Document:

Exhibit 10.5

 

SECURITY AGREEMENT

 

This SECURITY AGREEMENT,
dated as of August 4, 2022 (this “Agreement”), is among Aditxt, Inc., a Delaware corporation (the “Company”),
all of the Subsidiaries of the Company (such subsidiaries, the “Guarantors”
and together with the Company, the “Debtors”) and the holders of the Company’s 10% Senior Secured Promissory
Notes (the “Lenders”), in the original aggregate principal amount of up to $2,200,000 (the “Notes”)
signatory hereto, their endorsees, transferees and assigns (collectively, the “Secured Parties”).

 

WITNESSETH:

 

WHEREAS, pursuant to the Purchase
Agreement (as defined in the Note (as defined below)), the Company has agreed to issue that certain 10% senior secured promissory note
dated August 3, 2022, in the original principal amount of $200,000.00 (the “Note”);

 

WHEREAS, in order to induce
the Secured Parties to enter into the investment evidenced by the Note, each Debtor has agreed to execute and deliver to the Secured Parties
this Agreement and to grant the Secured Parties, a security interest in certain property of such Debtor to secure the prompt payment,
performance and discharge in full of all of the Company’s obligations under the Note.

 

NOW, THEREFORE, in consideration
of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto hereby agree as follows:

 

1. Certain
Definitions. As used in this Agreement, the following terms shall have the meanings set forth in this Section 1. Terms used but not
otherwise defined in this Agreement that are defined in Article 9 of the UCC (such as “account”, “chattel paper”,
“commercial tort claim”, “deposit account”, “document”, “equipment”, “fixtures”,
“general intangibles”, “goods”, “instruments”, “inventory”, “investment property”,
“letter-of-credit rights”, “proceeds” and “supporting obligations”) shall have the respective meanings
given such terms in Article 9 of the UCC.

 

(a)
“Collateral” means the collateral in which the Secured Parties are granted a security interest by this Agreement
(including but not limited to the collateral identified on Schedule C attached hereto) and which shall include the following
personal property of the Debtors, whether presently owned or existing or hereafter acquired or coming into existence, wherever
situated, and all additions and accessions thereto and all substitutions and replacements thereof, and all proceeds, products and
accounts thereof, including, without limitation, all proceeds from the sale or transfer of the Collateral and of insurance covering
the same and of any tort claims in connection therewith, and all dividends, interest,
cash, notes, securities, equity interest or other property at any time and from time to time acquired, receivable or
otherwise distributed in respect of, or in exchange for, any or all of the Pledged Securities (as defined below):

 

     

     

    

 

(i) All
goods, including, without limitation, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships, appliances,
furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature and wherever
situated, together with all documents of title and documents representing the same, all additions and accessions thereto, replacements
therefor, all parts therefor, and all substitutes for any of the foregoing and all other items used and useful in connection with any
Debtor’s businesses and all improvements thereto; and (B) all inventory;

 

(ii) All
contract rights and other general intangibles, including, without limitation, all partnership interests, membership interests, stock or
other securities, rights under any of the Organizational Documents, agreements related to the
Pledged Securities, licenses, distribution and other agreements, computer software (whether “off-the-shelf”, licensed
from any third party or developed by any Debtor), computer software development rights, leases, franchises, customer lists, quality control
procedures, grants and rights, goodwill, Intellectual Property and income tax refunds;

 

(iii) All
accounts, together with all instruments, all documents of title representing any of the foregoing, all rights in any merchandising, goods,
equipment, motor vehicles and trucks which any of the same may represent, and all right, title, security and guaranties with respect to
each account, including any right of stoppage in transit;

 

(iv) All
documents, letter-of-credit rights, instruments and chattel paper;

 

(v) All
commercial tort claims;

 

(vi) All
deposit accounts and all cash (whether or not deposited in such deposit accounts);

 

(vii) All
investment property;

 

(viii) All
supporting obligations; and

 

(ix) All
files, records, books of account, business papers, and computer programs; and

 

(x) the
products and proceeds of all of the foregoing Collateral set forth in clauses (i)-(ix) above.

 

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Without
limiting the generality of the foregoing, the “Collateral” shall include all investment property and general intangibles
respecting ownership and/or other equity interests in each Guarantor, including, without limitation, the shares of capital stock and the
other equity interests disclosed in the SEC Documents (as defined in the Purchase Agreement) (the “SEC Documents”), as the
same may be modified from time to time pursuant to the terms hereof, and any other shares of capital stock and/or other equity interests
of any other direct or indirect subsidiary of any Debtor obtained in the future, and, in each case, all certificates representing such
shares and/or equity interests and, in each case, all rights, options, warrants, stock, other securities and/or equity interests that
may hereafter be received, receivable or distributed in respect of, or exchanged for, any of the foregoing and all rights arising under
or in connection with the Pledged Securities, including, but not limited to, all dividends, interest and cash.

 

Notwithstanding the
foregoing, nothing herein shall be deemed to constitute an assignment of any asset which, in the event of an assignment, becomes void
by operation of applicable law or the assignment of which is otherwise prohibited by applicable law (in each case to the extent that such
applicable law is not overridden by Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar applicable law); provided, however,
that to the extent permitted by applicable law, this Agreement shall create a valid security interest in such asset and, to the extent
permitted by applicable law, this Agreement shall create a valid security interest in the proceeds of such asset.

 

(b)
“Intellectual Property” means the collective reference to all rights, priorities and privileges relating to
intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without
limitation, (i) all copyrights arising under the laws of the United States, any other country or any political subdivision thereof,
whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof, and all
applications in connection therewith, including, without limitation, all registrations, recordings and applications in the United
States Copyright Office, (ii) all letters patent of the United States, any other country or any political subdivision thereof, all
reissues and extensions thereof, and all applications for letters patent of the United States or any other country and all
divisions, continuations and continuations-in-part thereof, (iii) all trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade dress, service marks, logos, domain names and other source or business identifiers,
and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and
all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or
agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise, and all
common law rights related thereto, (iv) all trade secrets arising under the laws of the United States, any other country or any
political subdivision thereof, (v) all rights to obtain any reissues, renewals or extensions of the foregoing, (vi) all licenses for
any of the foregoing, and (vii) all causes of action for infringement of the foregoing.

 

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(c) “Majority
in Interest” means, at any time of determination, the majority in interest (based on then-outstanding principal amounts of Notes
at the time of such determination) of the Secured Parties.

 

(d) “Necessary
Endorsement” means undated stock powers endorsed in blank or other proper instruments of assignment duly executed and such other
instruments or documents as the Secured Parties may reasonably request.

 

(e) “Obligations”
means all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become due, or
that are now or may be hereafter contracted or acquired, or owing to, of any Debtor to the Secured Parties, including, without limitation,
all obligations under this Agreement, the Note, and any other instruments, agreements or other documents executed and/or delivered in
connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute
or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or
extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the
extent all or any part of such payment is avoided or recovered directly or indirectly from any of the Secured Parties as a preference,
fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from time to time.
Without limiting the generality of the foregoing, the term “Obligations” shall include, without limitation: (i) principal,
interest, and penalties under the Note and all other amounts owed thereunder; (ii) any and all other fees, indemnities, costs, obligations
and liabilities of the Debtors from time to time under or in connection with this Agreement, the Note, and any other instruments, agreements
or other documents executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including but not limited to
post-petition interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such amounts are
unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving any Debtor.

 

(f) “Organizational
Documents” means with respect to any Debtor, the documents by which such Debtor was organized (such as a certificate of incorporation,
certificate of limited partnership or articles of organization, and including, without limitation, any certificates of designation for
preferred stock or other forms of preferred equity) and which relate to the internal governance of such Debtor (such as bylaws, a partnership
agreement or an operating, limited liability or members agreement).

 

(g)
“Permitted Lien” means any of the following: (a) Liens of landlords, carriers, warehousemen, bailees, mechanics,
materialmen and other similar or statutory Liens (including Liens for taxes, fees, assessments and other governmental charges or
levies) in respect of any amount (i) which is not more than 30 days overdue or (ii) which may be overdue but the validity of which
is being contested at the time in good faith by appropriate proceedings, in each case so long as the holder of such Lien has not
taken any action to foreclose or otherwise exercise any remedies with respect to the Collateral; (b) Liens which have been disclosed
on Schedule D hereto, (c) Liens securing purchase money indebtedness or capital leases in an amount not to exceed $100,000, (d)
deposits or pledges made in connection with, or to secure payment of, workers’ compensation, unemployment insurance, pensions
or other social security obligations or to secure the performance of tenders, bids, contracts (other than for the repayment or
guarantee of borrowed money or purchase money obligations), statutory obligations and other similar obligations, incurred in the
ordinary course of business; (e) Liens in respect of judgments or awards not in excess of $100,000; (f) Liens on deposit accounts
granted or arising in the ordinary course of business in favor of depositary banks maintaining such deposit accounts solely to
secure customary account fees and charges payable in respect of such deposit accounts and overdrafts not in violation of this
Agreement; or (g) Lien in favor of the Specified Secured Indebtedness (as defined in the Note) (the “Specified Secured
Indebtedness”) in an amount not in excess of $792,000.

 

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(g) “Pledged
Interests” shall have the meaning ascribed to such term in Section 4(j).

 

(h) “Pledged
Securities” shall have the meaning ascribed to such term in Section 4(i).

 

(i) “UCC”
means the Uniform Commercial Code of the State of Delaware and or any other applicable law of any state or states which has jurisdiction
with respect to all, or any portion of, the Collateral or this Agreement, from time to time. It is the intent of the parties that defined
terms in the UCC should be construed in their broadest sense so that the term “Collateral” will be construed in its broadest
sense. Accordingly if there are, from time to time, changes to defined terms in the UCC that broaden the definitions, they are incorporated
herein and if existing definitions in the UCC are broader than the amended definitions, the existing ones shall be controlling.

 

2. Grant
of Security Interest in Collateral. As an inducement for the Secured Parties to enter into the investment as evidenced by the Note
and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each
Debtor hereby unconditionally and irrevocably pledges, grants and hypothecates to the Secured Parties, subject to Permitted Liens, a security
interest in and to, a lien upon and a right of set-off against all of their respective right, title and interest of whatsoever kind and
nature in and to, the Collateral (a “Security Interest” and, collectively, the “Security Interests”).

 

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 3. Delivery
of Certain Collateral. Contemporaneously or prior to the execution of this Agreement, each Debtor shall deliver or cause to be delivered
to the Secured Parties (a) any and all certificates and other instruments representing or evidencing the Pledged Securities, and (b) any
and all certificates and other instruments or documents representing any of the other Collateral, in each case, together with all Necessary
Endorsements. The Debtors are, contemporaneously with the execution hereof, delivering to Secured Parties, or have previously delivered
to Secured Parties, a true and correct copy of each Organizational Document governing any of the Pledged Securities.

 

4. Representations,
Warranties, Covenants and Agreements of the Debtors. Except as set forth under the corresponding section of the disclosure schedules
delivered to the Secured Parties concurrently herewith (the “Disclosure Schedules”), which Disclosure Schedules shall
be deemed a part hereof, each Debtor represents and warrants to, and covenants and agrees with, the Secured Parties as follows:

 

(a) Each
Debtor has the requisite corporate, partnership, limited liability company or other power and authority to enter into this Agreement and
otherwise to carry out its obligations hereunder. The execution, delivery and performance by each Debtor of this Agreement and the filings
contemplated therein have been duly authorized by all necessary action on the part of such Debtor and no further action is required by
such Debtor. This Agreement has been duly executed by each Debtor. This Agreement constitutes the legal, valid and binding obligation
of each Debtor, enforceable against each Debtor in accordance with its terms except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization and similar laws of general application relating to or affecting the rights and remedies of creditors
and by general principles of equity.

 

(b) The
Debtors have no place of business or offices where their respective books of account and records are kept (other than temporarily at the
offices of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule A attached
hereto. Except as specifically set forth on Schedule A, each Debtor is the record owner of the real property where such Collateral
is located, and there exist no mortgages or other liens on any such real property. Except as disclosed on Schedule A, none of such
Collateral is in the possession of any consignee, bailee, warehouseman, agent or processor.

 

(c) Except as
set forth in the SEC Documents and except for Permitted Liens, the Debtors are the sole owner of the Collateral (except for
non-exclusive licenses granted by any Debtor in the ordinary course of business), free and clear of any liens, security interests,
encumbrances, rights or claims. The Debtors are fully authorized to grant the Security Interests. Except as set forth in the SEC
Documents, there is not on file in any governmental or regulatory authority, agency or recording office an effective financing
statement, security agreement, license or transfer or any notice of any of the foregoing (other than those that will be filed in
favor of the Secured Parties pursuant to this Agreement) covering or affecting any of the Collateral. Except as set forth in the SEC
Documents prior to the date of this Agreement and except pursuant to this Agreement, as long as this Agreement shall be in effect,
the Debtors shall not execute and shall not knowingly permit to be on file in any such office or agency any other financing
statement or other document or instrument (except to the extent filed or recorded in favor of the Secured Parties pursuant to the
terms of this Agreement).

 

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(d) No
written claim has been received that any Collateral or any Debtor's use of any Collateral violates the rights of any third party. There
has been no adverse decision to any Debtor's claim of ownership rights in or exclusive rights to use the Collateral in any jurisdiction
or to any Debtor's right to keep and maintain such Collateral in full force and effect, and there is no proceeding involving said rights
pending or, to the best knowledge of any Debtor, threatened before any court, judicial body, administrative or regulatory agency, arbitrator
or other governmental authority.

 

(e) Each
Debtor shall at all times maintain its books of account and records relating to the Collateral at its principal place of business and
its Collateral at the locations set forth on Schedule A attached hereto and may not relocate such books of account and records
or tangible Collateral unless it delivers to the Secured Parties at least 30 days prior to such relocation (i) written notice of such
relocation and the new location thereof (which must be within the United States) and (ii) evidence that appropriate financing statements
under the UCC and other necessary documents have been filed and recorded and other steps have been taken to perfect the Security Interests
to create in favor of the Secured Parties a valid, perfected and continuing perfected lien in the Collateral subject to Permitted Liens.

 

(f) This
Agreement creates in favor of the Secured Parties a valid security interest in the Collateral securing the payment and performance
of the Obligations. Upon making the filings described in the immediately following paragraph, all security interests created
hereunder in any Collateral which may be perfected by filing UCC financing statements shall have been duly perfected. Except for the
filing of the UCC financing statements referred to in the immediately following paragraph, the recordation of this Agreement with
respect to copyrights and copyright applications in the United States Copyright Office referred to in paragraph (m), the execution
and delivery of deposit account control agreements satisfying the requirements of Section 9-104 of the UCC with respect to each
deposit account of the Debtors, and the delivery of the certificates and other
instruments provided in Section 3, no action is necessary to create, perfect or protect the security interests created
hereunder. Without limiting the generality of the foregoing, except for the filing of said financing statements, the recordation of
this Agreement, and the execution and delivery of said deposit account control agreements, no consent of any third parties and no
authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is
required for (i) the execution, delivery and performance of this Agreement, (ii) the creation or perfection of the Security
Interests created hereunder in the Collateral (subject to Permitted Liens) or (iii) the enforcement of the rights of the Secured
Parties hereunder.

 

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(g) Each
Debtor hereby authorizes the Secured Parties to file one or more financing statements under the UCC, with respect to the Security Interests,
with the proper filing and recording agencies in any jurisdiction deemed proper by it. The Secured Parties shall have the right (and is
hereby authorized to) to file with the applicable filing office(s) such financing statements, amendments, addenda, continuations, terminations,
assignments and other records (whether or not executed by Debtor) to perfect and to maintain perfected security interests in the Collateral
by the Secured Parties, including but not limited to a financing statement on Form UCC-1 with the State of Delaware and in all other applicable
jurisdictions with respect to the Collateral promptly upon the execution of this Agreement.

 

(h) The
execution, delivery and performance of this Agreement by the Debtors does not violate any of the provisions of any Organizational Documents
of any Debtor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable law, rule or regulation
applicable to any Debtor, conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of
time or both) of, any agreement, credit facility, debt or other instrument (evidencing any Debtor's debt or otherwise) or other understanding
to which any Debtor is a party or by which any property or asset of any Debtor is bound or affected. If any, all required consents (including,
without limitation, from stockholders or creditors of any Debtor) necessary for any Debtor to enter into and perform its obligations hereunder
have been obtained.

 

(i) The
capital stock and other equity interests listed in the SEC Documents (the “Pledged Securities”) represent all of the
capital stock and other equity interests of the Guarantors, and represent all capital stock and other equity interests owned, directly
or indirectly, by the Company. All of the Pledged Securities are validly issued, fully paid and nonassessable, and the Company is the
legal and beneficial owner of the Pledged Securities, free and clear of any lien, security interest or other encumbrance except for the
security interests created by this Agreement and Permitted Liens. 

 

(j) The
ownership and other equity interests in partnerships and limited liability companies (if any) included in the Collateral (the “Pledged
Interests”) by their express terms do not provide that they are securities governed by Article 8 of the UCC and are not held
in a securities account or by any financial intermediary.

 

(k) Each
Debtor shall at all times maintain the liens and Security Interests provided for hereunder as valid and perfected first priority
liens and security interests in the Collateral subject to Permitted Liens in favor of the Secured Parties until this Agreement and
the Security Interest hereunder shall be terminated pursuant to Section 14 hereof. Each Debtor hereby agrees to defend the same
against the claims of any and all persons and entities. Each Debtor shall safeguard and protect all Collateral for the account of
the Secured Parties. Each Debtor shall pay the cost of filing the same in all public offices wherever filing is, or is deemed by the
Secured Parties to be, necessary or desirable to effect the rights and obligations provided for herein. Each Debtor shall file with
the applicable filing office(s) such financing statements, amendments, addenda, continuations, terminations, assignments and other
records (whether or not executed by Debtor) to perfect and to maintain perfected security interests in the Collateral by the Secured
Parties, including but not limited to (a) promptly upon the execution of this Agreement, a financing statement on Form UCC-1 shall
be filed with the State of Delaware and in all other applicable jurisdictions on behalf of the Secured Parties with respect to the
Collateral. The Financing Statement shall designate the Secured Parties as the secured party and Debtor as the debtor, shall
identify the security interest in the Collateral, and contain any other items required by law. Without limiting the generality of
the foregoing, each Debtor shall pay all fees, taxes and other amounts necessary to maintain the Collateral and the Security
Interests hereunder, and each Debtor shall obtain and furnish to the Secured Parties from time to time, upon demand, such releases
and/or subordinations of claims and liens which may be required to maintain the priority of the Security Interests hereunder.

 

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(l) Except
with respect to the Specified Secured Indebtedness and Other Secured Indebtedness (as defined in the Note) (the “Other Secured Indebtedness”),
no Debtor will transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral (except for non-exclusive
licenses granted by a Debtor in its ordinary course of business and sales of inventory by a Debtor in its ordinary course of business)
without the prior written consent of a Majority in Interest.

 

(m) Each
Debtor shall keep and preserve its equipment, inventory and other tangible Collateral in good condition, repair and order and shall not
operate or locate any such Collateral (or cause to be operated or located) in any area excluded from insurance coverage.

 

(n)
Each Debtor shall maintain with financially sound and reputable insurers, insurance with respect to the Collateral, including
Collateral hereafter acquired, against loss or damage of the kinds and in the amounts customarily insured against by entities of
established reputation having similar properties similarly situated and in such amounts as are customarily carried under similar
circumstances by other such entities and otherwise as is prudent for entities engaged in similar businesses but in any event
sufficient to cover the full replacement cost thereof. Each Debtor shall cause each insurance policy issued in connection herewith
to provide, and the insurer issuing such policy to certify to the Secured Parties, that (a) the Secured Parties will be named as
lender loss payee and additional insured under each such insurance policy; (b) if such insurance be proposed to be cancelled or
materially changed for any reason whatsoever, such insurer will promptly notify the Secured Parties and such cancellation or
change shall not be effective as to the Secured Parties for at least thirty (30) days after receipt by the Secured Parties of such
notice, unless the effect of such change is to extend or increase coverage under the policy; and (c) the Secured Parties will have
the right (but no obligation) at its election to remedy any default in the payment of premiums within thirty (30) days of notice
from the insurer of such default. If no Event of Default (as defined in the Note) exists and if the proceeds arising out of any
claim or series of related claims do not exceed $100,000, loss payments in each instance will be applied by the applicable Debtor to
the repair and/or replacement of property with respect to which the loss was incurred to the extent reasonably feasible, and any
loss payments or the balance thereof remaining, to the extent not so applied, shall be payable to the applicable Debtor; provided, however,
that payments received by any Debtor after an Event of Default occurs and is continuing or in excess of $100,000 for any occurrence
or series of related occurrences shall be paid to the Secured Parties and accordingly, if received by such Debtor, shall be held in
trust for the Secured Parties and immediately paid over to the Secured Parties. Copies of such policies or the related certificates,
in each case, naming the Secured Parties as lender loss payee and additional insured shall be delivered to the Secured Parties at
least annually and at the time any new policy of insurance is issued.

 

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(o) Each
Debtor shall, within ten (10) days of obtaining knowledge thereof, advise the Secured Parties promptly, in sufficient detail, of any material
adverse change in the Collateral, and of the occurrence of any event which would have a material adverse effect on the value of the Collateral
or on the Secured Parties’ security interest therein.

 

(p) Each
Debtor shall promptly execute and deliver to the Secured Parties such further deeds, mortgages, assignments, security agreements, financing
statements or other instruments, documents, certificates and assurances and take such further action as the Secured Parties may from time
to time request and may in its sole discretion deem necessary to perfect, protect or enforce the Secured Parties’ security interest
in the Collateral.

 

(q) Each
Debtor shall permit the Secured Parties and its representatives and agents to inspect the Collateral during normal business hours and
upon reasonable prior notice, and to make copies of records pertaining to the Collateral as may be reasonably requested by the Secured
Parties from time to time.

 

(r) Each
Debtor shall take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any rights, claims, causes
of action and accounts receivable in respect of the Collateral.

 

(s)
Each Debtor shall promptly notify the Secured Parties in sufficient detail upon becoming aware of any attachment, garnishment,
execution or other legal process levied against any Collateral and of any other information received by such Debtor that may
materially affect the value of the Collateral, the Security Interest or the rights and remedies of the Secured Parties
hereunder.

 

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(t) All
information heretofore, herein or hereafter supplied to the Secured Parties by or on behalf of any Debtor with respect to the Collateral
is accurate and complete in all material respects as of the date furnished.

 

(u) The
Debtors shall at all times preserve and keep in full force and effect their respective valid existence and good standing and any rights
and franchises material to its business.

 

(v) No
Debtor will change its name, type of organization, jurisdiction of organization, organizational identification number (if it has one),
legal or corporate structure, or identity, or add any new fictitious name unless it provides at least 30 days prior written notice to
the Secured Parties of such change and, at the time of such written notification, such Debtor provides any financing statements or fixture
filings necessary to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

 

(w) Except
in the ordinary course of business, no Debtor may consign any of its inventory or sell any of its inventory on bill and hold, sale or
return, sale on approval, or other conditional terms of sale without the consent of the Secured Parties which shall not be unreasonably
withheld.

 

(x) No
Debtor may relocate its chief executive office to a new location without providing 30 days prior written notification thereof to the Secured
Parties and so long as, at the time of such written notification, such Debtor provides any financing statements or fixture filings necessary
to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

 

(y) Each
Debtor was organized and remains organized solely under the laws of the state set forth next to such Debtor’s name in Schedule
B attached hereto, which Schedule B sets forth each Debtor’s organizational identification number or, if any Debtor does
not have one, states that one does not exist.

 

(z)
(i) The actual name of each Debtor is the name set forth in Schedule B attached hereto; (ii) no Debtor has any trade names except
as set forth in the SEC Documents; (iii) no Debtor has used any name other than that stated in the preamble hereto or as set forth in
the SEC Documents for the preceding five years; and (iv) no entity has merged into any Debtor or been acquired by any Debtor within the
past five years except as set forth in the SEC Documents.

 

(aa) At
any time and from time to time that any Collateral consists of instruments, certificated securities or other items that require or permit
possession by the Secured Parties to perfect the security interest created hereby, the applicable Debtor shall deliver such Collateral
to the Secured Parties.

 

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(bb) Each
Debtor, in its capacity as issuer, hereby agrees to comply with any and all orders and instructions of Secured Parties regarding the Pledged
Interests consistent with the terms of this Agreement without the further consent of any Debtor as contemplated by Section 8-106 (or any
successor section) of the UCC. Further, each Debtor agrees that it shall not enter into a similar agreement (or one that would confer
“control” within the meaning of Article 8 of the UCC) with any other person or entity.

 

(cc) Each
Debtor shall cause all tangible chattel paper constituting Collateral to be delivered to the Secured Parties, or, if such delivery is
not possible, then to cause such tangible chattel paper to contain a legend noting that it is subject to the security interest created
by this Agreement. To the extent that any Collateral consists of electronic chattel paper, the applicable Debtor shall cause the underlying
chattel paper to be “marked” within the meaning of Section 9-105 of the UCC (or successor section thereto).

 

(dd) If
there is any investment property or deposit account included as Collateral that can be perfected by “control” through an account
control agreement, the applicable Debtor shall cause such an account control agreement, in form and substance in each case satisfactory
to the Secured Parties, to be entered into and delivered to the Secured Parties.

 

(ee) To
the extent that any Collateral consists of letter-of-credit rights, the applicable Debtor shall cause the issuer of each underlying letter
of credit to consent to an assignment of the proceeds thereof to the Secured Parties.

 

(ff) To
the extent that any Collateral is in the possession of any third party, the applicable Debtor shall join with the Secured Parties in notifying
such third party of the Secured Parties’ security interest in such Collateral and shall use its best efforts to obtain an acknowledgement
and agreement from such third party with respect to the Collateral, in form and substance reasonably satisfactory to the Secured Parties.

 

(gg) If
any Debtor shall at any time hold or acquire a commercial tort claim, such Debtor shall promptly notify the Secured Parties in a writing
signed by such Debtor of the particulars thereof and grant to the Secured Parties in such writing a security interest therein and in the
proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to the Secured Parties.

 

(hh)
Each Debtor shall immediately provide written notice to the Secured Parties of any and all accounts which arise out of contracts
with any governmental authority and, to the extent necessary to perfect or continue the perfected status of the Security Interests
in such accounts and proceeds thereof, shall execute and deliver to the Secured Parties an assignment of claims for such accounts
and cooperate with the Secured Parties in taking any other steps required, in its judgment, under the Federal Assignment of Claims
Act or any similar federal, state or local statute or rule to perfect or continue the perfected status of the Security Interests in
such accounts and proceeds thereof.

 

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(ii) Each
Debtor shall cause each subsidiary of such Debtor to immediately become a party hereto
(an “Additional Debtor”), by executing and delivering an Additional Debtor Joinder in substantially the form of Annex A
attached hereto and comply with the provisions hereof applicable to the Debtors. Concurrent therewith, the Additional Debtor shall deliver
replacement schedules for, or supplements to all other Schedules to (or referred to in) this Agreement, as applicable, which replacement
schedules shall supersede, or supplements shall modify, the Schedules then in effect. The Additional Debtor shall also deliver such opinions
of counsel, authorizing resolutions, good standing certificates, incumbency certificates, organizational documents, financing statements
and other information and documentation as the Secured Parties may reasonably request. Upon delivery of the foregoing to the Secured Parties,
the Additional Debtor shall be and become a party to this Agreement with the same rights and obligations as the Debtors, for all purposes
hereof as fully and to the same extent as if it were an original signatory hereto and shall be deemed to have made the representations,
warranties and covenants set forth herein as of the date of execution and delivery of such Additional Debtor Joinder, and all references
herein to the “Debtors” shall be deemed to include each Additional Debtor.

 

(jj)Each
Debtor shall vote the Pledged Securities to comply with the covenants and agreements set forth herein and in the Note.

 

(kk)Each
Debtor shall register the pledge of the applicable Pledged Securities on the books of such Debtor. Each Debtor shall notify each issuer
of Pledged Securities to register the pledge of the applicable Pledged Securities in the name of the Secured Parties on the books of such
issuer. Further, except with respect to certificated securities delivered to the Secured Parties, the applicable Debtor shall deliver
to Secured Parties an acknowledgement of pledge (which, where appropriate, shall comply with the requirements of the relevant UCC with
respect to perfection by registration) signed by the issuer of the applicable Pledged Securities, which acknowledgement shall confirm
that: (a) it has registered the pledge on its books and records; and (b) at any time directed by the Secured Parties during the continuation
of an Event of Default, such issuer will transfer the record ownership of such Pledged Securities into the name of the Secured Parties
or any designee of Secured Parties, will take such steps as may be necessary to effect the transfer, and will comply with all other instructions
of Secured Parties regarding such Pledged Securities without the further consent of the applicable Debtor.

 

(ll)In
the event that, upon an occurrence of an Event of Default, Secured Parties shall sell all or any of the Pledged Securities to
another party or parties (herein called the “Transferee”) or shall purchase or retain all or any of the Pledged
Securities, each Debtor shall, to the extent applicable: (i) deliver to Secured Parties or the Transferee, as the case may
be, the articles of incorporation, bylaws, minute books, stock certificate books, corporate seals, deeds, leases, indentures,
agreements, evidences of indebtedness, books of account, financial records and all other Organizational Documents and records of the
Debtors and their direct and indirect subsidiaries; (ii) use its best efforts to obtain resignations of the persons then serving as
officers and directors of the Debtors and their direct and indirect subsidiaries, if so requested; and (iii) use its best efforts to
obtain any approvals that are required by any governmental or regulatory body in order to permit the sale of the Pledged Securities
to the Transferee or the purchase or retention of the Pledged Securities by Secured Parties and allow the Transferee or Secured
Parties to continue the business of the Debtors and their direct and indirect subsidiaries.

 

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(mm)Without
limiting the generality of the other obligations of the Debtors hereunder, each Debtor shall promptly (i) cause to be registered at the
United States Copyright Office all of its material copyrights, (ii) cause the security interest contemplated hereby with respect to all
Intellectual Property registered at the United States Copyright Office or United States Patent and Trademark Office to be duly recorded
at the applicable office, and (iii) give the Secured Parties notice whenever it acquires (whether absolutely or by license) or creates
any additional material Intellectual Property.

 

(nn) Each
Debtor will from time to time, at the joint and several expense of the Debtors, promptly execute and deliver all such further instruments
and documents, and take all such further action as may be necessary or desirable, or as the Secured Parties may reasonably request, in
order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Secured Parties to exercise
and enforce their rights and remedies hereunder and with respect to any Collateral or to otherwise carry out the purposes of this Agreement.

 

(oo) The
SEC Documents list all of the patents, patent applications, trademarks, trademark applications, registered copyrights, and domain
names owned by any of the Debtors as of the date hereof. The SEC Documents list all material licenses in favor of any Debtor for
the use of any patents, trademarks, copyrights and domain names as of the date hereof. All material patents and trademarks of the Debtors
have been duly recorded at the United States Patent and Trademark Office and all material copyrights of the Debtors have been duly recorded
at the United States Copyright Office.

 

(pp) Except
as set forth in the SEC Documents, none of the account debtors or other persons or entities obligated on any of the Collateral is a governmental
authority covered by the Federal Assignment of Claims Act or any similar federal, state or local statute or rule in respect of such Collateral.

 

5. Effect
of Pledge on Certain Rights. If any of the Collateral subject to this Agreement consists of nonvoting equity or ownership
interests (regardless of class, designation, preference or rights) that may be converted into voting equity or ownership interests
upon the occurrence of certain events (including, without limitation, upon the transfer of all or any of the other stock or
assets of the issuer), it is agreed that the pledge of such equity or ownership interests pursuant to this Agreement or the
enforcement of any of Secured Parties’ rights hereunder shall not be deemed to be the type of event which would trigger such
conversion rights notwithstanding any provisions in the Organizational Documents or agreements to which any Debtor is subject or to
which any Debtor is party.

 

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6.
 Defaults. The following events shall be “Events of Default”:

 

(a) The
occurrence of an Event of Default (as defined in the Note) under the Note;

 

(b) Any
representation or warranty of any Debtor in this Agreement shall prove to have been incorrect in any material respect when made;

 

(c) The
failure by any Debtor to observe or perform any of its obligations hereunder for five (5) days after delivery to such Debtor of notice
of such failure by or on behalf of the Secured Parties unless such default is capable of cure but cannot be cured within such time frame
and such Debtor is using best efforts to cure same in a timely fashion; or

 

(d) If
any provision of this Agreement shall at any time for any reason be declared to be null and void, or the validity or enforceability thereof
shall be contested by any Debtor, or a proceeding shall be commenced by any Debtor, or by any governmental authority having jurisdiction
over any Debtor, seeking to establish the invalidity or unenforceability thereof, or any Debtor shall deny that any Debtor has any liability
or obligation purported to be created under this Agreement.

 

7.
Duty To Hold In Trust.

 

(a) Upon
the occurrence of any Event of Default and at any time thereafter, each Debtor shall, upon receipt of any revenue, income,
dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Note or otherwise, or of any
check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the
Secured Parties and shall forthwith endorse and transfer any such sums or instruments, or both, to the Secured Parties, pro-rata in proportion
to their respective then-currently outstanding principal amount of Note for application to the satisfaction of the Obligations.

 

(b)
If any Debtor shall become entitled to receive or shall receive any securities or other property (including, without limitation,
shares of Pledged Securities or instruments representing Pledged Securities acquired after the date hereof, or any options,
warrants, rights or other similar property or certificates representing a dividend, or any distribution in connection with any
recapitalization, reclassification or increase or reduction of capital, or issued in connection with any reorganization of
such Debtor or any of its direct or indirect subsidiaries) in respect of the Pledged Securities (whether as an addition to, in
substitution of, or in exchange for, such Pledged Securities or otherwise), such Debtor agrees to (i) accept the same as the agent
of the Secured Parties; (ii) hold the same in trust on behalf of and for the benefit of the Secured Parties; and (iii) to deliver
any and all certificates or instruments evidencing the same to Secured Parties on or before the close of business on the fifth
business day following the receipt thereof by such Debtor, in the exact form received together with the Necessary Endorsements, to
be held by Secured Parties subject to the terms of this Agreement as Collateral.

 

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8.
Rights and Remedies Upon Default.

 

(a) Upon
the occurrence of any Event of Default and at any time thereafter, the Secured Parties, shall have the right to exercise all of the remedies
conferred hereunder and under the Note, and the Secured Parties shall have all the rights and remedies of a secured party under the UCC.
Without limitation, the Secured Parties shall have the following rights and powers:

 

(i) The
Secured Parties shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and assistance of
any person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and each Debtor shall assemble
the Collateral and make it available to the Secured Parties at places which the Secured Parties shall reasonably select, whether at such
Debtor's premises or elsewhere, and make available to the Secured Parties, without rent, all of such Debtor’s respective premises
and facilities for the purpose of the Secured Parties taking possession of, removing or putting the Collateral in saleable or disposable
form.

 

(ii) Upon
notice to the Debtors by Secured Parties, all rights of each Debtor to exercise the voting and other consensual rights which it would
otherwise be entitled to exercise and all rights of each Debtor to receive the dividends and interest which it would otherwise be authorized
to receive and retain, shall cease. Upon such notice, the Secured Parties shall have the right to receive any interest, cash dividends
or other payments on the Collateral and, at the option of Secured Parties, to exercise in such Secured Parties’ discretion all voting
rights pertaining thereto. Without limiting the generality of the foregoing, Secured Parties shall have the right (but not the obligation)
to exercise all rights with respect to the Collateral as it were the sole and absolute owner thereof, including, without limitation, to
vote and/or to exchange, at its sole discretion, any or all of the Collateral in connection with a merger, reorganization, consolidation,
recapitalization or other readjustment concerning or involving the Collateral or any Debtor or any of its direct or indirect subsidiaries.

 

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(iii)The
Secured Parties shall have the right to operate the business of each Debtor using the Collateral and shall have the right to assign, sell,
lease or otherwise dispose of and deliver all or any part of the Collateral, at public or private sale or otherwise, either with or without
special conditions or stipulations, for cash or on credit or for future delivery, in such parcel or parcels and at such time or times
and at such place or places, and upon such terms and conditions as the Secured Parties may deem commercially reasonable, all without (except
as shall be required by applicable statute and cannot be waived) advertisement or demand upon or notice to any Debtor or right of redemption
of a Debtor, which are hereby expressly waived. Upon each such sale, lease, assignment or other transfer of Collateral, the Secured Parties,
may, unless prohibited by applicable law which cannot be waived, purchase all or any part of the Collateral being sold, free from and
discharged of all trusts, claims, right of redemption and equities of any Debtor, which are hereby waived and released.

 

(iv) The
Secured Parties shall have the right (but not the obligation) to notify any account debtors and any obligors under instruments or accounts
to make payments directly to the Secured Parties, on behalf of the Secured Parties, and to enforce the Debtors’ rights against such
account debtors and obligors.

 

(v) The
Secured Parties may (but are not obligated to) direct any financial intermediary or any other person or entity holding any investment
property to transfer the same to the Secured Parties or its designee.

 

(vi) The
Secured Parties may (but is not obligated to) transfer any or all Intellectual Property registered in the name of any Debtor at the United
States Patent and Trademark Office and/or Copyright Office into the name of the Secured Parties or any designee or any purchaser of any
Collateral.

 

(b) The
Secured Parties shall comply with any applicable law in connection with a disposition of Collateral and such compliance will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral. The Secured Parties may sell the Collateral without giving
any warranties and may specifically disclaim such warranties. If the Secured Parties sell any of the Collateral on credit, the Debtors
will only be credited with payments actually made by the purchaser. In addition, each Debtor waives any and all rights that it may have
to a judicial hearing in advance of the enforcement of any of the Secured Parties’ rights and remedies hereunder, including, without
limitation, its right following an Event of Default to take immediate possession of the Collateral and to exercise its rights and remedies
with respect thereto.

 

(c)
For the purpose of enabling the Secured Parties to further exercise rights and remedies under this Section 8 or elsewhere provided
by agreement or applicable law, each Debtor hereby grants to the Secured Parties, for the benefit of the Secured Parties, an
irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to such Debtor) to use, license or
sublicense following an Event of Default, any Intellectual Property now owned or hereafter acquired by such Debtor, and wherever the
same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored
and to all computer software and programs used for the compilation or printout thereof.

 

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9. Applications
of Proceeds. The proceeds of any such sale, lease or other disposition of the Collateral hereunder or from payments made on
account of any insurance policy insuring any portion of the Collateral shall be applied first, to the expenses of retaking, holding,
storing, processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs
incurred in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses incurred by the Secured
Parties in enforcing the Secured Parties’ rights hereunder and in connection with collecting, storing and disposing of the
Collateral, and then to satisfaction of the Obligations pro rata among the Secured Parties (based on then-outstanding principal
amounts of Note at the time of any such determination), and to the payment of any other amounts required by applicable law, after
which the Secured Parties shall pay to the applicable Debtor any surplus proceeds. If, upon the sale, license or other disposition
of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Parties are legally entitled, the
Debtors will be liable for the deficiency, together with interest thereon, at the rate of the Default Interest (as defined in the
Note), and the reasonable fees of any attorneys employed by the Secured Parties to collect such deficiency. To the extent permitted
by applicable law, each Debtor waives all claims, damages and demands against the Secured Parties arising out of the repossession,
removal, retention or sale of the Collateral, unless due solely to the gross negligence or willful misconduct of the Secured Parties
as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction.

 

10. Securities
Law Provision. Each Debtor recognizes that Secured Parties may be limited in its ability to effect a sale to the public of all or
part of the Pledged Securities by reason of certain prohibitions in the Securities Act of 1933, as amended, or other federal or state
securities laws (collectively, the “Securities Laws”), and may be compelled to resort to one or more sales to a restricted
group of purchasers who may be required to agree to acquire the Pledged Securities for their own account, for investment and not with
a view to the distribution or resale thereof. Each Debtor agrees that sales so made may be at prices and on terms less favorable than
if the Pledged Securities were sold to the public, and that Secured Parties have no obligation to delay the sale of any Pledged Securities
for the period of time necessary to register the Pledged Securities for sale to the public under the Securities Laws. Each Debtor shall
cooperate with Secured Parties in its attempt to satisfy any requirements under the Securities Laws (including, without limitation, registration
thereunder if requested by Secured Parties) applicable to the sale of the Pledged Securities by Secured Parties.

 

11. Costs
and Expenses. Each Debtor agrees to pay all reasonable out-of-pocket fees, costs and expenses incurred in connection with any
filing required hereunder, including without limitation, any financing statements pursuant to the UCC, continuation statements,
partial releases and/or termination statements related thereto or any expenses of any searches reasonably required by the Secured
Parties. The Debtors shall also pay all other claims and charges which in the reasonable opinion of the Secured Parties is
reasonably likely to prejudice, imperil or otherwise affect the Collateral or the Security Interests therein. The Debtors will also,
upon demand, pay to the Secured Parties the amount of any and all reasonable expenses, including the reasonable fees and expenses of
its counsel and of any experts and agents, which the Secured Parties may incur in connection with the creation, perfection,
protection, satisfaction, foreclosure, collection or enforcement of the Security Interest and the preparation, administration,
continuance, amendment or enforcement of this Agreement and pay to the Secured Parties the amount of any and all reasonable
expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which the Secured Parties may
incur in connection with (i) the enforcement of this Agreement, (ii) the custody or preservation of, or the sale of, collection
from, or other realization upon, any of the Collateral, or (iii) the exercise or enforcement of any of the rights of the Secured
Parties under the Note. Until so paid, any fees payable hereunder shall be added to the principal amount of the Note and shall bear
interest at the rate of the Default Interest (as defined in the Note).

 

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12. Responsibility
for Collateral. The Debtors assume all liabilities and responsibility in connection with all Collateral, and the Obligations shall
in no way be affected or diminished by reason of the loss, destruction, damage or theft of any of the Collateral or its unavailability
for any reason. Without limiting the generality of the foregoing, (a) the Secured Parties do not (i) have any duty (either before or after
an Event of Default) to collect any amounts in respect of the Collateral or to preserve any rights relating to the Collateral, or (ii)
have any obligation to clean-up or otherwise prepare the Collateral for sale, and (b) each Debtor shall remain obligated and liable under
each contract or agreement included in the Collateral to be observed or performed by such Debtor thereunder. The Secured Parties shall
not have any obligation or liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt
by the Secured Parties of any payment relating to any of the Collateral, nor shall the Secured Parties be obligated in any manner to perform
any of the obligations of any Debtor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency
of any payment received by the Secured Parties in respect of the Collateral or as to the sufficiency of any performance by any party under
any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment
of any amounts which the Secured Parties may be entitled at any time or times.

 

13. Security
Interests Absolute. All rights of the Secured Parties and all obligations of the Debtors hereunder, shall be absolute and
unconditional, irrespective of: (a) any lack of validity or enforceability of this Agreement, the Note or any agreement entered into
in connection with the foregoing, or any portion hereof or thereof; (b) any change in the time, manner or place of payment or
performance of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any
departure from the Note or any other agreement entered into in connection with the foregoing; (c) any exchange, release or
nonperfection of any of the Collateral, or any release or amendment or waiver of or consent to departure from any other collateral
for, or any guarantee, or any other security, for all or any of the Obligations; (d) any action by the Secured Parties to obtain,
adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in connection with the Collateral;
or (e) any other circumstance which might otherwise constitute any legal or equitable defense available to a Debtor, or a discharge
of all or any part of the Security Interests granted hereby. Until the Obligations shall have been paid and performed in full, the
rights of the Secured Parties shall continue even if the Obligations are barred for any reason, including, without limitation, the
running of the statute of limitations or bankruptcy. Each Debtor expressly waives presentment, protest, notice of protest, demand,
notice of nonpayment and demand for performance. In the event that at any time any transfer of any Collateral or any payment
received by the Secured Parties hereunder shall be deemed by final order of a court of competent jurisdiction to have been a
voidable preference or fraudulent conveyance under the bankruptcy or insolvency laws of the United States, or shall be deemed to be
otherwise due to any party other than the Secured Parties, then, in any such event, each Debtor’s obligations hereunder shall
survive cancellation of this Agreement, and shall not be discharged or satisfied by any prior payment thereof and/or cancellation of
this Agreement, but shall remain a valid and binding obligation enforceable in accordance with the terms and provisions hereof. Each
Debtor waives all right to require the Secured Parties to proceed against any other person or entity
or to apply any Collateral which the Secured Parties may hold at any time, or to marshal assets, or to pursue any other
remedy. Each Debtor waives any defense arising by reason of the application of the statute of limitations to any obligation secured
hereby.

 

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14. Term
of Agreement. This Agreement and the Security Interests shall terminate on the date on which all payments under the Note have been
indefeasibly paid in full and all other Obligations have been paid or discharged; provided, however, that all indemnities of the Debtors
contained in this Agreement (including, without limitation, Annex B hereto) shall survive and remain operative and in full force and effect
regardless of the termination of this Agreement.

 

15.
 Power of Attorney; Further Assurances.

 

(a) Each
Debtor authorizes the Secured Parties, and does hereby make, constitute and appoint the Secured Parties and its officers, agents,
successors or assigns with full power of substitution, as such Debtor’s true and lawful attorney-in-fact, with power, in the
name of the Secured Parties or such Debtor, to, after the occurrence and during the continuance of an Event of Default, (i) endorse
any note, checks, drafts, money orders or other instruments of payment (including payments payable under or in respect of any policy
of insurance) in respect of the Collateral that may come into possession of the Secured Parties; (ii) to sign and endorse any
financing statement pursuant to the UCC or any invoice, freight or express bill, bill of lading, storage or warehouse receipts,
drafts against debtors, assignments, verifications and notices in connection with accounts, and other documents relating to the
Collateral; (iii) to pay or discharge taxes, liens, security interests or other encumbrances at any time levied or placed on or
threatened against the Collateral; (iv) to demand, collect, receipt for, compromise, settle and sue for monies due in respect of the
Collateral; (v) to transfer any Intellectual Property or provide licenses respecting any Intellectual Property; and (vi) generally,
at the option of the Secured Parties, and at the expense of the Debtors, at any time, or from time to time, to execute and deliver
any and all documents and instruments and to do all acts and things which the Secured Parties deem necessary to protect, preserve
and realize upon the Collateral and the Security Interests granted therein in order to effect the intent of this Agreement and the
Note all as fully and effectually as the Debtors might or could do; and each Debtor hereby ratifies all that said attorney shall
lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable for
the term of this Agreement and thereafter as long as any of the Obligations shall be outstanding. The
designation set forth herein shall be deemed to amend and supersede any inconsistent provision in the Organizational Documents or
other documents or agreements to which any Debtor is subject or to which any Debtor is a party. Without limiting the
generality of the foregoing, after the occurrence and during the continuance of an Event of Default, the Secured Parties are
specifically authorized to execute and file any applications for or instruments of transfer and assignment of any patents,
trademarks, copyrights or other Intellectual Property with the United States Patent and Trademark Office and the United States
Copyright Office.

 

(b) On
a continuing basis, each Debtor will make, execute, acknowledge, deliver, file and record, as the case may be, with the proper filing
and recording agencies in any jurisdiction, including, without limitation, the State of Delaware, all such instruments, and take all such
action as may reasonably be deemed necessary or advisable, or as reasonably requested by the Secured Parties, to perfect the Security
Interests granted hereunder and otherwise to carry out the intent and purposes of this Agreement, or for assuring and confirming to the
Secured Parties the grant or perfection of a perfected security interest in all the Collateral under the UCC.

 

(c) Each
Debtor hereby irrevocably appoints the Secured Parties as such Debtor’s attorney-in-fact, with full authority in the place and instead
of such Debtor and in the name of such Debtor, from time to time in the Secured Parties’ discretion, to take any action and to execute
any instrument which the Secured Parties may deem necessary or advisable to accomplish the purposes of this Agreement, pertaining to the
filing, in its sole discretion, of one or more financing or continuation statements and amendments thereto, relative to any of the Collateral
without the signature of such Debtor where permitted by law, which financing statements may (but need not) describe the Collateral as
“all assets” or “all personal property” or words of like import, and ratifies all such actions taken by the Secured
Parties. This power of attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and thereafter as
long as any of the Obligations shall be outstanding.

 

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16. Notices.
All notices, requests, demands and other communications hereunder shall be subject to the notice provision of the Purchase Agreement (as
such term is defined in the Note).

 

17. Other
Security. To the extent that the Obligations are now or hereafter secured by property other than the Collateral or by the guarantee,
endorsement or property of any other person, firm, corporation or other entity, then the Secured Parties shall have the right, in its
sole discretion, to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any way modifying
or affecting any of the Secured Parties’ rights and remedies hereunder.

 

18. Appointment
of Agent. The Secured Parties in their sole discretion may delegate certain of their rights hereunder to one or more parties to act
as their collateral agent (the “Collateral Agent”) for purposes of exercising any and all rights and remedies of the
Secured Parties hereunder. Such appointment shall continue until revoked in writing by a Majority in Interest, at which time a Majority
in Interest may appoint a new Collateral Agent. The Collateral Agent shall have the rights, responsibilities and immunities set forth
in Annex A hereto.

 

19. Miscellaneous.

 

(a) No
course of dealing between the Debtors and the Secured Parties, nor any failure to exercise, nor any delay in exercising, on the part of
the Secured Parties, any right, power or privilege hereunder or under the Note shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise
of any other right, power or privilege.

 

(b) All
of the rights and remedies of the Secured Parties with respect to the Collateral, whether established hereby or by the Note or by any
other agreements, instruments or documents or by law shall be cumulative and may be exercised singly or concurrently.

 

(c) This
Agreement, together with the exhibits and schedules hereto, contain the entire understanding of the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into this Agreement and the exhibits and schedules hereto. No provision of this Agreement may be waived,
modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Debtors and the Secured Parties
holding 67% or more of the principal amount of Note then outstanding, or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought.

 

(d) If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void
or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable
efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter
declared invalid, illegal, void or unenforceable.

 

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(e) No
waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver
in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

(f) This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company and the
Guarantors may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Secured Parties
(other than by merger as provided in this Agreement and the Note). The Secured Parties may assign any or all of its rights under this
Agreement to any party to whom such Secured Parties assigns or transfers any Obligations, provided such transferee agrees in writing to
be bound, with respect to the transferred Obligations, by the provisions of this Agreement that apply to the “Secured Parties.”

 

(g) Each
party shall take such further action and execute and deliver such further documents as may be necessary or appropriate in order to carry
out the provisions and purposes of this Agreement.

 

(h) Except to
the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, all questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof. Except to
the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, each Debtor agrees that all
proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and the Note
(whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members,
employees or agents) shall be commenced exclusively in the Court of Chancery of the State of Delaware or, to the extent such court
does not have subject matter jurisdiction, the United States District Court for the District of Delaware or, to the extent that
neither of the foregoing courts has jurisdiction, the Superior Court of the State of Delaware, and each Debtor hereby irrevocably
waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction of any such
court or that such proceeding is improper. Except to the extent mandatorily governed by the jurisdiction or situs where the
Collateral is located, each Debtor hereby irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of
Delaware or, to the extent such court does not have subject matter jurisdiction, the United States District Court for the District
of Delaware or, to the extent that neither of the foregoing courts has jurisdiction, the Superior Court of the State of Delaware for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service of
process and consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of
or relating to this Agreement or the transactions contemplated hereby.

 

    22

     

    

 

(i) This
Agreement may be executed in any number of 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. In the event that any signature is delivered by facsimile transmission,
such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same
with the same force and effect as if such facsimile signature were the original thereof.

 

(j) All
Debtors shall jointly and severally be liable for the obligations of each Debtor to the Secured Parties hereunder.

 

(k) Each
Debtor shall indemnify, reimburse and hold harmless the Secured Parties and their respective partners, members, shareholders,
officers, directors, employees and agents (and any other persons with other titles that have similar functions) (including, without
limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively,
“Indemnitees”) from and against any and all losses, claims, liabilities, damages, penalties, suits, costs and
expenses, of any kind or nature, (including fees relating to the cost of investigating and defending any of the foregoing) imposed
on, incurred by or asserted against such Indemnitee in any way related to or arising from or alleged to arise from this Agreement or
the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and expenses which result from the
gross negligence or willful misconduct of the Indemnitee as determined by a final, nonappealable decision of a court of competent
jurisdiction. This indemnification provision is in addition to, and not in limitation of, any other indemnification provision in the
Note, the Purchase Agreement (as such term is defined in the Note) or any other agreement, instrument or other document executed or
delivered in connection herewith or therewith.

 

(l) Nothing
in this Agreement shall be construed to subject the Secured Parties to liability as a partner in any Debtor or any if its direct or indirect
subsidiaries that is a partnership or as a member in any Debtor or any of its direct or indirect subsidiaries that is a limited liability
company, nor shall the Secured Parties be deemed to have assumed any obligations under any partnership agreement or limited liability
company agreement, as applicable, of any such Debtor or any of its direct or indirect subsidiaries or otherwise, unless and until any
such Secured Parties exercise its right to be substituted for such Debtor as a partner or member, as applicable, pursuant hereto.

 

(m) To
the extent that the grant of the security interest in the Collateral and the enforcement of the terms hereof require the consent, approval
or action of any partner or member, as applicable, of any Debtor or any direct or indirect subsidiary of any Debtor or compliance with
any provisions of any of the Organizational Documents, the Debtors hereby grant such consent and approval and waive any such noncompliance
with the terms of said documents.

 

(n) Notwithstanding
anything to the contrary contained in this Agreement, the security interest(s) with respect to the Collateral created by this Agreement
shall be junior to (in priority of payment and performance) the security interest(s) with respect to the Collateral established for the
Specified Secured Indebtedness.

 

(o) Notwithstanding
anything to the contrary contained in this Agreement, the security interest(s) with respect to the Collateral created by this Agreement
shall be pari passu with (in priority of payment and performance) the security interest(s) with respect to the Collateral established
for the Other Secured Indebtedness.

 

(p) Notwithstanding
anything to the contrary contained herein, and solely with respect to the portion of the Collateral that is subject to a license agreement
between the Company and Loma Linda University (“Loma”) or the Company and Leland Stanford Junior University (“Stanford”)
as of the date of this Agreement (the “Licensed Collateral”), the Holder’s security interest in the Licensed Collateral
created by this Agreement shall be subject to the consent of Loma and Stanford (as applicable) if such consent is required by the aforementioned
license agreements. The Company shall obtain such consent from Loma and Stanford within ninety (90) calendar days of the date of this
Agreement.

 

[SIGNATURE PAGE FOLLOW]

 

    23

     

    

 

 

IN WITNESS WHEREOF, the parties
hereto have caused this Security Agreement to be duly executed on the day and year first above written.

 

	ADITXT, INC.	 
	 	 	 
	By:	 	 
	 	Name: 	Amro Albanna	 
	 	Title:	Chief Executive Officer	 
	 	 	 
	[*]	 
	 	 	 
	By:	 	 
	 	Name:	[*]	 
	 	Title:	[*]	 

 

 

24Exhibit 10.9

 

 

 

AMENDMENT NUMBER 7 TO TERM LOAN AGREEMENT

 

among

 

HALL OF FAME
RESORT & ENTERTAINMENT COMPANY AND THE OTHER PERSONS SIGNATORY HERETO AS BORROWERS

as Borrowers

 

and

 

CH CAPITAL LENDING,
LLC,

as Administrative
Agent

 

and

 

CH CAPITAL LENDING,
LLC,

as Lender

 

dated effective
as of July 31, 2022

 

 

 

     

     

    

 

AMENDMENT NUMBER 7 TO TERM LOAN AGREEMENT

 

This AMENDMENT NUMBER 7 TO
TERM LOAN AGREEMENT (this “Amendment”) dated effective as of July 31, 2022 (the “Effective Date”)
is made by and among HALL OF FAME RESORT & ENTERTAINMENT COMPANY, a Delaware corporation (“HOF Resort &
Entertainment”), HOF VILLAGE NEWCO, LLC, a Delaware limited liability company (“Newco”), HOF VILLAGE
STADIUM, LLC, a Delaware limited liability company (“HOF Stadium”), and HOF VILLAGE YOUTH FIELDS, LLC,
a Delaware limited liability company (“HOF Youth Fields”; each of HOF Resort & Entertainment, Newco,
HOF Stadium, and HOF Youth Fields is individually referred to herein as a “Borrower,” and they are collectively
referred to herein as “Borrowers”), CH CAPITAL LENDING, LLC, a Delaware limited liability company, as the
current Administrative Agent for the current Lender (in such capacity, “Administrative Agent”) and CH CAPITAL
LENDING, LLC, a Delaware limited liability company, as the current Lender (in such capacity, “Lender”).

 

PRELIMINARY STATEMENTS:

 

A.   Borrowers,
Administrative Agent, and Lender are parties to the Term Loan Agreement, dated as of December 1, 2020, as amended by the Amendment Number
1 to Term Loan Agreement dated January 28, 2021, Amendment Number 2 to Term Loan Agreement dated February 15, 2021, Amendment Number 3
to Term Loan Agreement dated August 30, 2021, Amendment Number 4 to Term Loan Agreement dated August 30, 2021, and Amendment Number 5
to Term Loan Agreement dated December 15, 2021, as assigned to Administrative Agent and Lender on March 1, 2022 pursuant to
that certain Assignment of Loan and Loan Documents, dated as of March 1, 2022, by and among Aquarian Credit Funding LLC, as the previous
Administrative Agent, Investors Heritage Life Insurance Company, as the previous Lender, and CH Capital Lending, LLC, as Administrative
Agent and Lender, as affected by that certain Assumption and Joinder Agreement, dated as of March 1, 2022, executed and delivered
by HOF Youth Fields to Administrative Agent and Lender, and as further amended by that certain Amendment Number 6 to Term Loan
Agreement, dated as of March 1, 2022, by and among Borrowers, Administrative Agent, and Lender (all of the foregoing, collectively,
the “Existing Loan Agreement”). The Existing Loan Agreement, as amended by this Amendment, and as it may be further
amended, restated, supplemented, waived, assigned, or otherwise modified from time to time is referred to herein as the “Loan
Agreement”. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan
Agreement.

 

B.   The
outstanding principal balance of the Loan, as of April 29, 2022, was $8,347,383.59.

 

C.   Administrative
Agent, Borrowers, and Lender desire to amend the Loan Agreement as set forth in this Amendment. Among other things, as contemplated by
Section 12 of Amendment Number 6, Administrative Agent, Borrowers, and Lender wish to (i) increase the outstanding principal
balance of the Loan, to reflect advances made by Lender to pay the legal fees and costs incurred by Administrative Agent, Lender, JKP,
IRG, LLC, and their respective affiliates in connection with the transactions related to Amendment Number 6 and this Amendment, (ii) terminate
the Deposit Control Account Agreement for the Interest Reserve Account, and (iii) authorize The Huntington National Bank (which currently
holds the Interest Reserve Account) to disburse all amounts remaining in the Interest Reserve Account to Administrative Agent, for the
benefit of Lender, with such amounts to be applied towards the outstanding principal balance of the Loan.

 

    1

     

    

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged,
and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

 

SECTION 1. Definitions
Restated. Section 1.01 of the Loan Agreement is hereby amended by deleting the following terms in their entirety and replacing
them with the following:

 

“Letter
Agreement” shall mean the assigned, amended and restated letter agreement, dated April 26, 2022, among Lead Borrower, Stuart
Lichter and Midwest Lender Fund, LLC.

 

“Loan Commitment”
shall mean the commitment of a Lender to make or otherwise fund Loans, and “Loan Commitments” shall mean such commitments
of all of Lenders in the aggregate. The amount of each Lender’s Loan Commitment, if any, is set forth on Schedule 2.01
or in the applicable Assignment and Acceptance (or the Affiliated Lender Assignment and Acceptance), subject to any adjustment or reduction
pursuant to the terms and conditions hereof. The aggregate amount of the Loan Commitment as of July 31, 2022 is $8,751,762.89.

 

“Note”
means that certain Amended and Restated Promissory Note, dated July 31, 2022, in the original principal amount of $8,751,762.89,
executed by Borrowers in favor of Lender, as amended, restated, supplemented, waived, assigned, or otherwise modified from time to time.

 

“Permitted
Equity Issuance” means any Equity Issuance of (a) up to 24,731,195 shares of HOFREC Common Stock issuable upon
the exercise of Existing Warrants, (b) up to 5,812,727 shares of HOFREC Common Stock under the 2020 Omnibus Incentive
Plan provided that the number of shares of HOFREC Common Stock for such purpose may be increased (if the 2020 Omnibus Incentive
Plan is modified to allow it) by up to 2,500,000 additional shares of common stock, (c) up to 10,645,000 shares of HOFREC Common
Stock for future issuance upon conversion or redemption of the PIPE Notes, including approximately 3,000,000 shares of such
common stock issuable upon exercise of warrants that would be issued in connection with such redemption pursuant to the PIPE Note
Redemption Warrant Agreement and PIPE Note Purchase Agreement, (d) up to 10,036,925 shares of HOFREC Common Stock issuable
upon the exercise of Series C Warrants, (e) up to 75,000 shares of common stock reserved for future issuance as payment
to Brand X under the Brand X Services Agreement, (f) any Equity Issuance required pursuant to the terms of the Employment
Agreements or employment offer letters, if any, (g) up to 2,450,980 shares of HOFREC Common Stock issuable upon the exercise
of Series D Warrants, (h) the Nov 2020 Equity Raise, (i) any PEIC Raise, (j) up to 52,800 shares of
Series A Preferred Stock, (k) up to 15,200 shares of Series B Preferred Stock and up to 4,901,961 shares of HOFREC Common
Stock issuable upon conversion of Series B Preferred Stock, (l) 330,000 shares of HOFREC Common Stock issued to Lender as of
March 1, 2022, (m) up to 15,000 shares of Series C Preferred Stock and up to 10,000,000 shares of HOFREC Common Stock issuable
upon conversion of Series B Preferred Stock, (n) up to 1,500,000 shares of HOFREC Common Stock issuable upon the exercise of
Series E Warrants, (o) up to 1,500,000 shares of HOFREC Common Stock issuable upon the exercise of Series F Warrants,
(p) up to 125,000 shares of HOFREC Common Stock issuable upon the exercise of Series G Warrants, (q) 125,000 shares
of HOFREC Common Stock issued to IRG, LLC as of March 1, 2022, (r) 405,000 shares of HOFREC Common Stock issued to JKP Financial,
LLC as of March 1, 2022, (s) 125,000 shares of HOFREC Common Stock to be issued to Midwest Lender Fund, LLC pursuant to the Letter
Agreement, (t) HOFREC Common Stock issuable upon conversion of the Loan, (u) HOFREC Common Stock issuable upon conversion
of the IRG Split Note, (v) HOFREC Common Stock issuable upon conversion of the JKP Split Note, (w) HOFREC Common Stock
issuable upon conversion of the JKP Note, (x) up to $50 million in shares of HOFREC Common Stock issued under Lead Borrower’s
“at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act and (y) any Equity Issuance
expressly approved by Administrative Agent in writing, in its sole and absolute discretion.

 

    2

     

    

 

“Permitted
Indebtedness” shall mean (a) the PIPE Notes, (b) any Indebtedness pursuant to the EME Customer Contract to make
EME Installment Payments, (c) the Existing Guarantees, (d) the TDD BANs (and any Guarantee issued by any Borrower
required in connection with the TDD BANs), (e) the TIF Bonds, (f) all Indebtedness pursuant to Permitted Redemption
Rights, (g) the JKP Note, (h) the Mezzanine (IRG) Note, (i) the IRG Split Note, (j) the JKP Split Note,
(k) the ErieBank Loan, (l) the PACE Funds, (m) the EB-5 Guaranty, (n) the HOF Village CFP Loan, and (o) any other
Indebtedness expressly approved by Administrative Agent in writing, in its sole and absolute discretion.

 

“Series G
Warrant” shall mean the Series G warrant to purchase 125,000 shares of HOFREC Common Stock issued by the Company
to Midwest Lender Fund, LLC.

 

SECTION 2. New Definitions.
Section 1.01 of the Loan Agreement is hereby amended by adding the following terms:

 

“Amendment
Number 7” means that certain Amendment Number 7 to Term Loan Agreement, dated effective as of July 31, 2022,
by and among Borrowers, Administrative Agent, and Lender (amending this Agreement).

 

“HOF Village
CFP Loan” shall mean the loan from Midwest Lender Fund, LLC to HOF Village Center for Performance, LLC, in the original
principal amount of $4,000,000, secured by the project commonly known as the Center for Performance.

 

SECTION 3. Deleted
Terms. The following term defined in Section 1.01 of the Loan Agreement and all references thereto are hereby deleted: “Buckeye
Loan.”

 

SECTION 4. Outstanding
Principal Balance. Administrative Agent, Borrowers, and Lender hereby acknowledge and agree that, as of the Effective Date (July 31,
2022), the outstanding principal balance of the Loan (before application of the amounts in the Interest Reserve Account towards the outstanding
Loan balance, as set forth in Section 5 of this Amendment) is $8,751,762.89.

 

SECTION 5. Interest
Reserve Account.

 

(a)   Pursuant
to Amendment Number 6, Administrative, Borrowers, and Lender agreed to terminate the Deposit Control Account Agreements for the Interest
Reserve Account. In furtherance of such termination, Administrative Agent, Borrowers, and Lender hereby (i) authorize The Huntington
National Bank (which currently holds the Interest Reserve Account) to disburse all amounts remaining in the Interest Reserve Account to
Administrative Agent, for the benefit of Lender, and (ii) agree that such amounts disbursed from the Interest Reserve Account shall,
upon Administrative Agent’s receipt thereof, be applied towards the outstanding principal balance of the Loan.

 

(b)   Each
of the parties hereto shall, from time to time at the request of another party: furnish the other party such further information or assurances;
execute and deliver such additional documents, instruments, and conveyances; and take such other actions and do such other things, as
may be reasonably necessary to carry out the provisions of this Amendment and give effect to the transactions contemplated hereby.

 

SECTION 6. Electronic
Signatures. Transmission of a signature by facsimile or email or in .pdf format shall bind the signing party to the same degree
as the delivery of a signed original or electronic signature. This Amendment may be executed by way of electronic signatures (including,
but not limited to, by way of electronic signatures generated by “DocuSign,” “Adobe Sign” or similar programs
or replacements thereto) and that neither this Amendment, nor any part or provision of this Amendment, shall be challenged or denied any
legal effect, validity and/or enforceability solely on the grounds that it is in the form of an electronic record.

 

SECTION 7. No Other
Changes; Ratification. Except as specifically amended hereby, the terms, provisions and conditions of the Loan Agreement and the
other Loan Documents shall remain unmodified and continue in full force and effect and, except as amended hereby, all of the terms, provisions
and conditions of the Loan Agreement and the Loan Documents are hereby ratified and confirmed in all respects.

 

SECTION 8. Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original but all of which when taken together shall constitute a single contract.

 

SECTION 9. Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of Ohio without regard to any
conflicts of law principles that would direct the application of the laws of any jurisdiction.

 

[Signatures follow]

 

    3

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	 	Borrowers:
	 	 	 
	 	HALL OF FAME RESORT & ENTERTAINMENT COMPANY,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Michael Crawford
	 	 	Name:	Michael Crawford
	 	 	Title: 	President and Chief Executive Officer
	 	 	 	 
	 	HOF VILLAGE NEWCO, LLC,
	 	HOF VILLAGE STADIUM, LLC,
	 	HOF VILLAGE YOUTH FIELDS, LLC,
	 	each a Delaware limited liability company
	 	 	 
	 	By:	/s/ Michael Crawford
	 	 	Name:	Michael Crawford           
	 	 	Title:	President and Chief Executive Officer

 

[Signatures Continue on Next Page]

 

[Signature Page to Amendment Number 7 to Term
Loan Agreement]

 

    4

     

    

 

	 	Administrative Agent:
	 	 
	 	CH CAPITAL LENDING, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	Holdings SPE Manager, LLC,
	 	 	a Delaware limited liability company,

    its Manager
	 	 	 	 
	 		By:	/s/ John A. Mase
	 	 	 	Name: 	John A. Mase
	 	 	 	Title:	Chief Executive Officer
	 	 	 
	 	Lender:
	 	 
	 	CH CAPITAL LENDING, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	Holdings SPE Manager, LLC,
	 	 	a Delaware limited liability company,

    its Manager
	 	 	 	 
	 		By:	/s/ John A. Mase
	 	 	 	Name:	John A. Mase
	 	 	 	Title:	Chief Executive Officer

 

[Signature Page to Amendment Number 7 to Term
Loan Agreement]

 

 

5

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