Document:

Exhibit 10.5

 

EXECUTION
VERSION

 

 

 

Guaranty
Agreement

 

By

 

NXT-ID,
Inc.

 

and

 

3D-ID,
LLC

 

           

 

and

 

         

as Administrative Agent

 

 

 

 

Dated
as of May 3, 2019

 

 

 

     

     

    

 

Table
of Contents

 

	Section	 	Page
	 	 	 
	Section 1.	Guaranty; Limitation of Liability	1
	 	 	 
	Section 2.	Guaranty Absolute	2
	 	 	 
	Section 3.	Waivers and Acknowledgments	4
	 	 	 
	Section 4.	Subrogation	5
	 	 	 
	Section 5.	Payments Free and Clear of Taxes, Etc.	5
	 	 	 
	Section 6.	Representations and Warranties	5
	 	 	 
	Section 7.	Covenants	5
	 	 	 
	Section 8.	Amendments, Guaranty Supplements, Etc.	6
	 	 	 
	Section 9.	Notices, Etc.	6
	 	 	 
	Section 10.	No Waiver; Remedies	6
	 	 	 
	Section 11.	Right of Setoff	6
	 	 	 
	Section 12.	Indemnification	7
	 	 	 
	Section 13.	Subordination	8
	 	 	 
	Section 14.	Continuing Guaranty; Assignments under the Credit Agreement	9
	 	 	 
	Section 15.	Execution in Counterparts	9
	 	 	 
	Section 16.	Governing Law; Jurisdiction; Waiver of Jury Trial, Etc.	9

 

Exhibit A
- Guaranty Supplement

 

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Guaranty
Agreement

 

Guaranty
Agreement (this “Agreement”) dated as of May
3, 2019, among Nxt-ID, Inc., a Delaware corporation (“Parent”),
3D-ID, LLC, a Florida limited liability company, and each of the subsidiaries of
Parent that is a party hereto or may become party hereto pursuant to Section 8(b) below (collectively, the “Guarantors”)
and             , as
administrative agent (in such capacity, and together with any successors in such capacity, the “Administrative Agent”)
for the Secured Parties (as defined in the Credit Agreement referred to below).

 

Reference
is made to the Senior Secured Credit Agreement, dated as of the date hereof (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among LogicMark,
LLC, a Delaware limited liability company, (the “Borrower”), the Lenders party thereto from time to
time and    , as Administrative Agent and Collateral Agent. Terms
used herein without definition shall have the meanings assigned to such terms in the Credit Agreement.

 

The
Lenders have agreed to make a Term Loan to the Borrower, pursuant to, and upon the terms and subject to the conditions specified
in, the Credit Agreement. Each of the Guarantors acknowledges that it will derive substantial direct and indirect economic benefit
from the Term Loan made by the Lenders. The obligation of the Lenders to make the Term Loan is conditioned on, among other things,
the execution and delivery by the Guarantors of a Guaranty Agreement in the form hereof. As consideration therefor and in order
to induce the Lenders to make the Term Loan, the Guarantors are willing to execute this Agreement.

 

Now,
Therefore, in consideration of the premises and in order to induce
the Lenders to make the Term Loan under the Credit Agreement, each Guarantor, jointly and severally with each other Guarantor,
hereby agrees as follows:

 

Section 1.
Guaranty; Limitation of Liability. (a) Each Guarantor hereby absolutely, unconditionally and irrevocably guarantees,
jointly and severally, the punctual payment when due, whether at scheduled maturity or on any date of a required prepayment or
by acceleration, demand or otherwise, of all Obligations of each other Loan Party now or hereafter existing under or in respect
of the Loan Documents (including, without limitation, any extensions, modifications, amendments or renewals of any or all of the
foregoing Obligations), whether direct or indirect, absolute or contingent, and whether for principal, interest, premiums (including,
without limitation, any Prepayment Premium), fees, indemnities, contract causes of action, costs, expenses or otherwise (such
Obligations being the “Guaranteed Obligations”), and agrees, subject to and without limitation on the Credit
Agreement, to pay any and all costs and expenses (including, without limitation, reasonable and documented fees and expenses of
counsel, provided that if no Event of Default has occurred and is continuing, such costs and expenses of counsel shall
be limited to a single form of primary outside counsel and, if necessary, one local counsel in each applicable jurisdiction, for
the Secured Parties) incurred by the Administrative Agent or any other Secured Party in enforcing any rights under this Agreement
or any other Loan Document, in each case as and to the extent payable under Section 10.04 the Credit Agreement (as if the obligations
of the Borrower under such Section were obligations of such Guarantor). Without limiting the generality of the foregoing, each
Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by
any other Loan Party to any Secured Party under or in respect of the Loan Documents but for the fact that they are unenforceable
or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such other Loan Party.

 

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(b)
Each Guarantor, and by its acceptance of this Agreement, the Administrative Agent and each other Secured Party, hereby confirms
that it is the intention of all such Persons that this Agreement and the Obligations of each Guarantor hereunder not constitute
a fraudulent transfer or conveyance for purposes of Bankruptcy Law (as hereinafter defined), the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Agreement
and the Obligations of each Guarantor hereunder. To effectuate the foregoing intention, the Administrative Agent, the other Secured
Parties and the Guarantors hereby irrevocably agree that the Obligations of each Guarantor under this Agreement at any time shall
be limited to the maximum amount as will result in the Obligations of such Guarantor under this Agreement not constituting a fraudulent
transfer or conveyance under applicable foreign, federal or state law. For purposes hereof, “Bankruptcy Law”
means any proceeding under Debtor Relief Laws.

 

(c)
Each Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any
Secured Party under this Agreement or any other guaranty, such Guarantor will contribute, to the extent necessary and to the maximum
extent permitted by law, such amounts to each other Guarantor and each other guarantor so as to maximize (up to but not exceeding
the payment amount required) the aggregate amount paid to the Secured Parties under or in respect of the Loan Documents.

 

Section 2.
Guaranty Absolute. Each Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with the
terms of the Loan Documents, regardless of any applicable law, regulation or order now or hereafter in effect in any jurisdiction
affecting any of such terms or the rights of any Secured Party with respect thereto. The obligations of each Guarantor under or
in respect of this Agreement are independent of the Guaranteed Obligations or any other obligations of any other Loan Party under
or in respect of the Loan Documents, and a separate action or actions may be brought and prosecuted against each Guarantor to
enforce this Agreement, irrespective of whether any action is brought against the Borrower or any other Loan Party or whether
the Borrower or any other Loan Party is joined in any such action or actions. This Agreement is a guaranty of payment when due,
and not of collection. The liability of each Guarantor under this Agreement shall be irrevocable, absolute and unconditional irrespective
of, and each Guarantor hereby irrevocably waives (to the extent permitted by applicable Laws) any defenses it may now have or
hereafter acquire in any way relating to, any or all of the following:

 

(a)any
lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;

 

(b)any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations or any other
Obligations of any other Loan Party under or in respect of the Loan Documents, or any other amendment or waiver of or any consent
to departure from any Loan Document, including, without limitation, any increase in the Guaranteed Obligations resulting from
the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise;

 

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(c)any
taking, exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or amendment or
waiver of, or consent to departure from, any other guaranty, for all or any of the Guaranteed Obligations;

 

(d)any
manner of application of Collateral or any other collateral, or proceeds thereof, to all or any of the Guaranteed Obligations,
or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Guaranteed Obligations
or any other Obligations of any Loan Party under the Loan Documents or any other assets of any Loan Party or any of its Subsidiaries;

 

(e)any
change, restructuring or termination of the corporate structure or existence of any Loan Party or any of its Subsidiaries;

 

(f)any
failure of any Secured Party to disclose to any Loan Party any information relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Loan Party now or hereafter known to such Secured Party (each Guarantor
waiving any duty on the part of the Secured Parties to disclose such information);

 

(g)the
failure of any other Person to execute or deliver this Agreement, any Guaranty Supplement (as hereinafter defined) or any other
guaranty or agreement or the release or reduction of liability of any Guarantor or other guarantor or surety with respect to the
Guaranteed Obligations; or

 

(h)any
other circumstance or any existence of or reliance on any representation by any Secured Party that might otherwise constitute
a defense available to, or a discharge of, any Loan Party or any other guarantor or surety, other than irrevocable payment in
full in cash of the Obligations (other than (A) contingent indemnification and reimbursement obligations not yet accrued
and payable and (B) any other obligation (including a guarantee) that is contingent in nature and that has not yet accrued).

 

This
Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed
Obligations is rescinded or must otherwise be returned by any Secured Party or any other Person upon the insolvency, bankruptcy
or reorganization of the Borrower or any other Loan Party or otherwise, all as though such payment had not been made.

 

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Section 3.
Waivers and Acknowledgments. (a) Each Guarantor hereby unconditionally and irrevocably waives, to the extent permitted
by applicable Laws, promptness, diligence, notice of acceptance, presentment, demand for performance, notice of nonperformance,
default, acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed Obligations and this Agreement
and any requirement that any Secured Party protect, secure, perfect or insure any Lien or any property subject thereto or exhaust
any right or take any action against any Loan Party or any other Person or any Collateral.

 

(b) Each
Guarantor hereby unconditionally and irrevocably waives any right to revoke this Agreement and acknowledges that this Agreement
is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future.

 

(c) Each
Guarantor hereby unconditionally and irrevocably waives, to the extent permitted by applicable Laws, (i) any defense arising
by reason of any claim or defense based upon an election of remedies by any Secured Party that in any manner impairs, reduces,
releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of
such Guarantor or other rights of such Guarantor to proceed against any of the other Loan Parties, any other guarantor or any
other Person or any Collateral and (ii) any defense based on any right of setoff or counterclaim against or in respect of
the Obligations of such Guarantor hereunder.

 

(d) Each
Guarantor acknowledges that the Administrative Agent may, without notice to or demand upon such Guarantor and without affecting
the liability of such Guarantor under this Agreement, foreclose under any mortgage by nonjudicial sale (to the extent such sale
is permitted by applicable Laws), and each Guarantor hereby waives, to the extent permitted by applicable Laws, any defense to
the recovery by the Administrative Agent and the other Secured Parties against such Guarantor of any deficiency after such nonjudicial
sale and any defense or benefits that may be afforded by applicable Laws.

 

(e) Each
Guarantor hereby unconditionally and irrevocably waives any duty on the part of any Secured Party to disclose to such Guarantor
any matter, fact or thing relating to the business, condition (financial or otherwise), operations, performance, properties or
prospects of any other Loan Party or any of its Subsidiaries now or hereafter known by such Secured Party.

 

(f) Each
Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated
by the Loan Documents and that the waivers set forth in Section 2 and this Section 3 are knowingly made
in contemplation of such benefits.

 

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Section 4.
Subrogation. Until the Obligations are indefeasibly satisfied in full, each Guarantor hereby unconditionally and irrevocably
agrees not to exercise any rights that it may now have or hereafter acquire against the Borrower, any other Loan Party or any
other insider guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s Obligations
under or in respect of this Agreement or any other Loan Document, including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution or indemnification and any right to participate in any claim or remedy of any Secured Party against
the Borrower, any other Loan Party or any other insider guarantor or any Collateral, whether or not such claim, remedy or right
arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the
Borrower, any other Loan Party or any other insider guarantor, directly or indirectly, in cash or other property or by setoff
or in any other manner, payment or security on account of such claim, remedy or right, unless and until the occurrence of the
Termination Date. If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence at any time
prior to the payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Agreement, such amount
shall be received and held in trust by such Guarantor for the benefit of the Secured Parties, shall be segregated from other property
and funds of such Guarantor and shall forthwith be paid or delivered to the Administrative Agent in the same form as so received
(with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and all other amounts
payable under this Agreement, whether matured or unmatured, in accordance with the terms of the Loan Documents, or to be held
as Collateral for any Guaranteed Obligations or other amounts payable under this Agreement thereafter arising. If any Guarantor
shall make payment to any Secured Party of all or any part of the Guaranteed Obligations and the Termination Date has occurred,
the Secured Parties will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents,
without recourse and without representation or warranty, necessary or reasonably requested by such Guarantor to evidence the transfer
by subrogation to such Guarantor of an interest in the Guaranteed Obligations resulting from such payment made by such Guarantor
pursuant to this Agreement.

 

Section 5.
Payments Free and Clear of Taxes, Etc. Any and all payments by or on account of any obligation of any Guarantor hereunder
or under any other Loan Document shall be made free and clear of and without deduction or withholding for any Taxes or Other Taxes
on the same terms and to the same extent that payments by the Borrower are required to be made free and clear of Taxes and Other
Taxes pursuant to Section 3.01 of the Credit Agreement.

 

Section 6.
Representations and Warranties. Each Guarantor hereby makes each representation and warranty made in the Loan Documents
by the Borrower with respect to such Guarantor and each Guarantor hereby further represents and warrants that such Guarantor has,
independently and without reliance upon any Secured Party and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement and each other Loan Document to which it is or is to be
a party, and such Guarantor has established adequate means of obtaining from each other Loan Party on a continuing basis information
pertaining to, and is now and on a continuing basis will be familiar with, the business, condition (financial or otherwise), operations,
performance, properties and prospects of such other Loan Party.

 

Section 7.
Covenants. Each Guarantor covenants and agrees that, until the Termination Date has occurred, such Guarantor will perform
and observe all of the terms, covenants and agreements set forth in the Loan Documents on its part to be performed or observed
or that the Borrower has agreed in the Loan Documents to cause such Guarantor to perform or observe.

 

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Section 8.
Amendments, Guaranty Supplements, Etc. (a) No amendment or waiver of any provision of this Agreement and no consent to
any departure by any Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by the
Administrative Agent, and shall otherwise be in accordance with Section 10.01 of the Credit Agreement.

 

(b) Pursuant
to Section 6.11 of the Credit Agreement, certain Subsidiaries of Parent may be required, after the date hereof, to enter
into this Agreement as a Guarantor. Upon the execution and delivery by any such Person of a guaranty supplement in substantially
the form of Exhibit A hereto (each, a “Guaranty Supplement”), (i) such Person shall be referred
to as an “Additional Guarantor” and shall become and be a Guarantor hereunder, and each reference in this Agreement
to a “Guarantor” shall also mean and be a reference to such Additional Guarantor, and each reference in any
other Loan Document to a “Guarantor” or a “Loan Party” shall also mean and be a reference
to such Additional Guarantor, and (ii) each reference herein to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to this Agreement, and each reference in any other Loan Document
to the “Guaranty”, “thereunder”, “thereof” or words of like import referring
to this Agreement, shall mean and be a reference to this Agreement as supplemented by such Guaranty Supplement. Each such Additional
Guarantor shall also execute and deliver a Security Agreement Supplement to the extent required by the Loan Documents.

 

Section 9.
Notices, Etc. All notices and other communications provided for hereunder shall be in writing (including facsimile transmission,
and, to the extent permitted under Section 10.02(e) of the Credit Agreement, in an electronic medium as specified
therein) and mailed, faxed or otherwise delivered to it in accordance with Section 10.02 of the Credit Agreement,
if to any Guarantor, addressed to it in care of the Borrower at the Borrower’s address specified in Schedule 10.02
of the Credit Agreement, if to any Agent or any Lender, at its address specified in Schedule 10.02 of the Credit
Agreement or, as to any party, at such other address as shall be designated by such party in a written notice to each other party.
All such notices and other communications shall, when mailed, faxed or delivered by electronic mail, be effective when deposited
in the mails, transmitted by facsimile or delivered by electronic mail, respectively. Delivery by facsimile or by electronic transmission
of a .pdf copy of an executed counterpart of a signature page to any amendment or waiver of any provision of this Agreement or
of any Guaranty Supplement to be executed and delivered hereunder shall be effective as delivery of an original executed counterpart
thereof.

 

Section 10.
No Waiver; Remedies. No failure on the part of any Secured Party to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

 

Section 11.
Right of Setoff. Upon the occurrence and during the continuance of any Event of Default, each Agent, each Lender and each
of their respective Affiliates is hereby authorized upon prior written notice to each applicable Guarantor at any time and from
time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) (other than in accounts used exclusively for payroll or employee benefits and in other trust
or fiduciary accounts) at any time held and other indebtedness at any time owing by such Agent, such Lender or such Affiliate
to or for the credit or the account of any Guarantor against any and all of the Obligations of such Guarantor now or hereafter
existing under the Loan Documents, irrespective of whether such Agent or such Lender shall have made any demand under this Agreement
or any other Loan Document and although such Obligations may be unmatured; provided, however, that the failure to
give such notice shall not affect the validity of such setoff and application. The rights of each Agent and each Lender and their
respective Affiliates under this Section 11 are in addition to other rights and remedies (including, without limitation,
other rights of setoff) that such Agent, such Lender and their respective Affiliates may have.

 

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Section 12.
Indemnification. (a) Without limitation on any other Obligations of any Guarantor or remedies of the Secured Parties
under this Agreement, each Guarantor shall, to the fullest extent permitted by law, indemnify and hold harmless each Agent-Related
Person, each Secured Party and each of their respective Affiliates, directors, officers, employees, counsel, agents, trustees,
and attorneys-in-fact (collectively the “Indemnitees”) from and against any and all liabilities, obligations,
losses, taxes, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements of any kind or
nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating
to or arising out of or in connection with or resulting from this Agreement (including, without limitation, enforcement of this
Agreement), in all cases, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee and
whether brought by an Indemnitee, a third party or by the Borrower or any other Loan Party or any of the Borrower’s or such
Loan Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto and whether
or not any of the transactions contemplated hereby are consummated, provided, that, such indemnity shall not, as to any
Indemnitee, be available to the extent such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments,
suits, costs, expenses or disbursements resulted from the gross negligence or willful misconduct of such Indemnitee or of any
affiliate, director, officer, employee, counsel, agent or attorney-in-fact of such Indemnitee as determined by a final non-appealable
judgment of a court of competent jurisdiction.

 

(b) Each
Guarantor hereby also agrees that none of the Indemnitees shall have any liability (whether direct or indirect, in contract, tort
or otherwise) to any of the Guarantors or any of their respective Affiliates or any of their respective officers, directors, employees,
agents and advisors, and each Guarantor hereby agrees not to assert any claim against any Indemnitee on any theory of liability,
for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Facility, the actual or proposed
use of the proceeds of the Term Loan, the Loan Documents or any of the transactions contemplated by the Loan Documents, in all
cases, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee and whether brought by
an Indemnitee, a third party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s
directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto and whether or not any of the
transactions contemplated hereby are consummated, provided, that, such indemnity shall not, as to any Indemnitee, be available
(and the foregoing agreements of each Guarantor not to assert any such claims) to the extent such liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from or arose out of
the gross negligence or willful misconduct of such Indemnitee or of any affiliate, director, officer, employee, counsel, agent
or attorney-in-fact of such Indemnitee as determined by a final non-appealable judgment of a court of competent jurisdiction.

 

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(c) Without
prejudice to the survival of any of the other agreements of any Guarantor under this Agreement or any of the other Loan Documents,
the agreements and obligations of each Guarantor contained in Section 1(a) (with respect to enforcement expenses),
Section 2 (with respect to the last sentence thereof), Section 5 and this Section 12 shall
survive the payment in full of the Guaranteed Obligations and all of the other amounts payable under this Agreement and the resignation
or removal of any Agent.

 

Section 13.
Subordination. Each Guarantor hereby subordinates any and all debts, liabilities and other Obligations owed to such Guarantor
by each other Loan Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent and in
the manner hereinafter set forth in this Section 13:

 

(a)Prohibited
Payments, Etc. Except during the continuance of an Event of Default (including, without limitation, the commencement and continuation
of any proceeding under any Bankruptcy Law relating to any other Loan Party), and subject to the terms of the Credit Agreement,
each Guarantor may receive payments from any other Loan Party on account of the Subordinated Obligations. After the occurrence
and during the continuance of any Event of Default (including, without limitation, the commencement and continuation of any proceeding
under any Bankruptcy Law relating to any other Loan Party), however, unless the Administrative Agent shall otherwise agree, no
Guarantor shall demand, accept or take any action to collect any payment on account of the Subordinated Obligations, other than
the filing of proofs of claim or other similar requirements to preserve its rights as a creditor.

 

(b)Prior
Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Loan Party, each Guarantor
agrees that the Secured Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including
all interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting
an allowed claim in such proceeding (“Post Petition Interest”)) before such Guarantor receives payment of any
Subordinated Obligations.

 

(c)Turn-Over.
After the occurrence and during the continuance of any Event of Default (including, without limitation, the commencement and continuation
of any proceeding under any Bankruptcy Law relating to any other Loan Party), each Guarantor shall, if the Administrative Agent
so requests, collect, enforce and receive payments on account of the Subordinated Obligations as trustee for the Secured Parties
and deliver such payments to the Administrative Agent on account of the Guaranteed Obligations (including all Post Petition Interest),
together with any necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner the
liability of such Guarantor under the other provisions of this Agreement.

 

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(d)Administrative
Agent Authorization. After the occurrence and during the continuance of any Event of Default (including, without limitation,
the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), the Administrative
Agent is authorized and empowered (but without any obligation to so do), (i) in the name of each Guarantor, to collect and
enforce, and to submit claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed
Obligations (including any and all Post Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce,
and to submit claims in respect of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the
Administrative Agent for application to the Guaranteed Obligations (including any and all Post Petition Interest).

 

Section 14.
Continuing Guaranty; Assignments under the Credit Agreement. This Agreement is a continuing guaranty and shall (a) remain
in full force and effect until the Termination Date, (b) be binding upon each Guarantor, its successors and assigns and (c) inure
to the benefit of and be enforceable by the Secured Parties and their successors, transferees and permitted assigns. Without limiting
the generality of clause (c) of the immediately preceding sentence, any Secured Party may assign or otherwise transfer all
or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of
its Term Loan Commitments, the Term Loan owing to it and the Note or Notes held by it) to any other Person, and such other Person
shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party herein or otherwise, in each
case as and to the extent provided in and in accordance with the requirements of Section 10.07 of the Credit Agreement. No
Guarantor shall have the right to assign its rights hereunder or any interest herein without the prior written consent of each
Lender.

 

Section 15.
Execution in Counterparts. This Agreement or any Guaranty Supplement and each amendment, waiver and consent with respect
hereto may be executed in any number of counterparts and by different parties thereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement or any Guaranty Supplement by facsimile or an electronic
transmission of a .pdf copy thereof shall be effective as delivery of an original executed counterpart of this Agreement or any
Guaranty Supplement.

 

Section 16.
Governing Law; Jurisdiction; Waiver of Jury Trial, Etc. (a) This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.

 

(b) ANY
LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS
OF THE UNDERSIGNED, THE SECURED PARTIES OR THE AGENTS OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT,
OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS
OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION
AND DELIVERY OF THIS AGREEMENT, EACH OF THE UNDERSIGNED CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE
JURISDICTION OF THOSE COURTS. EACH OF THE UNDERSIGNED IRREVOCABLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION
IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED HERETO OR THERETO.

 

(c) WAIVER
OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF THE UNDERSIGNED, THE SECURED PARTIES, THE AGENTS OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH OF THE UNDERSIGNED HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY OF THE UNDERSIGNED, THE SECURED PARTIES
OR THE AGENTS MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 16(c) WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE UNDERSIGNED TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

[Signature
pages follow.]

 

    9

     

    

 

In
Witness Whereof, each Guarantor has caused this Agreement to be
duly executed and delivered by its officer thereunto duly authorized as of the date first above written.

 

	 	Nxt-ID,
    Inc., as a Guarantor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	3D-ID,
    LLC, as a Guarantor
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 

 

signature
page

guaranty agreement

 

     

     

    

 

	 	Acknowledged and accepted:
	 	 	 
	 	CrowdOut
    Capital LLC, as Administrative Agent
	 	 	 
	 	By:	           
	 	 	Name:
	 	 	Title:

 

signature
page

guaranty agreement

 

     

     

    

 

Exhibit A

To
The

Guaranty
Agreement

 

Supplement
No. _____ (this “Supplement”) dated as
of __________, 20___, to the Guaranty Agreement dated as of May 3, 2019 (as the same may be amended, supplemented or otherwise
modified from time to time, the “Guaranty”), among NXT-ID, Inc.,
a Delaware corporation (“Parent”), 3D-ID, LLC, a Florida limited
liability company, and each of the subsidiaries of Parent that is a party thereto or may become party thereto pursuant to Section 8(b)
of the Guaranty (collectively, the “Guarantors”) and                                                                                   ,
as administrative agent (in such capacity, and together with any successors in such capacity, the “Administrative Agent”)
for the Secured Parties (as defined in the Credit Agreement referred to below). Terms used herein without definition shall have
the meanings assigned to such terms in the Guaranty.

 

A. Reference
is made to that certain Senior Secured Credit Agreement dated as of May 3, 2019 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among LogicMark,
LLC, a Delaware limited liability company, (the “Borrower”), the Lenders party thereto from time to
time and                   ,
as Administrative Agent and Collateral Agent.

 

B. The
Guarantors have entered into the Guaranty in order to induce the Lenders to make the Term Loan. Pursuant to Section 6.11
of the Credit Agreement and the requirements of the “Collateral and Guarantee Requirement” set forth in the Credit
Agreement (and subject to certain limitations provided therein) (i) Parent and each Subsidiary of Parent (excluding the Borrower)
existing on the Closing Date and (ii) any Person that becomes a Subsidiary of Parent after the Closing Date is required to
enter into the Guaranty as a Guarantor. Each undersigned Subsidiary of Parent is executing this Supplement in accordance with
the requirements of the Credit Agreement and the Guaranty to become a Guarantor under the Guaranty as consideration for the Term
Loan previously made.

 

Accordingly,
the Administrative Agent and the undersigned agree as follows:

 

Section 1.
Guaranty; Limitation of Liability. (a) The undersigned hereby absolutely, unconditionally and irrevocably guarantees
the punctual payment when due, whether at scheduled maturity or on the date of any required prepayment or by acceleration, demand
or otherwise, of all Obligations of each other Loan Party now or hereafter existing under or in respect of the Loan Documents
(including, without limitation, any extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing
Obligations), whether direct or indirect, absolute or contingent, and whether for principal, interest, premiums (including, without
limitation, any Prepayment Premium), fees, indemnities, contract causes of action, costs, expenses or otherwise (such Obligations
being the “Guaranteed Obligations”), and agrees to pay any, subject to the Credit Agreement, and all costs
and expenses (including, without limitation, reasonable and document incurred by the Administrative Agent or any other Secured
Party in enforcing any rights under this Guaranty Supplement, the Guaranty or any other Loan Document, in each case as and to
the extent payable under Section 10.04 the Credit Agreement (as if the obligations of the Borrower under such Section were obligations
of the undersigned). Without limiting the generality of the foregoing, the undersigned’s liability shall extend to all amounts
that constitute part of the Guaranteed Obligations and would be owed by any other Loan Party to any Secured Party under or in
respect of the Loan Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving such other Loan Party.

 

    A-1

     

    

 

(b) The
undersigned, and by its acceptance of this Guaranty Supplement, the Administrative Agent and each other Secured Party, hereby
confirms that it is the intention of all such Persons that this Guaranty Supplement, the Guaranty and the Obligations of the undersigned
hereunder and thereunder not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this
Guaranty Supplement, the Guaranty and the Obligations of the undersigned hereunder and thereunder. To effectuate the foregoing
intention, the Administrative Agent, the other Secured Parties and the undersigned hereby irrevocably agree that the Obligations
of the undersigned under this Guaranty Supplement and the Guaranty at any time shall be limited to the maximum amount as will
result in the Obligations of the undersigned under this Guaranty Supplement and the Guaranty not constituting a fraudulent transfer
or conveyance under applicable foreign, federal or state law.

 

(c) The
undersigned hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Secured
Party under this Guaranty Supplement, the Guaranty or any other guaranty, the undersigned will contribute, to the extent necessary
and to the maximum extent permitted by applicable law, such amounts to each other Guarantor and each other guarantor so as to
maximize (up to but not exceeding the payment amount required) the aggregate amount paid to the Secured Parties under or in respect
of the Loan Documents.

 

Section 2.
Obligations Under the Guaranty. The undersigned hereby agrees, as of the date first above written, to be bound as a Guarantor
by all of the terms and conditions of the Guaranty to the same extent as each of the other Guarantors thereunder. The undersigned
further agrees, as of the date first above written, that each reference in the Guaranty to an “Additional Guarantor”
or a “Guarantor” shall also mean and be a reference to the undersigned, and each reference in any other
Loan Document to a “Guarantor” or a “Loan Party” shall also mean and be a reference to the
undersigned.

 

Section 3.
Representations and Warranties. The undersigned hereby makes each representation and warranty set forth in Section 6
of the Guaranty to the same extent as each other Guarantor.

 

Section 4.
Delivery by Facsimile; Electronic Transmission. Delivery of an executed counterpart of a signature page to this Guaranty
Supplement by facsimile or electronic transmission of a .pdf copy shall be effective as delivery of an original executed counterpart
of this Guaranty Supplement.

 

    A-2

     

    

 

Section 5.
Governing Law; Jurisdiction; Waiver of Jury Trial, Etc. (a) This Guaranty Supplement shall be governed by, and construed
in accordance with, the laws of the State of New York.

 

(b) ANY
LEGAL ACTION OR PROCEEDING ARISING UNDER THIS GUARANTY SUPPLEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE UNDERSIGNED, THE SECURED PARTIES OR THE AGENT OR ANY OF THEM WITH RESPECT TO THIS GUARANTY SUPPLEMENT OR ANY LOAN
DOCUMENT, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT
IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH
STATE, AND BY EXECUTION AND DELIVERY OF THIS GUARANTY SUPPLEMENT, EACH OF THE UNDERSIGNED CONSENTS, FOR ITSELF AND IN RESPECT
OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE UNDERSIGNED IRREVOCABLY WAIVES ANY OBJECTION TO THE
LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO.

 

(c) WAIVER
OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS GUARANTY SUPPLEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS GUARANTY SUPPLEMENT OR ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF THE UNDERSIGNED, THE SECURED PARTIES, THE AGENTS OR ANY OF THEM WITH RESPECT TO THIS
GUARANTY SUPPLEMENT OR ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND THE UNDERSIGNED HEREBY AGREES AND CONSENTS THAT ANY
SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY OF THE UNDERSIGNED,
THE SECURED PARTIES OR THE AGENTS MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 5(c) WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF THE UNDERSIGNED TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

[Signature
pages follow.]

 

    A-3

     

    

 

	 	Very truly yours,
	 	 	 
	 	[Name of Additional
    Guarantor]
	 	 	 
	 	By:	                           
	 	Name:	 
	 	Title:	 

 

signature
page

supplement no. [    ] to guaranty agreement

 

     

     

    

 

	 	Acknowledged and accepted:
	 	 
	 	                                                ,
    as Administrative Agent
	 	 
	 	By:	                                           
	 	 	Name:
	 	 	Title:

 

signature
page

supplement no. [    ] to guaranty agreementFIRST AMENDMENT TO THE RIDER TO AMENDED AND RESTATED
REVENUE SHARING AND NOTE PURCHASE AGREEMENT

October 24, 2017

Reference is hereby made to: (a) the Revenue Sharing and Note Purchase Agreement, originally dated as of February 14, 2014, and amended and restated as of December 24, 2014 (as so amended and restated, the “Original Agreement”; and, the Original Agreement, as supplemented by the Amended Rider referred to below and otherwise amended, restated, supplemented or modified from time to time, the “Agreement”), by and among ANDREA ELECTRONICS CORPORATION, a New York corporation (the “Company”), AND34 FUNDING LLC, as collateral agent (the “Collateral Agent”), and the financial institutions party thereto as “Purchasers”; and (b) the Rider to the Amended and Restated Revenue Sharing and Note Purchase Agreement, originally dated as of August 10, 2016 (the “Original Rider”), by and among the Company, the Collateral Agent and the Purchasers party thereto. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Original Agreement as supplemented by the Original Rider.

This First Amendment to the Original Rider (this “First Amendment”; and, the Original Rider, as amended by this First Amendment, the “Amended Rider”) is dated as of October 24, 2017, and, upon execution by the parties identified on the signature pages hereto, will hereafter be part of the Original Agreement and the Original Rider.

WHEREAS, pursuant to the Original Rider, the Original Agreement, as supplemented by the Original Rider, contemplated that the Company may subsequently request up to $7,000,000 in Additional Notes, and the Note Purchasers, in their sole discretion, may agree to the sale and purchase of such Additional Notes; and

WHEREAS, the Company has requested the right to request Additional Notes in an incremental amount of up to $500,000, such that the aggregate amount of all Additional Notes that may be issued and sold pursuant to the Original Agreement (as supplemented by the Amended Rider), does not exceed $7,500,000 (it being acknowledged and agreed by the Company that a portion of such Additional Notes in an aggregate principal amount equal to $6,000,000 have already been purchased and sold under the Original Agreement (as supplemented by the Original Rider) prior to the date first written above), subject to the terms and conditions set forth in the Agreement and herein.

NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the parties hereto hereby agree to amend the Original Rider as follows:

1. Amendment to Section C.1 to the Original Rider. Section C.1 of the Original Rider is hereby amended and restated in its entirety as follows:

C.1. Purchase and Sale of Additional Notes.

1

C.1.1. On August 10, 2016 (the “Rider Date”) and from time to time thereafter as provided herein, the Company agrees to issue and sell, and each Note Purchaser agrees to purchase, for an amount equal to the original principal amount thereof and in accordance with the percentages set forth on Schedule 2.2, Additional Notes in an aggregate original principal amount of up to $7,500,000 (or such greater amount as the Note Purchasers may agree in their sole discretion). The purchase price of the Additional Notes allocated in accordance with the percentages set forth Schedule 2.2 shall be payable in immediately available funds by wire transfer to the deposit account of the Company as identified in writing by the Company to the Note Purchasers prior to the Rider Date and each subsequent date of issuance of Additional Notes thereafter. No Note Purchaser shall be responsible for any default by any other Note Purchaser in its obligation to acquire Additional Notes hereunder. The Company may subsequently request, and the Note Purchasers may in their sole discretion agree to, the sale and purchase of additional Notes in excess of such amount.

C.1.2. From time to time following the Rider Date and through the fourth anniversary of the Rider Date (or, upon mutual prior agreement of the Company and the Majority Note Purchasers and subject to an extension of the Maturity Date pursuant to Section C.3.1, through the fifth anniversary of the Rider Date), on not less than 10 Business Days prior written notice, the Company may request that the Note Purchasers acquire, and subject to the conditions set forth in Section 3.3 and the delivery of such other documents as reasonably requested by the Collateral Agent and/or the Purchasers (including, without limitation, customary resolutions and legal opinions and confirmation of collateral matters), the Note Purchasers shall acquire, Additional Notes in an aggregate original principal amount of up to $7,500,000 (excluding any PIK Interest) (or such greater amount as the Note Purchasers may agree in their sole discretion). The proceeds of the Additional Notes shall be applied solely to the payment of Monetization Expenses (or to reimburse the Company for the payment of Monetization Expenses). The Company may not request Additional Notes to be acquired more than one time in any calendar month, and any such requests shall be in a minimum amount of $100,000.

2. Reaffirmation of Original Rider and the Agreement. Except as expressly amended hereby, each of the Original Rider and the Original Agreement, as amended by the Original Rider, and the other Documents shall continue in full force and effect. This First Amendment, the Original Agreement and the Original Rider shall hereafter be read and construed together as a single document, and all references in the Agreement, any other Document or any agreement or instrument related to the Agreement shall hereafter refer to the Original Agreement as amended by Amended Rider. This First Amendment and the Amended Rider each shall constitute a Document.

3. Incorporation by Reference. EACH PARTY HERETO HEREBY AGREES THAT THE PROVISIONS OF SECTIONS 9.7, 9.8 and 9.9 OF THE ORIGINAL AGREEMENT SHALL APPLY TO THIS FIRST AMENDMENT AND THE AMENDED RIDER.

2

4. Execution in Counterparts. This First Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or by electronic .pdf copy of an executed counterpart of a signature page to this First Amendment shall be effective as delivery of an original executed counterpart of this First Amendment. The Collateral Agent may also require that any such documents and signatures delivered by telecopier be confirmed by a manually signed original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier.

[The rest of this page is intentionally left blank]

3

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to the Original Rider to the Original Agreement to be duly executed and delivered as of the day of the year first above written.

	

   ANDREA ELECTRONICS CORPORATION,
	as the Company
	 		
	By 	 	
		     	Name: Corisa L. Guiffre
			Title: Vice President and Chief Financial Officer
			  
			 
	AND34 FUNDING LLC,
	as a Revenue Participant
			 
	By	 	
			Name: JAMES K. NOBLE III
			Title: SECRETARY
			 
			 
	AND34 FUNDING LLC,
	as a Noteholder
			 
	By	 	
			Name: JAMES K. NOBLE III
			Title: SECRETARY
			 
			 
	AND34 FUNDING LLC,
	as Collateral Agent
			 
	By	 	
			Name: JAMES K. NOBLE III
			Title: SECRETARY

4

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