or priority of any
Secured Party’s security interest in any Collateral is governed by the Uniform Commercial Code, the relevant PPSA or comparable
law, statute or code of a jurisdiction other than the State of New York, “UCC” shall mean the Uniform Commercial Code,
the relevant PPSA or comparable law, statute or code as in effect in such other jurisdiction for purposes of the provisions hereof relating
to such attachment, perfection or priority and for purposes of the definitions related to or otherwise used in such provisions.

 

“Vehicles”
means all vehicles covered by a certificate of title law of any state.

 

(c)
The following terms have the meanings given to them in the UCC and terms used herein without definition that are defined in the UCC have
the meanings given to them in the UCC (such meanings to be equally applicable to both the singular and plural forms of the terms defined),
including the following: “account,” “account debtor,” “as-extracted collateral,” “certificated
security,” “chattel paper,” “commercial tort claim,” “commodity contract,” “deposit account,”
“documents,” “electronic chattel paper,” “equipment,” “farm products,” “fixture,”
“general intangible,” “goods,” “health-care-insurance receivable,” “instruments,” “inventory,”
“investment property,” “letter-of-credit right,” “payment intangible,” “proceeds,” “record,”
“securities account,” “security,” “supporting obligation” and “tangible chattel paper.”

 

1.2
Certain Other Terms (a) The meanings given to terms defined herein
shall be equally applicable to both the singular and plural forms of such terms. The terms “herein,” “hereof”
and similar terms refer to this Agreement as a whole and not to any particular Article, Section or clause in this Agreement. References
herein to an Annex, Article, Section or clause refer to the appropriate Annex to, or Article, Section or clause in this Agreement. Where
the context requires, provisions relating to any Collateral when used in relation to a Grantor shall refer to such Grantor’s Collateral
or any relevant part thereof.

 

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(b)
Several provisions of Article V (Miscellaneous) of the Purchase Agreement are applicable to this Agreement in accordance with
their respective terms. In addition, whenever used in this Agreement, “in the ordinary course of business of a Person”
shall mean “in the ordinary course of business in all material respects consistent with past custom and practice of such Person
as in effect on the date hereof with such changes as may be agreed to in writing by the Purchaser Agent”.

 

Article
II Grant of Security Interest

 

2.1
Collateral. For the purposes of this Agreement, all of the following
property now owned or at any time hereafter acquired by a Grantor or in which a Grantor now has or at any time in the future may acquire
any right, title or interests is collectively referred to as the “Collateral”:

 

(a)
all accounts, as-extracted collateral, chattel paper, deposit accounts, documents, equipment, general intangibles (including all payment
intangibles, Intellectual Property, rights to tax refunds, intercompany notes, rights arising out of leases, licenses, and contracts
which are not accounts, computer software, computer programs, information contained on computer disks or tapes, software, literature,
reports, catalogs, options, warranties, service contracts, program services, rights to refund, reimbursement, indemnification, and subrogation,
goodwill, licenses, royalties, franchises, customer lists, reversions from any retirement plan or arrangement, money, interests in a
partnership or limited liability company which do not constitute a security under Article 8 of the Code), instruments (including dividends
and rights to payment arising out of partnership agreements and management contracts), inventory, investment property (including any
Pledged Collateral and Pledged Investment Property) and any supporting obligations related thereto;

 

(b)
any commercial tort claims set forth on the Disclosure Certificate;

 

(c)
all books, records, ledgers, files, writings, data bases, plans, drawings, and information relating to any of the foregoing, pertaining
to the other property described in this Section 2.1;

 

(d)
all property of such Grantor held by any Secured Party, including all property of every description, in the custody of or in transit
to such Secured Party for any purpose, including safekeeping, collection or pledge, for the account of such Grantor or as to which such
Grantor may have any right or power, including cash;

 

(e)
all other goods, fixtures, improvements (not constituting real property), and other personal property of such Grantor, whether tangible
or intangible and wherever located; and

 

(f)
to the extent not otherwise included, all cryptocurrency and other blockchain assets; and

 

(g)
to the extent not otherwise included, all proceeds of the foregoing, including insurance proceeds (including any surrender value therefor,
any right to return, or unearned premiums), causes and rights of action, remedies, privileges, settlements, judicial and arbitration
judgments and awards, indemnities, Liens, warranties, or guaranties payable from time to time with respect to, or Lien or other security
for, any of the foregoing; provided, that “Collateral” shall not include any Excluded Property; and provided,
further, that if and when any property shall cease to be Excluded Property, such property shall be deemed at all times from and
after the date hereof to constitute Collateral.

 

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2.2
Grant of Security Interest in Collateral Each Grantor, as collateral
security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the
Obligations of such Grantor (the “Secured Obligations”), hereby mortgages, pledges and hypothecates to the Purchaser
Agent, as agent for the Secured Parties, and grants to the Purchaser Agent, as agent for the Secured Parties, a Lien on and security
interest in, all of its right, title and interest in, to and under the Collateral of such Grantor.

 

Article
III Representations and Warranties

 

To
induce the initial Purchasers and the Purchaser Agent to enter into the Transaction Documents, each Grantor hereby jointly and severally
represents and warrants to the Purchaser Agent, as agent for the other Secured Parties that each of the following is true, correct and
complete as of the date hereof:

 

3.1
Title; No Other Liens Except for the Lien granted to the Secured
Parties pursuant to this Agreement and other Permitted Liens under any Transaction Document (including Section 3.2), such Grantor
owns each item of the Collateral free and clear of any and all Liens or claims of others. Such Grantor (a) is the record and beneficial
owner of the Collateral pledged by it hereunder constituting instruments or certificates and (b) has rights in or the power to transfer
each other item of Collateral in which a Lien is granted by it hereunder, free and clear of any other Lien.

 

3.2
Perfection and Priority The security interest initially granted pursuant
to this Agreement constitutes a valid and continuing, except for CoreFund first priority, perfected security interest in favor of the
Purchaser Agent, as agent for the Secured Parties, in all Collateral subject, for the following Collateral, to the occurrence of the
following: (i) in the case of all Collateral in which a security interest may be perfected by filing a financing statement under the
UCC, the completion of such filings set forth on the Disclosure Certificate (which have been delivered to the Purchaser Agent in completed
and duly authorized form), (ii) with respect to any deposit account, the execution of Control Agreements, (iii) in the case of all Copyrights,
Trademarks, Patents and other Intellectual Property for which UCC filings are insufficient, all appropriate filings having been made
with the United States Copyright Office or the United States Patent and Trademark Office, as applicable, (iv) in the case of letter-of-credit
rights that are not supporting obligations of Collateral, the execution of an agreement granting control to the Purchaser Agent over
such letter-of-credit rights, (v) in the case of electronic chattel paper, the completion of all steps necessary to grant control to
the Purchaser Agent over such electronic chattel paper and (vi) in the case of Vehicles, the actions required under Section 4.1(e),
such security interest shall be prior to all other Liens on the Collateral except as permitted by any Transaction Document upon (i)
in the case of all Pledged Investment Property having instruments or certificates, Pledged Certificated Stock and Pledged Debt Instruments,
the delivery thereof to the Purchaser Agent of such Pledged Certificated Stock, Pledged Debt Instruments and Pledged Investment Property,
in each case properly endorsed for transfer to the Purchaser Agent or in blank, (ii) in the case of all Pledged Investment Property not
having instruments or certificates and Pledged Uncertificated Stock, the execution of Control Agreements with respect to such investment
property and (iii) in the case of all other instruments and tangible chattel paper that are not Pledged Collateral or Pledged Investment
Property, the delivery thereof to the Purchaser Agent of such instruments and tangible chattel paper. Except as set forth in this Section
3.2, all actions by each Grantor necessary or desirable to protect and perfect the Lien granted hereunder on the Collateral have
been duly taken.

 

3.3
Jurisdiction of Organization; Chief Executive Office Such Grantor’s
jurisdiction of organization, legal name and organizational identification number, if any, and the location of such Grantor’s chief
executive office or sole place of business, in each case as of the date hereof, is set forth on the Disclosure Certificate and such Disclosure
Certificate also lists all jurisdictions of incorporation, legal names and locations of such Grantor’s chief executive office or
sole place of business for the five years preceding the date hereof

 

3.4
Locations of Inventory, Equipment and Books and Records On the date
hereof, such Grantor’s inventory and equipment (other than inventory or equipment in transit) and books and records concerning
the Collateral are kept at the locations listed on the Disclosure Certificate and such Disclosure Certificate also lists the locations
of such inventory, equipment and books and records for the five years preceding the date hereof.

 

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3.5
Pledged Collateral

 

(a)
The Pledged Stock pledged by such Grantor hereunder (i) is set forth on the Disclosure Certificate and constitutes that percentage of
the issued and outstanding equity of all classes of each issuer thereof as set forth on the Disclosure Certificate, (ii) has been duly
authorized, validly issued and is fully paid and nonassessable (other than Pledged Stock in limited liability companies and partnerships)
and (iii) constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its
terms.

 

(b)
As of the Closing Date, all Pledged Collateral (other than Pledged Uncertificated Stock) and all Pledged Investment Property consisting
of instruments and certificates has been delivered to the Purchaser Agent in accordance with Section 4.3(a).

 

(c)
Upon the occurrence and during the continuance of an Event of Default, the Purchaser Agent shall be entitled to exercise all of the rights
of the Grantor granting the security interest in any Pledged Stock, and a transferee or assignee of such Pledged Stock shall become a
holder of such Pledged Stock to the same extent as such Grantor and be entitled to participate in the management of the issuer of such
Pledged Stock and, upon the transfer of the entire interest of such Grantor, such Grantor shall, by operation of law, cease to be a holder
of such Pledged Stock.

 

3.6
Instruments and Tangible Chattel Paper Formerly Accounts No amount
payable to such Grantor under or in connection with any account is evidenced by any instrument or tangible chattel paper that has not
been delivered to the Purchaser Agent, properly endorsed for transfer, to the extent delivery is required by Section 4.6(a).

 

3.7
Intellectual Property

 

(a)
The Disclosure Certificate sets forth a true and complete list of the following Intellectual Property such Grantor owns, licenses or
otherwise has the right to use: (i) Intellectual Property that is registered or subject to applications for registration, (ii) Internet
Domain Names and (iii) Intellectual Property and Software, separately identifying that owned and licensed to such Grantor and including
for each of the foregoing items (1) the owner, (2) the title, (3) the jurisdiction in which such item has been registered or otherwise
arises or in which an application for registration has been filed, (4) as applicable, the registration or application number and registration
or application date and (5) any IP Licenses or other rights (including franchises) granted by the Grantor with respect thereto.

 

(b)
On the Closing Date, all Intellectual Property owned by such Grantor is valid, in full force and effect, subsisting, unexpired and enforceable,
and no Intellectual Property has been abandoned. No breach or default of any material IP License shall be caused by any of the following,
and none of the following shall limit or impair the ownership, use, validity or enforceability of, or any rights of such Grantor in,
any Intellectual Property: (i) the consummation of the transactions contemplated by any Transaction Document or (ii) any holding, decision,
judgment or order rendered by any Governmental Authority. There are no pending (or, to the knowledge of such Grantor, threatened) actions,
investigations, suits, proceedings, audits, claims, demands, orders or disputes challenging the ownership, use, validity, enforceability
of, or such Grantor’s rights in, any Intellectual Property of such Grantor. To such Grantor’s knowledge, no Person has been
or is infringing, misappropriating, diluting, violating or otherwise impairing any Intellectual Property of such Grantor. Such Grantor,
and to such Grantor’s knowledge each other party thereto, is not in material breach or default of any material IP License.

 

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3.8
Commercial Tort Claims The only commercial tort claims of any Grantor
existing on the date hereof (regardless of whether the amount, defendant or other material facts can be determined and regardless of
whether such commercial tort claim has been asserted, threatened or has otherwise been made known to the obligee thereof or whether litigation
has been commenced for such claims) are those listed on the Disclosure Certificate, which sets forth such information separately for
each Grantor.

 

3.9
Specific Collateral None of the Collateral is or is proceeds or products
of farm products, as-extracted collateral, health-care-insurance receivables or timber to be cut.

 

3.10
Enforcement No Permit, notice to or filing with any Governmental
Authority or any other Person or any consent from any Person is required for the exercise by the Purchaser Agent of its rights (including
voting rights) provided for in this Agreement or the enforcement of remedies in respect of the Collateral pursuant to this Agreement,
including the transfer of any Collateral, except as may be required in connection with the disposition of any portion of the Pledged
Collateral by laws affecting the offering and sale of securities generally or any approvals that may be required to be obtained from
any bailees or landlords to collect the Collateral.

 

3.11
Representations and Warranties of the Purchase Agreement The representations
and warranties as to such Grantor and its Subsidiaries made by the Company in Section 3 (Representations and Warranties)
of the Purchase Agreement are true and correct on each date as required by the Purchase Agreement.

 

Article
IV Covenants

 

Each
Grantor agrees with the Purchaser Agent and the other Secured Parties to the following, as long as any Obligation remains outstanding
and, in each case, unless the Purchaser Agent and the Required Purchasers otherwise consent in writing:

 

4.1
Maintenance of Perfected Security Interest; Further Documentation and Consents (a)
Such Grantor shall (i) not use or permit any Collateral to be used unlawfully or in violation of any provision of any Transaction Document,
any Regulation or any policy of insurance covering the Collateral and (ii) not enter into any agreement, obligation or undertaking restricting
the right or ability of such Grantor or the Purchaser Agent to enter into an Asset Sale, if such restriction would have a Material Adverse
Effect.

 

(b)
Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority
described in Section 3.2 and shall defend such security interest and such priority against the claims and demands of all Persons
(other than the Secured Parties).

 

(c)
Such Grantor shall furnish to the Purchaser Agent from time to time updates to the Disclosure Certificate and other lists, schedules
and other documentation as may be requested by the Purchaser Agent further identifying and describing the Collateral and such other documentation
in connection with the Collateral as the Purchaser Agent may reasonably request, all in reasonable detail and in form and substance satisfactory
to the Purchaser Agent.

 

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(d)
At any time and from time to time, upon the written request of the Purchaser Agent such Grantor shall, for the purpose of obtaining or
preserving the full benefits of this Agreement and of the rights and powers herein granted, (i) promptly and duly execute and deliver,
and have recorded, such further documentation, including an authorization to file (or, as applicable, the filing) of any financing statement
or amendment under the UCC (or other filings under similar Regulations) in effect in any jurisdiction with respect to the security interest
created hereby and (ii) if and as applicable, take such further action as the Purchaser Agent may reasonably request, including (A) using
its best efforts to secure all approvals necessary or appropriate for the assignment to or for the benefit of the Purchaser Agent of
any Permit or other agreement, including any IP License, held by such Grantor and to enforce the security interests granted hereunder
and (B) executing and delivering any Control Agreements with respect to deposit accounts and securities accounts.

 

(e)
If requested by the Purchaser Agent, the Grantor shall arrange for the Purchaser Agent’s [first] priority security interest to
be noted on the certificate of title of each Vehicle and shall file any other necessary documentation in each jurisdiction that the Purchaser
Agent shall deem advisable to perfect its security interests in any Vehicle.

 

(f)
To ensure that any of the Excluded Property set forth in clause (ii) of the definition of “Excluded Property” becomes
part of the Collateral, such Grantor shall use its best efforts to obtain any required consents from any Person (other than the Company,
any Company Party and their respective Affiliates) with respect to any Permit or Contractual Obligation with such Person entered into
by such Grantor that requires such consent as a condition to the creation by such Grantor of a Lien on all or part of such Excluded Property.

 

4.2
Changes in Locations, Name, Etc  Except upon 30 days’ prior written notice to the Purchaser Agent and delivery to the Purchaser
Agent of all documentation reasonably requested by the Purchaser Agent to maintain the validity, perfection and priority of the security
interests granted in the Transaction Documents, such Grantor shall not do any of the following:

 

(i)
change its jurisdiction of organization or its location, in each case from that referred to in Section 3.3; or

 

(ii)
change its legal name or organizational identification number, if any, or corporation, limited liability company, partnership or other
organizational structure to such an extent that any financing statement filed in connection with this Agreement would become misleading.

 

(b)
Such Grantor shall not permit any inventory or equipment to be kept at a location other than those listed on the Disclosure Certificate,
except for inventory or equipment in transit.

 

4.3
Pledged Collateral

 

(a)
[Reserved]

 

(b)
Such Grantor shall (i) deliver to the Purchaser Agent, in suitable form for transfer and in form and substance satisfactory to the Purchaser
Agent, (A) all Pledged Certificated Stock, (B) all Pledged Debt Instruments and (C) all certificates and instruments evidencing Pledged
Investment Property and (ii) maintain all Pledged Uncertificated Stock of a type that can be maintained in a securities account and all
other Pledged Investment Property in a securities account subject to a Control Agreement.

 

(c)
Event of Default. During the continuance of an Event of Default, the Purchaser Agent shall have the right, at any time in its
discretion and without notice to the Grantor, to (i) transfer to or to register in its name or in the name of its nominees any Pledged
Collateral or any Pledged Investment Property and (ii) exchange any certificate or instrument representing or evidencing any Pledged
Collateral or any Pledged Investment Property for certificates or instruments of smaller or larger denominations.

 

(d)
Cash Distributions with respect to Pledged Collateral. Except as provided in Article V, such Grantor shall be entitled
to receive all cash distributions paid in respect of the Pledged Collateral.

 

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(e)
Voting Rights. Except as provided in Article V, such Grantor shall be entitled to exercise all voting, consent and corporate,
partnership, limited liability company and similar rights with respect to the Pledged Collateral; provided, that no vote shall
be cast, consent given or right exercised or other action taken by such Grantor that would impair the Collateral or be inconsistent with
or result in any violation of any provision of any Transaction Document.

 

4.4
Accounts (a) Such Grantor shall not, other than in the ordinary course
of business, (i) grant any extension of the time of payment of any account, (ii) compromise or settle any account for less than the full
amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any account, (iv) allow any credit or discount
on any account or (v) amend, supplement or modify any account in any manner that could adversely affect the value thereof.

 

(b)
The Purchaser Agent shall have the right to make test verifications of the Accounts in any manner and through any medium that it reasonably
considers advisable, and, subject to the requirements set forth in the Purchase Agreement concerning material, non-public information,
such Grantor shall furnish all such assistance and information as the Purchaser Agent may reasonably require in connection therewith.
At any time and from time to time, upon the Purchaser Agent’s request, subject to the requirements set forth in the Purchase Agreement,
such Grantor shall cause independent public accountants or others satisfactory to the Purchaser Agent to furnish to the Purchaser Agent
reports showing reconciliations, aging and test verifications of, and trial balances for, the accounts.

 

4.5
Equipment and Commodity Contracts (a) Such Grantor will use all equipment
constituting Collateral solely in the ordinary course of business, will keep all tangible Collateral in good order and repair, and will
not waste or destroy any part of the Collateral. Grantors will not use any of the Collateral in violation of any Regulation in any material
respect.

 

(b)
Except in the ordinary course of business (to the extent disclosed to the Purchasers and the Purchaser Agent prior to the date hereof)
and except as expressly permitted by this Agreement or the Purchase Agreement, the Purchaser Agent does not authorize such Grantor to,
and such Grantor will not, without the Purchaser Agent’s prior written consent, sell, lease, assign, license, transfer, or otherwise
dispose of or in any manner alter, modify, manufacture, process, or assemble the Collateral or any part thereof.

 

(c)
Such Grantor may dispose of any equipment constituting Collateral which is worn out, destroyed, or damaged beyond repair; provided,
that such Grantor (i) promptly replaces such disposed of equipment with new equipment, free of any Lien except for Permitted Liens,
which has a value or utility at least equal as of the date of replacement to the value or utility of the replaced equipment as of the
date hereof and (ii) provides the Purchaser Agent with at least five (5) Business Days’ prior written notice of any such disposition
of Equipment.

 

(d)
Such Grantor shall not have any commodity contract other than with a Person approved by the Purchaser Agent and subject to a Control
Agreement.

 

4.6
Delivery of Instruments and Tangible Chattel Paper and Control of Investment Property, Letter-of-Credit Rights and Electronic Chattel
Paper (a) If any amount payable under or in connection with any Collateral
owned by such Grantor shall be or become evidenced by an instrument or tangible chattel paper other than such instrument delivered in
accordance with Section 4.3(a) and in the possession of the Purchaser Agent, such Grantor shall mark all such instruments and
tangible chattel paper with the following legend: “This writing and the obligations evidenced or secured hereby are subject to
the security interest Trillium Partners LP, as Purchaser Agent” and, at the request of the Purchaser Agent, shall immediately deliver
such instrument or tangible chattel paper to the Purchaser Agent, duly indorsed in a manner satisfactory to the Purchaser Agent.

 

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(b)
Such Grantor shall not grant “control” (within the meaning of such term under Article 9-106 of the UCC) over any investment
property to any Person other than the Purchaser Agent.

 

(c)
If such Grantor is or becomes the beneficiary of a letter of credit that is not a supporting obligation of any Collateral, such Grantor
shall promptly, and in any event within two (2) Business Days after becoming a beneficiary, notify the Purchaser Agent thereof and enter
into an agreement with the Purchaser Agent, the issuer of such letter of credit or any nominated person with respect to the letter-of-credit
rights under such letter of credit. Such agreement shall assign such letter-of-credit rights to the Purchaser Agent and such assignment
shall be sufficient to grant control for the purposes of Section 9-107 of the UCC (or any similar section under any equivalent UCC),
such agreement shall also direct all payments thereunder to an account controlled (as defined in the UCC) by the Purchaser Agent. The
provisions of such agreement shall be in form and substance reasonably satisfactory to the Purchaser Agent.

 

(d)
If any amount payable under or in connection with any Collateral owned by such Grantor shall be or become evidenced by electronic chattel
paper, such Grantor shall take all steps necessary to grant the Purchaser Agent control of all such electronic chattel paper for the
purposes of Section 9-105 of the UCC (or any similar section under any equivalent UCC) and all “transferable records” as
defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.

 

4.7
Intellectual Property (a) Within 60 days after inclusion of any new
Intellectual Property in the Disclosure Certificate, such Grantor shall provide the Purchaser Agent notification thereof and the short-form
intellectual property agreements and assignments as described in this Section 4.7 and other documentation that the Purchaser Agent
reasonably requests with respect thereto.

 

(b)
Such Grantor shall (and shall cause all its licensees to) (i) (1) continue to use each Trademark included in the Intellectual Property
in order to maintain such Trademark in full force and effect with respect to each class of goods for which such Trademark is currently
used, free from any claim of abandonment for non-use, (2) maintain at least the same standards of quality of products and services offered
under such Trademark as are currently maintained, (3) use such Trademark with the appropriate notice of registration and all other notices
and legends required by applicable Regulations, (4) not adopt or use any other Trademark that is confusingly similar or a colorable imitation
of such Trademark unless the Purchaser Agent shall obtain a perfected security interest in such other Trademark pursuant to this Agreement
and (ii) not do any act or omit to do any act whereby (w) such Trademark (or any goodwill associated therewith) may become destroyed,
invalidated, impaired or harmed in any way, (x) any Patent included in the Intellectual Property may become forfeited, misused, unenforceable,
abandoned or dedicated to the public, (y) any portion of the Copyrights included in the Intellectual Property may become invalidated,
otherwise impaired or fall into the public domain or (z) any Trade Secret that is Intellectual Property may become publicly available
or otherwise unprotectable.

 

(c)
Such Grantor shall notify the Purchaser Agent immediately if it knows, or has reason to know, that any application or registration relating
to any Intellectual Property may become forfeited, misused, unenforceable, abandoned or dedicated to the public, or of any adverse determination
or development regarding the validity or enforceability or such Grantor’s ownership of, interest in, right to use, register, own
or maintain any Intellectual Property (including the institution of, or any such determination or development in, any proceeding relating
to the foregoing in any Applicable IP Office)Such Grantor shall take all actions that are necessary or reasonably requested by the Purchaser
Agent to maintain and pursue each application (and to obtain the relevant registration or recordation) and to maintain each registration
and recordation included in the Intellectual Property.

 

(d)
Such Grantor shall not knowingly do any act or omit to do any act to infringe, misappropriate, dilute, violate or otherwise impair the
Intellectual Property of any other Person. In the event that any Intellectual Property of such Grantor is or has been infringed, misappropriated,
violated, diluted or otherwise impaired by a third party, such Grantor shall take such action as it reasonably deems appropriate under
the circumstances in response thereto, including promptly bringing suit and recovering all damages therefor.

 

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(e)
Such Grantor shall execute and deliver to the Purchaser Agent in form and substance reasonably acceptable to the Purchaser Agent and
suitable for (i) filing in the Applicable IP Office the short-form intellectual property security agreements in the form attached hereto
as Annex 3 for all Copyrights, Trademarks, Patents and IP Licenses of such Grantor and (ii) recording with the appropriate Internet
domain name registrar, a duly executed form of assignment for all Internet Domain Names of such Grantor (together with appropriate supporting
documentation as may be requested by the Purchaser Agent).

 

4.8
Landlord Waivers If any Collateral is at any time not in transit
and located on any Real Property not owned and possessed by a Grantor, such Grantor shall provide prompt written notice to the Purchaser
Agent and notify any owner, lessor, licensor of any part of, or any other Person having any right to enter on any part of, such Real
Property of the Purchaser Agent’s security interest in such Collateral. Upon the Purchaser Agent’s request and option, such
Grantor shall (i) instruct each such owner, lessor, licensor and other Person to hold all such Collateral for the Purchaser Agent’s
account subject to such Grantor’s instructions, or, if an Event of Default shall have occurred, subject to the Purchaser Agent’s
instructions and (ii) cause each such owner, lessor, licensor and other Person to enter into a landlord waiver in form and substance
satisfactory to the Purchaser Agent.

 

4.9
Third-Party Possession or Control If any Collateral is at any time
in the possession or control of any warehouseman, bailee, agent or independent contractor, such Grantor shall provide prompt written
notice to the Purchaser Agent and notify such warehouseman, bailee, agent or independent contractor of the Purchaser Agent’s security
interest in such Collateral. Upon the Purchaser Agent’s request and option, such Grantor shall (i) instruct any such warehouseman,
bailee, agent or independent contractor to hold all such Collateral for the Purchaser Agent’s account subject to such Grantor’s
instructions, or, if an Event of Default shall have occurred, subject to the Purchaser Agent’s instructions and (ii) cause any
such warehouseman, bailee, agent or independent contractor to enter into a collateral access agreement in form and substance satisfactory
to the Purchaser Agent.

 

4.10
Acquired Real Property In the event any Grantor hereafter acquires
any interest in any Real Property, such Grantor shall promptly: (a) provide the Purchaser Agent with a description of the location of
the applicable Real Property; (b) provide the Purchaser Agent with a legal description of such Real Property sufficient to enable the
Purchaser Agent to record the financing statements in the appropriate Real Property records and the name of the record owner of the real
estate if other than the Grantor and real estate descriptions; and (c) pay to the Purchaser Agent the related filing fee and any recording
or stamp taxes due in connection with such filings.

 

4.11
Notices Such Grantor shall promptly notify the Purchaser Agent in
writing of its acquisition of any interest hereafter in property that is of a type where a security interest or lien must be or may be
registered, recorded or filed under, or notice thereof given under, any federal statute or regulation. In addition, such Grantor shall
promptly notify the Purchaser Agent of each of the following: (a) any material adverse change in such Grantor’s financial condition
or any change that materially affects any of the Collateral or the related security interest, (b) any claim, action, or proceeding which
could materially and adversely affect the value of, or any such Grantor’s title to, any of the Collateral, or the effectiveness
of the security interest, and (c) the occurrence of any Event of Default.

 

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4.12
Notice of Commercial Tort Claims Such Grantor agrees that, if it
shall acquire any interest in any commercial tort claim (whether from another Person or because such commercial tort claim shall have
come into existence), (i) such Grantor shall deliver to the Purchaser Agent within fifteen (15) calendar days of such acquisition, an
update to the Disclosure Certificate that shall include a specific description of such commercial tort claim and such Grantor shall deliver
any information about such commercial tort claim as the Purchaser Agent shall reasonable request, (ii) Section 2.1 shall apply
to such commercial tort claim and (iii) within fifteen (15) calendar days of such acquisition, such Grantor shall execute and deliver
to the Purchaser Agent, in each case in form and substance satisfactory to the Purchaser Agent, any documentation, and take all other
action, deemed by the Purchaser Agent to be reasonably necessary or appropriate for the Purchaser Agent to obtain, a perfected security
interest having at least the priority set forth in Section 3.2 in all such commercial tort claims.

 

4.13
Compliance with Purchase Agreement Such Grantor hereby makes all
representations and warranties, and agrees to comply with all covenants and other provisions, applicable to it or any of its Subsidiaries
under the Purchase Agreement and agrees to the same submission to jurisdiction as that agreed to by the Company in the Purchase Agreement.
Any update to the Disclosure Certificate delivered in accordance with the Transaction Documents shall, after the receipt thereof by the
Purchaser Agent, become part of the Disclosure Certificate for all purposes hereunder other than in respect of representations and warranties
made prior to the date of such receipt.

 

Article
V Remedies

 

5.1
Code and Other Remedies UCC Remedies. During
the continuance of an Event of Default, the Purchaser Agent, may exercise, in addition to all other rights and remedies granted to it
in this Agreement and in any other instrument or agreement securing, evidencing or relating to any Secured Obligation, all rights and
remedies of a Secured Party under the UCC or any other applicable law.

 

(b)
Disposition of Collateral. Without limiting the generality of the foregoing, the Purchaser Agent may, without demand of performance
or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or
upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), during
the continuance of any Event of Default (personally or through its agents or attorneys), (i) enter upon the premises where any Collateral
is located, without any obligation to pay rent, through self-help, without judicial process, without first obtaining a final judgment
or giving any Grantor or any other Person notice or opportunity for a hearing on the Purchaser Agent’s claim or action, (ii) collect,
receive, appropriate and realize upon any Collateral and (iii) as further set forth herein, enter into transfers, sales, or other dispositions
of, grant option or options to purchase and deliver, any Collateral (enter into any Contractual Obligation to do any of the foregoing),
in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of any Secured Party or elsewhere
upon such terms and conditions and times and locations as it may deem advisable and at such prices as it may deem best, for cash or on
credit or for future delivery without assumption of any credit risk

 

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(c)
Regulated Sales. To the extent, and only to the extent, required by Regulation and prohibited by Regulation to be waived by the
applicable Grantors (which the Grantors hereby expressly waive to the fullest extent permitted by Regulation), the Grantors agree that
ten (10) days’ written notice is reasonable notice within the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions
of the Purchaser Agent’s intention to make any transfer, sale or other dispositions of any Collateral. Any such public sale shall
be held at such time or times within ordinary business hours and at such place or places as the Purchaser Agent may fix and state in
the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety
or in separate parcels, as the Purchaser Agent may determine in its sole and absolute discretion. The Purchaser Agent shall not be obligated
to sell any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been
given. The Purchaser Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from
time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and
place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery,
the Collateral so sold may be retained by the Purchaser Agent until the sale price is paid by the purchaser or purchasers thereof, but
none of the Purchaser Agent or the other Secured Parties shall incur any Liability in case any such purchaser or purchasers shall fail
to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At
any public (or, to the extent permitted by law, private) sale made in accordance with the Transaction Documents, the Purchaser Agent
and any other Secured Party may bid for or purchase, free (to the extent permitted by Regulation) from any right or equity of redemption,
stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted
by law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any Obligation then due
and payable to the Secured Parties (in the case of the Purchaser Agent) or, as the case may be, such Secured Party from any Grantor as
a credit against the purchase price, and the Purchaser Agent (or, as the case may be, such Secured Party) may, upon compliance with the
terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof,
a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Purchaser Agent shall be
free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion
thereof subject thereto, notwithstanding the fact that after the Purchaser Agent shall have entered into such an agreement, all Events
of Default shall have been remedied and no Obligation shall remain outstanding. As an alternative to exercising the power of sale herein
conferred upon it, the Purchaser Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the
Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to
a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 5.1 shall be deemed to conform
to the commercially reasonable standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions.

 

(d)
Management of the Collateral. Each Grantor further agrees, that, during the continuance of any Event of Default, (i) at the Purchaser
Agent’s request, it shall assemble the Collateral and make it available to the Purchaser Agent at places that the Purchaser Agent
shall reasonably select, whether at such Grantor’s premises or elsewhere, (ii) without limiting the foregoing, the Purchaser Agent
also has the right to require that each Grantor store and keep any Collateral pending further action by the Purchaser Agent and, while
any such Collateral is so stored or kept, provide such guards and maintenance services as shall be necessary to protect the same and
to preserve and maintain such Collateral in good condition, (iii) until the Purchaser Agent is able to enter into an asset sale with
respect to any Collateral, the Purchaser Agent shall have the right to hold or use such Collateral to the extent that it deems appropriate
for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate by the Purchaser Agent and (iv)
the Purchaser Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of any Collateral and to enforce
any of the Purchaser Agent’s remedies (for the benefit of the Secured Parties), with respect to such appointment without prior
notice or hearing as to such appointment. The Purchaser Agent shall not have any obligation to any Grantor to maintain or preserve the
rights of any Grantor as against third parties with respect to any Collateral while such Collateral is in the possession of the Purchaser
Agent.

 

(e)
Application of Proceeds. The Purchaser Agent shall apply the cash proceeds of any action taken by it pursuant to this Section
5.1, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or
safekeeping of any Collateral or in any way relating to the Collateral or the rights of the Purchaser Agent and any other Secured Party
hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations and only
after such application and after the payment by the Purchaser Agent of any other amount required by any Regulation, need the Purchaser
Agent account for the surplus, if any, to any Grantor.

 

    	- 14 -

     

    

 

(f)
Direct Obligation. Neither the Purchaser Agent nor any other Secured Party shall be required to make any demand upon, or pursue
or exhaust any right or remedy against, any Grantor, any other Secured Party or any other Person with respect to the payment of the Obligations
or to pursue or exhaust any right or remedy with respect to any Collateral therefor or any direct or indirect guaranty thereof. All of
the rights and remedies of the Purchaser Agent and any other Secured Party under any Transaction Document shall be cumulative, may be
exercised individually or concurrently and not exclusive of any other rights or remedies provided by any Regulation. To the extent it
may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to
assert against the Purchaser Agent or any Purchaser Agent, any valuation, stay, appraisement, extension, redemption or similar laws and
any and all rights or defenses it may have as a surety, now or hereafter existing, arising out of the exercise by them of any rights
hereunder. If any notice of a proposed sale or other disposition of any Collateral shall be required by law, such notice shall be deemed
reasonable and proper if given at least 10 days before such sale or other disposition.

 

(g)
Commercially Reasonable. To the extent that applicable Regulations impose duties on the Purchaser Agent to exercise remedies in
a commercially reasonable manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for the Purchaser Agent
to do any of the following:

 

(i)
fail to incur significant costs, expenses or other Liabilities reasonably deemed as such by the Purchaser Agent to prepare any Collateral
for disposition or otherwise to complete raw material or work in process into finished goods or other finished products for disposition;

 

(ii)
fail to obtain Permits, or other consents, for access to any Collateral to dispose of, or for the collection of, any Collateral, or,
if not required by other Regulations, fail to obtain Permits or other consents for the collection or disposition of any Collateral;

 

(iii)
fail to exercise remedies against account debtors or other Persons obligated on any Collateral or to remove Liens on any Collateral or
to remove any adverse claims against any Collateral;

 

(iv)
advertise dispositions of any Collateral through publications or media of general circulation, whether or not such Collateral is of a
specialized nature or to contact other Persons, whether or not in the same business as any Grantor, for expressions of interest in acquiring
any such Collateral;

 

(v)
exercise collection remedies against account debtors and other Persons obligated on any Collateral, directly or through the use of collection
agencies or other collection specialists, hire one or more professional auctioneers to assist in the disposition of any Collateral, whether
or not such Collateral is of a specialized nature or, to the extent deemed appropriate by the Purchaser Agent, obtain the services of
other brokers, investment bankers, consultants and other professionals to assist the Purchaser Agent in the collection or disposition
of any Collateral, or utilize Internet sites that provide for the auction of assets of the types included in the Collateral or that have
the reasonable capacity of doing so, or that match buyers and sellers of assets to dispose of any Collateral;

 

(vi)
dispose of assets in wholesale rather than retail markets;

 

(vii)
disclaim disposition warranties, such as title, possession or quiet enjoyment; or

 

(viii)
purchase insurance or credit enhancements to insure the Purchaser Agent against risks of loss, collection or disposition of any Collateral
or to provide to the Purchaser Agent a guaranteed return from the collection or disposition of any Collateral.

 

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A.
Each Grantor acknowledges that the purpose of this Section 5.1 is to provide a non-exhaustive list of actions or omissions that
are commercially reasonable when exercising remedies against any Collateral and that other actions or omissions by the Secured Parties
shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 5.1Without limitation upon
the foregoing, nothing contained in this Section 5.1 shall be construed to grant any rights to any Grantor or to impose any duties
on the Purchaser Agent that would not have been granted or imposed by this Agreement or by applicable Regulations in the absence of this
Section 5.1.

 

(h)
IP Licenses. For the purpose of enabling the Purchaser Agent to exercise rights and remedies under this Section 5.1 (including
in order to take possession of, collect, receive, assemble, process, appropriate, remove, realize upon, enter into an asset sale with
respect to, or grant options to purchase any Collateral) at such time as the Purchaser Agent shall be lawfully entitled to exercise such
rights and remedies, each Grantor hereby grants to the Purchaser Agent, for the benefit of the Secured Parties, (i) an irrevocable, nonexclusive,
worldwide license (exercisable without payment of royalty or other compensation to such Grantor), including in such license the right
to sublicense, use and practice any Intellectual Property now owned or hereafter acquired by such Grantor and access to all media in
which any of the licensed items may be recorded or stored and to all Software and programs used for the compilation or printout thereof
and (ii) an irrevocable license (without payment of rent or other compensation to such Grantor) to use, operate and occupy all Real Property
owned, operated, leased, subleased or otherwise occupied by such Grantor.

 

(i)
Performance by the Purchaser Agent or any other Secured Party. The Purchaser Agent may, but is not obligated to, perform or attempt
to perform any Contractual Obligation of any Grantor contained herein with or without prior written notice to such Grantor. If any material
part of the Collateral becomes the subject of any Proceeding and any such Grantor fails to defend fully such Proceeding and to protect
such Grantor’s and Secured Parties’ rights in such Collateral in good faith, the Purchaser Agent may, at its option but at
Grantors’ cost, elect to defend and control the defense of such litigation or other proceeding, and may (i) select and retain counsel,
(ii) determine whether settlement shall be offered or accepted, and (iii) determine and negotiate all settlement terms.

 

5.2
Accounts and Payments in Respect of General Intangibles (a) In addition
to, and not in substitution for, any similar requirement in the Purchase Agreement, if required by the Purchaser Agent at any time during
the continuance of an Event of Default, any payment of accounts or payment in respect of general intangibles, when collected by any Grantor,
shall be promptly (and, in any event, within two (2) Business Days) deposited by such Grantor in the exact form received, duly indorsed
by such Grantor to the Purchaser Agent, in a Collection Account, subject to withdrawal by the Purchaser Agent as provided in Section
5.4Until so turned over, such payment shall be held by such Grantor in trust for the Purchaser Agent, segregated from other funds
of such Grantor. Each such deposit of proceeds of accounts and payments in respect of general intangibles shall be accompanied by a report
identifying in reasonable detail the nature and source of the payments included in the deposit.

 

(b)
At any time during the continuance of an Event of Default:

 

(i)
each Grantor shall, upon the Purchaser Agent’s request, deliver to the Purchaser Agent all original and other documentation evidencing,
and relating to, the agreements, arrangements and transactions that gave rise to any account or any payment in respect of general intangibles,
including all original orders, invoices and shipping receipts and notify account debtors that the accounts or general intangibles have
been collaterally assigned to the Purchaser Agent and that payments in respect thereof shall be made directly to the Purchaser Agent;

 

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(ii)
the Purchaser Agent may, without notice, at any time during the continuance of an Event of Default, limit or terminate the authority
of a Grantor to collect its accounts or amounts due under general intangibles or any thereof and, in its own name or in the name of others,
communicate with account debtors to verify with them to the Purchaser Agent’s satisfaction the existence, amount and terms of any
account or amounts due under any general intangible. In addition, the Purchaser Agent may at any time enforce such Grantor’s rights
against such account debtors and obligors of general intangibles; and

 

(iii)
each Grantor shall take all actions, deliver all documentation and provide all information necessary or reasonably requested by the Purchaser
Agent to ensure any Internet Domain Name is registered.

 

(c)
Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each account and each payment in respect of general
intangibles to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance
with the terms of any agreement giving rise thereto. No Secured Party shall have any obligation or liability under any agreement giving
rise to an account or a payment in respect of a general intangible by reason of or arising out of any Transaction Document or the receipt
by any Secured Party of any payment relating thereto, nor shall any Secured Party be obligated in any manner to perform any obligation
of any Grantor under or pursuant to any agreement giving rise to an account or a payment in respect of a general intangible, to make
any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance
by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any
amounts that may have been assigned to it or to which it may be entitled at any time or times.

 

5.3
Pledged Collateral

 

(a)
Voting Rights. During the continuance of an Event of Default, upon notice by the Purchaser Agent to the relevant Grantor or Grantors,
the Purchaser Agent or its nominee may exercise (A) any voting, consent, corporate and other right pertaining to the Pledged Collateral
at any meeting of shareholders, partners or members, as the case may be, of the relevant issuer or issuers of Pledged Collateral or otherwise
and (B) any right of conversion, exchange and subscription and any other right, privilege or option pertaining to the Pledged Collateral
as if it were the absolute owner thereof (including the right to exchange at its discretion any Pledged Collateral upon the merger, amalgamation,
consolidation, reorganization, recapitalization or other fundamental change in the corporate or equivalent structure of any issuer of
Pledged Stock, the right to deposit and deliver any Pledged Collateral with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as the Purchaser Agent may determine), all without liability except to account for property
actually received by it; provided, however, that the Purchaser Agent shall have no duty to any Grantor to exercise any
such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

 

(b)
Proxies. In order to permit the Purchaser Agent to exercise the voting and other consensual rights that it may be entitled to
exercise pursuant hereto and to receive all dividends and other distributions that it may be entitled to receive hereunder, (i) each
Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Purchaser Agent all such proxies, dividend
payment orders and other instruments as the Purchaser Agent may from time to time reasonably request and (ii) without limiting the effect
of clause (i) above, such Grantor hereby grants to the Purchaser Agent an irrevocable proxy to vote all or any part of the Pledged
Collateral and to exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Collateral would be entitled
(including giving or withholding written consents of shareholders, partners or members, as the case may be, calling special meetings
of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall be effective, automatically
and without the necessity of any action (including any transfer of any Pledged Collateral on the record books of the issuer thereof)
by any other person (including the issuer of such Pledged Collateral or any officer or agent thereof) during the continuance of an Event
of Default and which proxy shall remain in place as long as any Obligation shall remain outstanding.

 

    	- 17 -

     

    

 

(c)
Authorization of Issuers. Each Grantor hereby expressly irrevocably authorizes and instructs, without any further instructions
from such Grantor, each issuer of any Pledged Collateral pledged hereunder by such Grantor to (i) comply with any instruction received
by it from the Purchaser Agent in writing that states that an Event of Default is continuing and is otherwise in accordance with the
terms of this Agreement and each Grantor agrees that such issuer shall be fully protected from Liabilities to such Grantor in so complying
and (ii) unless otherwise expressly permitted hereby, pay any dividend or make any other payment with respect to the Pledged Collateral
directly to the Purchaser Agent.

 

5.4
Proceeds to be Turned over to and Held by Purchaser Agent Unless
otherwise expressly provided in the Purchase Agreement or this Agreement, all proceeds of any Collateral received by any Grantor hereunder
in Cash, certificates of deposit, bankers’ acceptances, time and demand deposits and other similar cash equivalents shall be held
by such Grantor in trust for the Purchaser Agent and the other Secured Parties, segregated from other funds of such Grantor, and shall,
promptly upon receipt by any Grantor, be turned over to the Purchaser Agent in the exact form received (with any necessary endorsement)All
such proceeds and other proceeds being held by the Purchaser Agent (or by such Grantor in trust for the Purchaser Agent) shall continue
to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied as provided herein
and the Purchase Agreement.

 

5.5
Registration Rights (a) If, in the opinion of the Purchaser Agent,
it is necessary or advisable to transfer any portion of the Pledged Collateral by registering such Pledged Collateral under the provisions
of the Securities Act of 1933 (the “Securities Act”), each relevant Grantor shall cause the issuer thereof to do or
cause to be done all acts as may be, in the opinion of the Purchaser Agent, necessary or advisable to register such Pledged Collateral
or that portion thereof to be transferred under the provisions of the Securities Act, all as directed by the Purchaser Agent in conformity
with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto
and in compliance with the securities or “Blue Sky” laws of any jurisdiction that the Purchaser Agent shall designate.

 

(b)
Each Grantor recognizes that the Purchaser Agent may be unable to effect a public sale of any Pledged Collateral by reason of certain
prohibitions contained in the Securities Act and applicable state or foreign securities laws or otherwise or may determine that a public
sale is impracticable, not desirable or not commercially reasonable and, accordingly, may resort to one or more private sales thereof
to a restricted group of purchasers that shall be obliged to agree, among other things, to acquire such Notes for their own account for
investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale
may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees
that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Purchaser Agent shall be under
no obligation to delay a sale of any Pledged Collateral for the period of time necessary to permit the issuer thereof to register such
Notes for public sale under the Securities Act or under applicable state securities laws even if such issuer would agree to do so.

 

(c)
Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales
of any portion of the Pledged Collateral pursuant to this Section 5.5 valid and binding and in compliance with all applicable
Regulations. Each Grantor further agrees that a breach of any covenant contained in this Section 5.5 will cause irreparable injury
to the Purchaser Agent and other Secured Parties, that the Purchaser Agent and the other Secured Parties have no adequate remedy at law
in respect of such breach and, as a consequence, that each and every covenant contained in this Section 5.5 shall be specifically
enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defense against an action for specific
performance of such covenants except for a defense that no Event of Default has occurred.

 

    	- 18 -

     

    

 

5.6
Deficiency Each Grantor shall remain jointly and severally liable
for any deficiency if the proceeds of any sale or other disposition of any Collateral are insufficient to pay the Secured Obligations
and the fees and disbursements of any attorney employed by the Purchaser Agent or any other Secured Party to collect such deficiency.

 

Article
VI Other rights of Purchaser Agent

 

6.1
Purchaser Agent’s Appointment as Attorney-in-Fact (a) Each
Grantor hereby irrevocably constitutes and appoints the Purchaser Agent thereof, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or
in its own name, for the purpose of carrying out the terms of the Transaction Documents, to take any appropriate action and to execute
any documentation or instrument that may be necessary or desirable to accomplish the purposes of the Transaction Documents, and, without
limiting the generality of the foregoing, each Grantor hereby gives the Purchaser Agent the power and right, on behalf of such Grantor,
without notice to or assent by such Grantor, to do any of the following when an Event of Default shall be continuing:

 

(i)
in the name of such Grantor, in its own name or otherwise, take possession of and indorse and collect any check, draft, note, acceptance
or other instrument for the payment of moneys due under any account or general intangible or with respect to any other Collateral and
file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Purchaser
Agent for the purpose of collecting any such moneys due under any account or general intangible or with respect to any other Collateral
whenever payable;

 

(ii)
in the case of any Intellectual Property owned by or licensed to the Grantors, execute, deliver and have recorded any documentation that
the Purchaser Agent may request to evidence, effect, publicize or record the Purchaser Agent’s security interest in such Intellectual
Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby;

 

(iii)
pay or discharge taxes and Liens levied or placed on or threatened against any Collateral, effect any repair or pay any insurance called
for by the terms of the Purchase Agreement (including all or any part of the premiums therefor and the costs thereof);

 

(iv)
execute, in connection with any sale provided for in Section 5.1 or Section 5.5, any documentation to effect or otherwise
necessary or appropriate in relation to evidence the transfer of any Collateral; or

 

    	- 19 -

     

    

 

(v)
(A) direct any party liable for any payment under any Collateral to make payment of any moneys due or to become due thereunder directly
to the Purchaser Agent or as the Purchaser Agent shall direct, (B) ask or demand for, and collect and receive payment of and receipt
for, any moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral, (C) sign and
indorse any invoice, freight or express bill, bill of lading, storage or warehouse receipt, draft against debtors, assignment, verification,
notice and other documentation in connection with any Collateral, (D) commence and prosecute any suit, action or proceeding at law or
in equity in any court of competent jurisdiction to collect any Collateral and to enforce any other right in respect of any Collateral,
(E) defend any actions, suits, proceedings, audits, claims, demands, orders or disputes brought against such Grantor with respect to
any Collateral, (F) settle, compromise or adjust any such actions, suits, proceedings, audits, claims, demands, orders or disputes and,
in connection therewith, give such discharges or releases as the Purchaser Agent may deem appropriate, (G) assign any Intellectual Property
owned by the Grantors or any IP Licenses of the Grantors throughout the world on such terms and conditions and in such manner as the
Purchaser Agent shall in its sole discretion determine, including the execution and filing of any documentation necessary to effectuate
or record such assignment and (H) generally, enter into an Asset Sale with respect to, grant a Lien on, enter into any agreement or other
obligation with respect to and otherwise deal with, any Collateral as fully and completely as though the Purchaser Agent were the absolute
owner thereof for all purposes and do, at the Purchaser Agent’s option, at any time or from time to time, all acts and things that
the Purchaser Agent deems necessary to protect, preserve or realize upon any Collateral and the Secured Parties’ security interests
therein and to effect the intent of the Transaction Documents, all as fully and effectively as such Grantor might do.

 

(b)
If any Grantor fails to perform or comply with any obligation contained herein, the Purchaser Agent, at its option, but without any obligation
so to do, may perform or comply, or otherwise cause performance or compliance, with such obligation.

 

(c)
The expenses of the Purchaser Agent incurred in connection with actions undertaken as provided in this Section 6.1, together with
interest thereon at the default rate set forth in the Notes, from the date of payment by the Purchaser Agent to the date reimbursed by
the relevant Grantor, shall be payable by such Grantor to the Purchaser Agent on demand.

 

(d)
Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue of this Section 6.1All powers,
authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated
and the security interests created hereby are released.

 

6.2
Authorization to File Financing Statements Each Grantor authorizes
the Purchaser Agent, its Affiliates and their Related Parties, contractors and agents, at any time and from time to time, to file or
record financing statements, amendments thereto, and other filing or recording documentation or instruments with respect to any Collateral
in such form and in such offices as the Purchaser Agent reasonably determines appropriate to perfect the security interests of the Purchaser
Agent under this Agreement, and such financing statements and amendments may describe the Collateral covered thereby as “all assets
of the debtor” or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within
the scope of Article 9 of the applicable UCC, and contain any other information required pursuant to the UCC for the sufficiency or filing
office acceptance of any financing statement or amendment, including, in the case of financing statements filed as fixture filings or
indicating Collateral as as-extracted collateral or as otherwise required by applicable Regulation, a sufficient description of the Real
Property related to the applicable Collateral. A photographic or other reproduction of this Agreement shall be sufficient as a financing
statement or other filing or recording documentation or instrument for filing or recording in any jurisdiction. Such Grantor also hereby
ratifies its authorization for the Purchaser Agent to have filed any initial financing statement or amendment thereto under the UCC (or
other similar laws) in effect in any jurisdiction if filed prior to the date hereof.

 

6.3
Authority of Purchaser Agent Each Grantor acknowledges that the rights
and responsibilities of the Purchaser Agent under this Agreement with respect to any action taken by the Purchaser Agent or the exercise
or non-exercise by the Purchaser Agent of any option, voting right, request, judgment or other right or remedy provided for herein or
resulting or arising out of this Agreement shall, as between the Purchaser Agent and the other Secured Parties, be governed by the Purchase
Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Purchaser
Agent and the Grantors, the Purchaser Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and
valid authority so to act or refrain from acting, and no Grantor shall be under any obligation or entitlement to make any inquiry respecting
such authority.

 

    	- 20 -

     

    

 

6.4
Duty; Obligations and Liabilities. The Purchaser Agent’s sole
duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it
in the same manner as the Purchaser Agent deals with similar property for its own account. The powers conferred on the Purchaser Agent
hereunder are solely to protect the Purchaser Agent’s interest in the Collateral and shall not impose any duty upon the Purchaser
Agent to exercise any such powers. The Purchaser Agent shall be accountable only for amounts that it receives as a result of the exercise
of such powers, and neither it nor any of its Affiliates shall be responsible to any Grantor for any act or failure to act hereunder,
except for their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. In addition,
the Purchaser Agent shall not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof,
by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected
by the Purchaser Agent in good faith.

 

6.5
Obligations and Liabilities with respect to Collateral No Secured
Party and no Affiliate thereof shall be liable for failure to demand, collect or realize upon any Collateral or for any delay in doing
so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person
or to take any other action whatsoever with regard to any Collateral. The powers conferred on the Purchaser Agent hereunder shall not
impose any duty upon any other Secured Party to exercise any such powers. The other Secured Parties shall be accountable only for amounts
that they actually receive as a result of the exercise of such powers, and neither they nor any of their respective officers, directors,
employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence
or willful misconduct as finally determined by a court of competent jurisdiction.

 

Article
VII Miscellaneous

 

7.1
Reinstatement Each Grantor agrees that, if any payment made by any
Secured Party or other Person and applied to the Secured Obligations is at any time annulled, avoided, set aside, rescinded, invalidated,
declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any Collateral are required
to be returned by any Secured Party to such Secured Party, its estate, trustee, receiver or any other party, including any Grantor, under
any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any Lien or
other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made.
If, prior to any of the foregoing, any Lien or other Collateral securing such Grantor’s liability hereunder shall have been released
or terminated by virtue of the foregoing or (b) any other provision of this Agreement shall have been terminated, cancelled or surrendered,
such Lien, other Collateral or provision shall be reinstated in full force and effect and such prior release, termination, cancellation
or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of any such Grantor in respect of any
Lien or other Collateral securing such obligation or the amount of such payment.

 

7.2
Independent Obligations The obligations of each Grantor hereunder
are independent of and separate from the Secured Obligations. If any Secured Obligation is not paid when due, or upon any Event of Default,
the Purchaser Agent may, at its sole election, proceed directly and at once, without notice, against any Grantor and any Collateral to
collect and recover the full amount of any Secured Obligation then due, without first proceeding against any other Grantor, any other
Company Party, any of their Affiliates or any other Collateral and without first joining any other Grantor or any other Company Party
or any other party in any proceeding.

 

    	- 21 -

     

    

 

7.3
No Waiver by Course of Conduct No Secured Party shall by any act
(except by a written instrument pursuant to Section 7.4), delay, indulgence, omission or otherwise be deemed to have waived any
right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising,
on the part of any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise
of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power
or privilege. A waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any
right or remedy that such Secured Party would otherwise have on any future occasion.

 

7.4
Amendments in Writing None of the terms or provisions of this Agreement
may be waived, amended, supplemented or otherwise modified except by a writing signed by the Purchaser Agent and each Grantor; provided,
that annexes to this Agreement may be supplemented (but no existing provisions may be modified and no Collateral may be released) through
Pledge Amendments and Joinder Agreements, in substantially the form of Annex 1 and Annex 2, respectively, in each case
duly executed by the Purchaser Agent and each Grantor directly affected thereby.

 

7.5
Additional Grantors; Additional Pledged Collateral

 

(a)
Joinder Agreements. Consistent with Section 7.5 of the Purchase Agreement, the Company shall cause any Subsidiary that
is not a Grantor to become a Grantor hereunder. Each such Subsidiary shall execute and deliver to the Purchaser Agent a Joinder Agreement
substantially in the form of Annex 2 and shall thereafter for all purposes be a party hereto and have the same rights, benefits
and obligations as a Grantor party hereto on the Closing Date.

 

(b)
Pledge Amendments. To the extent any Pledged Collateral has not been delivered as of the Closing Date, such Grantor shall deliver
a pledge amendment duly executed by the Grantor in substantially the form of Annex 1 (each, a “Pledge Amendment”)
Such Grantor authorizes the Purchaser Agent to attach each Pledge Amendment to this Agreement.

 

7.6
Notices All notices, requests and demands to or upon the Purchaser
Agent or any Grantor hereunder shall be effected in the manner provided for in the Purchase Agreement; provided, that any such
notice, request or demand to or upon any Grantor shall be addressed to the Company’s notice address set forth in such Section
8.2.

 

7.7
Successors and Assigns This Agreement shall be binding upon the successors
and assigns of each Grantor and shall inure to the benefit of each Secured Party and their successors and, if permitted by the other
Transaction Documents, assigns; provided, that no Grantor may assign, transfer or delegate any of its rights or obligations under
this Agreement without the prior written consent of the Purchaser Agent.

 

7.8
Counterparts This Agreement may be executed in any number of counterparts
and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached
to a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or by e-mail shall be as
effective as delivery of a manually executed counterpart hereof.

 

    	- 22 -

     

    

 

7.9
Severability Any provision of this Agreement being held illegal,
invalid or unenforceable in any jurisdiction shall not affect any part of such provision not held illegal, invalid or unenforceable,
any other provision of this Agreement or any part of such provision in any other jurisdiction. The parties shall endeavor in good-faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as
close as possible to that of the illegal, invalid or unenforceable provisions.

 

7.10
Survival. All representations and warranties made by the Grantors in the Transaction Documents (including any such representation
or warranty made in or in connection with any amendment thereto) shall constitute representations and warranties made under this Agreement.
All representations and warranties made by the Grantors under this Agreement (including those representations and warranties set forth
in the immediately preceding sentence) shall be made or deemed to be made at and as of the date hereof (except those that are expressly
made as of a specific date), shall survive the date here and shall not be waived by the execution and delivery of this Agreement, any
investigation made by or on behalf of the Purchaser Agent or any borrowing hereunder. Notwithstanding any termination of this Agreement,
the indemnities to which the Secured Parties are entitled under the provisions of this Agreement or any other Transaction Document shall
continue in full force and effect and shall protect the Secured Parties against events arising after such termination as well as before.
This Agreement shall be reinstated at any time any payment of any Secured Obligation, in whole or in part, is rescinded or must otherwise
be returned by the Purchaser Agent upon the insolvency, bankruptcy or reorganization of any Grantor or other Company Party or otherwise,
all as though such payment had not been made.

 

7.11
Set-Off. In addition to any rights now or hereafter granted under applicable Regulations and not by way of limitation of any such
rights, each Secured Party is hereby authorized by each Grantor at any time or from time to time, without notice or demand to any Grantor
or to any other Person, any such notice or demand being hereby expressly waived, to set off and to appropriate and to apply any and all
deposits (general or special, time or demand, provisional or final, including indebtedness evidenced by certificates of deposit, whether
matured or unmatured, but not including trust accounts) and any other indebtedness or other amounts at any time held or owing by such
Grantor to or for the credit or the account of any other Company Party or any of their Related Parties against and on account of any
amounts due by any Company Party or any of their Related Parties to any Secured Party under any Transaction Documents (including from
the Purchase Price to be disbursed under the Purchase Agreement and the Notes), such Secured Party shall then hold such amounts in trust
for the other Secured Parties and transfer such amounts to the Purchaser Agent to be distributed to the Secured Parties ratably according
to the terms hereof and other related documents.

 

7.12
Security Interest Absolute. All rights of the Purchaser Agent hereunder, the grant of the security interest in the Collateral, and
all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability
of any Transaction Document or any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating
to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured
Obligations, or any other amendment or waiver of or any consent to any departure from the Transaction Documents or any other agreement
or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of
or consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance
that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or this
Agreement (other than payment of the outstanding Secured Obligations).

 

7.13
Governing Law. This Agreement and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted
in accordance with, the law of the State of New York without reference to rules or principles that would require the application of the
laws of any other jurisdiction.

 

7.14
.Waiver of Jury Trial. The parties hereto hereby irrevocably and unconditionally waive, to the fullest extent permitted by applicable
Regulations, any right that they may have to trial by jury of any claim or cause of action or in any Action, directly or indirectly based
upon or arising out of this Agreement (whether based on contract, tort or any other theory)Each party (a) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise, that such other parties would not, in the event of litigation,
seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Agreement
and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.

 

7.15
Agreement to Subordinate. Each of the parties hereto acknowledges and agrees that the rights and obligations of the parties hereunder
are second and subordinate to the rights of Corefund Capital, LLC (together with its successors and assigns, the “Senior Lender”)
under its various factoring agreements and ancillary documents (collectively, as amended or otherwise modified, the “Senior
Lender Agreements”)

 

[Signature
Pages Follow]

 

    	- 23 -

     

    

 

In
witness whereof, each of the undersigned has caused
this Security Agreement to be duly executed and delivered as of the date first above written.

 

	 	UNIQUE
                                            LOGISTICS INTERNATIONAL, Inc.,

as
Company and Grantor

	 	 
	 	GRANTORS:
	 	
	 	[____].,
    as Grantor 
	 	 	 
	 	By:	                        
	 	Name:	 
	 	Title:	 

 

	 	[__________________],
    as Grantor 
	 	 	 
	 	By:	                                 
	 	Name:	 
	 	Title:	 

 

	Accepted
    and Agreed	 
	as
    of the date first above written:	 
	 	 	 
	Trillium
    Partners LP	 
	For
    itself and as Purchaser Agent	 
	 	 	 
	By:
    	 	 
	Name:
    	Stephen
    Hicks	 
	Title:
    	Mgr
    of GP	 

 

Signature
Page to Security Agreement (UNQL)

 

    	- 24 -

     

    

 

ANNEX
1 TO SECURITY AGREEMENT

 

Form
of Pledge Amendment

 

This
Pledge Amendment, dated as of __________ __, 20__, is delivered pursuant to Section 7.5 of the Security Agreement (the
“Security Agreement”), dated as of ______, 2021, by Unique Logistics International, Inc. (the “Company”),
the undersigned Grantors and the other Company Parties and Affiliates of the Company from time to time party thereto as Grantors in favor
of Trillium Partners LP, for itself and as Purchaser Agent for the Secured Parties referred to therein. Capitalized terms used herein
without definition are used as defined in the Security Agreement.

 

The
undersigned hereby agrees that this Pledge Amendment may be attached to the Security Agreement and that the Pledged Collateral listed
on Annex 1-A to this Pledge Amendment shall be and become part of the Collateral referred to in the Security Agreement and shall
secure all Secured Obligations of the undersigned.

 

The
undersigned hereby represents and warrants that each of the representations and warranties contained in Sections 3.1, 3.2, 1.1
and 3.10 of the Security Agreement is true and correct and as of the date hereof as if made on and as of such date.

 

	 	[Grantor]
	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 

 

To
be used for pledge of Additional Pledged Collateral by an additional Grantor.

 

    	- A1.1 -

     

    

 

Annex
1-A

 

	PLEDGED
    STOCK
	 
	Issuer
	 	Class
	 	Certificate
                                            No(s).
	 	Par
                                            Value
	 	Number
                                            of Shares, Units or Interests

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

	PLEDGED
    DEBT INSTRUMENTS
	 
	Issuer
	 	Description
                                            of Debt
	 	Certificate
                                            No(s).
	 	Final
                                            Maturity
	 	Principal
                                            Amount

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	- A1.2 -

     

    

 

	Acknowledged
    and Agreed	 
	as
    of the date first above written:	 
	 	 	 
	Trillium
    Partners LP,	 
	for
    itself and as Purchaser Agent	 
	 	 	 
	By:
    	                    	 
	Name:	 	 
	Title:	 	 

 

    	- A1.3 -

     

    

 

ANNEX
2 to Security Agreement

 

Form
of Joinder Agreement

 

This
Joinder Agreement, dated as of _________ __, 20__, is delivered pursuant to Section 7.5 of the Security Agreement (the
“Security Agreement”), dated as of __________, 2021, by Unique Logistics International, Inc. (the “Company”)
and the Affiliates of the Company from time to time party thereto as Grantors in favor of Trillium Partners LP, a Delaware limited partnership,
for itself and as Purchaser Agent for the Secured Parties referred to therein. Capitalized terms used herein without definition are used
as defined in the Security Agreement.

 

By
executing and delivering this Joinder Agreement, the undersigned, as provided in Section 7.5 of the Security Agreement, hereby
becomes a party to the Security Agreement as a Grantor thereunder with the same force and effect as if originally named as a Grantor
therein and, without limiting the generality of the foregoing, as collateral security for the prompt and complete payment and performance
when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations of the undersigned, hereby mortgages,
pledges and hypothecates to the Purchaser Agent for the benefit of the Secured Parties, and grants to the Purchaser Agent for the benefit
of the Secured Parties a lien on and security interest in, all of its right, title and interest in, to and under the Collateral of the
undersigned and expressly assumes all obligations and liabilities of a Grantor thereunder. The undersigned hereby agrees to be bound
as a Grantor for the purposes of the Security Agreement.

 

The
information set forth in Annex 1 hereto is hereby added to the information set forth in the Disclosure Certificate. By acknowledging
and agreeing to this Joinder Agreement, the undersigned hereby agree that this Joinder Agreement may be attached to the Purchase Agreement
and that the Pledged Collateral listed on Annex 1 to this Joinder Amendment shall be and become part of the Collateral referred
to in the Security Agreement and shall secure all Secured Obligations of the undersigned.

 

The
undersigned hereby represents and warrants that each of the representations and warranties contained in Article III of the Security
Agreement (including by reference to the Purchase Agreement) applicable to it and its Subsidiaries is true and correct on and as the
date hereof as if made on and as of such date.

 

In
witness whereof, the undersigned has caused this Joinder
Agreement to be duly executed and delivered as of the date first above written.

 

	 	[Additional
    Grantor]
	 	 	 
	 	By:
    	               
	 	Name:	 
	 	Title:	 

 

    	- A2.1 -

     

    

 

	[EACH
                                            GRANTOR PLEDGING

    ADDITIONAL
    COLLATERAL]
	Acknowledged
                                            and Agreed

as
of the date first above written:

	 	 	 
	By:	               	 
	Name:		 
	Title:		 

 

	Trillium
    Partners LP,	 
	for
    itself and as Purchaser Agent	 
	 	 	 
	By:
    	       	 
	Name:	 	 
	Title:	 	 

 

    	- A2.2 -

     

    

 

annex
3 TO SECURITY AGREEMENT

 

Form
oF

Intellectual
Property Security Agreement1

 

This
[Copyright] [Patent] [Trademark] Security Agreement, dated as of October 7, 2020,
is made by each of the entities listed on the signature pages hereof (each a “Grantor” and, collectively, the “Grantors”),
in favor of Trillium Partners LP, a Delaware limited partnership, for itself and as purchaser agent (in such capacity, together with
its successors and permitted assigns, the “Purchaser Agent”).

 

W
I T N E S S E T H:

 

Whereas,
pursuant to one or more Purchase Agreements, dated at or about October 7, 2020 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Purchase Agreement”), between the Company, various purchasers listed therein
(together with their successors and permitted assigns, the “Purchasers”) and the Purchaser Agent, the Purchasers have
agreed to purchase Notes secured notes from the Company upon the terms and subject to the conditions set forth therein and the Purchaser
Agent has agreed to act as Purchaser Agent of the Purchasers; and

 

Whereas,
each Grantor (other than the Company) has guaranteed the Obligations (as defined in the Purchase Agreement) of the Company and other
Company Parties (as defined in the Purchase Agreement) and all of the Grantors party to a Security Agreement of even date herewith with
the Purchaser Agent (the “Security Agreement”) pursuant to which the Grantors are required to execute and deliver
this [Copyright] [Patent] [Trademark] Security Agreement.

 

Now,
Therefore,
in consideration of the premises and to induce the Purchaser Agent to enter into the Purchase Agreement and to induce the initial Purchasers
to make purchase notes from the Company thereunder, each Grantor hereby agrees with the Purchaser Agent as follows:

 

Section
1. Defined Terms. Capitalized terms used herein without definition have the meanings ascribed to such terms in the Security Agreement.

 

Section
2. Grant of Security Interest in [Copyright] [Trademark] [Patent] Collateral. Each Grantor, as collateral security for the prompt
and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations of
such Grantor, hereby mortgages, pledges and hypothecates to the Purchaser Agent for the benefit of the Secured Parties, and grants to
the Purchaser Agent for the benefit of the Secured Parties a Lien on and security interest in, all of its right, title and interest in,
to and under the following Collateral of such Grantor (the “[Copyright] [Patent] [Trademark] Collateral”):

 

(a)
[all of its Copyrights and all IP Licenses providing for the grant by or to such Grantor of any right under any Copyright, including,
without limitation, those referred to on Schedule 1 hereto;

 

 

1
Separate agreements should be executed relating to each Grantor’s respective Copyrights, Patents, and Trademarks.

 

    	- A3.1 -

     

    

 

(b)
all renewals, reversions and extensions of the foregoing; and

 

(c)
all income, royalties, proceeds and Liabilities at any time due or payable or asserted under and with respect to any of the foregoing,
including, without limitation, all rights to sue and recover at law or in equity for any past, present and future infringement, misappropriation,
dilution, violation or other impairment thereof.]

 

or

 

(a)
[all of its Patents and all IP Licenses providing for the grant by or to such Grantor of any right under any Patent, including, without
limitation, those referred to on Schedule 1 hereto;

 

(b)
all reissues, reexaminations, continuations, continuations-in-part, divisionals, renewals and extensions of the foregoing; and

 

(c)
all income, royalties, proceeds and Liabilities at any time due or payable or asserted under and with respect to any of the foregoing,
including, without limitation, all rights to sue and recover at law or in equity for any past, present and future infringement, misappropriation,
dilution, violation or other impairment thereof.]

 

or

 

(a)
[all of its Trademarks and all IP Licenses providing for the grant by or to such Grantor of any right under any Trademark, including,
without limitation, those referred to on Schedule 1 hereto;

 

(b)
all renewals and extensions of the foregoing;

 

(c)
all goodwill of the business connected with the use of, and symbolized by, each such Trademark; and

 

(d)
all income, royalties, proceeds and Liabilities at any time due or payable or asserted under and with respect to any of the foregoing,
including, without limitation, all rights to sue and recover at law or in equity for any past, present and future infringement, misappropriation,
dilution, violation or other impairment thereof.]

 

Section
3. Security Agreement. The security interest granted pursuant to this [Copyright] [Patent] [Trademark] Security Agreement is granted
in conjunction with the security interest granted to the Purchaser Agent pursuant to the Security Agreement and each Grantor hereby acknowledges
and agrees that the rights and remedies of the Purchaser Agent with respect to the security interest in the [Copyright] [Patent] [Trademark]
Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated
by reference herein as if fully set forth herein.

 

Section
4. Grantor Remains Liable. Each Grantor hereby agrees that, anything herein to the contrary notwithstanding, such Grantor shall assume
full and complete responsibility for the prosecution, defense, enforcement or any other necessary or desirable actions in connection
with their [Copyrights] [Patents] [Trademarks] and IP Licenses subject to a security interest hereunder.

 

Section
5. Counterparts. This [Copyright] [Patent] [Trademark] Security Agreement may be executed in any number of counterparts and by different
parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.

 

Section
6. Governing Law. This [Copyright] [Patent] [Trademark] Security Agreement and the rights and obligations of the parties hereto shall
be governed by, and construed and interpreted in accordance with, the law of the State of New York.

 

[Signature
Pages Follow]

 

    	- A3.2 -

     

    

 

In
witness whereof, each Grantor has caused this [Copyright]
[Patent] [Trademark] Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

 

	 	Very truly
    yours,
	 	 
	 	[Grantor]
	 	as Grantor
	 	 	 
	 	By:	       
	 	Name:	 
	 	Title:	 

 

[Signature
Page to [Copyright] [Patent] [Trademark] Security Agreement]

 

    	- A3.3 -

     

    

 

Acknowledgment
of Grantor

 

	State
    of	)	 
	 	)	ss.
	County
    of 	)	 

 

On
this ___ day of ________, 20__ before me personally appeared ______________________, proved to me on the basis of satisfactory evidence
to be the person who executed the foregoing instrument on behalf of ________________, who being by me duly sworn did depose and say that
he is an authorized officer of said [corporation][limited liability company], that the said instrument was signed on behalf of said [corporation][limited
liability company] as authorized by its [Board of Directors][Board of Managers] and that he acknowledged said instrument to be the free
act and deed of said [corporation][limited liability company].

 

____________________________

Notary
Public

 

    	- A3.4 -

     

    

 

Security
Agreement

 

Schedule
1 to

[Copyright]
[Patent] [Trademark] Security Agreement

 

[Copyright]
[Patent] [Trademark] Registrations

 

	A.
    	REGISTERED
    [COPYRIGHTS] [PATENTS] [TRADEMARKS]
	 	[Include
    Registration Number and Date]
	 	 
	B.
    	[COPYRIGHT]
    [PATENT] [TRADEMARK] APPLICATIONS
	 	[Include
    Application Number and Date]
	 	 
	C.
    	IP
    LICENSES
	 	[Include
    complete legal description of agreement (name of agreement, parties and date)]

 

    	-A3.IExhibit
10.11

 

GUARANTY

 

This
Guaranty (this “Guaranty”), dated as of __________, 2021, by
Unique Logistics International, Inc., a Nevada corporation (together with its successors
and, if permitted, assigns, the “Company”) and each of the other entities listed on the signature pages hereof as
guarantor or that becomes a party hereto as such pursuant to Section 2.6 (the “Guarantors”), in favor of purchasers
(the “Purchasers”) of the Secured Subordinated Notes of the Company, designated as its 10% Secured Subordinated Convertible
Promissory Notes due ________, 2021 (the “Notes”), issued and sold by the Company pursuant to one or more Securities
Purchase Agreements , dated at or about _______, 2021 (the “Purchase Agreement”), among the Company, and the Purchasers.
Capitalized terms used but not defined herein shall have their respective meanings ascribed to them in the Purchase Agreement.

 

W
i t n e s s e t h:

 

Whereas,
pursuant to one or more Purchase Agreements, the Purchasers have severally agreed to purchase the Notes from the Company upon the terms
and subject to the conditions set forth therein;

 

Whereas,
each Guarantor has agreed to guaranty the Guaranteed Obligations, as defined below;

 

Whereas,
some Guarantors are Subsidiaries of the Company (the “Subsidiary Guarantors”);

 

WHEREAS,
each Guarantor will derive substantial direct and indirect benefits from the purchase of the Notes under the Purchase Agreement;

 

Whereas,
it is a condition precedent to the obligation of each initial Purchaser to purchase the Notes from the Company under the Purchase Agreement
and for the Purchase Agent to sign the Purchase Agreement that the Guarantors shall have executed this Agreement and delivered it to
the Purchase Agent and the Initial Purchasers;

 

Now,
therefore, in consideration of the premises and to
induce the initial Purchasers to enter into the Purchase Agreements and to induce the initial Purchasers to purchase the Notes from the
Company thereunder and to enter into the other Transaction Documents, each Guarantor hereby agrees with the Purchaser as follows:

 

Article
I GUARANTY

 

1.1
Guaranty. To induce the initial Purchasers to purchase the Notes, each Guarantor hereby, jointly and
severally, absolutely, unconditionally and irrevocably guarantees, to Trillium Partners LP, the Purchaser Agent, and the Purchasers,
as primary obligor and not merely as surety, the full and punctual payment when due, whether at stated maturity or earlier, by reason
of acceleration, mandatory prepayment or otherwise in accordance with any Transaction Document (as defined in the Purchase Agreement),
of all the Obligations (as defined in the Transaction Documents) of the other Company Parties owing to any Purchaser or the Purchaser
Agent whether existing on the date hereof or hereinafter incurred or created (the “Guaranteed Obligations”).
This guaranty by each Guarantor hereunder constitutes a guaranty of payment and not of collection.

 

1.2
Limitation of Guaranty. If and as applicable, any term or provision of this Guaranty or any other Transaction
Document to the contrary notwithstanding, the maximum aggregate amount for which any Guarantor that is not a direct or indirect owner
of stock in the Company-any Subsidiary Guarantor-shall be liable hereunder shall not exceed the maximum amount for which such Subsidiary
Guarantor can be liable without rendering this Guaranty or any other Transaction Document, as it relates to such Subsidiary Guarantor,
subject to avoidance under applicable Requirements of Law relating to fraudulent conveyance or fraudulent transfer (including the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act and Section 548 of title 11 of the United States Code or any applicable
provisions of comparable Requirements of Law) (collectively, “Fraudulent Transfer Laws”).
Any analysis of the provisions of this Guaranty for purposes of Fraudulent Transfer Laws shall take into account the right of contribution
established in Section 1.3 and, for purposes of such analysis, give effect to any discharge
of intercompany debt as a result of any payment made under this Guaranty.

 

    	1

     

    

 

1.3
Contribution. To the extent that any Subsidiary Guarantor shall be required hereunder to pay any portion
of any Guaranteed Obligation exceeding the greater of (a) the amount of the economic benefit actually received by such Subsidiary Guarantor
from the Notes and other Obligations of each Purchaser and (b) the amount such Subsidiary Guarantor would otherwise have paid if such
Subsidiary Guarantor had paid the aggregate amount of the Guaranteed Obligations (excluding the amount thereof repaid by the Company
and any Guarantor that is not a Subsidiary Guarantor) in the same proportion as such Subsidiary Guarantor’s net worth on the date
enforcement is sought hereunder bears to the aggregate net worth of all the Subsidiary Guarantors on such date, then such Subsidiary
Guarantor shall be reimbursed by such other Subsidiary Guarantors for the amount of such excess, pro rata, based on the respective net
worth of such other Subsidiary Guarantors on such date. Such reimbursement shall only occur once the Obligations have been satisfied
in full.

 

1.4
Authorization; Other Agreements. The Purchasers and each other holder of an Obligation or purchaser
or beneficiary of a Guaranteed Obligation or beneficiary of a Lien granted under any Transactional Document (collectively, and together
with their successors and permitted assigns, the “Beneficiaries”) are hereby authorized,
without notice to or demand upon any Guarantor and without discharging or otherwise affecting the obligations of any Guarantor hereunder
and without incurring any liability hereunder, from time to time, to do each of the following:

 

(a)
(i) modify, amend, supplement or otherwise change, (ii) accelerate or otherwise change the time of payment or (iii) waive or otherwise
consent to noncompliance with, any Guaranteed Obligation or any Transaction Document;

 

(b)
apply any sums by whomever paid or however realized to any Guaranteed Obligation in such order as provided in the Transaction Documents;

 

(c)
refund at any time any payment received by any Beneficiary in respect of any Guaranteed Obligation;

 

(d)
(i) enter into an sale, lease, license, assignment, transfer, conveyance or other disposition with respect to, or exchange, enforce,
waive, substitute, liquidate, terminate, release, abandon, fail to perfect, subordinate, accept, substitute, surrender, exchange, affect,
impair or otherwise alter or release, any Collateral for any Guaranteed Obligation or any other guaranty therefor in any manner, (ii)
receive, take and hold additional Collateral to secure any Guaranteed Obligation, (iii) add, release or substitute any one or more other
Guarantors, makers or endorsers of any Guaranteed Obligation or any part thereof and (iv) otherwise deal in any manner with the Company
and any other Guarantor, maker or endorser of any Guaranteed Obligation or any part thereof; and

 

(e)
settle, release, compromise, collect or otherwise liquidate the Guaranteed Obligations.

 

1.5
Guaranty Absolute and Unconditional. Each Guarantor hereby waives and agrees not to assert any defense,
whether arising in connection with or in respect of any of the following or otherwise, and hereby agrees that its obligations under this
Guaranty are irrevocable, absolute and unconditional and shall not be discharged as a result of or otherwise affected by any of the following
(which may not be pleaded and evidence of which may not be introduced in any proceeding with respect to this Guaranty):

 

(a)
the invalidity or unenforceability of any obligation of the Company or any other Guarantor under any Transaction Document or any other
agreement or instrument relating thereto (including any amendment, consent or waiver thereto), or any security for, or other guaranty
of, any Guaranteed Obligation or any part thereof, or the lack of perfection or continuing perfection or failure of priority of any security
for the Guaranteed Obligations or any part thereof;

 

(b)
the absence of (i) any attempt to collect any Guaranteed Obligation or any part thereof or from the Company or any other Guarantor or
other action to enforce any of the same or (ii) any action to enforce any Transaction Document or any Lien thereunder;

 

(c)
the failure by any Person to take any steps to perfect and maintain any Lien on, or to preserve any rights with respect to, any Collateral;

 

(d)
any workout, insolvency, bankruptcy proceeding, reorganization, arrangement, liquidation or dissolution by or against the Company, any
other Guarantor or any of the Company’s other Subsidiaries or any procedure, agreement, order, stipulation, election, action or
omission thereunder, including any discharge or disallowance of, or bar or stay against collecting, any Guaranteed Obligation (or any
interest thereon) in or as a result of any such proceeding;

 

    	2

     

    

 

(e)
any foreclosure, whether or not through judicial sale, and any other Asset Sale involving Collateral or any election following the occurrence
of an Event of Default by any Beneficiary to proceed separately against any Collateral in accordance with such Beneficiary’s rights
under any applicable law (including any applicable Regulation or Consent of any Governmental Authority); or 

 

(f)
any other defense, setoff, counterclaim or any other circumstance that might otherwise constitute a legal or equitable discharge of the
Company, any other Guarantor or any of the Company’s other Subsidiaries, in each case other than the payment in full of the Guaranteed
Obligations.

 

1.6
Waivers. Each Guarantor hereby unconditionally and irrevocably waives and agrees not to assert any
claim, defense, setoff or counterclaim based on diligence, promptness, presentment, requirements for any demand or notice hereunder including
any of the following: (a) any demand for payment or performance and protest and notice of protest, (b) any notice of acceptance, (c)
any presentment, demand, protest or further notice or other requirements of any kind with respect to any Guaranteed Obligation (including
any accrued but unpaid interest thereon) becoming immediately due and payable and (d) any other notice in respect of any Guaranteed Obligation
or any part thereof, and any defense arising by reason of any disability or other defense of the Company or any other Guarantor. Each
Guarantor further unconditionally and irrevocably agrees not to (x) enforce or otherwise exercise any right of subrogation or any right
of reimbursement or contribution or similar right against the Company or any other Guarantor by reason of any Transaction Document or
any payment made thereunder or (y) assert any claim, defense, setoff or counterclaim it may have against any other Company Party or set
off any of its obligations to such other Company Party against obligations of such Company Party to such Guarantor. No obligation of
any Guarantor hereunder shall be discharged other than by complete performance.

 

1.7
.Reliance. Each Guarantor hereby assumes responsibility for
keeping itself informed of the financial condition of the Company, each other Guarantor and any other guarantor, maker or endorser of
any Guaranteed Obligation or any part thereof, and of all other circumstances bearing upon the risk of nonpayment of any Guaranteed Obligation
or any part thereof, that diligent inquiry would reveal, and each Guarantor hereby agrees that no Beneficiary shall have any duty to
advise any Guarantor of information known to it regarding such condition or any such circumstances. In the event any Beneficiary, in
its sole discretion, undertakes at any time or from time to time to provide any such information to any Guarantor, such Beneficiary shall
be under no obligation to (a) undertake any investigation not a part of its regular business routine, (b) disclose any information that
such Beneficiary, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (c)
make any future disclosures of such information or any other information to any Guarantor.

 

Article
II Miscellaneous

 

2.1
Representations and Warranties; Covenants. To induce the initial Purchasers to enter into the Transaction
Documents, each Guarantor hereby agrees to each of the following with the Purchasers and the other Beneficiaries, as long as any Guaranteed
Obligation remains outstanding with respect to any Guarantor:

 

(a)
the representations and warranties as to such Guarantor and its Subsidiaries made by the Company in Article
III (Representations and Warranties) of the Purchase Agreement are true and correct on each date as
required by the Purchase Agreement; and

 

(b)
such Guarantor agrees to comply with all covenants and other provisions applicable to it under the Purchase Agreement and the Notes and
agrees to the same submission to jurisdiction as that agreed to by the Company in the Purchase Agreement. 

 

2.2
Reinstatement. Each Guarantor agrees that, if any payment made by any Company Party or other Person
and applied to the Guaranteed Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared or sought to
be declared to be fraudulent or preferential or otherwise required to be refunded or repaid, then, if, prior to any of the foregoing,
any provision of this Guaranty (including the guaranty of such Guarantor hereunder) shall have been terminated, cancelled or surrendered,
such provision shall be reinstated in full force and effect and such prior termination, cancellation or surrender shall not diminish,
release, discharge, impair or otherwise affect the obligations of any such Guarantor in respect of the amount of such payment.

 

    	3

     

    

 

2.3
Independent Obligations. The obligations of each Guarantor hereunder are independent of and separate
from the Guaranteed Obligations. If any Guaranteed Obligation is not paid when due, or upon any Event of Default, a Purchaser may, at
its sole election, proceed directly and at once, without notice, against any Guarantor to collect and recover the full amount or any
portion of any Guaranteed Obligation then due, without first proceeding against any other Guarantor or any other Company Party and without
first joining any other Guarantor or any other Company Party in any proceeding.

 

2.4
No Waiver by Course of Conduct. No Beneficiary shall by any act (except by a written instrument pursuant
to Section 2.5), delay, indulgence, omission or otherwise be deemed to have waived any right
or remedy hereunder or to have acquiesced in any Event of Default. No failure to exercise, nor any delay in exercising, on the part of
any Beneficiary, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
A waiver by any Beneficiary of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy
that such Beneficiary would otherwise have on any future occasion.

 

2.5
Amendments in Writing. None of the terms or provisions of this Guaranty may be waived, amended, supplemented
or otherwise modified except in accordance with the applicable provisions of the Purchase Agreement.

 

2.6
Additional Guarantors. The Company shall cause any Subsidiary that is not a Guarantor to become a Guarantor
hereunder, such Subsidiary shall execute and deliver to the Purchasers a Joinder Agreement substantially in the form of Annex
1 and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations
as a Guarantor party hereto on the First Closing Date.

 

2.7
Notices. All notices, requests and demands to or upon any Purchaser or any Guarantor hereunder shall
be effected in the manner provided for in Section 5.4 (Notices) of the Purchase Agreement; provided,
that, any such notice, request or demand to or upon any Guarantor shall be addressed to the Company’s
notice address set forth in such Section 5.4.

 

2.8
Successors and Assigns. This Guaranty shall be binding upon the successors and assigns of each Guarantor
and shall inure to the benefit of each Beneficiary and their successors and assigns; provided, however, that no Guarantor may assign,
transfer or delegate any of its rights or obligations under this Guaranty except as authorized in the Purchase Agreement.

 

2.9
Counterparts. This Guaranty may be executed in any number of counterparts and by different parties
in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.
Delivery of an executed signature page of this Guaranty by facsimile transmission or by e-mail shall be as effective as delivery of a
manually executed counterpart hereof.

 

2.10
Interpretation. This Guaranty is a Transaction Document and as such is subject to various interpretative,
amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to
Transaction Documents, located principally in Article V. 

 

2.11
Severability. Any provision of this Guaranty being held illegal, invalid or unenforceable in any jurisdiction
shall not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of this Guaranty or any part
of such provision in any other jurisdiction.

 

2.12
Governing Law. This Guaranty and the rights and obligations of the parties hereto shall be governed
by, and construed and interpreted in accordance with, the law of the State of New York.

 

2.13
Waiver of Jury Trial. Each party hereto hereby irrevocably waives trial by jury in any Proceeding
with respect to, or directly or indirectly arising out of, relating to or in connection with, this Guaranty or any other Transaction
Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each
party hereto (a) certifies that no other party, no Beneficiary and no affiliate or representative of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges
that it and the other parties hereto have been induced to enter into this Guaranty by the mutual waivers and certifications in this
Section 2.13.

 

2.14
Agreement to Subordinate. Each of the parties hereto acknowledges and agrees that the rights and obligations of the parties hereunder
are second and subordinate to the rights of Corefund Capital, LLC (together with its successors and assigns, the “Senior Lender”)
under its various factoring agreements and ancillary documents (collectively, as amended or otherwise modified, the “Senior
Lender Agreements”).

 

[Signature
Pages Follow]

 

    	4

     

    

 

In
witness whereof,
each of the undersigned has caused this Guaranty to be duly executed and delivered as of the date first above written.

 

	 	UNIQUE
    LOGISITCS INTERNATIONAL, Inc.
	 	as
    Company
	 	 	 
	 	By:	                                       
	 	Name:	 
	 	Title:	 

 

[SIGNATURE
PAGE TO GUARANTY]

 

    	 	 	 

    	 

    

 

	 	 	Guarantors:
	 	 	 	 
	 	 	[_____________________________]
	 	 	 	 
	 	 	By:	
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	[_____________________________]
	 	 	 	 
	 	 	By:	                                                                  
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	as
    of the date first above written:
	 	 	 	 
	PURCHASERS:
    	 	 
	 	 	 	 
	Trillium
    Partners LP, for itself and as Purchaser Agent	 	 
	 	 	 	 
	By:	 	 	 
	Name:	Stephen
    Hicks	 	 
	Title:	Mgr
    of GP	 	 

 

    	 	2	 

    	 

    

 

ANNEX
1 to Guaranty

 

Form
of Joinder Agreement

 

This
Joinder Agreement, dated as of _________ [ ], 202__, is delivered pursuant to Section 2.6 of the Guaranty, dated as of
________, 2021, by Unique Logistics International, Inc. and its Affiliates from time to time party thereto as Guarantors in favor of
the Purchasers, and the other Beneficiaries referred to therein (the “Guaranty”). Capitalized terms used herein without
definition are used as defined in the Guaranty.

 

By
executing and delivering this Joinder Agreement, the undersigned, as provided in Section 2.6 of the Guaranty, hereby becomes a
party to the Guaranty as a Guarantor thereunder with the same force and effect as if originally named as a Guarantor therein and, without
limiting the generality of the foregoing, expressly assumes all obligations and liabilities of a Guarantor thereunder and hereby agrees
to be bound as a Guarantor for purposes thereof.

 

The
undersigned hereby represents and warrants that each of the representations and warranties contained in Article II of the Guaranty
applicable to it is true and correct on and as the date hereof as if made on and as of such date.

 

In
witness whereof, the undersigned has caused this
Joinder Agreement to be duly executed and delivered as of the date first above written.

 

	 	 	[Additional Guarantor]
	 	 	 	 
	 	 	By:
    	                           
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Acknowledged and Agreed	 	 
	as of the date first above written:	 	 
	 	 	 	 
	Trillium Partners LP, for itself and as Purchaser Agent	 	 
	 	 	 	 
	By:
    	                                     	 	 
	Name:	 	 	 
	Title:	 	 	 

 

    	A-1

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