Document:

Exhibit 10.3

 

EXECUTION VERSION

 

Securities
Pledge Agreement

 

This
Securities Pledge Agreement (the “Agreement”) is dated as of
May 3, 2019, by and among LogicMark, LLC, a Delaware limited liability company (“Borrower”),
NXT-ID, Inc., a Delaware corporation (“Parent”), and each Subsidiary
of Parent listed on the signature pages hereto (together with Borrower, Parent and any parties who execute and deliver to the
Collateral Agent an agreement substantially in the form attached hereto as Schedule F being hereinafter referred to collectively
as the “Pledgors” and individually as a “Pledgor”) and                                              ,
as collateral agent (in such capacity, and together with any successors in such capacity, the “Collateral Agent”)
for the Secured Parties (as defined below).

 

Preliminary
Statements

 

A.Borrower
has requested that certain lenders enter into a Senior Secured Credit Agreement dated as of the date hereof (as the same may be
amended or modified from time to time, including amendments and restatements thereof in its entirety, being hereinafter referred
to as the “Credit Agreement”), pursuant to which the lenders from time to time party to the Credit Agreement
(collectively, the “Lenders” and individually a “Lender”) have agreed, subject to certain
terms and conditions, to make a Term Loan to Borrower (the Collateral Agent and the Lenders being hereinafter referred to collectively
as the “Secured Parties” and individually as a “Secured Party”).

 

B.As
a condition to extending the Term Loan to Borrower under the Credit Agreement, the Secured Parties have required, among other
things, that each Pledgor grant to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest
in the personal property of such Pledgor described herein subject to the terms and conditions hereof.

 

C.Parent
owns, directly or indirectly, certain equity interests in each other Pledgor and each Pledgor will benefit, directly or indirectly,
from the Term Loan extended by the Secured Parties to Borrower.

 

Now,
Therefore, for good and valuable consideration, receipt whereof is hereby acknowledged,
the parties hereto hereby agree as follows:

 

Section
1.Terms Defined in Credit Agreement. Except as otherwise provided in Section 2 below, all capitalized terms used
herein without definition shall have the same meanings herein as such terms have in the Credit Agreement. The terms “Pledgor”
and “Pledgors” as used herein shall mean and include the Pledgors collectively and also each individually, with all
grants, representations, warranties, and covenants of and by the Pledgors, or any of them, herein contained to constitute joint
and several grants, representations, warranties, and covenants of and by the Pledgors; provided, however, that unless
the context in which the same is used shall otherwise require, any grant, representation, warranty or covenant contained herein
related to the Collateral shall be made by each Pledgor only with respect to the Collateral owned by it or represented by such
Pledgor as owned by it.

 

     

     

    

 

Section 2.Grant
of Security Interest in the Collateral. As collateral security for the Secured Obligations defined below, each Pledgor hereby
grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in, and acknowledges and
agrees that the Collateral Agent has and shall continue to have for the benefit of the Secured Parties, a continuing lien on and
security interest in, all right, title, and interest of each Pledgor in certain equity interests of each of its direct Subsidiaries
as set forth below, whether now owned or existing or hereafter created, acquired or arising, and in whatever form, including all
of the following, except to the extent constituting Excluded Property:

 

(a)Stock
Collateral. (i) All shares of the capital stock of each Subsidiary which is a corporation owned or held by such Pledgor
and identified on Schedule A, and all substitutions and additions to such shares (the “Pledged Securities”);
(ii) all dividends, distributions, and sums distributable or payable from, upon or in respect of the Pledged Securities,
and (iii) all other rights and privileges incident to the Pledged Securities (all of the foregoing being hereinafter referred
to collectively as the “Stock Collateral”);

 

(b)Partnership
Interest Collateral. (i) All partnership or other equity interests in each Subsidiary which is a partnership (whether
general or limited) owned or held by such Pledgor and identified on Schedule B (such partnerships being hereinafter referred
to collectively as the “Partnerships” and individually as a “Partnership”), (ii) any
and all payments and distributions of whatever kind or character, whether in cash or other property, at any time made, owing or
payable to such Pledgor in respect of or on account of its present or hereafter acquired interests in each Partnership, whether
due or to become due and whether representing profits, distributions pursuant to complete or partial liquidation or dissolution
of any such Partnership, distributions representing the complete or partial redemption of such Pledgor’s interest in any
such Partnership or the complete or partial withdrawal of such Pledgor from any such Partnership, repayment of capital contributions,
payment of management fees or commissions, or otherwise, and the right to receive, receipt for, use, and enjoy all such payments
and distributions, and (iii) all other rights and privileges incident to such Pledgor’s interest in each Partnership
(all of the foregoing being hereinafter collectively called the “Partnership Interest Collateral”);

 

(c)LLC
Collateral. (i) All membership or other equity interests in each Subsidiary which is a limited liability company owned
or held by such Pledgor and identified on Schedule C (such limited liability companies being hereinafter referred to collectively
as the “LLCs” and individually as a “LLC”), (ii) any and all payments and distributions
of whatever kind or character, whether in cash or other property, at any time made, owing or payable to such Pledgor in respect
of or on account of its present or hereafter acquired interests in each LLC, whether due or to become due and whether representing
profits, distributions pursuant to complete or partial liquidation or dissolution of any such LLC, distributions representing
the complete or partial redemption of such Pledgor’s interest in such LLC or the complete or partial withdrawal of such
Pledgor from any such LLC, repayment of capital contributions, payment of management fees or commissions, or otherwise, and the
right to receive, receipt for, use, and enjoy all such payments and distributions, and (iii) all other rights and privileges
incident to such Pledgor’s interest in each LLC (all of the foregoing being hereinafter referred to as the “LLC
Collateral”); and

 

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(d)Proceeds.
 All proceeds of the foregoing;

 

all
of the foregoing being herein sometimes referred to as the “Collateral”. All terms which are used in this Agreement
which are defined in the Uniform Commercial Code of the State of New York as in effect from time to time (“UCC”)
shall have the same meanings herein as such terms are defined in the UCC, unless this Agreement shall otherwise specifically provide.

 

Section 3.Secured
Obligations. This Agreement is made and given to secure, and shall secure, the prompt payment and performance of all Obligations
of each Pledgor now or hereafter existing under the Loan Documents (collectively, the “Secured Obligations”).
Notwithstanding anything in this Agreement to the contrary, the right of recovery against any Pledgor under this Agreement (other
than Borrower to which this limitation shall not apply) shall not exceed $1.00 less than the lowest amount which would render
such Pledgor’s obligations under this Agreement void or voidable under applicable law, including fraudulent conveyance law.

 

Section 4.Covenants,
Agreements, Representations and Warranties. (a) Each Pledgor hereby represents and warrants to the Secured Parties that:

 

(i)Each
Pledgor is duly organized and validly existing in good standing under the laws of the jurisdiction of its organization. Each Pledgor
is the sole and lawful legal, record, and beneficial owner of its Collateral, and has full right, power, and authority to enter
into this Agreement and to perform each and all of the matters and things herein provided for. The execution and delivery of this
Agreement, and the observance and performance by each Pledgor of each of the matters and things herein set forth, will not (i) contravene
or constitute a default under any provision of law or any judgment, injunction, order or decree binding upon any Pledgor or any
provision of any Pledgor’s Organization Documents or any covenant, indenture or agreement of or affecting any Pledgor or
any of its property or (ii) result in the creation or imposition of any lien or encumbrance on any property of any Pledgor
except for the lien and security interest granted to the Collateral Agent hereunder.

 

(ii)Each
Pledgor’s legal name, jurisdiction of organization, chief executive office, and organizational identification number (if
any) are correctly set forth on Schedule D to this Agreement.

 

(iii)None
of the Collateral constitutes margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve
System).

 

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(iv)The
Collateral and every part thereof is and shall be free and clear of all security interests, liens, attachments, levies, and encumbrances
of every kind, nature, and description and whether voluntary or involuntary, except for the security interest of the Collateral
Agent hereunder.

 

(b)Each
Pledgor hereby covenants and agrees with the Secured Parties that:

 

(i)No
Pledgor shall change its jurisdiction of organization without the Collateral Agent’s prior written consent. No Pledgor shall
change its legal name or any location set forth on Schedule D hereto without giving 30 days’ prior written notice of
its intent to do so to the Collateral Agent (provided in all cases such locations shall be within the United States of America).

 

(ii)Each
Pledgor shall warrant and defend the Collateral against any claims and demands of all persons at any time claiming the same or
any interest in the Collateral adverse to the Secured Parties.

 

(iii)Each
Pledgor will promptly pay when due all taxes, assessments, and governmental charges and levies upon or against it or its Collateral,
in each case before the same become delinquent and before penalties accrue thereon, unless and to the extent that the same are
being contested in good faith by appropriate proceedings which prevent attachment of any lien resulting therefrom to, foreclosure
on or other realization upon any Collateral and such Pledgor shall have established adequate reserves therefor.

 

(iv)Each
Pledgor agrees it will not, without the Collateral Agent’s prior written consent, sell, assign or otherwise dispose of the
Collateral or any interest therein.

 

(v)Each
Pledgor agrees to execute and deliver to the Collateral Agent such further agreements, assignments, instruments, and documents,
and to do all such other things, as the Collateral Agent may reasonably deem necessary or appropriate to assure the Collateral
Agent its lien and security interest hereunder, including, without limitation, such assignments, acknowledgments (including acknowledgments
of collateral assignment in the form attached hereto as Schedule E), stock powers, financing statements, instruments, and
documents as the Collateral Agent may from time to time require in order to comply with the UCC. Prior to the Closing Date and
following the occurrence of an Event of Default, the Collateral Agent may order lien searches from time to time against any Pledgor
and the Collateral, and the Pledgors shall promptly reimburse the Collateral Agent for all reasonable and documented out-of-pocket
costs and expenses incurred in connection with such lien searches. In the event for any reason the law of any jurisdiction other
than New York becomes or is applicable to the Collateral or any part thereof, or to any of the Secured Obligations, each Pledgor
agrees to execute and deliver all such agreements, assignments, instruments, and documents and to do all such other things as
the Collateral Agent in its discretion deems necessary or appropriate to preserve, protect, and enforce the lien and security
interest of the Collateral Agent under the law of such other jurisdiction.

 

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(vi)If,
as and when any Pledgor (x) acquires any Pledged Securities in addition to those listed on Schedule A hereto, (y) acquires
any interest in any Partnership in addition to those listed on Schedule B hereto, or (z) acquires any interest in any
LLC in addition to those listed on Schedule C hereto, such Pledgor shall furnish to the Collateral Agent a supplement to
the relevant Schedule reflecting the additional Collateral subject to this Agreement (provided any Pledgor’s failure to
do so shall not impair the Collateral Agent’s security interest therein).

 

(vii)On
failure of any Pledgor to perform any of the covenants and agreements herein contained, the Collateral Agent may, at its option,
and upon prior notice, perform the same and in so doing may expend such sums as the Collateral Agent deems advisable in the performance
thereof, including, without limitation, the payment of any taxes, liens, and encumbrances, expenditures made in defending against
any adverse claim, and all other expenditures which the Collateral Agent may be compelled to make by operation of law or which
Collateral Agent may make by agreement or otherwise for the protection of the security hereof. All such sums and amounts so expended
shall be repayable by the Pledgors upon demand, shall constitute additional Secured Obligations secured hereunder, and shall bear
interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the
Collateral Agent on behalf of a Pledgor, and no such advancement or expenditure therefor, shall relieve any Pledgor of any default
under the terms of this Agreement or in any way obligate any Secured Party to take any further or future action with respect thereto.
The Collateral Agent, in making any payment hereby authorized, may do so according to any bill or statement procured from the
appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill or statement
or into the validity of any tax assessment, sale, forfeiture, tax lien or title or claim. The Collateral Agent is hereby authorized
to charge any account of any Pledgor maintained with any Secured Party for the amount of such sums and amounts so expended.

 

Section 5.Special
Provisions Re: Stock Collateral.

 

(a)Each
Pledgor has the right to vote the Pledged Securities and there are no restrictions upon the voting rights associated with, or
the transfer of, any of the Pledged Securities, except as provided by federal and state, and with respect to the Foreign Subsidiaries,
foreign laws applicable to the sale of securities generally and the terms of this Agreement.

 

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(b)The
certificates for all shares of the Pledged Securities shall be delivered by the relevant Pledgor to the Collateral Agent duly
endorsed in blank for transfer or accompanied by an appropriate assignment or assignments or an appropriate undated stock power
or powers, in every case sufficient to transfer title thereto. The Collateral Agent may, at any time after the occurrence of any
Event of Default, cause to be transferred into its name or into the name of its nominee or nominees any and all of the Pledged
Securities.

 

(c)The
Pledged Securities have been validly issued and, except as described on Schedule A, are fully paid and non-assessable. Except
as set forth on Schedule A, there are no outstanding commitments or other obligations of the issuers of any of the Pledged
Securities to issue, and no options, warrants or other rights of any individual or entity to acquire, any share of any class or
series of capital stock of such issuers. The Pledged Securities listed and described on Schedule A attached hereto constitute,
the percentage of the issued and outstanding capital stock of each series and class of the issuers thereof as set forth thereon
owned by the relevant Pledgor. Each Pledgor agrees that in the event any such issuer shall issue any additional capital stock
of any series or class (whether or not entitled to vote) to such Pledgor or otherwise on account of its ownership interest therein,
subject to the limitations set forth in Section 2(a) above, such Pledgor will forthwith pledge and deposit hereunder, or cause
to be pledged and deposited hereunder, all such additional shares of such capital stock.

 

Section 6.Special
Provisions Re: Partnership Interest Collateral and LLC Collateral.

 

(a)Each
Pledgor represents and warrants to the Secured Parties that:

 

(i)each
Partnership is a valid and existing entity of the type listed on Schedule B and is duly organized and existing under applicable
law; and each LLC is duly organized and existing under applicable law;

 

(ii)the
Partnership Interest Collateral listed and described on Schedule B attached hereto constitutes the percentage of the equity
interest in each Partnership set forth thereon owned by the relevant Pledgor; and the LLC Collateral listed and described on Schedule C
attached hereto constitutes the percentage of the equity interest in each LLC set forth thereon owned by the relevant Pledgor;
and

 

(iii)the
copies of the partnership agreements of each Partnership and the articles of association and operating agreements of each LLC
(each such agreement being hereinafter referred to as an “Organizational Agreement”) heretofore delivered to
the Collateral Agent are true and correct copies thereof and have not been amended or modified in any respect.

 

(b)Each
Pledgor agrees that it shall not, without the prior written consent of the Collateral Agent, agree to any amendment or modification
to any Organizational Agreement which would in any manner adversely affect or impair the Partnership Interest Collateral or LLC
Collateral or reduce or dilute the rights of such Pledgor with respect to any Partnership or LLC, the Equity Interests of which
constitute Collateral.

 

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(c)Each
Pledgor shall cause each of its Subsidiaries that has issued certificated Equity Interests that are not of a type dealt in or
traded on securities exchanges or securities markets to expressly state in its Organizational Agreement that its equity interests
are securities governed by Article 8 of the UCC. Each Pledgor agrees that, if permitted by applicable law, the Pledgor’s
interest in any Partnership or LLC shall at all times be certificated, and the certificates at any time evidencing any Pledgor’s
interest in any Partnership or any LLC shall be delivered to the Collateral Agent duly endorsed in blank for transfer or accompanied
by an appropriate assignment or assignments or an appropriate undated stock power or powers, in every case sufficient to transfer
title thereto. The Collateral Agent shall at all times have the right to exchange the certificates representing such Collateral
for certificates of smaller or larger denominations.

 

(d)Each
Pledgor has the right to vote its interest in each Partnership and LLC (except as set forth herein) and there are no restrictions
upon the voting rights associated with, or the transfer of, any of the Partnership Interest Collateral or LLC Collateral, except
as provided by federal and state laws applicable to the sale of securities generally, the terms of any Organizational Agreement
under which such person is organized, and the terms of this Agreement, the Security Agreement and the other Loan Documents.

 

(e)Except
as set forth on Schedule C, there are no outstanding commitments or other obligations of any LLC to issue, and no options,
warrants or other rights of any individual or entity to acquire, any interest in such LLC.

 

Section 7.Voting
Rights and Dividends. Unless and until an Event of Default hereunder has occurred and is continuing:

 

(a)Each
Pledgor shall be entitled to exercise all voting and/or consensual rights and powers pertaining to the Collateral of such Pledgor,
or any part thereof, for all purposes not inconsistent with the terms of this Agreement or any other Loan Document.

 

(b)Each
Pledgor shall be entitled to receive and retain all dividends and distributions in respect of the Collateral which are paid in
cash of whatsoever nature; provided, however, that such dividends and distributions representing:

 

(i)stock
or liquidating dividends or a distribution or return of capital upon or in respect of the Pledged Securities or any part thereof
or resulting from a split-up, revision or reclassification of the Pledged Securities or any part thereof or received in addition
to, in substitution of or in exchange for the Pledged Securities or any part thereof as a result of a merger, consolidation or
otherwise; or

 

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(ii)distributions
in complete or partial liquidation of any Partnership or LLC or the interest of such Pledgor therein;

 

in
each case, shall be paid, delivered or transferred, as appropriate, directly to the Collateral Agent immediately upon the receipt
thereof by such Pledgor and may, in the case of cash, be applied by the Collateral Agent to the Secured Obligations in accordance
with the terms of Section 8.03 of the Credit Agreement, whether or not the same may then be due or otherwise adequately secured
and shall, in the case of all other property, together with any cash received by the Collateral Agent and not applied as aforesaid,
be held by the Collateral Agent pursuant hereto as part of the Collateral pledged under and subject to the terms of this Agreement.

 

(c)In
order to permit each Pledgor to exercise such voting and/or consensual rights and powers which it is entitled to exercise under
subsection (a) above and to receive such distributions which such Pledgor is entitled to receive and retain under subsection (b)
above, the Collateral Agent will, if necessary, upon the written request of such Pledgor, from time to time execute and deliver
to such Pledgor appropriate proxies and dividend orders.

 

Section 8.Power
of Attorney. In addition to any other powers of attorney contained herein, each Pledgor hereby appoints the Collateral Agent,
its nominee, or any other person whom the Collateral Agent may designate as such Pledgor’s attorney-in-fact, with full power
and authority upon the occurrence and during the continuation of any Event of Default to ask, demand, collect, receive, receipt
for, sue for, compound and give acquittance for any and all sums or properties which may be or become due, payable or distributable
in respect of the Collateral or any part thereof, with full power to settle, adjust or compromise any claim thereunder or therefor
as fully as such Pledgor could itself do, to endorse or sign the Pledgor’s name on any assignments, stock powers or other
instruments of transfer and on any checks, notes, acceptances, money orders, drafts, and any other forms of payment or security
that may come into the Collateral Agent’s possession in connection with its exercise of remedies, and on all documents of
satisfaction, discharge or receipt required or requested in connection therewith, and, in its discretion, to file any claim or
take any other action or proceeding, either in its own name or in the name of such Pledgor, or otherwise, which the Collateral
Agent deems necessary or appropriate to collect or otherwise realize upon all or any part of the Collateral, or effect a transfer
thereof, or which may be necessary or appropriate to protect and preserve the right, title, and interest of the Collateral Agent
in and to such Collateral and the security intended to be afforded hereby. Each Pledgor hereby ratifies and approves all acts
of any such attorney and agrees that neither the Collateral Agent nor any such attorney will be liable for any such acts or omissions
nor for any error of judgment or mistake of fact or law other than such person’s gross negligence or willful misconduct.
The Collateral Agent may file one or more financing statements disclosing its security interest in all or any part of the Collateral
without any Pledgor’s signature appearing thereon, and each Pledgor also hereby grants the Collateral Agent a power of attorney
to execute any such financing statements, and any amendments or supplements thereto, on behalf of such Pledgor without notice
thereof to any Pledgor. The foregoing powers of attorney, being coupled with an interest, are irrevocable until the Secured Obligations
(other than contingent indemnification and reimbursement obligations not yet accrued and payable) have been fully satisfied and
all commitments of the Lenders to extend credit to or for the account of Borrower under the Credit Agreement have expired or otherwise
terminated.

 

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Section 9.Defaults
and Remedies. (a) The occurrence of any event or the existence of any condition which is specified as an “Event
of Default” under the Credit Agreement shall constitute an “Event of Default” hereunder.

 

(b)Upon
the occurrence and during the continuation of any Event of Default, the Collateral Agent shall have, in addition to all other
rights provided herein or by law, the rights and remedies of a secured party under the UCC (regardless of whether the UCC is the
law of the jurisdiction where the rights or remedies are asserted and regardless of whether the UCC applies to the affected Collateral),
and further the Collateral Agent may, without demand and, to the extent permitted by applicable law, without advertisement, notice,
hearing or process of law, all of which each Pledgor hereby waives to the extent permitted by applicable law, at any time or times,
sell and deliver any or all of the Collateral held by or for it at public or private sale, at any securities exchange or broker’s
board or at any of the Collateral Agent’s offices or elsewhere, for cash, upon credit or otherwise, at such prices and upon
such terms as the Collateral Agent deems advisable, in its sole discretion. In the exercise of any such remedies, the Collateral
Agent may sell the Collateral as a unit even though the sales price thereof may be in excess of the amount remaining unpaid on
the Secured Obligations. Also, if less than all the Collateral is sold, the Collateral Agent shall have no duty to marshal or
apportion the part of the Collateral so sold as between the Pledgors, or any of them, but may sell and deliver any or all of the
Collateral without regard to which of the Pledgors are the owners thereof. In addition to all other sums due any Secured Party
hereunder, each Pledgor shall pay the Secured Parties all costs and expenses incurred by the Secured Parties, including reasonable
attorneys’ fees and court costs, in obtaining, liquidating or enforcing payment of Collateral or the Secured Obligations
or in the prosecution or defense of any action or proceeding by or against any Secured Party or any Pledgor concerning any matter
arising out of or connected with this Agreement or the Collateral or the Secured Obligations, including, without limitation, any
of the foregoing arising in, arising under or related to a case under Bankruptcy Code (or any successor statute). Any requirement
of reasonable notice shall be met if such notice is personally served on or otherwise sent (within the meaning of Section 9-612
of the UCC) to the Pledgors in accordance with Section 13(b) hereof at least 10 days before the time of sale or other
event giving rise to the requirement of such notice, provided, however, no notification need be given to a Pledgor
if such Pledgor has signed, after an Event of Default has occurred, a statement renouncing any right to notification of sale or
other intended disposition. The Collateral Agent shall not be obligated to make any sale or other disposition of the Collateral
regardless of notice having been given. Any Secured Party may be the purchaser at any such sale. Each Pledgor hereby waives, to
the maximum extent permitted by law, all of its rights of redemption from any such sale. The Collateral Agent may postpone or
cause the postponement of the sale of all or any portion of the Collateral by announcement at the time and place of such sale,
and such sale may, without further notice, be made at the time and place to which the sale was postponed or the Collateral Agent
may further postpone such sale by announcement made at such time and place. The Collateral Agent may sell or otherwise dispose
of the Collateral without giving any warranties as to the Collateral or any part thereof, including disclaimers of any warranties
of title or the like, and each Pledgor acknowledges and agrees that the absence of such warranties shall not render the disposition
commercially unreasonable.

 

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Each
Pledgor agrees that if any part of the Collateral is sold at any public or private sale, the Collateral Agent may elect to sell
only to a buyer who will give further assurances, satisfactory in form and substance to the Collateral Agent, respecting compliance
with the requirements of the Federal Securities Act of 1933, as amended, and applicable state securities laws, and a sale subject
to such condition shall be deemed commercially reasonable.

 

Each
Pledgor further agrees that in any sale of any part of the Collateral, the Collateral Agent is hereby authorized to comply with
any limitation or restriction in connection with such sale as it may be advised by counsel is necessary in order to avoid any
violation of applicable law (including, without limitation, compliance with such procedures as may restrict the number of prospective
bidders and purchasers and/or further restrict such prospective bidders or purchasers to persons who will represent and agree
that they are purchasing for their own account for investment and not with a view to the distribution or resale of such Collateral),
or in order to obtain any required approval of the sale or of the purchaser by any governmental regulatory authority or official,
and each Pledgor further agrees that such compliance shall not result in such sale being considered or deemed not to have been
made in a commercially reasonable manner, nor shall the Collateral Agent be liable or accountable to any Pledgor for any discount
allowed by reason of the fact that such collateral is sold in compliance with any such limitation or restriction.

 

(c)Without
in any way limiting the foregoing, upon the occurrence and during the continuation of any Event of Default, all rights of the
Pledgors to receive and retain the distributions which they are entitled to receive and retain pursuant to Section 7(b) hereof
shall cease and thereupon become vested in the Collateral Agent which, in addition to all other rights provided herein or by law,
shall then be entitled solely and exclusively to receive and retain the distributions which the Pledgors would otherwise have
been authorized to retain pursuant to Section 7(b) hereof and all rights of the Pledgors to exercise the voting and/or consensual
powers which they are entitled to exercise pursuant to Section 7(a) hereof shall cease and thereupon become vested in the
Collateral Agent which, in addition to all other rights provided herein or by law, shall then be entitled solely and exclusively
to exercise all voting and other consensual powers pertaining to the Collateral and to exercise any and all rights of conversion,
exchange or subscription and any other rights, privileges or options pertaining thereto as if the Collateral Agent were the absolute
owner thereof, including, without limitation, the right to exchange, at its discretion, the Collateral or any part thereof upon
the merger, consolidation, reorganization, recapitalization or other readjustment of the respective issuer thereof or upon the
exercise by or on behalf of any such issuer or the Collateral Agent of any right, privilege or option pertaining to the Collateral
or any part thereof and, in connection therewith, to deposit and deliver the Collateral or any part thereof with any committee,
depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Collateral Agent may determine.
In the event the Collateral Agent in good faith believes any of the Collateral constitutes restricted securities within the meaning
of any applicable securities law, any disposition thereof in compliance with such laws shall not render the disposition commercially
unreasonable.

 

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(d)In
the event the Collateral Agent shall sell or otherwise dispose of all or any part of the Partnership Interest Collateral or LLC
Collateral, each Pledgor hereby grants the purchaser of such portion of the Partnership Interest Collateral or LLC Collateral,
to the fullest extent of its capacity, the ability (but not the obligation) to become a partner or member in the relevant Partnership
or LLC, as the case may be (subject to the approval of the relevant Partnership or LLC in the exercise of its discretion in accordance
with its Organizational Agreement and subject to any requirements of applicable law), in the place and stead of such Pledgor.
To exercise such right, the purchaser shall give written notice to the relevant Partnership or LLC of its election to become a
partner or member in such Partnership or LLC. Following such election and giving of consent by all necessary partners or members
of the relevant Partnership or LLC as to the purchaser becoming a partner or member, the purchaser shall have the rights and powers
and be subject to the liabilities of a partner or member under the relevant Organizational Agreement and the partnership or limited
liability company act governing the Partnership or LLC.

 

(e)The
powers conferred upon the Secured Parties hereunder are solely to protect their interest in the Collateral and shall not impose
on them any duties to exercise such powers. The Collateral Agent shall be deemed to have exercised reasonable care in the custody
and preservation of the Collateral in its possession or control if the Collateral is accorded treatment substantially equivalent
to that which the Collateral Agent accords its own property, consisting of similar type assets, it being understood, however,
that the Collateral Agent shall have no responsibility for (i) ascertaining or taking any action with respect to calls, conversions,
exchanges, maturities, tenders or other matters relating to any Collateral, whether or not the Collateral Agent has or is deemed
to have knowledge of such matters, (ii) taking any necessary steps to preserve rights against any parties with respect to
any Collateral, or (iii) initiating any action to protect the Collateral or any part thereof against the possibility of a
decline in market value. This Agreement constitutes an assignment of rights only and not an assignment of any duties or obligations
of the Pledgors in any way related to the Collateral, and the Collateral Agent shall have no duty or obligation to discharge any
such duty or obligation. Neither any Secured Party nor any party acting as attorney for any Secured Party shall be liable hereunder
for any acts or omissions or for any error of judgment or mistake of fact or law other than such person’s gross negligence
or willful misconduct.

 

(f)Failure
by the Collateral Agent to exercise any right, remedy or option under this Agreement or any other agreement between any Pledgor
and the Collateral Agent or provided by law, or delay by the Collateral Agent in exercising the same, shall not operate as a waiver;
and no waiver shall be effective unless it is in writing, signed by the party against whom such waiver is sought to be enforced
and then only to the extent specifically stated. The rights and remedies of the Secured Parties under this Agreement shall be
cumulative and not exclusive of any other right or remedy which any Secured Party may have. For purposes of this Agreement, an
Event of Default shall be construed as continuing after its occurrence until the same is waived in writing by the Collateral Agent.

 

    -11-

     

    

 

Section 10.Application
of Proceeds. The proceeds of the Collateral at any time received by the Collateral Agent upon the occurrence and during the
continuation of any Event of Default shall, when received by the Collateral Agent in cash or its equivalent, be applied by the
Collateral Agent in reduction of, or held as collateral security for, the Secured Obligations in accordance with the terms of
Section 8.03 of the Credit Agreement. Any surplus remaining after the full payment and satisfaction of the Secured Obligations
(other than contingent indemnification and reimbursement obligations not yet accrued and payable) shall be returned to Borrower,
as agent for Pledgors, or to whomsoever the Collateral Agent reasonably determines is lawfully entitled thereto.

 

Section 11.Continuing
Agreement. This Agreement shall be a continuing agreement in every respect and shall remain in full force and effect until
all of the Secured Obligations (other than contingent indemnification and reimbursement obligations not yet accrued and payable),
both for principal and interest, have been fully paid and satisfied and the commitments of the Lenders to extend credit to or
for the account of Borrower under the Credit Agreement shall have expired or otherwise terminated. Upon such termination of this
Agreement, the Collateral Agent shall, upon the request and at the expense of the Pledgors, forthwith release all its liens and
security interests hereunder and shall return to the Pledgors any Collateral held by the Collateral Agent.

 

Section 12.The
Collateral Agent. In acting under or by virtue of this Agreement, the Collateral Agent shall be entitled to all the rights,
authority, privileges, and immunities provided in the Credit Agreement, all of which provisions of said Credit Agreement (including,
without limitation, Article IX thereof) are incorporated by reference herein with the same force and effect as if set forth herein
in their entirety. The Collateral Agent hereby disclaims any representation or warranty to the Secured Parties or any other holders
of the Secured Obligations concerning the perfection of the liens and security interests granted hereunder or in the value of
any of the Collateral.

 

Section 13.Miscellaneous.
(a)  This Agreement cannot be changed or terminated orally. This Agreement shall create a continuing lien on and
security interest in the Collateral and shall be binding upon each Pledgor, its successors and assigns, and shall inure, together
with the rights and remedies of the Secured Parties hereunder, to the benefit of the Secured Parties and their successors and
permitted assigns; provided, however, that no Pledgor may assign its rights or delegate its duties hereunder without
the Collateral Agent’s prior written consent. Without limiting the generality of the foregoing, and subject to the provisions
of the Credit Agreement, any Lender may assign or otherwise transfer any indebtedness held by it secured by this Agreement to
any other person that is an Eligible Assignee, and such other person shall thereupon become vested with all the benefits in respect
thereof granted to such Lender herein or otherwise.

 

(b)
All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided
in Schedule 10.02 of the Credit Agreement. All communications and notices hereunder to each Pledgor shall be given to it
in care of Borrower at Borrower’s address set forth in Schedule 10.02 of the Credit Agreement.

 

    -12-

     

    

 

(c)In
the event and to the extent that any provision hereof shall be deemed to be invalid or unenforceable by reason of the operation
of any law or by reason of the interpretation placed thereon by any court, this Agreement shall to such extent be construed as
not containing such provision, but only as to such jurisdictions where such law or interpretation is operative, and the invalidity
or unenforceability of such provision shall not affect the validity of any remaining provision hereof, and any and all other provisions
hereof which are otherwise lawful and valid shall remain in full force and effect. Without limiting the generality of the foregoing,
in the event that this Agreement shall be deemed to be invalid or otherwise unenforceable with respect to any Pledgor, such invalidity
or unenforceability shall not affect the validity of this Agreement with respect to the other Pledgors.

 

(d)The
lien and security interest herein created and provided for stand as direct and primary security for the Secured Obligations of
Borrower arising under or otherwise relating to the Credit Agreement as well as for the other Secured Obligations secured hereby.
No application of any sums received by the Secured Parties in respect of the Collateral or any disposition thereof to the reduction
of the Secured Obligations or any part thereof shall in any manner entitle any Pledgor to any right, title or interest in or to
the Secured Obligations or any collateral security therefor, whether by subrogation or otherwise, unless and until all Secured
Obligations (other than contingent indemnification and reimbursement obligations not yet accrued and payable) have been fully
paid and satisfied and all commitments to extend credit to or for the account of Borrower under the Credit Agreement have expired
or otherwise terminated. Each Pledgor acknowledges and agrees that the lien and security interest hereby created and provided
for are absolute and unconditional and shall not in any manner be affected or impaired by any acts or omissions whatsoever of
any Secured Party or any other holder of any of the Secured Obligations, and without limiting the generality of the foregoing,
the lien and security interest hereof shall not be impaired by any acceptance by any Secured Party or any other holder of any
of the Secured Obligations of any other security for or guarantors upon any Secured Obligations or by any failure, neglect or
omission on the part of any Secured Party or any other holder of any of the Secured Obligations to realize upon or protect any
of the Secured Obligations or any collateral security therefor. The lien and security interest hereof shall not in any manner
be impaired or affected by (and the Secured Parties, without notice to anyone, are hereby authorized to make from time to time)
any sale, pledge, surrender, compromise, settlement, release, renewal, extension, indulgence, alteration, substitution, exchange,
change in, modification or disposition of any of the Secured Obligations or of any collateral security therefor, or of any guaranty
thereof, or of any instrument or agreement setting forth the terms and conditions pertaining to any of the foregoing. The Secured
Parties may at their discretion at any time grant credit to Borrower without notice to the other Pledgors in such amounts and
on such terms as the Secured Parties may elect without in any manner impairing the lien and security interest hereby created and
provided for. In order to realize hereon and to exercise the rights granted the Secured Parties hereunder and under applicable
law, there shall be no obligation on the part of any Secured Party or any other holder of any of the Secured Obligations at any
time to first resort for payment to Borrower or any other Pledgor or to any guaranty of the Secured Obligations or any portion
thereof or to resort to any other collateral security, property, liens or any other rights or remedies whatsoever, and the Secured
Parties shall have the right to enforce this Agreement as against any Pledgor or any of its Collateral irrespective of whether
or not other proceedings or steps seeking resort to or realization upon or from any of the foregoing are pending.

 

    -13-

     

    

 

(e)In
the event the Secured Parties shall at any time in their discretion permit a substitution of Pledgors hereunder or a party shall
wish to become a Pledgor hereunder, such substituted or additional Pledgor shall, upon executing an agreement in the form attached
hereto as Schedule F, become a party hereto and be bound by all the terms and conditions hereof to the same extent as though
such Pledgor had originally executed this Agreement and, in the case of a substitution, in lieu of the Pledgor being replaced.
Any such agreement shall contain information as to such Pledgor necessary to update Schedules A, B, C, and D with respect
to it. No such substitution shall be effective absent the written consent of Collateral Agent nor shall it in any manner affect
the obligations of the other Pledgors hereunder.

 

(f)This
Agreement may be executed in any number of counterparts and by different parties hereto on separate counterpart signature pages,
each constituting an original, but all together one and the same instrument. Each Pledgor acknowledges that this Agreement is
and shall be effective upon its execution and delivery by such Pledgor to the Collateral Agent, and it shall not be necessary
for the Collateral Agent to execute this Agreement or any other acceptance hereof or otherwise to signify or express its acceptance
hereof.

 

(g)This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York (without regard to principles
of conflicts of law). The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning of any provision hereof.

 

(h)Each
Pledgor hereby submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York
and of any New York state court sitting in New York County, for purposes of all legal proceedings arising out of or relating to
this Agreement or the transactions contemplated hereby. Each Pledgor irrevocably waives, to the fullest extent permitted by law,
any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and
any claim that any such proceeding brought in such a court has been brought in an inconvenient form. Each
Pledgor and, by accepting the benefits of this Agreement, each Secured Party hereby irrevocably waives any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

[Signature
Pages to Follow]

 

    -14-

     

    

 

In
Witness Whereof, each Pledgor has caused this Agreement to be
duly executed and delivered as of the date first above written.

 

	 	Pledgors:
	 	 	 
	 	LogicMark,
    LLC, as a Pledgor
	 	 	 
	 	By:	                          
	 	Name:	 
	 	Title:	 
	 	 	 
	 	NXT-ID,
    Inc., as a Pledgor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	3D-ID,
    LLC, as a Pledgor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

SIGNATURE
PAGE TO SECURITIES PLEDGE AGREEMENT

 

     

     

    

 

Acknowledged
and agreed to as of the date first above written.

 

	 	                                      ,
    as Collateral Agent
	 	 	                                               
	 	By:	 
	 	Name:	 
	 	Title:Exhibit 10.4

 

EXECUTION VERSION

 

Intellectual
Property Security Agreement

 

This
Intellectual Property Security Agreement (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “IP Security Agreement”) dated May 3, 2019, is made
by the Persons listed on the signature pages hereof (collectively, the “Grantors”) in favor of                                                                  ,
as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred
to below).

 

Whereas,
LogicMark, LLC., a Delaware limited
liability company (the “Borrower”),                   ,
as Administrative Agent and Collateral Agent, and each Lender from time to time party thereto, have entered into that certain
Senior Secured Credit Agreement dated as of May 3, 2019 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”). Terms defined in the Credit Agreement and not otherwise
defined herein are used herein as defined in the Credit Agreement.

 

Whereas,
as a condition precedent to the making of the Term Loan by the Lenders under the Credit Agreement, each Grantor has executed and
delivered that certain Security Agreement dated as of the date hereof made by the Grantors to the Collateral Agent (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”).

 

Whereas,
under the terms of the Security Agreement, the Grantors have granted to the Collateral Agent, for the ratable benefit of the Secured
Parties, a security interest in, among other property, certain intellectual property of the Grantors, and have agreed as a condition
thereof to execute this IP Security Agreement for recording with the United States Patent and Trademark Office, the United States
Copyright Office and other governmental authorities, as applicable.

 

Now,
Therefore, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each Grantor agrees as follows:

 

SECTION
1.Grant of Security. Each Grantor hereby grants to the Collateral Agent for the ratable benefit of the Secured Parties
a security interest in all of such Grantor’s right, title and interest in and to the following (the “Collateral”):

 

(i)the
patents and patent applications set forth in Schedule A hereto (the “Patents”);

 

(ii)the
trademark and service mark registrations and applications set forth in Schedule B hereto (provided that no security interest
shall be granted in United States intent-to-use trademark applications to the extent that, and solely during the period in which,
the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark applications
or the marks that are the subject thereof under applicable federal law), together with the goodwill symbolized thereby (the “Trademarks”);

 

     

     

    

 

(iii)the
copyright registrations and applications and copyright licenses set forth in Schedule C hereto (the “Copyrights”);

 

(iv)all
reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations of any of the foregoing, all
rights in the foregoing provided by international treaties or conventions, all rights corresponding thereto throughout the world
and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; and

 

(v)any
and all income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including,
without limitation, damages and payments for past, present or future infringements, dilutions, misappropriations, violations,
misuses or breaches thereof, with the right, but not the obligation, to sue for and collect, or otherwise recover, such damages.

 

SECTION
2.Security for Obligations. The grant of a security interest in the Collateral by each Grantor under this IP Security
Agreement secures the payment of all Obligations of such Grantor now or hereafter existing under or in respect of the Loan Documents,
whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, premiums,
penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise, including, without limitation, obligations
under the Guaranty, as applicable.

 

SECTION
3.Recordation. Each Grantor authorizes and requests that the Register of Copyrights, the Commissioner for Patents and
the Commissioner for Trademarks and any other applicable government officer, as applicable, record this IP Security Agreement.

 

SECTION
4.Execution in Counterparts. This IP Security Agreement may be executed in any number of counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this IP Security Agreement by facsimile or an electronic transmission
of a .pdf copy thereof shall be effective as delivery of an original executed counterpart of this IP Security Agreement.

 

SECTION
5.Grants, Rights and Remedies. This IP Security Agreement has been entered into in conjunction with the provisions
of the Security Agreement. Each Grantor does hereby acknowledge and confirm that the grant of the security interest hereunder
to, and the rights and remedies of, the Collateral Agent with respect to the Collateral are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated herein by reference as if fully set forth herein.

 

SECTION
6.Governing Law. This IP Security Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York.

 

[signature
page follows]

 

    2

     

    

 

 

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

 

	 	LogicMark,
    LLC, as a Grantor
	 	 	 
	 	By:	                       
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Nxt-Id,
    Inc., as a Grantor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	3D-ID,
    LLC, as a Grantor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

Schedule
C-1

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