Document:

Exhibit 10.5

 

SECURITIES
ISSUANCE AGREEMENT

 

THIS
SECURITIES ISSUANCE AGREEMENT (this “Agreement”) is made and entered into as of August 17, 2017, by and between
BTHC X, Inc., a Delaware corporation (the “Company”), and MORIAH SOFTWARE MANAGEMENT LP, a Delaware
limited partnership (the “Lender”).

 

Capitalized
terms not otherwise defined herein have the meaning set forth in that certain Loan and Security Agreement of even date herewith
by and among Lender, as lender, and the Company, iOra Software Limited, a company incorporated as a private limited company under
the Registrar for Companies for England and Wales, and iOra Inc., a Delaware corporation, as joint and several borrowers (as amended
from time to time, the “Loan Agreement”).

 

RECITALS

 

WHEREAS,
the Company desires to issue to Lender the Warrants described below to acquire shares of common stock, par value $0.001 per share,
of the Company (“Common Stock”), subject to the terms and conditions of this Agreement, and Lender desires
to acquire such Warrants, subject to the terms and conditions of this Agreement;

 

NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises, representations, warranties and covenants set forth
herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.          Issuance
of Warrants. On the date of execution of this Agreement, the Company is hereby issuing to Lender, and Lender agrees to acquire
from the Company, (a) a seven-year warrant to acquire 274,000 shares of Common Stock, as adjusted pursuant to the terms of the
warrant, at an exercise price of $2.25 per share, subject to adjustment in accordance with the terms of the warrant, and subject
to the “put right” in favor of Lender set forth therein, and (b) a nine-year warrant to acquire 150,000 shares of
Common Stock, as adjusted pursuant to the terms of the warrant, at an exercise price of $4.00 per share, subject to adjustment
in accordance with the terms of the warrant (such shares of Common Stock underlying the warrants referred to collectively as the
“Warrant Shares” and such warrants, as the same may hereafter be amended, referred to each, individually, as
a “Warrant” and collectively as the “Warrants”).

 

2.          Closing;
Deliveries.

 

2.1         Closing
Obligations of Company. On or prior to the date hereof, the Company shall have taken and shall take all actions necessary
to issue each Warrant to Lender and to consummate the transactions contemplated hereby, including, without limitation, delivery
or causing to be delivered to Lender on the date hereof the following:

 

		(i)	the
                                         Warrants, duly executed and delivered by the Company;

 

(ii)      the
other Loan Documents to which the Company is a party, duly executed and delivered by the Company;

 

(iii)     such
other certificates, documents, receipts and instruments as Lender or its legal counsel may reasonably request.

 

     

     

    

 

2.2         Closing
Obligations of Lender. On or prior to the date hereof, Lender shall have taken and shall take all actions necessary for consummation
by Lender of the transactions contemplated hereby.

 

3.          Representations
and Warranties of the Company. The Company hereby represents and warrants to Lender as follows:

 

3.1         Organization,
Good Standing and Qualification. Each of the Company and its Subsidiaries is a corporation duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization. Each of the Company and its Subsidiaries has the corporate
power and authority to own and operate its properties and assets; to execute, deliver and perform or cause to be executed, delivered
and performed this Agreement; and to carry on its business as presently conducted.

 

		3.2	Capitalization;
                                         Voting Rights.

 

(i)         The
authorized and issued capital stock of the Company and of each Subsidiary as of the date hereof is described on Schedule 3.2(i)
annexed hereto.

 

(ii)        Except
as disclosed in Schedule 3.2(i), other than: (i) Common Stock reserved for issuance under the Company’s stock option
plans and (ii) the Warrants, there are no outstanding options, warrants, rights (including, but not limited to, conversion or
preemptive rights and rights of first refusal), proxy or stockholder agreements, or other arrangements or agreements of any kind
for the purchase or acquisition from the Company or its Subsidiaries, of any of their securities. Except as disclosed in Schedule
3.2, neither the offer, issuance or sale of any of, or the issuance of any of, the Warrants or the Warrant Shares, nor the
consummation of any transactions contemplated hereby, will result in a change in the price or number of any securities of the
Company or its Subsidiaries authorized or issued under anti-dilution or other similar provisions contained in or affecting any
such securities.

 

(iii)      Except
as disclosed in Schedule 3.2(iii) annexed hereto, the issuance of the Warrants will not be subject to any preemptive rights
or rights of first refusal that have not been properly waived or complied with.

 

(iv)      All
issued and outstanding securities of the Company and its Subsidiaries (i) have been duly authorized and validly issued and are
fully paid and nonassessable and (ii) were issued in compliance with all applicable state and federal laws.

 

(v)       The
Warrant Shares have been duly and validly reserved for issuance. When issued in compliance with the provisions of the Warrants,
the Warrant Shares will be validly issued, fully paid and nonassessable, and will be free of any liens, charges, encumbrances,
options, rights of first refusal, security interests, claims, liens, mortgages, pledges, charges, easements, covenants, restrictions,
(except as contained herein) obligations, or any other encumbrances (including, without limitation, any conditional sale or other
title retention agreement or any lease in the nature thereof and any agreement to grant or to permit or suffer to exist any of
the foregoing) or third party rights or equitable interests of any nature whatsoever.

 

    	 	2	 

     

    

 

3.3         Authorization;
Binding Obligations. All corporate action on the part of the Company necessary for the authorization of the Warrants, and
the performance of the same, has been taken. Each Warrant constitutes the valid and binding obligation of the Company, enforceable
against it in accordance with their terms.

 

3.4         No
Conflicts. After giving effect to the execution and delivery of the Loan Agreement and the consummation of the transactions
contemplated thereby, neither the Company nor any of its Subsidiaries is in violation or default of (a) any term of its formation
documents or by-laws or (b) of any provision of any indebtedness for borrowed money, any mortgage, indenture, lease, license,
agreement or contract (collectively, “Contracts”) or judgment, order, writ, injunction, or decree (“Orders”).
The execution, delivery and performance of this Agreement will not, with or without the passage of time or giving of notice, result
in any violation, or be in conflict with, or constitute a default under, any such term or provision of indebtedness for borrowed
money, Contract or Order, or result in the creation of any Lien upon any of the securities, properties or assets of the Company
or any of its Subsidiaries, or the suspension, revocation, impairment, forfeiture or nonrenewal of any licenses, permits, franchises,
approvals, consents, waiver, notices, authorizations, qualifications, concessions, or the like.

 

3.5         [RESERVED].

 

3.6         Valid
Offering. Assuming the accuracy of the representations and warranties of Lender contained in this Agreement, the offer, sale
and issuance of the Warrants and the Warrant Shares will be exempt from the registration requirements of the Securities Act of
1933, as amended (the “Securities Act”), and will have been registered or qualified (or are exempt from registration
and qualification) under the registration, permit or qualification requirements of all applicable state securities laws.

 

3.7         SEC
Reports. Subject to the delinquent filings with the SEC as set forth in Schedule 3.7, the SEC Reports (as defined below)
filed by the Company on or prior to the date hereof do not contain any untrue statement of a material fact nor omit to state a
material fact necessary in order to make the statements contained herein or therein, in light of the circumstances in which they
are made, not misleading.

 

3.8         Financial
Reporting Controls. The Company makes and keeps books, records, and accounts that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of its assets. Except for the delinquent filings as set forth in Schedule 3.7
annexed hereto, the Company maintains internal control over financial reporting designed by, or under the supervision of, its
principal executive and principal financial officers, and effected by its board of directors and other personnel, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with GAAP.

 

    	 	3	 

     

    

 

3.9         Full
Disclosure. The Company and each of its Subsidiaries has provided the Lender with all information requested by the Lender
in connection with the Lender’s decision to enter into this Agreement, including all information each Company and each of
its Subsidiaries believe is reasonably necessary to make such investment decision. Neither this Agreement, the other Loan Documents
nor the exhibits and schedules hereto and thereto nor any other document, delivered by the Company or any of its Subsidiaries
to the Lender or its attorneys or agents in connection herewith or therewith or with the transactions contemplated hereby or thereby,
contain any untrue statement of a material fact nor omit to state a material fact necessary in order to make the statements contained
herein or therein, in light of the circumstances in which they are made, not misleading.

 

3.10       No
Integrated Offering. Neither the Company, nor any of its Subsidiaries nor any of its Affiliates, nor any Person acting on
the Company’s or their behalf, has directly or indirectly made any offers or sales of any security or solicited any offers
to buy any security under circumstances that would cause the offering of the Warrants or the Warrant Shares pursuant to this Agreement
or any other Loan Document to be integrated with prior offerings by the Company for purposes of the Securities Act which would
prevent the Company from issuing the Warrants or the Warrant Shares pursuant to Rule 506 under the Securities Act, or any applicable
exchange-related stockholder approval provisions, nor will the Company or any of its Affiliates or Subsidiaries take any action
or steps that would cause the offering of the Warrants or the Warrant Shares to be integrated with other offerings.

 

4.          Representations
and Warranties of Lender. Lender hereby represents and warrants to the Company that:

 

(i)
       Organization; Authorization; Performance. (a) Lender is an entity duly incorporated or formed, validly existing and in
good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited
liability company or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder, (b) Lender has the power and authority to execute, deliver and perform this
Agreement, (c) all partnership or corporate action on Lender’s part required for the execution, delivery and performance
of this Agreement has been taken, and (d) upon execution and delivery, this Agreement is the valid and binding obligation of Lender,
enforceable in accordance with its terms.

 

(ii)        
Investment Representations. Lender understands that the Warrants and Warrant Shares are being offered pursuant to an exemption
from registration contained in the Securities Act based in part upon such Lender’s representations contained in this Agreement,
including, without limitation, that such Lender is an “accredited investor” within the meaning of Regulation D under
the Securities Act. Lender has received or has had full access to all the information it considers necessary or appropriate to
make an informed investment decision with respect to the Warrants and Warrant Shares to be issued to it under this Agreement.

 

(iii)        Accredited
Investor. At the time the Lender was offered the Warrants and Warrant Shares, it was, and as of the date hereof it is,
and on each date on which it exercises any Warrants, it will be either: (i) an “accredited investor” as defined
in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional
buyer” as defined in Rule 144A(a) under the Securities Act.

 

    	 	4	 

     

    

 

(iv)       Own Account. Lender understands that the Warrants and Warrant Shares are “restricted
securities” and have not been registered under the Securities Act or any applicable state securities law and is acquiring
the Warrants and Warrant Shares as principal for its own account and not with a view to or for distributing or reselling such
Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention
of distributing any of such Warrants and Warrant Shares in violation of the Securities Act or any applicable state securities
law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution
of such Warrants and Warrant Shares in violation of the Securities Act or any applicable state securities law (this representation
and warranty not limiting the Lender’s right to sell the Warrants and Warrant Shares in compliance with applicable federal
and state securities laws). The Lender is acquiring the Warrants and Warrant Shares hereunder in the ordinary course of its business.

 

(v)         Experience
of Lender. The Lender, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the
Warrants and Warrant Shares, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the
economic risk of an investment in the Warrants and Warrant Shares and, at the present time, is able to afford a complete loss
of such investment.

 

(vi)        General
Solicitation. The Lender is not, to Lender’s knowledge, acquiring the Warrants and Warrant Shares as a result of any
advertisement, article, notice or other communication regarding the Warrants and Warrant Shares published in any newspaper, magazine
or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general
advertisement.

 

5.          Covenants
of the Company. The Company covenants and agrees with Lender as follows:

 

5.1        SEC
Reporting. So long as the Warrants have not been exercised or terminated, and continuing until transfer restrictions on the
Warrant Shares have been removed so as to permit a public sale thereof without restriction, and subject to filing all delinquent
filings with the SEC as set forth in Schedule 3.7, the Company shall comply with all reporting requirements under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), including, but not limited to, making available all
required current information regarding the Company under Rule 144 under the Securities Act, so as to enable Lender to effect resales
of the Warrant Shares under Rule 144. The Company shall cooperate with Lender in connection with all resales pursuant to Rule
144 and provide legal opinions necessary to allow such resales, provided the Company and its counsel receive reasonably requested
representations from Lender and broker, if any.

 

5.2         Indemnification.
The Company shall indemnify, hold harmless, reimburse and defend Lender, and Lender’s officers, directors, affiliates, members,
managers, and employees, against any claim, cost, expense, liability, obligation, loss or damage (including, without limitations,
reasonable legal fees) of any nature, incurred by or imposed upon them which results, arises out of, or is based upon: (a) any
misrepresentation by the Company, or breach of any warranty by the Company in this Agreement, or in any exhibits or schedules
attached hereto, and (b) any breach or default in performance by Company of its their obligations hereunder.

 

    	 	5	 

     

    

 

5.3         Stop-Orders.
The Company shall advise the Lender, promptly after the Company receives notice of issuance by the SEC, any state securities commission
or any other regulatory authority of any stop order or of any order preventing or suspending any offering of any securities of
the Company, or of the suspension of the qualification of the Warrant Shares for offering or sale in any jurisdiction, or the
initiation of any proceeding for any such purpose.

 

5.4         Publicly
Traded Common Stock.

 

(i)         Compliance
with Laws. Subsequent to filing all delinquent filings with the SEC as set forth in Schedule 3.7, neither the Company
nor any of its Subsidiaries shall be in violation of the Sarbanes-Oxley Act of 2002 or any SEC related regulation or rule or any
rule of the trading market promulgated thereunder in respect of the conduct of its business or the ownership of its properties
which will have, or could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.

 

(ii)        SEC
Reports and Financial Statements. Subsequent to filing all delinquent filings with the SEC as set forth in Schedule 3.7,
(a) the Company shall timely file the SEC its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q and reports on Form
8-K, and all other periodic reports required to be filed by the Company under the Exchange Act (collectively, the “SEC
Reports”); (b) each SEC Report shall be, at the time of its filing, in substantial compliance with the requirements
of its respective form and none of the SEC Reports, nor the financial statements (and the notes thereto) included in such SEC
Reports, as of their respective filing dates, shall contain any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; and (c) such financial statements shall be prepared in accordance with GAAP and applied on a consistent
basis during the periods involved (except (1) as may be otherwise indicated in such financial statements or the notes thereto
or (2) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed) and shall
fairly present in all material respects the financial condition, the results of operations and cash flows of the Company and its
Subsidiaries, on a consolidated basis, as of, and for, the periods presented in each such SEC Report.

 

5.5         Market
Regulations. The Company shall take all necessary actions and proceedings as may be required and permitted by applicable law,
rule and regulation, for the legal and valid issuance of the Warrants and the Warrant Shares to the Lender and promptly provide
copies thereof to the Lender.

 

    	 	6	 

     

    

 

5.6         Compliance
with Laws. Subject to the items on Schedule 3.7, the operation of each of the Company’s and each of its Subsidiaries’
business is and shall continue to be in compliance in all material respects with all applicable federal, state and local laws,
rules and ordinances, including to all laws, rules, regulations and orders relating to taxes, payment and withholding of payroll
taxes, employer and employee contributions and similar items, securities, employee retirement and welfare benefits, employee health
and safety and environmental matters.

 

5.7         Authorization
and Reservation of Shares. The Company shall at all times have authorized and reserved a sufficient number of shares of Common
Stock to provide for the exercise of the Warrants.

 

6.          Miscellaneous.

 

6.1         Notices.
All notices, requests and demands to or upon the respective parties hereto shall be in writing and either (a) delivered by registered
or certified mail, (b) delivered by hand, or (c) delivered by national overnight courier service with next Business Day delivery,
and shall be deemed to have been duly given or made (i) upon the earlier of actual receipt and three (3) Business Days after deposit
in the United States Mail, registered or certified mail, return receipt requested, with proper postage prepaid, (ii) one (1) Business
Day after deposit with a national overnight courier with all charges prepaid, or (iii) when hand-delivered. All notices, requests
and demands are to be given or made to the respective parties at the following addresses (or to such other addresses as either
party may designate by notice in accordance with the provisions of this paragraph):

 

If
to the Company:

 

If
by US Mail:

BTHC
X, Inc.

Attn:
Michael E Fasci - CFO

P.O.
Box 500

East
Taunton, MA 02718-0500

 

If
by Courier Express:

BTHC
X, Inc.

Attn:
Michael E Fasci - CFO

45
Summer Street

 

With
a copy to:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas, 11TH Floor

New
York, NY 10017

Attention:
Barry I. Grossman, Esq.

 

    	 	7	 

     

    

 

If
to Lender:

 

Moriah
Software Management LP

1
University Plaza

Hackensack,
NJ 07601

Attention:
Greg Zilberstein

 

With
a copy to:

 

Cohen
Tauber Spievack & Wagner P.C.

420
Lexington Avenue, Suite 2400

New
York, New York 10170

Attention:
Adam Stein

 

Notwithstanding
the foregoing, that parties expressly acknowledge and agree that foregoing provisions of notice by Lender to the Company’s
counsel is an accommodation only, and that Lender shall have fulfilled its notice obligation hereunder if notice shall have been
received by the Company at the address set forth above, irrespective of whether such notice is received by the Company’s
counsel.

 

6.2         Amendment.
Any modification or amendment shall be in writing and signed by the parties hereto, and any waiver of, or consent to any departure
from, any representation, warranty, covenant or other term or provision shall be in writing and signed by each affected party
hereto or thereto, as applicable.

 

6.3         Construction.
No provision of this Agreement shall be construed against or interpreted to the disadvantage of any party hereto by reason of
such party or its counsel having, or being deemed to have, structured or drafted such provision.

 

 

6.4         Entire
Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and supersedes
all other negotiations, representations, warranties, agreements and understandings, oral or otherwise, between the parties with
respect to the matters contained herein.

 

6.5         Headings.
Section and paragraph headings are for convenience only and shall not be construed as part of this Agreement.

 

6.6         Severability.
Every provision of this Agreement is intended to be severable. If, in any jurisdiction, any term or provision hereof is determined
to be invalid or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired, (b) any such invalidity or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such term or provision in any other jurisdiction,
and (c) the invalid or unenforceable term or provision shall, for purposes of such jurisdiction, be deemed replaced by a term
or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable
term or provision. If a court of competent jurisdiction determines that any covenant or restriction, by the length of time or
any other restriction, or portion thereof, set forth in this Agreement is unreasonable or unenforceable, the court shall reduce
or modify such covenants or restrictions to those which it deems reasonable and enforceable under the circumstances and, as so
reduced or modified, the parties hereto agree that such covenants and restrictions shall remain in full force and effect as so
modified. In the event a court of competent jurisdiction determines that any provision of this Agreement is invalid or against
public policy and cannot be so reduced or modified so as to be made enforceable, the remaining provisions of this Agreement shall
not be affected thereby, and shall remain in full force and effect.

 

    	 	8	 

     

    

 

6.7         Successors
and Assigns. All covenants, promises and agreements by or on behalf of the parties contained in this Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns; provided,
however, that nothing in this Agreement, express or implied, shall confer on the Company the right to assign any of its
rights or obligations hereunder at any time. Lender may assign any or all of its rights or obligations hereunder together with
any or all of the security therefor to any Person and any such assignee shall succeed to all of Lender’s rights with respect
thereto.

 

6.8         Survival.
All covenants, agreements, representations and warranties made by the Company herein or in any certificate, report or instrument
contemplated hereby shall survive any independent investigation made by Lender and the execution and delivery of this Agreement,
and such certificates, reports or instruments and shall continue so long as any Obligations are outstanding and unsatisfied, applicable
statutes of limitations to the contrary notwithstanding.

 

6.9         No
Waiver; Rights and Remedies. A waiver of a breach of any term, covenant or condition of this Agreement shall not operate or
be construed as a continuing waiver of such term, covenant or condition, or breach, or of any other term, covenant or condition,
or breach by such party. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude
any other or further exercise of any other right, remedy or power provided herein or by law or in equity. Lender is entitled to
exercise all rights and remedies available to it at law or in equity in connection with this Agreement. The rights and remedies
of Lender hereunder are several and cumulative at Lender’s discretion and may be exercised at Lender’s discretion.

 

6.10       APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, THE LAWS OF WHICH THE COMPANY HEREBY EXPRESSLY ELECTS TO APPLY TO THIS AGREEMENT, WITHOUT GIVING EFFECT
TO PROVISIONS FOR CHOICE OF LAW THEREUNDER. THE COMPANY AGREES THAT ANY ACTION OR PROCEEDING BROUGHT TO ENFORCE OR ARISING OUT
OF THIS AGREEMENT SHALL BE COMMENCED IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT.

 

6.11       WAIVER OF JURY TRIAL. THE COMPANY HEREBY WAIVES ANY AND ALL RIGHTS THAT IT MAY NOW OR HEREAFTER HAVE UNDER THE LAWS
OF THE UNITED STATES OF AMERICA OR ANY STATE TO A TRIAL BY JURY OF ANY AND ALL ISSUES ARISING EITHER DIRECTLY OR INDIRECTLY IN
ANY ACTION OR PROCEEDING BETWEEN THE COMPANY AND LENDER OR THEIR SUCCESSORS AND ASSIGNS, OUT OF OR IN ANY WAY CONNECTED WITH THIS
AGREEMENT. IT IS INTENDED THAT SAID WAIVER SHALL APPLY TO ANY AND ALL DEFENSES, RIGHTS, AND/OR COUNTERCLAIMS IN ANY ACTION OR
PROCEEDINGS BETWEEN THE COMPANY AND LENDER. THE COMPANY WAIVES ALL RIGHTS TO INTERPOSE ANY CLAIMS, DEDUCTIONS, SETOFFS OR COUNTERCLAIMS
OF ANY KIND, NATURE OR DESCRIPTION IN ANY ACTION OR PROCEEDING INSTITUTED BY LENDER WITH RESPECT TO THIS AGREEMENT OR ANY MATTER
ARISING THEREFROM OR RELATING THERETO, EXCEPT COMPULSORY COUNTERCLAIMS.

 

    	 	9	 

     

    

 

6.12       
CONSENT TO JURISDICTION. THE COMPANY HEREBY (a) IRREVOCABLY SUBMITS AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF
THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK, NEW YORK COUNTY, WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING
OUT OF THIS AGREEMENT OR ANY MATTER ARISING THEREFROM OR RELATING THERETO, AND (b) WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE BASED ON VENUE OR FORUM NON CONVENIENS WITH RESPECT THERETO. IN ANY SUCH ACTION OR PROCEEDING, THE COMPANY WAIVES
PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT OR OTHER PROCESS AND PAPERS THEREIN AND AGREES THAT THE SERVICE THEREOF MAY BE MADE
BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO THE COMPANY AT ITS OFFICES SET FORTH HEREIN OR OTHER ADDRESS THEREOF
OF WHICH LENDER HAS RECEIVED NOTICE AS PROVIDED IN THIS AGREEMENT. NOTWITHSTANDING THE FOREGOING, THE COMPANY CONSENTS TO THE
COMMENCEMENT BY LENDER OF ANY SUIT, ACTION OR PROCEEDING IN ANY OTHER JURISDICTION TO ENFORCE ITS RIGHTS AND WAIVES ANY OBJECTIONS
WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING.

 

6.13       Counterparts.
This Agreement may be executed in counterparts and by facsimile or electronic signature, each of which when so executed, shall
be deemed an original, but all of which shall constitute but one and the same instrument.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	10	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Securities Issuance Agreement as of the date set forth in the first paragraph
hereof.

 

	 	BTHC
    X, INC.
	 	 	 
	 	By:	/s/
    Mark Thompson
	 	Name: 	Mark
    Thompson
	 	Title:	Chief
    Executive Officer

 

	 	MORIAH
    SOFTWARE MANAGEMENT LP
	 	 	 
	 	By:	Black
    Dolphin Capital Management, LLC, Its General Partner
	 	 	 
	 	By:	/s/
    Greg Zilberstein
	 	Name: 	Greg
    Zilberstein
	 	Title:	Managing
    Member

 

 

11Exhibit 10.6

 

PLEDGE AND SECURITY AGREEMENT

 

THIS PLEDGE AND
SECURITY AGREEMENT dated as of this 17th day of August 2017 (the “Pledge Agreement”) is made by IORA
SOFTWARE LIMITED, a company incorporated as a private limited company under the Registrar for Companies for England and Wales
with a principal place of business at Chapel House, 1-3 Chapel Street, Guildford, United Kingdom, GUI 3UH (“Pledgor”),
in favor of MORIAH SOFTWARE MANAGEMENT LP, a Delaware limited partnership with offices at 1 University Plaza, Hackensack,
NJ 07601 (together with its successors and assigns, the “Lender”).

 

RECITALS:

 

A.       iOra
Inc., a Delaware corporation, with a principal place of business at 45 Summer Street, Taunton, MA 02780 (the “U.S. Subsidiary”)
is a wholly-owned Subsidiary of Pledgor.

 

B.       Pledgor
desires that Lender establish a credit facility for the Borrowers (defined below) pursuant to the Loan Agreement (defined below).

 

C.       Lender
has conditioned its willingness to enter into the Loan Documents upon the fulfillment of certain conditions, among them that Pledgor
enter into this Pledge Agreement. To induce Lender to enter into the Loan Documents, Pledgor has agreed to execute and deliver
this Pledge Agreement and to grant Lender a first priority and perfected security interest in and lien on the Securities Collateral
(defined below, which is a part of the Collateral) as additional security for the payment and performance of all of the Obligations,
in accordance with the terms and provisions hereof.

 

Accordingly, in consideration
of the foregoing and the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration, the
existence, receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1. Definitions.
As used in this Pledge Agreement, the following capitalized terms shall have the meanings respectively assigned to them below,
which meanings shall be applicable equally to the singular and plural forms of the terms so defined:

 

Capitalized terms not
otherwise defined herein have the meanings set forth in that certain Loan and Security Agreement of even date herewith (the “Loan
Agreement”) by and among Pledgor, BHTC X, Inc. and the U.S. Subsidiary (collectively, "Borrowers") and
Lender.

 

“Pledged
Securities” shall mean all of the issued and outstanding securities or other ownership interests in whatever form of
the U.S. Subsidiary and any other securities or ownership interests that Pledgor may own now or in the future in any other entity.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and as the same may be supplemented, modified, amended or restated
from time to time, and the rules and regulations promulgated thereunder, or any corresponding or succeeding provisions of applicable
law.

 

 

PLEDGE AGREEMENT

 

     

     

    

 

Section 2. Pledge
and Grant of Security Interest. As security for the payment and performance in full of all of the Obligations in accordance
with their terms, Pledgor hereby pledges, assigns, transfers, grants, hypothecates and sets over unto Lender, grants to Lender
a first priority lien and security interest in, and delivers to Lender, all of Pledgor's right, title and interest in, to and under
the following personal property, in each case whether now existing or hereafter acquired or created, and whether constituting financial
assets, investment property, general intangibles, securities, security entitlements, proceeds or otherwise: (a) all of the Pledged
Securities; (b) all certificates, instruments, agreements and contract rights relating to the Pledged Securities; and (c) all proceeds
of the Pledged Securities (including, without limitation, all cash, cash equivalents, dividends, distributions, instruments, securities
or other property) at any time and from time to time received, receivable, paid or otherwise distributed in respect of or in exchange
for any of or all such Pledged Securities, whether in connection with any increase or reduction of capital, reclassification, merger,
consolidation, sale of assets, combination of shares, stock split, spin-off, split-off or otherwise (the items referred to in clauses
(a) through (c) being collectively called the “Securities Collateral”). All Pledged Securities
included in the Securities Collateral shall, to the extent represented by certificates, upon delivery thereof to Lender, be accompanied
by undated stock powers duly executed in blank or by other instruments or documents of transfer, possession or control satisfactory
to Lender and by such other instruments and documents as Lender may request. All Securities Collateral shall be delivered to and
held by Lender and disposed of in accordance with the terms of this Pledge Agreement.

 

Section 3. Release
of Securities Collateral for Payment. Upon indefeasible payment and satisfaction in full of all of the Obligations, all Securities
Collateral shall be deemed completely released from the security interest granted to Lender hereunder.

 

Section 4. Delivery
and Redelivery of Securities Collateral. Pledgor agrees promptly to deliver, or cause to be delivered, to Lender any and all
Securities Collateral together with any and all stock powers signed in blank and other certificates, instruments or documents representing
or relating to transfer, possession or control of any of the Securities Collateral.

 

Section 5. Representations
and Warranties. Pledgor hereby represents, warrants and covenants to and with Lender that:

 

(a)       Pledgor
(i) is and will at all times during the term hereof continue to be the direct owner, beneficially and of record, of the Securities
Collateral free and clear of all Liens (except for the Lien of Lender pursuant to this Pledge Agreement), (ii) will make no assignment,
pledge, hypothecation, transfer or any disposition of, or create any Lien or other security interest in, the Securities Collateral,
and (iii) will cause any and all Securities Collateral, whether for value paid by Pledgor or otherwise, to be forthwith deposited
with Lender and pledged and assigned hereunder;

 

(b)       Pledgor
(i) has good and indefeasible title, right and legal authority to enter into this Pledge Agreement and to pledge the Securities
Collateral in the manner hereby done or contemplated and (ii) will defend its title or interest thereto or therein against any
and all attachments, Liens, claims, security interests or other impediments of any nature;

 

    2 

     

    

 

(c)       no
consent or approval of any Governmental Authority, any securities exchange, or other person or entity was or is necessary to the
validity of the pledge effected pursuant to this Pledge Agreement;

 

(d)       the
Pledged Securities were duly authorized and validly issued, fully paid and non-assessable, and were acquired in a transaction in
compliance with and either registered or exempt from registration under the Securities Act and other applicable laws. A true and
complete list of the Pledged Securities owned by Pledgor on the date hereof is set forth on Schedule 1 annexed hereto. The
Pledged Securities (i) are not subject to any warrant, option, put, call or other right to acquire, redeem, sell, transfer or encumber
them, (ii) are not governed by or otherwise subject to any shareholders agreement, voting trust or similar agreement or arrangement,
and (iii) other than as to securities laws of general application, are not limited or otherwise restricted in any way respecting
assignability or transferability or any voting, dividend, distribution or other ownership right;

 

(e)       the
pledge effected hereby is effective to vest in Lender the rights of Pledgor in the Securities Collateral as set forth herein without
any notice to, consent of or filing with any person, entity or Governmental Authority, except for filing of UCC Financing Statements;

 

(f)       this
Pledge Agreement creates a valid security interest in favor of Lender for the benefit of Lender in the Securities Collateral; the
taking possession by Lender of the certificates representing the Pledged Securities, and all other certificates, documents, and
instruments relating to the Securities Collateral will perfect and establish the first priority of Lender's security interest in
all certificated Pledged Securities and such documents, certificates and instruments;

 

(g)       at
Lender’s request, Pledgor will file or cause to be filed appropriate Uniform Commercial Code (“UCC”) financing
statements in order to enable Lender for its benefit to perfect and preserve its security interest in the Securities Collateral;
and

 

(h)       all
representations, warranties and covenants of Pledgor contained in this Pledge Agreement shall survive the execution, delivery and
performance of this Pledge Agreement until the termination of this Pledge Agreement in accordance with its terms and provisions.

 

    3 

     

    

 

Section 6. Additional
Covenants.

 

(a)       Additional
Securities, Rights, Grants or Issuances. If Pledgor shall receive any (i) certificate, including without limitation, any certificate
representing a dividend or distribution in connection with any increase or reduction of capital, reclassification, merger, consolidation,
sale of assets, combination of shares of capital stock, stock splits, spin-off or split-off, promissory notes or other instruments;
(ii) option or right, whether as an addition to, substitution for, or an exchange for, any Securities Collateral or otherwise;
(iii) dividends payable in capital stock in respect of the Securities Collateral; or (iv) distributions of capital stock or other
equity interests in connection with a partial or total liquidation, dissolution or reduction of capital, capital surplus or paid-in
surplus, then Pledgor shall receive such certificate, instrument, option, right or distribution in trust for the benefit of Lender,
shall segregate it from Pledgor’s other property and shall deliver it forthwith to Lender in the exact form received accompanied
by duly executed instruments of transfer or assignment in blank, in the form requested by Lender, to be held by Lender as Securities
Collateral and as further collateral security for the Obligations. Pledgor shall not perform or cause to be performed any acts
or omissions that would effect any change, amendment, impairment, substitution, or any of the events, transactions or circumstances
in clauses (i) through (iv) above.

 

(b)       Financing
Statements. Pledgor hereby authorizes Lender to prepare and file such financing statements (including renewal statements) or
amendments thereof or supplements thereto or other instruments as Lender may from time to time deem necessary or appropriate in
order to perfect and maintain the security interests granted hereunder in accordance with the UCC. Pledgor shall execute and deliver
to Lender such agreements, assignments or instruments (including affidavits, notices, reaffirmations and amendments and restatements
of existing documents, as Lender may request) and do all such other things as Lender may deem necessary or appropriate to assure
to Lender its security interests hereunder are perfected. To that end, Pledgor hereby irrevocably makes, constitutes and appoints
Lender, its nominee or any other person whom Lender may designate, as Pledgor’s attorney-in-fact with full power of substitution,
to effect any such financing statements, or amendments and supplements to financing statements, renewal financing statements, notices
or any similar documents which in Lender’s discretion would be necessary, appropriate or convenient in order to perfect and
maintain perfection of the security interests granted hereunder, such power, being coupled with an interest, being and remaining
irrevocable so long as any of the Obligations remain outstanding. Pledgor agrees to mark its books and records (and to cause each
issuer of the Pledged Securities to mark its books and records) to reflect the security interest of Lender in the Securities Collateral.

 

Section 7. Voting
Rights; Dividends.

 

(a)       So
long as no Event of Default shall have occurred and be continuing, Pledgor shall be entitled to fully exercise any and all voting
and/or other consensual rights and powers that would otherwise accrue to an owner of the Pledged Securities or the securities consitututing
the Securities Collateral or any part thereof.

 

(b)       Upon
the occurrence and during the continuance of an Event of Default, all rights of Pledgor to exercise the voting and other consensual
rights which it would otherwise be entitled to exercise pursuant to clause (a) of this subsection shall cease and all such
rights shall thereupon become vested in Lender which shall then have the sole right in its discretion to exercise such voting and
other consensual rights.

 

(c)       Upon
the occurrence and during the continuance of an Event of Default, all cash dividends payable with respect to the Pledged Securities
shall be immediately deposited with Lender as Securities Collateral (and shall constitute cash collateral).

 

    4 

     

    

 

Section 8. Remedies
Upon Default.

 

(a)       After
the occurrence and during the continuation of an Event of Default, the Lender may exercise, in addition to all other rights and
remedies granted to it in this Agreement and the other Loan Documents, or under any law, all rights and remedies of a secured party
under the UCC. All such rights and remedies being cumulative, not exclusive, and enforceable alternatively, successively or concurrently,
at such time or times as the Lender deems expedient.

 

(i)        If
the Lender so elects and gives notice of such election to the Pledgor, the Lender may vote any or all shares of the Securities
Collateral (whether or not the same shall have been transferred into its name or the name of its nominee or nominees) and give
all consents, waivers and ratifications in respect of the Securities Collateral and otherwise act with respect thereto as though
it was the outright owner thereof, the Pledgor hereby irrevocably constituting and appointing the Lender the proxy and attorney-in-fact
of the Pledgor with full power of substitution, to do so.

 

(ii)       The
Lender may demand, sue for, collect or make any compromise or settlement the Lender deems suitable in respect of any of the Securities
Collateral.

 

(iii)        The
Lender may sell, resell, assign and deliver, or otherwise dispose of any or all of the Securities Collateral, for cash and/or credit
and upon such terms, at such place or places and at such time or times and to such Persons as the Lender deems expedient, all without
demand for performance by the Pledgor or any notice or advertisement whatsoever except such as may be required by law, provided
however, the Lender shall give the Pledgor ten (10) days’ prior written notice of the time and place of any public sale,
or the time after which a private sale may be made, which notice the Lender and Pledgor hereby agree is reasonable; and

 

(iv)       The
Lender may cause all or any part of the Securities Collateral to be transferred into its name or the name of its nominee or nominee.

 

(b)       Subject
to the terms of this Section 8, the Lender may enforce its right hereunder without any other notice and without compliance with
any other condition precedent now or hereafter imposed by statute, rule or law or otherwise (all of which are hereby expressly
waived by the Pledgor to the maximum extent permitted by applicable law). The Lender may buy any part or all of the Securities
Collateral at any public sale and if any part or all of the Securities Collateral is of a type customarily sold in a recognized
market or is of the type which is the subject of widely-distributed standard price quotations, the Lender may buy at private sale
and may make payments thereof by any means. The Lender may apply the cash proceeds actually received from any sale or other disposition
to the reasonable expenses of retaking, holding, preparing for sale, selling and the like, or reasonable attorneys’ fees,
and all legal expenses, travel and other expenses which may be incurred by the Lender in attempting to collect the Obligations
or any of them, or to enforce this Agreement or in the prosecution or defense of any action or proceeding related to the subject
matter of this Agreement; and then to the Obligations in such order as to principal or interest remaining unpaid, including legal
interest thereon, and the balance of any expenses unpaid, and any surplus shall be paid to the Pledgor.

 

    5 

     

    

 

(c)       The
Pledgor recognizes that if the Lender is unable to effect a public sale of the Securities Collateral by reason of certain prohibitions
contained in the Securities Act, the Lender may be compelled to resort to one or more private sales thereof to a restricted group
of purchasers who will be obliged to agree, among other things, to acquire such securities for their own account, for investment
and not with a view to the distribution or resale thereof. The Pledgor agrees that any such private sales may be at prices and
on other reasonable terms less favorable to the seller than if sold at public sales and that such private sales shall be deemed
to have been made in a commercially reasonable manner. The Lender shall be under no obligation to delay a sale of any of the Securities
Collateral for the period of time necessary to permit the issuer of such securities to register such securities for public sale
under the Securities Act, even if the issuer would agree to do so.

 

Section 9. Application
of Proceeds of Sale. The proceeds of any sale of Securities Collateral pursuant to Section 8, as well as any Securities
Collateral consisting of cash, shall be applied by Lender in accordance with the terms of the Loan Agreement. Pledgor irrevocably
waives the right to direct the application of such payments and proceeds, and acknowledges and agrees that Lender shall have the
continuing and exclusive right to apply and reapply any and all such payments and proceeds in Lender’s sole discretion, notwithstanding
any entry to the contrary upon any of its books and records.

 

Section 10. Rights
of Lender.

 

(a)       Power
of Attorney. In addition to other powers of attorney contained herein or in any of the Loan Documents, Pledgor hereby designates
and appoints Lender, on behalf of Pledgor, and each of its designees or agents, as attorney-in-fact of Pledgor, irrevocably and
with full power of substitution, with authority to take any or all of the following actions upon the occurrence and during the
continuation of an Event of Default:

 

i       to
demand, collect, settle, compromise, adjust and give discharges and releases concerning the Securities Collateral;

 

ii       to
commence and prosecute any actions or proceedings for the purposes of collecting any of the Securities Collateral and enforcing
any other right in respect thereof;

 

iii       to
defend, settle, adjust or compromise any action, suit or proceeding brought and, in connection therewith, give such discharge or
release;

 

iv       to
pay or discharge taxes, security interests, or other Liens on or threatened against the Securities Collateral;

 

v       to
direct any parties liable for any payment, to make payment directly to Lender or as Lender shall direct;

 

    6 

     

    

 

vi       to
receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of
or arising out of any Securities Collateral;

 

vii       to
sign and endorse any drafts, assignments, proxies, stock powers, consents, verifications, notices and other documents relating
to the Securities Collateral;

 

viii       to
authorize, execute and deliver all assignments, conveyances, statements, financing statements, renewal financing statements, pledge
agreements, affidavits, notices and other agreements, instruments and documents that Lender may determine necessary or appropriate
in order to perfect and maintain the security interests and liens granted in this Pledge Agreement and in order to fully consummate
all of the transactions contemplated herein and in the Loan Documents;

 

ix       to
exchange any of the Securities Collateral upon any merger, consolidation, reorganization, recapitalization or other readjustment
of Pledgor or the issuer thereof and, in connection therewith, deposit any of the Securities Collateral with any committee, depository,
transfer agent, registrar or other designated agency upon such terms as Lender may determine;

 

x       to
vote for a director, shareholder, partner, manager, or member resolution, or to sign any consent or instrument in writing, sanctioning
the transfer of any or all of the Securities Collateral into the name of Lender or into the name of any transferee to whom the
Securities Collateral of Pledgor or any part thereof may be sold; and

 

xi       to
do and perform all such other acts and things as Lender may deem to be necessary, proper or convenient in connection with this
Pledge Agreement and the other Loan Documents.

 

This power
of attorney is a power coupled with an interest and shall be irrevocable for so long as any of the Obligations remain outstanding.
Lender shall be under no duty to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly
or implicitly granted to Lender in this Pledge Agreement, and shall not be liable for any failure to do so or any delay in doing
so. Lender shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual
capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct.
This power of attorney is conferred on Lender solely to protect, preserve and realize upon its security interest in the Securities
Collateral.

 

(b)       Assignment
by Lender. In accordance with the Loan Agreement, the Lender may from time to time assign its rights or obligations hereunder,
or any portion thereof, or the pledge and security interest granted herein, or any portion thereof, and the assignee shall be entitled
to all of the rights and remedies of the applicable assignor under this Pledge Agreement in relation thereto.

 

    7 

     

    

 

(c)       Lender’s
Duty of Care. Other than the exercise of reasonable care to ensure the safe custody of the Securities Collateral while being
held by Lender hereunder, Lender shall have no duty or liability to preserve rights pertaining thereto, it being understood and
agreed that Pledgor shall be responsible for preservation of all rights in the Securities Collateral, and Lender shall be relieved
of all responsibility for Securities Collateral upon surrendering it or tendering the surrender of it to Pledgor. Lender shall
be deemed to have exercised reasonable care in the custody and preservation of the Securities Collateral in its possession if such
Securities Collateral is accorded treatment substantially equal to that which Lender accords its own property, it being understood
that Lender shall not have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relating to any Securities Collateral, whether or not Lender has or is deemed to have knowledge
of such matters or (ii) taking any steps or refraining therefrom to preserve rights against any other parties with respect to any
Securities Collateral.

 

(d)       Release
of Securities Collateral. Lender may release any of the Securities Collateral from this Pledge Agreement or may substitute
any of the Securities Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security
interest of this Pledge Agreement as to any Securities Collateral not expressly released or substituted, and this Pledge Agreement
shall continue as a first priority lien on all Securities Collateral not expressly released or substituted.

 

(e)       Rights
and Remedies. Lender is entitled to exercise all rights and remedies available to it at law or in equity in connection with
this Pledge Agreement. The rights and remedies of Lender hereunder are several and cummulative at Lender’s discretion and
may be exercised at Lender’s discretion.

 

(f)       Costs
of Counsel. If at any time hereafter, whether upon the occurrence of an Event of Default or not, Lender employs counsel or
other experts or advisors to take action or make a response in connection with this Pledge Agreement, the Securities Collateral,
or the Loan Documents, Pledgor agrees to promptly pay upon demand any and all such costs and expenses of Lender, all of which costs
and expenses shall constitute Obligations.

 

Section 11. Termination.
This Pledge Agreement shall terminate, and all security interests in the Securities Collateral shall automatically terminate and
be completely released, when all the Obligations have been indefeasibly and fully paid and satisfied, at which time Lender shall
reassign and deliver to Pledgor, or to such person or entity as Pledgor shall designate, against receipt, such of the Securities
Collateral (if any) as shall not have been sold or otherwise applied by Lender pursuant to the terms hereof and shall still be
held by Lender under this Pledge Agreement. Any such reassignment shall be without recourse to or representation or warranty by
Lender and at the expense of Pledgor.

 

    8 

     

    

 

Section 12. Further
Assurances. Pledgor agrees to do such further acts and things, and to execute and deliver such additional conveyances, assignments,
reassignments, agreements and instruments, as Lender may at any time request in connection with the administration and enforcement
of this Pledge Agreement or with respect to the Securities Collateral or any part thereof, and with respect to the grant, release
or termination of Lender's security interest in any of the Securities Collateral, or otherwise in order better to assure and confirm
unto Lender its rights and remedies hereunder and under this Pledge Agreement.

 

Section 13. Notices.
All notices, requests and demands to or upon the respective parties hereto shall be in writing and either (a) delivered by
registered or certified mail, (b) delivered by hand, or (c) delivered by national overnight courier service with next Business
Day delivery, and shall be deemed to have been duly given or made (i) upon the earlier of actual receipt and three (3) Business
Days after deposit in the United States Mail, registered or certified mail, return receipt requested, with proper postage prepaid,
(ii) one (1) Business Day after deposit with a national overnight courier with all charges prepaid, or (iii) when hand-delivered.
All notices, requests and demands are to be given or made to the respective parties at the following addresses (or to such other
addresses as either party may designate by notice in accordance with the provisions of this paragraph):

 

If to Pledgor:

 

iOra Software Limited

45 Summer
Street

Taunton,
MA 02780

Attention:
Michael E. Fasci - CFO

 

With a copy to:

 

Ellenoff Grossman &
Schole LLP

1345 Avenue of the Americas,
11TH Floor

New York,
NY 10017

Attention: Barry I. Grossman,
Esq.

 

If to Lender:

 

Moriah Software Management
LP

1 University
Plaza

Suite 407

Hackensack,
NJ 07601

Attention: Greg Zilberstein

 

With a copy to:

 

Cohen Tauber Spievack
& Wagner P.C.

420 Lexington Avenue,
Suite 2400

New York, New York 10170

Attention: Adam Stein

 

    9 

     

    

 

Notwithstanding the foregoing,
that parties expressly acknowledge and agree that the foregoing provisions of notice by Lender to Pledgor’s counsel are an
accommodation only, and that Lender shall have fulfilled its notice obligation hereunder if notice shall have been received by
Pledgor at its address irrespective of whether such notice is received by Pledgor’s counsel.

 

Section 14. Construction.
No provision of this Pledge Agreement shall be construed against or interpreted to the disadvantage of any party hereto by reason
of such party or its counsel having, or being deemed to have, structured or drafted such provision.

 

Section 15. Headings,
Amendments, Waiver. Section and paragraph headings are for convenience only and shall not be construed as part of this Pledge
Agreement. Any modification and amendment shall be in writing and signed by the parties, and any waiver of, or consent to any departure
from, any representation, warranty, covenant or other term or provision shall be in writing and signed by each affected party hereto
or thereto, as applicable. A waiver of a breach of any term, covenant or condition of this Pledge Agreement shall not operate or
be construed as a continuing waiver of such term, covenant or condition, or breach, or of any other term, covenant or condition,
or breach by such party. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude
any other or further exercise of any other right, remedy or power provided herein or by law or in equity.

 

Section 16. Entire
Agreement. This Pledge Agreement represents the entire agreement and understanding concerning the subject matter hereof and
thereof between the parties, and supersede all other prior agreements, understandings, negotiations and discussions, representations,
warranties, commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral or written.

 

Section 17. Survival.
All covenants, agreements, representations and warranties made by Pledgor herein or in any of the Loan Documents or in any certificate,
report or instrument contemplated hereby shall survive any independent investigation made by Lender and the execution and delivery
of this Pledge Agreement, such Loan Documents and such certificates, reports or instruments and shall continue so long as any Obligations
are outstanding and unsatisfied, applicable statutes of limitations to the contrary notwithstanding.

 

Section 18. Severability.
Every provision of this Pledge Agreement is intended to be severable. If, in any jurisdiction, any term or provision hereof is
determined to be invalid or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired, (b) any such invalidity
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such term or provision in any other jurisdiction,
and (c) the invalid or unenforceable term or provision shall, for purposes of such jurisdiction, be deemed replaced by a term or
provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term
or provision. If a court of competent jurisdiction determines that any covenant or restriction, by the length of time or any other
restriction, or portion thereof, set forth in this Pledge Agreement is unreasonable or unenforceable, the court shall reduce or
modify such covenants or restrictions to those which it deems reasonable and enforceable under the circumstances and, as so reduced
or modified, the parties hereto agree that such covenants and restrictions shall remain in full force and effect as so modified.
In the event a court of competent jurisdiction determines that any provision of this Pledge Agreement is invalid or against public
policy and cannot be so reduced or modified so as to be made enforceable, the remaining provisions of this Pledge Agreement shall
not be affected thereby, and shall remain in full force and effect.

 

    10 

     

    

 

Section 19. Successors
and Assigns; Assignment. All covenants, promises and agreements by or on behalf of the parties contained in this Pledge Agreement
shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns; provided,
however, that nothing in this Pledge Agreement, express or implied, shall confer on Pledgor the right to assign any of its
rights or obligations hereunder at any time.

 

Section 20. APPLICABLE
LAW. THIS PLEDGE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, THE LAWS OF WHICH PLEDGOR HEREBY EXPRESSLY ELECTS TO APPLY TO THIS PLEDGE AGREEMENT, WITHOUT GIVING EFFECT TO PROVISIONS
FOR CHOICE OF LAW THEREUNDER. PLEDGOR AGREES THAT ANY ACTION OR PROCEEDING BROUGHT TO ENFORCE OR ARISING OUT OF THIS PLEDGE AGREEMENT
SHALL BE COMMENCED IN ACCORDANCE WITH THE PROVISIONS OF THIS PLEDGE AGREEMENT.

 

Section 21. WAIVER
OF JURY TRIAL. PLEDGOR HEREBY WAIVES ANY AND ALL RIGHTS THAT IT MAY NOW OR HEREAFTER HAVE UNDER THE LAWS OF THE UNITED
STATES OF AMERICA OR ANY STATE TO A TRIAL BY JURY OF ANY AND ALL ISSUES ARISING EITHER DIRECTLY OR INDIRECTLY IN ANY ACTION OR
PROCEEDING BETWEEN PLEDGOR AND LENDER OR THEIR SUCCESSORS AND ASSIGNS, OUT OF OR IN ANY WAY CONNECTED WITH THIS PLEDGE AGREEMENT,
THE OTHER LOAN DOCUMENTS, THE OBLIGATIONS AND/OR THE SECURITIES COLLATERAL. IT IS INTENDED THAT SAID WAIVER SHALL APPLY TO ANY
AND ALL DEFENSES, RIGHTS, AND/OR COUNTERCLAIMS IN ANY ACTION OR PROCEEDINGS BETWEEN PLEDGOR AND LENDER. PLEDGOR WAIVES ALL RIGHTS
TO INTERPOSE ANY CLAIMS, DEDUCTIONS, SETOFFS OR COUNTERCLAIMS OF ANY KIND, NATURE OR DESCRIPTION IN ANY ACTION OR PROCEEDING INSTITUTED
BY LENDER WITH RESPECT TO THIS PLEDGE AGREEMENT, THE OTHER LOAN DOCUMENTS, THE OBLIGATIONS, THE SECURITIES COLLATERAL OR ANY MATTER
ARISING THEREFROM OR RELATING THERETO, EXCEPT COMPULSORY COUNTERCLAIMS.

 

Section 22. CONSENT
TO JURISDICTION. PLEDGOR HEREBY (a) IRREVOCABLY SUBMITS AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS LOCATED IN THE STATE OF NEW YORK, NEW YORK COUNTY, WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING OUT OF THIS PLEDGE AGREEMENT,
THE OTHER LOAN DOCUMENTS, THE OBLIGATIONS AND/OR THE SECURITIES COLLATERAL OR ANY MATTER ARISING THEREFROM OR RELATING THERETO,
AND (b) WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE OR FORUM NON CONVENIENS WITH RESPECT THERETO.
IN ANY SUCH ACTION OR PROCEEDING, PLEDGOR WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT OR OTHER PROCESS AND PAPERS THEREIN
AND AGREES THAT THE SERVICE THEREOF MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO PLEDGOR AT ITS OFFICES
SET FORTH HEREIN OR OTHER ADDRESS THEREOF OF WHICH LENDER HAS RECEIVED NOTICE AS PROVIDED IN THIS PLEDGE AGREEMENT. NOTWITHSTANDING
THE FOREGOING, PLEDGOR CONSENTS TO THE COMMENCEMENT BY LENDER OF ANY SUIT, ACTION OR PROCEEDING IN ANY OTHER JURISDICTION TO ENFORCE
ITS RIGHTS IN AND TO THE SECURITIES COLLATERAL AND WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING.

 

Section 23. Counterparts.
This Pledge Agreement may be executed in one or more counterparts, and by facsimile or electronic signature, each of which when
so executed, shall be deemed an original, but all of which shall constitute but one and the same instrument.

 

[SIGNATURE PAGE
FOLLOWS] 

    11 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Pledge and Security Agreement to be duly executed as of the date first above written.

 

	PLEDGOR:	 
	 	 	 
	IORA SOFTWARE LIMITED 	 
	 	 	 
	By:	/s/ Mark Thompson	 
	Name:	Mark Thompson	 
	Title: 	Chief Executive Officer	 
	 	 	 
	LENDER: 	 
	 	 	 
	MORIAH SOFTWARE MANAGEMENT LP	 
	 	 	 
	By: 	Black Dolphin Capital Management, LLC, its General Partner
	 	 	 
	By: 	/s/ Greg Zilberstein	 
	Name: 	Greg Zilberstein	 
	Title:	Managing Member	 

 

[SIGNATURE PAGE - PLEDGE AND SECURITY AGREEMENT]

 

    12 

     

    

 

SCHEDULE 1 

TO 

PLEDGE AND SECURITY AGREEMENT

 

PLEDGED SECURITIES

 

100% (2,000 shares) of the issued and outstanding
common stock, par value $001 per share, represented by certificate no. C-1, of iOra Inc., a copy of which is annexed hereto.

 

 

13

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