Document:

Security Deed

 

DIGITAL
TURBINE AUSTRALIA PTY LTD

ACN 163
117 253

(Grantor)

 

ZINGO (AUST) PTY LTD

ACN 114 185 269

(Secured Party)

 

		
        Level 12, 77 King Street

        Sydney NSW 2000 Australia

        Reference  13555962

        Andrew
        Bristow

        Ó
        Copyright Herbert Geer Lawyers

 

    	 

    	 

    

 

	Table of contents
	 

 

	Clause	 	Page
	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	2
	 	1.1	Definitions	2
	 	1.2	Interpretation	5
	 	1.3	Headings	6
	 	1.4	Neutral interpretation	6
	 	1.5	Note Deed	7
	 	 	 
	2.	Security interest	7
	 	2.1	Security Interest	7
	 	2.2	Restrictions on dealing with Secured Property	7
	 	2.3	Priority	7
	 	2.4	Collateral Security	8
	 	2.5	Nominated Account and proceeds	8
	 	 	 
	3.	Representations and warranties	9
	 	3.1	General representations and warranties	9
	 	3.2	Representations and warranties about Secured Property	10
	 	3.3	Representations and warranties about Marketable Securities	10
	 	3.4	Repetition of representations and warranties	10
	 	3.5	Reliance on representations and warranties	11
	 	 	 
	4.	Grantor’s undertakings	11
	 	4.1	Term of undertakings	11
	 	4.2	General Undertakings	11
	 	4.3	Undertakings relating to Secured Property	11
	 	4.4	Registration and notices to the Secured Party	12
	 	4.5	Dividends and votes	12
	 	4.6	Additional Rights	13
	 	4.7	Title Documents for Certificated Securities	13
	 	 	 
	5.	secured party’s right to make good a default	14
	 	 	 
	6.	Enforcement	14
	 	6.1	Event of Default	14
	 	6.2	Statutory requirements for notice	14
	 	 	 
	7.	Appointment of Receiver	15
	 	7.1	Appointment	15
	 	7.2	Receiver other than as agent of Grantor	15
	 	7.3	Powers of Receiver	15
	 	 	 
	8.	Powers of the Secured Party on enforcement	16
	 	8.1	Powers otherwise exercisable by Receiver	16
	 	8.2	Completion of instruments	17

 

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	TABLE OF CONTENTS (continued)
	 

 

	Clause	 	 	Page
	 	 	 	 
	 	8.3	Dealing with assets	17
	 	8.4	Exercise of powers by agent	17
	 	8.5	Fees charged by the agent	17
	 	8.6	Exercise of powers under PPSA	17
	 	 	 
	9.	Protection of the Secured Party and other persons	17
	 	9.1	Protection of Secured Party and Receiver	17
	 	9.2	Protection of third parties	18
	 	9.3	Conflict of interests	18
	 	9.4	Receipt conclusive	18
	 	 	 
	10.	Application of moneys	18
	 	10.1	Manner and order	18
	 	10.2	Only actual receipts credited	19
	 	10.3	Compensation	19
	 	10.4	Application against indebtedness	19
	 	10.5	Suspense account	19
	 	 	 
	11.	Costs and taxes	19
	 	11.1	Costs	19
	 	11.2	GST	20
	 	 	 
	12.	Power of Attorney	20
	 	 	 
	13.	Continuing security AND THIRD PARTY PROVISIONS	20
	 	13.1	Settlement	20
	 	13.2	Reinstatement	21
	 	13.3	No marshalling	21
	 	13.4	No competition	21
	 	 	 
	14.	No Merger	22
	 	 	 
	15.	Liability for Loss	22
	 	15.1	Secured Party not accountable	22
	 	15.2	Secured Party or Receiver not liable	22
	 	 	 
	16.	Indemnity	22
	 	16.1	Indemnity	22
	 	16.2	Continuing obligation	23
	 	 	 
	17.	Statutory powers	23
	 	17.1	Secured Party’s powers	23
	 	17.2	Exclusion	23
	 	17.3	Exclusion of PPSA provisions	23
	 	 	 
	18.	Further assurance	24
	 	 	 
	19.	Discharge	24

 

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	TABLE OF CONTENTS (continued)
	 

 

 

	Clause	 	 	Page
	 	 	 	 
	20.	notices	25
	 	20.1	Service of notices	25
	 	20.2	Effective on receipt	25
	 	 	 	 
	21.	Governing law	25
	 	21.1	Law and jurisdiction	25
	 	21.2	Serving documents for proceedings	25
	 	 	 	 
	22.	General	26
	 	22.1	Waivers	26
	 	22.2	Additional rights	26
	 	22.3	Changes	26
	 	22.4	Assignment	26
	 	22.5	Secured Party’s statement conclusive	26
	 	22.6	Disclosure of confidential information	26
	 	22.7	Certain provisions may be excluded	26
	 	22.8	Counterparts	27
	 	22.9	Attorneys	27
	 	22.10	Entire agreement	27
	 	22.11	Exercising rights in part	27
	 	22.12	Discretion in exercising rights	27
	 	22.13	Complying with conditions	27
	 	22.14	Contractual obligations and rights are not affected	27

 

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Details

 

 

	Date of this Deed	                                                                             2013

 

 

	Grantor	Name	DIGITAL TURBINE AUSTRALIA PTY LTD ACN 163 117 253 

 

 

	Secured Party	Name	ZINGO (AUST) PTY LTD ACN 114 185 269 

 

 

	Recitals	A.	The Grantor has agreed to grant an equitable mortgage and Security Interest in the Secured Property to the Secured Party to secure payment of the Secured Money and the performance of the Secured Obligations.
	 	 	 
	 	B.	The Grantor considers that, by entering into this Deed, there will be a commercial benefit to the Grantor.

 

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Operative terms

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Deed, unless the context
otherwise requires:

 

Acquired
Securities means any Marketable Securities (other than the Charged Securities) issued by Mirror Image International Holdings
Pty Ltd ACN 114 859 237 or MIA Technology Australia Pty Ltd ACN 163 065 496 to which the Grantor becomes legally or beneficially
entitled at any time;

 

Additional
Rights means all present and future rights and property interests attaching to or arising out of or otherwise in respect of
the holding of an interest in the Charged Securities or the Acquired Securities including:

 

		(a)	any distributions paid or payable, any bonus shares or other Marketable Securities issued, and
any rights to take up Marketable Securities, in respect of the Charged Securities or the Acquired Securities;

 

		(b)	any proceeds of, or from the disposal of or other dealing with any Marketable Security;

 

		(c)	any rights or Marketable Security resulting from the conversion, consolidation, subdivision, redemption,
cancellation, reclassification or forfeiture of any Marketable Security;

 

		(d)	any in specie distribution in respect of any Marketable Security; and

 

		(e)	rights consequent upon a reduction of capital, buy-back, liquidation or scheme or arrangement,

 

and any present or future rights
and property interests attaching to or arising out of or otherwise in respect of any interest in any of the property specified
in paragraphs (a) to (e) inclusive of this definition;

 

After-Acquired
Property has the same meaning as given in the PPSA;

 

Attorney
means any attorney appointed under this Deed or any Collateral Security;

 

Authorised
Representative means:

 

		(a)	in respect of the Grantor, any director or secretary, or any person from time to time nominated
as an Authorised Representative of the Grantor by written notice to the Secured Party accompanied by certified copies of signatures
of all new persons so appointed; and

 

		(b)	in respect of the Secured Party, any person whose title or acting title includes the word Chief,
Counsel, Executive, Head, Director, Manager or President or cognate expressions, or any secretary or director or any attorney acting
for the Secured Party;

 

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Business
Day means a day (other than a Saturday, Sunday or public holiday) on which banks are open for general banking business, and
the Secured Party is open for business, in Sydney, Australia.

 

Certificated
Security means a Marketable Security the title to which is evidenced by a Title Document;

 

Collateral
Security means any Title Document, deed or instrument which is intended to provide collateral security for the payment of the
Secured Money or the performance of the Secured Obligations.

 

Charged
Securities means all Marketable Securities held by the Grantor from time to time during the term of this Deed in:

 

		(a)	Mirror Image International Holdings Pty Ltd ACN 114 859 237; and

 

		(b)	MIA Technology Australia Pty Ltd ACN 163 065 496.

 

Government
Agency means a Commonwealth, State or local government or government authority or semi-government authority that has legal
power to require another person to act or not act in a particular way;

 

GST means
goods and services or similar tax and any related interest, penalty, fine, expense or other charge;

 

Guarantee
means an obligation or offer to provide funds (including by subscription or purchase) or otherwise be responsible in respect
of an obligation or indebtedness, or the financial condition or insolvency, of another person. It includes a guarantee, indemnity,
letter of credit or legally binding letter of comfort, or an obligation or offer to purchase an obligation or indebtedness of another
person;

 

Intercreditor
Deed has the meaning given in the Note Deed.

 

Interested
Person means interested person within the meaning of section 275 of the PPSA and includes:

 

		(a)	the Grantor;

 

		(b)	a person with another PPSA Security Interest in the Secured Property;

 

		(c)	if the Grantor is a body corporate, the Grantor’s auditor;

 

		(d)	an execution creditor with a Security Interest in the Secured Property; or

 

		(e)	an authorised representative of any of the above;

 

Liquidation
includes receivership or other appointment of a controller, deed of arrangement, administration, winding up, dissolution, arrangement
or compromise with creditors, assignment for the benefit of creditors or bankruptcy;

 

Mandalay
means Mandalay Digital Group Inc. (as that party is defined in the Note Deed).Marketable Security has the meaning given
to the term “securities” in section 92(3) of the Corporations Act;

 

Nominated
Account means the bank account opened by the Grantor in accordance with clause 2.5.

 

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Note Deed
means the Convertible Note Deed entered into on or about the date of this Deed between the Grantor and others.

 

Notice
includes a notice, consent, request, waiver, demand or other communication by a Party to another Party in connection with this
Deed;

 

Party
means a party to this Deed;

 

Permitted
Security Interest means:

 

		(a)	a Security Interest (if any) created under, or expressly permitted in, this Deed;

 

		(b)	any other Security Interest approved in writing by the Secured Party for the purposes of this Deed
or the Note Deed;

 

PPSA Security
Interest means a security interest as defined in the PPSA;

 

Receiver
means any receiver or receiver and manager appointed under this Deed or any Collateral Security;

 

Related
Body Corporate means a related body as defined in section 50 of the Corporations Act. If the entity is a trustee of a trust
or a general partner of a limited partnership, it also includes any entity which is a related body corporate of that entity on
the basis that:

 

		(a)	the trust or limited partnership is a body corporate for the purposes of that definition; and

 

		(b)	a unit, partnership interest or other beneficial interest in that trust or limited partnership
is a share;

 

Relevant
Default means that the Grantor:

 

		(a)	defaults in its obligations under clause 3 of Schedule 1 of the Note Deed; and

 

		(b)	does not remedy the default within 10 Business Days.

 

Secured
Money means all money which the Grantor (whether alone or not) is or at any time may become actually or contingently liable
to pay to or for the account of the Secured Party under the Note Deed, this Deed or the Intercreditor Deed.

 

Secured
Obligations means the performance of:

 

		(a)	the Grantor’s obligations under the Note Deed; and

 

		(b)	Mandalay’s obligation to issue the Mandalay Shares under paragraph 3.3(b) of Schedule 1 of
the Note Deed.

 

Secured
Property means all the Grantor’s present and future interest in:

 

		(a)	the Charged Securities;

 

		(b)	the Acquired Securities; and

 

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		(c)	the Additional Rights;

 

Subsidiary
has the meaning given in the Corporations Act, but an entity will also be taken to be a Subsidiary of an entity if it is controlled
by that entity (as defined in section 50AA of the Corporations Act) and, without limitation:

 

		(a)	a trust may be a Subsidiary, for the purposes of which a unit or other beneficial interest will
be regarded as a share; and

 

		(b)	an entity may be a Subsidiary of a trust if it would have been a Subsidiary if that trust were
a corporation;

 

Tax means
any tax, levy, impost, deduction, charge, duty, compulsory loan or withholding and related interest, penalty, fine or expense imposed
by any Government Agency, other than any imposed on overall net income;

 

Title
Document means any original, duplicate or counterpart certificate or document of title including any real property certificate
of title, certificate of units in a unit trust, share certificate or certificate evidencing an investment instrument or negotiable
instrument (in the case of the terms certificate, investment instrument or negotiable instrument, each within
the meaning of the PPSA).

 

		1.2	Interpretation

 

In this Deed, including the
recitals, unless the context otherwise requires:

 

		(a)	a reference to ‘law’ means statute law, common law and equitable principles;

 

		(b)	the singular includes the plural and vice versa;

 

		(c)	the word ‘person’ includes an individual, a body corporate, a firm, an unincorporated
body, a society, an association and an authority (including a Government Agency);

 

		(d)	a reference to any sex includes the other sex;

 

		(e)	a reference to any thing (including an amount or a provision of this Deed) is a reference to the
whole and each part of it;

 

		(f)	the word ‘costs’ includes charges, expenses and legal costs;

 

		(g)	a reference to a document or an agreement is to that document or agreement as amended or replaced;

 

		(h)	a reference to a particular person includes their legal personal representatives, administrators,
successors, substitutes and permitted assigns;

 

		(i)	a reference to a particular law includes that law and any subordinate legislation (such as regulations)
under it, in each case as amended, replaced, re-enacted or consolidated;

 

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		(j)	a reference to ‘bankruptcy’ or ‘winding up’ includes bankruptcy, winding
up, liquidation, dissolution, becoming an insolvent under administration (as defined in section 9 of the Corporations Act) and
the occurrence of anything analogous or having a substantially similar effect to any of those conditions or matters under the law
of any applicable jurisdiction, and to the procedures, circumstances and events which constitute any of those conditions or matters;

 

		(k)	where a matter is expressed to be to the ‘knowledge’ ‘information’, ‘belief’
or ‘awareness’ (or similar) of a person, the person is treated as stating that this is the knowledge of the person
after having made reasonable enquiry of the person’s respective officers and employees;

 

		(l)	a reference to financial statements is to financial statements as defined in section 9 of the Corporations
Act;

 

		(m)	the meaning of any general language is not restricted by any accompanying example, and the words
‘includes’, ‘including’, ‘such as’ or ‘for example’ (or similar phrases) are not
words of limitation;

 

		(n)	a reference to a group of persons is a reference to any two or more of them taken together and
to each of them individually;

 

		(o)	an agreement, representation or warranty by two or more persons binds both or all of them jointly
and each of them individually;

 

		(p)	an agreement, representation or warranty in favour of two or more persons is for the benefit of
both or all of them jointly and each of them individually;

 

		(q)	a reference to an accounting term is to that term as it is used in accounting standards under the
Corporations Act or, if not inconsistent, generally accepted accounting principles in Australia;

 

		(r)	a reference to possession or control includes possession or control as those terms are defined
in the PPSA;

 

		(s)	a reference to ‘dollars’, ‘$’ or ‘A$’ is to the lawful currency
of Australia;

 

		(t)	a time means the time in Sydney, Australia;

 

		(u)	a reference to a day or a month means a calendar day or calendar month; and

 

		(v)	if a period of time starts from a given day (or event), it is calculated exclusive of that day
(or the day the event occurs).

 

		1.3	Headings

 

Headings in this Deed (including
references to headings in cross references to clauses) are for convenience only and do not affect its meaning.

 

		1.4	Neutral interpretation

 

This Deed must be interpreted
neutrally and not unfavourably to the Party putting it forward.

 

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		1.5	Note Deed

 

Unless otherwise defined in
this Deed and unless the context otherwise requires, terms defined in the Note Deed have the same meaning when used in this Deed
(with any necessary changes).

 

		2.	Security interest

 

		2.1	Security Interest

 

		(a)	To secure the due and punctual payment of the Secured Money, the Grantor:

 

		(i)	charges; and

 

		(ii)	grants a PPSA Security Interest in,

 

all of its
right, title and interest in, to, under or derived from the Secured Property, to the Secured Party .

 

		(b)	The Grantor grants any Security Interest in the Secured Property as legal and beneficial owner.

 

		(c)	The Security Interests granted under this Deed operate as an equitable mortgage over the Secured
Property.

 

		2.2	Restrictions on dealing with Secured Property

 

		(a)	The Grantor must not, and may not agree to, attempt or take any step to:

 

		(i)	create or purport or attempt to create or suffer to subsist any Security Interest other than a
Permitted Security Interest, in any Secured Property; or

 

		(ii)	in any other way:

 

		(A)	sell or otherwise dispose of, create or allow the creation of any interest in; or

 

		(B)	part with possession of,

 

any Secured Property without
the prior written consent of the Secured Party.

 

		(b)	Where a Secured Party may not lawfully restrict the creation of a Security Interest over the Secured
Property ranking after the Security Interest created by this Deed, clause 2.2(a) will not restrict that creation but the
Grantor must ensure that, before such a Security Interest is created, the holder of that Security Interest enters into a deed of
priority in form and substance acceptable to the Secured Party (acting reasonably).

 

		2.3	Priority

 

The Security Interest created
by this Deed is first ranking.

 

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		2.4	Collateral Security

 

This Deed is collateral to
and secures the same moneys as are secured by any Collateral Security.

 

		2.5	Nominated Account and proceeds

 

		(a)	The Secured Party may, whilst an Event of Default subsists, require the Grantor to open and maintain
a Nominated Account with any bank and branch approved by the Secured Party (Nominated Bank) and:

 

		(i)	nominated officers of the Secured Party must be signatories to the Nominated Account;

 

		(ii)	withdrawals can only be made from the Nominated Account with the signature of one of those officers
(and can be made without the consent of the Grantor);

 

		(iii)	depositing an amount in the Nominated Account will not result in any person coming under a present
liability to pay the Grantor or any Related Body Corporate of the Grantor (for the purposes of clause 341(3)(d) of the PPSA).

 

		(b)	The Grantor must, whilst an Event of Default subsists, immediately (and until notified otherwise
by the Secured Party) deposit in the Nominated Account any proceeds that the Grantor receives in respect of its Secured Property.

 

		(c)	The Grantor must, whilst an Event of Default subsists, give all notices and directions and execute
all necessary documents as requested by the Secured Party to ensure clauses 2.5(a) and (b) are complied with.

 

		(d)	A power created under this clause 2.5 is not waived by any failure or delay in exercise, or by
the partial exercise, of that power.

 

		(e)	The Grantor must obtain an agreement from the Nominated Bank (with the Grantor and the Secured
Party) that:

 

		(i)	it will comply with and give effect to the terms set out in clause 2.5(a);

 

		(ii)	it will not repay any money in the Nominated Account to the Grantor or any other person without
the prior written consent of the Secured Party and the Secured Party may direct disposition of funds from the Nominated Account
without the consent of the Grantor;

 

		(iii)	it has no Security Interest in and it waives all rights of set-off and combination in respect of,
the Nominated Account of the Grantor;

 

		(iv)	if it has a Security Interest in the Nominated Account of the Grantor, it must not exercise any
power or right under that Security Interest in respect of the Nominated Account of the Grantor and agrees that its Security Interest
is subordinated in right and priority to the Security Interest created under this Deed; and

 

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		(v)	it agrees that the laws specified in clause 21.2 will govern the Secured Party’s security
interest in the Nominated Account.

 

		(f)	Any moneys paid or withdrawn from the Nominated Account by or on behalf of the Secured Party under
this clause 2.5 will be set off against any amounts owing by the Grantor under the Note Deed from time to time.

 

		3.	Representations and warranties

 

		3.1	General representations and warranties

 

The Grantor represents and
warrants to the Secured Party that:

 

		(a)	(status) it is a company limited by shares incorporated, or taken to be incorporated, and
existing under the Corporations Act and is not in liquidation, provisional liquidation or receivership, or under administration;

 

		(b)	(power) it has full legal capacity and power:

 

		(i)	to own its property and assets and carry on its business as it is now being conducted; and

 

		(ii)	to enter into, and exercise its rights and perform its obligations under, this Deed;

 

		(c)	(authorisation) all conditions and things required by applicable law to be fulfilled or
done (including the obtaining of any necessary Authorisations) in order:

 

		(i)	to enable it lawfully to enter into, and perform its obligations under, this Deed; and

 

		(ii)	to make this Deed admissible in evidence in the courts specified in clause 21.1,

 

have been fulfilled or done;

 

		(d)	(obligations binding) this Deed constitutes its valid and legally binding obligations, enforceable
against it in accordance with its terms;

 

		(e)	(ranking of obligations) its payment obligations under this Deed rank and will continue
to rank at all times at least equally with all its other present and future unsecured and unsubordinated payment obligations (including,
without limitation, contingent obligations), other than those which are mandatorily preferred by law;

 

		(f)	(no contravention) neither its execution of, nor its exercise of its rights or performance
of its obligations under, this Deed does or will:

 

		(i)	contravene any applicable law to which it or any of its property is subject or any order of any
Government Agency binding on it or any of its property;

 

		(ii)	contravene any Authorisation or require that any Authorisation be obtained;

 

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		(iii)	contravene any undertaking or instrument binding on it or any of its property;

 

		(iv)	contravene or conflict with any provision of its constitution;

 

		(v)	require it to make any payment or delivery in respect of any Secured Money before the scheduled
date for that payment or delivery; or

 

		(vi)	cause any limitation on its power to incur Secured Money to be exceeded;

 

		(g)	(benefit) it benefits by entering into this Deed;

 

		(h)	(no domestic Secured Property) none of the Secured Property is used predominantly for personal,
domestic or household purposes;

 

		3.2	Representations and warranties about Secured Property

 

The Grantor represents and
warrants to the Secured Party that:

 

		(a)	(title) it has, or will upon acquisition have, full legal and beneficial right and title
to, and full power to mortgage and grant a Security Interest in the manner provided in this Deed in, the Secured Property (unless
otherwise approved in writing by the Noteholder);

 

		(b)	(encumbrances) the Secured Property is free from all third party interests other than Permitted
Security Interests

 

		3.3	Representations and warranties about Marketable Securities

 

The Grantor represents and
warrants to the Secured Party that:

 

		(a)	(securities fully paid) all Marketable Securities forming part of the Secured Property are,
or upon acquisition will be, fully paid;

 

		(b)	(no assignment of Distributions) no dividend, other distribution, right, power, authority,
discretion or remedy in respect of any of the Secured Property has been assigned or made subject to a Security Interest, or agreed
to be assigned or made subject to a Security Interest, to any person other than under a Permitted Security Interest;

 

		(c)	(issue valid) as far as the Grantor is aware, all Marketable Securities forming part of
the Secured Property have been validly issued and their issue does not contravene the constitution of any company, law or any rule
or directive of any Government Agency.

 

		3.4	Repetition of representations and warranties

 

The representations
and warranties given under this Deed are repeated by the Grantor on each date that any Secured Money is owing or the Secured Obligations
are required to be performed.

 

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		3.5	Reliance on representations and warranties

 

The Grantor acknowledges that
the Secured Party has entered into this Deed in reliance on the representations and warranties in this clause 3.

 

		4.	Grantor’s undertakings

 

		4.1	Term of undertakings

 

Unless the Grantor otherwise
agrees in writing, until:

 

		(a)	the Secured Money is unconditionally repaid in full and the Secured Obligations are performed in
full; and

 

		(b)	the Security Interest created under this Deed is discharged,

 

the Grantor must, at its own
cost, comply with its obligations under this Deed.

 

		4.2	General Undertakings

 

The Grantor must:

 

		(a)	(obligation to pay) duly and punctually pay the Secured Money;

 

		(b)	(Secured Obligations) fully and punctually perform the Secured Obligations;

 

		(c)	(no administrator) not appoint an administrator without prior notice to the Secured Party;

 

		(d)	(Change of Grantor details) notify the Secured Party at least 10 days before:

 

		(i)	the Grantor changes its name; or

 

		(ii)	any ABN, ARBN or ARSN of the Grantor changes or is cancelled.

 

		4.3	Undertakings relating to Secured Property

 

The Grantor must:

 

		(a)	(statutory requirements) punctually comply with all statutes in force now or in the future,
and all ordinances, regulations and by-laws thereunder and all requirements and orders of any authority, statutory or otherwise,
in all cases in which non-compliance would or might impose some charge or liability or disability upon the Secured Property or
any part of it or prejudicially affect the rights of the Secured Party under this Deed;

 

		(b)	(control)

 

		(i)	not give control of any Secured Property to any person other than the Secured Party; and

 

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		(ii)	do anything that the Secured Party may reasonably require to enable it to control the Secured Property
in accordance with section 26 or 27 of the PPSA as relevant;

 

		(c)	(preserve and protect security) promptly do everything necessary and everything reasonably
required by the Secured Party to:

 

		(i)	preserve and protect the value of the Secured Property; and

 

		(ii)	protect and enforce its title and the Secured Party’s title as the holder of a Security Interest
in relation to the Secured Property.

 

		4.4	Registration and notices to the Secured Party

 

The Grantor must:

 

		(a)	(notice) notify the Secured Party as soon as the Grantor becomes aware of:

 

		(i)	any data contained in a registration under the PPSA with respect to this Deed, or the Security
Interest created under it, being or becoming incorrect; and

 

		(ii)	any Security Interest being registered on the Personal Property Securities Register in respect
of any of the Secured Property;

 

		(b)	(registration) immediately at its own cost ensure that:

 

		(i)	the Security Interest constituted under this Deed is perfected in relation to all the Secured Property
in all jurisdictions to which the PPSA applies; and

 

		(ii)	this Deed and the Security Interest constituted under it are registered and filed in all registers
in those jurisdictions,

 

in which it
must be perfected, registered and filed, to ensure its enforceability, validity, perfection against all persons and to be effective
as a security with the contemplated priority.

 

		4.5	Dividends and votes

 

		(a)	Until an Event of Default occurs, the Grantor may:

 

		(i)	exercise all rights (including voting rights) in connection with any Marketable Security comprised
in the Secured Property, provided however that the Grantor may not exercise any voting rights in any manner which adversely affects
the Secured Party or validity or enforceability of this Deed or causes an Event of Default; and

 

		(ii)	receive and retain and dispose of any dividends, interest, distributions and other income arising
from any Marketable Security comprised in the Secured Property as permitted under the Note Deed.

 

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Security Deed (final) 11 April 2013

 

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		(b)	If an Event of Default occurs, the Grantor’s rights under clause 4.4(a) immediately
cease, and:

 

		(i)	the Secured Party (or any Attorney or Controller appointed by it) may exercise or refrain from
exercising, in its sole discretion, any rights (including voting rights) in connection with the Secured Property; and

 

		(ii)	the Grantor must pay into the Nominated Account all dividends, interest, distributions and other
income arising in connection with the Secured Property while the Event of Default subsists.

 

		(c)	(Registration on default) If:

 

		(i)	an Event of Default is subsisting; and

 

		(ii)	the Secured Party gives notice to the Grantor requiring
it to do so,

 

the Grantor
must do everything necessary to ensure that the Secured Property is registered in the name of the Secured Party or its nominee
in accordance with any directions contained in that notice.

 

		4.6	Additional Rights

 

		(a)	The Grantor must acquire, at its own cost, any Additional Rights (other than distributions) it
is entitled to acquire (unless otherwise approved in writing by the Noteholder), but upon acquisition must comply (where applicable)
with clause 4.7 in respect of the Title Documents to those Additional Rights.

 

		(b)	The Grantor must immediately notify the Secured Party as soon as the Grantor becomes aware of any
entitlement to, or acquires, any Additional Rights.

 

		4.7	Title Documents for Certificated Securities

 

		(a)	The Grantor must deposit with the Secured Party, or as it directs:

 

		(i)	all the Title Documents in respect of any of the Secured Property which is a Certificated Security
immediately on the Grantor’s execution of this Deed and immediately on acquisition of any asset which forms part of the Secured
Property and which is a Certificated Security;

 

		(ii)	transfers in a form and of a substance acceptable to the Secured Party, of such of the Secured
Property which constitutes Certificated Securities executed by the Grantor with the name of the transferee, the consideration and
the date of transfer and execution left blank; and

 

		(iii)	all other documents relating to the Secured Property which the Grantor from time to time reasonably
requires .

 

		(b)	Subject to clause 4.6(c), the Secured Party may retain the Title Documents and transfers
deposited with the Secured Party until this Deed is discharged under clause 19.

 

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		(c)	If an Event of Default subsists, the Secured Party or any Controller or Attorney appointed by it
is entitled:

 

		(i)	to deal with the Title Documents and to complete any transfers as if it was the absolute and unencumbered
owner of the Secured Property to which the Title Documents relate; and

 

		(ii)	in exercising a power of sale, to deliver any Title Document or transfers to a purchaser of the
Secured Property to which it relates.

 

		(d)	While Title Documents for Secured Property are, or in accordance with this Deed, should be, lodged
with the Secured Party, the Grantor must not convert evidence of its title to the Secured Property to an uncertificated mode.

 

		5.	secured party’s right to make good a default

 

If the Grantor defaults in
duly performing any covenant or agreement on the part of the Grantor under this Deed, the Secured Party may in its discretion and
without prejudice to its other rights under this Deed or any other document but subject always to the Intercreditor Deed do all
things and pay all moneys necessary or expedient (in the reasonable opinion of the Secured Party) to make good or in attempting
to make good such default to the satisfaction of the Secured Party.

 

		6.	Enforcement

 

		6.1	Event of Default

 

		(a)	If an Event of Default occurs and while it subsists, the Secured Party (in addition to any other
right provided by law or under this Deed or any other document but subject always to the Intercreditor Deed) will have the right
to do any or all of the following:

 

		(i)	by notice to the Grantor, declare that the Secured Money is immediately due and payable;

 

		(ii)	enforce and exercise any of its rights under this Deed.

 

		(b)	The Grantor must immediately repay the Secured Money on receipt of a notice under clause 6.1(a)(i).

 

		(c)	If an Event of Default is subsisting, the Grantor must apply all dividends, interest, distributions
and other income arising in connection with the Secured Property to repay the Secured Money.

 

		6.2	Statutory requirements for notice

 

To the extent permitted by
law, the provisions of this Deed shall prevail over any inconsistent statutory requirements for notice or lapse of time before
this Deed may be enforced, or a Receiver may be appointed, in respect of any part of the Secured Property.

 

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Security Deed (final) 11 April 2013

 

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		7.	Appointment of Receiver

 

		7.1	Appointment

 

		(a)	At any time after an Event of Default occurs, the Secured Party or any Authorised Representative
of the Secured Party may:

 

		(i)	appoint any person or any two or more persons jointly and severally to be a Receiver (or an additional
Receiver) of all or any of the Secured Property;

 

		(ii)	remove any such Receiver and in case of the removal, retirement or death of any such Receiver appoint
another as a replacement; and

 

		(iii)	fix the remuneration of any such Receiver.

 

		(b)	Subject to clause 7.2, any Receiver appointed in exercise of the power conferred by
this clause 7.1, unless and until the Secured Party by notice to the Grantor and to the Receiver requires that such Receiver
acts as agent of the Secured Party, will be the agent of the Grantor and the Grantor alone will be responsible for the acts, defaults
and remuneration of the Receiver.

 

		7.2	Receiver other than as agent of Grantor

 

The power to appoint a Receiver
under clause 7.1 may be exercised even if, at the time when this Deed becomes enforceable or at the time when such
an appointment is made, an order may have been made or a resolution may have been passed for the winding up of the Grantor and
notwithstanding that a Receiver appointed in those circumstances may not, or may not in some respects, act as the agent of the
Grantor.

 

		7.3	Powers of Receiver

 

The Receiver will have full
power without any consent on the part of the Grantor to do all or any of the following:

 

		(a)	(take possession) to take possession of, collect and get in the whole or any part of the
Secured Property and for such purpose to take proceedings in the name of the Grantor or otherwise;

 

		(b)	(exercise rights) to exercise all or any of the rights, powers, authorities and remedies
conferred on the Secured Party by this Deed and exercisable by the Secured Party under or by virtue of this Deed and without prejudice
thereto comply with the directions given by the Secured Party from time to time;

 

		(c)	(carry on business) to carry on or concur in carrying on the business of the Grantor in
and with the Secured Property or any of it and at any time to discontinue so doing and to make and effect all repairs, purchases
and insurances, and generally to do all other acts and things which the Grantor might do in the ordinary conduct of its business
for the protection or improvement of the Secured Property or any part of it or for obtaining income or returns from it and for
conducting the business of the Grantor and without being responsible for any loss;

 

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Security Deed (final) 11 April 2013

 

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		(d)	(borrow from Secured Party) to borrow from the Secured Party any money which may be required
from time to time for any of the purposes mentioned in the preceding paragraph, and in the name of the Grantor or otherwise to
secure any moneys so borrowed by mortgage or charge over the Secured Property or any part of it without the Secured Party being
bound to enquire as to the necessity or propriety of any such borrowing or being responsible for the misapplication or non-application
of any moneys so borrowed;

 

		(e)	(hire out, lease or license) to hire out, lease or licence in the name of the Grantor or
otherwise (whether the Receiver has or has not taken possession) any part of the Secured Property from year to year or for any
term of years or for any term less than a year at such rent or licence fee and upon such terms and conditions as to the Receiver
may seem expedient and with or without the option of purchase;

 

		(f)	(settle disputes) to settle, arrange, compromise and submit to arbitration any accounts,
claims, questions or disputes whatever which may arise in connection with the Secured Property or in any way relating to this Deed
and to execute releases or other discharges in relation thereto;

 

		(g)	(sell) to sell or concur in selling (whether or not the Receiver has taken possession),
exchange or otherwise dispose of absolutely or conditionally all or any part of the Secured Property either private treaty or by
tender for cash or on credit and either in one lot or in parcels and either with or without special conditions or stipulations
as to title or time or mode of payment of purchase money or otherwise, as the Receiver may consider appropriate;

 

		(h)	(transfer on sale) to execute transfers and assignments of all or any of the Secured Property
in the name and on behalf of the Grantor or otherwise, and to do all other acts and things for completing any sale under the preceding
paragraph which the Receiver thinks reasonably necessary;

 

		(i)	(employ managers) to employ managers, solicitors, accountants, agents, auctioneers, officers,
workmen and servants for all or any of the purposes of this clause at such salaries or remuneration as the Receiver thinks reasonably
appropriate;

 

		(j)	(all other acts) to do or cause to be done all such other acts and things without limitation
as the Receiver thinks reasonably necessary in the interests of the Secured Party and to do anything incidental to the exercise
of any other power; and

 

		(k)	(delegate) with the consent of the Secured Party to delegate to any person for such time
or times as the Secured Party may approve any of the powers conferred upon the Receiver by this subclause.

 

		8.	Powers of the Secured Party on enforcement

 

		8.1	Powers otherwise exercisable by Receiver

 

Whether or not a Receiver has
or has not been appointed, the Secured Party or any of its Authorised Representatives may, at any time after an Event of Default
occurs, exercise all or any of the powers which might be exercised by a Receiver.

 

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Security Deed (final) 11 April 2013

 

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		8.2	Completion of instruments

 

Following the occurrence of
an Event of Default, the Secured Party or any of its Authorised Representatives may complete in favour of the Secured Party or
any appointee of the Secured Party or any purchaser, lessee or mortgagee under any power, all transfers or instruments of whatever
nature executed by or on behalf of the Grantor in blank and deposited with the Secured Party as Collateral Security to this Deed.

 

		8.3	Dealing with assets

 

Any right of the Grantor to
deal, for any purpose, with any asset, right or undertaking forming part of the Secured Property, other than by or through a Receiver
appointed under this Deed, immediately ceases if:

 

		(a)	the Secured Party declares that the Secured Money is immediately due and payable;

 

		(b)	the Secured Party takes any step to enforce this Deed; or

 

		(c)	any Event of Default occurs.

 

		8.4	Exercise of powers by agent

 

The Secured Party may exercise
its powers under this Deed or general law by itself or through any agent.

 

		8.5	Fees charged by the agent

 

The reasonable fees charged
by any agent in connection with the exercise by the Secured Party of its powers under this Deed must be paid by the Grantor.

 

		8.6	Exercise of powers under PPSA

 

Where the Secured Party or
a Receiver exercises a power conferred under Chapter 4 of the PPSA and otherwise than under Chapter 4, the Secured Party only exercises
the power under Chapter 4 if it states it is exercising under Chapter 4 in writing at the time of exercising the power.

 

		9.	Protection of the Secured Party and other persons

 

		9.1	Protection of Secured Party and Receiver

 

The Secured Party is not obliged
to give any notice of this Deed to any debtor or member of the Grantor or to any other person, or to enforce payment of any moneys
payable to the Grantor, or to take any steps or proceedings for any such purpose, but the Secured Party may do so if it thinks
fit. Neither the Secured Party nor any of its Authorised Representatives nor any Receiver will be liable or answerable in connection
with the Secured Property or for any omission or delay in that regard or for any involuntary losses or irregularities which may
happen in or about the exercise or non-exercise of any powers, rights or remedies conferred on the Secured Party or Receiver by
this Deed.

 

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Security Deed (final) 11 April 2013

 

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		9.2	Protection of third parties

 

Upon any sale, disposal or
dealing purporting to be made in exercise of the powers contained in this Deed, no purchaser or other party to any disposal or
dealing is:

 

		(a)	bound to enquire whether any default has been made or as to the due appointment of any Receiver
or otherwise as to the propriety or regularity of any such sale, disposal or dealing; or

 

		(b)	affected by notice that any such sale, disposal or dealing is unnecessary or improper.

 

		9.3	Conflict of interests

 

The Secured Party, each Authorised
Representative of the Secured Party or other person appointed by the Secured Party under this Deed, each administrator of the Grantor
appointed by the Secured Party, each Attorney and each Receiver may exercise the powers conferred by this Deed or by law even though
that person may have a conflict of interests in exercising those powers or a direct or personal interest in the means or result
of that exercise of those powers.

 

		9.4	Receipt conclusive

 

The receipt of the Secured
Party or any Receiver will be an absolute and a conclusive discharge to a purchaser, and will relieve him of any obligation to
see to the application of any moneys paid to or by the direction of the Secured Party or any Receiver.

 

		10.	Application of moneys

 

		10.1	Manner and order

 

All moneys received by any
Receiver or by the Secured Party under or by virtue of this Deed may be applied in the following manner and order:

 

		(a)	(costs) firstly, in payment of all costs, charges and expenses of the Secured Party and
any Receiver incurred in or incidental to the exercise or performance or attempted exercise or performance of any power or otherwise
in relation to this Deed or any Collateral Security;

 

		(b)	(Receiver) secondly, in payment to the Receiver of any remuneration whether by way of commission
or otherwise;

 

		(c)	(indemnities) thirdly, in payment to the Secured Party and the Receiver of all amounts necessary
to give effect to any indemnity contained in this Deed; and

 

		(d)	(Secured Money) fourthly, in payment to the Secured Party of the Secured Money,

 

and the surplus (if any) will
belong to the Grantor or other persons entitled to it but:

 

		(i)	the surplus will not carry interest; and

 

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Security Deed (final) 11 April 2013

 

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		(ii)	the Receiver or the Secured Party must pay the surplus to the credit of a bank account nominated
by the Grantor and will then be under no further liability in respect of it.

 

		10.2	Only actual receipts credited

 

In applying any moneys towards
satisfaction of the Secured Money the account of the Grantor will be credited only with so much of the money available for the
purpose as is actually received by the Secured Party, such credit to date from the time of such receipt.

 

		10.3	Compensation

 

Whilst an Event of Default
subsists, any compensation which may become payable in respect of the Secured Property will at the option of the Secured Party
be applied in or towards repayment of the Secured Money or any moneys secured by any Collateral Security. The Secured Party is
empowered to make any claim for such compensation and alone to agree, compromise and settle any such claim and to execute any necessary
assurances and releases in the name of the Grantor and the Secured Party. If any compensation comes into the hands of the Grantor
before a final discharge of this Deed, the Grantor must forthwith pay it to the Secured Party.

 

		10.4	Application against indebtedness

 

Any moneys received or realised
by the Secured Party from the Grantor or a Receiver under this Deed may be applied by the Secured Party to any item of account
or liability or transaction forming part of the Secured Money to which they may be applicable in any order or manner which the
Secured Party may determine. For the purposes of section 14(6)(a) of the PPSA, this clause constitutes the method of payment application
agreed by the parties.

 

		10.5	Suspense account

 

Until the Secured Money is
paid and the Secured Obligations are performed in full, the Secured Party may place and keep (for such time as it will determine)
any money received pursuant to this Deed or on account of the Grantor's liability in respect of the Secured Money in an interest
bearing, separate suspense account (to the credit of either the Grantor or the Secured Party as the Secured Party will think fit)
and the Receiver may retain the same for the period which it and the Secured Party consider expedient without having any obligation
to apply all or any part of that money in or towards discharge of the Secured Money.

 

		11.	Costs and taxes

 

		11.1	Costs

 

The Grantor will on demand
pay to the Secured Party and any Receiver the amount of all costs and expenses (including legal fees and other out-of-pocket expenses
and any GST thereon) reasonably incurred by any of them in connection with the perfection, preservation, enforcement or attempted
perfection, preservation or enforcement of any of their rights under this Deed or the Note Deed or in respect of any of the Secured
Property.

 

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Security Deed (final) 11 April 2013

 

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		11.2	GST

 

		(a)	All payments to be made by the Grantor under or in connection with this Deed have been calculated
without regard to GST.

 

		(b)	If all or part of any such payment is the consideration for a taxable supply for GST purposes then,
when the Grantor makes the payment:

 

		(i)	it must pay to the Secured Party an additional amount equal to that payment (or part) multiplied
by the appropriate rate of GST; and

 

		(ii)	the Secured Party will promptly provide to the Grantor a tax invoice complying with the relevant
GST legislation.

 

		(c)	Where under this Deed the Grantor is required to reimburse or indemnify for an amount, the Grantor
will pay the relevant amount (including any sum in respect of GST) less any GST input tax credit the Secured Party determines that
it is entitled to claim in respect of that amount.

 

		12.	Power of Attorney

 

For valuable
consideration and as security for the performance of its obligations under this Deed, the Grantor irrevocably appoints the Secured
Party and each of its Authorised Representatives and as an independent appointment appoints any Receiver severally the true and
lawful attorney of the Grantor (Attorney) with full licence, power and authority at any time to do anything which:

 

		(a)	the Grantor can lawfully authorise an attorney to do in connection with this Deed;

 

		(b)	the Attorney believes (acting reasonably) is expedient to give effect to any of the Secured Party’s
or Receiver's rights; and

 

		(c)	the Grantor ought to have done under this Deed or the Note Deed,

 

(these things
may be done in the Grantor's or the Attorney's name and they include perfecting the Security Interests created under this Deed,
signing and delivering deeds, selling, transferring or leasing the Secured Property, otherwise dealing with the Secured Property
and starting, conducting and defending legal proceedings, and dealing with a licence).

 

		13.	Continuing security AND THIRD PARTY PROVISIONS

 

		13.1	Settlement

 

This Deed is a continuing security
despite any settlement of account, intervening payment or other matter or thing whatever until a final discharge of this Deed is
given to the Grantor and will apply to the present and future balance of the Secured Money and may be enforced against the Grantor
without first having recourse to any other rights of the Secured Party subject to the terms of the Intercreditor Deed.

 

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Security Deed (final) 11 April 2013

 

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		13.2	Reinstatement

 

If any payment to or any discharge
given by the Secured Party (whether in respect of the obligations of the Grantor or any security for those obligations or otherwise)
is avoided or reduced for any reason (including, without limitation, as a result of insolvency, breach of fiduciary or statutory
duties or any similar event):

 

		(a)	the Secured Party’s rights are to be reinstated and will be the same in respect of that amount
or the relevant part of it, as if the application, or the payment or transaction giving rise to it, had not been made; and

 

		(b)	the Grantor must immediately do anything (including the signing of documents) required by the Secured
Party to restore to the Secured Party any guarantee, indemnity or Security Interest to which it was entitled immediately before
application or the payment or transaction giving rise to it.

 

		13.3	No marshalling

 

The Secured Party is not under
any obligation to marshal in favour of the Grantor any security now or in the future held by the Secured Party or any funds or
assets that the Secured Party may be entitled to receive or have a claim upon.

 

		13.4	No competition

 

		(a)	Until the Secured Money has been irrevocably paid and discharged in full and the Secured Obligations
have been performed in full, the Grantor is not entitled to and the Grantor shall not, except as directed by the Secured Party:

 

		(i)	be subrogated to the Secured Party or claim the benefit of any Security Interest or Guarantee held
by the Secured Party at any time;

 

		(ii)	either directly or indirectly prove in, claim or receive the benefit of, any distribution, dividend
or payment arising out of or relating to the Liquidation of any other person; or

 

		(iii)	have or claim any right of contribution or indemnity from any other person.

 

		(b)	The receipt of any distribution, dividend or other payment by the Secured Party out of or relating
to any Liquidation will not prejudice the right of the Secured Party to recover the Secured Money by enforcement of this Deed and
each Collateral Security.

 

		(c)	The Grantor must comply with any direction under this clause 13.4. Such a direction may
require that any proceeds (not exceeding the amount of the Secured Money) be held on trust for, and promptly paid to, the Secured
Party for the account of the Secured Party.

 

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Security Deed (final) 11 April 2013

 

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		14.	No Merger

 

Nothing contained in this Deed
will merge in, extinguish, postpone, lessen or otherwise prejudicially affect any other security now or in the future held by the
Secured Party or any right or remedy which the Secured Party or any person claiming through the Secured Party now has or in the
future may have against the Grantor or any other person. No other security now or in the future held by the Secured Party will
in any way prejudicially affect the powers and provisions contained or implied in this Deed.

 

		15.	Liability for Loss

 

		15.1	Secured Party not accountable

 

The Secured Party is not answerable
or accountable for any loss of any kind whatever which may happen in or about the exercise or attempted exercise of, or failure
to exercise, any of the powers contained in this Deed.

 

		15.2	Secured Party or Receiver not liable

 

Neither the Secured Party nor
any of its Authorised Representatives nor any Receiver is liable by reason of the Secured Party’s or such Receiver’s
entering into possession of the Secured Property or any part of it:

 

		(a)	to account as mortgagee in possession or for anything except actual receipts; or

 

		(b)	for any loss upon realisation or for any default or omission for which a mortgagee in possession
might be liable.

 

Every Receiver under this Deed
is to be taken as regards responsibility for loss, damage or misconduct to be the agent of the Grantor which will be solely responsible
for the Receiver’s actions and default.

 

		16.	Indemnity

 

		16.1	Indemnity

 

The Grantor
indemnifies the Secured Party against any loss the Secured Party incurs or is liable for in connection with:

 

		(a)	the occurrence of any Event of Default;

 

		(b)	the Secured Party exercising its powers consequent upon or arising out of the occurrence of any
Event of Default;

 

		(c)	any failure by the Grantor to pay any amount due under the Note Deed and this Deed on its due date;

 

		(d)	the payment or recovery of an amount in connection with the Note Deed and this Deed in a currency
other than the currency required under the relevant document;

 

		(e)	the occupation, use or ownership of any Secured Property by the owner of that property or any of
its employees or agents; and

 

		(f)	the Note Deed and this Deed or any of the matters, things, events or circumstances contemplated
by them.

 

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Security Deed (final) 11 April 2013

 

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		16.2	Continuing obligation

 

		(a)	Each indemnity of the Grantor is a continuing obligation, separate from the other obligations of
the parties, and continues after this Deed ends.

 

		(b)	Any settlement or discharge of any claim under any indemnity in the Note Deed or this Deed will
be conditional on no payment made under that indemnity being avoided or set aside or ordered to be refunded by virtue of any provision
of any enactment relating to bankruptcy, insolvency or liquidation.

 

		17.	Statutory powers

 

		17.1	Secured Party’s powers

 

		(a)	The powers conferred on a mortgagee or Secured Party by any statute are in addition to the powers
expressly conferred by this Deed and may be exercisable by the Secured Party immediately upon or at any time after any Event of
Default occurs without any notice or expiration of time under the statute being necessary. All other provisions of any statute
are negatived or varied only so far as they are inconsistent with the terms and provisions expressed in this Deed.

 

		(b)	Where the Secured Party, a Receiver or Attorney exercises a power conferred under Chapter 4 of
the PPSA and otherwise than under Chapter 4, the Secured Party, the Receiver or Attorney only exercises the power under Chapter
4 if it is expressly stated in writing at the time of exercising the power as being a power under Chapter 4.

 

		17.2	Exclusion

 

Any statute, proclamation,
order, regulation, ordinance or moratorium whether now existing or to come into force in the future which operates directly or
indirectly so as to abrogate, extinguish, impair, diminish, fetter, delay or otherwise prejudicially affect any rights, powers
or remedies given by this Deed or accruing to the Secured Party, or to modify, vary or affect in favour of the Grantor the obligations
of the Grantor under this Deed or any Collateral Security, is negatived and excluded to the full extent that the Grantor may lawfully
so agree.

 

		17.3	Exclusion of PPSA provisions

 

		(a)	The Secured Party (or any Attorney or Receiver) need not comply with sections 95, 118, 121(4),
125, 130, 132(3)(d), 132(4) and 135 of the PPSA or any other provision of the PPSA that the Secured Party notifies the Grantor
after the date of this deed, and those provisions, are excluded in full and will not apply.

 

		(b)	The Grantor may not exercise rights under section 143 of the PPSA and that section is excluded
in full and will not apply.

 

		(c)	Section 142, and, in the circumstances permitted under section 115(7) of the PPSA, sections 132
and 136(5) of the PPSA are also excluded and will not apply.

 

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Security Deed (final) 11 April 2013

 

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		(d)	To the extent not prohibited by the PPSA, the Grantor waives its rights to receive any notice otherwise
required to be given by the Secured Party under section 157 (verification statements) or any other provision of the PPSA.

 

		18.	Further assurance

 

The Grantor must, whenever
reasonably requested by the Secured Party do or cause to be done anything requested by the Secured Party:

 

		(a)	to give full effect to this Deed;

 

		(b)	for more satisfactorily assuring or securing to the Secured Party the Secured Property in a manner
not inconsistent with any of the provisions of this Deed or any Collateral Security; or

 

		(c)	for assisting in the execution or exercise of any power,

 

including, without limitation:

 

		(d)	executing any notice, consent, document or amendment to this Deed;

 

		(e)	delivering any Title Document; or

 

		(f)	doing any other thing that the Secured Party considers necessary or desirable to:

 

		(i)	ensure that this Deed or any Security Interest arising under it is enforceable, effective and perfected,
including if possible, by control;

 

		(ii)	register, protect, perfect, record, or better secure the position of the Secured Party under this
Deed; or

 

		(iii)	obtain or preserve the priority of the Security Interest constituted under this Deed.

 

		19.	Discharge

 

Subject to clause 13.2,
when the Secured Party is reasonably satisfied that all the Secured Money has been paid in full and the Secured Obligations have
been satisfied in accordance with the provisions of this Deed and the Note Deed and upon payment or retention of all costs, charges
and expenses incurred by or payable to the Secured Party, its Authorised Representatives or any Receiver or Attorney, the Secured
Party must at the request and cost of the Grantor reconvey, surrender or release (whatever the case requires) to the Grantor or
as it directs the Secured Property (including any Title Document) or such part of it as then remains charged in favour of the Secured
Party, freed and discharged from this Deed and all of its powers, authorities and provisions.

 

Herbert Geer

Security Deed (final) 11 April 2013

 

    	24

    	 

    

 

		20.	notices

 

		20.1	Service of notices

 

A notice, demand, consent,
approval or communication under this Deed (Notice) must be:

 

		(a)	in writing, in English and signed by a person duly authorised by the sender; and

 

		(b)	hand delivered or sent by prepaid post or facsimile to the recipient's address for Notices specified
in the Details, as varied by any Notice given by the recipient to the sender.

 

		20.2	Effective on receipt

 

A Notice takes effect when
taken to be received (or at a later time specified in it), and is taken to be received:

 

		(a)	if hand delivered, on delivery;

 

		(b)	if sent by prepaid post, on the second Business Day after the date of posting (or on the seventh
Business Day after the date of posting if posted to or from a place outside Australia);

 

		(c)	if sent by facsimile, when the sender's facsimile system generates a message confirming successful
transmission of the entire Notice unless, within eight Business Hours after the transmission, the recipient informs the sender
that it has not received the entire Notice,

 

but if the delivery, receipt
or transmission is not on a Business Day or is after 5.00pm on a Business Day, the Notice is taken to be received at 9.00am
on the next Business Day.

 

		21.	Governing law

 

		21.1	Law and jurisdiction

 

This Deed is governed by the
law in force in New South Wales, Australia. Each Party submits to the non-exclusive jurisdiction of the courts of that place.

 

		21.2	Serving documents for proceedings

 

Any document
in connection with legal proceedings (including administrative law proceedings) may be served on a Party by being delivered to
that Party’s address as specified in this Deed or as last notified for that Party. This does not prevent any other method
of service permitted by law.

 

Herbert Geer

Security Deed (final) 11 April 2013

 

    	25

    	 

    

 

		22.	General

 

		22.1	Waivers

 

A provision of this Deed (including
a condition precedent) may only be waived in writing signed by the person who has the benefit of the provision and who is therefore
to be bound by the waiver.

 

		22.2	Additional rights

 

The rights, powers and remedies
of each Party under this Deed are additional to other rights, powers and remedies independently given by law.

 

		22.3	Changes

 

Except to the extent provided
in clause 22.1, this Deed may only be amended in writing signed by all the parties.

 

		22.4	Assignment

 

A Party may
not assign or transfer any or all of its rights or obligations under this Deed or any Collateral Security without the written consent
of the other Party (which may not be unreasonably withheld).

 

		22.5	Secured Party’s statement conclusive

 

A statement, signed on behalf
of the Secured Party by any of its Authorised Representatives, as to any matter or of any amount (including, without limitation,
the amount of the Secured Money) at the date specified in the statement is conclusive in the absence of manifest error

 

		22.6	Disclosure of confidential information

 

		(a)	The Secured Party, each Authorised Representative of the Secured Party or other person appointed
by the Secured Party under this Deed, each Attorney and each Receiver may disclose any information concerning the Grantor, as the
relevant person considers necessary or desirable, even if that information would otherwise be confidential or privileged.

 

		(b)	For the purposes of section 275(1) of the PPSA no Party may:

 

		(i)	disclose to an Interested Person, or any other person at the request of an Interested Person, any
information of the kind described in section 275(1) of the PPSA; or

 

		(ii)	authorise the disclosure of any information of the kind described in section 275(1) of the PPSA,

 

except where permitted under
paragraph (a)  or where the parties otherwise agree in writing.

 

		22.7	Certain provisions may be excluded

 

If (but for this clause 22.7)
a provision of this Deed would be illegal, void or unenforceable or contravene the law, this Deed is to be interpreted as if the
provision was omitted.

 

Herbert Geer

Security Deed (final) 11 April 2013

 

    	26

    	 

    

 

		22.8	Counterparts

 

This Deed may be made up of
counterparts (that is, more than one copy of the document, each signed by one or more of the Parties – when taken together,
the copies which, between them, are signed by every Party are treated as being the one document).

 

		22.9	Attorneys

 

Each attorney who executes
this Deed on behalf of a Party declares that the attorney has no notice of any revocation, suspension or variation of the power
of attorney under the authority of which the attorney executes this Deed.

 

		22.10	Entire agreement

 

Except to the extent expressly
referred to in this Deed, this Deed sets out the entire agreement between the parties in relation to its subject matter. Accordingly,
any document, matter or thing (such as correspondence, negotiations, representations, arrangements or understandings) before this
Deed but not reflected in this Deed does not bind the parties and may not be relied on by them.

 

		22.11	Exercising rights in part

 

If a Party does not exercise
a right or power or enforce a remedy fully or at a particular time, this does not prevent it from completing the exercise or enforcement
later or starting to exercise or enforce it later, unless this Deed expressly states otherwise. To avoid doubt, if a Party exercises
a particular right or power or enforces a particular remedy, this does not prevent it from also exercising or enforcing a different
one whether separately or at the same time.

 

		22.12	Discretion in exercising rights

 

A Party may exercise a right
or power (including giving or withholding consent), or enforce a remedy, entirely at its discretion (including by imposing conditions),
unless this Deed expressly states otherwise. The Party is not liable for loss caused by its exercising, enforcing, delaying in
exercising or enforcing, attempting to exercise or enforce or not exercising or enforcing, a right, power or remedy.

 

		22.13	Complying with conditions

 

Each Party agrees to comply
with the conditions of any consent or waiver given by another Party.

 

		22.14	Contractual obligations and rights are not affected

 

The obligations and rights
of each Party under this Deed are not affected by any law that, but for this clause, would affect those obligations and rights.

 

Herbert Geer

Security Deed (final) 11 April 2013

 

    	27

    	 

    

 

Signing page

 

EXECUTED as a Deed.

 

	SIGNED SEALED AND DELIVERED by Digital Turbine Australia Pty Ltd ACN 163 117 253 in accordance with section 127 of the Corporations Act 2001 (Cth):	 	 
	 	 	 
	 	 	 
	Signature of director	 	Signature of director/secretary
	 	 	(Please delete as applicable)
	 	 	 
	Name (print)	 	Name (print)

 

	SIGNED SEALED AND DELIVERED by Zingo (Aust) Pty Ltd ACN 114 185 269 in accordance with section 127 of the Corporations Act 2001 (Cth):	 	 
	 	 	 
	 	 	 
	Signature of director	 	Signature of director/secretary
	 	 	(Please delete as applicable)
	 	 	 
	Name (print)	 	Name (print)

 

Herbert Geer

Security Deed (final) 11 April 2013

 

    	28REGISTRATION
RIGHTS & LOCK UP AGREEMENT

 

This REGISTRATION
RIGHTS & LOCK UP AGREEMENT (this “Agreement”), is made and entered into effective as of [__],
by and between, Mandalay Digital Group, Inc., a Delaware corporation (“Company”) and the undersigned listed
under the caption of “Shareholder” on the signature pages hereto (the “Shareholder”).

 

WHEREAS, this
Agreement is entered into by Shareholder pursuant to that certain Share Sale Agreement dated [___],
2013 (the “Share Sale Agreement”), by and among the Company, Digital Turbine Australia, Digital Turbine,
Inc. (collectively, “Purchaser”), and Shareholder together with each of the Vendors listed therein
(individually and collectively referred to herein as “Seller”), pursuant to which the Shareholder shall
receive certain shares of common stock of the Company (“Common Stock”), par value $0.0001 per share as
consideration thereunder from and after the execution of the Share Sale Agreement (the “Completion Date”);
and

 

WHEREAS, in
order to induce the Seller to execute and deliver the Share Sale Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute
(collectively, the “Securities Act”), and applicable state securities laws, and in connection with such
rights, the Shareholder has agreed to certain lock-up provisions limiting sales of the Common Stock received under the Share Sale
Agreement.

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Shareholder and the Company hereby agree as follows (capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in Schedule A hereto, and, if not defined
in such Schedule, shall have the meanings assigned to them in the Share Sale Agreement).

 

Page 1 of 14

Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

SECTION 1. REGISTRATION

 

1.1        Inclusion on Existing Registration
Statement; Piggy Back Registration.

 

(a)         Company has filed a registration
statement on Form S-1 (SEC file no. 333-182575) with the SEC (the “Pending Registration Statement”) covering
securities unrelated to those to be issued under the Share Sale Agreement. The Company will use reasonable efforts to file a post-effective
amendment to the Pending Registration Statement (such post-effective amendment, the “Initial Registration Statement”)
within ninety (90) days after the later of the Completion Date or the date such registration statement is declared effective (the
“Filing Date”), and to have the Initial Registration Statement declared effective within sixty (60) days
after the Filing Date (120 days if the SEC reviews the filing). The Initial Registration Statement will cover the resale of the
Registrable Shares with the SEC for an offering made on a continuous basis pursuant to Rule 415, or if Rule 415 is not available
for offers and sales of the Registrable Shares, by such other means of distribution of the Registrable Shares as the Company may
reasonably specify. The Company’s obligations under this Section 1.1(a) shall terminate on the third anniversary of the Effective
Date, regardless of whether any Registrable Shares have been included on or sold under any registration statement referred to in
this paragraph, and regardless of whether any additional Registrable Shares may be issued in the future. Notwithstanding any other
provision of this Agreement, the Company shall have no liability under this Section 1.1(a) if the SEC limits the number of Registrable
Shares permitted to be registered on a particular Registration Statement, and any required cutback of Registrable Shares shall
be applied to the Holders pro rata in accordance with the number of such Registrable Shares sought to be included in such Registration
Statement relative to the aggregate amount of all Registrable Shares; provided, however, that if the Company excludes
any Registrable Shares as a result of applying this cutback, then the Company shall use commercially reasonable efforts to file
and have declared effective a new registration statement on substantially similar terms and conditions to the Initial Registration
Statement but shall give the Registrable Shares priority in such registration statement over all other shares.

 

(b)          Prior
to the third anniversary of the Effective Date, Company will promptly (at least twenty (20) days prior written notice) give Shareholder
written notice of any proposed registration wherein Company has determined to register any of its securities for its own account
or for the account of any other Person who is a holder of securities of the same type as the Registrable Shares, except in the
case of a registration: (i) relating solely to employee benefit plans, (ii) relating to the offer and sale of debt securities that
are not convertible into equity securities, (iii) relating to a corporate reorganization or other Rule 145 transaction, or (iv)
on any registration form that does not permit secondary sales.

 

(c)         Other than the exceptions listed
above in Section 1.1(b), Company will use commercially reasonable efforts to include in any such proposed registration (and any
related qualification under blue sky laws or other compliance) and in any underwriting involved therein, all or a part of the Shareholder’s
Registrable Shares, as specified in a written request by the Shareholder, within ten (10) days of the Company’s receipt of
such written notice, subject to the conditions set forth below. For non-underwritten registrations under this Section 1.1(c), the
same cutback provisions set forth in Section 1.1(a) shall apply.

 

(d)         Company
shall also provide Shareholder with notice of a registration for a registered public offering involving an underwriting. The Shareholder’s
right to participate in such registration is conditioned upon the Shareholder’s participation in the underwriting and the
inclusion of Shareholder’s Registrable Shares in the underwriting, which shall require all Holders proposing to distribute
their securities through such underwriting (together with the Company or other holders of securities of the Company with registration
rights to participate therein distributing their securities through such underwriting) to enter into an underwriting agreement
in customary form with the representative of the underwriter or underwriters selected by the Company.

 

Page 2 of 14

Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

(e)          Notwithstanding any other provision
of this Section 1.1, if the underwriters advise the Company that marketing factors require a limitation on the number of shares
to be underwritten, the underwriters may (subject to the limitations set forth below) limit the number of Registrable Shares to
be included in such registration and underwriting. The Company shall so advise all Holders of securities requesting registration,
and the number of shares of securities that are entitled to be included in the registration and underwriting shall be allocated,
as follows: (i) first, to the Company for securities being sold for its own account; and (ii) second to (a) Holders requesting
to include Registrable Shares in such registration statement based on the pro rata percentage of Registrable Shares held
by the Shareholder, and determined on an equitable basis by the Company, and, on an equal, pro-rata basis as clause (a), (b) all
other non-Affiliate Persons who have contractual registration rights with the Company as of the date of this Agreement, based on
the pro rata percentage of securities held, and determined on an equitable basis by the Company. If a Person who has requested
inclusion in such registration as provided above does not agree to the terms of any such underwriting, such Person shall be excluded
therefrom by written notice from the Company or the underwriter. Any Registrable Shares or other securities excluded or withdrawn
from such underwriting shall be withdrawn from such registration, and the Company may substitute and include any other shares for
the withdrawn shares in the registration. The Company shall have the right to terminate or withdraw any registration initiated
by it under this Section 1.1(b) prior to the effectiveness of such registration whether or not the Shareholder has elected
to include securities in such registration.

 

(f)          In
any registration in which Registrable Securities are to be included, the Holders will provide a customary and reasonable selling
stockholder questionnaire prior to the filing date.

 

1.2         Expenses
of Registration. All Registration Expenses incurred in connection with any registration, qualification, exemption or compliance
pursuant to Section 1.1 shall be borne by the Company. All Selling Expenses relating to the sale of securities registered
by or on behalf of the Shareholder shall be borne by Holders pro rata based on the number of securities so registered.

 

1.3        Certain Actions in Connection
with Registration. In the case of the registration, qualification, exemption or compliance effected by the Company pursuant
to this Agreement, upon the reasonable request of the Shareholder, the Company shall inform the Shareholder as to the status of
such registration, qualification, exemption and compliance. At its expense the Company shall:

 

(a)        except for such times as the Company
is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, (i) use its commercially
reasonable efforts to keep such registration and any qualification, exemption or compliance under state securities laws, which
the Company determines to maintain continuously effective with respect to the Shareholder, and (ii) to keep the applicable Registration
Statement free of any material misstatements or omissions, until the earlier of (x) the date by which all the Common Stock may
be sold without restriction under Rule 144, including, without limitation, any volume and manner of sale restrictions which may
be applicable to affiliates under Rule 144, or (y) the third anniversary of the Effective Date. The period of time during which
the Company is required hereunder to keep a Registration Statement effective is referred to herein as the “Registration
Period”;

 

(b)        upon the Shareholder’s written
request, promptly furnish to the Shareholder without charge at least one copy of each Registration Statement and each post-effective
amendment thereto, including financial statements and schedules, and, if explicitly requested, all exhibits in the form filed with
the SEC; and

 

Page 3 of 14

Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

(c)         during the Registration Period and upon the Shareholder’s reasonable written request, promptly deliver to the Shareholder
without charge, as many copies of each prospectus included in a Registration Statement, and any amendment or supplement thereto.
Company consents to the use, consistent with the provisions hereof, of the prospectus, or any amendment or supplement thereto,
by the Shareholder in connection with the offering and sale of the Registrable Shares covered by a prospectus or any amendment
or supplement thereto.

 

1.4        Cooperation by Shareholder;
Suspension of Registration Obligation. 

 

(a)         The Shareholder agrees that
upon receipt of any notice from the Company of the happening of any event requiring the preparation of a supplement or amendment
to a prospectus relating to Registrable Shares, so that, as thereafter delivered to the Shareholder, such prospectus shall not
contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, the Shareholder will forthwith discontinue disposition of Registrable Shares pursuant
to a Registration Statement and any related prospectus until its receipt of copies of the supplemented or amended prospectus from
the Company and, if so directed by the Company, the Shareholder shall deliver to the Company all copies, other than permanent file
copies then in the Shareholder’s possession, of the prospectus covering such Registrable Shares current at the time of receipt
of such notice.

 

(b)          The
Shareholder shall suspend, upon request by the Company, any disposition of Registrable Shares pursuant to any Registration Statement
and prospectus contemplated by Section 1.1 during no more than two (2) periods of up to thirty (30) calendar days each during
any twelve (12) month period to the extent that the Board of Directors of the Company determines in good faith that the sale of
Registrable Shares under any such Registration Statement would be reasonably likely to cause a violation of the Securities Act
or the Exchange Act.

 

(c)          As
a condition to the inclusion of its Registrable Shares, the Shareholder shall furnish to the Company such information regarding
the Shareholder and any distribution proposed by the Shareholder as the Company may reasonably request in writing, including completing
a Registration Statement Questionnaire in the form as may be provided by the Company, or as shall be required in connection with
any registration referred to in Section 1.

 

(d)          The
Shareholder hereby covenants with the Company to notify the Company prior to consummating any sale of the Registrable Shares, if
such Registrable Shares are to be sold by any method or in any transaction other than on a national securities exchange or in the
over-the-counter market, in privately negotiated transactions, or in a combination of such methods, at least five (5) Business
Days prior to the date on which the Shareholder first offers to sell any such Registrable Shares.

 

(e)          The
Shareholder agrees not to take any action with respect to any distribution deemed to be made pursuant to a Registration Statement
which would constitute a violation of Regulation M under the Exchange Act or any other applicable rule, regulation or law.

 

Page 4 of 14

Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

(f)          At
the end of the Registration Period, the Shareholder shall discontinue sales of shares pursuant to any Registration Statement upon
receipt of notice from the Company of the Company’s intention to remove from registration the shares covered by any such
Registration Statement which remain unsold, and the Shareholder shall notify the Company of the number of shares registered which
remain unsold immediately upon receipt of such notice from the Company.

 

1.5        Assignment of Registration Rights.
The rights to cause the Company to register Registrable Shares granted to the Holders by the Company under Section 1 may
be assigned by a Holder in connection with a transfer by such Holder of all or a portion of its Registrable Shares, provided,
however, that such transfer must be made at least ten days prior to the Filing Date and that (i) such transfer may otherwise
be effected in accordance with applicable securities laws; (ii) such Holder gives prior written notice to the Company at least
ten days prior to the Filing Date; (iii) such transferee is an “accredited investor” as defined under Regulation
D of the Securities Act; and (iv) such transferee agrees to comply with the terms and provisions of this Agreement, and such transfer
is otherwise in compliance with this Agreement. Except as specifically permitted by this Section 1.5, the rights of a Holder
with respect to Registrable Shares as set out herein shall not be transferable to any other Person, and any attempted transfer
shall cause all rights of such Holder therein to be forfeited.

 

1.6         Rule
144 Information. With a view to making available the benefits of certain rules and regulations of the SEC which may at any
time permit the sale of the Registrable Shares to the public without registration, Company agrees to use its reasonable best efforts
to, until the third anniversary of the Effective Date: (i) make and keep public information available, as those terms are understood
and defined in Rule 144 under the Securities Act, at all times, (ii) use its best efforts to file with the SEC in a timely manner
all reports and other documents required of Company under the Securities Act and the Exchange Act (at any time it is subject to
such reporting requirements), and (iii) furnish to any Holder forthwith upon request a written statement by Company as to its compliance
with the reporting requirements of Rule 144 under the Securities Act a copy of the most recent annual or quarterly report of Company,
and such other reports and documents of Company and other information as such Holder may reasonably request in availing itself
of any rule or regulation of the SEC allowing such Holder to sell any such securities without registration.

 

Section
2. Lock-Up. 

 

2.1    [Omitted
intentionally]

 

2.2    Time
Based Lock Up. The Shareholder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase
of, or enter into any hedging or similar transaction with the same economic effect as a sale (including a pledge), of any Registrable
Shares (or other securities) of the Company (whether or not included in any registration) until the first anniversary of the date
upon which such shares are required to be actually issued to such Holder, except only in a merger or similar agreement approved
by the Board of Directors of the Company. Notwithstanding the foregoing, Shareholder may make a bona-fide pledge of the Common
Stock provided that the pledgee executes a Joinder Agreement in form satisfactory to Company binding the pledgee to the obligations
of Shareholder under this Agreement

 

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Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

2.3    Affiliates
Bound. Shareholder shall cause any Affiliates of the Shareholder to comply with this Section 2.

 

Section
3. Miscellaneous.

 

3.1.       Waiver. The rights of the
Shareholder under any provision of this Agreement may be waived (either generally or in a particular instance, either retroactively
or prospectively and either for a specified period of time or indefinitely) or amended by an instrument in writing signed by the
Shareholder. Failure of the Company to exercise any right or remedy under this Agreement or otherwise, or delay in exercising such
right or remedy, shall not operate as a waiver thereof.

 

3.2        Non-US Securities Laws.
The Company shall have no obligation to the Shareholder, under this Agreement or otherwise, to effect any registration, to qualify,
to comply with or to otherwise enable any sale or disposition, under or with respect to, the securities laws or stock exchanges
of any state, country, legal system or jurisdiction other than the U.S. securities laws and United States state securities laws
to the extent expressly set forth herein. Shareholder represents to the Company that it will fully comply, at its own cost, with
all such laws, including Australian securities and other laws, in connection with any sale, offer or attempted sale or offer of
the Registrable Shares.

 

3.3         Amendment of Registration Rights. The terms and provisions of this Agreement may only be amended with the written consent of
the Company and the Holders holding a majority interest of the Registrable Shares. Any amendment or waiver effected in accordance
with this Section 3.3 shall be binding upon each Holder (and any purported transferees), whether or not they consented.

 

3.4        Notices. Any notices required
or permitted to be given under the terms hereof shall be sent by certified or registered mail (return receipt requested) or delivered
personally or by courier (including a recognized overnight delivery service) or by facsimile and shall be effective five days after
being placed in the mail, if mailed by regular United States mail, or upon receipt, if delivered personally or by courier (including
a recognized overnight delivery service) or by facsimile, in each case addressed to a party. Notices shall be addressed to the
respective address and a fax number for each of the parties as set forth in the Share Sale Agreement. Each party shall provide
notice to the other party of any change in address.

 

3.5        Choice of Law.  This Agreement
shall be interpreted and enforced in accordance with California law as applied to agreements made and performed in California by
residents of California without regard to the principles of conflicts of law.

 

3.6        Consent to Jurisdiction; Waiver
of Jury Trial. Solely for the purpose of allowing a party to enforce its indemnification and other rights hereunder, each of
the parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the courts of the State of
California and of the United States of America with a venue in the State of California for any actions, suits or proceedings arising
out of or relating to this Agreement and the transactions contemplated hereby, and agree not to commence any action, suit or proceedings
relating thereto, except in such courts. TO THE EXTENT PERMITTED BY LAW, EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, TRANSACTION AGREEMENTS OR THE SUBJECT MATTER HEREOF OR
THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND
THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT.

 

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Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

3.7       Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

3.8        Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party.

 

3.9         Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

3.8         Entire
Agreement. This Agreement and the Transaction Documents constitute the entire agreement and understanding among the
parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous negotiations, discussions, and
agreements among the parties. Subject to the requirements under Section 1.5, this Agreement shall
be binding upon and inure to the benefit of the parties and their successors and assigns.

 

3.9         Headings.
The headings are used only for convenience and are not to be considered in construing or interpreting this Agreement.

 

3.10       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which
shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

3.11       Indemnification.
If any Registrable Shares are included in a registration statement under Section 1:

 

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Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

(a)          To
the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined
in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning
of the Securities Act or the Exchange Act, against any damages arising out of violations of any securities laws in connection
with such registration, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned
Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any
claim or proceeding
from which damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Subsection 3.11 shall not apply to amounts paid in settlement of any such claim
or proceeding if such settlement is effected without the consent of the Company, which consent shall not be
unreasonably withheld, nor shall the Company be liable for any damages to the extent that they arise out of or are based upon
actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder,
underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration.

 

(b)          To
the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and
each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the
Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in
the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
underwriter or other Holder, against any damages arising out of any violations of securities laws in connection with such registration,
in each case only to the extent that such damages arise out of or are based upon actions or omissions made in reliance upon and
in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such
registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses
reasonably incurred thereby in connection with investigating or defending any
claim or proceeding
from which damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Subsection 3.11 shall not apply to amounts paid in settlement of any such claim
or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably
withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity
or contribution under Subsections 3.11(b) and 3.11(d) exceed the proceeds from the offering received
by such Holder (net
of any Selling Expenses paid
by such Holder), except in the case of fraud or willful misconduct by such Holder.

 

(c)          Promptly
after receipt by an indemnified party under this Subsection 3.11 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim
in respect thereof is to be made against any indemnifying party under this Subsection 3.11, give the indemnifying party
notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent
the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to
assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified
party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right
to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such action. 

 

Page 8 of 14

Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

(d)          To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 3.11 but
it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Subsection 3.11 provides for indemnification in such case, or (ii) contribution under the Securities
Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 3.11, then,
and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which
they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each
of the
indemnifying party and the indemnified party in connection with the statements, omissions,
or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to,
among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of
a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided,
however, that, in any such case, (x) no Holder will be required to contribute any amount in excess of the public offering
price of all such Registrable Shares offered and sold by such Holder pursuant to such registration statement, and (y) no Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall
a Holder’s liability pursuant to this Subsection 3.11, when combined with the amounts paid or payable by such Holder
pursuant to Subsection 3.11, exceed the proceeds from the offering received by such Holder
(net of any Selling Expenses paid
by such Holder), except in the case of
willful misconduct or fraud by such Holder.

 

(f)          Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Subsection 3.11 shall survive the completion of any offering of Registrable Shares
in a registration under this Agreement, and otherwise shall survive the termination of this Agreement. 

 

[Signature Page(s) Follow]

 

Page 9 of 14

Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned Company and Shareholder have caused this Registration Rights and Lock Up Agreement to be duly executed as of the
date first above written.

 

	 	COMPANY:
	 	 	 
	 	 	Mandalay Digital Group, Inc.
	 	 	 
	 	 	By: 	 
	 	 	Name:	Peter Adderton
	 	 	Title:  	Chief Executive Officer
	 	 	 
	 	SHAREHOLDERS:
	 	 	 
	 	 	Eleven Eleven Holdings
	 	 	Pty Limited ACN 113 062 696 in
	 	 	accordance with section 127 of the
	 	 	Corporations Act 2001 (Cth) by:
	 	 	 
	 	 	 
	 	 	Signature of Director
	 	 	 
	 	 	Print name of Director
	 	 	 
	 	 	Signature of Director/Secretary
	 	 	 
	 	 	Print name of Director/Secretary
	 	 	 
	 	 	Mirror Image Media
	 	 	Group Pty Limited ACN 094 064 070
	 	 	in accordance with section 127 of the
	 	 	Corporations Act 2001 (Cth) by:
	 	 	 
	 	 	 
	 	 	Signature of Director
	 	 	 
	 	 	Print name of Director
	 	 	 
	 	 	Signature of Director/Secretary
	 	 	 
	 	 	Print name of Director/Secretary

 

Page 10 of 14

Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

	 	M4H Pty Limited ACN
	 	113 217 020 in accordance with
	 	section 127 of the Corporations Act
	 	2001 (Cth) by:
	 	 
	 	 
	 	Signature of Director
	 	 
	 	Print name of Director
	 	 
	 	Signature of Director/Secretary
	 	 
	 	Print name of Director/Secretary
	 	 
	 	RHP Interests Pty Ltd
	 	ACN 109 168 667 in accordance with
	 	section 127 of the Corporations Act
	 	2001 (Cth) by:
	 	 
	 	 
	 	Signature of Director
	 	 
	 	Print name of Director
	 	 
	 	Signature of Director/Secretary
	 	 
	 	Print name of Director/Secretary
	 	 
	 	Zingo (Aust) Pty Ltd
	 	ACN 114 185 269 in accordance with
	 	section 127 of the Corporations Act
	 	2001 (Cth) by:
	 	 
	 	 
	 	Signature of Director
	 	 
	 	Print name of Director
	 	 
	 	Signature of Director/Secretary
	 	 
	 	Print name of Director/Secretary

 

Page 11 of 14

Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

	 	Tricky Pty Ltd ACN 117
	 	297 668 in accordance with section
	 	127 of the Corporations Act 2001 (Cth)
	 	by:
	 	 
	 	 
	 	Signature of Director
	 	 
	 	Print name of Director
	 	 
	 	Signature of Director/Secretary
	 	 
	 	Print name of Director/Secretary 

 

Page 12 of 14

Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

SCHEDULE A

 

“Affiliate”
is defined as any entity that, directly or indirectly, through one or more intermediaries, owns or controls, is owned or controlled
by, or is under common ownership or control with, a Party. As used in this definition, the term “control” means the
ownership of at least fifty percent (50%) of the equity of that entity or possessing the power to direct or cause the direction
of the management of that entity.

“Exchange Act” means the Shares Exchange
Act of 1934, as amended.

 

“Holders” means any person holding Registrable
Shares or any person to whom the rights under Section 1 have been transferred in accordance with Section 1.5 hereof.

 

“Person” means any person, individual, corporation,
limited liability company, partnership, trust or other nongovernmental entity or any governmental agency, court, authority or other
body (whether foreign, federal, state, local or otherwise).

 

The terms “register,” “registered” and
“registration” refer to the registration effected by preparing and filing a registration statement in compliance with
the Securities Act, and the declaration or ordering of the effectiveness of such registration statement.

 

“Registration Expenses” means all expenses
incurred by the Company in complying with Section 1.1 hereof, including, without limitation, all registration, qualification and
filing fees, accounting fees, printing expenses, escrow fees, fees and expenses of counsel for the Company, the reasonable fees
and disbursements of one counsel for the selling Holders, blue sky fees and expenses and the expense of any special audits incident
to or required by any such registration (but excluding the Selling Expenses).

 

“Registrable Shares”
means the Common Stock of the Company to be delivered to Shareholder pursuant to the terms and conditions under the Share Sale
Agreement. As to any particular Registrable Shares, such securities shall automatically cease to be Registrable Shares (i) when
sold or disposed pursuant to an effective registration statement under the Securities Act, (ii) when all shares of Common Stock
of the Company that have been issued to a Holder under the Share Sale Agreement may be sold pursuant to Rule 144 (or any similar
provision then in force) under the Securities Act without any limitation thereunder, including, without limitation, on volume or
manner of sale, (iii) sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities
Act under Section 4(1) thereof so that all transfer restrictions and restrictive legends with respect to such securities are removed
upon the consummation of such sale, and the seller and purchaser of such securities receive an opinion of counsel of the Company,
which shall be in form and content reasonably satisfactory to the seller and purchaser and their respective counsel, to the effect
that such securities in the hands of the purchaser are freely transferable without restriction or registration under the Securities
Act in any public or private transaction, (iv) when such securities cease to be outstanding or (v) when they are held by
any Person who is not a Holder or a permitted transferee pursuant to Section 1.5.

 

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Registration Rights and Lock-Up Agreement

 

    	 

    	 

    

 

“Registration Statement” means any one or
more registration statements of the Company filed under the Securities Act that covers the resale of any of the Registrable Shares
pursuant to the provisions of this Agreement (including without limitation the Initial Registration Statement and any new registration
statements that may be filed) and amendments and supplements to such Registration Statements including post-effective amendments.

 

“Rule 415” means Rule 415 promulgated under
the Securities Act, or any successor rule.

 

“SEC” means the United States Securities
and Exchange Commission.

 

“Selling Expenses” means all selling commissions
applicable to the sale of Registrable Shares and all fees and expenses of legal counsel for any Holder (excluding the company’s
legal counsel and any legal counsel hired by any Holder in its, his or her individual capacity to the extent such counsel for the
Holder is required to be included in Registration Expenses).

 

307831632.1

 

Page 14 of 14

Registration Rights and Lock-Up Agreement

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