Document:

Exhibit
4.1

 

SECURED
Promissory Note

 

	Original
    Principal Amount: $56,955,167.81	Issue
    Date: June 29, 2022
	 	 
	 	Rochester,
    New York

 

FOR
VALUE RECEIVED, ZVV Media Partners, LLC, a Delaware limited liability company (the “Borrower”), promises
to pay to the order of Vinco Ventures, Inc., a Nevada corporation and a member of Borrower (collectively, with any and all of its successors
and assigns and/or any other holder of this Note, “Lender”), without offset, in immediately available funds
in lawful money of the United States of America, without counterclaim or setoff and free and clear of, and without any deduction or withholding
for, any taxes or other payments), by wire transfer in accordance with the instructions provided by Lender, the principal sum of Fifty-Six
Million Nine Hundred Fifty-Five Thousand One Hundred Sixty-Seven and 81/100 dollars ($56,955,167.81) (the “Original Principal
Amount”) plus any additional cash amounts advanced by Lender, in its discretion, to Borrower following the Issue Date (the
“Additional Principal Amount”), up to an aggregate principal amount hereunder of Seventy Million Dollars ($70,000,000.00)
including the Original Principal Amount (the “Maximum Principal Amount”) (or the unpaid balance of all principal
advanced against this Promissory Note (this “Note”), if such amount is less than the Maximum Principal Amount
(the aggregate unpaid principal balance of this Note is referred to herein, from time to time, as the “Principal Debt”)),
together with interest on the Principal Debt, from day to day outstanding as hereinafter provided (collectively with any and all other
indebtedness to Lender under this Note (the “Indebtedness”) evidenced, governed, or secured by or arising under
this Note or the Security Agreement (as defined below) (collectively, the “Loan Documents”)). Unless otherwise
expressly agreed in writing by Lender, all cash amounts advanced by Lender to Borrower following the Issue Date shall be deemed as loans
made under this Note and shall not be deemed “Capital Contributions” under the Second Amended and Restated Limited Liability
Company Agreement of Borrower. The loans evidenced by this Note are referred to herein collectively as the “Loan.”
Notwithstanding anything in this Note to the contrary, Lender shall have the right to deny any future borrowing requests by Borrower
under the Note in Lender’s discretion.

 

The
Original Principal Amount represents the amounts advanced by Lender to the Borrower during the period from August 6, 2021 through the
Issue Date on such dates and in such amounts as set forth on Schedule 1 attached hereto and interest accrued thereon at the Interest
Rate (as defined herein).

 

	1.	Payment
    Schedule and Maturity Date. The Principal Debt, together with all accrued and unpaid interest and all other amounts payable hereunder
    and under the other Loan Documents (collectively, the “Obligations”), shall be due and payable in full
    on March 31, 2024 (the “Maturity Date”).

 

    	1

     

    

 

	2.	Representations
    and Warranties of Borrower. To induce Lender to make the Loan and other financial accommodations hereunder, Borrower represents
    and warrants to Lender that:

 

	 	2.1	Corporate
    Status and Qualification. Borrower: (a) is a duly incorporated and validly existing limited liability company in good standing
    under the laws of the State of Delaware and has the corporate or other organizational power and authority to own its property and
    assets and to transact the business in which it is engaged; and (b) is duly qualified and is authorized to do business and in good
    standing (if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified
    would not have a material adverse effect on (i) the assets, liabilities (actual or contingent), business, operations, financial condition
    or results of operations of the Borrower, (ii) the ability of the Borrower to perform its obligations under this Note or any other
    Loan Document to which it is a party, or (iii) the legality, binding effect, validity or enforceability of this Note or any other
    Loan Document (a “Borrower Material Adverse Effect”). Borrower holds all necessary licenses and permits
    for the operation of its businesses, except such licenses or permits which the Borrower’s failure to hold would not have a
    Borrower Material Adverse Effect.
	 	 	 
	 	2.2	Corporate
    Authority and Enforceability. Borrower has all requisite power and authority to own its property and to carry on its business
    as now conducted and has the corporate or other organizational power to execute, deliver, and carry out the terms and provisions
    of this Note and all other Loan Documents to which it is a party and has taken all necessary corporate or other organizational action
    to authorize the execution, delivery and performance of each Loan Document to which it is a party. Borrower has duly executed and
    delivered each Loan Document to which it is a party, and each such Loan Document constitutes the legal, valid and binding obligation
    of it enforceable in accordance with its terms, in each case subject to (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
    moratorium, arrangement or similar laws relating to or affecting creditors’ rights generally and (ii) general equitable principles
    (whether considered in a proceeding in equity or at law).
	 	 	 
	 	2.3	No
    Violation. Unless otherwise provided herein under Section 23, neither the execution, delivery or performance by Borrower of the
    Loan Documents to which it is a party nor compliance with the terms and provisions hereof or thereof nor the consummation of the
    transactions contemplated hereby or thereby will (a) result in any breach of any of the terms, material covenants, conditions or
    provisions of, or constitute a material default under, or result in the creation or imposition of (or the obligation to create or
    impose) any lien upon any of the material property or assets of Borrower (other than liens created by or otherwise permitted under
    the Loan Documents) pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement
    or other material instrument to which it is party or by which it or any of its property or assets is bound or (b) violate any provision
    of its certificate of formation, operating agreement, or similar agreement or instrument governing the formation or operation of
    the Borrower.
	 	 	 
	 	2.4	Compliance
    with Laws. Borrower is in compliance with all applicable provisions of all constitutions, statutes, rules, regulations and orders
    of all governmental and nongovernmental bodies, except where the failure to be in compliance would not have a Borrower Material Adverse
    Effect.

 

    	2

     

    

 

	 	2.5	No
    Litigation. There are no judgments against Borrower as of the date of this Note and no litigation or administrative proceeding
    before any governmental authority is presently pending, or to the knowledge of Borrower, threatened in writing, against it or any
    of its property.
	 	 	 
	 	2.6	Tax
    Compliance. Borrower has filed, or caused to be filed, all federal and all material state or local income tax returns and all
    other material tax returns required to be filed by it and has paid all taxes shown to be due and payable on its return(s) or on any
    assessment made against it, other than those (i) not yet delinquent or (ii) contested in good faith as to which adequate reserves
    have been provided in accordance with GAAP.
	 	 	 
	 	2.7	Good
    Title and Absence of Liens. As of the date of this Note, Borrower has good and marketable title to or leasehold interest in all
    of its properties and assets, real, personal and mixed, that are necessary for the operation of its business as currently conducted,
    free and clear of all liens or other encumbrances except a first priority lien on all the assets of Borrower in favor of Hudson Bay
    Master Fund Ltd. (the “Hudson Bay Lien”), liens in favor the Lender, or liens otherwise permitted under the Loan
    Documents.
	 	 	 
	 	2.8	Reaffirmation.
    Each and every request for a loan or other financial accommodation hereunder shall be deemed as an affirmation by Borrower that no
    Event of Default (as defined below) exists hereunder and that the representations and warranties contained in this Note are true
    and accurate in all material respects (or in all respects to the extent already qualified by materiality) as of the date of the issuance
    of this Note as if made on and as of such date (other than any representation or warranty that expressly speaks only as of a different
    date to the extent not true and correct in all material respects (or in all respects to the extent already qualified by materiality)
    as of such earlier date) as of the date of each such request.
	 	 	 
	 	2.9	[Reserved].
	 	 	 
	 	2.10	Solvency.
    The fair value of the business and assets of the Borrower (including, without limitation, contingent, unmatured, and unliquidated
    claims arising out of all rights of indemnity, contribution, reimbursement, or any similar right, or any claim of subrogation arising
    in respect of any guaranty, as such claims may arise or mature, that the Borrower may have against it) will be in excess of the amount
    that will be required to pay its liabilities (including, without limitation, contingent, subordinated, unmatured, and unliquidated
    liabilities on existing debts, as such liabilities may become absolute and matured), in each case after giving effect to the transactions
    contemplated by this Note and the use of proceeds therefrom. Borrower, after giving effect to the transactions contemplated by this
    Note and the use of proceeds therefrom, will not be engaged in any business or transaction, or about to engage in any business or
    transaction, for which it has an unreasonably small capital (within the meaning of the Uniform Fraudulent Transfer Act, as adopted
    in the State of New York and Section 548 of the Bankruptcy Code (defined below)), and Borrower has no intent to: (i) hinder, delay
    or defraud any entity to which it is, or will become, on or after the date hereof, indebted, or (ii) incur debts that would be beyond
    its ability to pay as they mature.

 

    	3

     

    

 

	 	2.11	Defaults.
    Borrower is not in default under any material agreement to which it is a party or by which it or any of its material property is
    bound, or under any instrument evidencing any material indebtedness, and neither the execution of nor performance under the Loan
    Documents will create a default or any lien under any such agreement or instrument other than a lien in favor of Lender, which shall
    be subordinate in all respects to the Hudson Bay Lien in accordance with the Security Agreement.

 

	3	Affirmative
    Covenants of Borrower.

 

	 	3.1	Notices.
    Borrower shall, promptly (and in any event within five (5) business days) upon obtaining knowledge thereof, furnish to Lender written
    notice of the following, including in such notice details of the occurrence and stating what action Borrower has taken or proposes
    to take with respect thereto:

 

(a)
the occurrence of an Event of Default; or

 

(b)
all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower
that would reasonably be expected to result in a Borrower Material Adverse Effect.

 

	 	3.2	Financial
    Records. Borrower shall maintain its books and records with full, true and correct entries, in accordance with GAAP, applied
    on a consistent basis, and shall permit Lender and its certified public accounting firm and other accounting advisers to examine
    and audit its books and records at all reasonable times during business hours and upon reasonable prior notice.
	 	 	 
	 	3.3	Existence/Nature
    of Business. Borrower shall continue to engage in business of the same general type, or substantially similar type, or related
    business thereto as now conducted by Borrower and shall at all times preserve and keep in full force and effect its legal existence
    and take all reasonable action to preserve all rights, franchises, licenses, permits, privileges, patents, copyrights, trademarks
    and trade names necessary to the conduct of its business, except to the extent failure to do so would not have a Borrower Material
    Adverse Effect.
	 	 	 
	 	3.4	Payment
    of Expenses. Borrower shall pay any and all expenses, including reasonable attorney’s fees and disbursements, filing and
    recording fees, and all other charges and expenses incurred or to be incurred by Lender in connection with the preparation and execution
    and recording of this Note and all other Loan Documents, and the loans and advances made under this Note, and all amendments and
    modifications hereto, and in connection with monitoring and protecting the collateral securing this Note pursuant to the Security
    Agreement, and in defending or prosecuting any actions or proceedings arising out of the Loan Documents, including but not limited
    to any proceedings in any proceeding under the Bankruptcy Code relating to Borrower.

 

    	4

     

    

 

	 	3.5	Payment
    of Taxes. Borrower shall pay all taxes imposed upon it or any of its properties or assets or in respect of any of its income,
    businesses or franchises before the same shall become delinquent or in default, except those taxes which are being contested in good
    faith by appropriate proceedings and diligently conducted.
	 	 	 
	 	3.6	Maintenance
    of Properties. Borrower shall maintain or cause to be maintained in good repair, working order and condition, ordinary wear and
    tear excepted, all properties material to the conduct of its business and, from time to time, make or cause to be made all appropriate
    repairs, renewals and replacements thereof.
	 	 	 
	 	3.7	Material
    Contracts. Borrower shall (a) perform and observe all the terms and provisions of each agreement or contract to be performed
    or observed by it, (b) maintain each such agreement or contract in full force and effect except to the extent such agreement or contract
    is no longer used or useful in the conduct of the business of Borrower in the ordinary course of business, consistent with past practices,
    and (c) enforce each such agreement or contract in accordance with its terms, if such failure to perform, observe, maintain or enforce
    such agreement or contract, would reasonably be expected to result in a Borrower Material Adverse Effect.
	 	 	 
	 	3.8	Compliance
    with Laws. Borrower shall comply in all material respects with any and all material laws, legislation, ordinances, orders, judgments,
    rules, regulations, certifications, franchises, permits, licenses, directions, and requirements of governmental authorities applicable
    to the Borrower, its properties or its assets. Borrower covenants that it shall continue to obtain and hold all necessary licenses
    and permits for the operations of its business.
	 	 	 
	 	3.9	Additional
    Loan Disbursements. Borrower acknowledges and agrees that Lender shall have the authority to make adjustments to Schedule 1 to
    reflect additional loans made by Lender to Borrower following the Issue Date, which shall be deemed “Future Loans” as
    defined in the Security Agreement.
	 	 	 
	 	3.10	Deemed
    Consent. Notwithstanding anything in this Note to the contrary, if Borrower breaches any covenant set forth in this Section 3
    while the managers of Borrower appointed by Lender constitute a majority of such board of managers and such managers have prior knowledge
    of the events or circumstances leading to any such breach, then any failure to take such action under this Section 3 shall not constitute
    an Event of Default.
	 	 	 
	 	3.11	Additional
    Covenants of Borrower. Borrower shall comply with the additional covenants and agreements as set forth on Schedule 2 attached
    hereto.

 

    	5

     

    

 

	4	Negative
    Covenants of Borrower. During the period when the Obligations are outstanding, Borrower shall not engage in any of the activities
    set forth below without prior written consent (or deemed consent as provided in Section 3.10 hereof) of Lender. For the purpose of
    this Section 4, Lender’s consent shall be deemed to have been obtained by Borrower if any action set forth below is approved
    by the board of managers of Borrower to the extent that the managers of Borrower appointed by Lender constitute a majority of such
    board of managers.

 

	 	4.1	Loans
    and Investments. Borrower shall not make any loans or advances to, or investment in, any person or entity except Borrower’s
    subsidiary Lomotif Private Limited (“Lomotif”) consistent with past practices, other consolidated subsidiaries
    or variable interest entities of Lender (“Other Lender Subsidiaries”), or as set forth below:

 

	 	4.1.1	investments
    in cash and cash equivalents;
	 	 	 
	 	4.1.2	guarantees,
    in the ordinary course of business, of obligations owed to landlords, suppliers, customers and licensees of the Borrower, Lomotif
    or Other Lender Subsidiaries;
	 	 	 
	 	4.1.3	investments
    in the nature of pledges or deposits with respect to leases or utilities provided to third party, non-affiliates of the Borrower;

 

	 	4.2	Liens.
    Borrower will not allow or suffer any lien or other encumbrance to exist on any of its assets, except as set forth below:

 

	 	4.2.1	the
    Hudson Bay Lien;
	 	 	 
	 	4.2.2	liens
    in favor of the Lender pursuant to the Security Agreement;
	 	 	 
	 	4.2.3	liens
    existing on the Issue Date and disclosed to the Lender in writing;
	 	 	 
	 	4.2.4	liens
    for taxes not yet delinquent or which are being contested in good faith by appropriate proceedings, provided that adequate reserves
    with respect thereto are maintained on the books of such Person in conformity with GAAP;
	 	 	 
	 	4.2.5	liens
    arising in the ordinary course of business (i) in favor of carriers, warehousemen, mechanics and materialmen, construction contractors
    and other similar liens imposed by law, (ii) in connection with worker’s compensation, unemployment compensation and other
    types of social security Laws and regulations or to secure the performance of bids, tenders, leases, contracts (other than for the
    payment of money) and statutory obligations, (iii) in connection with surety bonds, bids, performance bonds and similar obligations
    or (iv) securing liability for reimbursement indemnification obligations of (including obligations in respect of letters of credit
    of bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to Borrower;

 

    	6

     

    

 

	 	4.2.6	rights
    of setoff or bankers’ liens upon deposits of funds in favor of banks or other depository institutions or upon securities in
    favor of securities intermediaries, solely to the extent incurred in connection with the maintenance of deposit accounts or securities
    accounts;
	 	 	 
	 	4.2.7	(i)
    easements, zoning restrictions, encroachments, rights of way, restrictions, minor defects or irregularities in title and other similar
    liens on real property not interfering in any material respect with the business of the Borrower, and (ii) liens of landlords and
    mortgagees of landlords (A) arising by statute or under any lease or related contractual obligation, (B) on fixtures and movable
    tangible property located on the real property leased or subleased from such landlord, and (C) for amounts not yet due;
	 	 	 
	 	4.2.8	attachments,
    appeal bonds, judgments and other similar liens, arising in connection with court proceedings not constituting an Event of Default
    under Section 9.7; and
	 	 	 
	 	4.2.9	non-exclusive
    licensing of intellectual property in the ordinary course of business.

 

	 	4.3	Limitation
    on Indebtedness. Borrower will not, without the prior written consent of Lender, create, incur, assume, or suffer to exist any
    other indebtedness, except as set forth below:

 

	 	4.3.1	the
    Obligations;
	 	 	 
	 	4.3.2	agreements
    requiring Borrower to guaranty Lender’s indebtedness to Hudson Bay Master Fund Ltd.;
	 	 	 
	 	4.3.3	debt
    existing on the Issue Date and disclosed to the Lender in writing and refinancings, renewals and extensions thereof, so long as such
    refinancings, renewals, or extensions do not result in an increase in the principal amount of the debt so refinanced, renewed, or
    extended, other than by the amount of accrued interest and premiums paid thereon and the fees and expenses incurred in connection
    therewith and by the amount of unfunded commitments with respect thereto;
	 	 	 
	 	4.3.4	debt
    incurred in connection with the acquisition, construction or improvement of fixed or capital assets (including pursuant to a capitalized
    lease) in an aggregate amount not exceeding $1,000,000 during any fiscal year, and any renewals or refinancing of such debt on substantially
    the same as or better terms as in effect on the date of incurrence of such debt;

 

    	7

     

    

 

	 	4.3.5	cash
    management obligations and other unsecured debt incurred in respect of netting services, automatic clearinghouse arrangements, overdraft
    protection, and other like services; and
	 	 	 
	 	4.3.6	to
    the extent constituting debt obligations, debt incurred in connection with the financing of insurance premiums.

 

	 	4.4	Certificate
    of Formation and Operating Agreement. Borrower will not amend or otherwise modify its certificate of formation or operating agreement,
    except for such amendments or other modifications required by law or which are not materially adverse to the interests of Lender.
	 	 	 
	 	4.5	Transactions
    Among Affiliates. Borrower will not become a party to any transaction with an affiliate of Borrower (other than Lender, Lomotif
    and Other Lender Subsidiaries) unless the terms and conditions relating to such transaction are as favorable to Borrower as would
    be obtainable at the time in a comparable arm’s-length transaction with a person or entity other than an affiliate of Borrower
    or pay or incur any obligation to pay any management, service, consulting, or similar fees to any affiliate of Borrower.
	 	 	 
	 	4.6	Prepayments
    of Indebtedness. Borrower will not prepay or obligate itself to prepay in whole or in part, any indebtedness (other than the
    Obligations).
	 	 	 
	 	4.7	Issuance
    of Additional Equity Interests. Borrower will not issue any additional equity interest of Borrower or options or warrants for
    the issuance of equity interests of Borrower other than the issuance of equity interests to its existing members in accordance with
    Borrower’s operating agreement.
	 	 	 
	 	4.8	Dividends;
    Redemptions. Borrower will not pay or declare any cash or property dividends, nor otherwise make a distribution of capital or
    income, nor redeem, retire or repurchase any equity interests of Borrower except for (a) tax distributions, (b) dividends and distributions
    permitted under the Borrower’s operating agreement, and (c) payments to Zash Global Media and Entertainment Corporation (“Zash”)
    of management fees or similar fees in accordance with the Management and Operations Agreement, dated _____] between the Borrower
    and Zash or otherwise in the ordinary course of business.
	 	 	 
	 	4.9	Change
    in Accounting Principles or Fiscal Year. Borrower will not change or permit any change in accounting principles applied to Borrower,
    except as required by GAAP, and Borrower will not change its fiscal year.
	 	 	 
	 	4.10	Maintain
    Corporate Existence and Nature of Business.

 

(a)
Borrower will not allow its corporate existence to be other than in good standing and will not, without the prior written consent of
Lender, dissolve or liquidate, or merge or consolidate with, or acquire or affiliate with any other business entity unless Borrower is
the surviving entity;

 

    	8

     

    

 

(b)
Borrower will not change its name without furnishing to Lender at least ten (10) days prior written notice thereof; and

 

(c)
Borrower will not change the nature of its business from (i) business of the same general type or substantially similar type as conducted
by the Borrower on the Issue or Date or (ii) any related business.

 

	5	Interest.

 

	 	5.1	Interest
    Rate. The Principal Debt from day-to-day outstanding that is not past due shall bear interest at a rate per annum equal to five
    (5%) percent (the “Interest Rate”), compounded annually and computed on the basis of a 365-day year beginning
    on the date such amount is advanced by the Lender to the Borrower.
	 	 	 
	 	5.2	Computations
    and Determinations. All interest shall be computed on the basis of a year of 365 days and paid for the actual number of days
    elapsed (including the first day but excluding the last day). Lender shall determine each interest rate applicable to the Principal
    Debt in accordance with this Note and its determination thereof shall be conclusive in the absence of manifest error. The books and
    records of Lender shall be conclusive evidence, in the absence of manifest error, of all sums owing to Lender from time to time under
    this Note, but the failure to record any such information shall not limit or affect the obligations of Borrower under the Loan Documents.
	 	 	 
	 	5.3	Past
    Due Rate. If any amount payable by Borrower under any Loan Document is not paid when due, such amount shall thereafter bear interest
    at the Past Due Rate (as hereinafter defined), in lieu of the Interest Rate, to the fullest extent permitted by applicable law. In
    addition, following any Event of Default, all Indebtedness shall bear interest at the Past Due Rate, in lieu of the Interest Rate.
    In either case, accrued and unpaid interest or past due amounts (including interest on past due interest) shall be due and payable
    on demand, at a rate per annum equal to ten (10%) percent compounded annually and computed on the basis of a 365-day year, in lieu
    of the Interest Rate, provided that in no event shall the rate of interest hereunder exceed the maximum rate permitted by applicable
    law (the “Past Due Rate”).

 

	6	Prepayment.

 

	 	6.1	Borrower
    may prepay the Principal Debt, in full at any time or in part from time to time, without penalty or premium, provided that:

 

	 	6.1.1	Lender
    shall have actually received from Borrower prior written notice (the “Prepayment Notice”) setting forth
    (A) Borrower’s intent to prepay, (B) the amount of principal that will be prepaid (the “Prepaid Principal”),
    and (C) the date on which the prepayment will be made, such Prepayment Notice to be received by Lender, in each case, on or prior
    to the date that is five (5) days prior to the date of such proposed prepayment, provided that Borrower shall have the right to revoke
    any Prepayment Notice prior to payment of the Prepaid Principal;

 

    	9

     

    

 

	 	6.1.2	each
    prepayment shall be in the amount of one hundred percent (100%) of the Prepaid Principal, plus accrued unpaid interest thereon to
    the date of prepayment (or the end of the month in which the prepayment is made), plus any other sums that have become due to Lender
    under the Loan Documents on or before the date of prepayment but have not been paid.

 

	 	6.2	If
    this Note is prepaid in full, any commitment of Lender for further advances shall automatically terminate. No Prepaid Principal may
    be reborrowed.

 

	7	[Reserved].
	 	 
	8	Certain
    Provisions Regarding Payments. All payments made under this Note shall be applied, to the extent thereof, to late charges, to
    accrued but unpaid interest, to unpaid principal, and to any other sums due and unpaid to Lender under the Loan Documents, in such
    manner and order as Lender may elect in its sole discretion, any instructions from Borrower or anyone else to the contrary notwithstanding.
    Remittances shall be made without offset, demand, counterclaim, deduction, or recoupment (each of which is hereby waived) and shall
    be accepted subject to the condition that any check or draft may be handled for collection in accordance with the practice of the
    collecting bank or banks. Acceptance by Lender of any payment in an amount less than the amount then due on any Indebtedness shall
    be deemed an acceptance on account only, notwithstanding any notation on or accompanying such partial payment to the contrary, and
    shall not in any way (a) waive or excuse the existence of an Event of Default (as hereinafter defined), (b) waive, impair, or extinguish
    any right or remedy available to Lender hereunder or under the other Loan Documents, or (c) waive the requirement of punctual payment
    and performance or constitute a novation in any respect. Payments received after 2:00 p.m. Eastern Time shall be deemed to be received
    on, and shall be posted as of, the following business day. Whenever any payment under this Note or any other Loan Document falls
    due on a day that is not a business day, such payment may be made on the next succeeding business day. As used in this Agreement,
    “business day” means any day other than a Saturday, Sunday or a bank holiday in the City of New York, New York.
	 	 
	9	Events
    of Default. The occurrence of any one or more of the following shall constitute an “Event of Default”
    under this Note:

 

	 	9.1	Borrower
    fails to pay: (i) when and as required to be paid under this Note, including, without limitation, the Principal Debt or interest
    accrued thereon or (ii) within five (5) business days after the same becomes due, any other amount payable hereunder.
	 	 	 
	 	9.2	Borrower
    fails to perform or observe any material term, covenant or agreement contained in this Note other than the payment of money which
    is the subject of Section 9.1 above and such failure continues for 10 calendar days.
	 	 	 
	 	9.3	An
    Event of Default (as defined in the Security Agreement) occurs.

 

    	10

     

    

 

	 	9.4	Any
    representation, warranty, certification or statement of fact made or deemed made by or on behalf of Borrower herein, or in the Security
    Agreement or any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect
    when made or any representation, warranty, certification or statement of fact contained herein is or becomes false or materially
    misleading at any time.
	 	 	 
	 	9.5	Borrower
    institutes or consents to the institution of any Insolvency Proceeding or consents to the appointment of any receiver, trustee, custodian,
    conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver,
    trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of
    Borrower and the appointment continues undischarged or unstayed for 60 calendar days; or any Insolvency Proceeding relating to Borrower
    or to all or any material part of its property is instituted without the consent of Borrower and continues undismissed or unstayed
    for 60 calendar days, or an order for relief is entered in any such Insolvency Proceeding.
	 	 	 
	 	9.6	Borrower
    becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or any writ or warrant
    of attachment or execution or similar process is issued or levied against all or any material part of the property of Borrower and
    is not released, vacated or fully bonded within 60 calendar days after its issue or levy.
	 	 	 
	 	9.7	There
    is entered against Borrower one or more final judgments or orders for the payment of money in an aggregate amount (as to all such
    judgments or orders) exceeding $500,000.
	 	 	 
	 	9.8	This
    Note or the Security Agreement or any material provision hereof or thereof, at any time after its execution and delivery and for
    any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations of Borrower,
    ceases to be in full force and effect; or Borrower contests in any manner the validity or enforceability of this Note or the Security
    Agreement or any provision hereof or thereof other than a contest based solely on all of the Obligations having already been paid
    or satisfied in full; or Borrower denies that it has any or further liability or obligation under this Note or the Security Agreement
    other than a denial based solely on all of the Obligations having already been paid or satisfied in full, or revokes, terminates
    or rescinds or purports to revoke, terminate or rescind this Note or the Security Agreement or any provision thereof.

 

For
purposes of this Note, “Insolvency Proceeding” means any proceeding commenced by or against any person or entity
under any provision of the Bankruptcy Code or under any other bankruptcy or insolvency law, assignments for the benefit of creditors,
formal or informal moratoria, compositions, or extensions generally with creditors, or proceedings seeking reorganization, arrangement,
or other similar relief. “Bankruptcy Code” means Chapter 11 of Title 11 of the United States Code, 11 U.S.C.
§§ 101 et seq. (or other applicable bankruptcy, insolvency or similar laws).

 

	10	Remedies.
    Upon the occurrence of an Event of Default, Lender may at any time thereafter exercise any one or more of the following rights,
    powers, and remedies:

 

	 	10.1	Lender
    may accelerate the Maturity Date and declare the Principal Debt and accrued but unpaid interest thereon, and all other amounts payable
    hereunder and under the other Loan Documents, at once due and payable, and upon such declaration the same shall at once be due and
    payable.

 

    	11

     

    

 

	 	10.2	Lender
    may set off the amount owed by Borrower to Lender, whether or not matured and regardless of the adequacy of any other collateral
    securing this Note, against any and all accounts, credits, money, securities or other property now or hereafter on deposit with,
    held by or in the possession of Lender to the credit or for the account of Borrower, without notice to or the consent of Borrower.
	 	 	 
	 	10.3	Lender
    may exercise any of its other rights, powers, and remedies under the Loan Documents or at law or in equity.

 

	11	Remedies
    Cumulative. All of the rights and remedies of Lender under this Note and the other Loan Documents are cumulative of each other
    and of any and all other rights at law or in equity, and the exercise by Lender of any one or more of such rights and remedies shall
    not preclude the simultaneous or later exercise by Lender of any or all such other rights and remedies. No single or partial exercise
    of any right or remedy shall exhaust it or preclude any other or further exercise thereof, and every right and remedy may be exercised
    at any time and from time to time. No failure by Lender to exercise, nor delay in exercising, any right or remedy shall operate as
    a waiver of such right or remedy or as a waiver of any Event of Default.
	 	 
	12	Costs
    and Expenses of Enforcement. Borrower agrees to pay to Lender on demand all costs and expenses incurred by Lender in seeking
    to collect this Note or to enforce any of Lender’s rights and remedies under the Loan Documents, including court costs and
    reasonable attorneys’ fees and expenses, whether or not suit is filed hereon, or whether in connection with bankruptcy, insolvency,
    or appeal.
	 	 
	13	Service
    of Process. Borrower hereby consents to process being served in any suit, action, or proceeding instituted in connection with
    this Note by (i) the mailing of a copy thereof by certified mail, postage prepaid, return receipt requested, to Borrower; and (ii)
    serving a copy thereof upon the agent, if any, designated and appointed by Borrower in the State of Delaware as Borrower’s
    agent for service of process. Borrower irrevocably agrees that such service shall be deemed to be service of process upon Borrower
    in any such suit, action, or proceeding. Nothing in this Note shall affect the right of Lender to serve process in any manner otherwise
    permitted by law and nothing in this Note will limit the right of Lender otherwise to bring proceedings against Borrower in the courts
    of any jurisdiction or jurisdictions.
	 	 
	14	Successors
    and Assigns. The terms of this Note and of the other Loan Documents shall bind and inure to the benefit of the representatives,
    successors, and assigns of the parties. The foregoing sentence shall not be construed to permit Borrower to, and Borrower shall not,
    assign the Loan, or its rights and obligations under this Note or any of the Loan Documents, except as otherwise expressly permitted
    under the other Loan Documents.

 

    	12

     

    

 

	15	General
    Provisions. Time is of the essence with respect to Borrower’s obligations under this Note, subject to applicable notice
    and/or cure periods. Borrower does hereby (a) waive demand, presentment for payment, notice of dishonor and of nonpayment, protest,
    notice of protest, notice of intent to accelerate, notice of acceleration, and all other notices (except any notices which are specifically
    required by this Note or any other Loan Document), filing of suit and diligence in collecting this Note or enforcing any of the security
    herefor; (b) agree to any substitution, subordination, exchange, or release of any such security; (c) agree that Lender shall not
    be required first to institute suit or exhaust its remedies hereon against Borrower or to perfect or enforce its rights against Borrower
    hereunder or any security herefor; (d) consent to any extensions or postponements of time of payment on this Note for any period
    or periods of time and to any partial payments, before or after maturity, and to any other indulgences with respect hereto, without
    notice thereof to any of them; (e) submit (and waive all rights to object) to nonexclusive personal jurisdiction of any state or
    federal court sitting in the County of New York in the State of New York and the state and county in which payment on this Note is
    to be made for the enforcement of any and all obligations under this Note and the other Loan Documents; (f) waive the benefit of
    all homestead and similar exemptions as to this Note; and (g) agree that its liability under this Note shall not be affected or impaired
    by any determination that any title, security interest, or lien taken by Lender to secure this Note is invalid or unperfected, until
    this Note is paid in full. A determination that any provision of this Note is unenforceable or invalid shall not affect the enforceability
    or validity of any other provision and the determination that the application of any provision of this Note to any person or circumstance
    is illegal or unenforceable shall not affect the enforceability or validity of such provision as it may apply to other persons or
    circumstances. This Note may not be amended except in a writing specifically intended for such purpose and executed by the party
    against whom enforcement of the amendment is sought. Title and headings in this Note are for convenience only and shall be disregarded
    in construing it. Whenever a time of day is referred to herein, unless otherwise specified such time shall be the local time of the
    place where payment on this Note is to be made.
	 	 
	16	Notices.
    All notices, requests, demands and other communications in connection with this Note shall be in writing and shall be deemed
    given if (a) delivered personally, on the date of such delivery, (b) upon non-automated confirmation of receipt when transmitted
    via electronic mail, or (c) on receipt (or refusal to accept delivery) after dispatch by registered or certified mail (return receipt
    requested), postage prepaid, or by a nationally recognized overnight courier (with confirmation of delivery), addressed, in each
    case, as follows:

 

	 	If
    to Borrower:	ZVV
                                            Media Partners, LLC

    Attention:
    Chief Financial Officer

    Email:
    pjones@Vincoventures.com

	 	 	 
	 	with
    a copy to, which shall not constitute notice:	Greenberg
                                            Traurig, LLP

    1840
    Century Park East

    Suite
    1900

    Los
    Angeles, California 90067

    Attention:
    Kevin Friedmann, Esq.

    Email:
    friedmannk@gtlaw.com

	 	 	 
	 	If
    to Lender:	Vinco
                                            Ventures, Inc.

    Attention:
    Lisa King, Chief Executive Officer

    Email:
    lking@Vincoventures.com

	 	 	 
	 	with
    a copy to, which shall not constitute notice:	Lucosky
                                            Brookman, LLP

    101
    Wood Avenue South, 5th Floor

    Woodbridge,
    New Jersey 08830

    Attention:
    Seth Brookman, Esq.; Adele Hogan, Esq.

    Email:
    sbrookman@lucbro.com; ahogan@lucbro.com

 

    	13

     

    

 

	17	No
    Usury. It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply with applicable state
    law or applicable United States federal law (to the extent that it permits Lender to contract for, charge, take, reserve, or receive
    a greater amount of interest than under state law) and that this Section shall control every other covenant and agreement in this
    Note and the other Loan Documents. If applicable state or federal law should at any time be judicially interpreted so as to render
    usurious any amount called for under this Note or under any of the other Loan Documents, or contracted for, charged, taken, reserved,
    or received with respect to the Loan, or if Lender’s exercise of the option to accelerate the Maturity Date, or if any prepayment
    by Borrower results in Borrower having paid any interest in excess of that permitted by applicable law, then it is Lender’s
    express intent that all excess amounts theretofore collected by Lender shall be credited on the principal balance of this Note and
    all other indebtedness secured by the Security Agreement and the other Loan Documents, and the provisions of this Note and the other
    Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without
    the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of
    the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Lender for the use or forbearance
    of the Loan shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated
    term of the Loan.
	 	 
	18	Lost
    Note. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction, or mutilation of this Note or
    any other security document which is not of public record, and, in the case of any such loss, theft, destruction, or mutilation,
    upon cancellation of this Note or other security document, Borrower will issue, in lieu thereof, a replacement note or other security
    document in the same principal amount thereof and otherwise of like tenor.
	 	 
	19	Choice
    of Law. This Note and its validity, enforcement, and interpretation shall be governed by the laws of the State of New York (without
    regard to any principles of conflicts of laws) and applicable United States federal law.

 

    	14

     

    

 

	20	Waiver
    of Jury Trial. BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT
    OF ANY CLAIM BASED HEREON, ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE
    EXECUTED IN CONNECTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF
    ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS, OR ACTIONS OF LENDER RELATING TO
    THE ADMINISTRATION OF THE LOAN EVIDENCED BY THIS NOTE OR ENFORCEMENT OF THE LOAN DOCUMENTS EVIDENCING AND/OR SECURING THE LOAN, AND
    AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT
    BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, EACH OF LENDER AND BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN
    ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.
    EACH OF BORROWER AND LENDER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF BORROWER OR LENDER HAS REPRESENTED TO THE OTHER,
    EXPRESSLY OR OTHERWISE, THAT BORROWER OR LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS
    WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR LENDER TO ACCEPT THIS NOTE AND MAKE THE LOAN.
	 	 
	21	Venue;
    Jurisdiction. BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN
    THE COURTS OF THE COUNTY OF NEW YORK IN THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE
    JURISDICTION OF SUCH COURT. BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT
    OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT FORUM.
	 	 
	22	Indemnification.
    Borrower hereby indemnifies and holds harmless Lender, each of its affiliates and each of their respective directors, officers, employees,
    agents and advisors (each, an “Indemnified Party”) from and against any and all actions, claims, damages,
    losses, liabilities, fines, penalties, costs and expenses of any kind (including, without limitation, counsel fees and disbursements
    in connection with any subpoena, investigative, administrative or judicial proceeding, whether or not the Indemnified Party shall
    be designated a party thereto) which may be incurred by the Indemnified Party or which may be claimed against the Indemnified Party
    by any person or entity by reason of or in connection with the execution, delivery or performance of this Note, or action taken or
    omitted to be taken by Lender under, this Note; provided, however that Borrower is not obligated to indemnify any Indemnified
    Party under the Loan Documents to the extent the claim is found by a court of competent jurisdiction in a final adjudication to have
    resulted from any Indemnified Party’s gross negligence, bad faith or willful misconduct. Nothing in this paragraph is intended
    to limit Borrower’s obligations contained elsewhere in this Note. Without prejudice to the survival of any other obligation
    of Borrower hereunder, the indemnities and obligations of Borrower contained in this paragraph shall survive the payment in full
    of all obligations hereunder.
	 	 
	23	Grant
    of Security Interest. Upon receipt of any requisite consent of Hudson Bay Master Fund Ltd., this Note shall be secured to the
    extent and in the manner set forth in the Security and Pledge Agreement, dated as of the Issue Date, between Borrower and Lender
    (the “Security Agreement”).
	 	 
	24	Counterparts.
    If this Note is to be executed by more than one person or entity, then this Note may be executed electronically or by electronic
    transmission in one or more counterparts, each of which shall constitute an original and all of which, taken together, shall constitute
    one and the same instrument.

 

[Remainder
of page intentionally left blank]

 

    	15

     

    

 

IN
WITNESS WHEREOF, Borrower has duly executed this Note as of the date first above written.

 

	 	BORROWER:
	 	 
	 	ZVV
    MEDIA PARTNERS, LLC
	 	 
	 	By:	 
	 	Name:	Theodore
    Farnsworth
	 	Title:	Manager

 

Agreed
and accepted by:

 

	LENDER:	 
	 	 
	VINCO
    VENTURES, INC.	 
	 	 
	By:	 	 
	Name:	Lisa
    King	 
	Title:	Chief
    Executive Officer	 

 

    	 

     

    

 

SCHEDULE
1

 

Loan
Advancements

 

[see
attached]

 

    	 

     

    

 

SCHEDULE
2

 

ADditional
Borrower CovenantS

 

Notwithstanding
anything in the Note to the contrary and solely with respect to the Additional Principal Amount under the Note, Borrower hereby agrees
to comply with the following (collectively, the “Additional Borrower Covenants”) which are conditions to future borrowing
under the Note (unless waived by the Lender):

 

1.
Governance.

 

(A)
For so long as Theodore Farnsworth serves as an executive officer or is a Manager of Borrower, Mr. Farnsworth shall meet in such capacity
with Lender’s Chief Financial Officer and Chief Executive Officer, either in person, by conference telephone or video conference
(or any combination of the foregoing), for at least a half hour, once per week, at 9:00 a.m. ET every Tuesday that is a business day,
or at such other time if and when mutually agreed upon among Lender’s Chief Financial Officer and Chief Executive Officer and Mr.
Farnsworth, to discuss and analyze the Borrower’s financial position, changes in financial position and results of operations (including,
without limitation, its liquidity and capital resources), business operations of Borrower and Lomotif, Lomotif performance metrics, and
such other business and financial matters which the parties desire to discuss; provided, however, that Mr. Farnsworth’s failure
to attend any such scheduled meeting due to illness or other physical incapacity, or failure of Lender’s Chief Financial Officer
or Chief Executive Officer to attend any such meeting, shall not constitute an Event of Default, and Mr. Farnsworth’s failure to
attend any such meeting for reasons other than illness or other physical incapacity shall not constitute an Event of Default unless such
failure occurs two (2) consecutive times, or three (3) times in any fiscal quarter, prior to the Maturity Date, in which case there shall
be no cure period applicable to such Event of Default under Section 9.2 of the Note.

 

(B)
The Borrower shall seek approval for any new projects of the Borrower not accounted for in the Borrower’s budget approved by Lender
involving the investment or expenditure of any amount in excess of $100,000 (or series of directly related projects exceeding in the
aggregate $250,000).

 

2.
Borrower Executive. Borrower shall appoint, with the prior written approval of the Lender, a principal executive officer of Borrower
to serve as president or the equivalent within fifteen (15) days following the Issue Date of this Note, and Lender approves Theodore
Farnsworth as the initial appointee to fulfill such executive officer position, and if there is a material violation of this Schedule
2, then the board of managers of Borrower shall remove Mr. Farnsworth from such office and appoint a successor principal executive officer,
subject to Lender’s approval. Such principal executive officer of Borrower shall be responsible for the day-to-day management and
business operations of the Borrower, including the oversight of the business operations of the Borrower and the Borrower’s business
dealings with Lender.

 

3.
Sufficient Lomotif Funding. Borrower acknowledges and agrees that Lender shall have the right to require the allocation of a minimum
portion of the proceeds of any borrowing pursuant to the Note to the direct funding of Lomotif and its business activities.

 

4.
Borrower Management Expenses. Borrower shall not, without the prior authorization of Lender, make any payments, advances or loans
to or for the intended benefit of Zash, outside of any written management or similar agreement between Borrower and Zash existing as
of the date hereof.

 

Acknowledged
and Agreed:

 

	BORROWER:	 
	 	 
	ZVV
    MEDIA PARTNERS, LLC	 
	 	 
	 	 	 
	Name:	Theodore
    Farnsworth	 
	Title:	ManagerExhibit
10.1

 

SECURITY
AND PLEDGE AGREEMENT

 

SECURITY
AND PLEDGE AGREEMENT, dated as of June 29, 2022 (this “Agreement”), made by Vinco Ventures, Inc., a Nevada corporation
(“Lender”), and ZVV Media Partners, LLC, a Delaware limited liability company (“Debtor”).

 

W
I T N E S S E T H:

 

WHEREAS,
Debtor has executed that certain secured promissory note, dated the date of this Agreement (the “Issue Date”), in
the original principal amount of $56,955,167.81 (the “Note”) in favor of Lender, representing funds remitted by Lender
as loans to Debtor and interest thereon from and after August 6, 2021 through and including the Issue Date (collectively, the “Existing
Loans”), and Debtor and Lender anticipate that Lender may make additional loans to Debtor pursuant to the Note (the “Future
Loans”) (the Existing Loans and the Future Loans are referred to in this Agreement as the “Loans”).

 

WHEREAS,
Lender may make Future Loans to Debtor provided Debtor grants to Lender a second priority security interest in and lien upon (subject
to the first priority security interest and lien created in favor of Hudson Bay Master Fund, Ltd. in and upon), all of Debtor’s
property now owned or hereafter acquired to secure the repayment of the Note, including the payment of all interest and/or penalties
thereon;

 

WHEREAS,
to provide security for the repayment of the Existing Loans, to obtain any Future Loans and to provide security for the repayment of
the Future Loans and Existing Loans, Debtor is willing to grant to Lender the security interest and lien set forth in this Agreement,
effective upon Lender’s receipt of any requisite consent of Hudson Bay Master Fund Ltd., which has been granted by Debtor a senior
security interest in the Collateral (as hereinafter defined).

 

NOW,
THEREFORE, in consideration of the premises and the agreements herein and in order to induce Lender to make Future Loans to Debtor, Debtor
agrees with Lender as follows:

 

SECTION
1. Definitions.

 

(a)
All terms used in this Agreement and the recitals hereto which are defined in the Code, and which are not otherwise defined herein shall
have the same meanings herein as set forth therein; provided that terms used herein which are defined in the Code on the date
hereof shall continue to have the same meaning notwithstanding any replacement or amendment of the Code except as Lender may otherwise
determine.

 

(b)
The following terms shall have the respective meanings provided for in the Code: “Accounts”, “Account Debtor”,
“Cash Proceeds”, “Certificate of Title”, “Chattel Paper”, “Commercial Tort Claim”, “Commodity
Account”, “Commodity Contracts”, “Deposit Account”, “Documents”, “Electronic Chattel
Paper”, “Equipment”, “Fixtures”, “General Intangibles”, “Goods”, “Instruments”,
“Inventory”, “Investment Property”, “Letter-of-Credit Rights”, “Payment Intangibles”,
“Proceeds”, “Promissory Note”, “Security”, “Record”, “Security Account”,
“Software”, and “Supporting Obligations”.

 

(c)
As used in this Agreement, the following terms shall have the respective meanings indicated below, such meanings to be applicable equally
to both the singular and plural forms of such terms:

 

“Affiliate”
of any Person means any other Person which, directly or indirectly, controls or is controlled by or is under common control with such
Person and any officer or director of such Person. A Person shall be deemed to be “controlled by” any other Person if such
Person possesses, directly or indirectly, power to vote 10% or more of the securities (on a fully diluted basis) having ordinary voting
power for the election of directors or managers or power to direct or cause the direction of the management and policies of such Person,
whether by contract or otherwise.

 

“Bankruptcy
Code” means Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (or other applicable bankruptcy,
insolvency or similar laws).

 

    	 

     

    

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
by law to remain closed.

 

“Capital
Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents
(however designated and whether or not voting) of corporate stock (including, without limitation, any warrants, options, rights or other
securities exercisable or convertible into equity interests or securities of such Person), and (ii) with respect to any Person that is
not a corporation, any and all partnership, membership or other equity interests of such Person.

 

“Code”
means Articles 8 or 9 of the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if
perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “Code” means the Uniform Commercial
Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect
of perfection or non-perfection or priority.

 

“Collateral”
shall have the meaning set forth in Section 2(a) of this Agreement.

 

“Controlled
Account Agreement” means a deposit account control agreement or securities account control agreement with respect to a Pledged
Account, in form and substance satisfactory to Lender, as the same may be amended, modified, supplemented, extended, renewed, restated
or replaced from time to time.

 

“Controlled
Accounts” means the Deposit Accounts, Commodity Accounts, Securities Accounts, and/or Foreign Currency Controlled Account of
Debtor listed on Schedule IV attached hereto.

 

“Copyright
Licenses” means all licenses, contracts or other agreements, whether written or oral, naming Debtor as licensee or licensor
and providing for the grant of any right to use or sell any works covered by any Copyright (including, without limitation, all Copyright
Licenses set forth in Schedule II hereto).

 

“Copyrights”
means all domestic and foreign copyrights, whether registered or not, including, without limitation, all copyright rights throughout
the universe (whether now or hereafter arising) in any and all media (whether now or hereafter developed), in and to all original works
of authorship fixed in any tangible medium of expression, acquired or used by Debtor (including, without limitation, all copyrights described
in Schedule II hereto), all applications, registrations and recordings thereof (including, without limitation, applications, registrations
and recordings in the United States Copyright Office or in any similar office or agency of the United States or any other country or
any political subdivision thereof), and all reissues, divisions, continuations, continuations in part and extensions or renewals thereof.

 

“Debtor”
shall have the meaning set forth in the preamble hereto.

 

“Domestic
Subsidiary” means any Subsidiary other than a Foreign Subsidiary.

 

“Event
of Default” means any of the following to occur after 5 days prior written Notice to Debtor from Lender, during which Debtor
fails to cure such Event of Default:

 

	 	(i)	Debtor
    fails to pay: (i) when and as required to be paid under the Note, including, without limitation, any principal of the Note or interest
    accrued thereon or (ii) within 10 calendar days after the same becomes due, any other amount payable hereunder; or
	 	 	 
	 	(ii)	Debtor
    fails to perform or observe any material term, covenant or agreement contained in this Agreement other than the payment of money
    which is the subject of clause (i) above and such failure continues for 14 calendar days; or
	 	 	 
	 	(iii)	Any
    representation, warranty, certification or statement of fact made or deemed made by or on behalf of Debtor herein, or in the Note
    or any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made
    or any representation, warranty, certification or statement of fact contained herein is or becomes false or misleading at any time;
    or

 

    	2

     

    

 

	 	(iv)	Any
    material breach or default by Debtor under the Note which is not cured within any cure period provided in the Note; or
	 	 	 
	 	(v)	Debtor
    institutes or consents to the institution of any Insolvency Proceeding or consents to the appointment of any receiver, trustee, custodian,
    conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver,
    trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of
    such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any Insolvency Proceeding relating to
    Debtor or to all or any material part of its property is instituted without the consent of Debtor and continues undismissed or unstayed
    for 60 calendar days, or an order for relief is entered in any such Insolvency Proceeding; or
	 	 	 
	 	(vi)	Debtor
    becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or any writ or warrant
    of attachment or execution or similar process is issued or levied against all or any material part of the property of Debtor and
    is not released, vacated or fully bonded within 60 calendar days after its issue or levy; or
	 	 	 
	 	(vii)	There
    is entered against Debtor: one or more final judgments or orders for the payment of money in an aggregate amount (as to all such
    judgments or orders) exceeding $250,000; or
	 	 	 
	 	(viii)	The
    Note or this Agreement or any provision thereof, at any time after its execution and delivery and for any reason other than as expressly
    permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or Debtor
    contests in any manner the validity or enforceability of the Note or this Agreement or any provision hereof or thereof other than
    a contest based solely on all of the Obligations having already been paid or satisfied in full; or Debtor denies that it has any
    or further liability or obligation under the Note or this Agreement other than a denial based solely on all of the Obligations having
    already been paid or satisfied in full, or revokes, terminates or rescinds or purports to revoke, terminate or rescind the Note or
    this Agreement or any provision thereof.

 

“Excluded
Collateral” means (i) such portion of the voting Capital Stock of any Foreign Subsidiary in excess of 65% of the issued and
outstanding voting Capital Stock of such Foreign Subsidiary at any time the pledging of more than 65% of the total outstanding voting
Capital Stock of such Foreign Subsidiary would result in a material adverse tax consequence to Debtor; and (ii) 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 under applicable federal law.

 

“Foreign
Currency Controlled Accounts” means any Controlled Account of Debtor or its Subsidiaries holding non-United States dollar deposits.

 

“Foreign
Subsidiary” means any Subsidiary of Debtor organized under the laws of a jurisdiction other than the United States, any of
the states thereof, Puerto Rico or the District of Columbia.

 

“GAAP”
means U.S. generally accepted accounting principles consistently applied.

 

“Governmental
Authority” means any nation or government, any Federal, state, city, town, municipality, county, local, foreign or other political
subdivision thereof or thereto and any department, commission, board, bureau, instrumentality, agency or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

    	3

     

    

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any
other bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, or extensions
generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

 

“Intellectual
Property” means, collectively, the Copyrights, Trademarks and Patents.

 

“Intellectual
Property Security Agreement” means the Intellectual Property Security Agreement required to be delivered pursuant to Section
5(h)(i) of this Agreement, in the form attached hereto as Exhibit A.

 

“Lender”
shall have the meaning set forth in the preamble hereto.

 

“Licenses”
means, collectively, the Copyright Licenses, the Trademark Licenses and the Patent Licenses.

 

“Lien”
means any mortgage, lien, pledge, charge, security interest, adverse claim or other encumbrance upon or in any property or assets.

 

“Note”
shall have the meaning set forth in the recitals hereto.

 

“Obligations”
shall have the meaning set forth in Section 3 of this Agreement.

 

“Paid
in Full” or “Payment in Full” means the indefeasible payment in full in cash of all of the Obligations.

 

“Patent
Licenses” means all licenses, contracts or other agreements, whether written or oral, naming Debtor as licensee or licensor
and providing for the grant of any right to manufacture, use or sell any invention covered by any Patent (including, without limitation,
all Patent Licenses set forth in Schedule II hereto).

 

“Patents”
means all domestic and foreign letters patent, design patents, utility patents, industrial designs, inventions, trade secrets, ideas,
concepts, methods, techniques, processes, proprietary information, technology, know-how, formulae, rights of publicity and other general
intangibles of like nature, now existing or hereafter acquired (including, without limitation, all domestic and foreign letters patent,
design patents, utility patents, industrial designs, inventions, trade secrets, ideas, concepts, methods, techniques, processes, proprietary
information, technology, know-how and formulae described in Schedule II hereto), all applications, registrations and recordings
thereof (including, without limitation, applications, registrations and recordings in the United States Patent and Trademark Office,
or in any similar office or agency of the United States or any other country or any political subdivision thereof), and all reissues,
reexaminations, divisions, continuations, continuations in part and extensions or renewals thereof.

 

“Perfection
Requirement” or “Perfection Requirements” shall have the meaning set forth in Section 4(j) of this Agreement.

 

“Person”
means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated organization,
joint venture or other enterprise or entity or Governmental Authority.

 

“Pledged
Accounts” means all of Debtor’s right, title and interest in all of its Deposit Accounts, Commodity Accounts and Securities
Accounts (in all cases, including, without limitation, all Controlled Accounts and Foreign Currency Control Accounts).

 

“Pledged
Entity” means, each Person listed from time to time on Schedule IV hereto as a “Pledged Entity,” together
with each other Person, any right in or interest in or to all or a portion of whose Capital Stock is acquired or otherwise owned by Debtor
after the date hereof.

 

“Pledged
Equity” means all of Debtor’s right, title and interest in and to all of the Securities and Capital Stock now or hereafter
owned by Debtor, regardless of class or designation, including all substitutions therefor and replacements thereof, all proceeds thereof
and all rights relating thereto, also including any certificates representing the Securities and/or Capital Stock, the right to receive
any certificates representing any of the Securities and/or Capital Stock, all warrants, options, share appreciation rights and other
rights, contractual or otherwise, in respect thereof, and the right to receive dividends, distributions of income, profits, surplus,
or other compensation by way of income or liquidating distributions, in cash or in kind, and cash, instruments, and other property from
time to time received, receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in
exchange for any or all of the foregoing.

 

    	4

     

    

 

“Pledged
Operating Agreements” means all of Debtor’s rights, powers and remedies under the limited liability company operating
agreements of each of the Pledged Entities that are limited liability companies, as may be amended, modified, supplemented, extended,
renewed, restated or replaced from time to time.

 

“Pledged
Partnership Agreements” means all of Debtor’s rights, powers, and remedies under the partnership agreements of each of
the Pledged Entities that are partnerships, as may be amended, modified, supplemented, extended, renewed, restated or replaced from time
to time.

 

“Software
Code” means any and all source code or executable code for client code, server code, and middleware code (as those terms are
generally used in the software development industry), and any and all database schemas, database backup , test scripts, other scripts,
architecture diagrams, data models and other documentation related thereto.

 

“Subsidiary”
means any Person in which Debtor directly or indirectly, (i) owns any of the outstanding Capital Stock or holds any equity or similar
interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and
all of the foregoing, collectively, “Subsidiaries”.

 

“Trademark
Licenses” means all licenses, contracts or other agreements, whether written or oral, naming Debtor as licensor or licensee
and providing for the grant of any right concerning any Trademark, together with any goodwill connected with and symbolized by any such
licenses, contracts or agreements and the right to prepare for sale or lease and sell or lease any and all Inventory now or hereafter
owned by Debtor and now or hereafter covered by such licenses, contracts or agreements (including, without limitation, all Trademark
Licenses described in Schedule II hereto).

 

“Trademarks”
means all domestic and foreign trademarks, service marks, collective marks, certification marks, trade names, business names, d/b/a’s,
assumed names, Internet domain names, trade styles, designs, logos and other source or business identifiers and all general intangibles
of like nature, now or hereafter owned, adopted, acquired or used by Debtor (including, without limitation, all domestic and foreign
trademarks, service marks, collective marks, certification marks, trade names, business names, d/b/a’s, assumed names, Internet
domain names, trade styles, designs, logos and other source or business identifiers described in Schedule II hereto), all applications,
registrations and recordings thereof (including, without limitation, applications, registrations and recordings in the United States
Patent and Trademark Office or in any similar office or agency of the United States, any state thereof or any other country or any political
subdivision thereof), and all reissues, extensions or renewals thereof, together with all goodwill of the business symbolized by such
marks and all customer lists, formulae and other Records of Debtor relating to the distribution of products and services in connection
with which any of such marks are used.

 

“Transaction
Documents” means this Agreement, the Note, the Intellectual Property Security Agreement and all Controlled Account Agreements,
if any.

 

SECTION
2. Grant of Security Interest

 

(a)
As security for the due and punctual payment and performance all of the Obligations, as and when due, effective upon receipt by Lender
of any requisite consent of Hudson Bay Master Fund Ltd. (the “Effective Time”), Debtor hereby pledges and assigns
to Lender, and grants to Lender, a continuing second priority security interest, subject to the first priority security interest created
in favor of Hudson Bay Master Fund, Ltd., in all property of Debtor, real or personal, wherever located and whether now or hereafter
existing and whether now owned or hereafter acquired, of every kind, nature and description, whether tangible or intangible, including,
without limitation, the following (collectively, the “Collateral”):

 

(i)
all Accounts;

 

    	5

     

    

 

(ii)
all Chattel Paper (whether tangible or Electronic Chattel Paper);

 

(iii)
all Commercial Tort Claims, including, without limitation, those specified on Schedule VI hereto;

 

(iv)
all Documents;

 

(v)
all Equipment;

 

(vi)
all Fixtures;

 

(vii)
all General Intangibles (including, without limitation, all Payment Intangibles);

 

(viii)
all Goods;

 

(ix)
all Instruments (including, without limitation, all Promissory Notes and each certificated Security);

 

(x)
all Inventory;

 

(xi)
all Investment Property (and, regardless of whether classified as Investment Property under the Code, all Pledged Equity, Pledged Operating
Agreements and Pledged Partnership Agreements);

 

(xii)
all Intellectual Property and all Licenses;

 

(xiii)
all Letter-of-Credit Rights;

 

(xiv)
all Pledged Accounts, all cash and other property from time to time deposited therein, and all monies and property in the possession
or under the control of Lender or any Affiliate, representative, agent or correspondent of Lender;

 

(xv)
all Supporting Obligations;

 

(xvi)
all other tangible and intangible personal property of Debtor (whether or not subject to the Code), including, without limitation, all
Deposit Accounts and other accounts and all cash and all investments therein, all proceeds, products, offspring, accessions, rents, profits,
income, benefits, substitutions and replacements of and to any of the property of Debtor described in the preceding clauses of this Section
2(a) (including, without limitation, any proceeds of insurance thereon and all causes of action, claims and warranties now or hereafter
held by Debtor in respect of any of the items listed above), and all books, correspondence, files and other Records, including, without
limitation, all tapes, desks, cards, Software, data and computer programs in the possession or under the control of Debtor or any other
Person from time to time acting for Debtor, in each case, to the extent of Debtor’s rights therein, that at any time evidence or
contain information relating to any of the property described in the preceding clauses of this Section 2(a) or are otherwise necessary
or helpful in the collection or realization thereof; and

 

(xvii)
all Proceeds, including all Cash Proceeds and Noncash Proceeds, and products of any and all of the foregoing Collateral;

 

in
each case howsoever Debtor’s interest therein may arise or appear (whether by ownership, security interest, claim or otherwise).

 

(b)
Notwithstanding anything herein to the contrary, the term “Collateral” shall not include any Excluded Collateral.

 

    	6

     

    

 

(c)
Debtor agrees not to further encumber, or permit any other Lien to exist that encumbers, any of its Copyrights, Copyright applications,
Copyright registrations and like protections in each work of authorship and derivative work, whether published or unpublished, any Licenses,
Patents, Patent applications and like protections, including improvements, divisions, continuations, renewals, reissues, extensions,
and continuations-in-part of the same, Trademarks, service marks and, to the extent permitted under applicable law, any applications
therefor, whether registered or not, and the goodwill of the business of Debtor connected with and symbolized thereby, know-how, operating
manuals, trade secret rights, rights to unpatented inventions, and any claims for damage by way of any past, present, or future infringement
of any of the foregoing, in each case without Lender’s prior written consent (which consent may be withheld or given in Lender’s
sole discretion).

 

(d)
Debtor agrees that the pledge of the shares of Capital Stock acquired by Debtor of any and all Persons now or hereafter existing who
is a Foreign Subsidiary may be supplemented by one or more separate pledge agreements, deeds of pledge, share charges or other similar
agreements or instruments, executed and delivered by Debtor in favor of Lender, which pledge agreements will provide for the pledge of
such shares of Capital Stock in accordance with the laws of the applicable foreign jurisdiction. With respect to such shares of Capital
Stock, Lender may, at any time and from time to time, in its sole discretion, take such actions in such foreign jurisdictions that will
result in the perfection of the Lien created in such shares of Capital Stock.

 

(e)
In addition, to secure the prompt and complete payment, performance and observance of the Obligations and in order to induce Lender as
aforesaid, Debtor hereby grants to Lender a right of set-off against the property of Debtor held by Lender, consisting of property described
above in Section 2(a) now or hereafter in the possession or custody of or in transit to Lender, for any purpose, including safekeeping,
collection or pledge, for the account of Debtor, or as to which Debtor may have any right or power; provided that such right shall only
to be exercised after an Event of Default has occurred and is continuing.

 

SECTION
3. Security for Obligations. The security interest created hereby in the Collateral as of the Effective Time constitutes continuing
security for all of the following obligations, whether direct or indirect, absolute or contingent, and whether now existing or hereafter
incurred (collectively, the “Obligations”): the payment by Debtor, as and when due and payable (by scheduled maturity,
required prepayment, acceleration, demand, indemnification under this Agreement, the Note or otherwise), of all amounts from time to
time owing by Debtor in respect of this Agreement, the Existing Loans, any Future Loans and the Note, and (A) in the case of the Note,
all principal of, interest and make-whole and other amounts on the Note (including, without limitation, all interest, make-whole and
other amounts that accrue after the commencement of any Insolvency Proceeding of Debtor, whether or not the payment of such interest
is enforceable or is allowable in such Insolvency Proceeding), and (B) in the case of this Agreement, all fees, interest, premiums, penalties,
contract causes of action, costs, commissions, expense reimbursements, indemnifications and all other amounts due or to become due under
this Agreement.

 

SECTION
4. Representations and Warranties. As of the Effective Time, Debtor represents and warrants as follows:

 

(a)
Schedule I hereto sets forth (i) the exact legal name of Debtor, and (ii) the state of incorporation and the organizational identification
number of Debtor in such state. The information set forth in Schedule I hereto with respect to Debtor is true and accurate in
all respects. Debtor has not previously changed its name (or operated under any other name), jurisdiction of organization or organizational
identification number from those set forth in Schedule I hereto except as disclosed in Schedule I hereto.

 

(b)
There is no pending or, to its knowledge, written notice threatening any action, suit, proceeding or claim affecting Debtor before any
Governmental Authority or any arbitrator, or any order, judgment or award issued by any Governmental Authority or arbitrator, in each
case, that may adversely affect the grant by Debtor, or the perfection, of the security interest purported to be created hereby in the
Collateral, or the exercise by Lender of any of its rights or remedies hereunder.

 

    	7

     

    

 

(c)
All Federal, state and local tax returns and other reports required by applicable law to be filed by Debtor have been filed, or extensions
have been obtained, and all taxes, assessments and other governmental charges imposed upon Debtor or any property of Debtor (including,
without limitation, all federal income and social security taxes on employees’ wages) and which have become due and payable on
or prior to the date hereof have been paid, except to the extent contested in good faith by proper proceedings which stay the imposition
of any penalty, fine or Lien resulting from the non-payment thereof and with respect to which adequate reserves have been set aside for
the payment thereof in accordance with GAAP.

 

(d)
All Equipment, Fixtures, Goods and Inventory of Debtor now existing are, and all Equipment, Fixtures, Goods and Inventory of Debtor hereafter
existing will be, located and/or based at the addresses specified therefor in Schedule III hereto, except that Debtor will give
Lender written notice of any change in the location of any such Collateral within 20 days of such change, other than to locations set
forth on Schedule III hereto (and with respect to which Lender has filed financing statements and otherwise fully perfected its
Liens thereon. Debtor’s principal place of business and chief executive office, the place where Debtor keeps its Records concerning
the Collateral and all originals of all Chattel Paper are located and will continue to be located at the addresses specified therefor
in Schedule III hereto. None of the Accounts is or will be evidenced by Promissory Note or other Instruments.

 

(e)
Set forth in Schedule IV hereto is a complete and accurate list, as of the date of this Agreement, of (i) Promissory Notes, Security
and other Instruments owned by Debtor, (ii) each Pledged Account of Debtor, together with the name and address of each institution at
which each such Pledged Account is maintained, the account number for each such Pledged Account and a description of the purpose of each
such Pledged Account and (iii) the name of each Foreign Currency Controlled Account, together with the name and address of each institution
at which each such Foreign Currency Controlled Account is maintained and the amount of cash or cash equivalents held in each such Foreign
Currency Controlled Account. Set forth in Schedule II hereto is a complete and correct list of each trade name used by Debtor
and the name of, and each trade name used by, each Person from which Debtor has acquired any substantial part of the Collateral.

 

(f)
Debtor has delivered to Lender complete and correct copies of each License described in Schedule II hereto, including all schedules
and exhibits thereto, which represent all of the Licenses of Debtor existing on the date of this Agreement. Each such License sets forth
the entire agreement and understanding of the parties thereto relating to the subject matter thereof, and there are no other agreements,
arrangements or understandings, written or oral, relating to the matters covered thereby or the rights of Debtor or any of its Affiliates
in respect thereof. Each material License now existing is, and any material License entered into in the future will be, the legal, valid
and binding obligation of the parties thereto, enforceable against such parties in accordance with its terms. No default under any material
License by any such party has occurred, nor does any defense, offset, deduction or counterclaim exist thereunder in favor of any such
party.

 

(g)
Debtor owns and controls, or otherwise possesses adequate rights to use, all of its Intellectual Property, which is the only Intellectual
Property necessary to conduct its business in substantially the same manner as conducted as of the date hereof. Schedule II hereto
sets forth a true and complete list of all Intellectual Property and Licenses owned or used by Debtor as of the date hereof, and applications
for grant or registration of Intellectual Property. To the knowledge of Debtor, all such Intellectual Property of Debtor is subsisting
and in full force and effect, has not been adjudged invalid or unenforceable, is valid and enforceable and has not been abandoned in
whole or in part. Except as set forth in Schedule II, no such Intellectual Property is the subject of any licensing or franchising
agreement. Except as set forth in Schedule II, Debtor has no knowledge of any infringement upon or conflict with the Patent, Trademark,
Copyright, trade secret rights of others and, Debtor is not now infringing or in conflict with any Patent, Trademark, Copyright, trade
secret or similar rights of others, and to the knowledge of Debtor, no other Person is now infringing or in conflict in any material
respect with any such properties, assets and rights owned or used by Debtor. Debtor has not has received any notice that it is violating
or has violated the Trademarks, Patents, Copyrights, inventions, trade secrets, proprietary information and technology, know-how, formulae,
rights of publicity or other intellectual property rights of any third party.

 

    	8

     

    

 

(h)
Debtor is and will be at all times the sole and exclusive owner of the Collateral pledged by Debtor hereunder free and clear of any Liens,
except for (i) Permitted Liens thereon and (ii) certain Intellectual Property rights of Debtor which is jointly owned by Debtor with
certain third parties as described in Schedule II hereto. No effective financing statement or other instrument similar in effect
covering all or any part of the Collateral is on file in any recording or filing office except such as (i) may have been filed in favor
of Lender relating to this Agreement, and (ii) are securing only those liens set forth on Schedule VII hereto (the “Permitted
Liens”).

 

(i)
The exercise by Lender of any of its rights and remedies hereunder will not contravene any law or any contractual restriction binding
on or otherwise affecting Debtor or any of its properties and will not result in or require the creation of any Lien, upon or with respect
to any of its properties.

 

(j)
No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority, is required for (i) the
grant by Debtor, or the perfection, of the security interest purported to be created hereby in the Collateral, or (ii) the exercise by
Lender of any of its rights and remedies hereunder, except for (A) the filing under the Code as in effect in the applicable jurisdiction
of the financing statements described in Schedule V hereto, all of which financing statements will be duly filed on before the
date of this Agreement and upon filing will be in full force and effect, (B) with respect to all Pledged Accounts, and all cash and other
property from time to time deposited therein, the execution of a Controlled Account Agreement with the depository or other institution
with which the applicable Pledged Accounts are maintained, as provided in Section 5.h)i), (C) with respect to Commodity Contracts,
the execution of a control agreement with the commodity intermediary with which such Commodity Contract is carried, as provided in Section
5.h)i), (D) with respect to the perfection of the security interest created hereby in the United States Intellectual Property and
Licenses, the recording of the appropriate Intellectual Property Security Agreement in the United States Patent and Trademark Office
or the United States Copyright Office, as applicable, (E) with respect to the perfection of the security interest created hereby in foreign
Intellectual Property and Licenses, registrations and filings in jurisdictions located outside of the United States and covering rights
in such jurisdictions relating to such foreign Intellectual Property and Licenses, (F) with respect to the perfection of the security
interest created hereby in any Letter-of-Credit Rights, the consent of the issuer of the applicable letter of credit to the assignment
of proceeds as provided in the Code as in effect in the applicable jurisdiction, (G) with respect to Investment Property constituting
uncertificated securities, Debtor causing the issuer thereof either (i) to register Lender as the registered owner of such securities
or (ii) to agree in an authenticated record with Debtor and Lender that such issuer will comply with instructions with respect to such
securities originated by Lender without further consent of Debtor, such authenticated record to be in form and substance satisfactory
to Lender, (H) with respect to Investment Property constituting certificated securities or instruments, such items to be delivered to
and held by or on behalf of Lender pursuant hereto in suitable form for transfer by delivery or accompanied by duly executed instruments
of transfer or assignment in blank, all in form and substance satisfactory to Lender, (I) with respect to any action that may be necessary
to obtain control of Collateral constituting Commodity Contracts, Electronic Chattel Paper or Letter of Credit Rights, the taking of
such actions, and (J) Lender having possession of all Documents, Chattel Paper, Instruments and cash constituting Collateral (subclauses
(A) through (J), each a “Perfection Requirement” and collectively, the “Perfection Requirements”).

 

(k)
This Agreement shall create in favor of Lender a legal, valid and enforceable security interest in the Collateral, as security for the
Obligations. The performance of the Perfection Requirements results in the perfection of such security interest in the Collateral. Such
security interest is (or in the case of Collateral in which Debtor obtains rights after the date hereof, will be), subject only to Permitted
Liens and the Perfection Requirements, a second priority, valid, enforceable and perfected security interests in all personal property
of Debtor (subject to the first priority lien thereon created in favor of Hudson Bay Master Fund Ltd.) (other than Excluded Collateral).
Such recordings and filings and all other action necessary to perfect and protect such security interest have been duly taken (and, in
the case of Collateral in which Debtor obtains rights after the date hereof, will be duly taken), except for Lender’s having possession
of all Documents, Chattel Paper, Instruments and cash constituting Collateral after the date hereof and the other actions, filings and
recordations described above, including the Perfection Requirements.

 

    	9

     

    

 

(l)
As of the date hereof, Debtor does not hold any Commercial Tort Claims or has knowledge of any pending Commercial Tort Claims, except
for the Commercial Tort Claims described in Schedule VI.

 

(m)
All of the Pledged Equity is presently owned by Debtor as set forth in Schedule IV, and is presently represented by the certificates
listed on Schedule IV hereto (if applicable). As of the date hereof, there are no existing options, warrants, calls or commitments
of any character whatsoever relating to the Pledged Equity other than as contemplated and permitted by the Transaction Documents. Except
as otherwise set forth on Schedule IV, Debtor is the sole holder of record and the sole beneficial owner of the Pledged Equity,
as applicable. None of the Pledged Equity has been issued or transferred in violation of the securities registration, securities disclosure
or similar laws of any jurisdiction to which such issuance or transfer may be subject. The Pledged Equity constitutes 100% or such other
percentage as set forth on Schedule IV of the issued and outstanding shares of Capital Stock of the applicable Pledged Entity.

 

(n)
Debtor (i) is a corporation, duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation,
(ii) has all requisite corporate power and authority to conduct its business as now conducted and as presently contemplated and to execute
and deliver this Agreement and each other Transaction Document, and to consummate the transactions contemplated hereby and thereby and
(iii) is duly qualified to do business and is in good standing in each jurisdiction in which the character of the properties owned or
leased by it or in which the transaction of its business makes such qualification necessary, except where the failure to be so qualified
would not result in a Material Adverse Effect.

 

(o)
The execution, delivery and performance by Debtor of this Agreement and each other Transaction Document (i) have been duly authorized
by all necessary corporate action, (ii) do not and will not contravene its charter or by-laws, or any applicable law or any contractual
restriction binding on Debtor or its properties, (iii) do not and will not result in or require the creation of any Lien (other than
pursuant to any Transaction Document) upon or with respect to any of its assets or properties, and (iv) do not and will not result in
any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization
or approval applicable to it or its operations or any of its assets or properties.

 

(p)
This Agreement and each other Transaction Document, when delivered, will be, a legal, valid and binding obligation of Debtor, enforceable
against Debtor in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, suretyship or other similar laws and equitable principles (regardless of whether enforcement is sought in equity
or at law).

 

(q)
There are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived.

 

    	10

     

    

 

SECTION
5. Covenants. From and after the Effective Time, so long as any of the Obligations shall remain outstanding, unless Lender shall
otherwise consent in writing:

 

(a)
Further Assurances. Debtor will, at its expense, at any time and from time to time, promptly execute and deliver all further instruments
and documents and take all further action that Lender may reasonably request in order to: (i) perfect and protect the security interest
of Lender created hereby; (ii) enable Lender to exercise and enforce its rights and remedies hereunder in respect of the Collateral,
including, without limitation, the Controlled Accounts; or (iii) otherwise effect the purposes of this Agreement, including, without
limitation: (A) marking conspicuously all Chattel Paper and each License and, at the request of Lender, each of its Records pertaining
to the Collateral with a legend, in form and substance satisfactory to Lender, indicating that such Chattel Paper, License or Collateral
is subject to the security interest created hereby, (B) delivering and pledging to Lender, Chattel Paper or other Instrument, now or
hereafter owned by Debtor, duly endorsed and accompanied by executed instruments of transfer or assignment, all in form and substance
satisfactory to Lender, (C) executing and filing (to the extent, if any, that Debtor’s signature is required thereon) or authenticating
the filing of, such financing or continuation statements, or amendments thereto, as may be necessary or that Lender may reasonably request
in order to perfect and preserve the security interest created hereby, (D) furnishing to Lender from time to time statements and schedules
further identifying and describing the Collateral and such other reports in connection with the Collateral in each case as Lender may
reasonably request, all in reasonable detail, (E) if any Collateral shall be in the possession of a third party, notifying such Person
of Lender’s security interest created hereby and obtaining a written acknowledgment from such Person, in form and substance reasonably
satisfactory to Lender, that such Person holds possession of the Collateral for the benefit of Lender, (F) if at any time after the date
hereof, Debtor acquires or holds any Commercial Tort Claim, promptly notifying Lender in a writing signed by Debtor setting forth a brief
description of such Commercial Tort Claim and granting to Lender a security interest therein and in the proceeds thereof, which writing
shall incorporate the provisions hereof and shall be in form and substance satisfactory to Lender, (G) upon the acquisition after the
date hereof by Debtor of any motor vehicle or other Equipment subject to a certificate of title or ownership (other than a motor vehicle
or Equipment that is subject to a purchase money security interest), causing Lender to be listed as the lienholder on such certificate
of title or ownership and delivering evidence of the same to Lender in accordance with Section 5(j) hereof; and (H) taking all
actions required by the Code or by other law, as applicable, in any relevant Code jurisdiction, or by other law as applicable in any
foreign jurisdiction.

 

(b)
Location of Collateral. Debtor will keep the Collateral (i) at the locations specified therefor on Schedule III hereto,
or (ii) at such other locations set forth on Schedule III and with respect to which Lender has filed financing statements and
otherwise fully perfected its Liens thereon in a manner satisfactory to Lender, or (iii) at such other locations in the United States,
provided that 30 days prior to any change in the location of any Collateral to such other location, or upon the acquisition of any Collateral
to be kept at such other locations, Debtor shall give Lender written notice thereof and deliver to Lender a new Schedule III indicating
such new locations and such other written statements and schedules as Lender may require.

 

(c)
Condition of Equipment. Debtor will maintain or cause to be maintained and preserved in good condition, repair and working order,
ordinary wear and tear excepted, the Equipment (necessary or useful to its business) and will forthwith, or in the case of any loss or
damage to any Equipment of Debtor within a commercially reasonable time after the occurrence thereof, make or cause to be made all repairs,
replacements and other improvements in connection therewith which are necessary or desirable, consistent with past practice, or which
Lender may request to such end. Debtor will promptly furnish to Lender a statement describing in reasonable detail any such loss or damage
in excess of $25,000 per occurrence to any Equipment.

 

(d)
Taxes, Etc. Debtor agrees to pay promptly when due all property and other taxes, assessments and governmental charges or levies
imposed upon, and all claims (including claims for labor, materials and supplies) against, the Equipment and Inventory, except to the
extent the validity thereof is being contested in good faith by proper proceedings which stay the imposition of any penalty, fine or
Lien resulting from the non-payment thereof and with respect to which adequate reserves in accordance with GAAP have been set aside for
the payment thereof.

 

(e)
Insurance.

 

(i)
Debtor will, at its own expense, maintain insurance (including, without limitation, comprehensive general liability, hazard, rent and
business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in
such amounts and covering such risks, in such form and with responsible and reputable insurance companies or associations as is required
by any Governmental Authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice
by companies in similar businesses similarly situated and in any event, in amount, adequacy and scope reasonably satisfactory to Lender.

 

    	11

     

    

 

(ii)
To the extent requested by Lender at any time and from time to time, each such policy for liability insurance shall provide for all losses
to be paid on behalf of Lender and Debtor as their respective interests may appear, and each policy for property damage insurance shall
provide for all losses to be adjusted with, and paid directly to, Lender. In addition to and without limiting the foregoing, to the extent
requested by Lender at any time and from time to time, each such policy shall in addition (A) name Lender as an additional insured party
and/or leder loss payee, as applicable, thereunder (without any representation or warranty by or obligation upon Lender) as its interests
may appear, (B) contain an agreement by the insurer that any loss thereunder shall be payable to Lender on its own account notwithstanding
any action, inaction or breach of representation or warranty by Debtor, (C) provide that there shall be no recourse against Lender for
payment of premiums or other amounts with respect thereto, and (D) provide that at least 30 days’ prior written notice of cancellation,
lapse, expiration or other adverse change shall be given to Lender by the insurer. Debtor will, if so requested by Lender, deliver to
Lender original or duplicate policies of such insurance (including certificates demonstrating compliance with this Section 5(e)) and,
as often as Lender may reasonably request, a report of a reputable insurance broker with respect to such insurance. Debtor will also,
at the request of Lender, execute and deliver instruments of assignment of such insurance policies and cause the respective insurers
to acknowledge notice of such assignment.

 

(iii)
Reimbursement under any liability insurance maintained by Debtor pursuant to this Section 5.e) may be paid directly to the Person
who shall have incurred liability covered by such insurance. In the case of any loss involving damage to Equipment or Inventory, to the
extent paragraph (iv) of this Section 5.e) is not applicable, any proceeds of insurance involving such damage shall be paid to
Lender, and Debtor will make or cause to be made the necessary repairs to or replacements of such Equipment or Inventory, and any proceeds
of insurance maintained by Debtor pursuant to this Section 5.e) (except as otherwise provided in paragraph (iv) in this Section
5.e)) shall be paid by Lender to Debtor as reimbursement for the reasonable costs of such repairs or replacements.

 

(iv)
Notwithstanding anything to the contrary in subsection 5(e)(iii) above, following and during the continuance of an Event of Default,
all insurance payments in respect of Debtor’s properties and business shall be paid to Lender and applied as specified in Section
7.b) hereof.

 

(f)
Provisions Concerning the Accounts and the Licenses.

 

(i)
Debtor will (A) give Lender at least 30 days’ prior written notice of any change in Debtor’s name, identity or organizational
structure, (B) maintain its jurisdiction of incorporation, organization or formation as set forth in Schedule I hereto, (C) immediately
notify Lender upon obtaining an organizational identification number, if on the date hereof Debtor did not have such identification number,
and (D) keep adequate records concerning the Collateral and permit representatives of Lender during normal business hours on reasonable
notice to Debtor, to inspect and make abstracts from such records.

 

    	12

     

    

 

(ii)
Debtor will (except as otherwise provided in this subsection (f)), continue to collect, at its own expense, all amounts due or to become
due under the Accounts. In connection with such collections, Debtor may (and, at Lender’s direction, will) take such action as
Debtor or Lender may deem necessary or advisable to enforce collection or performance of the Accounts; provided, however,
that Lender shall have the right at any time following the occurrence and during the continuance of an Event of Default to notify the
Account Debtors or obligors under any Accounts of the assignment of such Accounts to Lender and to direct such Account Debtors or obligors
to make payment of all amounts due or to become due to Debtor thereunder directly to Lender or its designated agent and, upon such notification
and at the expense of Debtor and to the extent permitted by applicable law, to enforce collection of any such Accounts and to reasonably
adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as Debtor might have done. After
receipt by Debtor of a notice from Lender that Lender has notified, intends to notify, or has enforced or intends to enforce Debtor’s
rights against the Account Debtors or obligors under any Accounts as referred to in the proviso to the immediately preceding sentence,
(A) all amounts and proceeds (including Instruments) received by Debtor in respect of the Accounts shall be received in trust for the
benefit of Lender, shall be segregated from other funds of Debtor and shall be forthwith paid over to Lender in the same form as so received
(with any necessary endorsement) to be applied as specified in Section 7.b) hereof, and (B) Debtor will not adjust, settle or
compromise the amount or payment of any Account or release wholly or partly any Account Debtor or obligor thereof or allow any credit
or discount thereon. In addition, upon the occurrence and during the continuance of an Event of Default, Lender may (in its sole and
absolute discretion) direct any or all of the banks and financial institutions with which Debtor either maintains a Deposit Account or
a lockbox (including, without limitation, any Controlled Account) or deposits the proceeds of any Accounts to send immediately to Lender
by wire transfer (to such deposit account as Lender shall specify, or in such other manner as Lender shall direct) all or a portion of
such securities, cash, investments and other items held by such institution. Any such securities, cash, investments and other items so
received by Lender shall be applied as specified in accordance with Section 7.b) hereof.

 

(iii)
Upon the occurrence and during the continuance of any breach or default under any material License referred to in Schedule II
hereto by any party thereto other than Debtor, Debtor will, promptly after obtaining knowledge thereof, give Lender written notice of
the nature and duration thereof, specifying what action, if any, it has taken and proposes to take with respect thereto and thereafter
will take reasonable steps to protect and preserve its rights and remedies in respect of such breach or default, or will obtain or acquire
an appropriate substitute License.

 

(iv)
Debtor will, at its expense, promptly deliver to Lender a copy of each notice or other communication received by it by which any other
party to any material License referred to in Schedule II hereto purports to exercise any of its rights or affect any of its obligations
thereunder, together with a copy of any reply by Debtor thereto.

 

(v)
Debtor will exercise promptly and diligently each and every right which it may have under each material License (other than any right
of termination) and will duly perform and observe in all respects all of its obligations under each material License and will take all
action reasonably necessary to maintain such Licenses in full force and effect. Debtor will not, without the prior written consent of
Lender, cancel, terminate, amend or otherwise modify in any respect, or waive any provision of, any material License referred to in Schedule
II hereto.

 

(g)
Transfers and Other Liens.

 

(i)
Debtor shall not, directly or indirectly, sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose
of any Collateral whether in a single transaction or a series of related transactions, other than (A) sales, leases, licenses, assignments,
transfers, conveyances and other dispositions of such assets or rights by Debtor for value in the ordinary course of business consistent
with past practices and (B) sales of Inventory and product in the ordinary course of business.

 

(ii)
Debtor shall not, directly or indirectly, redeem, repurchase or declare or pay any cash dividend or distribution on any of its Capital
Stock.

 

(iii)
Debtor shall not, directly or indirectly, without the prior written consent of Lender, (A) issue any promissory note (other than the
Note in favor of Lender) or (B) issue any other securities that would cause a breach or default under the Note.

 

(iv)
Debtor shall not enter into, renew, extend or be a party to, any transaction or series of related transactions (including, without limitation,
the purchase, sale, lease, transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any
Affiliate, except in the ordinary course of business in a manner and to an extent consistent with past practice and necessary or desirable
for the prudent operation of its business, for fair consideration and on terms no less favorable to it than would be obtainable in a
comparable arm’s length transaction with a Person that is not an Affiliate thereof.

 

    	13

     

    

 

(v)
Debtor will not create, suffer to exist or grant any Lien upon or with respect to any Collateral other than a Permitted Lien.

 

(vi)
For the avoidance of doubt, the consummation of the Acquisition and all other transactions, undertakings and agreements consummated and
entered into pursuant to the Securities Purchase Agreement, shall not be a breach of or a default under this Agreement or the Note.

 

(h)
Intellectual Property.

 

(i)
If applicable, Debtor shall duly execute and deliver the applicable Intellectual Property Security Agreement. Debtor (either itself or
through licensees) will, and will cause each licensee thereof to, take all action necessary to maintain all of the Intellectual Property
in full force and effect, including, without limitation, using the proper statutory notices, numbers and markings (relating to patent,
trademark and copyright rights) and using the Trademarks on each applicable trademark class of goods in order to so maintain the Trademarks
in full force and free from any claim of abandonment for non-use, and Debtor will not (nor permit any licensee thereof to) do any act
or knowingly omit to do any act whereby any Intellectual Property may become abandoned, cancelled or invalidated; provided, however,
that so long as no Event of Default has occurred and is continuing, Debtor shall not have an obligation to use or to maintain any Intellectual
Property (A) that relates solely to any product or work, that is no longer necessary or material and has been, or is in the process of
being, discontinued, abandoned or terminated in the ordinary course of business and consistent with the exercise of reasonable business
judgment, (B) that is being replaced with Intellectual Property substantially similar to the Intellectual Property that may be abandoned
or otherwise become invalid, so long as the failure to use or maintain such Intellectual Property does not materially adversely affect
the validity of such replacement Intellectual Property and so long as such replacement Intellectual Property is subject to the Lien created
by this Agreement and does not have a material adverse effect on the business of Debtor or (C) that is substantially the same as another
Intellectual Property that is in full force, so long the failure to use or maintain such Intellectual Property does not materially adversely
affect the validity of such replacement Intellectual Property and so long as such other Intellectual Property is subject to the Lien
and security interest created by this Agreement and does not have a material adverse effect on the business of Debtor. Debtor will cause
to be taken all necessary steps in any proceeding before the United States Patent and Trademark Office and the United States Copyright
Office or any similar office or agency in any other country or political subdivision thereof to maintain each registration of the Intellectual
Property and application for registration of Intellectual Property (other than the Intellectual Property described in the proviso to
the immediately preceding sentence), including, without limitation, filing of initial registrations, renewals, affidavits of use, affidavits
of incontestability and opposition, interference and cancellation proceedings and payment of maintenance fees, filing fees, taxes or
other governmental fees. If any Intellectual Property (other than Intellectual Property described in the proviso to the second sentence
of subsection (i) of this clause (h)) is infringed, misappropriated, diluted or otherwise violated in any material respect by a third
party, Debtor shall (x) upon learning of such infringement, misappropriation, dilution or other violation, promptly notify Lender and
(y) promptly take all commercially reasonable steps to protect its rights, including possibly commencing an action to sue for infringement,
misappropriation, dilution or other violation, seek injunctive relief where appropriate and recover any and all damages for such infringement,
misappropriation, dilution or other violation, or take such other actions as Debtor shall deem appropriate under the circumstances to
protect such Intellectual Property. Debtor shall furnish to Lender from time to time upon its request statements and schedules further
identifying and describing the Intellectual Property and Licenses and such other reports in connection with the Intellectual Property
and Licenses as Lender may reasonably request, all in reasonable detail and promptly upon request of Lender, following receipt by Lender
of any such statements, schedules or reports, Debtor shall modify this Agreement by amending Schedule II hereto, as the case may
be, to include any Intellectual Property and License, as the case may be, which is or hereafter becomes part of the Collateral under
this Agreement and shall execute and authenticate such documents and do such acts as shall be necessary or, in the reasonable judgment
of Lender, desirable to subject such Intellectual Property and Licenses to the Lien and security interest created by this Agreement.
Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event of Default, Debtor may not
abandon, surrender or otherwise permit any Intellectual Property to become abandoned, cancelled or invalid without the prior written
consent of Lender, and if any Intellectual Property is infringed, misappropriated, diluted or otherwise violated in any material respect
by a third party, Debtor will take such reasonable action as Lender shall deem appropriate under the circumstances to protect such Intellectual
Property.

 

    	14

     

    

 

(ii)
In no event shall Debtor, either itself or through any agent, employee, licensee or designee, file an application for the registration
of any Patent, Trademark or Copyright or the United States Copyright Office or the United States Patent and Trademark Office, as applicable,
or in any similar office or agency of the United States or any country or any political subdivision thereof unless it gives Lender prior
written notice thereof. Upon request of Lender, Debtor shall execute, authenticate and deliver any and all assignments, agreements, instruments,
documents and papers as Lender may reasonably request to evidence Lender’s security interest hereunder in such Intellectual Property
and the General Intangibles of Debtor relating thereto or represented thereby, and Debtor hereby appoints Lender its attorney-in-fact
to execute and/or authenticate and file all such writings for the foregoing purposes, all acts of such attorney being hereby ratified
and confirmed, and such power (being coupled with an interest) shall be irrevocable until all Obligations are Paid in Full.

 

(i)
Pledged Accounts .

 

(A)
Upon the request of Lender, Debtor shall cause each bank and other financial institution which maintains a Controlled Account (each a
“Controlled Account Bank”) to execute and deliver to Lender, in form and substance satisfactory to Lender, a Controlled
Account Agreement with respect to such Controlled Account, duly executed by Debtor and such Controlled Account Bank, pursuant to which
such Controlled Account Bank among other things shall irrevocably agree, with respect to such Controlled Account, that (i) at any time
after Debtor or Lender shall have notified such Controlled Account Bank that an Event of Default has occurred or is continuing, such
Controlled Account Bank will comply with any and all instructions originated by Lender directing the disposition of the funds in such
Controlled Account without further consent by Debtor, (ii) such Controlled Account Bank shall waive, subordinate or agree not to exercise
any rights of setoff or recoupment or any other claim against the applicable Controlled Account other than for payment of its service
fees and other charges directly related to the administration of such Controlled Account and for returned checks or other items of payment,
(iii) at any time after Debtor or Lender shall have notified such Controlled Account Bank that an Event of Default has occurred or is
continuing, with respect to each such Controlled Account, such Controlled Account Bank shall not comply with any instructions, directions
or orders of any form with respect to such Controlled Accounts other than instructions, directions or orders originated by Lender, (iv)
all funds deposited by Debtor with such Controlled Account Bank shall be subject to a perfected, second priority security interest in
favor of Lender (subject to the first priority lien thereon created in favor of Hudson Bay Master Fund Ltd.), and (v) upon receipt of
written notice from Lender during the continuance of an Event of Default, such Controlled Account Bank shall immediately send to Lender
by wire transfer (to such account as Lender shall specify, or in such other manner as Lender shall direct) all such funds and other items
held by it. Debtor shall not create or maintain any Pledged Account without the prior written consent of Lender and complying with the
terms of this Agreement.

 

(B)
If at any time after the Date of this Agreement and after Lender has requested Debtor to enter into one or more Controlled Account Agreements
as contemplated by Subsection 5(i) (A) above, the average daily balance of any Account that is not subject to a Controlled Account
Agreement exceeds $5,000 during any calendar month (including the calendar month in which the Date of this Agreement occurs), Debtor
shall, either (x) within two (2) Business Days following such date, transfer to a Controlled Account an amount sufficient to reduce the
total aggregate amount of the cash in such Account to an amount not in excess of $5,000 or (y) within 21 calendar days following the
last day of such calendar month, deliver to Lender a Controlled Account Agreement with respect to such Account, duly executed by Debtor
and the depositary bank in which such Account is maintained.

 

    	15

     

    

 

(C)
Notwithstanding anything to the contrary contained in Section 5(i)(B) above, and without limiting any of the foregoing, if at
any time on or after the date that is twenty-one (21) calendar days following the Date of this Agreement, subject to Lender having requested
Debtor to enter into one or more Controlled Account Agreements as contemplated by Subsection 5(i)(A) above, the total aggregate
amount of the cash of Debtor and any of its Subsidiaries, in the aggregate, that is not held in a Controlled Account exceeds $25,000
(the “Maximum Free Cash Amount”), Debtor shall within two (2) Business Days following such date, either (x) transfer
to a Controlled Account an amount sufficient to reduce the total aggregate amount of the cash that is not held in a Controlled Account
to an amount not in excess of the Maximum Free Cash Amount or (y) deliver to Lender a Controlled Account Agreement with respect to such
Account (or Accounts), duly executed by Debtor and the depositary bank in which such Account (or Accounts) is maintained, as necessary
to reduce the total aggregate amount of the cash that is not held in a Controlled Account to an amount not in excess of the Maximum Free
Cash Amount.

 

(j)
Motor Vehicles.

 

(i)
Upon Lender’s written request, Debtor shall deliver to Lender originals of the certificates of title or ownership for each motor
vehicle with a value in excess of $10,000 owned by it, with Lender listed as lienholder.

 

(ii)
Debtor hereby appoints Lender as its attorney-in-fact, effective the date hereof and terminating upon the termination of this Agreement,
for the purpose of (A) executing on behalf of Debtor title or ownership applications for filing with appropriate Governmental Authorities
to enable motor vehicles now owned or hereafter acquired by Debtor to be retitled and Lender listed as lienholder thereof, (B) filing
such applications with such Governmental Authorities, and (C) executing such other agreements, documents and instruments on behalf of,
and taking such other action in the name of, Debtor as Lender may deem necessary or advisable to accomplish the purposes hereof (including,
without limitation, for the purpose of creating in favor of Lender a perfected Lien on the motor vehicles and exercising the rights and
remedies of Lender hereunder). This appointment as attorney-in-fact is coupled with an interest and is irrevocable until all of the Obligations
are Paid in Full.

 

(iii)
Any certificates of title or ownership delivered pursuant to the terms hereof shall be accompanied by odometer statements for each motor
vehicle covered thereby.

 

(iv)
So long as no Event of Default shall have occurred and be continuing, upon the request of Debtor, Lender shall execute and deliver to
Debtor such instruments as Debtor shall reasonably request to remove the notation of Lender as lienholder on any certificate of title
for any motor vehicle; provided, however, that any such instruments shall be delivered, and the release effective, only
upon receipt by Lender of a certificate from Debtor stating that such motor vehicle is to be sold or has suffered a casualty loss (with
title thereto in such case passing to the casualty insurance company therefor in settlement of the claim for such loss) and the amount
that Debtor will receive as sale proceeds or insurance proceeds. Any proceeds of such sale or casualty loss shall be paid to Lender hereunder
immediately upon receipt, to be applied to the Obligations then outstanding.

 

(k)
Control. Debtor hereby agrees to take any or all action that may be necessary or that Lender may reasonably request in order for
Lender to obtain “control” in accordance with Sections 9-105 through 9-107 of the Code with respect to the following Collateral:
(i) Electronic Chattel Paper, (ii) Investment Property, and (iii) Letter-of-Credit Rights.

 

    	16

     

    

 

(l)
Inspection and Reporting. Debtor shall permit Lender, or any agent or representatives thereof or such professionals or other Persons
as Lender may designate (i) to examine and make copies of and abstracts from Debtor’s records and books of account, (ii) to visit
and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of Debtor from time
to time, and (iv) to conduct audits, physical counts, appraisals and/or valuations, examinations at the locations of Debtor. Debtor shall
also permit Lender, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as
Lender may designate to discuss Debtor’s affairs, finances and accounts with any of its directors, officers, managerial employees,
independent accountants or any of its other representatives. Without limiting the foregoing, Lender may, at any time, in Lender’s
own name, in the name of a nominee of Lender, or in the name of Debtor communicate (by mail, telephone, facsimile or otherwise) with
the Account Debtors of Debtor, parties to contracts with Debtor and/or obligors in respect of Instruments of Debtor to verify with such
Persons, to Lender’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Chattel
Paper, payment intangibles and/or other receivables.

 

(m)
Future Subsidiaries. If Debtor hereafter creates or acquires any Subsidiary, simultaneously with the creation or acquisition of
such Subsidiary, Debtor shall (i) if such Subsidiary is a Domestic Subsidiary, cause such Subsidiary to become a party to this Agreement
as an additional “Debtor” hereunder, (ii) deliver to Lender updated Schedules to this Agreement, as appropriate (including,
without limitation, an updated Schedule IV to reflect the grant by Debtor of a Lien on all Pledged Equity now or hereafter owned
by Debtor), (iii) if such Subsidiary is a Domestic Subsidiary, cause such Subsidiary to duly execute and deliver a guaranty of the Obligations
in favor of Lender in form and substance acceptable to Lender, (iv) deliver to Lender the stock certificates representing all of the
Capital Stock of such Subsidiary, along with undated stock powers for each such certificates, executed in blank (or, if any such shares
of Capital Stock are uncertificated, confirmation and evidence reasonably satisfactory to Lender that the security interest in such uncertificated
securities has been transferred to and perfected by Lender, in accordance with Sections 8-313, 8-321 and 9-115 of the Code or any other
similar or local or foreign law that may be applicable), and (v) duly execute and/or cause to be delivered to Lender, in form and substance
acceptable to Lender, such opinions of counsel and other documents as Lender shall request with respect thereto; provided, however, that
Debtor shall not be required to pledge any Excluded Collateral. Debtor hereby authorizes Lender to attach such updated Schedules to this
Agreement and agrees that all Pledged Equity listed on any updated Schedule delivered to Lender shall for all purposes hereunder be considered
Collateral. Debtor agrees that the pledge of the shares of Capital Stock acquired by Debtor of a Foreign Subsidiary may be supplemented
by one or more separate pledge agreements, deeds of pledge, share charges, or other similar agreements or instruments, executed and delivered
by Debtor in favor of Lender, which pledge agreements will provide for the pledge of such shares of Capital Stock in accordance with
the laws of the applicable foreign jurisdiction. With respect to such shares of Capital Stock, Lender may, at any time and from time
to time, in its sole discretion, take actions in such foreign jurisdictions that will result in the perfection of the Lien created in
such shares of Capital Stock.

 

(n)
Use of Proceeds. The proceeds of the Loans shall only be used by Debtor for general working capital purposes of Debtor.

 

SECTION
6. Additional Provisions Concerning the Collateral. As of the Effective Time, Debtor agrees as follows:

 

(a)
To the maximum extent permitted by applicable law, and for the purpose of taking any action that Lender may deem necessary or advisable
to accomplish the purposes of this Agreement, Debtor hereby (i) authorizes Lender after the occurrence of an Event of Default to execute
any such agreements, instruments or other documents in Debtor’s name and to file such agreements, instruments or other documents
in Debtor’s name and in any appropriate filing office, (ii) authorizes Lender at any time and from time to time to file, one or
more financing or continuation statements, and amendments thereto, relating to the Collateral (including, without limitation, any such
financing statements that (A) describe the Collateral as “all assets” or “all personal property” (or words of
similar effect) or that describe or identify the Collateral by type or in any other manner as Lender may determine regardless of whether
any particular asset of Debtor falls within the scope of Article 9 of the Code or whether any particular asset of Debtor constitutes
part of the Collateral, and (B) contain any other information required by Part 5 of Article 9 of the Code for the sufficiency or filing
office acceptance of any financing statement, continuation statement or amendment, including, without limitation, whether Debtor is an
organization, the type of organization and any organizational identification number issued to Debtor) and (iii) ratifies such authorization
to the extent that Lender has filed any such financing or continuation statements, or amendments thereto, prior to the date hereof. A
photocopy or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient
as a financing statement where permitted by law.

 

    	17

     

    

 

(b)
Debtor hereby irrevocably appoints Lender as its attorney-in-fact and proxy, with full authority in the place and stead of Debtor and
in the name of Debtor or otherwise, from time to time in Lender’s discretion, after the occurrence of an Event of Default to take
any action and to execute any instrument which Lender may deem necessary or advisable to accomplish the purposes of this Agreement, including,
without limitation, (i) to obtain and adjust insurance required to be paid to Lender pursuant to Section 5.e) hereof, (ii) to
ask, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or
in respect of any Collateral, (iii) to receive, endorse, and collect any drafts or other instruments, documents and chattel paper in
connection with clause (i) or (ii) above, (iv) to file any claims or take any action or institute any proceedings which Lender may deem
necessary or desirable for the collection of any Collateral or otherwise to enforce the rights of Lender with respect to any Collateral,
(v) to execute assignments, licenses and other documents to enforce the rights of Lender with respect to any Collateral, and (vi) to
verify any and all information with respect to any and all Accounts. This power is coupled with an interest and is irrevocable until
all of the Obligations are Paid in Full.

 

(c)
For the purpose of enabling Lender to exercise rights and remedies hereunder, at such time as Lender shall be lawfully entitled to exercise
such rights and remedies, and for no other purpose, Debtor hereby grants to Lender upon the occurrence of an Event of Default, to the
extent assignable, an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to Debtor) to
use, assign, license or sublicense any Intellectual Property now owned or hereafter acquired by Debtor, wherever the same may be located,
including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer
programs used for the compilation or printout thereof. Notwithstanding anything contained herein to the contrary, but subject to the
provisions of Section 5.g) and Section 5.h) hereof, so long as no Event of Default shall have occurred and be continuing,
Debtor may exploit, use, enjoy, protect, license, sublicense, assign, sell, dispose of or take other actions with respect to the Intellectual
Property in the ordinary course of its business. In furtherance of the foregoing, unless an Event of Default shall have occurred and
be continuing, Lender shall from time to time, upon the request of Debtor, execute and deliver any instruments, certificates or other
documents, in the form so requested, which Debtor shall have certified are appropriate (in Debtor’s judgment) to allow it to take
any action permitted above (including relinquishment of the license provided pursuant to this clause (c) as to any Intellectual Property).
Further, upon the Payment in Full of all of the Obligations, Lender (subject to Section 10.e) hereof) shall release and reassign
to Debtor all of Lender’s right, title and interest in and to the Intellectual Property, and the Licenses, all without recourse,
representation or warranty whatsoever. The exercise of rights and remedies hereunder by Lender shall not terminate the rights of the
holders of any licenses or sublicenses theretofore granted by Debtor in accordance with the second sentence of this clause (c). Debtor
hereby releases Lender from any claims, causes of action and demands at any time arising out of or with respect to any actions taken
or omitted to be taken by Lender under the powers of attorney granted herein other than actions taken or omitted to be taken through
Lender’s gross negligence or willful misconduct, as determined by a final determination of a court of competent jurisdiction.

 

(d)
If Debtor fails to perform any agreement or obligation contained herein, Lender may itself perform, or cause performance of, such agreement
or obligation, in the name of Debtor or Lender, and the expenses of Lender incurred in connection therewith shall be payable by Debtor
pursuant to Section 8 hereof and shall be secured by the Collateral.

 

(e)
The powers conferred on Lender hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to
exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received
by it hereunder, Lender shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against
prior parties or any other rights pertaining to any Collateral.

 

    	18

     

    

 

(f)
Anything herein to the contrary notwithstanding (i) Debtor shall remain liable under the Licenses and otherwise with respect to any of
the Collateral to the extent set forth therein to perform all of its obligations thereunder to the same extent as if this Agreement had
not been executed, (ii) the exercise by Lender of any of its rights hereunder shall not release Debtor from any of its obligations under
the Licenses or otherwise in respect of the Collateral, and (iii) Lender shall not have any obligation or liability by reason of this
Agreement under the Licenses or with respect to any of the other Collateral, nor shall Lender be obligated to perform any of the obligations
or duties of Debtor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

 

(g)
As long as no Event of Default shall have occurred and be continuing and until written notice shall be given to the applicable Debtor:

 

(i)
Debtor shall have the right, from time to time, to vote and give consents with respect to the Pledged Equity, or any part thereof for
all purposes not inconsistent with the provisions of this Agreement; provided, however, that no vote shall be cast, and
no consent shall be given or action taken, which would have the effect of impairing the position or interest of Lender in respect of
the Pledged Equity or which would authorize, effect or consent to:

 

(A)
the dissolution or liquidation, in whole or in part, of a Pledged Entity;

 

(B)
the consolidation or merger of a Pledged Entity with any other Person;

 

(C)
the sale, disposition or encumbrance of all or substantially all of the assets of a Pledged Entity, except for Liens in favor of Lender;

 

(D)
any change in the authorized number of shares, the stated capital or the authorized share capital of a Pledged Entity or the issuance
of any additional shares of its Capital Stock; or

 

(E)
the alteration of the voting rights with respect to the Capital Stock of a Pledged Entity.

 

(h)
(i) As long as no Event of Default shall have occurred and be continuing, Debtor shall be entitled, from time to time, to collect and
receive for its own use all cash dividends and interest paid in respect of the Pledged Equity other than any and all: (A) dividends and
interest paid or payable other than in cash in respect of any Pledged Equity, and instruments and other property received, receivable
or otherwise distributed in respect of, or in exchange for, any Pledged Equity; (B) dividends and other distributions paid or payable
in cash in respect of any Pledged Equity in connection with a partial or total liquidation or dissolution or in connection with a reduction
of capital, capital surplus or paid-in capital of a Pledged Entity; and (C) cash paid, payable or otherwise distributed, in respect of
principal of, or in redemption of, or in exchange for, any Pledged Equity; provided, however, that until actually paid all rights to
such distributions shall remain subject to the Lien created by this Agreement; and

 

(ii)
all dividends and interest (other than such cash dividends and interest as are permitted to be paid to Debtor in accordance with clause
(i) above) and all other distributions in respect of any of the Pledged Equity, whenever paid or made, shall be delivered to Lender to
hold as Pledged Equity and shall, if received by Debtor, be received in trust for the benefit of Lender, be segregated from the other
property or funds of Debtor, and be forthwith delivered to Lender as Pledged Equity in the same form as so received (with any necessary
endorsement).

 

    	19

     

    

 

SECTION
7. Remedies Upon Event of Default; Application of Proceeds. If any Event of Default shall have occurred and be continuing from
and after the Effective Time:

 

(a)
Lender may exercise in respect of the Collateral, in addition to any other rights and remedies provided for herein, or otherwise available
to it, all of the rights and remedies of a secured party upon default under the Code (whether or not the Code applies to the affected
Collateral), and also may (i) take absolute control of the Collateral, including, without limitation, transfer into Lender’s name
or into the name of its nominee or nominees (to the extent Lender has not theretofore done so) and thereafter receive all payments made
thereon, give all consents, waivers and ratifications in respect thereof and otherwise act with respect thereto as though it were the
outright owner thereof, (ii) require Debtor to, and Debtor hereby agrees that it will at its expense and upon request of Lender forthwith,
assemble all or part of its respective Collateral as directed by Lender and make it available to Lender at a place or places to be designated
by Lender that is reasonably convenient to both parties, and Lender may enter into and occupy any premises owned or leased by Debtor
where the Collateral or any part thereof is located or assembled for a reasonable period in order to effectuate Lender’s rights
and remedies hereunder or under law, without obligation to Debtor in respect of such occupation, and (iii) without notice except as specified
below and without any obligation to prepare or process the Collateral for sale, (A) sell the Collateral or any part thereof in one or
more parcels at public or private sale (including, without limitation, by credit bid), at any of Lender’s offices or elsewhere,
for cash, on credit or for future delivery, and at such price or prices and upon such other terms as Lender may deem commercially reasonable
and/or (B) lease, license or dispose of the Collateral or any part thereof upon such terms as Lender may deem commercially reasonable.
Debtor agrees that, to the extent notice of sale or any other disposition of its respective Collateral shall be required by law, at least
ten (10) days’ notice to Debtor of the time and place of any public sale or the time after which any private sale or other disposition
of its respective Collateral is to be made shall constitute reasonable notification. Lender shall not be obligated to make any sale or
other disposition of any Collateral regardless of notice of sale having been given. Lender may adjourn any public or private sale from
time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned. Debtor hereby waives any claims against Lender arising by reason of the fact that the price at which
its respective Collateral may have been sold at a private sale was less than the price which might have been obtained at a public sale
or was less than the aggregate amount of the Obligations, even if Lender accepts the first offer received and does not offer such Collateral
to more than one offeree, and waives all rights that Debtor may have to require that all or any part of such Collateral be marshaled
upon any sale (public or private) thereof. Debtor hereby acknowledges that (i) any such sale of its respective Collateral by Lender shall
be made without warranty, (ii) Lender may specifically disclaim any warranties of title, possession, quiet enjoyment or the like, and
(iii) such actions set forth in clauses (i) and (ii) above shall not adversely affect the commercial reasonableness of any such sale
of Collateral. In addition to the foregoing, (1) upon written notice to Debtor from Lender after and during the continuance of an Event
of Default, Debtor shall cease any use of the Intellectual Property or any trademark, patent or copyright similar thereto for any purpose
described in such notice; (2) Lender may, at any time and from time to time after and during the continuance of an Event of Default,
upon 10 days’ prior notice to Debtor, license, whether general, special or otherwise, and whether on an exclusive or non-exclusive
basis, any of the Intellectual Property, throughout the universe for such term or terms, on such conditions, and in such manner, as Lender
shall in its sole discretion determine; and (3) Lender may, at any time, pursuant to the authority granted in Section 6 hereof
or otherwise (such authority being effective upon the occurrence and during the continuance of an Event of Default), execute and deliver
on behalf of Debtor, one or more instruments of assignment of the Intellectual Property (or any application or registration thereof),
in form suitable for filing, recording or registration in any country.

 

(b)
Any cash held by Lender as Collateral and all Cash Proceeds received by Lender in respect of any sale or disposition of or collection
from, or other realization upon, all or any part of the Collateral shall be applied as follows: first, to pay any fees, indemnities
or expense reimbursements then due to Lender (including those described in Section 8 hereof); second, to pay any fees,
indemnities or expense reimbursements then due, on a pro rata basis; third to pay interest due under the Note, on a pro rata basis;
fourth, to pay or prepay principal in respect of the Note, whether or not then due, owing, on a pro rata basis; fifth,
to pay or prepay any other Obligations, whether or not then due, in such order and manner as Lender shall elect. Any surplus of such
cash or Cash Proceeds held by Lender and remaining after the Payment in Full of all of the Obligations shall be paid over to whomsoever
shall be lawfully entitled to receive the same or as a court of competent jurisdiction shall direct.

 

(c)
In the event that the proceeds of any such sale, disposition, collection or realization are insufficient to pay all amounts to which
Lender is legally entitled, Debtor shall be liable for the deficiency, together with interest thereon at the rate specified in the Note
for interest on overdue principal thereof or such other rate as shall be fixed by applicable law, together with the costs of collection
and the reasonable fees, costs, expenses and other charges of any attorneys employed by Lender to collect such deficiency.

 

    	20

     

    

 

(d)
To the extent that applicable law imposes duties on Lender to exercise remedies in a commercially reasonable manner, Debtor acknowledges
and agrees that it is commercially reasonable for Lender (i) to fail to incur expenses deemed significant by Lender to prepare Collateral
for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition,
(ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law,
to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of,
(iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on
or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors and other Persons obligated on
Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral
through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other
Persons, whether or not in the same business as Debtor, for expressions of interest in acquiring all or any portion of such Collateral,
(vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a
specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included
in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets
in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to
purchase insurance or credit enhancements to insure Lender against risks of loss, collection or disposition of Collateral or to provide
to Lender a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by Lender,
to obtain the services of brokers, investment bankers, consultants, attorneys and other professionals to assist Lender in the collection
or disposition of any of the Collateral. Debtor acknowledges that the purpose of this section is to provide non-exhaustive indications
of what actions or omissions by Lender would be commercially reasonable in Lender’s exercise of remedies against the Collateral
and that other actions or omissions by Lender shall not be deemed commercially unreasonable solely on account of not being indicated
in this section. Without limitation upon the foregoing, nothing contained in this section shall be construed to grant any rights to Debtor
or to impose any duties on Lender that would not have been granted or imposed by this Agreement or by applicable law in the absence of
this section.

 

(e)
Lender shall not be required to marshal any present or future collateral security (including, but not limited to, this Agreement and
the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other
assurances of payment in any particular order, and all of Lender’s rights hereunder and in respect of such collateral security
and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that
Debtor lawfully may, Debtor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause
delay in or impede the enforcement of Lender’s rights under this Agreement or under any other instrument creating or evidencing
any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured or payment
thereof is otherwise assured, and, to the extent that it lawfully may, Debtor hereby irrevocably waives the benefits of all such laws.

 

SECTION
8. Indemnity and Expenses.

 

(a)
Debtor agrees to defend, protect, indemnify and hold Lender harmless from and against any and all claims, damages, losses, liabilities,
obligations, penalties, fees, costs and expenses (including, without limitation, reasonable legal fees, costs, expenses, and disbursements
of such Person’s counsel) to the extent that they arise out of or otherwise result from this Agreement or the Note (including,
without limitation, enforcement of this Agreement and the Note), except to the extent resulting from such Person’s gross negligence
or willful misconduct, as determined by a final judgment of a court of competent jurisdiction no longer subject to appeal.

 

(b)
Debtor agrees to pay to Lender upon demand the amount of any and all costs and expenses, including the reasonable fees, costs, expenses
and disbursements of counsel for Lender and of any experts and agents (including, without limitation, any collateral trustee which may
act as agent of Lender), which Lender may incur in connection with (i) the preparation, negotiation, execution, delivery, recordation,
administration, amendment, waiver or other modification or termination of this Agreement, (ii) the custody, preservation, use or operation
of, or the sale of, collection from, or other realization upon, any Collateral, (iii) the exercise or enforcement of any of the rights
of Lender hereunder, or (iv) the failure by Debtor to perform or observe any of the provisions hereof.

 

    	21

     

    

 

SECTION
9. Notices, Etc. All notices, requests, demands and other communications in connection with this Agreement shall be in writing
and shall be deemed given if (a) delivered personally, on the date of such delivery, (b) upon non-automated confirmation of receipt when
transmitted via facsimile or electronic mail (but only if followed by transmittal by nationally recognized overnight courier or by hand
for delivery on the next Business Day), or (c) on receipt (or refusal to accept delivery) after dispatch by registered or certified mail
(return receipt requested), postage prepaid, or by a nationally recognized overnight courier (with confirmation), addressed, in each
case, as follows:

 

	If
    to Debtor:	 	ZVV
    Media Partners, LLC

    Attention:
    Philip Jones, CFO

    Email:
    pjones@Vincoventures.com

	 	 	 
	With
    a copy to (which shall not constitute notice):

     

    
	 	Greenberg
    Traurig, LLP

    1840
    Century Park East

    Suite
    1900

    Los
    Angeles, California 90067

    Attention:
    Kevin Friedmann, Esq.

    Email:
    friedmannk@gtlaw.com

    

    

    

    

	 	 	 
	If
    to Lender:	 	Vinco Ventures, Inc.

                                                         Attention:
    Philip Jones, CFO

                                                         Email:
    pjones@Vincoventures.com

	 	 	 
	with
    a copy to, which shall not constitute notice:	 	Lucosky
    Brookman LLP

    101
    Wood Avenue South, 5th Floor

    Woodbridge,
    NJ 08830

    Attention:
    N. Adele Hogan, Esq.; Joseph Lucosky, Esq.

    Email:
ahogan@lucbro.com; jlucosky@lucbro.com

 

SECTION
10. Miscellaneous.

 

(a)
No amendment of any provision of this Agreement shall be effective unless it is in writing and signed by Debtor and Lender, and no waiver
of any provision of this Agreement, and no consent to any departure by Debtor therefrom, shall be effective unless it is in writing and
signed by Debtor and Lender, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose
for which given.

 

(b)
No failure on the part of Lender to exercise, and no delay in exercising, any right reasonably hereunder or under the Note shall operate
as a waiver thereof; nor shall any single or partial exercise of any such right reasonably preclude any other or further exercise thereof
or the exercise of any other right. The rights and remedies of Lender provided herein and in the Note are cumulative and are in addition
to, and not exclusive of, any rights or remedies provided by law.

 

(c)
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or thereof or affecting the
validity or enforceability of such provision in any other jurisdiction.

 

    	22

     

    

 

(d)
This Agreement shall create a continuing security interest in the Collateral as of the Effective Time and shall thereafter (i) remain
in full force and effect until Payment in Full of the Obligations, and (ii) be binding on Debtor and all other Persons who become bound
as debtor to this Agreement in accordance with Section 9-203(d) of the Code and shall inure, together with all rights and remedies of
Lender hereunder, to the benefit of Lender and its permitted successors, transferees and assigns. Without limiting the generality of
clause (ii) of the immediately preceding sentence, without notice to Debtor, Lender may assign or otherwise transfer its rights and obligations
under this Agreement and the Note to any other Person, and such other Person shall thereupon become vested with all of the benefits in
respect thereof granted to Lender herein or otherwise. Upon any such assignment or transfer, all references in this Agreement to Lender
shall mean the assignee of Lender. None of the rights or obligations of Debtor hereunder may be assigned or otherwise transferred without
the prior written consent of Lender, and any such assignment or transfer without such consent of Lender shall be null and void ab
initio.

 

(e)
Upon the Payment in Full of the Obligations, (i) this Agreement and the security interests created hereby shall terminate and all rights
to the Collateral shall revert to Debtor that granted such security interests hereunder, and (ii) Lender will, upon Debtor’s request
and at Debtor’s expense, (A) return to Debtor such of the Collateral as shall not have been sold or otherwise disposed of or applied
pursuant to the terms hereof and (B) execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence such
termination, all without any representation, warranty or recourse whatsoever.

 

(f)
Governing Law; Jurisdiction; Jury Trial.

 

(i)
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
York.

 

(ii)
Debtor hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough
of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or under any other Transaction Document or with
any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim, defense or objection that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to
such party at the address for such notices to it under Section 9 hereof and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude Lender from bringing suit or taking other
legal action against Debtor in any other jurisdiction to collect on Debtor’s obligations or to enforce a judgment or other court
ruling in favor of Lender.

 

(iii)
WAIVER OF JURY TRIAL, ETC. DEBTOR AND LENDER IRREVOCABLY WAIVE ANY RIGHT THEY MAY HAVE TO, AND AGREE NOT TO REQUEST, A JURY TRIAL
FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT
OR ANY OTHER TRANSACTION DOCUMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

(iv)
Debtor irrevocably and unconditionally waives any right it may have to claim or recover in any legal action, suit or proceeding referred
to in this Section any special, exemplary, indirect, incidental, punitive or consequential damages.

 

(g)
Section headings herein are included for convenience of reference only and shall not constitute a part of this Agreement for any other
purpose.

 

(h)
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
shall be deemed to be an original, but all of which taken together constitute one and the same Agreement. Delivery of any executed counterpart
of a signature page of this Agreement by pdf, facsimile or other electronic transmission shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

(i)
This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Obligations
is rescinded or must otherwise be returned by Lender or any other Person (upon (i) the occurrence of any Insolvency Proceeding of Debtor
or (ii) otherwise, in all cases as though such payment had not been made).

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    	23

     

    

 

IN
WITNESS WHEREOF, Debtor has caused this Agreement to be executed and delivered by its officer thereunto duly authorized, as of the date
first above written.

 

	 	DEBTOR:
	 	 
	 	ZVV
    Media Partners, LLC, as Debtor
	 	 
	 	By:	 
	 	Name:	Theodore
Farnsworth

	 	Title:	Manager

 

	ACCEPTED
    BY:	 
	 	 
	VINCO
    VENTURES, INC., as Lender	 
	 	 	 
	By:	 	 
	Name:	Lisa
    King	 
	Title:	Chief
    Executive Officer	 

 

 

    	24

     

    

 

EXHIBIT
A

 

FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

INTELLECTUAL
PROPERTY SECURITY AGREEMENT

 

This
INTELLECTUAL PROPERTY SECURITY AGREEMENT (as amended, modified, supplemented, renewed, restated or replaced from time to time, this “IP
Security Agreement”), dated June 29, 2022, is made by ZVV Media Partners, LLC, a Delaware limited liability company (“Debtor”),
in favor of Vinco Ventures, Inc. a Nevada corporation ( “Lender”). All capitalized terms not otherwise defined herein
shall have the meanings respectively ascribed thereto in the Security Agreement (as defined below).

 

WHEREAS,
Debtor has executed that certain secured demand promissory note, dated as of June 29, 2022 (the “Issue Date”), in
the original principal amount of $56,955,167.81 (the “Note”) in favor of Lender, representing funds remitted by Lender
to Debtor as loans and interest thereon from and after August 6, 2021 through and including the Issue Date (collectively, the “Existing
Loans”), and Debtor and Lender anticipate that Lender may make additional loans to Debtor pursuant to the Note (the “Future
Loans”) (the Existing Loans and the Future Loans are referred to in this Agreement as the “Loans”).

 

WHEREAS,
Debtor has executed and delivered that certain Security and Pledge Agreement, dated as of the Issue Date, made by Debtor to Lender (as
amended, modified, supplemented, renewed, restated or replaced from time to time, the “Security Agreement”); and

 

WHEREAS,
under the terms of the Security Agreement, Debtor has granted to Lender a security interest in and lien upon, among other property, certain
intellectual property of Debtor and has agreed as a condition thereof to execute this IP Security Agreement for recording with the U.S.
Patent and Trademark Office, the United States Copyright Office and other governmental authorities.

 

WHEREAS,
Debtor has determined that the execution, delivery and performance of this IP Security Agreement directly benefits, and is in the best
interest of, Debtor.

 

NOW,
THEREFORE, in consideration of the premises and the agreements herein and in order to induce Lender to make the Future Loans to Debtor,
Debtor agrees with Lender as follows:

 

SECTION
1. Grant of Security. Debtor hereby grants to Lender a security interest in and lien upon all of Debtor’s right, title and
interest in and to the following (the “Collateral”):

 

(i)
the Patents and Patent applications set forth in Schedule A hereto;

 

(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 under applicable
federal law), together with the goodwill symbolized thereby;

 

(iii)
all Copyrights, whether registered or unregistered, now owned or hereafter acquired by Debtor, including, without limitation, the copyright
registrations and applications and exclusive copyright licenses set forth in Schedule C hereto;

 

(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 Debtor accruing thereunder or pertaining thereto;

 

    	25

     

    

 

(v)
any and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation,
misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise recover,
such damages; and

 

(vi)
any and all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and supporting
obligations relating to, any and all of the Collateral of or arising from any of the foregoing.

 

SECTION
2. Security for Obligations. The grant of a security interest in and lien upon, the Collateral by Debtor under this IP Security
Agreement secures the payment of all Obligations of Debtor now or hereafter existing under or in respect of the Note and the Security
Agreement, 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.

 

SECTION
3. Recordation. Debtor authorizes and requests that the Register of Copyrights, the Commissioner for Patents and the Commissioner
for Trademarks and any other applicable government officer 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.

 

SECTION
5. Grants, Rights and Remedies. This IP Security Agreement has been entered into in conjunction with the provisions of the Security
Agreement. Debtor does hereby acknowledge and confirm that the grant of the security interest hereunder to, and the rights and remedies
of, Lender 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. Notices. All notices shall be given in accordance with the notice provisions of the Security Agreement.

 

SECTION
7. Governing Law; Jurisdiction; Jury Trial.

 

(i)
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
York.

 

(ii)
Debtor hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough
of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or under the Note or with any transaction contemplated
hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim, defense or objection
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for
such notices to it under Section 9 of the Security Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. Nothing contained herein shall be deemed or operate to preclude Lender from bringing suit or taking other legal
action against Debtor in any other jurisdiction to collect on a Debtor’s obligations or to enforce a judgment or other court ruling
in favor of Lender.

 

(iii)
WAIVER OF JURY TRIAL, ETC. DEBTOR IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT
OR ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

(v)
Debtor irrevocably and unconditionally waives any right it may have to claim or recover in any legal action, suit or proceeding referred
to in this Section any special, exemplary, indirect, incidental, punitive or consequential damages.

 

[The
remainder of the page is intentionally left blank]

 

    	26

     

    

 

IN
WITNESS WHEREOF, Debtor has caused this Agreement to be duly executed and delivered by its officer thereunto duly authorized as of the
date first above written.

 

	 	ZVV
    Media Partners, LLC
	 	 	 
	 	By	 
	 	Name:	Theodore Farnsworth
	 	Title:	Manager
	 	 	 
	 	Address
    for Notices: 

 

    	27

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]