Document:

Exhibit
10.21

 

 

 

COLLATERAL
AGREEMENT

 

dated
as of 

 

[
], 2021 

 

among

 

VACASA
HOLDINGS LLC,

 

V-REVOLVER
SUB LLC,

 

THE
OTHER GRANTORS PARTY HERETO

 

and

 

JPMORGAN
CHASE BANK, N.A.,

as Collateral Agent

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	 	ARTICLE I	 
	 	 	 
	 	Definitions	 
	 	 	 
	SECTION 1.
    01	Defined
    Terms	1
	SECTION 1.
    02	Other
    Defined Terms	1
	 	 	 
	 	ARTICLE II	 
	 	 	 
	 	Pledge of Securities	 
	 	 	 
	SECTION 2.
    01	Pledge	4
	SECTION 2.
    02	Delivery
    of the Pledged Collateral	5
	SECTION 2.
    03	Representations,
    Warranties and Covenants	5
	SECTION 2.
    04	[Reserved]	7
	SECTION 2.
    05	Registration
    in Nominee Name; Denominations	7
	SECTION 2.
    06	Voting
    Rights; Dividends and Interest	7
	 	 	 
	 	ARTICLE III	 
	 	 	 
	 	Security Interests in Personal
    Property	 
	 	 	 
	SECTION 3.
    01	Security
    Interest	9
	SECTION 3.
    02	Representations
    and Warranties	11
	SECTION 3.
    03	Covenants	13
	SECTION 3.
    04	Other
    Actions	15
	SECTION 3.
    05	Covenants
    Regarding Patent, Trademark and Copyright Collateral	16
	 	 	 
	 	ARTICLE IV	 
	 	 	 
	 	Remedies	 
	 	 	 
	SECTION 4.
    01	Remedies
    upon Default	17
	SECTION 4.
    02	Application
    of Proceeds	19
	SECTION 4.
    03	Grant
    of License to Use Intellectual Property	19
	SECTION 4.
    04	Securities
    Act	20

  

     

     

    

 

	 	ARTICLE V	 
	 	 	 
	 	Miscellaneous	 
	 	 	 
	SECTION 5.
    01	Notices	20
	SECTION 5.
    02	Waivers;
    Amendment	21
	SECTION 5.
    03	Collateral
    Agent’s Fees and Expenses; Indemnification	21
	SECTION 5.
    04	Successors
    and Assigns	22
	SECTION 5.
    05	Survival
    of Agreement	22
	SECTION 5.
    06	Counterparts;
    Effectiveness; Several Agreement	22
	SECTION 5.
    07	Severability	23
	SECTION 5.
    08	Right
    of Set-Off	23
	SECTION 5.
    09	Governing
    Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent	24
	SECTION 5.
    10	WAIVER
    OF JURY TRIAL	24
	SECTION 5.
    11	Headings	25
	SECTION 5.
    12	Security
    Interest Absolute	25
	SECTION 5.
    13	Termination
    or Release	25
	SECTION 5.
    14	Additional
    Grantors	25
	SECTION 5.
    15	Collateral
    Agent Appointed Attorney-in-Fact	26
	SECTION 5.
    16	Intercreditor
    Agreements Govern	27
	 	 	 
	Schedules	 	 
	 	 	 
	Schedule
    I	Grantors	 
	Schedule
    II	Pledged
    Equity Interests; Pledged Debt Securities	 
	Schedule
    III	Intellectual
    Property	 
	Schedule
    IV	Commercial
    Tort Claims	 
	 	 	 
	Exhibits	 	 
	 	 	 
	Exhibit I	Form of
    Supplement	 
	Exhibit II	Form of
    Copyright Security Agreement	 
	Exhibit III	Form of
    Patent Security Agreement	 
	Exhibit IV	Form of
    Trademark Security Agreement	 

 

    -ii-

     

    

 

COLLATERAL
AGREEMENT, dated as of [ ] [ ], 2021 (this “Agreement”), among VACASA Holdings
llc, a Delaware limited liability company (“Holdings”), V-REVOLVER SUB LLC, a Delaware limited liability company
(the “Borrower”), the other GRANTORS from time to time party hereto and JPMORGAN CHASE BANK, N.A., as Collateral Agent
(in such capacity and together with successors in such capacity, the “Collateral Agent”).

 

Reference
is made to the Revolving Credit Agreement, dated as of October [7], 2021 (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Holdings, the Borrower, the Lenders party thereto, the
Issuing Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. The Lenders and the Issuing
Banks have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The obligations
of the Lenders and the Issuing Banks to extend such credit are conditioned upon, among other things, the execution and delivery of this
Agreement. The Grantors (other than the Borrower) are Affiliates of the Borrower, will derive substantial benefits from the extension
of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to comply with
the requirements of the Credit Agreement and in order to induce the Lenders and the Issuing Banks to continue to extend such credit and
as consideration for the extension of credit made prior to the date hereof. Accordingly, the parties hereto agree as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.
01     Defined Terms.

 

(a)            Each
capitalized term used but not defined herein shall have the meaning assigned thereto in the Credit Agreement; provided that each
term defined in the New York UCC (as defined herein) and not defined in this Agreement shall have the meaning specified in the New York
UCC.

 

(b)            The
rules of construction specified in Sections 1.03 and 1.04 of the Credit Agreement also apply to this Agreement, mutatis
mutandis.

 

SECTION 1.
02     Other Defined Terms. As used in this Agreement, the following terms have the meanings specified
below:

 

“Account
Debtor” means any Person that is or may become obligated to any Grantor under, with respect to or on account of an Account.

 

“After-Acquired
Intellectual Property” has the meaning assigned to such term in Section 3.03.

 

“Agreement”
has the meaning assigned to such term in the preamble to this Agreement.

 

    1 

     

    

 

“Article 9
Collateral” has the meaning assigned to such term in Section 3.01.

 

“Borrower”
has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Collateral”
means Article 9 Collateral and Pledged Collateral.

 

“Copyright
License” means any written agreement, now or hereafter in effect, granting to any Person any right under any Copyright now
or hereafter owned by any other Person or that such other Person otherwise has the right to license, and all rights of any such Person
under any such agreement.

 

“Copyright
Security Agreement” means the Copyright Security Agreement substantially in the form of Exhibit II.

 

“Copyrights”
means, with respect to any Person, all of the following now owned or hereafter acquired by such Person: (a) all copyright rights
in any work arising under the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all
registrations and applications for registration of any such copyright in the United States, including registrations, supplemental registrations
and pending applications for registration in the United States Copyright Office, including, in the case of any Grantor, registrations,
supplemental registrations and pending applications for registration in the United States Copyright Office set forth next to its name
on Schedule III.

 

“Credit
Agreement” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Excluded
Equity Interests” has the meaning assigned to such term in Section 2.01.

 

“Federal
Securities Laws” has the meaning assigned to such term in Section 4.04.

 

“Grantors”
means (a) Holdings, (b) the Borrower, (c) each other Subsidiary identified on Schedule I and (d) each other
Subsidiary Loan Party, Guarantor, Successor Holdings and Successor Borrower that becomes a party to this Agreement as a Grantor after
the date hereof.

 

“Holdings”
has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Information
Certificate” means the Information Certificate dated as of the date hereof delivered to the Collateral Agent, as amended, amended
and restated, supplemented or otherwise modified from time to time (including as supplemented by any Information Certificate delivered
pursuant to Section 5.14).

 

“Intellectual
Property” means, with respect to any Person, all intellectual and similar property of every kind and nature now owned or hereafter
acquired by any such Person, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, domain names, confidential
or proprietary technical and business information, know-how, show-how or other data or information, software and databases.

 

    2 

     

    

 

“IP
Security Agreements” means the Trademark Security Agreement, the Patent Security Agreement and the Copyright Security Agreement.

 

“License”
means any Patent License, Trademark License, Copyright License or any other written Intellectual Property license or sublicense agreement
to which any Person is a party.

 

“New
York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however, that,
at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and
the Secured Parties’ security interest in any item or portion of the Article 9 Collateral is governed by the Uniform Commercial
Code or similar law as in effect in a jurisdiction other than the State of New York, the term “New York UCC” shall mean the
Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such
perfection or priority and for purposes of definitions relating to such provisions.

 

“Patent
License” means any written agreement, now or hereafter in effect, granting to any Person any right to make, use or sell any
invention or design covered by a Patent, now or hereafter owned by any other Person or that any other Person now or hereafter otherwise
has the right to license, and all rights of any such Person under any such agreement.

 

“Patent
Security Agreement” means the Patent Security Agreement substantially in the form of Exhibit III.

 

“Patents”
means, with respect to any Person, all of the following now owned or hereafter acquired by such Person: (a) all patents of the United
States, all registrations thereof and all applications for patents of the United States, including registrations and pending applications
in the United States Patent and Trademark Office, including, in the case of any Grantor, those filed in connection therewith in the United
States Patent and Trademark Office listed on Schedule III, and (b) all reissues, reexaminations, continuations, divisions,
continuations-in-part, renewals or extensions thereof, and the inventions or designs disclosed or claimed therein, including the right
to make, use and/or sell the inventions or designs disclosed or claimed therein.

 

“Pledged
Collateral” has the meaning assigned to such term in Section 2.01.

 

“Pledged
Debt Securities” has the meaning assigned to such term in Section 2.01.

 

“Pledged
Equity Interests” has the meaning assigned to such term in Section 2.01.

 

“Pledged
Securities” means any promissory notes, stock certificates, unit certificates, limited or unlimited liability membership certificates
or other securities now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents representing
or evidencing any Pledged Collateral.

 

    3 

     

    

 

“Security
Interest” has the meaning assigned to such term in Section 3.01(a).

 

“Supplement”
means an instrument in the form of Exhibit I hereto, or any other form approved by the Collateral Agent, and in each case reasonably
satisfactory to the Collateral Agent.

 

“Trademark
License” means any written agreement, now or hereafter in effect, granting to any Person any right to use any Trademark now
or hereafter owned by any other Person or that any other Person otherwise has the right to license, and all rights of any such Person
under any such agreement.

 

“Trademark
Security Agreement” means the Trademark Security Agreement in the form of Exhibit IV.

 

“Trademarks”
means, with respect to any Person, all of the following now owned or hereafter acquired by such Person: (a) all trademarks, service
marks, trade names, brand names, corporate names, company names, business names, fictitious business names, trade styles, trade dress,
domain names, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter
adopted or acquired, all registrations thereof, and all registration and applications filed in connection therewith, including registrations
and applications in the United States Patent and Trademark Office or any similar offices in any State of the United States, and all extensions
or renewals thereof, including, in the case of any Grantor, any registrations and applications filed in connection therewith in the United
States Patent and Trademark Office set forth next to its name on Schedule III, (b) all goodwill associated therewith or symbolized
thereby and (c) all other assets, rights and interests that uniquely reflect or embody such goodwill.

 

ARTICLE II

 

Pledge
of Securities

 

SECTION 2.
01     Pledge. As security for the payment or performance, as the case may be, in full of all Secured
Obligations, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured
Parties and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties a security interest
in the Pledged Collateral. “Pledged Collateral” shall mean the collective reference to the following: all of such
Grantor’s right, title and interest in, to and under (a)(i) the shares of capital stock and other Equity Interests owned by
such Grantor, including those listed opposite the name of such Grantor on Schedule II, (ii) any other Equity Interests obtained
in the future by such Grantor and (iii) the certificates (if any) representing all such Equity Interests (collectively, the “Pledged
Equity Interests”); provided that the Pledged Equity Interests shall not include any Excluded Assets (the Equity Interests
excluded pursuant to this proviso being referred to as the “Excluded Equity Interests”); (b)(i) the debt securities
owned by such Grantor, including those listed opposite the name of such Grantor on Schedule II, (ii) any debt securities in
the future issued to or otherwise acquired by such Grantor and (iii) the promissory notes and any other instruments evidencing all
such debt securities (collectively, the “Pledged Debt Securities”); (c) subject to Section 2.06, all payments
of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed
in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities and other property
referred to in clauses (a) and (b) above; (d) subject to Section 2.06, all rights and privileges of such Grantor
with respect to the securities and other property referred to in clauses (a), (b) and (c) above; and (e) all Proceeds
of any of the foregoing. Notwithstanding the foregoing, Pledged Collateral and Pledged Debt Securities shall not include Excluded Assets
of any kind.

 

    4 

     

    

 

SECTION 2.
02     Delivery of the Pledged Collateral.

 

(a)            Each
Grantor will cause to be delivered to the Collateral Agent (i) in the case of any Pledged Securities owned by such Grantor on the
date hereof, any and all such Pledged Securities on the date hereof (or such later date as the Collateral Agent agrees in its reasonable
discretion), and (ii) within ninety (90) days (or such later date as the Collateral Agent agrees in its reasonable discretion) after
the acquisition thereof, any and all Pledged Securities acquired by such Grantor after the date hereof. Notwithstanding the foregoing,
Pledged Securities representing Equity Interests of Immaterial Subsidiaries or Persons (other than Loan Parties) that are not Subsidiaries
shall not be required to be delivered.

 

(b)            Each
Grantor will cause any Indebtedness for borrowed money owed to such Grantor by Holdings, the Borrower or any Subsidiary in a principal
amount of $10,000,000 or more that is evidenced by a duly executed promissory note to be delivered to the Collateral Agent pursuant to
the terms hereof, (i) in the case of such Indebtedness owed to such Grantor on the date hereof, on the date hereof (or such later
date as the Collateral Agent agrees in its reasonable discretion)and (ii) in the case of any other such Indebtedness, within ninety
(90) days (or such later date as the Collateral Agent agrees in its reasonable discretion) after the acquisition thereof.

 

(c)            Upon
delivery to the Collateral Agent, (i) any certificate or promissory note representing Pledged Securities shall be accompanied by
undated stock or note powers, as applicable, duly executed in blank or other undated instruments of transfer duly executed in blank and
reasonably satisfactory to the Collateral Agent and by such other instruments and documents as the Collateral Agent may reasonably request
and (ii) all other property comprising part of the Pledged Collateral shall be accompanied by undated proper instruments of assignment
duly executed in blank by the applicable Grantor and such other instruments and documents as the Collateral Agent may reasonably request.
Each delivery of Pledged Securities shall be accompanied by a schedule describing such Pledged Securities, which schedule shall be deemed
attached to, and shall supplement, Schedule II and be made a part hereof; provided that failure to provide any such schedule
hereto shall not affect the validity of such pledge of such Pledged Securities.

 

SECTION 2.
03     Representations, Warranties and Covenants. The Grantors jointly and severally represent, warrant
and covenant to and with the Collateral Agent, for the benefit of the Secured Parties, that:

 

(a)            as
of the date hereof, Schedule II sets forth a true and complete list, with respect to each Grantor, of (i) all the Pledged Equity
Interests owned by such Grantor and the percentage of the issued and outstanding units of each class of the Equity Interests of the issuer
thereof represented by the Pledged Equity Interests owned by such Grantor and (ii) all the Pledged Debt Securities owned by such
Grantor;

 

    5 

     

    

 

(b)            the
Pledged Equity Interests and the Pledged Debt Securities have been duly and validly authorized and issued by the issuers thereof and
(i) in the case of Pledged Equity Interests, are fully paid and, if applicable, nonassessable and (ii) in the case of Pledged
Debt Securities, are legal, valid and binding obligations of the issuers thereof, except to the extent that enforceability of such obligations
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; provided that
the foregoing representations, insofar as they relate to the Pledged Equity Interests and Pledged Debt Securities issued by a Person
other than Holdings, the Borrower or any Subsidiary, are made to the knowledge of the applicable Grantor;

 

(c)            except
for the security interests granted hereunder and under any other Loan Documents, each of the Grantors (i) is and, subject to any
transfers made in compliance with the Credit Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged
Securities indicated on Schedule II as owned by such Grantor, (ii) holds the same free and clear of all Liens, other than Liens
not prohibited by Section 6.02 of the Credit Agreement and transfers made in compliance with the Credit Agreement, (iii) will
make no further assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien
on, the Pledged Collateral, other than Liens not prohibited by Section 6.02 of the Credit Agreement and transfers made in compliance
with the Credit Agreement, and (iv) will defend its title or interest thereto or therein against any and all Liens (other than the
Liens created by this Agreement and the other Loan Documents and Liens not prohibited by Section 6.02 of the Credit Agreement),
however arising, of all Persons whomsoever;

 

(d)            except
for restrictions and limitations imposed by the Loan Documents permitted pursuant to Section 6.01 of the Credit Agreement or securities
laws generally, and, to the extent issued by the Borrower or any wholly-owned Subsidiary, the Pledged Equity Interests and the Pledged
Debt Securities are and will continue to be freely transferable and assignable, and, to the extent issued by the Borrower or any wholly-owned
Subsidiary, the Pledged Equity Interests and the Pledged Debt Securities are not or will not be subject to any option, right of first
refusal, shareholders agreement, charter, by-law or other organizational document provisions or contractual restriction of any nature
that might prohibit, impair, delay or otherwise affect in any manner adverse to the Secured Parties in any material respect the pledge
of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights
and remedies hereunder;

 

(e)            each
of the Grantors has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or contemplated;
and

 

    6 

     

    

 

(f)            by
virtue of the execution and delivery by the Grantors of this Agreement, when any Pledged Securities are delivered to the Collateral Agent
in accordance with this Agreement, the Collateral Agent will obtain a legal, valid and perfected lien upon and security interest in such
Pledged Securities, free of any adverse claims, under the New York UCC to the extent such lien and security interest may be created and
perfected under the New York UCC, as security for the payment and performance of the Secured Obligations and no Secured party has notice
of any adverse claim (within the meaning of the NY UCC) to the Pledged Securities.

 

SECTION 2.
04     [Reserved].

 

SECTION 2.
05     Registration in Nominee Name; Denominations. If an Event of Default shall have occurred and
is continuing and, after the Collateral Agent shall have given the Grantors two (2) Business Days’ prior written notice of
its intent to exercise such rights, the Collateral Agent, on behalf of the Secured Parties, shall have the right (in its sole and absolute
discretion) to hold the Pledged Securities in the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Collateral
Agent or in its own name as pledgee or in the name of its nominee (as pledgee or as sub-agent), and each Grantor will promptly give to
the Collateral Agent copies of any notices or other communications received by it with respect to Pledged Securities registered in the
name of such Grantor. If an Event of Default shall have occurred and is continuing and after the Collateral Agent shall have given the
Grantors two (2) Business Days’ prior written notice of its intent to exercise such rights, the Collateral Agent shall at
all times have the right to exchange the certificates representing Pledged Securities for certificates of smaller or larger denominations
for any reasonable purpose consistent with this Agreement.

 

SECTION 2.
06     Voting Rights; Dividends and Interest.

 

(a)            Unless
and until an Event of Default shall have occurred and is continuing and the Collateral Agent shall have given the Grantors two (2) Business
Days’ prior written notice that their rights under this Section 2.06 are being suspended:

 

(i)            each
Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Equity
Interests or any part thereof for any purpose consistent with the terms of this Agreement, the Credit Agreement and the other Loan Documents;
provided that such rights and powers shall not be exercised in any manner that could materially and adversely affect the rights
inuring to a holder of any Pledged Equity Interests or the rights and remedies of any of the Collateral Agent or the other Secured Parties
under this Agreement or any other Loan Document or the ability of the Secured Parties to exercise the same;

 

(ii)            the
Collateral Agent shall promptly execute and deliver to each Grantor, or cause to be promptly executed and delivered to such Grantor,
all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor
to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this
Section;

 

    7 

     

    

 

(iii)            each
Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or distributed
in respect of the Pledged Equity Interests and/or Pledged Securities, as the case may be, to the extent and only to the extent that such
dividends, interest, principal and other distributions are permitted by, and are otherwise paid or distributed in accordance with, the
terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws; provided that any noncash dividends,
interest, principal or other distributions that would constitute Pledged Equity Interests or Pledged Debt Securities, whether resulting
from a subdivision, combination or reclassification of the outstanding Equity Interests in the issuer of any Pledged Securities or received
in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition
or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral and,
if received by any Grantor, shall not be commingled by such Grantor with any of its other funds or property but shall be held separate
and apart therefrom, shall be held in trust for the benefit of the Collateral Agent and the other Secured Parties and shall be forthwith
delivered to the Collateral Agent in the same form as so received (with any necessary endorsements, stock or note powers and other instruments
of transfer reasonably requested by the Collateral Agent).

 

(b)            Upon
the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have given the Grantors two (2) Business
Days’ prior written notice of the suspension of their rights under paragraph (a)(iii) of this Section 2.06, all rights
of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to paragraph (a)(iii) of
this Section 2.06 shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole
and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions; provided that
the Collateral Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the
Grantors to receive and retain such amounts. All dividends, interest, principal or other distributions received by any Grantor contrary
to the provisions of this Section 2.06 shall be held in trust for the benefit of the Collateral Agent and the other Secured Parties,
shall be segregated from other property or funds of such Grantor and shall be forthwith delivered to the Collateral Agent upon demand
in the same form as so received (with any necessary endorsements, stock or note powers and other instruments of transfer reasonably requested
by the Collateral Agent). Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions
of this paragraph (b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon receipt
of such money or other property and shall be applied in accordance with the provisions of Section  4.02. After all Events of Default
have been cured or waived and the Borrower has delivered to the Collateral Agent a certificate of a Responsible Officer of the Borrower
to that effect, the Collateral Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or other
distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.06
and that remain in such account.

 

(c)            Upon
the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have given the Grantors two (2) Business
Days’ prior written notice of the suspension of their rights under paragraph (a)(i) of this Section 2.06, all rights
of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of
this Section 2.06, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.06, shall
cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority
to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the
Collateral Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors
to exercise such rights. After all Events of Default have been cured or waived and the Borrower has delivered to the Collateral Agent
a certificate of a Responsible Officer of the Borrower to that effect, all rights vested in the Collateral Agent pursuant to this paragraph
(c) shall cease, and the Grantors shall have the exclusive right to exercise the voting and consensual rights and powers they would
otherwise be entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06.

 

    8 

     

    

 

(d)            Any
notice given by the Collateral Agent to the Grantors suspending their rights under paragraph (a) of this Section 2.06
(i) may be given by telephone if promptly confirmed in writing, (ii) may be given with respect to one or more of the Grantors
at the same or different times and (iii) may suspend the rights of the Grantors under paragraph (a)(i) or paragraph (a)(iii) in
part without suspending all such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving
or otherwise affecting the Collateral Agent’s rights to give additional notices from time to time suspending other rights so long
as an Event of Default has occurred and is continuing.

 

ARTICLE III

 

Security
Interests in Personal Property

 

SECTION 3.
01     Security Interest.

 

(a)            As
security for the payment or performance, as the case may be, in full of the Secured Obligations, each Grantor hereby grants to the Collateral
Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”)
in all of such Grantor’s right, title and interest in, to and under any and all of the following assets now owned or at any time
hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest
(collectively, the “Article 9 Collateral”):

 

(I)            all
Accounts;

 

(II)            all
Chattel Paper;

 

(III)            all
Cash and Deposit Accounts;

 

(IV)            all
Documents;

 

(V)            all
Equipment;

 

(VI)            all
General Intangibles, including all Intellectual Property;

 

    9 

     

    

 

(VII)            all
Instruments;

 

(VIII)            all
Inventory;

 

(IX)            all
other Goods and Fixtures;

 

(X)            all
Investment Property;

 

(XI)            all
Letter-of-Credit Rights;

 

(XII)            all
Commercial Tort Claims specifically described on Schedule IV hereto, as such schedule may be supplemented from time to time pursuant
to Section 3.04(c);

 

(XIII)            all
books and records pertaining to the Article 9 Collateral; and

 

(XIV)            to
the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all supporting obligations, collateral
security and guarantees given by any Person with respect to any of the foregoing;

 

provided
that in no event shall the Security Interest attach to and no representation, warranty or covenant contained herein or in any other
Security Document shall apply to (A) any Excluded Assets and (B) the Excluded Equity Interests (it being understood that, to
the extent the Security Interest shall not have attached to any such asset as a result of clauses (A) and (B) above, the term
 “Article 9 Collateral” shall not include any such asset).

 

(b)            Each
Grantor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any
initial financing statements (including fixture filings but excluding Intellectual Property filings, which are addressed below) with
respect to the Collateral or any part thereof and amendments thereto, including continuations, that (i) describe the collateral
covered thereby in any manner that the Collateral Agent reasonably determines is necessary or advisable to ensure the perfection of the
security interest in the Collateral granted under this Agreement, including indicating the Collateral as “all assets” of
such Grantor or words of similar effect, and (ii) contain the information required by Article 9 of the Uniform Commercial Code
or the analogous legislation of each applicable jurisdiction for the filing of any financing statement or amendment, including (A) whether
such Grantor is an organization, the type of organization and any organizational identification number issued to such Grantor, if applicable,
and (B) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such
Article 9 Collateral relates. Each Grantor agrees to provide such information to the Collateral Agent promptly upon the Collateral
Agent’s reasonable request.

 

Each
Grantor also ratifies its authorization for the Collateral Agent to file in any relevant jurisdiction any initial financing statements
or amendments thereto with respect to the Article 9 Collateral or any part thereof naming any Grantor as debtor or the Grantors
as debtors and the Collateral Agent as secured party, if filed prior to the date hereof.

 

The
Collateral Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright Office (or
any successor office) such documents as may be reasonably necessary or advisable for the purpose of perfecting, confirming, continuing,
enforcing or protecting the Security Interest in Article 9 Collateral consisting of United States registered or applied for Patents,
Trademarks or Copyrights, including exclusive Copyright Licenses, granted by each Grantor and naming any Grantor or the Grantors as debtors
and the Collateral Agent as secured party. No Grantor shall be required to complete any filings or other action with respect to the perfection
of the Security Interests created hereby in any Intellectual Property subsisting in any jurisdiction outside of the United States.

 

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(c)            The
Security Interest and the security interest granted pursuant to Article II are granted as security only and shall not subject the
Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect
to or arising out of the Collateral.

 

SECTION 3.
02     Representations and Warranties. The Grantors jointly and severally represent and warrant to
the Collateral Agent, for the benefit of the Secured Parties, that:

 

(a)            Each
Grantor has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to grant a Security
Interest hereunder, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted
or as proposed to be conducted or to utilize such properties for their intended purposes, in each case except where the failure to do
so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and has full power and authority
to grant to the Collateral Agent, for the benefit of the Secured Parties, the Security Interest in such Article 9 Collateral pursuant
hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval
of any other Person other than any consent or approval that has been obtained and except to the extent that failure to obtain or make
such consent or approval, as the case may be, individually or in aggregate, would not reasonably be expected to have a Material Adverse
Effect.

 

(b)            The
Information Certificate has been duly prepared, completed and executed and the information set forth therein, including the exact legal
name and jurisdiction of organization of each Grantor, is correct and complete in all material respects as of the date hereof (except
that the information therein with respect to the exact legal name of each Grantor shall be true and correct in all respects). The Uniform
Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations
prepared by the Collateral Agent based upon the information provided to the Collateral Agent in the Information Certificate for filing
in each governmental, municipal or other office specified in Schedule 2 to the Information Certificate (or specified by notice from
the Borrower to the Collateral Agent after the date hereof in the case of filings, recordings or registrations required by Sections 5.03
or 5.12 of the Credit Agreement), are all the filings, recordings and registrations (other than filings required to be made in the United
States Patent and Trademark Office and the United States Copyright Office in order to perfect the Security Interest in Article 9
Collateral consisting of United States registered or applied for Patents, Trademarks and Copyrights, including exclusive Copyright Licenses)
that are necessary to establish a legal, valid and perfected security interest in favor of the Collateral Agent, for the benefit of the
Secured Parties, in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or
registration of financing statements in the United States (or any political subdivision thereof) under the Uniform Commercial Code, and
no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction,
except as provided under applicable law with respect to the filing of amendment or continuation statements (other than such actions as
are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of United States registered or
applied for Patents, Trademarks and Copyrights, including exclusive Copyright Licenses, acquired or developed by a Grantor after the
date hereof). The Grantors represent and warrant that one or more fully executed IP Security Agreements, as applicable, in each case
containing a description of the Article 9 Collateral consisting of United States registered Patents, United States registered Trademarks
and United States registered Copyrights, including exclusive Copyright Licenses (and applications for any of the foregoing), as applicable,
and executed by each Grantor owning any such Article 9 Collateral, have been delivered to the Collateral Agent for recording with
the United States Patent and Trademark Office or the United States Copyright Office pursuant to 35 U.S.C. § 261,
15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, to protect
the validity of and to establish a legal, valid and perfected security interest in favor of the Collateral Agent, for the benefit of
the Secured Parties, in respect of all Article 9 Collateral consisting of United States registered and applied for Patents, Trademarks
and Copyrights, including exclusive Copyright Licenses but excluding Excluded Assets, in which a security interest may be perfected by
filing, recording or registration with the United States Patent and Trademark Office or the United States Copyright Office, and taking
into account filing of the Uniform Commercial Code financing statements described above, no further or subsequent filing, refiling, recording,
rerecording, registration or reregistration is necessary (other than such actions as are necessary to perfect the Security Interest with
respect to any Article 9 Collateral consisting of United States registered or applied for Patents, Trademarks and Copyrights, including
exclusive Copyright Licenses, acquired or developed by a Grantor after the date hereof).

 

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(c)            The
Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the payment
and performance of the Secured Obligations, (ii) subject to the filings described in paragraph (b) of this Section 3.02,
a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or
registering a financing statement or analogous document in the United States (or any political subdivision thereof) pursuant to the Uniform
Commercial Code or other applicable law in such jurisdictions and (iii) subject to the filings described in paragraph (b) of
this Section 3.02, a security interest that shall be perfected in all Article 9 Collateral in which a security interest may
be perfected upon the receipt and recording of an IP Security Agreement with the United States Patent and Trademark Office and the United
States Copyright Office, as applicable, within the three-month period after the date hereof pursuant to 35 U.S.C. § 261
or 15 U.S.C. § 1060 or the one-month period after the date hereof pursuant to 17 U.S.C. § 205.

 

(d)            The
Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than Liens not prohibited by
Section 6.02 of the Credit Agreement. The Article 9 Collateral is owned by the Grantors free and clear of any Lien, except
for Liens not prohibited by Section 6.02 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any
financing statement or analogous document under the Uniform Commercial Code or any other applicable laws covering any Article 9
Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar
instrument covering any Article 9 Collateral with the United States Patent and Trademark Office or the United States Copyright Office
or (iii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument
covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous
document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens not prohibited by
Section 6.02 of the Credit Agreement.

 

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SECTION 3.
03     Covenants.

 

(a)            Each
Grantor shall, at its own expense, take any and all commercially reasonable actions necessary to defend title to the Article 9 Collateral
against all Persons, except with respect to Article 9 Collateral that such Grantor determines in its reasonable business judgment
is no longer necessary or beneficial to the conduct of such Grantor’s business, and to defend the Security Interest of the Collateral
Agent in the Article 9 Collateral and the priority thereof against any Lien not permitted pursuant to Section 6.02 of the Credit
Agreement, subject to the rights of such Grantor under Section 9.15 of the Credit Agreement and corresponding provisions of the
Security Documents to obtain a release of the Liens created under the Security Documents.

 

(b)            Each
Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents
and take all such actions as the Collateral Agent may from time to time reasonably request, in each case to the extent consistent with
the terms of the Loan Documents, to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created
hereby, including the payment of any fees and Taxes required in connection with the execution and delivery of this Agreement, the granting
of the Security Interest and the filing of any financing statements (including fixture filings) or other documents in connection herewith
or therewith.

 

Without
limiting the generality of the foregoing, each Grantor hereby authorizes the Collateral Agent, with prompt written notice thereof to
the Grantors, to supplement this Agreement by supplementing Schedule III or adding additional schedules hereto to identify specifically
any asset or item that may constitute a United States application or registration for any Copyright, Patent or Trademark owned by a Grantor
and that has not been previously reported to the Collateral Agent; provided that any Grantor shall have the right, exercisable within
thirty (30) days (or such longer period as shall be agreed by the Borrower and the Collateral Agent) after it has been notified in writing
by the Collateral Agent of the specific identification of such Collateral, to advise the Collateral Agent in writing of any inaccuracy
(i) with respect to such supplement or additional schedule or (ii) of the representations and warranties made by such Grantor
hereunder with respect to such Collateral. Each Grantor agrees that, at the reasonable request of the Collateral Agent, it will use commercially
reasonable efforts to take such action as shall be reasonably necessary in order that all representations and warranties hereunder shall
be true and correct with respect to such Collateral within thirty (30) days (or such longer period as shall be agreed by the Borrower
and the Collateral Agent) after the date it has been notified in writing by the Collateral Agent of the specific identification of such
Collateral.

 

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In
the event that any such Grantor, whether by acquisition, assignment, filing or otherwise, acquires any right in Intellectual Property
(including, without limitation, continuation-in-part patent applications, but excluding any Intellectual Property constituting Excluded
Assets) after the date hereof (collectively, the “After-Acquired Intellectual Property”), (i) such After-Acquired
Intellectual Property shall automatically be included as part of the Collateral and shall be subject to the applicable terms and conditions
of this Agreement, (ii) the Borrower will furnish to the Collateral Agent, at the time of delivery of each Compliance Certificate
provided for in Section 5.01(d) of the Credit Agreement for the financial statements required to be delivered under Section 5.01(a) of
the Credit Agreement, an updated Schedule III identifying the After-Acquired Intellectual Property that is (x) owned or licensed
(in the case of exclusive Copyright Licenses) by such Grantor and (y) issued by, registered with or filed in the United States Patent
and Trademark Office or the United States Copyright Office, as applicable, acquired during such fiscal year and (iii) each applicable
Grantor shall promptly after delivery of such updated Schedule III, execute supplements to Exhibits II, III or IV, as applicable,
to record, or cause to be recorded, the grant of the security interest hereunder in such After-Acquired Intellectual Property. Each applicable
Grantor authorizes the Collateral Agent to file such supplements to Exhibits II, III or IV, as applicable, with the United States
Patent and Trademark Office or United States Copyright Office (or any successor office) to record the grant of the security interest
hereunder in such After-Acquired Intellectual Property. As soon as practicable upon each such filing and recording, such Grantor shall
deliver to the Collateral Agent true and correct copies of the relevant documents, instruments and receipts evidencing such filing and
recording. If any amounts payable under or in connection with any of the Article 9 Collateral shall be or become evidenced by any
promissory note (which may be a global note) or other instrument (other than any promissory note or other instrument in an aggregate
principal amount of less than $10,000,000 owed to the applicable Grantor by any Person), such note or instrument shall be promptly (but
in any event within 90 days of receipt by such Grantor or such longer period as the Collateral Agent may agree in its reasonable discretion)
pledged and delivered to the Collateral Agent, for the benefit of the Secured Parties, together with an undated instrument of transfer
duly executed in blank and in a manner reasonably satisfactory to the Collateral Agent.

 

(c)            If
an Event of Default shall have occurred and is continuing and the Collateral Agent shall have given the Grantors notice of its intent
to exercise such rights, at its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security
interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 6.02
of the Credit Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Grantor
fails to do so as required by the Credit Agreement, this Agreement or any other Loan Document and within a reasonable period of time
after the Collateral Agent has requested that it do so, and each Grantor jointly and severally agrees to reimburse the Collateral Agent,
within ten (10) days after written demand, for any reasonable payment made or any reasonable expense incurred by the Collateral
Agent pursuant to the foregoing authorization; provided that nothing in this paragraph shall be interpreted as excusing any Grantor
from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or
other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and
maintenance as set forth herein or in the other Loan Documents.

 

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(d)            Each
Grantor shall remain liable, as between such Grantor and the relevant counterparty under each contract, agreement or instrument relating
to the Article 9 Collateral, to observe and perform all the conditions and obligations to be observed and performed by it under
such contract, agreement or instrument, all in accordance with the terms and conditions thereof, and each Grantor jointly and severally
agrees to indemnify and hold harmless the Collateral Agent and the other Secured Parties from and against any and all liability for such
performance.

 

(e)            It
is understood that no Grantor shall be required by this Agreement to perfect the security interests created hereunder by any means other
than (i) filings pursuant to the Uniform Commercial Code, (ii) filings with the United States Patent and Trademark Office or
United States Copyright Office (or any successor office) in respect of United States registered Intellectual Property owned or licensed
(in the case of exclusive Copyright Licenses) by the Grantor, (iii) in the case of Collateral that constitutes Tangible Chattel
Paper, Pledged Securities, Instruments, or Certificated Securities, or Negotiable Documents, delivery thereof to the Collateral
Agent, in each case to the extent required hereunder and in accordance with the terms hereof (together with, where applicable, undated
stock or note powers or other undated proper instruments of assignment) and (iv) other actions to the extent required by Section 3.04
hereunder. No Grantor shall be required to (i) complete or effect any filings or take any other action with respect to the perfection
of the security interests created hereby in any jurisdiction outside of the United States or (ii) deliver control agreements with
respect to, or confer perfection by “control” over, any Deposit Accounts and other bank or securities or commodities accounts
or any other assets requiring perfection by control agreements.

 

(f)            Upon
the occurrence and during the continuance of an Event of Default and after written notice to the Borrower of its intent to exercise such
rights, the Collateral Agent may make, settle and adjust claims in respect of Article 9 Collateral under policies of insurance,
endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance
and for making all determinations and decisions with respect thereto. In the event that any Grantor at any time or times shall fail to
obtain or maintain any of the policies of insurance required hereby or to pay any premium in whole or part relating thereto, the Collateral
Agent may, without waiving or releasing any obligation or liability of the Grantors hereunder or any Default or Event of Default, in
its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect thereto
as the Collateral Agent reasonably deems advisable. All sums disbursed by the Collateral Agent in connection with this paragraph, including
reasonable out-of-pocket attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, within 10
days of demand, by the Grantors to the Collateral Agent and shall be additional Secured Obligations secured hereby.

 

SECTION 3.
04     Other Actions. In order to further ensure the attachment, perfection and priority of, and
the ability of the Collateral Agent to enforce, the Security Interest, each Grantor agrees, in each case at such Grantor’s own
expense, to take the following actions with respect to the following Article 9 Collateral:

 

(a)            Instruments.
Except to the extent otherwise provided in Article II, if any Grantor shall at any time hold or acquire any Instruments constituting
Collateral (other than Instruments with a face amount of less than $10,000,000 and for avoidance of doubt other than checks to be deposited
in the ordinary course of business), such Grantor shall promptly (but in any event within ninety (90) days of receipt by such Grantor
or such longer period as the Collateral Agent may agree in its reasonable discretion) endorse, assign and deliver the same to the Collateral
Agent, accompanied by such undated instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time
to time reasonably request.

 

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(b)            Investment
Property. Except to the extent otherwise provided in Article II, if any Grantor shall at any time hold or acquire any certificated
securities, such Grantor shall forthwith endorse, assign and deliver the same to the Collateral Agent, accompanied by such undated instruments
of transfer or assignment duly executed in blank as the Collateral Agent may from time to time reasonably request.

 

(c)            Commercial
Tort Claims. If any Grantor shall at any time hold or acquire a Commercial Tort Claim in an amount reasonably estimated to exceed
$10,000,000, such Grantor shall, at the time of delivery of each Compliance Certificate provided for in Section 5.01(d) of
the Credit Agreement for the financial statements required to be delivered under Section 5.01(a) of the Credit Agreement, notify
the Collateral Agent thereof in a writing signed by such Grantor, including a summary description of such claim, and Schedule IV
shall be deemed to be supplemented to include such description of such commercial tort claim as set forth in such writing.

 

(d)            Limitations
on Perfection. Notwithstanding anything herein to the contrary, no actions in any non-U.S. jurisdiction or required by the laws of
any non-U.S. jurisdiction shall be required to be taken to create any security interests in assets located or titled outside of the United
States (including any Equity Interests of any Foreign Subsidiary and foreign Intellectual Property) or to perfect or make enforceable
any security interests in any such assets (it being understood that there shall be no security agreements or pledge agreements governed
under the laws of any non-U.S. jurisdiction).

 

SECTION 3.
05     Covenants Regarding Patent, Trademark and Copyright Collateral.

 

(a)            Except
to the extent failure so to act would not reasonably be expected to have a Material Adverse Effect of the type referred to in clause
(a) or (b) of the definition of such term in the Credit Agreement, or except as otherwise provided in Section 3.05(d),
with respect to registration or pending application of each item of its owned United States Intellectual Property, each Grantor agrees
(i) to maintain the validity and enforceability of any registered owned United States Intellectual Property (or applications therefor)
and to maintain such registrations and applications of such Intellectual Property in full force and effect and (ii) to pursue the
registration and maintenance of each Patent, Trademark or Copyright registration or application, now or hereafter included in the owned
United States Intellectual Property of such Grantor, including the payment of required fees and taxes, the filing of responses to office
actions issued by the United States Patent and Trademark Office, the United States Copyright Office or other governmental authorities,
the filing of applications for renewal or extension, the filing of affidavits under Sections 8 and 15 of the U.S. Trademark Act, the
filing of divisional, continuation, continuation-in-part, reissue and renewal applications or extensions, the payment of maintenance
fees and the participation in interference, reexamination, opposition, cancellation, infringement and misappropriation proceedings.

 

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(b)            Except
as would not reasonably be expected to have a Material Adverse Effect of the type referred to in clause (a) or (b) of the definition
of such term in the Credit Agreement, or except as otherwise provided in Section 3.05(d), no Grantor shall do or permit any act
or knowingly omit to do any act whereby any of its owned United States Intellectual Property may lapse, be terminated, or become invalid
or unenforceable or placed in the public domain (or in case of a trade secret, lose its competitive value).

 

(c)            Except
where failure to do so would not reasonably be expected to have a Material Adverse Effect of the type referred to in clause (a) or
(b) of the definition of such term in the Credit Agreement, each Grantor shall take all steps to preserve and protect each item
of its owned United States Intellectual Property, including maintaining the quality of any and all products or services used or provided
in connection with any of the Trademarks, consistent with the quality of the products and services as of the Effective Date, and taking
all steps necessary to ensure that all licensed users of any of the Trademarks abide by the applicable license’s terms with respect
to the standards of quality.

 

(d)            Nothing
in this Agreement shall prevent any Grantor from disposing of, discontinuing the use or maintenance of, failing to pursue or otherwise
allowing to lapse, terminate or put into the public domain any of its Intellectual Property to the extent not prohibited by the Credit
Agreement.

 

ARTICLE IV

 

Remedies

 

SECTION 4.
01     Remedies upon Default. If an Event of Default shall have occurred and is continuing and the
Collateral Agent shall have notified the Grantors in writing of its intent to exercise such rights, each Grantor agrees to deliver, on
demand, each item of Collateral to the Collateral Agent or any Person designated by the Collateral Agent, and it is agreed that the Collateral
Agent shall have the right to take any or all of the following actions at the same or different times: (a) with respect to any Article 9
Collateral consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance
of any of or all such Article 9 Collateral by the applicable Grantors to the Collateral Agent, for the benefit of the Secured Parties,
or to license or sublicense, whether on an exclusive or nonexclusive basis, any such Article 9 Collateral throughout the world on
such terms and conditions and in such manner as the Collateral Agent shall determine (other than in violation of any then-existing licensing
arrangements to the extent that waivers cannot be obtained) but subject to such restrictions provided in Section 4.03, and (b) with
or without legal process and with or without demand for performance but with written notice (which need not be prior notice), to take
possession of the Article 9 Collateral and the Pledged Collateral (subject to Article II) and without liability for trespass
to enter any premises where the Article 9 Collateral or the Pledged Collateral may be located for the purpose of taking possession
of or removing the Article 9 Collateral and the Pledged Collateral and, generally, to exercise any and all rights afforded to a
secured party under the Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Grantor
agrees that the Collateral Agent shall have the right, subject to the mandatory requirements of applicable law and the notice requirements
described below, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s
board or on any securities exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. The
Collateral Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders
or purchasers to Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and
not with a view to the distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the right
to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral
shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the
extent permitted by law) all rights of redemption, stay and appraisal that such Grantor now has or may at any time in the future have
under any rule of law or statute now existing or hereafter enacted.

 

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The
Collateral Agent shall give the applicable Grantors no less than 10 days’ written notice (which each Grantor agrees is reasonable
notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral
Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for
such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which
such sale is to be made and the day on which the Collateral or portion thereof, will first be offered for sale at such board or exchange.
Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral
Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be
sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The
Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact
that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public
or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale
may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of
the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale
price is paid by the purchaser or purchasers thereof, but the Collateral Agent and the other Secured Parties shall not incur any liability
in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such
Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to this
Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation
or appraisal on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted by law), the Collateral
or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured
Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold,
retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a written agreement
to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out
such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject
thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall
have been remedied and the Secured Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon
it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or
any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by
a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially
reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions.

 

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SECTION 4.
02     Application of Proceeds.
Subject to any applicable Intercreditor Agreement, the Collateral Agent shall apply the proceeds of any collection or sale of Collateral,
including any Collateral consisting of cash, in the order set forth in Section 7.03 of the Credit Agreement.

 

The Collateral
Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement.
Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding),
the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers
of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase
money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

 

SECTION 4.
03     Grant of License to
Use Intellectual Property. Solely for the purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement,
each Grantor, solely during the continuance of an Event of Default, grants to the Collateral Agent an irrevocable (during the continuance
of the Event of Default), nonexclusive license (exercisable without payment of royalty or other compensation to the Grantors) to use,
license or sublicense any of the Collateral consisting of Intellectual Property and Licenses (to the extent that they can be sublicensed
or assigned to the Collateral Agent) now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including
in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software
and programs used for the compilation or printout thereof (in each case subject to any Grantor’s reasonable security policies and
obligations of confidentiality as previously disclosed to the Collateral Agent) to the extent that such non-exclusive license (a) does
not violate the express terms of any agreement or License between a Grantor and a third party governing the applicable Grantor’s
use of such Collateral consisting of Intellectual Property and Licenses, or gives such third party any right of acceleration, modification
or cancellation therein and (b) is not prohibited by any Requirements of Law; provided that (i) such licenses to be
granted hereunder with respect to Trademarks shall be subject to the maintenance of reasonable quality standards with respect to the
goods and services on which such Trademarks are used sufficient to preserve the validity of such Trademarks, (ii) such licenses
granted with regard to trade secrets shall be subject to the requirement that the trade secret status of such trade secrets be maintained
and (iii) reasonable patent, trademark, copyright and proprietary notices are used. The use of such license by the Collateral Agent
may only be exercised, at the option of the Collateral Agent, during the continuation of an Event of Default; provided further
that any license, sublicense or other transaction entered into by the Collateral Agent in accordance herewith shall be binding upon the
Grantors notwithstanding any subsequent cure of an Event of Default.

 

     19

     

    

 

SECTION 4.
04     Securities Act.
In view of the position of the Grantors in relation to the Pledged Collateral, or because of other current or future circumstances, a
question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous
in purpose or effect (such Act and any such similar statute as from time to time in effect being called the “Federal Securities
Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each Grantor understands that compliance
with the Federal Securities Laws might very strictly limit the course of conduct of the Collateral Agent if the Collateral Agent were
to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which any
subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations
affecting the Collateral Agent in any attempt to dispose of all or part of the Pledged Collateral under applicable blue sky or other
state securities laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light of such restrictions and
limitations the Collateral Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers to those who will agree,
among other things, to acquire such Pledged Collateral for their own account, for investment and not with a view to the distribution
or resale thereof. Each Grantor acknowledges and agrees that in light of such restrictions and limitations, the Collateral Agent, in
its sole and absolute discretion, (a) may proceed to make such sale whether or not a registration statement for the purpose of registering
such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws to the extent the Collateral Agent has
determined that such a registration is not required by any Requirement of Law and (b) may approach and negotiate with a limited
number of potential purchasers (including a single potential purchaser) to effect such sale. Each Grantor acknowledges and agrees that
any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions.
In the event of any such sale, the Collateral Agent and the other Secured Parties shall incur no responsibility or liability for selling
all or any part of the Pledged Collateral at a price that the Collateral Agent, in its sole and absolute discretion, may in good faith
deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if
the sale were deferred until after registration as aforesaid or if more than a limited number of purchasers (or a single purchaser) were
approached. The provisions of this Section 4.04 will apply notwithstanding the existence of a public or private market upon which
the quotations or sales prices may exceed substantially the price at which the Collateral Agent sells.

 

 

ARTICLE V

 

Miscellaneous

 

SECTION 5.
01     Notices. All communications
and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 9.01
of the Credit Agreement. All communications and notices hereunder to any Grantor shall be given to it in care of the Borrower as provided
in Section 9.01 of the Credit Agreement.

 

     20

     

    

 

SECTION 5.
02     Waivers; Amendment.

 

(a)      No
failure or delay by the Collateral Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other
Loan Document shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Collateral Agent, the Issuing Banks and the Lenders hereunder and under the other Loan
Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of
this Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section 5.02, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of
Credit shall not be construed as a waiver of any Default, regardless of whether the Collateral Agent, any Lender or any Issuing Bank
may have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan
Party to any other or further notice or demand in similar or other circumstances.

  

(b)      Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the Collateral Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject
to any consent required in accordance with Section 9.02 of the Credit Agreement; provided that the Collateral Agent may,
without the consent of any Secured Party, consent to a departure by any Grantor from any covenant of such Grantor set forth herein to
the extent such departure is consistent with the authority of the Collateral Agent set forth in the definition of the term “Collateral
and Guarantee Requirement” in the Credit Agreement.

 

SECTION 5.
03     Collateral Agent’s
Fees and Expenses; Indemnification.

 

(a)      Each
Grantor, jointly with the other Grantors and severally, agrees to reimburse the Collateral Agent for its fees and expenses incurred hereunder
as provided in Section 9.03(a) of the Credit Agreement; provided that each reference therein to the “Borrower”
shall be deemed to be a reference to “each Grantor”.

 

(b)    Each
Grantor, jointly with the other Grantors and severally, agrees to indemnify the Collateral Agent and the other Indemnitees as provided
in Section 9.03(b) of the Credit Agreement mutatis mutandis; provided that each reference therein to the “Borrower”
shall be deemed to be a reference to “each Grantor”.

 

(c)     To
the fullest extent permitted by applicable law, no Grantor shall assert, and each Grantor hereby waives, any claim against any Indemnitee
for any direct or actual damages arising from the use by unintended recipients of information or other materials distributed to such
unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems (including
the Internet) in connection with this Agreement, the Credit Agreement, or any other Loan Document or the transactions contemplated hereby
or thereby, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such direct or actual
damages are determined by a court of competent jurisdiction in a final, non-appealable judgment to have resulted from the gross negligence
or willful misconduct of, or a material breach of the Loan Documents by, such Indemnitee or its Related Parties. To the fullest extent
permitted by applicable law, neither any Grantor nor any Indemnitee shall assert, and each hereby waives, any claim against any Grantor
or any Indemnitee, as applicable, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, the Credit Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of
the proceeds thereof.

 

     21

     

    

 

(d)     The
provisions of this Section 5.03 shall remain operative and in full force and effect regardless of the termination of this Agreement
or any other Loan Document, the consummation of the transactions contemplated hereby or thereby, the repayment of any of the Secured
Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation
made by or on behalf of any Secured Party. All amounts due under this Section shall be payable not later than thirty (30) days after
written demand therefor; provided, however, any Indemnitee shall promptly refund an indemnification payment received hereunder
to the extent that there is a final judicial determination that such Indemnitee was not entitled to indemnification with respect to such
payment pursuant to this Section 5.03. Any such amounts payable as provided hereunder shall be additional Secured Obligations.

  

SECTION 5.
04     Successors and Assigns.
Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors
and assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the Collateral Agent that are
contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.

 

SECTION 5.
05     Survival of Agreement.
All covenants, agreements, representations and warranties made by the Loan Parties in this Agreement or any other Loan Document and in
the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be
considered to have been relied upon by the Secured Parties and shall survive the execution and delivery of the Loan Documents and the
making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by or on behalf of any Secured Party
and notwithstanding that the Collateral Agent, any Issuing Bank, any Lender or any other Secured Party may have had notice or knowledge
of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement or any other Loan
Document, and shall continue in full force and effect until such time as the Termination Date shall have occurred.

 

SECTION 5.
06     Counterparts; Effectiveness;
Several Agreement. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed
signature page to this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed
counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of
such Grantor shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral
Agent, and thereafter shall be binding upon such Grantor and the Collateral Agent and their respective permitted successors and assigns,
and shall inure to the benefit of such Grantor, the Collateral Agent and the other Secured Parties and their respective successors and
assigns, except that no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein
(and any such assignment or transfer shall be void) except as expressly provided in this Agreement and the Credit Agreement. This Agreement
shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented, waived or released
with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder.

 

     22

     

    

 

SECTION 5.
07     Severability. Any
provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. The parties shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of such invalid, illegal or unenforceable provisions.

  

SECTION 5.
08     Right of Set-Off.
If an Event of Default under Sections 7.01(a), (b), (h) or (i) of the Credit Agreement shall have occurred and be continuing,
each Lender and each Issuing Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to
set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held
and other obligations (in whatever currency) at any time owing by such Lender or such Issuing Bank to or for the credit or the account
of any Grantor against any of and all the obligations of such Grantor then due and owing under this Agreement held by such Lender or
such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall have made any demand under this Agreement and
although such obligations are owed to a branch or office of such Lender or such Issuing Bank different from the branch or office holding
such deposit or obligated on such Indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of
setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance
with the provisions of Section 2.22 of the Credit Agreement and, pending such payment, shall be segregated by such Defaulting Lender
from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and (y) the Defaulting
Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to
such Defaulting Lender as to which it exercised such right of setoff. The applicable Lender or Issuing Bank shall notify the applicable
Grantor and the Collateral Agent of such setoff and application; provided that any failure to give or any delay in giving such
notice shall not affect the validity of any such setoff and application under this Section 5.08. The rights of each Lender and each
Issuing Bank under this Section 5.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender
or such Issuing Bank may have. Notwithstanding the foregoing, no amount received or set off from any Grantor shall be applied to any
Excluded Swap Obligation of such Grantor.

 

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SECTION 5.
09     Governing Law; Jurisdiction;
Consent to Service of Process; Appointment of Service of Process Agent.

 

(a)     This
Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

(b)     Each
party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
the Supreme Court of the State of New York sitting in New York County in the Borough of Manhattan and of the United States District Court
of the Southern District of New York sitting in New York County in the Borough of Manhattan, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each
of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Collateral Agent, any
Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Grantor or its
respective properties in the courts of any jurisdiction.

  

(c)     Each
party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)     Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01. Nothing in
any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

(e)     Each
Grantor hereby irrevocably designates, appoints and empowers the Borrower as its designee, appointee and agent to receive, accept and
acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents
that may be served in any such action or proceeding.

 

SECTION 5.
10     WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.10.

 

     24

     

    

 

SECTION 5.
11     Headings. Article and
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and
shall not affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

SECTION 5.
12     Security Interest Absolute.
All rights of the Collateral Agent hereunder, the Security Interest, the grant of a security interest in the Pledged Collateral and all
obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability
of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement
or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term
of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement,
any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral,
or any release or amendment or waiver of or consent under or departure from any guarantee securing or guaranteeing all or any of the
Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any
Grantor in respect of the Secured Obligations or this Agreement.

  

SECTION 5.
13     Termination or Release.

 

(a)     This
Agreement, the Security Interest and all other security interests granted hereby shall automatically terminate upon the occurrence of
the Termination Date.

 

(b)     The
Security Interest and all other security interests granted hereby shall also terminate and be released at the time or times and in the
manner set forth in Section 9.15 of the Credit Agreement. A Subsidiary Loan Party shall also be released from its obligations under
this Agreement at the time or times and in the manner set forth in Section 9.15 of the Credit Agreement.

 

(c)     In
connection with any termination or release pursuant to paragraph (a) or (b) of this Section, the Collateral Agent shall execute
and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence
such termination or release and the Collateral Agent shall, following the reasonable request of such Loan Party, deliver to such Loan
Party the certificates and instruments evidencing the Collateral so released that are then held by the Collateral Agent hereunder. Any
execution and delivery of documents by the Collateral Agent pursuant to this Section shall be without recourse to or warranty by
the Collateral Agent.

 

SECTION 5.
14     Additional Grantors.
Pursuant to the Credit Agreement, additional Subsidiaries, Successor Holdings or a Successor Borrower may or may be required to become
Grantors after the date hereof. Upon execution and delivery by the Collateral Agent and a Subsidiary, Successor Holdings or a Successor
Borrower of a Supplement (which shall be accompanied by an Information Certificate duly executed by such Subsidiary, Successor Holdings
or Successor Borrower), any such Subsidiary, Successor Holdings or a Successor Borrower shall become a Grantor hereunder with the same
force and effect as if originally named as such herein. The execution and delivery of any such instrument shall not require the consent
of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding
the addition of any Subsidiary, Successor Holdings or a Successor Borrower as a party to this Agreement.

 

     25

     

    

 

SECTION 5.
15     Collateral Agent Appointed
Attorney-in-Fact. Each Grantor hereby appoints the Collateral Agent the attorney-in-fact of such Grantor for the purpose of carrying
out the provisions of this Agreement and taking any action and executing any instrument that the Collateral Agent may deem necessary
or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default, which appointment
is irrevocable and coupled with an interest until the Termination Date. Without limiting the generality of the foregoing, the Collateral
Agent shall have the right, but only upon the occurrence and during the continuance of an Event of Default and written notice by the
Collateral Agent to the Borrower of its intent to exercise such rights, with full power of substitution either in the Collateral Agent’s
name or in the name of such Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts,
money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment
of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any
invoice or bill of lading relating to any of the Collateral; (d) to send verifications of Accounts Receivable to any Account Debtor;
(e) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction
to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle,
compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify,
or to require any Grantor to notify, Account Debtors to make payment directly to the Collateral Agent; and (h) to use, sell, assign,
transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and
things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute
owner of the Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Collateral
Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent,
or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due
or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties shall be accountable
only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers,
directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross
negligence or willful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact.

 

     26

     

    

 

SECTION 5.
16     Intercreditor Agreements
Govern. Notwithstanding anything herein to the contrary, the lien and security interest granted to the Collateral Agent pursuant
to this Agreement and the exercise of any right or remedy by the Collateral Agent hereunder are subject to the provisions of any applicable
Intercreditor Agreement. In the event of any conflict between the terms of any applicable Intercreditor Agreement and this Agreement,
the terms of such applicable Intercreditor Agreement shall govern.

 

[Signature
Pages Follow]

 

     27

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

 

	 	VACASA HOLDINGS LLC
	 	 
	 	 
	 	By:	
	 		Name: Jamie Cohen
	 		Title:   Chief Financial Officer
	 	 
	 	 
	 	V-REVOLVER
    SUB LLC
	 	 
	 	 
	 	By:	 
	 		Name:  Jamie Cohen
	 		Title:    President
	 	 
	 	 
	 	VACASA
    LLC
	 	 
	 	 
	 	By:	 
	 		Name:  Lisa Jurinka
	 		Title:    Secretary
	 	 
	 	 
	 	TURNKEY
    VACATION RENTALS, LLC
	 	 
	 	 
	 	By:	 
	 		Name: Lisa Jurinka
	 		Title:
    	Chief
    Legal Officer

 

Signature
Page to Collateral Agreement

 

     

     

    

 

	 	VACASA
    ALABAMA LLC
	 	 
	 	 
	 	By:	
	 	 	Name:
    Lisa Jurinka
	 	 	Title:
      Chief Legal Officer
	 	 
	 	 
	 	VACASA
    FLORIDA LLC
	 	 
	 	 
	 	By:	
	 	 	Name:
    Carmela Bell
	 	 	Title:  
    Manager
	 	 
	 	 
		VACASA
    NORTH CAROLINA LLC
	 	 
	 	 
	 	By:
	
	 	 	Name:
    Michele Clark
	 	 	Title:
      Manager
	 	 
	 	 
	 	VACASA
    SOUTH CAROLINA LLC
	 	 
	 	 
	 	By:	
	 	 	Name:
    Bob Milne
	 	 	Title:
      Manager
	 	 
	 	 
	 	VACASA
    TENNESSEE LLC
	 	 
	 	 
	 	By:	
	 	 	Name:
    Hannah Grizzle
	 	 	Title:
      Manager

 

Signature
Page to Collateral Agreement

 

     

     

    

 

	 	VACASA
    VACATION RENTALS OF HAWAII LLC
	 	 
	 	 
	 	By:	
	 	 	Name:
    Christie Dille
	 	 	Title:
      Manager

 

Signature
Page to Collateral Agreement

 

     

     

    

 

	 	JPMORGAN
    CHASE BANK, N.A., as Collateral Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Exhibit I
to the

Collateral Agreement

 

SUPPLEMENT
NO. __ dated as of [  ] (this “Supplement”), to the Collateral Agreement dated as of [ ], 2021 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “Collateral Agreement”), Vacasa
holdings llc, a Delaware limited liability company (“Holdings”), V-REVOLVER SUB LLC, a Delaware limited liability
company (the “Borrower”), the other GRANTORS from time to time party hereto and JPMORGAN CHASE BANK, N.A., as Collateral
Agent (in such capacity and together with successors in such capacity, the “Collateral Agent”).

 

A.      Reference
is made to (a) the Revolving Credit Agreement dated as of October [7], 2021 (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among Holdings, the Borrower, the Lenders party
thereto, the Issuing Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and as Collateral Agent and (b) the
Collateral Agreement.

 

B.      Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement and the Collateral
Agreement, as applicable.

 

C.      The
Grantors have entered into the Collateral Agreement in order to induce the Lenders to make Loans and the Issuing Banks to issue Letters
of Credit. Section 5.14 of the Collateral Agreement provides that [additional Subsidiaries] [Successor Borrower] [Successor Holdings]
may become Grantors under the Collateral Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned
[Subsidiary] [Successor Borrower] [Successor Holdings] (the “New Grantor”) is executing this Supplement in accordance
with the requirements of the Credit Agreement to become a Grantor under the Collateral Agreement in order to induce the Lenders to make
additional Loans and the Issuing Banks to issue additional Letters of Credit and as consideration for Loans previously made and Letters
of Credit previously issued.

 

Accordingly,
the Collateral Agent and the New Grantor agree as follows:

 

SECTION 1.     In
accordance with Section 5.14 of the Collateral Agreement, the New Grantor by its signature below becomes a Grantor under the Collateral
Agreement with the same force and effect as if originally named therein as a Grantor, and the New Grantor hereby (a) agrees to all
the terms and provisions of the Collateral Agreement applicable to it as a Grantor thereunder and (b) represents and warrants that
the representations and warranties made by it as a Grantor thereunder are true and correct on and as of the date hereof. In furtherance
of the foregoing, the New Grantor, as security for the payment and performance in full of the Secured Obligations, does hereby create
and grant to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in and lien
on all of the New Grantor’s right, title and interest in, to and under the Pledged Collateral and the Article 9 Collateral
(as each such term is defined in the Collateral Agreement). Each reference to a “Grantor” in the Collateral Agreement shall
be deemed to include the New Grantor. The Collateral Agreement is hereby incorporated herein by reference.

 

     

     

    

 

SECTION 2.     The
New Grantor represents and warrants to the Collateral Agent and the other Secured Parties that this Supplement has been duly authorized,
executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms,
except to the extent that enforceability of such obligations may be limited by applicable bankruptcy, insolvency and other similar laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding
in equity or at law.

 

SECTION 3.     This
Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this
Supplement by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Supplement.
This Supplement shall become effective as to the New Grantor when a counterpart hereof executed on behalf of the New Grantor shall have
been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter
shall be binding upon the New Grantor and the Collateral Agent and their respective permitted successors and assigns, and shall inure
to the benefit of the New Grantor, the Collateral Agent and the other Secured Parties and their respective successors and assigns, except
that the New Grantor shall not have the right to assign or transfer its rights or obligations hereunder or any interest herein (and any
such assignment or transfer shall be void) except as expressly provided in this Supplement, the Collateral Agreement and the Credit Agreement.

 

SECTION 4.     The
New Grantor hereby represents and warrants that, as of the date hereof, (a) set forth on Schedule I attached hereto is a schedule
with the true and correct legal name of the New Grantor, its jurisdiction of formation and the location of its chief executive office,
(b) Schedule II sets forth a true and complete list, with respect to the New Grantor, of (i) all the Equity Interests owned
by the New Grantor in any Subsidiary and the percentage of the issued and outstanding units of each class of the Equity Interests of
the issuer thereof represented by the Pledged Equity Interests owned by the New Grantor and (ii) all the Pledged Debt Securities
owned by the New Grantor and (c) Schedule III attached hereto sets forth (i) all of the New Grantor’s Patents constituting
Article 9 Collateral, including the name of the registered owner, type, registration or application number and the expiration date
(if already registered) of each such Patent owned by the New Grantor, (ii) all of the New Grantor’s Trademarks constituting
Article 9 Collateral, including the name of the registered owner, the registration or application number and the expiration date
(if already registered) of each such Trademark owned by the New Grantor, and (iii) all of the New Grantor’s Copyrights (including
exclusive Copyright Licenses) constituting Article 9 Collateral, including the name of the registered owner, title and, if applicable,
the registration number of each such Copyright owned or licensed by the New Grantor, and (d) Schedule IV attached hereto sets forth,
as of the date hereof, each Commercial Tort Claim in respect of which a complaint or counterclaim has been filed by the New Grantor seeking
damages in an amount of $10,000,000 or more.

 

     

     

    

 

SECTION 5.     Except
as expressly supplemented hereby, the Collateral Agreement shall remain in full force and effect.

 

SECTION 6.     THIS
SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

SECTION 7.     Any
provision of this Supplement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. The parties shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of such invalid, illegal or unenforceable provisions.

 

SECTION 8.     All
communications and notices hereunder shall be in writing and given as provided in Section 5.01 of the Collateral Agreement.

 

SECTION 9.     The
New Grantor agrees to reimburse the Collateral Agent for its fees and expenses incurred hereunder and under the Collateral Agreement
as provided in Section 9.03(a) of the Credit Agreement; provided that each reference therein to the “Borrower”
shall be deemed to be a reference to “the New Grantor” and each reference therein to the “Administrative Agent”
shall be deemed to be a reference to the “Collateral Agent.”

 

[Signature
Pages Follow]

 

     

     

    

 

 

IN
WITNESS WHEREOF, the New Grantor and the Collateral Agent have duly executed this Supplement to the Collateral Agreement as of the day
and year first above written.

 

 

	 	[NAME
    OF NEW GRANTOR],
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 	Legal
    Name:
	 	 	Jurisdiction
    of Formation:
	 	 	Location
    of Chief Executive Office:
	 	 
	 	 
	 	JPMORGAN
    CHASE BANK, N.A.,
	 	as
    Collateral Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to Supplement to Collateral Agreement

 

     

     

    

 

Exhibit II to the

Collateral Agreement

 

COPYRIGHT SECURITY AGREEMENT
dated as of [ ], 20[ ] (this “Agreement”), among [        ] (the “Grantor”)
and JPMORGAN CHASE BANK, N.A., as Collateral Agent (in such capacity and together with successors in such capacity, the “Collateral
Agent”).

 

Reference is made to (a) the
Revolving Credit Agreement dated as of October [7], 2021 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Vacasa holdings llc, a
Delaware limited liability company (“Holdings”), V-REVOLVER SUB LLC, a Delaware limited liability company (the “Borrower”),
the Lenders party thereto, the Issuing Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent,
and (b) the Collateral Agreement dated as of [ ], 2021 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Collateral Agreement”), among Holdings, the Borrower, the other grantors from time to time party
thereto and the Collateral Agent. The Lenders and the Issuing Banks have agreed to extend credit to the Borrower subject to the terms
and conditions set forth in the Credit Agreement. The Grantor is an Affiliate of the Borrower, will derive substantial benefits from the
extension of credit to the Borrower pursuant to the Credit Agreement and is willing to execute and deliver this Agreement in order to
induce the Lenders to make additional Loans and the Issuing Banks to issue additional Letters of Credit and as consideration for Loans
previously made and Letters of Credit previously issued. Accordingly, the parties hereto agree as follows:

 

SECTION 1.     Terms.
Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Collateral Agreement or the
Credit Agreement, as applicable. The rules of construction specified in Section 1.01(b) of the Collateral Agreement also
apply to this Agreement.

 

SECTION 2.     Grant
of Security Interest. As security for the payment or performance, as the case may be, in full of all Secured Obligations, the Grantor
hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security
Interest”) in all of the Grantor’s right, title and interest in, to and under the Copyrights, including the registrations
and applications thereof listed on Schedule I, and the exclusive Copyright Licenses under which such Grantor is a licensee, including
the registrations and applications subject thereto listed on Schedule II (the “Copyright Collateral”).

 

SECTION 3.     Collateral
Agreement. The Security Interest granted to the Collateral Agent herein is granted in furtherance, and not in limitation, of the security
interests granted to the Collateral Agent pursuant to the Collateral Agreement. The Grantor hereby acknowledges and affirms that the rights
and remedies of the Collateral Agent with respect to the Copyright Collateral are more fully set forth in the Collateral Agreement, the
terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between
the terms of this Agreement and the Collateral Agreement, the terms of the Collateral Agreement shall govern.

 

    	 

    	 

    

 

SECTION 4.     Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this
Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement.

 

Section 5.     Governing
Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

[Remainder of this page intentionally
left blank]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the day and year first above written.

 

	 	[                                            ],
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to Copyright Security Agreement

 

    	 

    	 

    

 

	 	JPMORGAN CHASE BANK, N.A., as Collateral Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to Copyright Security Agreement

 

    	 

    	 

    

 

Exhibit III to the

Collateral Agreement

 

PATENT SECURITY AGREEMENT dated
as of [   ], 20[ ] (this “Agreement”), among [        ] (the
 “Grantor”) and JPMORGAN CHASE BANK, N.A., as Collateral Agent (in such capacity and together with successors in such
capacity, the “Collateral Agent”).

 

Reference is made to (a) the
Revolving Credit Agreement dated as of October [7], 2021 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among VACASA HOLDINGS LLC, a Delaware limited liability company (“Holdings”),
V-REVOLVER SUB LLC, a Delaware limited liability company (the “Borrower”), the Lenders party thereto, the Issuing Banks
party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, and (b) the Collateral Agreement dated
as of [ ] , 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Collateral Agreement”),
among Holdings, the Borrower, the other grantors from time to time party thereto and the Collateral Agent. The Lenders and the Issuing
Banks have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The Grantor
is an Affiliate of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit
Agreement and is willing to execute and deliver this Agreement in order to induce the Lenders to make additional Loans and the Issuing
Banks to issue additional Letters of Credit and as consideration for Loans previously made and Letters of Credit previously issued. Accordingly,
the parties hereto agree as follows:

 

SECTION 1.     Terms.
Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Collateral Agreement or the
Credit Agreement, as applicable. The rules of construction specified in Section 1.01(b) of the Collateral Agreement also
apply to this Agreement.

 

SECTION 2.     Grant
of Security Interest. As security for the payment or performance, as the case may be, in full of all Secured Obligations, the Grantor
hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security
Interest”) in all of the Grantor’s right, title and interest in, to and under the Patents, including the registrations
and applications thereof listed on Schedule I (the “Patent Collateral”).

 

SECTION 3.     Collateral
Agreement. The Security Interest granted to the Collateral Agent herein is granted in furtherance, and not in limitation, of the security
interests granted to the Collateral Agent pursuant to the Collateral Agreement. The Grantor hereby acknowledges and affirms that the rights
and remedies of the Collateral Agent with respect to the Patent Collateral are more fully set forth in the Collateral Agreement, the terms
and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between
the terms of this Agreement and the Collateral Agreement, the terms of the Collateral Agreement shall govern.

 

    	 		 

     

    

 

SECTION 4.     Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this
Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement.

 

Section 5.     Governing
Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

[Remainder of this page intentionally left
blank]

 

    	 	- 2 -	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the day and year first above written.

 

	 	[                                            ],
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to Patent security Agreement

 

    	 

    	 

    

 

	 	JPMORGAN CHASE BANK, N.A., as Collateral Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to Patent security Agreement

 

    	 

    	 

    

 

Exhibit IV to the

Collateral Agreement

 

TRADEMARK SECURITY AGREEMENT
dated as of [ ], 20[ ] (this “Agreement”), among [        ] (the “Grantor”)
and JPMORGAN CHASE BANK, N.A., as Collateral Agent (in such capacity and together with successors in such capacity, the “Collateral
Agent”).

 

Reference is made to (a) the
Revolving Credit Agreement dated as of October [7], 2021 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among VACASA HOLDINGS LLC, a Delaware limited liability company (“Holdings”),
V-REVOLVER SUB LLC, a Delaware limited liability company (the “Borrower”), the Lenders party thereto, the Issuing Banks
party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, and (b) the Collateral Agreement dated
as of [ ], 2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Collateral Agreement”),
among Holdings, the Borrower, the other grantors from time to time party thereto and the Collateral Agent. The Lenders and the Issuing
Banks have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The Grantor
is an Affiliate of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit
Agreement and is willing to execute and deliver this Agreement in order to induce the Lenders to make additional Loans and the Issuing
Banks to issue additional Letters of Credit and as consideration for Loans previously made and Letters of Credit previously issued. Accordingly,
the parties hereto agree as follows:

 

SECTION 1.     Terms.
Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Collateral Agreement or the
Credit Agreement, as applicable. The rules of construction specified in Section 1.01(b) of the Collateral Agreement also
apply to this Agreement.

 

SECTION 2.     Grant
of Security Interest. As security for the payment or performance, as the case may be, in full of all Secured Obligations, the Grantor
hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security
Interest”) in all of the Grantor’s right, title and interest in, to and under the Trademarks, including the registrations
and applications thereof listed on Schedule I (the “Trademark Collateral”).

 

SECTION 3.     Collateral
Agreement. The Security Interest granted to the Collateral Agent herein is granted in furtherance, and not in limitation, of the security
interests granted to the Collateral Agent pursuant to the Collateral Agreement. The Grantor hereby acknowledges and affirms that the rights
and remedies of the Collateral Agent with respect to the Trademark Collateral are more fully set forth in the Collateral Agreement, the
terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between
the terms of this Agreement and the Collateral Agreement, the terms of the Collateral Agreement shall govern.

 

    	 

    	 

    

 

SECTION 4.     Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this
Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement.

 

Section 5.     Governing
Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

[Remainder of this page intentionally left
blank]

 

    	 	- 2 -	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the day and year first above written.

 

	 	[                                            ],
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to Trademark Security Agreement

 

    	 

    	 

    

 

	 	JPMORGAN CHASE BANK, N.A., as Collateral Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to Trademark Security AgreementExhibit 4.1

 

RIGHTS AGREEMENT

 

This Rights Agreement (this
 “Agreement”) is made as of October 18, 2021 between Blockchain Moon Acquisition Corp., a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation 10004 (“Rights Agent”).

 

WHEREAS, the Company is undertaking
a public offering (the “Public Offering”) of 10,000,000 units (up to 11,500,000 units if the underwriters’ over-allotment
option is exercised in full), each unit (“Unit”) comprised of one share of common stock with par value $0.0001 per share of
the Company (“Common Stock”), one right to receive one-tenth of one share of Common Stock, subject to adjustment, upon the
happening of the triggering event described herein (each a “Public Right”), and one warrant to purchase one-half of one share
of Common Stock (the “Warrant”), and in connection therewith, will issue and deliver up to an aggregate of 10,000,000
Rights (or up to 11,500,000 Rights if the underwriters’ over-allotment option is exercised in full) as part of such Units upon consummation
of such private placement (the “Public Offering”); and

 

WHEREAS, simultaneously with
the consummation of the Public Offering, the Company will issue and deliver to Jupiter Sponsor, LLC (the “Sponsor”) up to
an aggregate of 400,000 rights (or up to 430,000 rights if the underwriters’ over-allotment option is exercised in full) underlying
private units (the “Private Rights”);

 

WHEREAS, in connection with
the Public Offering, the Company will issue and deliver up to 550,000 rights (underlying 550,000 unit purchase options) to Chardan Capital
Markets, LLC or its designees (“CCM Rights” and, together with the Public Rights and the Private Rights, the “Rights”);

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File No. 333-259770
(“Registration Statement”), and related Prospectus (“Prospectus”) for the registration, under the Securities Act
of 1933, as amended (“Act”), of, among other securities, the Public Rights and the shares of Common Stock issuable to the
holders of the Public Rights; and

 

WHEREAS, the Company desires
the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the issuance, registration,
transfer and exchange of the Rights; and

 

WHEREAS, the Company desires
to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective rights, limitation
of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned by or on
behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Rights Agent. The
Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and the Rights Agent hereby accepts such appointment
and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Rights.

 

2.1. Form of
Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or
Chief Executive Officer and the Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the
person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which such person
signed the Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased to be such at the
date of issuance.

 

     

     

    

 

2.2. Effect of Countersignature.
Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid and of no effect and may not be
exchanged for shares of Common Stock.

 

2.3. Registration.

 

2.3.1. Right Register.
The Rights Agent shall maintain books (“Right Register”) for the registration of original issuance and the registration of
transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register the Rights in the names of
the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Rights Agent by the
Company.

 

2.3.2. Registered Holder.
Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and treat the person in
whose name such Right shall be registered upon the Right Register (“registered holder”) as the absolute owner of such Right
and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the Right Certificate made by anyone
other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other purposes, and neither the Company
nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4. Detachability
of Rights. The securities comprising the Units, including the Public Rights, will not be separately transferable until the earlier
to occur of: (i) the 90th day following the date of the Prospectus or (ii) the announcement by Chardan Capital Markets,
LLC , as representative of the underwriters in the Public Offering (the “Representative”), of its intention to allow separate
earlier trading, except that in no event will the securities comprising the Units be separately tradeable until the Company files a Current
Report on Form 8-K with the SEC which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds
of the Public Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment
option is exercised by the date thereof and the Company issues a press release and files a Current Report on Form 8-K with the SEC
announcing when such separate trading shall begin.

 

3. Terms and Exchange of Rights

 

3.1. Rights. Each
Right shall entitle the holder thereof to receive one-tenth (1/10) of one share of Common Stock upon the happening of an Exchange Event
(defined below). No additional consideration shall be paid by a holder of a Right in order to receive his, her or its shares of Common
Stock upon an Exchange Event as the purchase price for such Common Stock has been included in the purchase price for the Units.

 

3.2. Exchange Event.
An “Exchange Event” shall occur upon the Company’s consummation of an initial Business Combination (as defined in the
Company’s Amended and Restated Certificate of Incorporation).

 

3.3. Exchange of Rights.

 

3.3.1. Issuance of
Common Stock. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the Rights to
return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Rights Agent shall issue to
the registered holder of such Right(s) the number of full shares of Common Stock to which he, she or it is entitled, registered
in such name or names as may be directed by him, her or it and issue to such registered holder(s) a certificate or book-entry
position for the such shares. Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no
event will the Company be required to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of
Rights. In the event that any holder would otherwise be entitled to any fractional share upon exchange of Rights, at the time of an
Exchange Event, the Company will instruct the Right Agent how any such entitlement will be addressed. To the fullest extent
permitted by the Company’s Amended and Restated Certificate of Incorporation the Company reserves the right to deal with any
such fractional entitlement at the relevant time in any manner permitted by the Act and the Amended and Restated Certificate of
Incorporation, which may include the rounding down of any entitlement to receive shares of Common Stock to the nearest whole share
(and in effect extinguishing any fractional entitlement), or the holder being entitled to hold any remaining fractional entitlement
(without any share being issued) and to aggregate the same with any future fractional entitlement to receive shares in the Company
until the holder is entitled to receive a whole number. Any rounding down and extinguishment may be done with or without any in lieu
cash payment or other compensation being made to the holder of the relevant Rights, such that value received on exchange of the
Rights may be considered less than the value that the holder would otherwise expect to receive.

 

    2

     

    

 

3.3.2. Valid Issuance.
All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement and the Amended and Restated Certificate of
Incorporation of the Company shall be validly issued, fully paid and nonassessable.

 

3.3.3. Date of Issuance.
Each person in whose name any such certificate or book-entry position for shares of Common Stock is issued shall for all purposes be deemed
to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such certificate
or entry of position.

 

3.3.4 Company Not Surviving
Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held reporting entity, the
definitive agreement will provide for the holders of Rights to receive the same per share consideration the holders of the Common Stock
will receive in such transaction, for the number of shares such holder is entitled to pursuant to Section 3.3.1 above. If the Company
does not continue as the publicly held reporting entity upon an Exchange Event, each holder of a Right will be required to affirmatively
convert his/her or its Rights in order to receive the 1/10 of a share of Common Stock underlying each right (without paying any additional
consideration) upon consummation of the Exchange Event. In such a case, each holder of a Right will be required to indicate his, her or
its election to convert the Rights into underlying shares as well as to return the original certificates evidencing the Rights to the
Company.

 

3.5 Duration of Rights.
If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated Certificate of Incorporation,
as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4. Transfer and Exchange of Rights.

 

4.1. Registration
of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register, upon
surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions
for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the old Right shall
be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the Company from time to time upon
request.

 

4.2. Procedure for
Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer, and
thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of the Rights
so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered for transfer
bears a restrictive legend and the new Rights to be issued will not bear a restrictive legend, the Rights Agent shall not cancel such
Right and issue new Rights in exchange therefor until the Rights Agent has received an opinion of counsel for the Company stating that
such transfer may be made and indicating no restrictive legend is required.

 

4.3. Fractional Rights.
The Rights Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a Right
Certificate for a fraction of a Right.

 

4.4. Service Charges.
No service charge shall be made for any exchange or registration of transfer of Rights.

 

4.5. Right Execution
and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement,
the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever required by the Rights Agent,
will supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose.

 

    3

     

    

 

5. Other Provisions Relating to Rights
of Holders of Rights.

 

5.1. No Rights as
Stockholder. Until exchange of a Right for shares of Common Stock as provided for herein, a Right does not entitle the registered
holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or
other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings
of stockholders or the election of directors of the Company or any other matter.

 

5.2. Lost, Stolen,
Mutilated, or Destroyed Rights. If any Right Certificate is lost, stolen, mutilated, or destroyed, the Company and the Rights Agent
may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Right Certificate,
include the surrender thereof), issue a new Right Certificate of like denomination, tenor, and date as the Right Certificate so lost,
stolen, mutilated, or destroyed. Any such new Right Certificate shall constitute a substitute contractual obligation of the Company, whether
or not the allegedly lost, stolen, mutilated, or destroyed Right Certificate shall be at any time enforceable by anyone.

 

5.3. Reservation of
Shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of
Common Stock that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6. Concerning the Rights Agent and Other
Matters.

 

6.1. Payment of Taxes.
The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Rights Agent in respect
of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall not be obligated to pay any transfer
taxes in respect of the Rights or such Common Stock.

 

6.2. Resignation,
Consolidation, or Merger of Rights Agent.

 

6.2.1. Appointment of
Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from
all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the
Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Rights
Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified
in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall, with such notice, submit his,
her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court of the State of New York
for the County of New York for the appointment of a successor Rights Agent at the Company’s cost. Any successor Rights Agent, whether
appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good
standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise
corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Rights
Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Rights Agent with
like effect as if originally named as Rights Agent hereunder, without any further act or deed; but if for any reason it becomes necessary
or appropriate, the predecessor Rights Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such
successor Rights Agent all the authority, powers, and rights of such predecessor Rights Agent hereunder; and upon request of any successor
Rights Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Rights Agent all such authority, powers, rights, immunities, duties, and obligations.

 

6.2.2. Notice of Successor
Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof to the predecessor Rights
Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

6.2.3. Merger or Consolidation
of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may be consolidated or any corporation
resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor Rights Agent under this Agreement
without any further act.

 

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6.3. Fees and Expenses
of Rights Agent.

 

6.3.1. Remuneration.
The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and will reimburse
the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its duties hereunder.

 

6.3.2. Further Assurances.
The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such
further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the carrying out or performing
of the provisions of this Agreement.

 

6.4. Liability of
Rights Agent.

 

6.4.1. Reliance on Company
Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement
signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Rights Agent. The Rights Agent may rely upon such
statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

6.4.2. Indemnity.
The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section 6.6
below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments, costs
and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except as a result of
the Rights Agent’s gross negligence, willful misconduct, or bad faith.

 

6.4.3. Exclusions.
The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or warranty as to
the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Right or as to whether any
shares of Common Stock will when issued be valid and fully paid and nonassessable.

 

6.5. Acceptance of
Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and
conditions herein set forth.

 

6.6 Waiver. The
Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or
to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof,
by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

7. Miscellaneous Provisions.

 

7.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

7.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right to
or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by
the Company with the Rights Agent), as follows:

 

    5

     

    

 

Blockchain Moon Acquisition Corp.

4651 Salisbury Road, Suite 400,

Jacksonville FL, 32256

Attn: Enzo A. Villani, Chairman and Chief Executive Officer

 

Any notice, statement or demand authorized by
this Agreement to be given or made by the holder of any Right or by the Company to or on the Rights Agent shall be sufficiently given
when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with the Company), as follows:

 

Continental Stock Transfer &
Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

with a copy to:

 

Chardan Capital Markets, LLC

17 State Street #2100

New York, NY 10004

Attn: George Kaufman

 

And to:

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum, Esq. and Giovanni Caruso, Esq.

Email: gcaruso@loeb.com

 

7.3. Applicable Law.
If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located
within the State of New York or the United States District Court for the Southern District of New York (a “foreign action”)
in the name of any right holder, such right holder shall be deemed to have consented to: (x) the personal jurisdiction of the state
and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection
with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service
of process made upon such right holder in any such enforcement action by service upon such right holder’s counsel in the foreign
action as agent for such right holder.

 

7.4. Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof
is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered
holders of the Rights and, for the purposes of Sections 7.4 and 7.8 hereof, the Representative, any right, remedy, or claim under or by
reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative shall be deemed
to be a third-party beneficiary of this Agreement with respect to Sections 7.4 and 7.8 hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto (and the Representative
with respect to the Sections 7.4 and 7.8 hereof) and their successors and assigns and of the registered holders of the Rights. The provisions
of this Section 7.4 may not be modified, amended or deleted without the prior written consent of the Representative.

 

    6

     

    

 

7.5. Examination of
the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent in the
Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Rights Agent may require any
such holder to submit his, her or its Right for inspection by it.

 

7.6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

7.7. Effect of Headings.
The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

  

7.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the registered holders. All other modifications or amendments shall require the written consent or vote
of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not be modified, amended
or deleted without the prior written consent of the Representative.

 

7.9 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    7

     

    

 

                IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	BLOCKCHAIN MOON ACQUISITION CORP.

 

	By:	  /s/ Enzo A. Villani	 
	Name: Enzo A. Villani	 
	Title: Chairman and Chief Executive Officer	 

 

	CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

	By:	  /s/ Erika Young	 
	Name:  Erika Young	 
	Title: Vice President	 

 

[Signature Page to Rights Agreement]

 

    8

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