Document:

EX-10.6

 Exhibit 10.6 

GUARANTY AGREEMENT 
 THIS
GUARANTY AGREEMENT, dated January 15, 2014 (as amended, restated, modified, extended, renewed, replaced, supplemented, restructured and/or refinanced from time to time, the “Guaranty”), is delivered by PSC Licensing Corp., a
California corporation, and HyperSound Health, Inc., a Delaware corporation (collectively, and together with any other parties hereto from time to time, being hereinafter referred to as the “Guarantors” and individually as a
“Guarantor”), in favor of PNC Bank, National Association, in its capacity as administrative agent for the Credit Agreement (as defined below), and any successor thereto (the “Agent”), for the benefit of the Secured
Parties. 
 BACKGROUND 

A. Voyetra Turtle Beach, Inc., a Delaware corporation, and Parametric Sound Corporation, a Nevada corporation (collectively, the
“Borrowers”), VTB Holdings, Inc., a Delaware corporation (“Holdings,” and together with the Borrowers and the Guarantors, collectively, the “Obligors”), the Agent and the other various financial
institutions party thereto from time to time (the “Lenders”) and the other parties thereto, entered into a Credit Agreement, dated as of August 22, 2012 (such Credit Agreement, as the same has been and may further be amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have agreed, subject to certain terms and conditions, to extend credit and make certain other financial
accommodations available to the Borrowers, for the benefit of the Borrowers, Holdings and the Guarantors. 
 B. As a condition to extending
credit to the Borrowers under the Credit Agreement or entering into any Secured Hedging Agreement or any agreement evidencing any Banking Services Obligations (together with any Credit Document, the “Secured Debt Agreements”), the
Lenders have required, among other things, that the Guarantors execute and deliver this Guaranty. 
 C. It is a requirement under the Credit
Agreement and the Third Amendment thereto, dated as of the date hereof, that the Guarantors shall have executed and delivered to the Agent this Guaranty. 

D. The Guarantors will obtain benefits from the incurrence of the credit extensions and other financial accommodations under the Credit
Agreement, any Secured Hedging Agreement or any agreement evidencing any Banking Services Obligations and, accordingly, the Guarantors desire to execute this Guaranty to satisfy the condition precedent described in the preceding paragraph. 

NOW, THEREFORE, in consideration of the above premises, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and intending to be legally bound, the Guarantors hereby, irrevocably and unconditionally, jointly and severally guarantee to the Secured Parties and become surety for the full and prompt payment and performance when due,
whether at maturity, by acceleration or otherwise, of the Guaranteed Indebtedness, as defined below (subject to the limitations set forth herein). 

Each Guarantor hereby further agrees, for the benefit of the Secured Parties, that: 

1. Definitions. All capitalized terms used in this Guaranty shall have the meanings ascribed to them in the Credit Agreement to the
extent not otherwise defined or limited herein. 
 2. Guaranty. Each Guarantor hereby irrevocably and unconditionally, jointly and
severally, guarantees to the Secured Parties, and becomes surety for, the full and prompt payment and performance when due, whether at maturity, by acceleration or otherwise, of the following (hereinafter referred to as the “Guaranteed
Indebtedness”): 

 (a) the full and prompt payment when due (whether at stated maturity, by acceleration or
otherwise) of all Obligations (including, without limitation, principal, premium, or interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy,
insolvency, reorganization or similar proceeding of any Obligor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding), fees, costs and indemnities) owing to any
Secured Party, whether now existing or hereafter incurred under the Credit Agreement or any other Secured Debt Agreement, or otherwise with respect to any Loan or Letter of Credit; 

(b) any and all sums advanced by the Agent in order to preserve any Collateral or preserve its security interest in the Collateral; 

(c) in the event of any proceeding for the collection or enforcement of any Obligations, liabilities or indebtedness referred to above, the
reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Agent of its rights hereunder, together with reasonable attorneys’ fees and court
costs; 
 (d) all amounts paid by any Indemnitees as to which such Indemnitee has the right to reimbursement under Section 15 of this
Agreement; and 
 (e) all other amounts owing to any Secured Party pursuant to any of the Secured Debt Agreements. 

3. Guaranty Final. Upon the execution and delivery of this Guaranty to the Agent, this Guaranty shall be deemed to be finally executed
and delivered by each Guarantor and shall not be subject to or affected by any promise or condition affecting or limiting such Guarantor’s liability, and no statement, representation, agreement or promise on the part of the Secured Parties, any
Obligor, or any of them, or any officer, employee or agent thereof, unless contained herein, forms any part of this Guaranty or has induced the making hereof shall be deemed in any way to affect any Guarantor’s liability hereunder. 

4. Amendment and Waiver. No amendment, alteration or waiver of this Guaranty or of any of its terms, provisions or conditions shall be
binding upon the Persons against whom enforcement is sought unless made in writing and signed by an authorized officer of such Person. 
 5.
Dealings with Obligors. The Secured Parties, or any of them, may, from time to time, without exonerating or releasing any Guarantor in any way under this Guaranty, (a) take such further or other security or collateral for the Obligations
or any part thereof as the Secured Parties, or any of them, may deem proper, consistent with the Credit Agreement and any other Secured Debt Agreement, (b) add, release, discharge, abandon or otherwise deal with or fail to deal with any
Guarantor of any of the Obligations or any security or collateral therefor or any part thereof now or hereafter held by the Secured Parties, or any of them, or (c) amend, modify, extend, accelerate or waive in any manner any of the provisions
(including, without limitation, any condition to funding), terms, or conditions of any Secured Debt Agreement in accordance with the terms thereof, all as the Secured Parties, or any of them, may consider expedient or appropriate in their sole and
absolute discretion. Without limiting the generality of the foregoing, or of Section 6 hereof, it is understood that the Secured Parties, or any of them, may, without exonerating or releasing any Guarantor, give up, or modify or abstain from
perfecting or taking advantage of any security for or guaranty of the Obligations and accept or make any compositions or arrangements, and realize upon any security for the Obligations when, and in such manner, as the Secured Parties, or any of
them, may deem expedient, consistent with the Credit Agreement and any Secured Debt Agreement, all without notice to any Guarantor, except as applicable law may require and not permit to be waived. 

 6. Guaranty Unconditional. Each Guarantor acknowledges and agrees that no change in the
nature or terms of the Obligations, any Secured Debt Agreement or any other agreement, instrument or contract evidencing, related to or attendant with the Obligations (including any novation), nor any determination of lack of enforceability thereof,
shall discharge all or any part of the liabilities and obligations of any Guarantor pursuant to this Guaranty; it being the purpose and intent of the Guarantors and the Secured Parties that the covenants, agreements and all liabilities and
obligations of the Guarantors hereunder are absolute, unconditional and irrevocable under any and all circumstances. Without limiting the generality of the foregoing, each Guarantor agrees that until each and every one of the covenants and
agreements of this Guaranty is fully performed, no Guarantor’s undertakings hereunder shall be released, in whole or in part, by any action or thing which might, but for this paragraph of this Guaranty, be deemed a legal or equitable discharge
of a surety or guarantor (other than indefeasible payment in full of the Obligations (other than contingent indemnification obligations not then due or asserted and only including the Banking Services Obligations to the extent due and payable as of
the date of such payment), the termination, expiration or Cash Collateralization of all Letters of Credit, the termination of all Secured Hedging Agreements and the termination of all Commitments), or by reason of any waiver, omission of the Secured
Parties, or any of them, or their failure to proceed promptly or otherwise, or by reason of any action taken or omitted by the Secured Parties, or any of them, whether or not such action or failure to act varies or increases the risk of, or affects
the rights or remedies of, any Guarantor, except in the case of gross negligence or willful misconduct by the Secured Parties, or any of them, or by reason of any further dealings between any Obligor and the Secured Parties, or any of them, or any
other guarantor or surety, and each Guarantor, to the extent permitted by applicable law, hereby expressly waives and surrenders any defense to its liability hereunder, or any right of counterclaim or offset of any nature or description which it may
have or which may exist based upon, and shall be deemed to have consented to, any of the foregoing acts, omissions, things, agreements or waivers. 

7. Credit Extensions Benefit Guarantors. Each Guarantor expressly represents and acknowledges that any financial accommodations by the
Secured Parties, or any of them, to the Borrowers, including, without limitation, the Credit Extensions, are and will be of direct interest, benefit and advantage to the Guarantors. 

8. Representations and Warranties. Each Guarantor hereby represents and warrants that: 

(a) it has the power and authority to execute and deliver, and to perform its obligations under, this Guaranty and has taken all necessary
limited partnership, limited liability company or corporate action to authorize its execution, delivery and performance of this Guaranty; 

(b) this Guaranty constitutes a legal, valid and binding obligation of such Guarantor enforceable in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally and by principles of equity; 

(c) the execution, delivery and performance of this Guaranty will not contravene (i) such Guarantor’s Organizational Documents,
(ii) any material contractual restriction binding on or affecting such Guarantor, (iii) any court decree or order binding on or affecting such Guarantor or (iv) except where such contravention, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, any law or governmental regulation binding on or affecting such Guarantor and will not result in or require the creation or imposition of any Lien on any of the properties of such
Guarantor (except as permitted by the Credit Agreement); 

 (d) no consent or authorization of, filing with, or other act by or in respect of, any arbitrator
or Governmental Authority and no consent of any other Person (including, any shareholder or creditor of such Guarantor) is required in connection with the execution, delivery, performance, validity or enforceability of this Guaranty except those
which will have been duly obtained, made or complied with on or prior to the date hereof; 
 (e) no litigation, investigation, action or
proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of such Guarantor, threatened by or against such Guarantor, or against any of its properties or revenues which could be reasonably expected,
individually or in the aggregate to result in a Material Adverse Effect on such Guarantor’s financial condition; or which purports to affect the legality, validity or enforceability of this Guaranty; 

(f) each Guarantor has read the Credit Agreement and each other Credit Document, including, without limitation, the representations and
warranties set forth in Article VI of the Credit Agreement, and hereby represents and warrants that such representations and warranties are true and correct in all material respects to the extent applicable to such Guarantor; and 

(g) each Guarantor agrees that the representations and warranties in (f) above shall be deemed to have been made by such Guarantor on the
date of each Credit Extension under the Credit Agreement as though made hereunder on and as of such date, except that any representation or warranty made as of an earlier date shall be true and correct in all material respects as of such earlier
date and except for changes therein expressly permitted or contemplated by this Guaranty or any other Credit Document (or as consented to by the Agent and the Required Lenders in a written communication to the Guarantors). 

9. Set-off. The Secured Parties, or any of them, may, without demand or notice of any kind upon or to any Guarantor, at any time or from
time to time when any amount shall be due and payable hereunder by any Guarantor, if the Borrowers shall not have timely paid the Obligations after the lapse of any applicable cure period, set off and appropriate any property, balances, credit
accounts or moneys of any Guarantor in the possession of the Secured Parties, or any of them, or under the control of any of them for any purpose, which property, balances, credit accounts or moneys shall thereupon be turned over and remitted to the
Agent, to be held and applied to the Guaranteed Indebtedness by the Agent in accordance with the Credit Agreement. 
 10. Bankruptcy.
Upon the bankruptcy or winding up or other distribution of assets of any Obligor, the rights of the Secured Parties, or any of them, against the Guarantors shall not be affected or impaired by the omission of the Secured Parties, or any of them, to
prove its or their claim or full claim, as appropriate, and the Secured Parties may prove or refrain from proving any claim as they see fit and, in their respective discretion, they may value or refrain from valuing as they see fit any security held
by the Secured Parties, or any of them, without in any way releasing, reducing or otherwise affecting the liability to the Secured Parties of any Guarantor. 

11. Waivers by Guarantor. Each Guarantor hereby expressly waives, to the extent permitted by applicable law: (a) notice of
acceptance of this Guaranty; (b) notice of the existence or creation of all or any of the Obligations; (c) presentment, demand, notice of dishonor, protest, and all other notices whatsoever; (d) all diligence in collection or
protection of or realization upon the Obligations or any part thereof, any obligation hereunder, or any security for any of the foregoing; and (e) until the indefeasible payment in full of the Obligations (other than contingent indemnification
obligations not then due or asserted and only including the Banking Services Obligations to the extent due and payable as of the date of such payment), the termination, expiration or Cash Collateralization of all Letters of Credit, the termination
of all Secured Hedging Agreements and the termination of all Commitments, all rights of 

 
subrogation, indemnification, contribution and reimbursement against any Obligor, all rights to enforce any remedy that the Secured Parties, or any of them, may have against any Obligor and any
benefit of, or right to participate in, any collateral or security now or hereinafter held by the Secured Parties, or any of them, in respect of the Obligations. Any money received by any Guarantor in violation of this Section 11 shall be held
in trust by such Guarantor for the benefit of the Secured Parties. If a claim is ever made upon the Secured Parties, or any of them, for the repayment or recovery of any amount or amounts received by any of them in payment of any of the Obligations
and such Person repays all or part of such amount by reason of any judgment, decree, or order of any court or administrative body having jurisdiction over such Person or any of its property, or any good faith settlement or compromise of any such
claim effected by such Person with any such claimant, including, without limitation, any Obligor, then in such event the Guarantors agree that any such judgment, decree, order, settlement, or compromise shall be binding upon the Guarantors,
notwithstanding any revocation hereof or the cancellation of any promissory note or other instrument evidencing any of the Obligations, and the Guarantors shall be and shall remain obligated to such Person hereunder for the amount so repaid or
recovered to the same extent as if such amount had never originally been received by such Person (but only to the extent of the guaranty of Guaranteed Indebtedness set forth in Section 2 hereof). 

12. Subordination. Until the indefeasible payment in full of the Obligations (other than contingent indemnification obligations not then
due or asserted and only including the Banking Services Obligations to the extent due and payable as of the date of such payment), the termination, expiration or Cash Collateralization of all Letters of Credit, the termination of all Secured Hedging
Agreements and the termination of all Commitments, each Guarantor hereby subordinates each and all of its interests, claims, rights and entitlements to payment of any sums now due or hereafter to become due to such Guarantor from any Obligor or
other guarantor or surety for the Obligations, to the interests, claims, rights and entitlements of the Secured Parties to payment of any sums now due or hereafter to become due to any Secured Party from any Obligor or other guarantor or surety for
the Obligations, to the extent of the Obligations; provided that any Guarantor may receive, payments from any other Obligor to the extent expressly permitted by the Credit Agreement. 

13. Assignment by the Secured Parties. To the extent permitted under the Credit Agreement, the Secured Parties may each, and without
notice of any kind, except as otherwise required by the Credit Agreement, sell, assign or transfer all or any of their interests in the Obligations, and in such event, each and every immediate and successive assignee, transferee, or holder of all or
any of the Obligations, shall have the right to enforce this Guaranty, by suit or otherwise, for the benefit of such assignee, transferee or holder as fully as if such assignee, transferee or holder were herein by name specifically given such
rights, powers and benefits. No Guarantor shall assign any of its rights or obligations under this Guaranty nor shall any Guarantor amend this Guaranty, without the written consent of the Agent and in accordance with the terms and conditions of the
Credit Agreement. 
 14. Remedies Cumulative. No delay by the Secured Parties, or any of them, in the exercise of any right or remedy
shall operate as a waiver thereof, and no single or partial exercise by the Secured Parties, or any of them, of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy. No action by the
Secured Parties, or any of them, permitted hereunder shall in any way impair or affect this Guaranty. For the purpose of this Guaranty, the Guaranteed Indebtedness shall include, without limitation, any Obligation notwithstanding any right or power
of any third party, individually or in the name of any Obligor or any other Person, to assert any claim or defense as to the invalidity or unenforceability of such Obligation, and no such claim or defense shall impair or affect the obligations of
any Guarantor hereunder. 
 15. Indemnification. Each Guarantor agrees jointly and severally (a) to indemnify, reimburse and hold
harmless the Agent and each other Secured Party and their respective successors, assigns, 

 
employees, agents and affiliates (individually an “Indemnitee,” and collectively, the “Indemnitees”) from and against any and all obligations, damages, injuries,
penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) of whatsoever kind or nature imposed on or asserted against or incurred by any of the Indemnitees in any way relating to or
arising out of this Agreement or the enforcement of any of the terms of, or the preservation of any rights under this Agreement, and (b) to reimburse each Indemnitee for all costs, expenses and disbursements, including attorneys’ fees and
expenses, in each case arising out of or resulting from this Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder (but excluding any obligations, damages, injuries, penalties, claims, demands, losses, judgments
and liabilities (including, without limitation, liabilities for penalties) or expenses of whatsoever kind or nature to the extent incurred or arising by reason of gross negligence or willful misconduct of such Indemnitee (as determined by a court of
competent jurisdiction in a final and non-appealable decision)). In no event shall the Agent hereunder be liable, in the absence of gross negligence or willful misconduct on its part (as determined by a court of competent jurisdiction in a final and
non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies or other property actually received by it in accordance with the terms hereof. If and to the extent that the obligations of each
Guarantor under this Section 15 are unenforceable for any reason, each Guarantor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. The indemnity
obligations of each Guarantor contained in this Section 15 shall continue in full force and effect notwithstanding the full payment of all the Secured Obligations and the termination of all commitments under Secured Debt Agreements and all
Secured Hedging Agreements and notwithstanding the discharge thereof. 
 16. Miscellaneous. This is a guaranty of payment and not of
collection. In the event of a demand upon any Guarantor under this Guaranty, the Guarantors shall be held and bound to the Secured Parties directly as debtor with respect to the payment of the amounts hereby guaranteed. All costs and expenses,
including, without limitation, reasonable attorneys’ fees and expenses, incurred by the Secured Parties, or any of them, in obtaining performance of or collecting payments due under this Guaranty, to the extent permitted by the Credit
Agreement, shall be deemed part of the Obligations guaranteed hereby. 
 17. Time of the Essence. Time is of the essence with regard
to the Guarantors’ performance of its obligations hereunder. 
 18. Notices. All notices, demands and other communications
required or permitted hereunder shall be in writing and shall be given in a manner as set forth in the Credit Agreement and, with respect to the Borrowers, the Agent and the Lenders at the addresses set forth in the Credit Agreement, and with
respect to the Guarantors, at the address specified on the signature page hereto. 
 19. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE;
WAIVER OF JURY TRIAL. THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

(a) ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS GUARANTY, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES HEREUNDER IN CONNECTION HEREWITH OR THEREWITH MAY BE BROUGHT AND MAINTAINED IN THE COURTS OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE AGENT’S 

 
OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH GUARANTOR IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE
PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN SECTION 13.2 OF THE CREDIT AGREEMENT. EACH GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY
GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS
PROPERTY, SUCH GUARANTOR HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE CREDIT DOCUMENTS. 

(b) EACH GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS GUARANTY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF SUCH GUARANTOR IN CONNECTION
THEREWITH. EACH GUARANTOR ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER CREDIT DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE AGENT AND EACH LENDER ENTERING INTO THE CREDIT DOCUMENTS. EXCEPT AS PROHIBITED BY LAW, EACH GUARANTOR WAIVES ANY RIGHT WHICH IT MAY HAVE TO CLAIM OR RECOVER IN ANY PROCEEDING REFERRED TO IN THE PRECEDING SENTENCE ANY SPECIAL,
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL OR OTHER TYPE OF DAMAGES OTHER THAN ACTUAL DAMAGES. 
 20. Severability. If any paragraph or
part thereof shall for any reason be held or adjudged to be invalid, illegal or unenforceable by any court of competent jurisdiction, such paragraph or part thereof so adjudicated as invalid, illegal or unenforceable shall be deemed separate,
distinct and independent, and the remainder of this Guaranty shall remain in full force and effect and shall not be affected by such holding or adjudication. 

21. Counterparts. This Guaranty may be executed in multiple counterparts, each of which shall be deemed to be an original, but all such
separate counterparts shall together constitute but one and the same instrument. 
 22. Recourse. This Guaranty is made with full
recourse to each Guarantor and pursuant to and upon all the representations, warranties, covenants and agreements on the part of the Guarantors contained herein and in the other Credit Documents and otherwise in writing in connection herewith or
therewith. 
 23. Fraudulent Conveyance; Etc. It is the desire and intent of the Guarantors and the Secured Parties that this Guaranty
shall be enforced against the Guarantors to the fullest extent permissible under 

 
the laws and public policies applied in each jurisdiction in which enforcement is sought. Notwithstanding anything in this Guaranty to the contrary, however, (a) the right of recovery
against any Guarantor under this Guaranty shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations under this Guaranty void or voidable under applicable law, including fraudulent conveyance law and
(b) all payments made pursuant to this Guaranty shall be applied in accordance with Section 11.4 of the Credit Agreement. 
 24.
Discharge Upon Payment In Full. Each of the Guarantor’s obligations hereunder shall remain in full force and effect until the indefeasible payment in full of the Obligations (other than contingent indemnification obligations not then due
or asserted and only including the Banking Services Obligations to the extent due and payable as of the date of such payment), the termination, expiration or Cash Collateralization of all Letters of Credit, the termination of all Secured Hedging
Agreements and the termination of all Commitments. 
 [Signature pages follow] 

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty Agreement to be executed by its
elected officer duly authorized as of the date first above written. 
  

					
	PSC LICENSING CORP.
		
	By:	 	/s/ John Hanson
		 	Name:	 	John Hanson
		 	Title:	 	Treasurer and Secretary

  

			
	Address:	 	100 Summit Lake Drive
		 	Suite 100
		 	Valhalla, NY 10595
	Attention:	 	John Hanson
	Telephone:	 	914-345-2255
	Facsimile:	 	914-345-2266

  

					
	HYPERSOUND HEALTH, INC.
		
	By:	 	/s/ John Hanson
		 	Name:	 	John Hanson
		 	Title:	 	

  

			
	Address:	 	100 Summit Lake Drive
		 	Suite 100
		 	Valhalla, NY 10595
	Attention:	 	John Hanson
	Telephone:	 	914-345-2255
	Facsimile:	 	914-345-2266EX-10.7

 Exhibit 10.7 

Execution Copy 
 THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF REGISTRATION THEREUNDER OR AN EXEMPTION THEREFROM. 

PAYMENTS UNDER THIS NOTE ARE SUBJECT TO THE SUBORDINATION PROVISIONS CONTAINED HEREIN. 

THIS PROMISSORY NOTE WILL BE CONSIDERED TO HAVE BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR PURPOSES OF SECTIONS 1271 et seq. OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED. THIS NOTE WAS ORIGINALLY ISSUED ON AUGUST 30, 2013. FOR INFORMATION REGARDING THE ISSUE PRICE, AMOUNT OF OID PER $1,000 OF PRINCIPAL AMOUNT AND YIELD TO MATURITY FOR PURPOSES OF THE OID RULES, PLEASE
CONTACT THE TREASURER OF THE BORROWER AT 100 SUMMIT LAKE DRIVE, SUITE 100, VALHALLA, NY 10594. 
 SUBORDINATED PROMISSORY NOTE

 August 30, 2013 

FOR VALUE RECEIVED, the undersigned, VOYETRA TURTLE BEACH, INC., a Delaware corporation (the “Company”), hereby promises,
subject to the terms and conditions hereof including Section 5, to pay to the order of JUERGEN STARK (together with any successors and/or assigns, the “Holder”), in lawful money of the United States of America and in
immediately available funds, the principal amount of FIVE HUNDRED THOUSAND and 00/100 DOLLARS ($500,000.00) (the “Initial Principal Amount”), plus any Principal Increases (as defined below) together with any accrued interest
thereon that has not been capitalized, on the one year anniversary of the later of (i) the Term Loan Maturity Date and (ii) the Revolving Loan Termination Date (each as defined in the Credit Agreement (as defined below) (the
“Maturity Date”). 
 1. Interest. Interest shall accrue on the Initial Principal Amount and on any Principal
Increases at a rate equal to (i) 10% per annum for the period ending twelve (12) months from the date hereof and (ii) 20% per annum for all periods thereafter, and shall be calculated based upon a 365-day year. Interest on
this Note shall accrue from the date hereof until repayment in full of the Initial Principal Amount plus any Principal Increases together with any accrued interest thereon that has not been capitalized. Interest shall be paid quarterly by
increasing the principal amount of this Note (any such increase, a “Principal Increase”) by an amount equal to the interest accrued on the Initial Principal Amount and on any subsequent Principal Increases during such quarter. 

 2. Payments. The principal of this Note, together with accrued but unpaid interest
thereon, shall be immediately due and payable and shall be repaid in full upon the earliest occurrence of the Maturity Date or a Change in Control Event, in each case subject to Section 5 and unless the holders of a Majority in Interest
(as defined below) shall otherwise agree in writing. For this purpose, a “Change in Control” has the meaning set forth in the Credit Agreement referenced in Section 5(a)(i) hereof and “Change in Control Event”
means a Change of Control that has resulted in the acceleration of the Senior Debt and has not been consented to or waived by the requisite percentage of lenders under the Credit Agreement. 

3. Prepayment. Subject to Section 5 hereof, this Note may be prepaid at any time in whole or in part without premium or
penalty. 
 4. Method of Payment. All payments hereunder shall be made for the account of the Holder at its office located at 8324
Santaluz Pointe, San Diego, CA 92127 or to such other address as the Holder may designate in writing to the Company. 
 5.
Subordination. 
 (a) Certain Defined Terms. The following terms shall have the following meanings: 

(i) “Credit Agreement” shall mean the Credit Agreement, dated August 22, 2012, by and among the Company, VTB Holdings,
Inc., a Delaware corporation (the “Guarantor”), the various financial institutions and other Persons from time to time party thereto and PNC Bank, National Association, as administrative agent and collateral agent for the lenders
(in such capacity, the “Agent”), as the same has been and may be amended, restated, amended and restated, supplemented, refinanced, renewed, replaced or otherwise modified from time to time. 

(ii) “Insolvency Event” shall mean the occurrence of one or more events described in Sections 11.1(i) or (j) of the
Credit Agreement (or any similar event under any other Senior Credit Document). 
 (iii) “Majority in Interest” shall mean
a majority of the aggregate outstanding principal amount of the Notes. 
 (iv) “Notes” shall mean, collectively, this Note
and each of the other Subordinated Promissory Notes issued by the Company to each of SG VTB Holdings, LLC, Ron Doornink and Juergen Stark on the date hereof. 

(v) “payment in full” or “paid in full” shall mean with respect to the Senior Debt, that the Senior Debt has
indefeasibly paid in full in cash, all Letter of Credit Outstandings (as defined therein) have been discharged or cash collateralized in a manner acceptable to the Agent and the issuing bank thereof and all commitments to extend any credit
thereunder have been terminated. 

  
 2 

 (vi) “Permitted Refinancing” shall mean any refinancing of the Senior Debt under
the Senior Credit Documents pursuant to financing documentation that constitutes Permitted Refinancing Senior Loan Documents. 
 (vii)
“Permitted Refinancing Senior Loan Documents” shall mean any financing documentation which replaces the Senior Credit Documents pursuant to which the Senior Debt under the Senior Credit Documents is refinanced, as from time to time
amended and/or restated, supplemented or modified. 
 (viii) “Senior Credit Documents” means the Credit Agreement, the
Credit Documents (as defined therein) and all documents evidencing any Permitted Refinancing thereof. 
 (ix) “Senior Debt”
shall mean all Obligations of the Borrowers (as defined in the Credit Agreement or any other Senior Credit Documents) and the Guarantor under the Senior Credit Documents. 

(x) “Subordinated Debt” shall mean all indebtedness of the Company under this Note and any obligations of the Guarantor under
Section 17, including (a) all principal of, and interest on, the Notes and (b) all other indebtedness, fees, expenses, obligations and liabilities of the Company and the Guarantor to any holder of the Notes, whether now
existing or hereafter incurred or created, under or pursuant to the Notes or separately under any other document, instrument or agreement executed in connection therewith which relates to the indebtedness evidenced by the Notes, in each case,
whether such amounts are due or not due, direct or indirect, absolute or contingent. 
 (b) Subordination to Senior Debt. The Company
and the Guarantor, each for itself and its successors, and the Holder, by acceptance of this Note, agree that the Subordinated Debt shall, to the extent and in the manner hereinafter set forth, be subordinate and junior to the prior payment in full
of all Senior Debt. This Section 5(b) will constitute a continuing offer to all persons who, in reliance upon its provisions, become holders of, or continue to hold, Senior Debt, and such provisions are made for the benefit of the
holders of Senior Debt, and such holders are made obligees under this Section 5 and they and/or each of them may enforce its provisions. 

(c) Company Not to Make Payments with Respect to Subordinated Debt. 

(i) Until the Senior Debt has been paid in full, no payment by or on behalf of the Company, the Guarantor or any other Person may be made on
account of any Subordinated Debt except as expressly permitted by the Senior Credit Documents. 
 (ii) Until the Senior Debt has been paid
in full, no holder of any Subordinated Debt shall take any action or exercise any remedy against the Company, the Guarantor or any other person liable for any obligations thereunder on account of the Subordinated Debt (including, without limitation,
commencing any legal action, or filing or joining in the filing of any insolvency petition against the Company or the Guarantor) except for the filing of a claim or 

  
 3 

 
proof of claim required to preserve any holder of Subordinated Debt’s rights hereunder subject to Section 5(f)(i) and otherwise as expressly set forth in Section 6(b)
relating to an Event of Default pursuant to Section 6(a)(ii). 
 (d) Note Subordinated to Prior Payment of all Senior Debt on
Dissolution, Liquidation or Reorganization of the Company. In the event an Insolvency Event occurs, then: 
 (i) the holders of all
Senior Debt shall first be entitled to receive payment in full in cash of the principal thereon, premium, if any, interest and all other amounts payable thereon (accruing before and after the commencement of the proceedings, whether or not allowed
or allowable as a claim in such proceedings) before the holders of any Subordinated Debt are entitled to receive any payment on account of the principal of, or interest on, any Subordinated Debt. 

(ii) any payment or distribution of assets of the Company, the Guarantor or any other Person of any kind or character, whether in cash,
property or securities to which the holders of any Subordinated Debt would be entitled, but for the provisions of this Note, shall be paid or distributed by the liquidating trustee or agent or other person making such payment or distribution,
whether a trustee in bankruptcy, a receiver or liquidating trustee or other trustee or agent, directly to the holders of Senior Debt or any representative on behalf of the holders of Senior Debt, to the extent necessary to make payment in full in
cash of Senior Debt remaining unpaid. 
 (e) Proofs of Claim. If, while any Senior Debt is outstanding, any Event of Default under
Section 6(a)(ii) of this Agreement occurs with respect to the Company, the holders of Subordinated Debt shall duly and promptly take such action as any holder of Senior Debt may reasonably request to collect any payment with respect to
the Subordinated Debt for the account of the holders of the Senior Debt and to file appropriate claims or proofs of claim in respect of the Subordinated Debt. Upon the failure of the holders of Subordinated Debt to take any such action, each holder
of Senior Debt is hereby irrevocably authorized and empowered (in its own name or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred to in respect of the Subordinated Debt and to
file claims and proofs of claim and take such other action as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the holders of Subordinated Debt with respect to the Subordinated Debt. 

(f) Rights of Holders of Senior Debt; Subrogation. 

(i) Should any payment or distribution or security or the proceeds of any thereof be collected or received by any holder of Subordinated Debt
in respect of any Subordinated Debt at a time when such payment or distribution should not have been so made or received because of the provisions of this Section 5, such holder of Subordinated Debt will forthwith deliver the same to the
holders of Senior Debt for the equal and ratable benefit of the holders of the Senior Debt in precisely the form received (except for the endorsement or the assignment of or by such holder where necessary) for application to payment of all Senior
Debt in full, after giving effect to any concurrent payment or distribution to the holders of Senior Debt and, until so delivered, the same shall be held in trust by such holder as the property of the holders of the Senior Debt. 

  
 4 

 (ii) Upon the payment in full in cash of all Senior Debt, the holder of Subordinated Debt will be
subrogated to the rights of the holders of Senior Debt to receive payments or distributions of assets of the Company applicable to the Senior Debt until all amounts owing on the Subordinated Debt have been paid in full, and for the purpose of such
subrogation no such payments or distributions to the holders of Senior Debt by or on behalf of the Company or by or on behalf of the holders of Subordinated Debt by virtue of this Section 5 which otherwise would have been made to the
holders of Subordinated Debt will, as between the Company and the holders of Subordinated Debt, be deemed to be payment by the Company to or on account of the Senior Debt, it being understood that the provisions of this Section 5 are and
are intended to be solely for the purpose of defining the relative rights of the holder of Subordinated Debt on the one hand, and holders of Senior Debt, on the other hand. 

(g) Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of the Senior Debt. No right of any present or
future holders of any Senior Debt to enforce subordination as provided herein will at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by the Company with the terms of this Note regardless of any knowledge thereof which any such holder may have or otherwise be charged with. The holders of Senior Debt may extend, renew, increase, modify or amend the
terms of the Senior Debt or any security therefor and release, sell or exchange such security and otherwise deal freely with the Company; provided, however, that no such extension, renewal, increase, modification or amendment shall relieve the
Company or the Guarantor of their obligations to pay principal and interest as provided herein. 
 6. Events of Default. 

(a) An “Event of Default” occurs if: 

(i) the Company defaults in the payment of the principal of, or interest on, this Note when the same becomes due and payable at maturity, upon
acceleration, or otherwise; or 
 (ii) the Company shall generally not pay its debts as such debts become due, or shall admit in writing its
inability to pay its debts generally, or shall make a general assignment for the benefit of creditors, or any proceeding shall be instituted by or against any Company seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding
up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the
appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and in the case of any such proceeding instituted against the Company such proceeding shall not be stayed or dismissed within sixty
(60) days from the date of institution thereof. 

  
 5 

 (b) Acceleration. Subject to the provisions of Section 5, if an Event of
Default (other than an Event of Default specified in clause (a)(ii) of Section 6) occurs and is continuing, the holders of at least a Majority in Interest, by written notice to the Company and the holders of Senior Debt (as provided in
Section 10) (an “Acceleration Notice”), may declare the unpaid principal of and accrued interest on all of the Notes to be immediately due and payable. Upon such declaration, if there is at such time any Senior Debt
outstanding, the principal of and interest on the Notes shall be due and payable upon the first to occur of an acceleration under the applicable Senior Debt instrument or one hundred eighty (180) days after receipt by the Agent of such
Acceleration Notice given hereunder. If an Event of Default specified in clause (a)(ii) of Section 6 occurs, all principal of and interest on all of the Notes outstanding shall ipso facto become and be immediately due and payable without
any declaration or other act on the part of the Holder. The holders of at least a Majority in Interest, by written notice to the Company, may rescind an acceleration and its consequences if (i) all existing Events of Default, other than the
nonpayment of principal of or interest on the Notes which has become due solely because of the acceleration, have been cured or waived and (ii) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction.
Any amounts received by the Holder in connection with any action taken pursuant to this Section 6(b) shall be subject to the provisions of Section 5. 

(c) Default Rate. Any payment of principal or interest under this Note shall begin to bear interest at a penalty rate of two percent
(2%) above the-then applicable interest rate per annum upon the occurrence and during the continuance of an Event of Default under this Note or an event of default under any of the Senior Debt. 

(d) Majority in Interest. The holders of a Majority in Interest may direct the time, method and place of conducting any proceeding for
any remedy available to the holders of the Notes or exercising any trust or power conferred on them. The Holder of this Note may not pursue a remedy with respect to this Note unless the holders of at least a Majority in Interest consent to the
pursuit of the remedy. A holder may not use the provision hereof to prejudice the rights of another holder or to obtain a preference or priority over another holder. 

(e) Remedies Cumulative. A delay or omission by the Holder in exercising any right or remedy accruing upon an Event of Default shall
not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All remedies are cumulative to the extent permitted by law. 

7. Amendment and Waiver. 

(a) Consent Required. Any term, covenant, agreement or condition of the Notes may, with the consent of the Company, be amended or
compliance therewith may be waived (either generally or in a particular instance and either retroactively or prospectively), if the Company shall have obtained the consent in writing of the holders of at least a Majority in Interest. So long as
there is Senior Debt outstanding, (i) the subordination provisions of this Note may not be amended without the consent in writing of the holders of a majority in principal amount of the Senior Debt under the Credit Agreement and (ii) no
other provisions of this Note may be amended without the consent in writing of the holders of a majority in principal amount of the Senior Debt under the Credit Agreement if such amendment is adverse to the holders of the Senior Debt. 

(b) Effect of Amendment or Waiver. Any amendment or waiver shall be binding upon the Holder, upon each future holder of any Note and
upon the Company, whether or not such Note shall have been marked to indicate such amendment or waiver. No such amendment or waiver shall extend to or affect any obligation not expressly amended or waived or impair any right consequent thereon. 

  
 6 

 8. Replacement Notes. If a mutilated Note is surrendered to the Company or if the Holder
presents evidence to the reasonable satisfaction of the Company that this Note has been lost, destroyed or wrongfully taken, the Company shall issue a replacement note of like tenor if the requirements of the Company for such transactions are met.
An indemnity agreement may be required that is sufficient in the reasonable judgment of the Company to protect the Company from any loss which it may suffer. The Company may charge for its out-of-pocket expenses incurred in replacing this Note. 

9. No Recourse Against Others. No director, officer, employee or stockholder, as such, of the Company shall have any liability for any
obligations of the Company under this Note or for any claim based on, in respect or by reason of, such obligations or their creation. The Holder by accepting this Note waives and releases all such liability. This waiver and release are part of the
consideration for the issue of this Note. 
 10. Notices. All notices provided for or permitted hereunder shall be made in writing by
hand-delivery, registered or certified first-class mail, fax or reputable courier guaranteeing overnight delivery to the other party at the following addresses (or at such other address as shall be given in writing by any party to the others): 

If to the Company, to: 
 Voyetra
Turtle Beach, Inc. 
 100 Summit Lake Drive, Suite 100 

Valhalla, NY 10594 
 Attention:
Bruce Murphy 
 Fax: (914) 345-2266 

and 
 Dechert LLP 

2929 Arch Street 
 Philadelphia,
PA 19104 
 Attention: Gary Green 

Fax: (215) 994-2222 

  
 7 

 If to the Agent, to: 

PNC Bank, National Association 

1900 East Ninth Street 

Cleveland, Ohio 44114, 

Attention: Keven Larkin 
 Fax:
(216) 222-0129 
 with a copy to 

Agency Services, PNC Bank, National Association 

Mail Stop: P7-PFSC-04-1 
 500
First Avenue 
 Pittsburgh, Pennsylvania 15219, 

Attention: Agency Services 
 Fax:
(412) 762-6442 
 and 

Jones Day 
 901 Lakeside Avenue

 Cleveland, Ohio 44114 

Attention: Rachel Rawson 
 Fax:
(216) 579-0212 
 If to the Holder, to the Holder’s address as reflected in the books of the Company. 

All such notices shall be deemed to have been duly given: when delivered by hand, if personally delivered; four business days after being deposited in the
mail, postage prepaid, if mailed; and on the next business day, if timely delivered to a reputable courier guaranteeing overnight delivery. 

11. Successors, etc. This Note shall be binding upon and shall inure to the benefit of the Holder and the Company and their respective
successors and permitted assigns. 
 12. Waiver of Jury Trial. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY
RIGHT SUCH PARTIES MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY SUIT OR ACTION ARISING OUT OF THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HEREBY CERTIFIES THAT NEITHER THE OTHER PARTY NOR ANY OF ITS REPRESENTATIVES HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT IT WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL. FURTHER, EACH OF THE PARTIES ACKNOWLEDGES THAT THE OTHER PARTY RELIED ON THIS WAIVER OF RIGHT TO JURY TRIAL AS A MATERIAL INDUCEMENT TO ENTER
INTO THIS NOTE. 
 13. Costs of Enforcement. The Company is obligated to pay the costs of enforcement of this Note (including without
limitation the reasonable fees and expenses of counsel) incurred by or on behalf of the holder of this Note. 

  
 8 

 14. Waiver of Notice etc. The Company hereby waives presentment, notice of dishonor or
acceleration, protest and notice of protest, and any and all other notices or demands in connection with the delivery, acceptance, performance, default or enforcement of this Note. 

15. Headings. The section headings of this Note are for convenience only and shall not affect the meaning or interpretation of this
Note or any provision hereof. 
 16. Governing Law. This Note shall be deemed a contract under, and shall be governed by and
construed in accordance with, the laws of the State of New York without giving effect to principles of conflicts of laws. 
 17.
Guaranty 
 (a) The Guaranty. 

(i) The Guarantor hereby jointly and severally guarantees to the Holder, as hereinafter provided, as primary obligor and not as
surety, the prompt payment of the Subordinated Debt in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the terms hereof. The Guarantor hereby further agrees that if any
of the Subordinated Debt is not paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), the Guarantor will, jointly and severally, promptly pay the same, without any demand or notice whatsoever,
and that in the case of any extension of time of payment or renewal of any of the Subordinated Debt, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration or otherwise) in
accordance with the terms of such extension or renewal. 
 (ii) Notwithstanding any provision to the contrary contained
herein, the obligations of the Guarantor under this Note shall be limited to an aggregate amount equal to the largest amount as will result in such obligations with respect hereto and thereto not constituting a fraudulent transfer or conveyance
after giving full effect to the liability under such guarantee set forth in Section 17 hereof and its related contribution rights but before taking into account any liabilities under any other guarantee by the Guarantor. 

(b) Obligations Unconditional. 

(i) The obligations of the Guarantor under Section 17(a) are joint and several, absolute and unconditional, irrespective of the
value, genuineness, validity, regularity or enforceability of the Note or any other agreement or instrument referred to herein, or any substitution, release, impairment or exchange of any other guarantee of or security for any of the Subordinated
Debt, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this
Section 17(b) that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. The Guarantor agrees that it shall have no right of subrogation, indemnity, reimbursement or contribution
against the Company for amounts paid under this Section 17 until such time as the Subordinated Debt have been paid in full. 

  
 9 

 (ii) Without limiting the generality of the foregoing subsection (i), it is agreed that,
to the fullest extent permitted by law, the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantor hereunder which shall remain absolute and unconditional as described above: 

(1) at any time or from time to time, without notice to the Guarantor, the time for any performance of or compliance with any of the
Subordinated Debt shall be extended, or such performance or compliance shall be waived; 
 (2) any of the acts mentioned in any of the
provisions of the Note or any other agreement or instrument referred to in the Note shall be done or omitted; 
 (3) the maturity of any of
the Subordinated Debt shall be accelerated, or any of the Subordinated Debt shall be modified, supplemented or amended in any respect, or any right under the Note or any other agreement or instrument referred to in the Note shall be waived or any
other guarantee of any of the Subordinated Debt or any security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with; or 

(4) any of the Subordinated Debt shall be determined to be void or voidable (including, without limitation, for the benefit of any creditor
of the Guarantor) or shall be subordinated to the claims of any person (including, without limitation, any creditor of the Guarantor). 

(iii) With respect to its obligations hereunder, the Guarantor hereby expressly waives diligence, presentment, demand of payment, protest and
all notices whatsoever, and any requirement that the Holder exhaust any right, power or remedy or proceed against any person under the Note or any other agreement or instrument referred to in the Note or against any other person under any other
guarantee of, or security for, any of the Subordinated Debt 
 (c) Reinstatement. The obligations of the Guarantor under this
Section 17 shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any person in respect of the Subordinated Debt is rescinded or must be otherwise restored by any holder of any of the
Subordinated Debt, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and the Guarantor agrees that it will indemnify the Holder on demand for all reasonable costs and expenses (including, without limitation,
reasonable fees and expenses of counsel) incurred by such persons in connection with such rescission or restoration, including any such reasonable costs and expenses incurred in defending against any claim alleging that such payment constituted a
preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law. 
 (d) Certain Additional
Waivers. The Guarantor agrees that it shall have no right of recourse to security for the Subordinated Debt, except through the exercise of rights of subrogation pursuant to Section 17(b). 

  
 10 

 (e) Remedies. The Guarantor agrees that, to the fullest extent permitted by law, as
between the Guarantor, on the one hand, and the Holder on the other hand, the Subordinated Debt may be declared to be forthwith due and payable as provided in Section 6(b) (and shall be deemed to have become automatically due and payable
in the circumstances provided in said Section 6(b)) for purposes of Section 17(a) notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the Subordinated Debt from becoming
automatically due and payable) as against any other person and that, in the event of such declaration (or the Subordinated Debt being deemed to have become automatically due and payable), the Subordinated Debt (whether or not due and payable by any
other person) shall forthwith become due and payable by the Guarantor for purposes of Section 17(a). 
 (f) Guarantee of
Payment; Continuing Guarantee. The guarantee given by the Guarantor in this Section 17 is a guaranty of payment and not of collection, is a continuing guarantee, and shall apply to all Subordinated Debt whenever arising. 

[Signature page follows] 

  
 11 

 IN WITNESS WHEREOF, each Company has caused this Note to be duly executed, and the Holder has
caused this Note to be duly acknowledged, as of the date set forth below. 
  

			
	VOYETRA TURTLE BEACH, INC.
		
	By:	 	 /s/ Bruce Murphy

	Name:	 	Bruce Murphy
	Title:	 	Chief Financial Officer
	
	GUARANTOR:
	
	VTB HOLDINGS, INC.
		
	By:	 	 /s/ Bruce Murphy

	Name:	 	Bruce Murphy
	Title:	 	Chief Financial Officer

 ACKNOWLEDGED BY THE HOLDER 

THIS 31st DAY OF AUGUST, 2013: 
  

	
	 /s/ Juergen Stark

	Juergen Stark

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