Document:

Exhibit 10.5

 

VRINGO, INC.

 

TO

 

COMPUTERSHARE TRUST
COMPANY, N.A., as Trustee

 

 

 

FIRST SUPPLEMENTAL
INDENTURE TO

INDENTURE DATED
[    ], 2015

(SENIOR DEBT SECURITIES)

 

Dated as of [    ],
2015

 

 

 

Senior Secured
Convertible Notes

 

    	 

    	 

    

 

VRINGO, INC.

 

FIRST SUPPLEMENTAL
INDENTURE TO

INDENTURE DATED
[    ], 2015

(SENIOR DEBT
SECURITIES)

 

SENIOR SECURED
CONVERTIBLE NOTES

 

FIRST SUPPLEMENTAL
INDENTURE, dated as of [    ], 2015 (this “First Supplemental Indenture”), between VRINGO,
INC., a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., a national banking association,
as Trustee (the “Trustee”).

 

RECITALS

 

A.           The
Company has heretofore executed and delivered to the Trustee an Indenture, dated as of [    ], 2015, (the “Indenture”),
providing for the issuance from time to time of Securities (as defined in the Indenture) by the Company.

 

B.           Section
2.01 of the Indenture provides for various matters with respect to any series of Securities issued under the Indenture to be established
in an indenture supplemental to the Indenture.

 

C.           Section
9.01(g) of the Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Indenture without
the consent of Holders of Securities in order to establish the form or terms of Securities of any series as provided by Sections
2.01 of the Indenture.

 

D.           In
accordance with that certain Securities Purchase Agreement, dated ●, 2015 (the “Securities Purchase Agreement”),
by and among the Company and the investors party thereto (the “Investors”), the Company has agreed to sell to
the Investors, and the Investors have agreed to purchase, at the Closing (as defined in the Securities Purchase Agreement) subject
to the satisfaction of certain terms and conditions set forth therein), in accordance with the Indenture and this Supplemental
Indenture (i) $12,500,000 in aggregate principal amount of the Notes (as defined below) and (ii) Warrants (as defined in the Securities
Purchase Agreement) to purchase Common Stock (as defined in the Securities Purchase Agreement) of the Company, to be issued pursuant
to the Company’s Registration Statement on Form S-3 (File number 333-182823) (the “Registration Statement”)
as filed by the Company with the Securities and Exchange Commission (the “SEC”) under the Securities Act of
1933, as amended (the “1933 Act”).

 

E.           The
Company hereby desires to supplement the Indenture pursuant to this First Supplemental Indenture to set forth the terms and conditions
of the Notes to be issued in accordance herewith.

 

NOW, THEREFORE,
THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the premises and the issuance of the series of Securities
provided for herein, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities of such series,
as follows:

 

ARTICLE I

 

RELATION TO INDENTURE;
DEFINITIONS

 

Section 1.1.          RELATION
TO INDENTURE; HOLDERS DEEMED TO BE BOUND. This First Supplemental Indenture constitutes an integral part of the Indenture.
All references herein to the Indenture shall mean the Indenture, as amended and supplemented by this First Supplemental Indenture.
The holders of the Notes, by acceptance of such Notes, are deemed to be bound by the terms and conditions of the Indenture as amended
and supplemented by this First Supplemental Indenture.

 

    	 

    	 

    

 

Section 1.2.
DEFINITIONS. For all purposes of this First Supplemental Indenture:

 

(a) Capitalized
terms used herein without definition shall have the meanings specified in the Indenture or in the Securities, as applicable;

 

(b) All references
herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this First Supplemental
Indenture; and

 

(c) The terms “herein,”
“hereof,” “hereunder” and other words of similar import refer to this First Supplemental Indenture.

 

ARTICLE II

 

THE SERIES OF SECURITIES

 

Section 2.1.          TITLE.
There shall be a series of Securities designated the “Senior Secured Convertible Note” (the “Notes”).

 

Section 2.2.          LIMITATION
ON AGGREGATE PRINCIPAL AMOUNT. The aggregate principal amount of the Notes shall be limited to $12,500,000.

 

Section 2.3           RANK.
The Notes shall rank senior to all Indebtedness (as defined in the Securities Purchase Agreement) of the Company and shall be secured
by the Collateral (as defined in the Security Documents) (as defined in the Securities Purchase Agreement) as provided in the Security
Documents.

 

Section 2.4.          PRINCIPAL
PAYMENT DATE. The principal amount of the Notes outstanding (together with any accrued and unpaid interest and other amounts)
shall be payable in accordance with the terms and conditions set forth in the Notes on each Installment Date, Interest Date, Conversion
Date, Redemption Date and on the Maturity Date, in each case as defined in the Notes.

 

Section 2.5.          INTEREST
AND INTEREST RATES. The rate of interest on the Notes shall be 8% per annum, subject to adjustment as provided in the Notes,
accruing from [    ], 2015, and shall be payable at such times and in the manner set forth in the Notes. Any
interest to be paid with respect to any Note will, as provided in the Indenture and the Notes, be paid to the record holder of
such Note on the applicable Interest Date in Interest Shares, Cash Interest or a combination of Interest Shares and Cash Interest,
as applicable, as set forth in the Notes.

 

Section 2.6.          PLACE
OF PAYMENT. Except as otherwise provided in the Notes, (i) the Place of Payment where the Notes may be presented or surrendered
for payment or redemption, (ii) where the Notes may be surrendered for registration of transfer or exchange (to the extent required
or permitted, as applicable, by the terms of the Notes), and (iii) where notices and demand to or upon the Trustee in respect of
the Notes and the Indenture may be made, shall initially be the Corporate Trust Office of the Trustee located in Highlands Ranch,
Colorado as specified in the Indenture.

 

Section 2.7.          REDEMPTION.
The Company may redeem the Notes, in whole or in part, at such times and in the manner set forth in the Notes.

 

Section 2.8.          DENOMINATION.
The Securities of this series shall be issuable only in registered form without coupons and in minimum denominations of $1,000
and integral multiples of $1.00 in excess thereof.

 

Section 2.9.          CURRENCY.
Principal and interest and any other amounts payable, from time to time, on the Notes shall be payable in United States Dollars
(“U.S. Dollars”) in accordance with Section 24 of the Notes.

 

    	 

    	 

    

 

Section 2.10.         FORM
OF SECURITIES. The Notes shall be issued in the form attached to the Securities Purchase Agreement and hereto as Exhibit
A. The Company has elected to issue only definitive Securities and shall not issue any Global Securities hereunder. The terms
and provisions set forth in the Notes shall be deemed to be a part of this First Supplemental Indenture as if set forth herein
at length.

 

Section 2.11.         CONVERTIBLE
SECURITIES. The Notes are convertible into the Common Stock of the Company upon the terms and conditions set forth in the Notes.

 

Section 2.12.         SECURITIES
REGISTRAR. The Trustee shall maintain the Register as provided in the Notes.

 

Section 2.13.         SINKING
FUND OBLIGATIONS. The Company has no obligation to redeem or purchase any Notes pursuant to any sinking fund or analogous requirement.

 

Section 2.14.         EXCLUDED
PROVISIONS. The Company has elected that none of the following provisions of the Indenture shall be applicable to the Notes
and any analogous provisions (including definitions related thereto) of this First Supplemental Indenture and/or the Notes shall
govern in lieu thereof:

 

The following definitions in Section 1.01:

 

“Business Day”;

 

“Commission”;

 

“Conversion
Price”;

 

“Default”;

 

“Event of Default”;

 

“Exchange Act”;

 

“Interest Payment Date”;

 

“Person”;

 

“Security Register”;

 

“Security Registrar”;  

 

“Securityholder”  

 

“Subsidiary”;  

 

“Voting Stock”;

 

Section
2.03 (Denominations; Provisions for Interest);

 

Section 2.05 (Registration of Transfer and Exchange);

 

Section 2.06 (Temporary Securities);

 

Section 2.11 (Global Securities);

 

Article III (Redemption of Securities and Sinking Fund Provisions);  

 

Article IV (Covenants);  

 

Article VI (Remedies of the Trustee and Securityholders on Event of Default);  

 

Section 9.01 (Supplemental Indentures Without Consent of Securityholders);

 

Section
9.02 (Supplemental Indentures With Consent of Securityholders);

 

    	 

    	 

    

 

Article
X (Successor Entity);

 

Article XI (Satisfaction and Discharge);

 

Section
12.01 (No Recourse);

 

Section 13.02 (Actions by Successor);

 

Section 13.04 (Notices);

 

Section 13.08 (Payments on Business Days);

 

Section 13.12 (Assignment);

 

Section 2.15.         COVENANTS.
In addition to the covenants set forth in the Indenture, the Company shall comply with the additional covenants set forth in the
Notes and in the Securities Purchase Agreement.

 

Section 2.16.         IMMEDIATELY
AVAILABLE FUNDS. All cash payments of principal and interest shall be made in U.S. dollars and immediately available funds.

 

Section 2.17.         TRUSTEE
MATTERS. For purposes of the Notes, the Security Register shall be kept at the Corporate Trust Office located in Highlands
Ranch, Colorado and any notices and demands to or upon the Company in respect of the Notes and the Indenture may be given or served
at the Corporate Trust Office located in Highlands Ranch, Colorado.

 

ARTICLE
III

 

EXPENSES

 

Section 3.1.          PAYMENT
OF EXPENSES. In connection with the offering, sale and issuance of the Notes, the Company, in its capacity as borrower with
respect to the Notes, shall pay all costs and expenses relating to the offering, sale and issuance of the Notes, and the compensation
and expenses of the Trustee under the Indenture in accordance with the provisions of Section 7.06 of the Indenture.

 

Section 3.2.          PAYMENT
UPON RESIGNATION OR REMOVAL. Upon termination of this First Supplemental Indenture or the Indenture or the removal or resignation
of the Trustee, unless otherwise stated, the Company shall pay to the Trustee all amounts accrued to the date of such termination,
removal or resignation.

 

ARTICLE
IV

 

MISCELLANEOUS
PROVISIONS

 

Section 4.1.          TRUSTEE
NOT RESPONSIBLE FOR RECITALS. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee
assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of
this First Supplemental Indenture.

 

Section 4.2.          ADOPTION,
RATIFICATION AND CONFIRMATION. The Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects
hereby adopted, ratified and confirmed.

 

Section 4.3.          CONFLICT
WITH INDENTURE; TRUST INDENTURE ACT. Notwithstanding anything to the contrary in the Indenture, if any conflict arises between
the terms and conditions of this First Supplemental Indenture (including, without limitation, the terms and conditions of the Notes
attached to the Securities Purchase Agreement and hereto as Exhibit A) and the Indenture, the terms and conditions of this
First Supplemental Indenture (including the Notes) shall control; provided, however, that if any provision of
this First Supplemental Indenture or the Notes limits, qualifies or conflicts with a provision of the Trust Indenture Act that
is required under such Act to be a part of and govern this First Supplemental Indenture, the latter provisions shall control. If
any provision of this First Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so
modified or excluded, the latter provisions shall be deemed to apply to the Indenture as so modified or excluded, as the case may
be.

 

    	 

    	 

    

 

Section 4.4.          AMENDMENTS;
WAIVER. This First Supplemental Indenture may be amended by the written consent of the Company and each Holder of Notes. No
provision hereof may be waived other than by an instrument in writing signed by the party against whom enforcement is sought.

 

Section 4.5.          SUCCESSORS.
This First Supplemental Indenture shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns, including any purchasers of the Notes.

 

Section 4.6.          SEVERABILITY.
If any provision of this First Supplemental Indenture shall be invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the remainder of this First Supplemental Indenture in that
jurisdiction or the validity or enforceability of any provision of this First Supplemental Indenture in any other jurisdiction.

 

Section 4.7.          COUNTERPARTS.
This First Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument.

 

Section 4.8.          GOVERNING
LAW. THIS FIRST SUPPLEMENTAL INDENTURE AND EACH SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE
OF NEW YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES THEREOF.

 

[The remainder
of the page is intentionally left blank]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this First Supplemental Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, on the date or dates indicated in the acknowledgments and as of the day and year first above written.

 

	 	VRINGO, INC.
	 	 	

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	ATTEST:	 
	 	
	

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

	 	●, as Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT A

 

(FORM OF SECURITY)Exhibit 10.6

 

EXECUTION VERSION

 

SECURITY AGREEMENT

 

This
SECURITY AGREEMENT (this “Agreement”), dated as of May 4, 2015, is made by and among the grantors listed
on the signature pages hereof and those additional entities that hereafter become parties hereto by executing the form of Joinder
attached hereto as Exhibit D (collectively, jointly and severally, the “Grantors” and each, individually,
a “Grantor”) in favor of Iroquois Master Fund, L.P., in its capacity as collateral agent (in such capacity the
“Collateral Agent”) for the Secured Parties (as defined below).

 

RECITALS

 

WHEREAS, pursuant
to that certain (i) Indenture, dated as of May 4, 2015, by and between Vringo, Inc. (the “Company”) and Computershare
Trust Company, N.A. (the “Trustee”), as may be amended or supplemented from time to time, including without
limitation, by any Supplemental Indenture (as defined in the Securities Purchase Agreement) (the “Indenture”)
and (ii) Securities Purchase Agreement, dated as of May 4, 2015 (as may be amended, restated, supplemented, or otherwise modified
from time to time, including all schedules thereto, collectively, the “Securities Purchase Agreement”), by and
among the Company and the Secured Parties the Company has agreed to sell, and the Secured Parties have each agreed to purchase,
severally and not jointly, certain Notes and Warrants;

 

WHEREAS, the
Grantors from time to time (other than the Company) (collectively, the “Guarantors”) may execute and deliver
one or more Guaranties for the benefit of the Secured Parties;

 

WHEREAS, each
Grantor other than the Company is a direct or indirect wholly-owned Subsidiary of Company and will receive direct and substantial
benefits from the purchase by the Secured Parties of the Notes and Warrants; and

 

WHEREAS, in
order to induce the Secured Parties to purchase, severally and not jointly, the Notes and Warrants as provided for in the Indenture
and the Securities Purchase Agreement, respectively, Grantors have agreed to grant a continuing security interest in and to the
Collateral in order to secure the prompt and complete payment, observance and performance of the Secured Obligations.

 

AGREEMENTS

 

NOW, THEREFORE,
for and in consideration of the recitals made above and other good and valuable consideration, the receipt, sufficiency and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.          Defined
Terms. All capitalized terms used herein (including in the preamble and recitals hereof) without definition which are defined
in the Indenture, the Notes or the Securities Purchase Agreement shall have the meanings ascribed therein. Any terms used in this
Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein
or in the Indenture, the Notes or the Securities Purchase Agreement; provided, however, if the Code is used to define any term
used herein and if such term is defined differently in different Articles of the Code, the definition of such term contained in
Article 9 of the Code shall govern.

 

    	 

    	 

    

 

2.          In
addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following terms shall have the following
meanings:

 

(a)          “Account”
means an account (as that term is defined in the Code).

 

(b)          “Account
Debtor” means an account debtor (as that term is defined in the Code).

 

(c)          “Bankruptcy
Code” means title 11 of the United States Code, as in effect from time to time.

 

(d)          “Books”
means books and records (including, without limitation, each Grantor’s Records) indicating, summarizing, or evidencing each
Grantor’s assets (including the Collateral) or liabilities, each Grantor’s Records relating to its business operations
(including, without limitation, stock ledgers) or financial condition, and each Grantor’s goods or General Intangibles related
to such information.

 

(e)          “Chattel
Paper” means chattel paper (as that term is defined in the Code) and includes tangible chattel paper and electronic chattel
paper.

 

(f)          “Code”
means the New York Uniform Commercial Code, as in effect from time to time; provided, however, in the event that, by reason of
mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to any Secured Party’s
Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State
of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction
solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies.

 

(g)          “Collateral”
has the meaning specified therefor in Section 3.

 

(h)          “Collateral
Agency Agreement” means the Collateral Agency Agreement, dated as of the date hereof, by and among the Secured Parties
, the Company and the Collateral Agent.

 

(i)          
“Commercial Tort Claims” means commercial tort claims (as that term is defined in the Code), and includes those
commercial tort claims listed on Schedule 1 attached hereto.

 

(j)          “Control
Agreement” means a control agreement, in form and substance satisfactory to the Collateral Agent, executed and delivered
by a Grantor, the Collateral Agent, and the applicable securities intermediary (with respect to a Securities Account) or bank (with
respect to a Deposit Account), as may be amended, restated, supplemented, or otherwise modified from time to time.

 

    	2

    	 

    

 

(k)          “Copyrights”
means all copyrights and copyright registrations, and also includes (i) the copyright registrations and recordings thereof and
all applications in connection therewith listed on Schedule 2 attached hereto and made a part hereof, (ii) all reissues,
continuations, extensions or renewals thereof, (iii) all income, royalties, damages and payments now and hereafter due or payable
under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments
for past or future infringements or dilutions thereof, (iv) the right to sue for past, present and future infringements and dilutions
thereof, (v) the goodwill of each Grantor’s business symbolized by the foregoing or connected therewith, and (vi) all of
each Grantor’s rights corresponding thereto throughout the world.

 

(l)          “Copyright
Security Agreement” means each Copyright Security Agreement among Grantors, or any of them in favor of the Collateral
Agent, in substantially the form of Exhibit A attached hereto, pursuant to which Grantors have granted to the Collateral
Agent, for the benefit of the Secured Parties, a security interest in all their respective Copyrights, as may be amended, restated,
supplemented, or otherwise modified from time to time.

 

(m)         “Deposit
Account” means a deposit account (as that term is defined in the Code).

 

(n)          “Equipment”
means all equipment (as that term is defined in the Code) in all of its forms of the applicable Grantor, wherever located,
and including, without limitation, all machinery, apparatus, installation facilities and other tangible personal property, and
all parts thereof and all accessions, additions, attachments, improvements, substitutions, replacements and proceeds thereto and
therefor.

 

(o)          “Event
of Default” has the meaning specified therefor in the Notes.

 

(p)          “Foreign
Currency Controlled Accounts” means any account of the Company or its Subsidiaries holding non-USD deposits.

 

(q)          
“General Intangibles” means general intangibles (as that term is defined in the Code) and, in any event, includes
payment intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things
in action, goodwill (including the goodwill associated with any Trademark, Patent, or Copyright), Patents, Trademarks, Copyrights,
URLs and domain names, industrial designs, other industrial or Intellectual Property or rights therein or applications therefor,
whether under license or otherwise, programs, programming materials, blueprints, drawings, purchase orders, customer lists, monies
due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements,
including Intellectual Property Licenses, infringement claims, computer programs, information contained on computer disks or tapes,
software, literature, reports, catalogs, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds,
and tax refund claims, interests in a partnership or limited liability company which do not constitute a security under Article
8 of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts,
goods, Investment Related Property, Negotiable Collateral, and oil, gas, or other minerals before extraction.

 

    	3

    	 

    

 

(r)          “Governmental
Authority” means any domestic or foreign federal, state, local, or other governmental or administrative body, instrumentality,
board, department, or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar
dispute-resolving panel or body.

 

(s)          “Guaranty”
means any guaranty or similar agreement now or hereafter executed by a Guarantor in favor of any or all of the Secured Parties
in connection with the Notes or any of the other Transaction Documents, as may be amended, restated, supplemented, or otherwise
modified from time to time, and all of the foregoing are collectively referred to herein as the “Guaranties.”

 

(t)          “Guarantor”
means each Grantor, other than the Company, and each other Person that now or hereafter executes a Guaranty.

 

(u)          “Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under
any other state or federal bankruptcy or insolvency law or any equivalent laws in any other jurisdiction, assignments for the benefit
of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization,
arrangement, or other similar relief.

 

(v)          “Intellectual
Property” means Patents, Copyrights, Trademarks, the goodwill associated with such Trademarks, trade secrets and customer
lists, and Intellectual Property Licenses.

 

(w)          “Intellectual
Property Licenses” means rights under or interests in any patent, trademark, copyright or other intellectual property,
including software license agreements with any other party, whether the applicable Grantor is a licensee or licensor under any
such license agreement, including the license agreements listed on Schedule 3 attached hereto and made a part hereof,
as may be amended, restated, supplemented, or otherwise modified from time to time.

 

(x)          “Inventory”
means all inventory (as that term is defined in the Code) in all of its forms of the applicable Grantor, wherever located, including,
without limitation, (i) all goods in which the applicable Grantor has an interest in mass or a joint or other interest or right
of any kind (including goods in which the applicable Grantor has an interest or right as consignee), and (ii) all goods which are
returned to or repossessed by the applicable Grantor, and all accessions thereto, products thereof and documents therefor.

 

(y)          “Investment
Related Property” means (i) investment property (as that term is defined in the Code), and (ii) all of the following
(regardless of whether classified as investment property under the Code): all Pledged Interests, Pledged Operating Agreements,
and Pledged Partnership Agreements.

 

    	4

    	 

    

 

(z)          "Joinder"
means each Joinder to this Agreement executed and delivered by Collateral Agent and each of the other parties listed on the signature
pages thereto, in substantially the form of Exhibit D.

 

(aa)        
“Lien” has the meaning specified therefor in the Notes.

 

(bb)         “Negotiable
Collateral” means letters of credit, letter-of-credit rights, instruments, promissory notes, drafts, and documents.

 

(cc)         “Notes”
has the meaning specified therefor in the Securities Purchase Agreement.

 

(dd)         “Patents”
means all patents and patent applications, and also includes (i) the patents and patent applications listed on Schedule 4
attached hereto and made a part hereof, (ii) all renewals thereof, (iii) all income, royalties, damages and payments now and hereafter
due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages
and payments for past or future infringements or dilutions thereof, (iv) the right to sue for past, present and future infringements
and dilutions thereof, and (v) all of each Grantor’s rights corresponding thereto throughout the world.

 

(ee)         “Patent
Security Agreement” means each Patent Security Agreement among Grantors in favor of the Collateral Agent, in substantially
the form of Exhibit B attached hereto, pursuant to which Grantors have granted to the Collateral Agent, for the benefit
of the Secured Parties, a security interest in all their respective Patents, as may be amended, restated, supplemented, or otherwise
modified from time to time.

 

(ff)          “Permitted
Liens” has the meaning specified therefor in the Notes.

 

(gg)         “Person”
has the meaning specified therefor in the Securities Purchase Agreement.

 

(hh)         “Pledged
Companies” means, each Person listed on Schedule 5 hereto as a “Pledged Company,” together
with each other Person all or a portion of whose Stock is acquired or otherwise owned by a Grantor after the date hereof.

 

(ii)            “Pledged
Interests” means all of each Grantor’s right, title and interest in and to all of the Stock now or hereafter owned
by such Grantor, regardless of class or designation, including all substitutions therefor and replacements thereof, all proceeds
thereof and all rights relating thereto, also including any certificates representing the Stock, the right to receive any certificates
representing any of the Stock, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in
respect thereof, and the right to receive dividends, distributions of income, profits, surplus, or other compensation by way of
income or liquidating distributions, in cash or in kind, and cash, instruments, and other property from time to time received,
receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in exchange for any
or all of the foregoing.

 

    	5

    	 

    

 

(jj)           “Pledged
Operating Agreements” means all of each Grantor’s rights, powers, and remedies under the limited liability company
operating agreements of each of the Pledged Companies that are limited liability companies, as may be amended, restated, supplemented,
or otherwise modified from time to time.

 

(kk)          “Pledged
Partnership Agreements” means all of each Grantor’s rights, powers, and remedies under the partnership agreements
of each of the Pledged Companies that are partnerships, as may be amended, restated, supplemented, or otherwise modified from time
to time.

 

(ll)           “Proceeds”
has the meaning specified therefor in Section 3.

 

(mm)      
“Real Property” means any estates or interests in real property now owned or hereafter acquired by any Grantor
and the improvements thereto.

 

(nn)         “Records”
means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable
in perceivable form.

 

(oo)         “Secured
Obligations” mean all of the present and future payment and performance obligations of Grantors arising under this Agreement,
the Notes, the Guaranties, and the other Transaction Documents, including, without duplication, reasonable attorneys’ fees
and expenses and any interest, fees, or expenses that accrue after the filing of an Insolvency Proceeding, regardless of whether
allowed or allowable in whole or in part as a claim in any Insolvency Proceeding.

 

(pp)         “Secured
Parties” mean collectively, the Collateral Agent and each of the “buyers” identified on the schedule of Buyers
attached to the Securities Purchase Agreement and each of their respective successors and assigns.

 

(qq)        
“Securities Account” means a securities account (as that term is defined in the Code).

 

(rr)           “Security
Documents” means, collectively, this Agreement, each Copyright Security Agreement, each Patent Security Agreement, each
Trademark Security Agreement, each Control Agreement, and each other security agreement, pledge agreement, assignment, mortgage,
security deed, deed of trust, and other agreement or document executed and delivered by a Grantor as security for any of the Secured
Obligations, as may be amended, restated, supplemented, or otherwise modified from time to time.

 

(ss)         “Security
Interest” and “Security Interests” have the meanings specified therefor in Section 3.

 

(tt)         
“Stock” means all shares, options, warrants, interests (including, without limitation, membership and partnership
interests), participations, or other equivalents (regardless of how designated) of or in a Person, whether voting or nonvoting,
including common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of
the General Rules and Regulations promulgated by the United States Securities and Exchange Commission and any successor thereto
under the Securities Exchange Act of 1934, as in effect from time to time).

 

    	6

    	 

    

 

(uu)         “Subsidiaries”
and “Subsidiary” each have the meanings specified therefor in the Notes.

 

(vv)         “Supporting
Obligations” means supporting obligations (as such term is defined in the Code).

 

(ww)        “Trademarks”
means all trademarks, trade names, trademark applications, service marks, service mark applications, and also includes (i) the
trade names, trademarks, trademark applications, service marks, and service mark applications listed on Schedule 6
attached hereto and made a part hereof, and (ii) all renewals thereof, (iii) all income, royalties, damages and payments now and
hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith
and damages and payments for past or future infringements or dilutions thereof, (iv) the right to sue for past, present and future
infringements and dilutions thereof, (v) the goodwill of each Grantor’s business symbolized by the foregoing or connected
therewith, and (vi) all of each Grantor’s rights corresponding thereto throughout the world.

 

(xx)          “Trademark
Security Agreement” means each Trademark Security Agreement among Grantors in favor of the Collateral Agent in substantially
the form of Exhibit C attached hereto, pursuant to which Grantors have granted to the Collateral Agent, for the benefit
of the Secured Parties, a security interest in all their respective Trademarks.

 

(yy)         “Transaction
Documents” has the meaning specified therefor in the Securities Purchase Agreement.

 

(zz)          “URL”
means “uniform resource locator,” an internet web address.

 

(aaa)        “Warrants”
has the meaning specified therefor in the Securities Purchase Agreement.

 

3.          Grant
of Security. Each Grantor hereby unconditionally grants, assigns, and pledges to the Collateral Agent, for the benefit of the
Secured Parties, a separate, continuing security interest (each, a “Security Interest” and, collectively, the
“Security Interests”) in substantially all of the assets of such Grantor in the United States (excluding Real
Property) whether now owned or hereafter acquired or arising and wherever located (collectively, the “Collateral”),
including, without limitation, such Grantor’s right, title, and interest in and to the following, whether now owned or hereafter
acquired or arising and wherever located in the United States:

 

(a)             all
of such Grantor’s Accounts;

 

(b)            all
of such Grantor’s Books;

 

    	7

    	 

    

 

(c)            all
of such Grantor’s Chattel Paper;

 

(d)            all
of such Grantor’s Deposit Accounts;

 

(e)            all
of such Grantor’s Equipment and fixtures;

 

(f)            all
of such Grantor’s General Intangibles;

 

(g)            all
of such Grantor’s Inventory;

 

(h)            all
of such Grantor’s Investment Related Property;

 

(i)             all
of such Grantor’s Negotiable Collateral;

 

(j)             all
of such Grantor’s rights in respect of Supporting Obligations;

 

(k)            all
of such Grantor’s Commercial Tort Claims;

 

(l)             all
of such Grantor’s money, cash, cash equivalents, or other assets of each such Grantor that now or hereafter come into the
possession, custody, or control of any Secured Party;

 

(m)           all
of the proceeds and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance or Commercial
Tort Claims covering or relating to any or all of the foregoing, and any and all Accounts, Books, Chattel Paper, Deposit Accounts,
Equipment, General Intangibles, Inventory, Investment Related Property, Negotiable Collateral, Supporting Obligations, money, or
other tangible or intangible property resulting from the sale, lease, license, exchange, collection, or other disposition of any
of the foregoing, the proceeds of any award in condemnation with respect to any of the foregoing, any rebates or refunds, whether
for taxes or otherwise, and all proceeds of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof,
and all proceeds of any loss of, damage to, or destruction of the above, whether insured or not insured, and, to the extent not
otherwise included, any indemnity, warranty, or guaranty payable by reason of loss or damage to, or otherwise with respect to any
of the foregoing (the “Proceeds”). Without limiting the generality of the foregoing, the term “Proceeds”
includes whatever is receivable or received when Investment Related Property or proceeds are sold, exchanged, collected, or otherwise
disposed of, whether such disposition is voluntary or involuntary, and includes proceeds of any indemnity or guaranty payable to
any Grantor or any Secured Party from time to time with respect to any of the Investment Related Property.

 

Notwithstanding anything herein
to the contrary, the term “Collateral” shall not include, any Subsidiary of such Grantor organized under the
laws of a jurisdiction other than the United States, any of the states thereof or the District of Columbia (a “Foreign
Subsidiary”).

 

    	8

    	 

    

 

4.          Security
for Obligations. This Agreement and the Security Interests created hereby secure the payment and performance of the Secured
Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Agreement secures
the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Secured
Parties, or any of them, but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding
involving any Grantor.

 

5.          Grantors
Remain Liable. Anything herein to the contrary notwithstanding, (a) each of the Grantors shall remain liable under the contracts
and agreements included in the Collateral, including the Pledged Operating Agreements and the Pledged Partnership Agreements, to
perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise
by Secured Parties, or any of them, of any of the rights hereunder shall not release any Grantor from any of its duties or obligations
under such contracts and agreements included in the Collateral, and (c) no Secured Party shall have any obligation or liability
under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall any Secured Party be obligated
to perform any of the obligations or duties of any Grantor thereunder or to take any action to collect or enforce any claim for
payment assigned hereunder. Until an Event of Default shall occur and be continuing, except as otherwise provided in this Agreement
or any other Transaction Document, Grantors shall have the right to possession and enjoyment of the Collateral for the purpose
of conducting the ordinary course of their respective businesses, subject to and upon the terms hereof and the other Transaction
Documents. Without limiting the generality of the foregoing, it is the intention of the parties hereto that record and beneficial
ownership of the Pledged Interests, including all voting, consensual, and dividend rights, shall remain in the applicable Grantor
until the occurrence of an Event of Default and until the Collateral Agent shall notify the applicable Grantor of Collateral Agent’s
exercise of voting, consensual, or dividend rights with respect to the Pledged Interests pursuant to Section 16 hereof.

 

6.          Representations
and Warranties. Each Grantor hereby represents and warrants as follows:

 

(a)          The
exact legal name of each of the Grantors is set forth on the signature pages of this Agreement.

 

(b)          Schedule
7 attached hereto sets forth (i) all Real Property owned or leased by Grantors, together with all other locations of Collateral,
as of the date hereof, and (ii) the chief executive office of each Grantor as of the date hereof.

 

(c)          As
of the date hereof, no Grantor has any interest in, or title to, any Copyrights, Intellectual Property Licenses, Patents, or Trademarks
except as set forth on Schedules 2, 3, 4 and 6, respectively, attached hereto. This Agreement is effective
to create a valid and continuing Lien on such Copyrights, Intellectual Property Licenses, Patents and Trademarks and, upon filing
of the Copyright Security Agreement with the United States Copyright Office and filing of the Patent Security Agreement and the
Trademark Security Agreement with the United States Patent and Trademark Office, and the filing of appropriate financing statements
in the jurisdictions listed on Schedule 8 hereto, all action necessary or desirable to protect and perfect the Security
Interests in and to each Grantor’s Patents, Trademarks, or Copyrights has been taken and such perfected Security Interests
are enforceable as such as against any and all creditors of and purchasers from any Grantor. No Grantor has any interest in any
material Copyright that is necessary in connection with the operation of such Grantor’s business, except for those Copyrights
identified on Schedule 2 attached hereto which have been registered with the United States Copyright Office.

 

    	9

    	 

    

 

(d)          This
Agreement creates a valid security interest in all of the Collateral of each Grantor, to the extent a security interest therein
can be created under the Code, securing the payment of the Secured Obligations. Except to the extent a security interest in the
Collateral cannot be perfected by the filing of a financing statement under the Code, all filings and other actions necessary or
desirable to perfect and protect such security interest have been duly taken or will have been taken upon the filing of financing
statements listing each applicable Grantor, as a debtor, and Collateral Agent, as secured party, in the jurisdictions listed next
to such Grantor’s name on Schedule 8 attached hereto. Upon the making of such filings, Collateral Agent shall
each have a first priority perfected security interest in all of the Collateral of each Grantor to the extent such security interest
can be perfected by the filing of a financing statement. All action by any Grantor necessary to protect and perfect such security
interest on each item of Collateral has been duly taken or will be duly taken pursuant to the terms hereunder.

 

(e)          (i)
Except for the Security Interests created hereby, such Grantor is and will at all times be the sole holder of record and the legal
and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated on Schedule
5 as being owned by such Grantor and, when acquired by such Grantor, any Pledged Interests acquired after the date hereof;
(ii) all of the Pledged Interests are duly authorized, validly issued, fully paid and non-assessable and the Pledged Interests
constitute or will constitute the percentage of the issued and outstanding Stock of the Pledged Companies of such Grantor identified
on Schedule 5 hereto; (iii) such Grantor has the right and requisite authority to pledge all Investment Related Property
pledged by such Grantor to the Collateral Agent as provided herein; (iv) all actions necessary or desirable to perfect, establish
the first priority of, or otherwise protect, Collateral Agent’s Liens in the Investment Related Property pledged hereunder,
and the proceeds thereof, have been or will be duly taken, (A) upon the execution and delivery of this Agreement; (B) if requested
by the Collateral Agent, upon the taking of possession by Collateral Agent of any certificates constituting the Pledged Interests,
to the extent such Pledged Interests are represented by certificates, together with undated powers endorsed in blank by the applicable
Grantor; and (C) upon the filing of financing statements in the applicable jurisdiction set forth on Schedule 8 attached
hereto for such Grantor with respect to the Pledged Interests of such Grantor that are not represented by certificates, and (iv)
if requested by the Collateral Agent, each Grantor has delivered to and deposited with the Collateral Agent (or, with respect to
any Pledged Interests created or obtained after the date hereof, will deliver and deposit in accordance with Sections 7(a) and
9 hereof) all certificates representing the Pledged Interests now or hereafter owned by such Grantor to the extent such Pledged
Interests are represented by certificates, and undated powers endorsed in blank with respect to such certificates. None of the
Pledged Interests owned or held by such Grantor has been issued or transferred in violation of any securities registration, securities
disclosure, or similar laws of any jurisdiction to which such issuance or transfer may be subject.

 

    	10

    	 

    

 

(f)          Notwithstanding
the foregoing and anything in this Agreement to the contrary, the Pledged Interests shall not include Stock and any other securities
of a Subsidiary to the extent that the pledge of such Stock or other securities results in the Grantor being required to file separate
financial statements of such Subsidiary with the SEC (or any other governmental agency), but only to the extent necessary to not
be subject to such requirement and only for so long as such requirement is in existence. In addition, in the event that Rule 3-16
of Regulation S-X under the Securities Act is amended, modified or interpreted by the SEC to require (or is replaced with another
rule or regulation or another law, rule or regulation is adopted which would require) the filing with the SEC (or another governmental
agency) of separate financial statements of any Subsidiary due to the fact that the Subsidiary’s Stock or other securities
secure any Secured Obligations, then the Stock or other securities of such Subsidiary will automatically be deemed to be excluded
from the Collateral, but only to the extent necessary to not be subject to such requirement and only for so long as is required
to not be subject to such requirement. In such event, this Agreement may be amended or modified, without the consent of any Secured
Party, to the extent necessary to release the security interests in the Pledged Interests or other securities that are so deemed
to be excluded from the Collateral. In the event that Rule 3-16 of Regulation S-X under the Securities Act is amended, modified
or interpreted by the SEC to permit (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted
which would permit) such Subsidiary’s Stock or other securities to secure the Secured Obligations in excess of the amount
then pledged without the filing with the SEC (or any other governmental agency) of separate financial statements of such Subsidiary,
then the Stock or other securities of such Subsidiary will automatically be deemed to no longer be excluded from the Collateral,
but only to the extent necessary to not be subject to any such financial statement requirement.

 

(g)          No
consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental Authority
or any other Person is required (i) for the grant of a Security Interest by such Grantor in and to the Collateral pursuant to this
Agreement or for the execution, delivery, or performance of this Agreement by such Grantor, or (ii) for the exercise by the Collateral
Agent of the voting or other rights provided in this Agreement with respect to Investment Related Property pledged hereunder or
the remedies in respect of the Collateral pursuant to this Agreement, except (A) as may be required in connection with such disposition
of Investment Related Property by laws affecting the offering and sale of securities generally and (B) for any consent that may
be required for the assignment of any Intellectual Property License that expressly provides that such Intellectual Property License
is not assignable (or is not assignable without the consent of the other party to such Intellectual Property License).

 

(h)          Schedule
9 contains a complete and accurate list of all of each Grantor’s Deposit Accounts and Securities Accounts, including,
without limitation, with respect to each bank or securities intermediary (a) the name and address of such Person and (b) the account
numbers of such accounts maintained with such Person.

 

    	11

    	 

    

 

Notwithstanding anything
contained in this Agreement to the contrary, the disclosures set forth on the Schedules referenced in Section 6 above shall be
limited to assets located in the United States.

 

7.          Covenants.
Each Grantor, jointly and severally, covenants and agrees with the Collateral Agent that from and after the date of this Agreement
and until the date of termination of this Agreement in accordance with Section 24 hereof (but only to the extent the particular
assets described in this Section 7 constitute Collateral hereunder):

 

(a)          Possession
of Collateral. In the event that any Collateral, including proceeds, is evidenced by or consists of Negotiable Collateral,
Investment Related Property, or Chattel Paper, in each case valued in an amount in excess of $50,000, and if and to the extent
that perfection or priority of the Collateral Agent’s Security Interests is dependent on or enhanced by possession, the applicable
Grantor, immediately upon the request of the Collateral Agent, shall execute such other documents and instruments as shall be requested
by the Collateral Agent or, if applicable, endorse and deliver physical possession of such Negotiable Collateral, Investment Related
Property, or Chattel Paper to the Collateral Agent, together with such undated powers endorsed in blank as shall be requested by
the Collateral Agent.

 

(b)          Chattel
Paper.

 

 (i)          Upon
the request of the Collateral Agent, each Grantor shall take all steps reasonably necessary to grant the Collateral Agent control
of all Chattel Paper in excess of $50,000 in accordance with the and all “transferable records” as that term is defined
in Section 16 of the Uniform Electronic Purchase Act and Section 201 of the federal Electronic Signatures in Global and National
Commerce Act as in effect in any relevant jurisdiction; and

 

 (ii)         If
any Grantor retains possession of any Chattel Paper or instruments in excess of $50,000 in each case (which retention of possession
shall be subject to the extent permitted hereby and by the Securities Purchase Agreement), promptly upon the request of the Collateral
Agent, such Chattel Paper and instruments shall be marked with the following legend: “This writing and the obligations evidenced
or secured hereby are subject to the Security Interests of Iroquois Master Fund, L.P. as Collateral Agent.”

 

    	12

    	 

    

 

(c)          Control
Agreements. Upon the request of the Collateral Agent, (A) each Grantor shall cause each bank and other financial institution
with an account referred to in Schedule 9 hereto (each such account, a “Controlled Account”) other
than any Foreign Currency Controlled Accounts, to execute and deliver to the Collateral Agent a Control Agreement, in form and
substance satisfactory to the Collateral Agent, duly executed by each Grantor and such bank or financial institution, or enter
into other arrangements in form and substance satisfactory to the Collateral Agent, pursuant to which such institution shall
irrevocably agree, inter alia, subject to Section 14(t) of each Note, with respect to each Deposit Account, that
(i) it will comply at any time with the instructions originated by the Collateral Agent to such bank or financial institution
directing the disposition of cash, securities, Investment Related Property and other items from time to time credited to such account,
without further consent of each Grantor, (ii) all securities, Investment Related Property and other items of each Grantor deposited
with such institution shall be subject to a perfected, first priority security interest in favor of the Collateral Agent, (iii) any
right of set off (other than recoupment of standard fees), banker’s Lien or other similar Lien, security interest or encumbrance
shall be fully waived as against the Collateral Agent, and (iv) upon receipt of written notice from the Collateral Agent during
the continuance of an Event of Default, such bank or financial institution shall immediately send to the Collateral Agent by wire
transfer (to such account as the Collateral Agent shall specify, or in such other manner as the Collateral Agent shall direct)
all such cash, the value of any securities, Investment Related Property and other items held by it. Without the prior written consent
of the Collateral Agent, no Grantor shall create or maintain any Deposit Account or Securities Account except for the accounts
set forth in Schedule 9 hereto.

 

(d)          Letter-of-Credit
Rights. Each Grantor that is or becomes the beneficiary of a letter of credit shall promptly (and in any event within 2 Business
Days after becoming a beneficiary) notify the Collateral Agent thereof and, upon the request by the Collateral Agent, enter into
a multi-party agreement with the Collateral Agent and the issuing or confirming bank with respect to letter-of-credit rights assigning
such letter-of-credit rights to the Collateral Agent and directing all payments thereunder to the Collateral Agent, all in form
and substance satisfactory to the Collateral Agent.

 

(e)          Commercial
Tort Claims. Each Grantor shall promptly (and in any event within two (2) Business Days of receipt thereof) notify the Collateral
Agent in writing upon incurring or otherwise obtaining a Commercial Tort Claim after the date hereof and, upon request of the Collateral
Agent, promptly amend Schedule 1 to this Agreement to describe such after-acquired Commercial Tort Claim in a manner
that reasonably identifies such Commercial Tort Claim, and hereby authorizes the filing of additional financing statements or amendments
to existing financing statements describing such Commercial Tort Claims, and agrees to do such other acts or things deemed necessary
or desirable by the Collateral Agent to give the Collateral Agent, for the benefit of the Secured Parties, a first priority, perfected
security interest in any such Commercial Tort Claim.

 

(f)          Government
Contracts. If any Account or Chattel Paper arises out of a contract or contracts with the United States of America, or any
department, agency, or instrumentality thereof, Grantors shall promptly (and in any event within 2 Business Days of the creation
thereof) notify the Collateral Agent thereof in writing and execute any instruments or take any steps reasonably required by the
Collateral Agent in order that all moneys due or to become due under such contract or contracts shall be assigned to the Collateral
Agent, and shall provide written notice thereof and take all other appropriate actions under the Assignment of Claims Act or other
applicable law to provide the Collateral Agent a first-priority perfected security interest in such contract.

 

(g)          Intellectual
Property.

 

    	13

    	 

    

 

(i)          In
order to facilitate filings with the United States Patent and Trademark Office and the United States Copyright Office or any other
applicable Governmental Authority, each Grantor shall execute and deliver to the Collateral Agent one or more Copyright Security
Agreements, Trademark Security Agreements, or Patent Security Agreements to further evidence the Collateral Agent’s Liens
on such Grantor’s Copyrights, Trademarks or Patents.

 

(ii)         Each
Grantor shall have the duty (A) to promptly sue for infringement, misappropriation, or dilution with respect to its rights in Intellectual
Property to the extent such Intellectual Property is material (as determined by such Grantor) to the business of such Grantor,
and to recover any and all damages for such infringement, misappropriation, or dilution, (B) to prosecute diligently any material
(as determined by such Grantor) trademark application or service mark application that is part of the Trademarks pending as of
the date hereof or hereafter until the termination of this Agreement, (C) to prosecute diligently any patent application that is
material (as determined by such Grantor) to the business of such Grantor that is part of the Patents pending as of the date hereof
or hereafter until the termination of this Agreement, and (D) to take all reasonable and necessary action to preserve and maintain
all of each Grantor’s material Trademarks, Patents, Copyrights, Intellectual Property Licenses, necessary to such Grantor’s
business and its rights therein, including the filing of applications for renewal, affidavits of use, affidavits of noncontestability
and opposition and interference and cancellation proceedings. Each Grantor shall promptly file an application with the United States
Copyright Office for any Copyright that is material to the business of such Grantor and that has not been registered with the United
States Copyright Office. Each Grantor shall promptly file an application with the United States Patent and Trademark Office for
any Patent or Trademark that is material to the business of such Grantor and that has not been registered with the United States
Patent and Trademark Office. Any expenses incurred in connection with the foregoing shall be borne by Grantors. Each Grantor further
agrees not to abandon any Trademark, Patent, Copyright, or Intellectual Property License that is material to the business of such
Grantor.

 

(iii)        Grantors
acknowledge and agree that the Collateral Agent shall have no duties with respect to the Trademarks, Patents, Copyrights, or Intellectual
Property Licenses. Without limiting the generality of this Section 7(g), Grantors acknowledge and agree that the Collateral Agent
shall not be under any obligation to take any steps necessary to preserve rights in the Trademarks, Patents, Copyrights, or Intellectual
Property Licenses against any other Person, but the Collateral Agent may do so at its option from and after the occurrence and
during the continuance of an Event of Default, and all expenses incurred in connection therewith (including fees and expenses of
attorneys and other professionals) shall be for the sole account of the Grantors and shall be deemed to be Secured Obligations.

 

    	14

    	 

    

 

(h)          Investment
Related Property.

 

 (i)          If
any Grantor shall receive or become entitled to receive any Pledged Interests after the date hereof, it shall promptly (and in
any event within 2 Business Days of receipt thereof) identify such Pledged Interests in a written notice to the Collateral Agent;

 

(ii)         Grantors
shall notify the Collateral Agent of all sums of money and property paid or distributed in respect of the Investment Related Property
pledged hereunder which are received by any Grantor, and if so requested by the Collateral Agent, shall be held by the Grantors
in trust for the benefit of the Collateral Agent;

 

(iii)        Upon
request of the Collateral Agent, each Grantor shall promptly deliver to the Collateral Agent a copy of each notice or other communication
received by it in respect of any Pledged Interests;

 

(iv)        No
Grantor shall make or consent to any material amendment or other modification or waiver with respect to any Pledged Interests,
Pledged Operating Agreement, or Pledged Partnership Agreement, or enter into any agreement or permit to exist any restriction with
respect to any Pledged Interests;

 

(v)         Each
Grantor agrees that it will cooperate with the Collateral Agent in obtaining all necessary approvals and making all necessary filings
under federal, state, local, or foreign law in connection with the Security Interests on the Investment Related Property pledged
hereunder or any sale or transfer thereof; and

 

(vi)        As
to all limited liability company or partnership interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement,
each Grantor hereby represents, warrants and covenants that the Pledged Interests issued pursuant to such agreement (A) are not
and shall not be dealt in or traded on securities exchanges or in securities markets, (B) do not and will not constitute investment
company securities, and (C) are not and will not be held by such Grantor in a securities account. In addition, none of the
Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests
issued under any Pledged Operating Agreement or Pledged Partnership Agreement, provide or shall provide that such Pledged Interests
are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction.

 

(i)          Transfers
and Other Liens. Grantors shall not (i) sell, lease, license, assign (by operation of law or otherwise), transfer or otherwise
dispose of, or grant any option with respect to, any of the Collateral, except as expressly permitted by this Agreement and the
other Transaction Documents, or (ii) create or permit to exist any Lien upon or with respect to any of the Collateral of any of
Grantors, except for Permitted Liens. The inclusion of Proceeds in the Collateral shall not be deemed to constitute consent by
the Collateral Agent to any sale or other disposition of any of the Collateral except as expressly permitted in this Agreement
or the other Transaction Documents. Notwithstanding anything contained in this Agreement to the contrary, Permitted Liens shall
not be permitted with respect to any Pledged Interests.

 

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(j)          Preservation
of Existence.  Each Grantor shall maintain and preserve its existence, rights and privileges, and become or remain
duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which
the transaction of its business makes such qualification necessary.

 

(k)          Maintenance
of Properties. Each Grantor shall maintain and preserve all of its properties which are necessary in the proper conduct
of its business in good working order and condition, ordinary wear and tear excepted, and comply at all times with the material
provisions of all leases to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture
thereof or thereunder.

 

(l)          Maintenance
of Insurance. Each Grantor shall maintain insurance with responsible and reputable insurance companies or associations
(including, without limitation, comprehensive general liability, property, hazard, rent and business interruption insurance) with
respect to all of its assets and properties (including, without limitation, all real properties leased or owned by it and any and
all Inventory and Equipment) and business, in such amounts and covering such risks as is required by any governmental authority
having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies in
similar businesses similarly situated, in each case, acceptable to the Collateral Agent.

 

(m)          Other
Actions as to Any and All Collateral. Each Grantor shall promptly (and in any event within ten (10) Business Days of acquiring
or obtaining such Collateral) notify the Collateral Agent in writing upon (i) acquiring or otherwise obtaining any Collateral after
the date hereof consisting of Trademarks, Patents, registered Copyrights, Intellectual Property Licenses, Investment Related Property,
Chattel Paper (electronic, tangible or otherwise), promissory notes (as defined in the Code, or instruments (as defined in the
Code) or (ii) any amount payable under or in connection with any of the Collateral being or becoming evidenced after the date hereof
by any Chattel Paper, promissory notes, or instruments and, in each such case upon the request of the Collateral Agent, promptly
execute such other documents, or if applicable, deliver such Chattel Paper (if such Chattel Paper holds a value in excess of $50,000),
other documents or certificates evidencing any Investment Related Property and do such other acts or things deemed necessary or
desirable by the Collateral Agent to protect the Collateral Agent’s Security Interests therein.

 

8.          Relation
to Other Transaction Documents. The provisions of this Agreement shall be read and construed with the Transaction Documents
referred to below in the manner so indicated.

 

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(a)          Indenture,
Securities Purchase Agreement and Notes. In the event of any conflict between any provision in this Agreement and any provision
in the Indenture, Securities Purchase Agreement or Notes, such provision of the Indenture, Securities Purchase Agreement or Notes
shall control, except to the extent the applicable provision in this Agreement is more restrictive with respect to the rights of
Grantors or imposes more burdensome or additional obligations on Grantors, in which event the applicable provision in this Agreement
shall control.

 

(b)          Patent,
Trademark, Copyright Security Agreements. The provisions of the Copyright Security Agreements, Trademark Security Agreements,
and Patent Security Agreements are supplemental to the provisions of this Agreement, and nothing contained in the Copyright Security
Agreements, Trademark Security Agreements or the Patent Security Agreements shall limit any of the rights or remedies of the Collateral
Agent hereunder.

 

9.          Further
Assurances.

 

(a)          Each
Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further instruments
and documents, and take all further action, that may be necessary or that the Collateral Agent may reasonably request, in order
to perfect and protect the Security Interests granted or purported to be granted hereby or to enable the Collateral Agent to exercise
and enforce its rights and remedies hereunder with respect to any of the Collateral.

 

(b)          Each
Grantor authorizes the filing by the Collateral Agent of financing or continuation statements, or amendments thereto, and such
Grantor will execute and deliver to the Collateral Agent such other instruments or notices, as may be necessary or as the Collateral
Agent may reasonably request, in order to perfect and preserve the Security Interests granted or purported to be granted hereby.

 

(c)          Each
Grantor authorizes the Collateral Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing
statements and amendments (i) describing the Collateral as “all personal property of debtor” or “all assets of
debtor” or words of similar effect, (ii) describing the Collateral as being of equal or lesser scope or with greater detail,
or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance.
Each Grantor also hereby ratifies any and all financing statements or amendments previously filed by the Collateral Agent in any
jurisdiction.

 

(d)          Each
Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect
to any financing statement filed in connection with this Agreement without the prior written consent of the Collateral Agent, subject
to such Grantor’s rights under Section 9-509(d)(2) of the Code.

 

(e)          Each
Grantor shall permit the Collateral Agent or its employees, accountants, attorneys or agents, to examine and inspect any Collateral
or any other property of such Grantor at any time during ordinary business hours upon reasonable notice.

 

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10.         The
Collateral Agent’s Right to Perform Contracts, Exercise Rights, etc. Upon the occurrence and during the continuance of
an Event of Default, the Collateral Agent (a) may proceed to perform any and all of the obligations of any Grantor contained in
any contract, lease, or other agreement and exercise any and all rights of any Grantor therein contained as fully as such Grantor
itself could, (b) shall have the right to use any Grantor’s rights under Intellectual Property Licenses in connection with
the enforcement of the Collateral Agent’s rights hereunder, including the right to prepare for sale and sell any and all
Inventory and Equipment now or hereafter owned by any Grantor and now or hereafter covered by such licenses, and (c) shall have
the right to request that any Stock that is pledged hereunder be registered in the name of the Collateral Agent or any of its nominees.

 

11.         Collateral
Agent Appointed Attorney-in-Fact. Each Grantor, on behalf of itself and each Subsidiary of such Grantor, hereby irrevocably
appoints the Collateral Agent as the attorney-in-fact of such Grantor and each such Subsidiary solely for the purposes set forth
in this section. In the event any Grantor or any such Subsidiary fails to execute or deliver in a timely manner any Transaction
Document or other agreement, document, certificate or instrument which such Grantor or Subsidiary now or at any time hereafter
is required to execute or deliver pursuant to the terms of the Indenture, Securities Purchase Agreement or any other Transaction
Document, the Collateral Agent shall have full authority in the place and stead of such Grantor or such Subsidiary, and in the
name of such Grantor, such Subsidiary or otherwise, to execute and deliver each of the foregoing. Without limitation of the foregoing,
the Collateral Agent shall have full authority in the place and stead of each Grantor and each such Subsidiary, and in the name
of any such Grantor, any such Subsidiary or otherwise, at such time as an Event of Default has occurred and is continuing, to take
any action and to execute any instrument which the Collateral Agent may reasonably deem necessary or advisable to accomplish the
purposes of this Agreement, including, without limitation:

 

(a)          to
ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due
under or in connection with any Collateral of such Grantor or such Subsidiary;

 

(b)          to
receive and open all mail addressed to such Grantor or such Subsidiary and to notify postal authorities to change the address for
the delivery of mail to such Grantor or such Subsidiary to that of the Collateral Agent;

 

(c)          to
receive, indorse, and collect any drafts or other instruments, documents, Negotiable Collateral or Chattel Paper;

 

(d)          to
file any claims or take any action or institute any proceedings which the Collateral Agent may deem necessary or desirable for
the collection of any of the Collateral of such Grantor or such Subsidiary or otherwise to enforce the rights of the Collateral
Agent with respect to any of the Collateral;

 

(e)          to
repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any Person obligated to
such Grantor or such Subsidiary in respect of any Account of such Grantor or such Subsidiary;

 

    	18

    	 

    

 

(f)          to
use any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, customer lists, advertising
matter or other industrial or intellectual property rights, in advertising for sale and selling Inventory and other Collateral
and to collect any amounts due under Accounts, contracts or Negotiable Collateral of such Grantor or such Subsidiary; and

 

(g)          the
Collateral Agent shall have the right, but shall not be obligated, to bring suit in its own name to enforce the Trademarks, Patents,
Copyrights and Intellectual Property Licenses and, if the Collateral Agent shall commence any such suit, the appropriate Grantor
or such Subsidiary shall, at the request of the Collateral Agent, do any and all lawful acts and execute any and all proper documents
reasonably required by the Collateral Agent in aid of such enforcement.

 

To the extent permitted
by law, each Grantor hereby ratifies, for itself and each of its Subsidiaries, all that such attorney-in-fact shall lawfully do
or cause to be done by virtue hereof. Such power-of-attorney granted pursuant to this Section 11 is coupled with an interest and
shall be irrevocable until this Agreement is terminated.

 

12.         Collateral
Agent May Perform. If any Grantor fails to perform any agreement contained herein, the Collateral Agent may itself perform,
or cause performance of, such agreement, and the reasonable expenses of the Collateral Agent incurred in connection therewith shall
be payable, jointly and severally, by Grantors.

 

13.         Collateral
Agent’s Duties; Bailee for Perfection. The powers conferred on the Collateral Agent hereunder are solely to protect the
Collateral Agent’s interests in the Collateral and shall not impose any duty upon the Collateral Agent in favor of any Grantor
or any other Secured Party to exercise any such powers. Except for the safe custody of any Collateral in its actual possession
and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have any duty to any Grantor or any
other Secured Party as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or
any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody
and preservation of any Collateral in its actual possession if such Collateral is accorded treatment substantially equal to that
which the Collateral Agent accords its own property.

 

14.         Collection
of Accounts, General Intangibles and Negotiable Collateral. At any time upon the occurrence and during the continuation of
an Event of Default, the Collateral Agent may (a) notify Account Debtors of any Grantor that the Accounts, General Intangibles,
Chattel Paper or Negotiable Collateral have been assigned to the Collateral Agent or that the Collateral Agent has a security interest
therein, and (b) collect the Accounts, General Intangibles and Negotiable Collateral directly, and any collection costs and expenses
shall constitute part of the Secured Obligations.

 

    	19

    	 

    

 

15.         Disposition
of Pledged Interests by the Collateral Agent. None of the Pledged Interests existing as of the date of this Agreement are,
and none of the Pledged Interests hereafter acquired on the date of acquisition thereof will be, registered or qualified under
the various federal, state or other securities laws of the United States or any other jurisdiction, and disposition thereof after
an Event of Default may be restricted to one or more private (instead of public) sales in view of the lack of such registration.
Each Grantor understands that in connection with such disposition, the Collateral Agent may approach only a restricted number of
potential purchasers and further understands that a sale under such circumstances may yield a lower price for the Pledged Interests
than if the Pledged Interests were registered and qualified pursuant to federal, state and other securities laws and sold on the
open market. Each Grantor, therefore, agrees that: (a) if the Collateral Agent shall, pursuant to the terms of this Agreement,
sell or cause the Pledged Interests or any portion thereof to be sold at a private sale, the Collateral Agent shall have the right
to rely upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not be obligated to seek
such advice and the failure to do so shall not be considered in determining the commercial reasonableness of such action) as to
the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the best price reasonably obtainable
at the private sale thereof; and (b) such reliance shall be conclusive evidence that the Collateral Agent has handled the disposition
in a commercially reasonable manner.

 

16.         Voting
Rights.

 

(a)          Upon
the occurrence and during the continuation of an Event of Default, (i) the Collateral Agent may, at its option, and with 2 Business
Days prior notice to any Grantor, and in addition to all rights and remedies available to the Collateral Agent under any other
agreement, at law, in equity, or otherwise, exercise all voting rights, and all other ownership or consensual rights in respect
of the Pledged Interests owned by such Grantor, but under no circumstances is the Collateral Agent obligated by the terms of this
Agreement to exercise such rights, and (ii) if the Collateral Agent duly exercises its right to vote any of such Pledged Interests,
each Grantor hereby appoints the Collateral Agent as such Grantor’s true and lawful attorney-in-fact and IRREVOCABLE PROXY
to vote such Pledged Interests in any manner that the Collateral Agent deems advisable for or against all matters submitted or
which may be submitted to a vote of shareholders, partners or members, as the case may be. Such power-of-attorney granted pursuant
to this Section 16 is coupled with an interest and shall be irrevocable until this Agreement is terminated.

 

(b)          For
so long as any Grantor shall have the right to vote the Pledged Interests owned by it, such Grantor covenants and agrees that it
will not, without the prior written consent of the Collateral Agent, vote or take any consensual action with respect to such Pledged
Interests which would materially or adversely affect the rights of the Collateral Agent exercising the voting rights owned by such
Grantor or the value of the Pledged Interests.

 

17.         Remedies.
Upon the occurrence and during the continuance of an Event of Default:

 

    	20

    	 

    

 

(a)          The
Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein, in the
other Transaction Documents, or otherwise available to it, all the rights and remedies of a secured party on default under the
Code or any other applicable law. Without limiting the generality of the foregoing, each Grantor expressly agrees that, in any
such event, the Collateral Agent without any demand, advertisement, or notice of any kind (except a notice specified below of time
and place of public or private sale) to or upon any Grantor or any other Person (all and each of which demands, advertisements
and notices are hereby expressly waived to the maximum extent permitted by the Code or by any other applicable law), may take immediate
possession of all or any portion of the Collateral and (i) require Grantors to, and each Grantor hereby agrees that it will at
its own expense and upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral
Agent and make it available to the Collateral Agent at one or more locations where such Grantor regularly maintains Inventory,
and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or
private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit, and upon such other terms as the
Collateral Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notice of sale shall be required by
law, at least 10 days notice to any Grantor of the time and place of any public sale or the time after which any private sale is
to be made shall constitute reasonable notification and specifically such notice shall constitute a reasonable “authenticated
notification of disposition” within the meaning of Section 9-611 of the Code. The Collateral Agent shall not be obligated
to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made
at the time and place to which it was so adjourned.

 

(b)          The
Collateral Agent is hereby granted a license or other right to use, without liability for royalties or any other charge, each Grantor’s
labels, Patents, Copyrights, rights of use of any name, trade secrets, trade names, Trademarks, service marks and advertising matter,
URLs, domain names, industrial designs, other industrial or intellectual property or any property of a similar nature, whether
owned by any Grantor or with respect to which any Grantor has rights under license, sublicense, or other agreements (but only to
the extent (i) such license, sublicense or agreement does not prohibit such use by the Collateral Agent and (ii) such Grantor will
not be in default under such license, sublicense, or other agreement as a result of such use by the Collateral Agent), as it pertains
to the Collateral, in preparing for sale, advertising for sale and selling any Collateral, and each Grantor’s rights under
all licenses and all franchise agreements shall inure to the benefit of the Collateral Agent.

 

(c)          Any
cash held by the Collateral Agent as Collateral and all proceeds received by the Collateral Agent in respect of any sale of, collection
from, or other realization upon all or any part of the Collateral shall be applied against the Secured Obligations in the order
set forth in Section 18 hereof. In the event the proceeds of Collateral are insufficient for the Satisfaction in Full of the Secured
Obligations (as defined below), each Grantor shall remain jointly and severally liable for any such deficiency.

 

(d)          Each
Grantor hereby acknowledges that the Secured Obligations arose out of a commercial transaction, and agrees that if an Event of
Default shall occur and be continuing the Collateral Agent shall have the right to an immediate writ of possession without notice
of a hearing. The Collateral Agent shall have the right to the appointment of a receiver for the properties and assets of each
Grantor, and each Grantor hereby consents to such rights and such appointment and hereby waives any objection such Grantor may
have thereto or the right to have a bond or other security posted by the Collateral Agent.

 

    	21

    	 

    

 

(e)          The
Collateral Agent may, in addition to other rights and remedies provided for herein, in the other Transaction Documents, or otherwise
available to it under applicable law and without the requirement of notice to or upon any Grantor or any other Person (which notice
is hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), (i) with respect to any Grantor’s
Deposit Accounts in which  the Collateral Agent’s Liens are perfected by control under Section 9-104 of the Code, instruct
the bank maintaining such Deposit Account for the applicable Grantor to pay the balance of such Deposit Account to or for the benefit
of the Collateral Agent, and (ii) with respect to any Grantor’s Securities Accounts in which the Collateral Agent’s
Liens are perfected by control under Section 9-106 of the Code, instruct the securities intermediary maintaining such Securities
Account for the applicable Grantor to (A) transfer any cash in such Securities Account to or for the benefit of the Collateral
Agent, or (B) liquidate any financial assets in such Securities Account that are customarily sold on a recognized market and transfer
the cash proceeds thereof to or for the benefit of the Collateral Agent.

 

18.         Application
of Proceeds of Collateral. All proceeds of Collateral received by the Collateral Agent shall be applied in such order as the
Collateral Agent shall elect, consistent with the provisions of the Collateral Agency Agreement.

 

19.         Remedies
Cumulative. Each right, power, and remedy of the Collateral Agent as provided for in this Agreement or in any other Transaction
Document or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall
be in addition to every other right, power, or remedy provided for in this Agreement or in the other Transaction Documents or now
or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by the Collateral
Agent, of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by the Collateral
Agent of any or all such other rights, powers, or remedies. Each Grantor acknowledges that a breach by it of its obligations hereunder
will cause irreparable harm to the Collateral Agent and the other Secured Parties and that the remedy at law for any such breach
may be inadequate. Each Grantor therefore agrees that, in the event of any breach or any threatened breach, the Collateral Agent
shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened
breach, without the necessity of showing economic loss and without any bond or other security being required.

 

20.         Marshaling.
The Collateral Agent shall not be required to marshal any present or future collateral security (including but not limited to the
Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security
or other assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral
security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing
or arising. To the extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling
of collateral which might cause delay in or impede the enforcement of any of the Collateral Agent’s rights and remedies under
this Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured
Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and,
to the extent that it lawfully may, each Grantor hereby irrevocably waives the benefits of all such laws.

 

    	22

    	 

    

 

21.         Indemnity
and Expenses.

 

(a)          Without
limiting any obligations of Company under the Indenture and the Securities Purchase Agreement, each Grantor agrees to indemnify
the Collateral Agent and the other Secured Parties from and against all claims, lawsuits and liabilities (including attorneys’
fees) arising out of or resulting from this Agreement (including enforcement of this Agreement) or any other Transaction Document,
except claims, losses or liabilities resulting from the gross negligence or willful misconduct of the party seeking indemnification
as determined by a final non-appealable order of a court of competent jurisdiction. This provision shall survive the termination
of this Agreement and the Transaction Documents and the Satisfaction in Full of the Secured Obligations.

 

(b)          Grantors,
jointly and severally, shall, upon demand, pay to the Collateral Agent all of the costs and expenses which the Collateral Agent
may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or,
upon an Event of Default, the sale of, collection from, or other realization upon, any of the Collateral in accordance with this
Agreement and the other Transaction Documents, (iii) the exercise or enforcement of any of the rights of the Collateral Agent hereunder
or (iv) the failure by any Grantor to perform or observe any of the provisions hereof.

 

22.         Merger,
Amendments; Etc. THIS AGREEMENT, TOGETHER WITH THE OTHER TRANSACTION DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE
PARTIES SOLELY WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. No provision of this Agreement
may be amended or waived other than by an instrument in writing signed by each Grantor and the Collateral Agent.

 

23.         Addresses
for Notices. All notices and other communications provided for hereunder (a) shall be given in the form and manner set forth
in the Securities Purchase Agreement and (b) shall be delivered, (i) in the case of notice to any Grantor, by delivery of such
notice to the Company at the Company’s address set forth below or at such other address as shall be designated by the Company
in a written notice to the Collateral Agent, and (ii) in the case of notice to the Collateral Agent, by delivery of such notice
to the Collateral Agent at its address set forth below or at such other address as shall be designated by the Collateral Agent
in a written notice to the Company:

 

If to the Company:

 

    	23

    	 

    

 

Vringo, Inc.

780 Third Avenue, 12th Floor

New York, NY 10017

Telephone: (646) 532-6778

E-mail: Exec@vringoinc.com

Attention: Andrew Perlman

 

With a copy (for informational purposes
only) to:

 

Mintz, Levin, Cohn, Ferris, Glovsky
and Popeo, P.C.

Chrysler Center

666 Third Avenue

New York, NY 10017

Telephone: 212-692-6768

E-mail:krkoch@mintz.com

Attention: Kenneth R. Koch

 

If to the Collateral Agent:

 

Iroquois Master Fund Ltd.

205 East 42nd Street –
20th Floor

New York, NY 10017

Telephone: 212-974-3070

Fascimile: 347-408-0969

Attention: Josh Silverman

 

With a copy (for informational purposes
only) to:

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, New York 10020

Telephone: 646-414-6846

Facsimile: 973-597-2383

Attention: John D. Hogoboom

 

    	24

    	 

    

 

24.         Continuing
Security Interests; Assignments under Transaction Documents. This Agreement shall create a continuing security interest in
the Collateral in favor of the Collateral Agent and shall (a) remain in full force and effect until Satisfaction in Full of the
Secured Obligations, (b) be binding upon each of Grantors, and their respective permitted successors and permitted assigns, and
(c) inure to the benefit of, and be enforceable by, the Collateral Agent and the Secured Parties and their respective successors,
transferees and assigns. Without limiting the generality of the foregoing clause (c), the Collateral Agent and any Secured Party
may, in accordance with the provisions of the Transaction Documents, assign or otherwise transfer all or any portion of its rights
and obligations under the Transaction Documents to any other Person, and such other Person shall thereupon become vested with all
the benefits in respect thereof granted to the Collateral Agent and the Secured Parties herein or otherwise. Upon Satisfaction
in Full of the Secured Obligations, the Security Interests granted hereby shall terminate and all rights to the Collateral shall
revert to Grantors or any other Person entitled thereto. At such time, the Collateral Agent will authorize the filing of appropriate
termination statements to terminate such Security Interests. No transfer or renewal, extension, assignment, or termination of this
Agreement or any other Transaction Document, or any other instrument or document executed and delivered by any Grantor to the Collateral
Agent nor any additional loans made by any Secured Party to any Grantor, nor the taking of further security, nor the retaking or
re-delivery of the Collateral to Grantors, or any of them, by any Secured Party, nor any other act of Secured Parties, or any of
them, shall release any of Grantors from any obligation, except a release or discharge executed in writing by the Collateral Agent.
the Collateral Agent shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies
hereunder, unless such waiver is in writing and signed by the Collateral Agent and then only to the extent therein set forth. A
waiver by the Collateral Agent of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such
right or remedy which the Collateral Agent would otherwise have had on any other occasion.

 

25.         Governing
Law; Jurisdiction; Service of Process; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, 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 suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper; provided, however, any suit seeking enforcement against any Collateral or other property may be brought, at the Collateral
Agent’s option, in the courts of any jurisdiction where the Collateral Agent elects to bring such action or where such Collateral
or other property may be found. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Without
limitation of the foregoing, each Grantor other than the Company hereby irrevocably appoints the Company as such Grantor’s
agent for purposes of receiving and accepting any service of process hereunder or under any of the other Security Documents. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH GRANTOR
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

 

    	25

    	 

    

 

26.         New
Subsidiaries. If pursuant to any Transaction Documents certain Subsidiaries of the Company are required to enter into this
Agreement, such Subsidiary shall execute and deliver in favor of Collateral Agent a Joinder to this Agreement in substantially
the form of Exhibit D. Upon the execution and delivery of Exhibit D by any such Subsidiary, such Subsidiary shall
become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery
of any instrument adding an additional Grantor as a party to this Agreement shall not require the consent of any Grantor hereunder.
The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any
new Grantor hereunder.

 

27.         Miscellaneous.

 

(a)          This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any
signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed
signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such signature page were an original thereof. Any party delivering
an executed counterpart of this Agreement by facsimile or other electronic method of transmission also shall deliver an original
executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity,
enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Security Document mutatis mutandis.

 

(b)          Any
provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision
in any other jurisdiction.

 

(c)          Headings
used in this Agreement are for convenience only and shall not be used in connection with the interpretation of any provision hereof.

 

(d)          The
pronouns used herein shall include, when appropriate, either gender and both singular and plural, and the grammatical construction
of sentences shall conform thereto.

 

(e)          The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction will be applied against any party. For clarification purposes, the Recitals are part of this Agreement.

 

    	26

    	 

    

 

(f)          Unless
the context of this Agreement or any other Transaction Document clearly requires otherwise, references to the plural include the
singular, references to the singular include the plural, the terms “includes” and “including” are not limiting,
and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.”
The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this
Agreement or any other Transaction Document refer to this Agreement or such other Transaction Document, as the case may be, as
a whole and not to any particular provision of this Agreement or such other Transaction Document, as the case may be. Section,
subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in
this Agreement or in any other Transaction Document to any agreement, instrument, or document shall include all alterations, amendments,
changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable
(subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions,
joinders, and supplements set forth herein). “Satisfaction in Full of the Secured Obligations” shall mean the
indefeasible payment in full in cash and discharge, or other satisfaction in accordance with the terms of the Transaction Documents
and discharge, of all Secured Obligations in full. Any reference herein to any Person shall be construed to include such Person’s
permitted successors and permitted assigns. Any requirement of a writing contained herein or in any other Transaction Document
shall be satisfied by the transmission of a Record and any Record so transmitted shall constitute a representation and warranty
as to the accuracy and completeness of the information contained therein.

 

(g)          All
dollar amounts referred to in this Agreement and the other Transaction Documents are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Agreement and all other Transaction Documents shall be paid in U.S. Dollars. All amounts denominated
in other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on
the date of calculation. “Exchange Rate” means, in relation to any amount of currency to be converted
into U.S. Dollars pursuant to this Note, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant
date of calculation (it being understood and agreed that where an amount is calculated with reference to, or over, a period of
time, the date of calculation shall be the final date of such period of time).

 

[signature pages follow]

 

    	27

    	 

    

 

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

 

	GRANTORS:	VRINGO, INC., a Delaware corporation
	 	 	 
	 	By:	 

	 	Name:	 

	 	Title:	 

 

    	SECURITY AGREEMENT

    	 

    

 

	COLLATERAL AGENT:	IROQUOIS MASTER FUND LTD.
	 	 	 
	 	By:	 
	 	Name: Joshua Silverman
	 	Title: Authorized Signatory

 

    	SECURITY AGREEMENT

    	 

    

 

EXHIBIT A

 

COPYRIGHT SECURITY
AGREEMENT

 

This
COPYRIGHT SECURITY AGREEMENT (this “Copyright Security Agreement”) is made this [___] day of May 2015, by the
Grantors listed on the signature pages hereof (collectively, jointly and severally, “Grantors” and each individually
“Grantor”), in favor of Iroquois Master Fund, L.P., in its capacity as collateral agent (in such capacity the
“Collateral Agent”) for the Secured Parties as defined in the below-described
Security Agreement.

 

RECITALS

 

WHEREAS, pursuant to
that certain (i) Indenture, dated as of May 4, 2015 by and between Vringo, Inc. (the “Company”) and Computershare
Trust Company, N.A. (the “Trustee”), as may be amended or supplemented from time to time, including without
limitation, by any Supplemental Indenture (as defined in the Securities Purchase Agreement) (the “Indenture”)
and (ii) Securities Purchase Agreement, dated as of May 4, 2015 (as may be amended, restated, supplemented, or otherwise modified
from time to time, including all schedules thereto, collectively, the “Securities Purchase Agreement”), by and
among the Company and the Secured Parties, Company has agreed to sell, and the Secured Parties have each agreed to purchase, severally
and not jointly, certain Notes and Warrants;

 

WHEREAS, in order to
induce each of the Secured Parties to purchase, severally and not jointly, the Notes and Warrants as provided for in the Indenture
and the Securities Purchase Agreement, Grantors have executed and delivered to the Collateral Agent that certain Security Agreement
of even date herewith (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented
or otherwise modified, the “Security Agreement”); and

 

WHEREAS, pursuant to
the Security Agreement, Grantors are required to execute and deliver to the Collateral Agent this Copyright Security Agreement.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Grantors hereby agree as follows:

 

1.          DEFINED
TERMS. All capitalized terms used but not otherwise defined herein have the meanings given to them in the Security Agreement.

 

2.          GRANT
OF SECURITY INTEREST IN COPYRIGHT COLLATERAL. Each Grantor hereby grants to the Collateral Agent a continuing first priority
security interest in all of such Grantor’s right, title and interest in, to and under the following, whether presently existing
or hereafter created or acquired (collectively, the “Copyright Collateral”):

 

(a)          all
of each Grantor’s Copyrights and Copyright Intellectual Property Licenses to which it is a party including those referred
to on Schedule I hereto;

 

    	2

    	 

    

 

(b)          all
reissues, continuations or extensions of the foregoing; and

 

(c)          all
products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future infringement
or dilution of any Copyright or any Copyright licensed under any Intellectual Property License.

 

3.          SECURITY
FOR OBLIGATIONS. This Copyright Security Agreement and the Security Interests created hereby secures the payment and performance
of all the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this
Copyright Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed
by Grantors, or any of them, to the Secured Parties, or any of them, whether or not they are unenforceable or not allowable due
to the existence of an Insolvency Proceeding involving any Grantor.

 

4.          SECURITY
AGREEMENT. The security interests granted pursuant to this Copyright Security Agreement are granted in conjunction with the
security interests granted to the Collateral Agent pursuant to the Security Agreement. Each Grantor hereby acknowledges and affirms
that the rights and remedies of the Collateral Agent with respect to its security interests in the Copyright Collateral made and
granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference
herein as if fully set forth herein.

 

5.          AUTHORIZATION
TO SUPPLEMENT. To the extent required under the Security Agreement, Grantors shall give the Collateral Agent prompt notice
in writing of any additional copyright registrations or applications therefor after the date hereof. Grantors hereby authorize
the Collateral Agent unilaterally to modify this Agreement by amending Schedule I to include any future registered
copyrights or applications therefor of Grantors. Notwithstanding the foregoing, no failure to so modify this Copyright Security
Agreement or amend Schedule I shall in any way affect, invalidate or detract from the Collateral Agent‘s continuing
security interest in all Collateral, whether or not listed on Schedule I.

 

6.          COUNTERPARTS.
This Copyright Security Agreement may be executed in two or more identical counterparts, all of which shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.
In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format
(.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.
In proving this Copyright Security Agreement or any other Transaction Document in any judicial proceedings, it shall not be necessary
to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought.

 

    	2

    	 

    

 

7.          CONSTRUCTION.
Unless the context of this Copyright Security Agreement or any other Transaction Document clearly requires otherwise, references
to the plural include the singular, references to the singular include the plural, the terms “includes” and “including”
are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the
phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,”
and similar terms in this Copyright Security Agreement or any other Transaction Document refer to this Copyright Security Agreement
or such other Transaction Document, as the case may be, as a whole and not to any particular provision of this Copyright Security
Agreement or such other Transaction Document, as the case may be. Section, subsection, clause, schedule, and exhibit references
herein are to this Copyright Security Agreement unless otherwise specified. Any reference in this Copyright Security Agreement
or in any other Transaction Document to any agreement, instrument, or document shall include all alterations, amendments, changes,
extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable
(subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions,
joinders, and supplements set forth herein). Any reference herein to any Person shall be construed to include such Person’s
permitted successors and permitted assigns. Any requirement of a writing contained herein or in any other Transaction Document
shall be satisfied by the transmission of a Record and any Record so transmitted shall constitute a representation and warranty
as to the accuracy and completeness of the information contained therein. The language used in this Copyright Security Agreement
will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will
be applied against any party. For clarification purposes, the Recitals are part of this Copyright Security Agreement.

 

[signature pages follow]

 

    	2

    	 

    

 

IN WITNESS WHEREOF,
each Grantor has caused this Copyright Security Agreement to be executed and delivered by its duly authorized officer as of the
date first set forth above.

 

	GRANTORS:	VRINGO, INC., a Delaware corporation
	 	 	 
	 	By:	 

	 	Name:	 

	 	Title:	 

 

    	COPYRIGHT SECURITY AGREEMENT

    	 

    

 

EXHIBIT B

 

PATENT SECURITY
AGREEMENT

 

This PATENT SECURITY
AGREEMENT (this “Patent Security Agreement”) is made this [___] day of May 2015, by the Grantors listed on the
signature pages hereof (collectively, jointly and severally, “Grantors” and each individually “Grantor”),
in favor of Iroquois Master Fund, L.P., in its capacity as collateral agent (in such capacity the “Collateral Agent”)
for the Secured Parties as defined in the below-described Security Agreement.

 

RECITALS

 

WHEREAS, pursuant to
that certain (i) Indenture, dated as of May 4, 2015, by and between Vringo, Inc. (the “Company”) and Computershare
Trust Company, N.A. (the “Trustee”), as may be amended or supplemented from time to time, including without
limitation, by any Supplemental Indenture (as defined in the Securities Purchase Agreement) (the “Indenture”)
and (ii) Securities Purchase Agreement, dated as of May 4, 2015 (as may be amended, restated, supplemented, or otherwise modified
from time to time, including all schedules thereto, collectively, the “Securities Purchase Agreement”), by and
among the Company and the Secured Parties, Company has agreed to sell, and the Secured Parties have each agreed to purchase, severally
and not jointly, certain Notes and Warrants;

 

WHEREAS, in order to
induce each of the Secured Parties to purchase, severally and not jointly, the Notes and Warrants as provided for in the Indenture
and the Securities Purchase Agreement, Grantors have executed and delivered to the Collateral Agent that certain Security Agreement
of even date herewith (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented
or otherwise modified, the “Security Agreement”); and

 

WHEREAS, pursuant to
the Security Agreement, Grantors are required to execute and deliver to the Collateral Agent this Patent Security Agreement.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Grantors hereby agree as follows:

 

1.          DEFINED
TERMS. All capitalized terms used but not otherwise defined herein have the meanings given to them in the Security Agreement.

 

2.          GRANT
OF SECURITY INTEREST IN PATENT COLLATERAL. Each Grantor hereby grants to the Collateral Agent a continuing first priority security
interest in all of such Grantor’s right, title and interest in, to and under the following, whether presently existing or
hereafter created or acquired (collectively, the “Patent Collateral”):

 

(a)          all
of its Patents and Patent Intellectual Property Licenses to which it is a party including those referred to on Schedule I
hereto;

 

    	 

    	 

    

 

(b)          all
reissues, continuations or extensions of the foregoing; and

 

(c)          all
products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future infringement
or dilution of any Patent or any Patent licensed under any Intellectual Property License.

 

3.          SECURITY
FOR OBLIGATIONS. This Patent Security Agreement and the Security Interests created hereby secures the payment and performance
of all the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this
Patent Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed
by Grantors, or any of them, to Secured Parties, or any of them, whether or not they are unenforceable or not allowable due to
the existence of an Insolvency Proceeding involving any Grantor.

 

4.          SECURITY
AGREEMENT. The security interests granted pursuant to this Patent Security Agreement are granted in conjunction with the security
interests granted to the Collateral Agent pursuant to the Security Agreement. Each Grantor hereby acknowledges and affirms that
the rights and remedies of the Collateral Agent with respect to their respective security interests in the Patent Collateral made
and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference
herein as if fully set forth herein.

 

5.          AUTHORIZATION
TO SUPPLEMENT. If any Grantor shall obtain rights to any new patentable inventions or become entitled to the benefit of any
patent application or patent for any reissue, division, or continuation, of any patent, the provisions of this Patent Security
Agreement shall automatically apply thereto. To the extent required under the Security Agreement, Grantors shall give prompt notice
in writing to the Collateral Agent with respect to any such new patent rights. Without limiting each Grantor’s obligations
under this Section 5, Grantors hereby authorize the Collateral Agent unilaterally to modify this Agreement by amending Schedule
I to include any such new patent rights of Grantors. Notwithstanding the foregoing, no failure to so modify this Patent
Security Agreement or amend Schedule I shall in any way affect, invalidate or detract from the Collateral Agent’s
continuing security interest in all Collateral, whether or not listed on Schedule I.

 

6.          COUNTERPARTS.
This Patent Security Agreement may be executed in two or more identical counterparts, all of which shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.
In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format
(.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.
In proving this Patent Security Agreement or any other Transaction Document in any judicial proceedings, it shall not be necessary
to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought.

 

    	2

    	 

    

 

7.          CONSTRUCTION.
Unless the context of this Patent Security Agreement or any other Transaction Document clearly requires otherwise, references to
the plural include the singular, references to the singular include the plural, the terms “includes” and “including”
are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the
phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,”
and similar terms in this Patent Security Agreement or any other Transaction Document refer to this Patent Security Agreement or
such other Transaction Document, as the case may be, as a whole and not to any particular provision of this Patent Security Agreement
or such other Transaction Document, as the case may be. Section, subsection, clause, schedule, and exhibit references herein are
to this Patent Security Agreement unless otherwise specified. Any reference in this Patent Security Agreement or in any other Transaction
Document to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications,
renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions
on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements
set forth herein). Any reference herein to any Person shall be construed to include such Person’s permitted successors and
permitted assigns. Any requirement of a writing contained herein or in any other Transaction Document shall be satisfied by the
transmission of a Record and any Record so transmitted shall constitute a representation and warranty as to the accuracy and completeness
of the information contained therein. The language used in this Patent Security Agreement will be deemed to be the language chosen
by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. For clarification
purposes, the Recitals are part of this Patent Security Agreement.

 

[signature pages follow]

 

    	3

    	 

    

 

IN WITNESS WHEREOF,
each Grantor has caused this Patent Security Agreement to be executed and delivered by its duly authorized officer as of the date
first set forth above.

 

	GRANTORS:	VRINGO, INC., a Delaware corporation
	 	 	 
	 	By:	 

	 	Name:	 

	 	Title:	 

 

    	4

    	 

    

 

EXHIBIT C

 

TRADEMARK SECURITY
AGREEMENT

 

This TRADEMARK SECURITY
AGREEMENT (this “Trademark Security Agreement”) is made this [___] day of May 2015 by the Grantors listed on
the signature pages hereof (collectively, jointly and severally, “Grantors” and each individually “Grantor”),
in favor of Iroquois Master Fund, L.P., in its capacity as collateral agent (in such capacity the “Collateral Agent”)
for the Secured Parties as defined in the below-described Security Agreement.

 

RECITALS

 

WHEREAS, pursuant to
that certain (i) Indenture, dated as of May 4, 2015, by and between Vringo, Inc. (the “Company”) and Computershare
Trust Company, N.A. (the “Trustee”), as may be amended or supplemented from time to time, including without
limitation, by any Supplemental Indenture (as defined in the Securities Purchase Agreement) (the “Indenture”)
and (ii) Securities Purchase Agreement, dated as of May 4, 2015 (as may be amended, restated, supplemented, or otherwise modified
from time to time, including all schedules thereto, collectively, the “Securities Purchase Agreement”), by and
among the Company and the Secured Parties, Company has agreed to sell, and the Secured Parties have each agreed to purchase, severally
and not jointly, certain Notes and Warrants;

 

WHEREAS, in order to
induce each of the Secured Parties to purchase, severally and not jointly, the Notes and Warrants as provided for in the Indenture
and the Securities Purchase Agreement, Grantors have executed and delivered to the Collateral Agent that certain Security Agreement
of even date herewith (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented
or otherwise modified, the “Security Agreement”); and

 

WHEREAS, pursuant to
the Security Agreement, Grantors are required to execute and deliver to the Collateral Agent this Trademark Security Agreement.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Grantors hereby agree as follows:

 

1.          DEFINED
TERMS. All capitalized terms used but not otherwise defined herein have the meanings given to them in the Security Agreement.

 

2.          GRANT
OF SECURITY INTEREST IN TRADEMARK COLLATERAL. Each Grantor hereby grants to the Collateral Agent a continuing first priority
security interest in all of such Grantor’s right, title and interest in, to and under the following, whether presently existing
or hereafter created or acquired (collectively, the “Trademark Collateral”):

 

    	 

    	 

    

 

(a)          all
of its Trademarks and Trademark Intellectual Property Licenses to which it is a party including those referred to on Schedule
I hereto;

 

(b)          all
goodwill, trade secrets, proprietary or confidential information, technical information, procedures, formulae, quality control
standards, designs, operating and training manuals, customer lists, and other General Intangibles with respect to the foregoing;

 

(c)          all
reissues, continuations or extensions of the foregoing;

 

(d)          all
goodwill of the business connected with the use of, and symbolized by, each Trademark and each Trademark Intellectual Property
License; and

 

(e)          all
products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future (i)
infringement or dilution of any Trademark or any Trademark licensed under any Intellectual Property License or (ii) injury to the
goodwill associated with any Trademark or any Trademark licensed under any Intellectual Property License.

 

3.          SECURITY
FOR OBLIGATIONS. This Trademark Security Agreement and the Security Interests created hereby secures the payment and performance
of all the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this
Trademark Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed
by Grantors, or any of them, to Secured Parties, or any of them, whether or not they are unenforceable or not allowable due to
the existence of an Insolvency Proceeding involving any Grantor.

 

4.          SECURITY
AGREEMENT. The security interests granted pursuant to this Trademark Security Agreement are granted in conjunction with the
security interests granted to the Collateral Agent pursuant to the Security Agreement. Each Grantor hereby acknowledges and affirms
that the rights and remedies of the Collateral Agent with respect to their respective security interests in the Trademark Collateral
made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated
by reference herein as if fully set forth herein.

 

5.          AUTHORIZATION
TO SUPPLEMENT. If any Grantor shall obtain rights to any new trademarks, the provisions of this Trademark Security Agreement
shall automatically apply thereto. To the extent required under the Security Agreement, Grantors shall give prompt notice in writing
to the Collateral Agent with respect to any such new trademarks or renewal or extension of any trademark registration. Without
limiting each Grantor’s obligations under this Section 5, Grantors hereby authorize the Collateral Agent unilaterally to
modify this Agreement by amending Schedule I to include any such new trademark rights of Grantors. Notwithstanding
the foregoing, no failure to so modify this Trademark Security Agreement or amend Schedule I shall in any way affect,
invalidate or detract from the Collateral Agent’s continuing security interest in all Collateral, whether or not listed on
Schedule I.

 

    	2

    	 

    

 

6.          COUNTERPARTS.
This Trademark Security Agreement may be executed in two or more identical counterparts, all of which shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.
In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format
(.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.
In proving this Trademark Security Agreement or any other Transaction Document in any judicial proceedings, it shall not be necessary
to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought.

 

7.          CONSTRUCTION.
Unless the context of this Trademark Security Agreement or any other Transaction Document clearly requires otherwise, references
to the plural include the singular, references to the singular include the plural, the terms “includes” and “including”
are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the
phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,”
and similar terms in this Trademark Security Agreement or any other Transaction Document refer to this Trademark Security Agreement
or such other Transaction Document, as the case may be, as a whole and not to any particular provision of this Trademark Security
Agreement or such other Transaction Document, as the case may be. Section, subsection, clause, schedule, and exhibit references
herein are to this Agreement unless otherwise specified. Any reference in this Trademark Security Agreement or in any other Transaction
Document to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications,
renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions
on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements
set forth herein). Any reference herein to any Person shall be construed to include such Person’s permitted successors and
permitted assigns. Any requirement of a writing contained herein or in any other Transaction Document shall be satisfied by the
transmission of a Record and any Record so transmitted shall constitute a representation and warranty as to the accuracy and completeness
of the information contained therein. The language used in this Trademark Security Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. For
clarification purposes, the Recitals are part of this Trademark Security Agreement.

 

[signature pages follow]

 

    	3

    	 

    

 

IN WITNESS WHEREOF,
each Grantor has caused this Trademark Security Agreement to be executed and delivered by its duly authorized officer as of the
date first set forth above.

 

	GRANTORS:	VRINGO, INC., a Delaware corporation
	 	 	 
	 	By:	 

	 	Name:	 

	 	Title:	 

 

    	Annex I - 1

    	 

    

 

EXHIBIT D

 

SECURITY AGREEMENT
FORM OF JOINDER

 

Joinder No. ____ (this
"Joinder"), dated as of ____________ 20___, to the Security Agreement, dated as of May [__], 2015 (as amended,
restated, amended and restated, supplemented, or otherwise modified from time to time, the "Security Agreement”)
by and among each of the parties listed on the signature pages thereto and those additional entities that thereafter become parties
thereto (collectively, jointly and severally, "Grantors" and each, individually, a "Grantor")
and Iroquois Master Fund, L.P., as collateral agent for the Secured Parties.

 

WITNESSETH:

 

WHEREAS, pursuant
to that certain (i) Indenture, dated as of May 4, 2015, by and between Vringo, Inc. (the “Company”) and Computershare
Trust Company, N.A. (the “Trustee”), as may be amended or supplemented from time to time, including without
limitation, by any Supplemental Indenture (as defined in the Securities Purchase Agreement) (the “Indenture”)
and (ii) Securities Purchase Agreement, dated as of May 4, 2015 (as may be amended, restated, supplemented, or otherwise modified
from time to time, including all schedules thereto, collectively, the “Securities Purchase Agreement”), by and
among the Company and the Secured Parties the Company agreed to sell, and the Secured Parties agreed to purchase, severally and
not jointly, certain Notes and Warrants;

 

WHEREAS, pursuant to
Section 26 of the Security Agreement certain Subsidiaries of the Company, must execute and deliver certain Transaction Documents,
including a Guaranty and the Security Agreement, and the joinder to the Security Agreement by the undersigned new Grantor or Grantors
(collectively, the "New Grantors") may be accomplished by the execution of this Joinder in favor of Collateral
Agent, for the benefit of the Secured Parties; and

 

WHEREAS, each New Grantor
(a) is a Subsidiary of the Company and, as such, will benefit by virtue of the financial accommodations extended to the Company
by the Secured Parties and (b) by becoming a Grantor will benefit from certain rights granted to the Grantors pursuant to
the terms of the Transaction Documents;

 

NOW, THEREFORE, for
and in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each New Grantor hereby agrees as follows:

 

    	 

    	 

    

 

1.          In
accordance with Section 26 of the Security Agreement, each New Grantor, by its signature below, becomes a "Grantor" under
the Security Agreement with the same force and effect as if originally named therein as a "Grantor" and each New Grantor
hereby (a) agrees to all of the terms and provisions of the Security Agreement applicable to it as a "Grantor" thereunder
and (b) represents and warrants that the representations and warranties made by it as a "Grantor” thereunder are
true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations
and warranties that are already qualified or modified by materiality in the text thereof) on and as of the date hereof. In furtherance
of the foregoing, each New Grantor hereby unconditionally grants, assigns, and pledges to Collateral Agent, for the benefit of
the Secured Parties, to secure the Secured Obligations, a separate, continuing security interest in in substantially all of the
assets of such Grantor in the United States (excluding Real Property) whether now owned or hereafter acquired or arising and wherever
located (collectively, the “Collateral”). Each reference to a "Grantor" in the Security Agreement
shall be deemed to include each New Grantor. The Security Agreement is incorporated herein by reference.

 

2.          Schedule
1, "Commercial Tort Claims", Schedule 2, "Copyrights", Schedule 3, "Intellectual Property
Licenses", Schedule 4, "Patents", Schedule 5, "Pledged Companies", Schedule 6, "Trademarks",
Schedule 7, “Real Property”, Schedule 8, "List of Uniform Commercial Code Filing Jurisdictions",
and Schedule 9, “Deposit Accounts and Securities Accounts, attached hereto supplement Schedule 1, Schedule 2, Schedule
3, Schedule 4, Schedule 5, Schedule 6, Schedule 7, Schedule 8, and Schedule 9 respectively, to the Security Agreement and shall
be deemed a part thereof for all purposes of the Security Agreement.

 

3.          Each
New Grantor authorizes the Collateral Agent at any time and from time to time to file, transmit, or communicate, as applicable,
financing statements and amendments (i) describing the Collateral as “all personal property of debtor” or “all
assets of debtor” or words of similar effect, (ii) describing the Collateral as being of equal or lesser scope or with greater
detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office
acceptance. Each New Grantor also hereby ratifies any and all financing statements or amendments previously filed by the Collateral
Agent in any jurisdiction.

 

4.          Each
New Grantor represents and warrants to Notes Agent and the Purchaser Group that this Joinder has been duly executed and delivered
by such New Grantor and constitutes its legal, valid, and binding obligation, enforceable against it in accordance with its terms,
except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium, or
other similar laws affecting creditors' rights generally and general principles of equity (regardless of whether such enforceability
is considered in a proceeding at law or in equity).

 

5.          This
Joinder is a Transaction Document. This Joinder may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together,
shall constitute but one and the same Joinder. Delivery of an executed counterpart of this Joinder by telefacsimile or other electronic
method of transmission shall be equally as effective as delivery of an original executed counterpart of this Joinder. Any party
delivering an executed counterpart of this Joinder by telefacsimile or other electronic method of transmission also shall deliver
an original executed counterpart of this Joinder but the failure to deliver an original executed counterpart shall not affect the
validity, enforceability, and binding effect of this Joinder.

 

6.          The
Security Agreement, as supplemented hereby, shall remain in full force and effect.

 

    	 

    	 

    

 

7.          THIS
JOINDER SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH
IN SECTION 25 OF THE SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Joinder to the Guaranty and Security Agreement to be executed and delivered as of the day and
year first above written.

 

	NEW GRANTORS:	[NAME OF NEW GRANTOR]
	 	 	 
	 	By:	 

	 	Name:	 

	 	Title:	 

 

	 	[NAME OF NEW GRANTOR]
	 	 	 
	 	By:	 

	 	Name:	 

	 	Title:	 

 

	COLLATERAL AGENT:	Iroquois Master Fund, L.P.,
	 	 	 
	 	By:	 

	 	Name:	 

	 	Title:

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