Document:

Exhibit 10.18

 

PLEDGE AGREEMENT

 

THIS PLEDGE
AGREEMENT (this “Agreement”), dated as of July , 2021, is entered into between LYTUS TECHNOLOGIES HOLDINGS PTV. LTD.,
a British Virgin Islands private limited company (“Pledgor”), and __________________ (“Secured Party”),
with reference to the following:

 

WHEREAS, Pledgor
and Secured Party are parties to that certain Secured Promissory Note (as amended, restated, or otherwise modified from time to time,
the “Promissory Note”), of even date herewith, pursuant to which Secured Party has agreed to make certain financial
commitments to Pledgor;

 

WHEREAS, Pledgor beneficially
owns the Equity Interests (as hereinafter defined) in the Issuers (as hereinafter defined);

 

WHEREAS, to
induce Secured Party to make the financial commitments provided to Pledgor pursuant to the Promissory Note, Pledgor desires to pledge,
grant, transfer, and assign to Secured Party a security interest in the Collateral (as hereinafter defined) to secure the Secured Obligations
(as hereinafter defined), as provided herein.

 

NOW, THEREFORE,
in consideration of the mutual promises, covenants, representations, and warranties set forth herein and for other good and valuable consideration,
the parties hereto agree as follows:

 

		1.	Definitions and Construction.

 

(a)
Definitions.

 

All initially
capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed thereto in the Promissory Note. As used
in this Agreement:

 

1. Bankruptcy
Code” means United States Bankruptcy Code (11 U.S.C. Section 101 et seq.), as in effect from time to time, and any successor
statute thereto

 

2. Business
Day” means any day that is not a Saturday, Sunday, or other day on which national banks are authorized or required to close.

 

3.
“Code” means the Uniform Commercial Code as in effect in the State of from time to time.

 

4.
“Promissory Note” shall have the meaning ascribed thereto in the recitals to this Agreement.

 

5. Promissory
Note Documents” shall mean the Promissory Note and all other agreements, instruments, or other documents entered into or executed
in connection therewith, in each case, as amended, restated, or otherwise modified from time to time.

 

6.
“Collateral” shall mean the Pledged Interests, the Future Rights, and the Proceeds, collectively.

 

7. Equity
Interests” means all securities, shares, units, options, warrants, interests, participations, or other equivalents (regardless
of how designated) of or in a corporation, partnership, limited liability company, or similar entity, whether voting or nonvoting, certificated
or uncertificated, including general partner partnership interests, limited partner partnership interests, 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 Securities and Exchange Commission under the Securities Exchange Act of 1934).

 

8.
“Event of Default” shall have the meaning ascribed thereto in the Promissory Note.

 

    

     

    

 

9. Future
Rights” shall mean: (a) all Equity Interests (other than Pledged Interests) of the Issuers, and all securities convertible
or exchangeable into, and all warrants, options, or other rights to purchase, Equity Interests of the Issuers; and (b) the
certificates or instruments representing such Equity Interests, convertible or 38607194.4 exchangeable securities, warrants, and
other rights and all dividends, cash, options, warrants, rights, instruments, and other property or proceeds from time to time
received, receivable, or otherwise distributed in respect of or in exchange for any or all of such Equity Interests.

 

10.
“Holder” and “Holders” shall have the meanings ascribed thereto in Section 3 of this Agreement.

 

11. Issuers”
shall mean each of the Persons identified as an Issuer on Schedule 1 attached hereto (or any addendum thereto), and any successors thereto,
whether by merger or otherwise.

 

12. Lien”
shall mean any lien, mortgage, pledge, assignment (including any assignment of rights to receive payments of money), security interest,
charge, or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof,
or any agreement to give any security interest).

 

13.
“Pledged Interests” shall mean (a) all Equity Interests of the Issuers identified on Schedule 1; and (b) the
certificates or instruments representing such Equity Interests.

 

14.
“Pledgor” shall have the meaning ascribed thereto in the preamble to this Agreement.

 

15. Proceeds”
shall mean all proceeds (including proceeds of proceeds) of the Pledged Interests and Future Rights including all: (a) rights, benefits,
distributions, premiums, profits, dividends, interest, cash, instruments, documents of title, accounts, contract rights, inventory, equipment,
general intangibles, payment intangibles, deposit accounts, chattel paper, and other property from time to time received, receivable,
or otherwise distributed in respect of or in exchange for, or as a replacement of or a substitution for, any of the Pledged Interests,
Future Rights, or proceeds thereof (including any cash, Equity Interests, or other securities or instruments issued after any recapitalization,
readjustment, reclassification, merger or consolidation with respect to the Issuers and any security entitlements, as defined in Section
8-102(a)(17) of the Code, with respect thereto); (b) “proceeds,” as such term is defined in Section 9-102(a)(64) of the Code;
(c) proceeds of any insurance, indemnity, warranty, or guaranty (including guaranties of delivery) payable from time to time with respect
to any of the Pledged Interests, Future Rights, or proceeds thereof; (d) payments (in any form whatsoever) made or due and payable to
Pledgor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of
the Pledged Interests, Future Rights, or proceeds thereof; and (e) other amounts from time to time paid or payable under or in connection
with any of the Pledged Interests, Future Rights, or proceeds thereof.

 

16. “Registered
Organization” shall have the meaning ascribed thereto in Section 9-102(a)(7) of the Code.

 

17. Secured
Obligations” shall mean all liabilities, obligations, or undertakings owing by Pledgor to Secured Party of any kind or description
arising out of or outstanding under, advanced or issued pursuant to, or evidenced by the Promissory Note, this Agreement, or the other
Promissory Note Documents, irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or
to become due, voluntary or involuntary, whether now existing or hereafter arising, and including all interest (including interest that
accrues after the filing of a case under the Bankruptcy Code) and any and all costs, fees (including attorneys fees), and expenses which
Pledgor is required to pay pursuant to any of the foregoing, by law, or otherwise.

 

18. Secured
Party” shall have the meaning ascribed thereto in the preamble to this Agreement, together with its successors or assigns.

 

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19.
“Securities Act” shall have the meaning ascribed thereto in Section 9(c) of this Agreement.

 

(b)
Construction.

 

(i) Unless
the context of this Agreement clearly requires otherwise, references to the plural include the singular and to the singular include
the plural, the part includes the whole, the term “including” is 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 other similar terms in this Agreement refer to this
Agreement as a whole and not exclusively to any particular provision of this Agreement. Article, section, subsection, exhibit, and
schedule references are to this Agreement unless otherwise specified. All of the exhibits or schedules attached to this Agreement
shall be deemed incorporated herein by reference. Any reference to any of the following documents includes any and all alterations,
amendments, restatements, extensions, modifications, renewals, or supplements thereto or thereof, as applicable: this Agreement, the
Promissory Note, or any of the other Promissory Note Documents.

 

(ii) Neither
this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against Secured Party or Pledgor, whether under
any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by both of the parties and their respective counsel
and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and
intentions of the parties hereto.

 

(iii) In
the event of any direct conflict between the express terms and provisions of this Agreement and of the Promissory Note, the terms and
provisions of the Promissory Note shall control.

 

		2.	Pledge.

 

As security
for the prompt payment and performance of the Secured Obligations in full by Pledgor when due, whether at stated maturity, by acceleration
or otherwise (including amounts that would become due but for the operation of the provisions of the Bankruptcy Code), Pledgor hereby
pledges, grants, transfers, and assigns to Secured Party a security interest in all of Pledgor’s right, title, and interest in and
to the Collateral.

 

		3.	Delivery and Registration of Collateral.

 

(a) All
certificates or instruments representing or evidencing the Collateral shall be promptly delivered by Pledgor to Secured Party or Secured
Party’s designee pursuant hereto at a location designated by Secured Party and shall be held by or on behalf of Secured Party pursuant
hereto, and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed indorsement certificate in the
form attached hereto as Exhibit A or other instrument of transfer or assignment in blank, in form and substance satisfactory to Secured
Party.

 

(b) Upon
the occurrence and during the continuance of an Event of Default, Secured Party shall have the right, at any time in its discretion and
without notice to Pledgor, to transfer to or to register on the books of the Issuers (or of any other Person maintaining records with
respect to the Collateral) in the name of Secured Party or any of its nominees any or all of the Collateral. In addition, Secured Party
shall have the right at any time to exchange certificates or instruments representing or evidencing Collateral for certificates or instruments
of smaller or larger denominations.

 

(c) If,
at any time and from time to time, any Collateral (including any certificate or instrument representing or evidencing any Collateral)
is in the possession of a Person other than Secured Party or Pledgor (a “Holder”), then Pledgor shall immediately,
at Secured Party’s option, either cause such Collateral to be delivered into Secured Party’s possession, or cause such Holder
to enter into a control agreement, in form and substance satisfactory to Secured Party, and take all other steps deemed necessary by Secured
Party to perfect the security interest of Secured Party in such Collateral, all pursuant to Sections 9-106 & 9-313 of the Code or
other applicable law governing the perfection of Secured Party’s security interest in the Collateral in the possession of such Holder.

 

(d) Any
and all Collateral (including dividends, interest, and other cash distributions) at any time received or held by Pledgor shall be so received
or held in trust for Secured Party, shall be segregated from other funds and property of Pledgor and shall be forthwith delivered to Secured
Party in the same form as so received or held, with any necessary endorsements; provided that cash dividends or distributions received
by Pledgor, may be retained by Pledgor in accordance with Section 4 and used in the ordinary course of Pledgor’s business.

 

(e) If
at any time, and from time to time, any Collateral consists of an uncertificated security or a security in book entry form, then Pledgor
shall immediately cause such Collateral to be registered or entered, as the case may be, in the name of Secured Party, or otherwise cause
Secured Party’s security interest thereon to be perfected in accordance with applicable law.

 

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		4.	Voting Rights and Dividends.

 

(a) So
long as no Event of Default shall have occurred and be continuing, Pledgor shall be entitled to exercise any and all voting and other
consensual rights pertaining to the Collateral or any part thereof for any purpose not inconsistent with the terms of the Promissory Note
Documents and shall be entitled to receive and retain any cash dividends or distributions paid or distributed in respect of the Collateral.

 

(b) Upon
the occurrence and during the continuance of an Event of Default, all rights of Pledgor to exercise the voting and other consensual rights
or receive and retain cash dividends or distributions that it would otherwise be entitled to exercise or receive and retain, as applicable
pursuant to Section 4(a), shall cease, and all such rights shall thereupon become vested in Secured Party, who shall thereupon have the
sole right to exercise such voting or other consensual rights and to receive and retain such cash dividends and distributions. Pledgor
shall execute and deliver (or cause to be executed and delivered) to Secured Party all such proxies and other instruments as Secured Party
may reasonably request for the purpose of enabling Secured Party to exercise the voting and other rights which it is entitled to exercise
and to receive the dividends and distributions that it is entitled to receive and retain pursuant to the preceding sentence.

 

		5.	Representations and Warranties.

 

Pledgor represents, warrants, and covenants as follows:

 

(a) Pledgor
has taken all steps it deems necessary or appropriate to be informed on a continuing basis of changes or potential changes affecting the
Collateral (including rights of conversion and exchange, rights to subscribe, payment of dividends, reorganizations or recapitalization,
tender offers and voting and registration rights), and Pledgor agrees that Secured Party shall have no responsibility or liability for
informing Pledgor of any such changes or potential changes or for taking any action or omitting to take any action with respect thereto.

 

(b) If
Pledgor is a Registered Organization: Pledgor is a Registered Organization, organized under the laws of the state set forth on Schedule
2. Pledgor’s type of organization is set forth on Schedule 2.

 

(c) All
information herein or hereafter supplied to Secured Party by or on behalf of Pledgor in writing with respect to the Collateral is, or
in the case of information hereafter supplied will be, accurate and complete in all material respects.

 

(d) Pledgor
is and will be the sole legal and beneficial owner of the Collateral (including the Pledged Interests and all other Collateral acquired
by Pledgor after the date hereof) free and clear of any adverse claim, Lien, or other right, title, or interest of any party, other than
the Liens in favor of Secured Party.

 

(e) This
Agreement, and the delivery to Secured Party of the Pledged Interests representing Collateral (or the control agreements referred to in
Section 3 of this Agreement), creates a valid, perfected, and first priority security interest in one hundred percent (100%) of the Pledged
Interests in favor of Secured Party securing payment of the Secured Obligations, and all actions necessary to achieve such perfection
have been duly taken.

 

(f) Schedule
1 to this Agreement is true and correct and complete in all material respects. Without limiting the generality of the foregoing: (i) except
as set forth on Schedule 1, all the Pledged Interests are in certificated form, and, except to the extent registered in the name of Secured
Party or its nominee pursuant to the provisions of this Agreement, are registered in the name of Pledgor; and (ii) the Pledged Interests
as to each of the Issuers constitute at least the percentage of all the fully diluted issued and outstanding Equity Interests of such
Issuer as set forth in Schedule 1 to this Agreement.

 

(g)
There are no presently existing Future Rights or Proceeds owned by Pledgor.

 

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(h)
The Pledged Interests have been duly authorized and validly issued and are fully paid and nonassessable.

 

(i) Neither
the pledge of the Collateral pursuant to this Agreement nor the extensions of credit represented by the Secured Obligations violates Regulation
T, U or X of the Board of Governors of the Federal Reserve System.

 

		6.	Further Assurances.

 

(a) Pledgor
agrees that from time to time, at the expense of Pledgor, Pledgor will promptly execute and deliver all further instruments and documents,
and take all further action that may be necessary or reasonably desirable, or that Secured Party may request, in order to perfect and
protect any security interest granted or purported to be granted hereby or to enable Secured Party to exercise and enforce its rights
and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, Pledgor will: (i) at the request
of Secured Party, mark conspicuously each of its records pertaining to the Collateral with a legend, in form and substance reasonably
satisfactory to Secured Party, indicating that such Collateral is subject to the security interest granted hereby; (ii) execute and such
instruments or notices, as may be necessary or reasonably desirable, or as Secured Party may request, in order to perfect and preserve
the first priority security interests granted or purported to be granted hereby; (iii) allow inspection of the Collateral by Secured Party
or Persons designated by Secured Party; and (iv) appear in and defend any action or proceeding that may affect Pledgor’s title to
or Secured Party’s security interest in the Collateral.

 

(b) Pledgor
hereby authorizes Secured Party to file one or more financing or continuation statements, and amendments thereto, relative to all or any
part of the Collateral. A carbon, photographic, or other reproduction of this Agreement or any financing statement covering the Collateral
or any part thereof shall be sufficient as a financing statement where permitted by law.

 

(c) Pledgor
will furnish to Secured Party, upon the request of Secured Party: (i) a certificate executed by an authorized officer of Pledgor, and
dated as of the date of delivery to Secured Party, itemizing in such detail as Secured Party may request, the Collateral which, as of
the date of such certificate, has been delivered to Secured Party by Pledgor pursuant to the provisions of this Agreement; and (ii) such
statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as
Secured Party may request.

 

		7.	Covenants of Pledgor.

 

Pledgor shall:

 

(a)
Perform each and every covenant in the Promissory Note Documents applicable to Pledgor;

 

(b) For
Pledgor that is Registered Organization: Neither change its jurisdiction of organization nor cease to be a Registered Organization, in
each case, without giving Secured Party at least thirty (30) days prior written notice thereof;

 

(c) To
the extent it may lawfully do so, use its best efforts to prevent the Issuers from issuing Future Rights or Proceeds, except for cash
dividends and other distributions to be paid by any Issuer to Pledgor; and

 

(d) Upon
receipt by Pledgor of any material notice, report, or other communication from any of the Issuers or any Holder relating to all or any
part of the Collateral, deliver such notice, report or other communication to Secured Party as soon as possible, but in no event later
than five (5) days following the receipt thereof by Pledgor.

 

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		8.	Secured Party as Pledgor’s Attorney-in-Fact.

 

(a)
Pledgor hereby irrevocably appoints Secured Party as Pledgor’s attorney-in-fact, with full authority in the place and stead of
Pledgor and in the name of Pledgor, Secured Party or otherwise, from time to time at Secured Party’s discretion, to take any
action and to execute any instrument that Secured Party may reasonably deem necessary or advisable to accomplish the purposes of
this Agreement, including: (i) upon the occurrence and during the continuance of an Event of Default, to receive, indorse, and
collect all instruments made payable to Pledgor representing any dividend, interest payment or other distribution in respect of the
Collateral or any part thereof to the extent permitted hereunder and to give full discharge for the same and to execute and file
governmental notifications and reporting forms; (ii) to enter into any control agreements Secured Party deems necessary pursuant to
Section 3 of this Agreement; or (iii) to arrange for the transfer of the Collateral on the books of any of the Issuers or any other
Person to the name of Secured Party or to the name of Secured Party’s nominee.

 

(b) In
addition to the designation of Secured Party as Pledgor’s attorney-in-fact in subsection (a), Pledgor hereby irrevocably appoints
Secured Party as Pledgor’s agent and attorney-in-fact to make, execute and deliver any and all documents and writings which may
be necessary or appropriate for approval of, or be required by, any regulatory authority located in any city, county, state or country
where Pledgor or any of the Issuers engage in business, in order to transfer or to more effectively transfer any of the Pledged Interests
or otherwise enforce Secured Party’s rights hereunder.

 

		9.	Remedies upon Default.

 

Upon the occurrence and during the continuance of an Event
of Default:

 

(a) Secured
Party may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to
it, all the rights and remedies of a secured party on default under the Code (irrespective of whether the Code applies to the affected
items of Collateral), and Secured Party may also 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 exchange, broker’s board or at any of Secured Party’s offices or elsewhere,
for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as Secured Party
may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral. To the maximum extent
permitted by applicable law, Secured Party may be the purchaser of any or all of the Collateral at any such sale and shall be entitled,
for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any
such public sale, to use and apply all or any part of the Secured Obligations as a credit on account of the purchase price of any Collateral
payable at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part
of Pledgor, and Pledgor hereby waives (to the extent permitted by law) all rights of redemption, stay, or appraisal that it now has or
may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Pledgor agrees that, to the extent
notice of sale shall be required by law, at least ten (10) calendar days notice to Pledgor of the time and place of any public sale or
the time after which a private sale is to be made shall constitute reasonable notification. Secured Party shall not be obligated to make
any sale of Collateral regardless of notice of sale having been given. Secured Party 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. To the maximum extent permitted by law, Pledgor hereby waives any claims against Secured Party arising because
the price at which any Collateral may have been sold at such a private sale was less than the price that might have been obtained at a
public sale, even if Secured Party accepts the first offer received and does not offer such Collateral to more than one offeree.

 

(b) Pledgor
hereby agrees that any sale or other disposition of the Collateral conducted in conformity with reasonable commercial practices of banks,
insurance companies, or other financial institutions in the city and state where Secured Party is located in disposing of property similar
to the Collateral shall be deemed to be commercially reasonable.

 

(c)
Pledgor hereby acknowledges that the sale by Secured Party of any Collateral pursuant to the terms hereof in compliance with the
Securities Act of 1933 as now in effect or as hereafter amended, or any similar statute hereafter adopted with similar purpose or
effect (the “Securities Act”), as well as applicable “Blue Sky” or other state securities laws, may
require strict limitations as to the manner in which Secured Party or any subsequent transferee of the Collateral may dispose
thereof. Pledgor acknowledges and agrees that in order to protect Secured Party’s interest it may be necessary to sell the
Collateral at a price less than the maximum price attainable if a sale were delayed or were made in another manner, such as a public
offering under the Securities Act. Pledgor has no objection to sale in such a manner and agrees that Secured Party shall have no
obligation to obtain the maximum possible price for the Collateral. Without limiting the generality of the foregoing, Pledgor agrees
that, upon the occurrence and during the continuation of an Event of Default, Secured Party may, subject to applicable law, from
time to time attempt to sell all or any part of the Collateral by a private placement, restricting the bidders and prospective
purchasers to those who will represent and agree that they are purchasing for investment only and not for distribution. In so doing,
Secured Party may solicit offers to buy the Collateral or any part thereof for cash, from a limited number of investors reasonably
believed by Secured Party to be institutional investors or other accredited investors who might be interested in purchasing the
Collateral. If Secured Party shall solicit such offers, then the acceptance by Secured Party of one of the offers shall be deemed to
be a commercially reasonable method of disposition of the Collateral.

 

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(d) If
Secured Party shall determine to exercise its right to sell all or any portion of the Collateral pursuant to this Section, Pledgor agrees
that, upon request of Secured Party, Pledgor will, at its own expense:

 

(i) use
its best efforts to execute and deliver, and cause the Issuers and the directors and officers thereof to execute and deliver, all such
instruments and documents, and to do or cause to be done all such other acts and things, as may be necessary or, in the opinion of Secured
Party, advisable to register such Collateral under the provisions of the Securities Act, and to cause the registration statement relating
thereto to become effective and to remain effective for such period as prospectuses are required by law to be furnished, and to make all
amendments and supplements thereto and to the related prospectuses which, in the opinion of Secured Party, are necessary or advisable,
all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission
applicable thereto;

 

(ii) use
its best efforts to qualify the Collateral under the state securities laws or “Blue Sky” laws and to obtain all necessary
governmental approvals for the sale of the Collateral, as requested by Secured Party;

 

(iii) cause
the Issuers to make available to their respective security holders, as soon as practicable, an earnings statement which will satisfy the
provisions of Section 11(a) of the Securities Act;

 

(iv) execute
and deliver, or cause the officers and directors of the Issuers to execute and deliver, to any person, entity or governmental authority
as Secured Party may choose, any and all documents and writings which, in Secured Party’s reasonable judgment, may be necessary
or appropriate for approval, or be required by, any regulatory authority located in any city, county, state or country where Pledgor or
the Issuers engage in business, in order to transfer or to more effectively transfer the Pledged Interests or otherwise enforce Secured
Party’s rights hereunder; and

 

(v) do
or cause to be done all such other acts and things as may be necessary to make such sale of the Collateral or any part thereof valid and
binding and in compliance with applicable law.

 

Pledgor acknowledges
that there is no adequate remedy at law for failure by it to comply with the provisions of this Section and that such failure would not
be adequately compensable in damages, and therefore agrees that its agreements contained in this Section may be specifically enforced.

 

(e) PLEDGOR
EXPRESSLY WAIVES TO THE MAXIMUM EXTENT PERMITTED BY LAW: (i) ANY CONSTITUTIONAL OR OTHER RIGHT TO A JUDICIAL HEARING PRIOR TO THE TIME
SECURED PARTY DISPOSES OF ALL OR ANY PART OF THE COLLATERAL AS PROVIDED IN THIS SECTION; (ii) ALL RIGHTS OF REDEMPTION, STAY, OR APPRAISAL
THAT IT NOW HAS OR MAY AT ANY TIME IN THE FUTURE HAVE UNDER ANY RULE OF LAW OR STATUTE NOW EXISTING OR HEREAFTER ENACTED; AND (iii) EXCEPT
AS SET FORTH IN SUBSECTION (a) OF THIS Section 9, ANY REQUIREMENT OF NOTICE, DEMAND, OR ADVERTISEMENT FOR SALE.

 

		10.	Application of Proceeds.

 

Upon the occurrence and during
the continuance of an Event of Default, any cash held by Secured Party as Collateral and all cash Proceeds received by Secured Party in
respect of any sale of, collection from, or other realization upon all or any part of the Collateral pursuant to the exercise by Secured
Party of its remedies as a secured creditor as provided in Section 9 shall be applied from time to time by Secured Party as provided in
the Promissory Note.

 

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		11.	Indemnity and Expenses.

 

Pledgor agrees:

 

(a) To
indemnify and hold harmless Secured Party and each of its directors, officers, employees, agents and affiliates from and against any and
all claims, damages, demands, losses, obligations, judgments and liabilities (including, without limitation, reasonable attorneys’
fees and expenses) in any way arising out of or in connection with this Agreement or the Secured Obligations, except to the extent the
same shall arise as a result of the gross negligence or willful misconduct of the party seeking to be indemnified; and

 

(b) To
pay and reimburse Secured Party upon demand for all reasonable costs and expenses (including, without limitation, reasonable attorneys’
fees and expenses) that Secured Party may incur in connection with (i) the custody, use or preservation of, or the sale of, collection
from or other realization upon, any of the Collateral, including the reasonable expenses of re-taking, holding, preparing for sale or
lease, selling or otherwise disposing of or realizing on the Collateral, (ii) the exercise or enforcement of any rights or remedies granted
hereunder, under the Promissory Note, or under any of the other Promissory Note Documents or otherwise available to it (whether at law,
in equity or otherwise), or (iii) the failure by Pledgor to perform or observe any of the provisions hereof. The provisions of this Section
shall survive the execution and delivery of this Agreement, the repayment of any of the Secured Obligations, the termination of the commitments
of Secured Party under the Promissory Note and the termination of this Agreement or any other Credit Document.

 

		12.	Duties of Secured Party.

 

The powers
conferred on Secured Party hereunder are solely to protect its interests in the Collateral and shall not impose on it any duty to exercise
such powers. Except as provided in Section 9-207 of the Code, Secured Party shall have no duty with respect to the Collateral or any responsibility
for taking any necessary steps to preserve rights against any Persons with respect to any Collateral.

 

		13.	Choice of Law and Venue; Submission to Jurisdiction; Service of Process.

 

(a) THE
VALIDITY OF THIS AGREEMENT, ITS CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT, AND THE RIGHTS OF THE PARTIES HERETO SHALL BE DETERMINED
UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CHOICE OF LAW PRINCIPLES
THEREOF). THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY
IN THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK OR, AT THE SOLE OPTION OF SECURED PARTY, IN ANY OTHER
COURT IN WHICH SECURED PARTY SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN
CONTROVERSY.

 

(b) PLEDGOR
HEREBY SUBMITS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, TO THE JURISDICTION OF THE AFORESAID COURTS AND
WAIVES, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT
TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION.

 

(c) PLEDGOR
HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT, OR OTHER PROCESS ISSUED IN ANY ACTION OR PROCEEDING AND AGREES THAT SERVICE
OF SUCH SUMMONS, COMPLAINT, OR OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO PLEDGOR AT ITS ADDRESS FOR NOTICES
IN ACCORDANCE WITH THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF PLEDGOR’S ACTUAL RECEIPT
THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAILS, PROPER POSTAGE PREPAID.

 

    -8-

     

    

 

(d)
NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO AFFECT THE RIGHT OF SECURED PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW, OR TO PRECLUDE THE ENFORCEMENT BY SECURED PARTY OF ANY JUDGMENT OR ORDER OBTAINED IN SUCH FORUM OR THE TAKING OF
ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SAME IN ANY OTHER APPROPRIATE FORUM OR JURISDICTION.

 

		14.	Amendments; etc.

 

No amendment
or waiver of any provision of this Agreement nor consent to any departure by Pledgor herefrom shall in any event be effective unless the
same shall be in writing and signed by Secured Party, and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given. No failure on the part of Secured Party to exercise, and no delay in exercising any right
under this Agreement, any other Credit Document, or otherwise with respect to any of the Secured Obligations, shall operate as a waiver
thereof; nor shall any single or partial exercise of any right under this Agreement, any other Credit Document, or otherwise with respect
to any of the Secured Obligations preclude any other or further exercise thereof or the exercise of any other right. The remedies provided
for in this Agreement or otherwise with respect to any of the Secured Obligations are cumulative and not exclusive of any remedies provided
by law.

 

		15.	Notices.

 

Unless otherwise specifically
provided herein, all notices shall be in writing addressed to the respective party as set forth below: and may be personally served, faxed,
telecopied or sent by overnight courier service or United States mail:

 

If to Pledgor:

 

with a copy to:

 

If to Secured Party:

 

With a copy to:

 

Any notice given pursuant
to this section shall be deemed to have been given: (a) if delivered in person, when delivered; (b) if delivered by fax, on the date
of transmission if transmitted on a Business Day before 4:00 p.m. at the place of receipt or, if not, on the next succeeding
Business Day; (c) if delivered by overnight courier, two (2) days after delivery to such courier properly addressed; or (d) if by
United States mail, four (4) Business Days after depositing in the United States mail, with postage prepaid and properly addressed.
Any party hereto may change the address or fax number at which it is to receive notices hereunder by notice to the other party in
writing in the foregoing manner.

 

		16.	Continuing Security Interest.

 

This Agreement shall
create a continuing security interest in the Collateral and shall: (a) remain in full force and effect until the indefeasible
payment in full of the Secured Obligations, including the cash collateralization, expiration, or cancellation of all Secured
Obligations, if any, consisting of letters of credit, and the full and final termination of any commitment to extend any financial
accommodations under the Promissory Note; (b) be binding upon Pledgor and its successors and assigns; and (c) inure to the benefit
of Secured Party and its successors, transferees, and assigns. Upon the indefeasible payment in full of the Secured Obligations,
including the cash collateralization, expiration, or cancellation of all Secured Obligations, if any, consisting of letters of
credit, and the full and final termination of any commitment to extend any financial accommodations under the Promissory Note, the
security interests granted herein shall automatically terminate and all rights to the Collateral shall revert to Pledgor. Upon any
such termination, Secured Party will, at Pledgor’s expense, execute and deliver to Pledgor such documents as Pledgor shall
reasonably request to evidence such termination. Such documents shall be prepared by Pledgor and shall be in form and substance
reasonably satisfactory to Secured Party.

 

		17.	Security Interest Absolute.

 

To the maximum
extent permitted by law, all rights of Secured Party, all security interests hereunder, and all obligations of Pledgor hereunder, shall
be absolute and unconditional irrespective of:

 

(a) any
lack of validity or enforceability of any of the Secured Obligations or any other agreement or instrument relating thereto, including
any of the Promissory Note Documents;

 

(b) any
change in the time, manner, or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment
or waiver of or any consent to any departure from any of the Promissory Note Documents, or any other agreement or instrument relating
thereto;

 

    -9-

     

    

 

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

 

(d) any other circumstances
that might otherwise constitute a defense available to, or a discharge of, Pledgor.

 

		18.	Headings.

 

Section and
subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement
or be given any substantive effect.

 

		19.	Severability.

 

In case any
provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not
in any way be affected or impaired thereby.

 

		20.	Counterparts; Telefacsimile Execution.

 

This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile shall be equally as
effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this
Agreement by telefacsimile 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, or binding effect hereof.

 

		21.	Waiver of Marshaling.

 

Each of Pledgor
and Secured Party acknowledges and agrees that in exercising any rights under or with respect to the Collateral: (a) Secured Party is
under no obligation to marshal any Collateral; (b) may, in its absolute discretion, realize upon the Collateral in any order and in any
manner it so elects; and (c) may, in its absolute discretion, apply the proceeds of any or all of the Collateral to the Secured Obligations
in any order and in any manner it so elects. Pledgor and Secured Party waive any right to require the marshaling of any of the Collateral.

 

		22.	Waiver of Jury Trial.

 

PLEDGOR AND
SECURED PARTY HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT
OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW
OR STATUTORY CLAIMS. PLEDGOR AND SECURED PARTY REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES
ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS
A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

IN WITNESS WHEREOF, Pledgor and
Secured Party have caused this Agreement to be duly executed and delivered by their officers thereunto duly authorized as of the date
first written above.

 

 

	 	By:	 
	 	Title: 	 
	 	 	 
	 	By:	 
	 	Title:	 

 

    -10-

     

    

 

Schedule 1

 

Pledged Interests

 

Name of Issuer: Global Health Sciences, Inc. Jurisdiction
of Organization: Delaware

Type of Interest: Shares of common stock Number of
Shares/Units (if applicable): 50 Certificate Number(s) (if any)

Percentage of Outstanding Interests in Issuer: 75%

 

    

     

    

 

Schedule 2

 

Pledgor Information

 

For Pledgor That Is a Registered Organization: Jurisdiction
of Organization: British Virgin Islands Type of Organization: [Private Limited Company] Organizational ID Number (if any):

 

    

     

    

 

Exhibit A

 

Endorsement Certificate

 

FOR VALUE RECEIVED, the undersigned
does hereby sell, assign and transfer unto ____, [____ (____) shares of the__ Stock [or other securities of]] [a____ percent (%) interest in    ]___ (the “Issuer”)
standing in the undersigned’s name on the books of the Issuer represented by Certificate No(s). , and does hereby irrevocably constitute
and appoint as the undersigned’s attorney-in-fact to transfer the said stock [or other securities] on the books of the Issuer with
full power of substitution in the premises.

 

Date:

 

	 	[PLEDGOR]
	 	 	 
	 	By:	        
	 	Name:	 
	 	Title:Exhibit 10.19

 

GUARANTY
AND SURETYSHIP AGREEMENT

 

1. Identification.
This Guaranty and Suretyship Agreement is made by the undersigned (hereinafter called the “Guarantor”), in favor of ________________
(hereinafter called “Lender”), to induce Lender into loaning LYTUS TECHNOLOGIES HOLDINGS PTV. LTD. (“Debtor”)
the principal sum of one million Dollars ($1,000,000) (the ” Loan”). The Loan is evidenced by a Secured Promissory Note
of Debtor payable to Lender, dated July , 2021 (the ’‘Note”). If there is more than one (l) Guarantor executing this Agreement,
the obligations of all Guarantors hereunder shall be joint and several, and all words used herein in the singular shall be deemed to
have been used in the plural when the context and construction so require.

 

 2.  Guaranty.

 

2.1 Guarantor
hereby jointly, severally, unconditionally and irrevocably guarantees the prompt payment in full, performance and discharge of any and
all now existing or hereafter arising indebtedness or obligations of the Debtor to Lender of every kind or nature, however arising, including
without limitation payment of principal, interest, loan administration charges and fees comprising or relating to the Loan. The foregoing
Guaranty shall also extend to any obligations which the Debtor may incur to Lender under any agreement or by reason of any other financial
accommodation between Lender and the Debtor made after the date hereof, whether or not presently contemplated.

 

2.2 Guarantor
unconditionally guarantees the prompt, full and faithful performance and discharge by the Debtor of each and every term, condition, agreement,
representation, warranty and provision on the part of the Debtor contained in the Note or in any modification, amendment or substitution
thereof or in any document or instrument evidencing a financial accommodation between Lender and Debtor.

 

2.3 Guarantor
shall, on demand, reimburse Lender for all expenses, collection charges, court costs and attorneys’ fees incurred by Lender in
endeavoring to collect or enforce any of Lender’s rights and remedies against Debtor and/or Guarantor or any other person or concern
liable thereto, including all attorneys’ fees, costs and expenses incurred by Lender as the result of any case or proceeding filed
by or against any such person under any chapter of the United States Bankruptcy Code. All of the guaranty obligations listed in subparagraphs
2.1, 2.2 and 2.3 are referred to herein as the “Obligations.”

 

2.4 Guarantor
shall pay all of the foregoing amounts and perform all of the foregoing terms, covenants and conditions notwithstanding that any part
or all of the Note or any financial accommodation shall be void or voidable as against Debtor or any of Debtor’s creditors, including
a trustee in bankruptcy of Debtor, by reason of any fact or circumstances, including without limitations failure by any person to file
any document or to take any other action to make or any other financial accommodation enforceable in accordance with their respective
terms. Guarantor also agrees that Guarantor’s obligations hereunder shall not be relieved in the event Lender fails to perfect or protect
or otherwise impairs any collateral, whether as a result of Lender’s negligence or otherwise.

 

2.5 The
obligations, covenants, agreements, and duties of the Guarantor under this Guaranty shall in no way be affected or impaired by the release
of the Debtor from the performance or observance of any of the agreements, covenants, terms or conditions contained in the Note, by operation
of law or otherwise.

 

 3. Waivers of Guarantor.

 

(a) Guarantor
does hereby waive notice of acceptance hereof, notice of the extension of credit from time to time given by Lender to Debtor and the
creation, existence or acquisition of any Obligations hereby guaranteed, notice of the amount of the Obligations of Debtor to Lender
from time to time, notice of adverse change in the Debtor’s financial condition or of any other fact which might increase Guarantor ’s
risk, notice of presentment for payment, demand and protest, notice of default and all other notices and demands to which Guarantor might
otherwise be entitled.

 

     

     

    

 

(b) Guarantor
further waives the right to a jury trial in any action hereunder and any rights established by statute or otherwise to require Lender
to institute suit against Debtor or to exhaust its rights and remedies first against Debtor, Guarantor being bound to the payment of
each and all Obligations of Debtor to Lender as fully as if such Obligations were directly owing to Lender by Guarantor.

 

(c) Guarantor
further waives any defense arising by reason of any disability or other defense of Debtor or by reason of the cessation from any cause
whatsoever of the liability of Debtor and any defense that other indemnity, guaranty, or security was to be obtained.

 

(d) Guarantor
shall have no right of subrogation, reimbursement or indemnity whatsoever and no right of recourse to or with respect to any asset or
property of Debtor or to any collateral for the Obligations of Debtor. Nothing shall discharge or satisfy the liability of Guarantor
hereunder except the full performance and payment of the Obligations of Debtor with interest.

 

 4. Guarantor’s Property as Security for Guaranty.

 

(a) Lender
shall have a lien upon any and all property of Guarantor, now or at any time whatsoever, with or in the possession of Lender or anyone
holding for Lender, as security for any and all obligations of Guarantor to Lender, or to any company which may now or at any time be
its subsidiary, no matter how or when arising and whether under this or any other instrument or agreement or otherwise (the “Possessory
Collateral”).

 

(b) To
secure payment to Lender and performance of the obligations under the Note, Debtor hereby grants to the Secured Party a continuing security
interest in the Collateral, to the extent permitted by law. The term “Collateral” shall mean all tangible and intangible assets
in which Debtor has rights or the power to transfer rights, including, but not limited to, the following: (i) Accounts, Chattel Paper
(including Tangible Chattel Paper and Electronic Chattel Paper), Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles,
Goods, Instruments, Inventory, Investment Property, Letter of Credit Rights, Payment Intangibles, Supporting Obligations, books and records
(including, but not limited to, manual records, computer runs, print outs, tapes, disks, software, programs, source codes and other computer
prepared information and equipment of any kind); and (ii) the Possessory Collateral; and (iii) all other tangible and intangible personal
property, whether now owned or hereafter acquired, including policies of insurance thereon and all insurance proceeds and unearned premium
in connection therewith, together with all accessions, additions to, replacements for and substitutions of Collateral and all cash and
non-cash Proceeds and products thereof. Capitalized terms used in this Section 4(b) and not otherwise defined in this Guaranty shall
each have the meaning set forth in the Uniform Commercia l Code as enacted by the State of New York (the “UCC”).

 

(c) Debtor
hereby authorizes Lender, at any time and from time to time, to file financing statements, continuation statements, correction statements
and amendments to financing statements, including financing statements that describe the Collateral in particular or as “all assets
of the Debtor” or words of similar effect and that contain any other information required by the UCC for sufficiency or filing office
acceptance of any financing statement, continuation statement, correction statement or amendment.

 

5. Consent
to Lender’s Actions. Guarantor consents and agrees that, without notice to or by Guarantor, and without affecting or impairing the
obligations of Guarantor hereunder, Lender may compromise or settle, extend the period of duration or the time for payment or discharge
or performance of, or may refuse to enforce or may release any party to any and all of the Obligations, or may grant other indulgences
to Debtor in respect thereof, or may amend or modify in any manner any documents or agreements relating to such Obligations (other than
this Continuing Guaranty) or may release, surrender, exchange, modify, impair, or extend the period of duration or time for performance,
discharge or payment, of any and all deposits and other property securing the Obligations or on which Lender at any time may have a lien,
or may refuse to enforce its rights, or may make any compromise or settlement or agreement therefor, in respect of any and all of such
deposits and property, or with any party to the Obligations, or with any other person, firm or corporation whatsoever, or may release
or substitute any one or more of the endorsers or guarantors of the Obligations , whether parties to this instrument or not, or may exchange,
enforce, waive or release any security for any guaranty of the Obligations. Guarantor consents and agrees that Lender shall be under
no obligation to marshal any asset in favor of Guarantor, or any of them, or against or in payment of any or all of the Obligations.

 

    -2-

     

    

 

 6. Reinstatement of Obligations. Guarantor further agrees that, to the extent Debtor makes a payment or payments to Lender, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential set aside and/or required to be repaid to a trustee, receiver or any other party under any insolvency act (including the United States Bankruptcy Code), state or federal law, common law or equitable cause, then to the extent of such payment or repayment, the Obligation or part thereof intended to be satisfied shall be revived as to Guarantor and continued in full force and effect as if said payment had not been made.

 

 7. Subordination of Guarantor’s Claims. Any and all present and future debts and obligations of Debtor to Guarantor are hereby waived and postponed in favor of, and subordinated to, the full payment of the Obligations by Debtor to Lender, and as security for this Guaranty, Guarantor hereby assigns to Lender all claims of any nature by which they, or any of them, may now or hereafter have against Debtor.

 

8. Irrevocable
Guaranty. Guarantor agrees that the liability of Guarantor on this Guaranty shall be irrevocable and shall be immediate and not contingent
upon the exercise or enforcement by Lender of whatever remedies it may have against Debtor or others, or the enforcement of any lien
or realization upon any security Lender may at any time possess. In the event of the death of any Guarantor, this Guaranty shall continue
in effect against his estate. Any attempted revocation shall be ineffective except if Lender shall have granted written consent thereto;
Lender shall be under no obligation to grant such consent. Any such consent which Lender might grant with respect to one or more Guarantors
would not release any other Guarantor or diminish his joint and several obligations.

 

9. Covenants
and Warranties of Guarantor. Each Guarantor represents, warrants and covenants to Lender as an inducement to Lender to grant credit
to Debtor that, as of the date of this Guaranty, the fair saleable value of Guarantor’s assets exceed its/his liabilities; Guarantor
is meeting current liabilities as they mature; the financial statements of Guarantor furnished Lender are true and correct and include
in the footnotes thereto all contingent liabilities of Guarantor; since the date of said financial statements, there has been no material
adverse change in the financial condition of Guarantor; there are not now pending any material court or administrative proceedings or
undischarged judgments against Guarantor, and no federal or state liens have been filed or threatened against Guarantor, nor is Guarantor
in default or claimed default under any agreement for borrowed money; Guarantor shall immediately give Lender written notice of any material
adverse change in its/his financial condition, including but not Limited to litigation commended, tax liens filed, defaults claimed under
his indebtedness for borrowed money or bankruptcy proceedings commenced against Guarantor, by Guarantor or any third party; Guarantor
shall, at such reasonable times as Lender requests, furnish his current financial statements to Lender and permit Lender or its representatives
to inspect, at Guarantor’s offices, Guarantor’s financial records and properties and make extracts therefrom in order to evaluate the
financial condition of Guarantor.

 

 10. Primary Nature of Guaranty. This Guaranty is a primary and original obligation of Guarantor and is an absolute, unconditional, continuing and irrevocable guaranty of payment and shall remain in full force and effect without respect to future changes in conditions, including change of law or any invalidity or irregularity with respect to the issuance of any Obligations of Debtor to Lender or with respect to the execution and delivery of any agreement between Debtor and Lender.

 

 11. Cumulative Remedies. Lender shall have the right to seek recourse against Guarantor to the full extent provided for herein and in any other document or instrument evidencing obligations of Guarantor to Lender, and against Debtor, to the full extend provided for in any loan agreement between Lender and Debtor. No election to proceed in one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of Lender’s right to proceed in any other form of action or proceeding or against other parties unless Lender has expressly waived such right in writing. All of Lender’s rights, remedies and recourse are separate and cumulating; may be pursued separately, successively or concurrently; are nonexclusive; and the exercise of any one or more of them shall in no way limit or prejudice any other legal or equitable right, remedy or recourse to which Lender may be entitled.

 

    -3-

     

    

 

12. Continuing
Guaranty. This is a continuing guaranty. No action or proceeding by Lender against Debtor under any document or instrument evidencing
or securing the Obligations shall serve to diminish the liability of Guarantor, except to the extent Lender realized payment by such
action or proceeding, notwithstanding the effect of any such action or proceeding upon Guarantor’s right of subrogation against Debtor.
By acceptance hereof, Lender and Guarantor agree that Guarantor hereby knowingly accepts the full range of risk encompassed within a
contract of “Continuing Guaranty” which risk includes, but with limitation, the possibility that Debtor will incur additional
indebtedness for which Guarantor may be liable hereunder after Debtor’s financial condition or ability to pay its lawful debts when they
fall due has deteriorated.

 

13. Guarantor’s
Independent Investigation of Debtor. Guarantor is fully aware of the financial condition of Debtor. Guarantor delivers this Guaranty
based solely upon his/its own independent investigation, and in no part upon any representation or statement of Lender with respect thereto.
Guarantor warrants, based on its investigation, that Debtor is in sound financial condition and will perform in accordance with the terms
and conditions of the Note and the Loan Documents. Guarantor is in a position to assume and hereby assumes full responsibility for obtaining
any additional information concerning Debtor’s financial condition as Guarantor may deem material to his obligations hereunder, and Guarantor
is not relying upon, nor expecting Lender to furnish him, any information in Lender’s possession concerning Debtor’s financial condition.

 

14. Reaffirmation
of Obligations. Guarantor agrees that he will promptly execute and deliver to Lender, or its designee, written reaffirmation of Guarantor’s
obligations hereunder, if so requested by Lender from time to time. Guarantor’s absolute obligation to make such reaffirmations is not
to be construed to infer an absence of liability on Guarantor’s behalf in any instance in which Guarantor is not asked to reaffirm (or
fails to reaffirm) its obligations, notwithstanding any modification of Debtor’s obligations to Lender.

 

15. Binding
Effect of Guaranty. Guarantor agrees that all the rights, benefits and privileges herein and hereby conferred upon Lender shall vest
in, and be enforceable by Lender, its successors and assigns. Each Guarantor and his respective heirs, executors, administrators, personal
representatives, successors and assigns shall be jointly and severally bound and their respective sole and separate property and estate,
together with their community property and estate, shall be jointly and severally bound by and liable for all of the terms, covenants
and conditions of this Continuing Guaranty.

 

16. Governing
Law. This Guaranty, all acts and transactions hereunder and the rights and obligations of the parties hereto shall be governed, construed
and interpreted according to the laws of the State of New York.

 

17. Consent
to Jurisdiction. As part of the consideration for Lender’s granting credit to Debtor, Guarantor hereby consents to the exclusive
jurisdiction of the courts of the State of New York situated in New York County, New York, and/or the United States District Court for
the Southern District of New York, in any and all actions or proceedings arising hereunder or pursuant hereto, and irrevocably agrees
to service of process by personal service upon Guarantor wherever Guarantor may be then located, or by certified or registered mail,
return receipt requested, directed to Guarantor at his last known address.

 

18. Purpose
of Guaranty. Guarantor hereby acknowledges that it is entering into this Continuing Guaranty to induce Lender to make the Loan to
Debtor, which loan is to be used for lPO bridge financing. Guarantor further acknowledges that it is a majority-owned subsidiary of Debtor
and constitutes part of a single business enterprise controlled by Debtor, and that it will derive benefits from the making of the Loan
and will receive reasonably equivalent value in exchange for the making of this Guaranty.

 

 19. Modifications. No provision hereof shall be modified or limited, except by a written agreement expressly referring hereto and to the provision so modified or Limited, and signed by Guarantor and Lender.

 

    -4-

     

    

 

20. Merger.
This writing is intended by the parties as a final expression of this agreement of Guaranty and is intended also as a complete and exclusive
statement of the terms of the agreement. No course of prior dealing between the parties, no usage of the trade, and no parole or extrinsic
evidence of any nature, shall be used or be relevant to supplement or explain or modify any term used in this agreement of Guaranty.

 

21. Severability.
In case any one or more of the provisions contained in this Guaranty shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Guaranty shall
be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

22.
Notices. Guarantor agrees that any notice or demand upon it shall be deemed to be sufficiently given or served if it is in writing
and is personally served or, in lieu of personal service, is mailed by first class certified mail, postage prepaid, addressed to Guarantor
at the addresses set forth below. Any notice or demand so mailed shall be deemed received on the date of actual receipt or the first
business day following mailing.

 

23.
Confession of Judgment. THE GUARANTOR HEREBY IRREVOCABLY AUTHORIZES ANY ATTORNEY OF ANY COURT OF RECORD TO APPEAR FOR THE GUARANTOR
AND CONFESS JUDGMENT THEREIN FOR THE AMOUNT FOR WHICH THE GUARANTOR MAY BE OR BECOME LIABLE TO LENDER UNDER THIS GUARANTY, WITH OR WITHOUT
DEFAULT, AS EVIDENCED BY AN AFFIDAVIT SIGNED BY LENDER OR OF SUCH ASSIGNEE SETTING FORTH THE AMOUNT THEN DUE, PLUS ATTORNEYS’ FEES
IN THE AMOUNT OF FIVE PERCENT (5%) OF SUCH AMOUNT, WITH COSTS OF SUIT, AND RELEASE OF ERRORS. IF A COPY HEREOF, VERIFIED BY AFFIDAVIT,
SHALL HAVE BEEN FILED IN SAID PROCEEDING, IT SHALL NOT BE NECESSARY TO FILE THE ORIGINAL AS A WARRANT OF ATTORNEY. THE GUARANTOR WAIVES
THE RIGHT TO ANY STAY OF EXECUTION AND THE BENEFIT OF ALL EXEMPTION LAWS NOW OR HEREAFTER IN EFFECT. EXECUTION MAY IMMEDIATELY BE ISSUED
ON THE JUDGMENT, WITHOUT PRIOR NOTICE OR HEARING, TO GARNISH, LEVY OR ATTACH ANY PENDING PROPERTY OF GUARANTOR. NO SINGLE EXERCISE OF
THE FOREGOING WARRANT AND POWER TO CONFESS JUDGMENT SHALL EXHAUST THE WARRANT, AND THE POWER SHALL CONTINUE UNDIMINISHED AND MAY BE EXERCISED
FROM TIME TO TIME AS OFTEN AS LENDER SHALL ELECT, UNTIL ALL SUMS PAYABLE, OR THAT MAY BECOME PAYABLE, HAVE BEEN PAID IN FULL.

 

    -5-

     

    

 

IN
WITNESS WHEREOF, the undersigned Guarantor, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and with intent to be legally abound, has duly executed this Guarantee this day of July, 2021.

 

	 	  
	 	(NAME
    OF GUARANTOR)
	 	 
	 	By:

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