Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

 

$16,500,000

 

 

 

Senior
Secured Credit Agreement

 

 

 

Dated as of May 3, 2019

 

 

 

Among

 

 

 

LogicMark,
LLC

as Borrower,

 

 

 

                                                 

 

 

 

and

 

 

 

                                            

as Administrative Agent and Collateral
Agent

 

 

 

     

     

    

 

Table
of Contents

 

	Section	Heading	Page
	 	 	 	 
	ARTICLE I Definitions and Accounting Terms	1
	 	 	 
	Section 1.01	Defined Terms	1
	Section 1.02	Other Interpretive Provisions	29
	Section 1.03	Accounting Terms	31
	Section 1.04	Rounding	32
	Section 1.05	References to Agreements, Laws, Etc.	32
	Section 1.06	Times of Day	32
	Section 1.07	Timing of Payment or Performance	32
	 	 	 
	ARTICLE II The Term Loan Commitments and Credit Extension	32
	 	 	 
	Section 2.01	The Term Loan	32
	Section 2.02	Prepayments	32
	Section 2.03	Repayment of Loans	36
	Section 2.04	Interest	36
	Section 2.05	Fees	37
	Section 2.06	Computation of Interest and Fees	37
	Section 2.07	Evidence of Indebtedness	38
	Section 2.08	Payments Generally	38
	Section 2.09	Sharing of Payments	39
	Section 2.10	LIBO Not Determinable, Impracticability or Illegality	40
	Section 2.11	Removal or Replacement of a Lender	40
	 	 	 
	ARTICLE III Taxes, Increased Costs Protection and Illegality	41
	 	 	 
	Section 3.01	Taxes	41
	Section 3.02	Illegality	45
	Section 3.03	Increased Cost and Reduced Return; Capital Adequacy	45
	Section 3.04	Matters Applicable to All Requests for Compensation	46
	Section 3.05	Survival	46
	 	 	 
	ARTICLE IV Conditions Precedent	47
	 	 	 
	Section 4.01	Conditions to the Closing Date	47
	 	 	 
	ARTICLE V Representations and Warranties	50
	 	 	 
	Section 5.01	Existence, Qualification and Power; Compliance with Laws	50
	Section 5.02	Authorization; No Contravention	51
	Section 5.03	Governmental Authorization; Other Consents	51
	Section 5.04	Binding Effect	51
	Section 5.05	Financial Statements; No Material Adverse Effect	52
	Section 5.06	Litigation	52

 

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	Section 5.07	Ownership of Property; Liens	53
	Section 5.08	Perfection of Security Interests	53
	Section 5.09	Environmental Compliance	54
	Section 5.10	Taxes	55
	Section 5.11	Compliance with ERISA	55
	Section 5.12	Labor Matters	55
	Section 5.13	Insurance	56
	Section 5.14	Subsidiaries; Equity Interests	56
	Section 5.15	Margin Regulations; Investment Company Act; PATRIOT Act	56
	Section 5.16	Disclosure	57
	Section 5.17	Intellectual Property	57
	Section 5.18	Solvency	57
	Section 5.19	Material Agreements	57
	 	 	 
	ARTICLE VI Affirmative Covenants	58
	 	 	 
	Section 6.01	Financial Statements	58
	Section 6.02	Certificates; Reports; Other Information	60
	Section 6.03	Notice Requirements; Other Information	61
	Section 6.04	Environmental Matters	63
	Section 6.05	Maintenance of Existence	65
	Section 6.06	Maintenance of Properties	65
	Section 6.07	Maintenance of Insurance	65
	Section 6.08	Compliance with Laws	66
	Section 6.09	Books and Records	66
	Section 6.10	Inspection Rights/Lender Meetings	66
	Section 6.11	Covenant to Guarantee Obligations and Give Security	66
	Section 6.12	Use of Proceeds	68
	Section 6.13	Further Assurances	69
	Section 6.14	Taxes	69
	Section 6.15	End of Fiscal Years; Fiscal Quarters	70
	Section 6.16	ERISA	70
	Section 6.17	Board Observer Rights	71
	Section 6.18	Post-Closing Obligations	71
	Section 6.19	[Reserved]	71
	Section 6.20	Fit Pay	71
	Section 6.21	PERS	72
	 	 	 
	ARTICLE VII Negative Covenants	72
	 	 	 
	Section 7.01	Liens	72
	Section 7.02	Investments	74
	Section 7.03	Indebtedness	74
	Section 7.04	Fundamental Changes	76
	Section 7.05	Dispositions	76
	Section 7.06	Restricted Payments	77
	Section 7.07	Change in Nature of Business	78

 

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	Section 7.08	Transactions with Affiliates	78
	Section 7.09	Prepayments of Certain Indebtedness; Modifications of Certain Indebtedness and Material Agreements	78
	Section 7.10	Negative Pledge	79
	Section 7.11	Amendments to Constitutive Documents	79
	Section 7.12	Sale Leasebacks	79
	Section 7.13	Financial Covenants	79
	Section 7.14	Activities of Parent	81
	Section 7.15	Accounting Changes	82
	Section 7.16	OFAC	82
	Section 7.17	Officer Compensation	82
	Section 7.18	Deposit Accounts and Securities Accounts	82
	Section 7.19	Kathy Neighbors	82
	 	 	 
	ARTICLE VIII Events of Default and Remedies	82
	 	 	 
	Section 8.01	Events of Default	82
	Section 8.02	Remedies Upon Event of Default	86
	Section 8.03	Application of Funds	86
	Section 8.04	Other Amounts Due	87
	Section 8.05	Cure Right	87
	 	 
	ARTICLE IX Administrative Agent and Other Agents	88
	 	 	 
	Section 9.01	Appointment and Authorization of Agents	88
	Section 9.02	Delegation of Duties	89
	Section 9.03	Liability of Agents	89
	Section 9.04	Reliance by Agents	90
	Section 9.05	Notice of Default	90
	Section 9.06	Credit Decision; Disclosure of Information by Agents	91
	Section 9.07	Indemnification of Agents	91
	Section 9.08	Agents in their Individual Capacities	92
	Section 9.09	Successor Agents	92
	Section 9.10	Administrative Agent May File Proofs of Claim	93
	Section 9.11	Release of Collateral and Guaranty	93
	 	 	 
	ARTICLE X Miscellaneous	94
	 	 	 
	Section 10.01	Amendments, Etc.	94
	Section 10.02	Notices and Other Communications	96
	Section 10.03	No Waiver; Cumulative Remedies	98
	Section 10.04	Costs and Expenses	98
	Section 10.05	Indemnification by Borrower	99
	Section 10.06	Payments Set Aside	100
	Section 10.07	Successors and Assigns	100
	Section 10.08	Confidentiality	104
	Section 10.09	Setoff	105

 

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	Section 10.10	Counterparts	105
	Section 10.11	Integration	105
	Section 10.12	Survival of Representations and Warranties	105
	Section 10.13	Severability	106
	Section 10.14	Governing Law	106
	Section 10.15	Waiver of Right To Trial By Jury	106
	Section 10.16	Binding Effect	106
	Section 10.17	Lender Action	107
	Section 10.18	PATRIOT Act	107
	Section 10.19	No Advisory or Fiduciary Responsibility	107

 

	Schedules	 	 
	 	 	 
	Schedule 1	—	Guarantors
	Schedule 1.01	—	Charges and Expenses
	Schedule 2.01(a)	—	Term Loan Commitments
	Schedule 5.02	—	Authorizations; No Contravention
	Schedule 5.03	—	Governmental Authorization; Other Consents
	Schedule 5.07(b)	—	Real Property
	Schedule 5.08	—	Collateral Filings and Perfection Matters
	Schedule 5.09	—	Environmental Compliance
	Schedule 5.10	—	Taxes
	Schedule 5.14	—	Subsidiaries and Other Equity Investments
	Schedule 5.17	—	Intellectual Property
	Schedule 5.19	—	Material Agreements
	Schedule 6.18	—	Post-Closing Obligations
	Schedule 7.01	—	Existing Liens
	Schedule 7.02	—	Existing Investments
	Schedule 7.03	—	Surviving Indebtedness
	Schedule 10.02	—	Administrative Agent’s Office, Certain Addresses for Notices
	 	 	 
	Exhibits	 	 
	 	 	 
	Exhibit A	—	Form of Prepayment Notice
	Exhibit B	—	Form of Note
	Exhibit C-1	—	Form of Monthly Compliance Certificate
	Exhibit C-2	—	Form of Quarterly/Annual Compliance Certificate
	Exhibit D	—	Form of Assignment and Assumption
	Exhibit E	—	Form of Guaranty
	Exhibit F	—	Form of Security Agreement
	Exhibit G	—	Form of Securities Pledge Agreement
	Exhibit H	—	Form of Intellectual Property Security Agreement
	Exhibit I	—	Form of Officer’s Certificate
	Exhibit J	—	Form of Solvency Certificate

 

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Senior
Secured Credit Agreement

 

This Senior
Secured Credit Agreement (this “Agreement”) is entered into as of May 3, 2019, among LogicMark, LLC,
a Delaware limited liability company (“Borrower”), each financial institution from time to time party hereto
as lender (each, a “Lender” and collectively, the “Lenders”), and                                          ,
as administrative agent for the Lenders (in such capacity, and together with its successors and assigns, the “Administrative
Agent”) and as collateral agent for the Lenders (in such capacity, and together with its successors and assigns, the
“Collateral Agent”).

 

Recitals

 

Whereas,
capitalized terms used in these Recitals shall have the respective meanings set forth for such terms in Article I hereof;

 

Whereas,
Lenders have agreed to extend a Term Loan pursuant to the terms and conditions hereof;

 

Now,
Therefore, in consideration of the premises and the mutual covenants and agreements herein contained and of the Term Loan,
the parties hereto agree as follows:

 

ARTICLE
I

 

Definitions
and Accounting Terms

 

Section 1.01 Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Accounting
Changes” means changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or
opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto
or any agency with similar functions).

 

“Administrative
Agent” has the meaning specified in the first paragraph of this Agreement or any successor administrative agent appointed
in accordance with Section 9.09.

 

“Administrative
Agent’s Office” means, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule
10.02, or such other address or account as the Administrative Agent may from time to time notify Borrower and the Lenders.

 

“Affiliate”
means, in respect of any Person:

 

(a) any
Person which, directly or indirectly, controls, is controlled by or is under common control with such Person; and for the purposes
of this definition, “control” (including, with correlative meanings, the terms “controlled by” or “under
common control with”) means the power to direct or cause the direction of the management and policies of any Person, whether
through the ownership of voting Equity Interests or by contract or otherwise;

 

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(b) any
Person who beneficially owns or holds 10% or more of any class of shares (or, in the case of a Person that is not a corporation,
10% or more of the partnership or other Equity Interests) of such Person; or

 

(c) any
Person, 10% or more of any class of shares (or in the case of a Person that is not a corporation, 10% or more of the partnership
or other Equity Interests) of which is beneficially owned or held by such Person or a Subsidiary of such Person.

 

“Agent-Related
Persons” means the Agents, together with their respective Affiliates, and the officers, directors, employees, partners,
agents and attorneys-in-fact of such Agents and their Affiliates.

 

“Agents”
means, collectively, the Administrative Agent and the Collateral Agent.

 

“Aggregate
Commitments” means the Term Loan Commitments of all the Lenders as in effect from time to time. As of the Closing Date,
the amount of the Aggregate Commitments is $16,500,000.

 

“Agreement”
has the meaning specified in the introductory paragraph hereto.

 

“Applicable
Lending Office” means for any Lender, such Lender’s office, branch or affiliate as notified to the Administrative
Agent and Borrower or as otherwise specified in the Assignment and Assumption pursuant to which such Lender became a party hereto,
any of which offices may, subject to Section 3.01(e) and Section 3.02, be changed by such Lender upon ten (10) days’ prior
written notice to the Administrative Agent and Borrower; provided that for the purposes of the definition of “Excluded
Taxes” and Section 3.01, any such change shall be deemed an assignment made pursuant to an Assignment and Assumption.

 

“Approved
Fund” means any Fund that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an
entity or Affiliate of an entity that administers, advises or manages a Lender.

 

“Assignment
and Assumption” means an Assignment and Assumption substantially in the form of Exhibit D.

 

“Attorney
Costs” means and includes all reasonable and documented fees, out-of-pocket expenses and actual disbursements of any
law firm or, other than with respect to the fees and expenses set forth in Section 10.04(a) and (b), other external legal counsel.

 

“Attributable
Indebtedness” means, at any date, (a) in respect of any Capital Lease Obligation (other than a lease resulting from a
Sale Leaseback) of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of
such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation of any Person, the capitalized or principal
amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as
of such date in accordance with GAAP if such lease or other agreement were accounted for as a Capital Lease, (c) in respect of
any Sale Leaseback, the lesser of (i) the present value, discounted in accordance with GAAP at the interest rate implicit in the
related lease, of the obligations of the lessee for net rental payments over the remaining term of such lease (including any period
for which such lease has been extended or may, at the option of the lessor be extended) and (ii) the fair market value of the assets
subject to such transaction, and (d) all Synthetic Debt of such Person.

 

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“Audited Financial
Statements” means the audited financial statements described in Section 4.01(e)(i).

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or
any successor statute.

 

“Board”
has the meaning specified in Section 6.17.

 

“Borrower”
has the meaning specified in the introductory paragraph hereto.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized or required to
close under the Laws of, or are in fact closed in, the State of New York; provided, however, that when used in connection
with determining the LIBO Rate, the term “Business Day” shall exclude any day on which banks are not open for dealings
in dollar deposits in the London interbank market.

 

“Capital Expenditures”
means, for any period and with respect to any Person, any and all expenditures made by such Person or any of its Subsidiaries in
such period for assets added to or reflected in its property, plant and equipment accounts or other similar capital asset accounts
or comparable items or any other capital expenditures that are, or should be, set forth as “additions to plant, property
and equipment” on the consolidated financial statements of such Person and its Subsidiaries prepared in accordance with GAAP,
whether such asset is purchased for cash or financed as an account payable or by the incurrence of Indebtedness, accrued as a liability
or otherwise.

 

“Capital Lease”
means, with respect to any Person, any leasing or similar arrangement conveying the right to use any property, whether real or
personal property, or a combination thereof, by that Person as lessee that, in conformity with GAAP, is required to be accounted
for as a capital lease on the balance sheet of such Person.

 

“Capital Lease
Obligation” means, with respect to any Person, all monetary or financial obligations of such Person and its Subsidiaries
under any Capital Leases, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with
GAAP and the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior
to the first date on which such lease may be terminated by the lessee without payment of a penalty; provided that any obligations
that were not required to be included on the balance sheet of such Person as capital lease obligations when incurred but are subsequently
re-characterized as capital lease obligations due to a change in accounting rules after the Closing Date shall for all purposes
hereunder not be treated as a Capital Lease Obligation.

 

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“Cash Equivalents”
means any of the following, to the extent owned by the Loan Parties free and clear of all Liens other than Liens created under
the Collateral Documents and having a maturity of not greater than 365 days from the date of acquisition thereof: (a) readily marketable
direct obligations of the Government of the United States or any agency or instrumentality thereof or obligations unconditionally
guaranteed by the full faith and credit of the Government of the United States, (b) insured certificates of deposit of or time
deposits with any domestic commercial bank having capital and surplus in excess of $500,000,000, (c) repurchase obligations of
any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than thirty (30) days,
with respect to securities issued or fully guaranteed or insured by the Government of the United States, (d) securities with maturities
of 365 days or less from the date of acquisition that are issued or fully guaranteed by any state, district or territory of the
United States, by any political subdivision or taxing authority of any such state, district or territory or by any foreign government,
the securities of which state, district or territory, taxing authority or foreign government (as the case may be) are rated at
least A by S&P or A by Moody’s, (e) securities with maturities of six (6) months or less from the date of acquisition
backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (b) of this definition,
(f) money market mutual or similar funds that invest substantially all of their assets in one or more type of securities satisfying
the requirements of clauses (a) through (e) of this definition, or (g) Investments, classified in accordance with GAAP as Current
Assets of the Loan Parties, in money market investment programs registered under the Investment Company Act of 1940, as amended,
which are administered by financial institutions having capital of at least $500,000,000, and the portfolios of which are limited
solely to Investments of the character, quality and maturity described in clauses (a) and (b) of this definition.

 

“Casualty
Event” means any casualty, loss, damage, destruction or other similar loss with respect to real or personal property
or improvements.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time.

 

“CERCLIS”
means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental
Protection Agency.

 

“Change in
Law” means (a) the adoption of any law, treaty, order, policy, rule or regulation after the date of this Agreement, (b)
any change in any law, treaty, order, policy, rule or regulation or in the interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (c) the making or issuance of any guideline, request or directive issued or made
after the date hereof by any central bank or other Governmental Authority (whether or not having the force of law); provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof
and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in
each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted, issued or implemented.

 

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“Change of
Control” means (a) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange
Act) (i) shall have acquired beneficial ownership of 51% or more on a fully diluted basis of the voting and/or economic interest
in the Equity Interests of Parent or (ii) shall have obtained the power (whether or not exercised) to elect a majority of the members
of the board of directors (or similar governing body) of Parent; (b) the majority of the seats (other than vacant seats) on the
board of directors (or similar governing body) of Parent cease to be occupied by Persons who either (i) were members of the board
of directors of Parent on the Closing Date, or (ii) were nominated for election by the board of directors of Parent, a majority
of whom were directors on the Closing Date or whose election or nomination for election was previously approved by a majority of
such directors; or (c) Parent shall cease to own 100% of the voting and economic Equity Interests of its Subsidiaries.

 

“Closing Date”
means the date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01.

 

“Closing Fee”
has the meaning specified in Section 2.05.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
means all the “Collateral” as defined in any Collateral Document and all other property or assets that are required
under the terms of the Loan Documents to be subject to Liens in favor of the Administrative Agent and/or the Collateral Agent for
the benefit of the Secured Parties and shall include the Mortgaged Properties, if any.

 

“Collateral
Agent” has the meaning specified in the first paragraph of this Agreement or any successor collateral agent appointed
in accordance with Section 9.09.

 

“Collateral
and Guarantee Requirement” means, at any time, the requirement that:

 

(a) the
Collateral Agent shall have received each Collateral Document required to be delivered on the Closing Date pursuant to Section
4.01 or pursuant to Section 6.11 or Section 6.13 at such time, in each case duly executed by each Loan Party party thereto;

 

(b) all
Obligations shall have been unconditionally guaranteed (the “Guarantees”) jointly and severally on a senior
basis by Parent, each Subsidiary of Parent (other than Borrower and, subject to Section 6.20, Fit Pay) and each Subsidiary of Borrower
and each of their respective Subsidiaries, including, as of the Closing Date, those that are listed on Schedule 1 hereto (each,
a “Guarantor” and, collectively, “Guarantors”);

 

(c) the
Obligations and the Guarantees shall have been secured by a first priority security interest in (i) all the Equity Interests of
the Loan Parties; provided that any Equity Interests constituting “stock entitled to vote” within the meaning
of Treasury Regulations Section 1.956-2(c)(2) shall be treated as voting Equity Interests for purposes of this clause (c) and (ii)
all of the Equity Interests of any Subsidiary that is directly held by the Loan Parties, and, in the case of each of clauses (i)
and (ii) above, the Collateral Agent shall have received all certificates or other instruments (if any) representing such Equity
Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank;

 

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(d) the
Obligations and the Guarantees shall have been secured by a first-priority security interest in all Indebtedness of any Loan Party
that is owing to any other Loan Party, which shall be evidenced by a promissory note or an instrument and shall have been pledged
pursuant to the applicable Collateral Document, and the Collateral Agent shall have received all such promissory notes or certificated
instruments, together with note powers or other instruments of transfer with respect thereto endorsed in blank;

 

(e) except
to the extent otherwise provided hereunder or under any Collateral Document, the Obligations and the Guarantees shall have been
secured by a perfected first priority security interest (subject to Liens permitted under Section 7.01) in, and mortgages on, substantially
all tangible and intangible assets of the Loan Parties (including but not limited to accounts receivable, deposit accounts, inventory,
machinery and equipment, investment property, cash, Intellectual Property, other general intangibles, owned real property, intercompany
Indebtedness and proceeds of the foregoing); provided, however, that (v) no security interest in fee-owned real property
other than Material Owned Property shall be required, (w) no security interest in motor vehicles and other assets subject to certificates
of title shall be required, (x) subject to Section 6.13, no security interests (including in respect of interests in partnerships,
joint ventures and other non-Wholly-owned entities) to the extent (and for the duration) that the granting of a security interest
in such asset would be prohibited by applicable law or agreements containing enforceable anti-assignment clauses not overridden
by the Uniform Commercial Code or other applicable law shall be required, (y) any security interest in Intellectual Property shall
exclude any intent-to-use trademark application prior to the filing of a “Statement of Use” or “Amendment to
Allege Use” with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant
of a security interest therein would impair the validity or enforceability of such intent-to-use trademark application under applicable
federal law and (z) no security interest in property created or incurred pursuant to Section 7.01(h) subject to Capital Lease or
purchase money financing permitted under Section 7.03(c) to the extent (and for the duration) that the granting of a security interest
in such asset would be prohibited under the agreement evidencing or otherwise governing the related Indebtedness and not overridden
by the Uniform Commercial Code or other applicable law (the assets described in the foregoing clauses (v) through (z), collectively,
“Excluded Property”).

 

(f) none
of the Collateral shall be subject to any Liens other than Liens permitted by Section 7.01; and

 

(g) the
Administrative Agent shall have received the Mortgages with respect to each Material Owned Property required to be delivered pursuant
to this Collateral and Guarantee Requirement or Section 6.11 at such time as set forth therein (the “Mortgaged Properties”),
together with:

 

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(i) evidence
that counterparts of the Mortgages with respect to the Mortgaged Properties have been duly executed, acknowledged and delivered
and are in form suitable for filing or recording in all filing or recording offices as necessary to create a valid first and subsisting
Lien on the property described therein in favor of the Collateral Agent for the benefit of the Secured Parties (subject only to
Liens of the nature referred to in Section 5.07(b)) along with evidence reasonably satisfactory to the Administrative Agent that
all filing and recording taxes and fees payable with respect to the Mortgages have been paid or received by the issuer of the Mortgage
Policies (or, in the event that the Administrative Agent waives a Mortgage Policy for any Mortgaged Property, an escrow agent reasonably
satisfactory to the Administrative Agent);

 

(ii) fully
paid American Land Title Association Lender’s Extended Coverage (or other reasonably satisfactory coverage if such coverage
is not available in the applicable jurisdiction) title insurance policies (the “Mortgage Policies”) in form
and substance reasonably satisfactory to the Administrative Agent, together with such endorsements that are reasonably required
by the Administrative Agent and which lenders typically receive in the jurisdiction where the Mortgaged Property is located, in
an amount reasonably acceptable to the Administrative Agent, issued by title insurers reasonably acceptable to the Administrative
Agent and insuring the Mortgages to be valid first and subsisting Liens on the real property described therein, in a customary
form in the jurisdiction where the Mortgaged Property is located free and clear of all Liens (including, but not limited to, mechanics’
and materialmen’s Liens) and encumbrances (provided that if a survey is not available pursuant to paragraph (iii)
below, such Mortgage Policies may include the standard survey exception and the Administrative Agent shall not require any endorsement
that will require delivery of a survey), except Liens of the nature referred to in Section 5.07(b);

 

(iii) American
Land Title Association/American Congress on Surveying and Mapping form surveys, for which all necessary fees (where applicable)
have been paid, dated no more than ninety (90) days before the date of delivery of such surveys (or such date as the Administrative
Agent agrees in its reasonable discretion), certified to the Administrative Agent and the issuer of the Mortgage Policies in a
manner reasonably satisfactory to the Administrative Agent by a land surveyor duly registered and licensed in the States in which
the real property described in such surveys is located, showing no material defects except Liens of the nature referred to in Section
5.07(b) and otherwise reasonably acceptable to the Administrative Agent;

 

(iv) satisfactory
evidence of insurance required to be maintained pursuant to Section 6.07, or otherwise required by the terms of the Mortgages,
in respect of Mortgaged Properties;

 

(v) favorable
opinions of local counsel for the Loan Parties (i) in states in which the Mortgaged Properties are located, with respect to the
enforceability and perfection of the Mortgages and any related fixture filings in form and substance reasonably satisfactory to
the Administrative Agent and (ii) in states in which the Loan Parties to the Mortgages are organized or formed, with respect to
the valid existence, corporate power and authority of such Loan Parties in the granting of the Mortgages, in form and substance
reasonably satisfactory to the Administrative Agent;

 

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(vi) (A) evidence
as to whether each Material Owned Property is in an area designated by the Federal Emergency Management Agency as having special
flood or mud slide hazards (a “Flood Hazard Property”) pursuant to a standard flood hazard determination form
ordered and received by the Collateral Agent, and (B) if such Material Owned Property is a Flood Hazard Property, (1) evidence
as to whether the community in which such Material Owned Property is located is participating in the National Flood Insurance Program,
(2) the applicable Loan Party’s written acknowledgment of receipt of written notification from the Collateral Agent as to
the fact that such Material Owned Property is a Flood Hazard Property and as to whether the community in which each such Flood
Hazard Property is located is participating in the National Flood Insurance Program and (3) copies of the applicable Loan Party’s
application for a flood insurance policy plus proof of premium payment, a declaration page confirming that flood insurance has
been issued, or such other evidence of flood insurance satisfactory to the Collateral Agent and naming the Collateral Agent as
sole loss payee on behalf of the Secured Parties; and

 

(vii) such
consents and agreements of other third parties, such estoppel letters and other confirmations, and such other actions that, in
each case, the Administrative Agent and the Collateral Agent may reasonably deem necessary in order to create valid and subsisting
Liens on the property described in the Mortgages shall have been delivered or taken, in each case to the extent the same can be
obtained or taken with the use of commercially reasonable efforts.

 

The foregoing definition
shall not require the creation or perfection of pledges of or security interests in, or the delivery of particular documents with
respect to, particular assets if and for so long as the Administrative Agent and Borrower mutually agree in their reasonable discretion
that the cost of creating or perfecting such pledges or security interests in such assets or obtaining title insurance or surveys
in respect of such assets shall be excessive in relation to the benefits to be obtained by the Lenders therefrom.

 

The Administrative
Agent may grant extensions of time for the perfection of security interests in or the obtaining of title insurance and surveys
with respect to particular assets (including extensions beyond the time as set forth therein for the perfection of security interests
in the assets of the Loan Parties on such date) where it reasonably determines, in its discretion, that perfection cannot be accomplished
without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the Collateral
Documents.

 

“Collateral
Documents” means, collectively, the Security Agreement, the Securities Pledge Agreement, the Intellectual Property Security
Agreement, the Mortgages, any collateral assignments, any security agreements, pledge agreements or other similar agreements, or
any supplements to any of the foregoing, delivered to the Collateral Agent and the Lenders pursuant to the Collateral and Guarantee
Requirement, Section 4.01(c) and (d), Section 6.11, or Section 6.13, the Guaranty and each of the other agreements, instruments
or documents that creates or purports to create a Lien or Guarantee in favor of the Collateral Agent for the benefit of the Secured
Parties.

 

    -8-

     

    

 

“Collateral
Questionnaire” means a certificate in form satisfactory to Collateral Agent that provides information with respect to
the personal or mixed property of each Loan Party.

 

“Committee”
has the meaning specified in Section 6.17.

 

“Communications”
has the meaning specified in Section 10.02(e).

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C-1 or Exhibit C-2, as applicable.

 

“Consolidated
Adjusted EBITDA” means, for any period, an amount determined for Borrower and its Subsidiaries on a consolidated basis
equal to (a) the sum, without duplication, of the amounts for such period of (i) Consolidated Net Income, plus (ii) Consolidated
Interest Expense, plus (iii) provisions for taxes based on income, plus (iv) total depreciation expense, plus (v) total amortization
expense, plus (vi) other non-cash items reducing Consolidated Net Income (excluding any such non-cash item to the extent that it
represents an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item that was
paid in a prior period) in an aggregate amount not to exceed $250,000 in any trailing twelve month period, minus (b) the sum, without
duplication of the amounts for such period of (i) other non-cash items increasing Consolidated Net Income for such period
(excluding any such non-cash item to the extent it represents the reversal of an accrual or reserve for potential cash item in
any prior period), plus (ii) interest income, plus (iii) other income, plus (iv) the charges and expenses set forth on Schedule
1.01.

 

“Consolidated
Capital Expenditures” means, for any period, the aggregate of all expenditures of Borrower and its Subsidiaries during
such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property
and equipment or which should otherwise be capitalized” or similar items reflected in the consolidated statement of cash
flows of Borrower and its Subsidiaries.

 

“Consolidated
Fixed Charges” means, for any period, the sum, without duplication, of the amounts determined for Borrower and its Subsidiaries
on a consolidated basis equal to (a) Consolidated Interest Expense, (b) scheduled payments of principal on Consolidated Total
Debt, (c) the current portion of taxes provided for with respect to such period in accordance with GAAP, plus (d) cash dividends
or distributions paid, or the purchase, redemption or other acquisition or retirement for value (including in connection with any
merger or consolidation), by Borrower or any of its Subsidiaries, in respect of the Equity Interests of Borrower or any of its
Subsidiaries.

 

“Consolidated
Interest Expense” means, for any period, total interest expense (including that portion attributable to Capital Leases
in accordance with GAAP and capitalized interest) of Borrower and its Subsidiaries on a consolidated basis with respect to all
outstanding Consolidated Total Debt, including all commissions, discounts and other fees and charges owed with respect to letters
of credit and net costs under Swap Contracts.

 

    -9-

     

    

 

“Consolidated
Net Income” means, for any period, (a) the net income (or loss) of Borrower and its Subsidiaries on a consolidated basis
for such period taken as a single accounting period determined in conformity with GAAP, minus (b) the sum of (i) the income (or
loss) of any Person (other than a Subsidiary of Borrower) in which any other Person (other than Borrower or any of its Subsidiaries)
has a joint interest, plus (ii) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Borrower
or is merged into or consolidated with any of Borrower’s Subsidiaries or that Person’s assets are acquired by Borrower
or any of Borrower’s Subsidiaries, plus (iii) the income of any Subsidiary of Borrower to the extent that the declaration
or payment of dividends or similar distributions by that Subsidiary of that income is not at the time permitted by operation of
the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable
to that Subsidiary, plus (iv) any gains or losses attributable to Dispositions, plus (v) (to the extent not included in clauses
(i) through (v) above) any net extraordinary gains or net extraordinary losses.

 

“Consolidated
Total Debt” means, as at any date of determination, the aggregate stated balance sheet amount of all Indebtedness of
Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Credit Extension”
means a borrowing consisting of the Term Loan made by the Lenders pursuant to Section 2.01.

 

“Cure Right”
has the meaning specified in Section 8.05.

 

“Current Assets”
means, at any date, all assets of Borrower which under GAAP would be classified as current assets (excluding any cash or Cash Equivalents
and any intercompany accounts or assets).

 

“Current Liabilities”
means, at any date, all liabilities of Borrower which under GAAP would be classified as current liabilities, other than current
maturities of long term Indebtedness which is not then in default or otherwise due and payable (excluding any accruals pursuant
to a management incentive plan).

 

“Debt Equivalents”
means, in respect of any Person, (a) any Equity Interest of such Person which by its terms (or by the terms of any security for
which it is convertible or for which it is exchangeable or exercisable), or upon the happening of any event or otherwise (including
an event which would constitute a Change of Control), (i) matures or is mandatorily redeemable or subject to any mandatory repurchase
requirement, pursuant to a sinking fund or otherwise, (ii) is convertible into or exchangeable for Indebtedness or Debt Equivalents,
or (iii) is redeemable or subject to any repurchase requirement arising at the option of the holder thereof, in whole or in part,
on or prior to the date that is ninety-one (91) days following the Maturity Date, (b) if such Person is a Subsidiary of Parent,
any preferred stock of such Person which by its terms is mandatorily redeemable or redeemable at the option of the holder prior
to the date which is ninety-one (91) days following the Maturity Date and (c) any Disqualified Equity Interests of such Person.

 

    -10-

     

    

 

“Debt Service”
means, for any period, cash interest expense of Borrower for such period plus scheduled principal amortization of all Indebtedness
of Borrower for such period.

 

“Debtor Relief
Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, fraudulent transfer, reorganization, or similar debtor relief Laws
of the United States or any similar foreign, federal or state law for the relief of debtors from time to time in effect and affecting
the rights of creditors generally.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.

 

“Default Rate”
means an interest rate equal to the interest rate otherwise applicable to the Term Loan plus 5.00% per annum.

 

“Deposit Account”
means any deposit account (as such term is defined in the UCC as adopted and in effect in the State of New York), including without
limitation, a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization,
other than an account evidenced by a negotiable certificate of deposit.

 

“Disposition”
or “Dispose” means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance,
transfer, license or other disposition to, or any exchange of property with, any Person (other than to or with a Loan Party), in
one transaction or a series of transactions, of all or any part of any Loan Party’s businesses, assets or properties of any
kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, including,
without limitation, the Equity Interests of any Loan Party. For purposes of clarification, “Disposition” shall include
(x) the sale or other disposition for value of any contracts, (y) the early termination or modification of any contract resulting
in the receipt by any Loan Party of a cash payment or other consideration in exchange for such event (other than payments in the
ordinary course for accrued and unpaid amounts due through the date of termination or modification) or (z) any disposition of property
through a “plan of division” under the Delaware Limited Liability Company Act or any comparable transaction under any
similar law.

 

“Disqualified
Equity Interests” means, with respect to any Person, any Equity Interest of such Person which, by its terms, or by the
terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable, or upon the happening
of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant
to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the
holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full
of the Term Loan and all other Obligations that are accrued and payable), (b) is redeemable at the option of the holder thereof
(other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in
cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute
Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Maturity Date; provided
that, if such Equity Interests are issued pursuant to a plan for the benefit of employees of any Loan Party or by any such plan
to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required
to be repurchased by any Loan Party in order to satisfy applicable statutory or regulatory obligations.

 

    -11-

     

    

 

“Dollars”
means lawful money of the United States.

 

“Eligible
Assignee” means (a) any Lender, (b) any Approved Fund of any Lender, (c) any Affiliate of any Lender and (d) any other
Person that is a commercial bank, insurance company, finance company, financial institution, any fund that invests in loans or
any other “accredited investor” (as defined in Regulation D of the Securities Act); provided that in any event,
“Eligible Assignee” shall not include (i) any natural person or (ii) any Loan Party or any of their respective Subsidiaries
or Affiliates.

 

“Environmental
Action” means any action, suit, demand, demand letter, claim, notice of non-compliance or violation, notice of liability
or potential liability, proceeding, consent order or consent agreement relating to any Environmental Law, any Environmental Permit
or Hazardous Material or arising from alleged injury or threat to health and safety as it relates to any Hazardous Material or
the environment, including, without limitation, (a) by any Governmental Authority for enforcement, cleanup, removal, response,
remedial or other actions or damages relating to Releases of Hazardous Materials or actual or alleged violations of Environmental
Laws and (b) by any Governmental Authority or third party for damages, contribution, indemnification, cost recovery, compensation
or injunctive relief.

 

“Environmental
Laws” means any and all federal, provincial, local and foreign statutes, laws, regulations, ordinances, rules, decrees
or other governmental restrictions of legal effect relating to the environment, to the release of any Hazardous Materials into
the environment or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous
Materials but only to the extent such Environmental Laws are legally applicable to any Loan Party pursuant to any Environmental
Law.

 

“Environmental
Liability” means, in respect of any Person, any and all legal obligations and liabilities under Environmental Laws for
any Release caused by such Person or which is discovered or uncovered during the ownership or control of any real property by such
Person and which adversely impacts any Person, property or the environment whether or not caused by a breach of applicable laws
(including Environmental Laws).

 

“Environmental
Permit” means any permit, approval, hazardous waste identification number, license or other authorization issued by or
submitted to a Governmental Authority required under any Environmental Law.

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

    -12-

     

    

 

“Equity Issuance”
means either (a) the sale or issuance by any Loan Party or any of its Subsidiaries of any shares of its Equity Interests or (b)
the receipt by Parent of any cash capital contributions.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time and Treasury regulations promulgated and
rulings issued thereunder.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that is under common control with any Loan Party and is treated as a
single employer within the meaning of Section 414 of the Code or Section 4001 of ERISA.

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Loan Party or any ERISA Affiliate from a Pension
Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2)
of ERISA) or a cessation of operations at any facility of any Loan Party or ERISA Affiliate as described in Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by any Loan Party or any ERISA Affiliate from a Multiemployer Plan, notification of
any Loan Party or ERISA Affiliate concerning the imposition of withdrawal liability or notification that a Multiemployer Plan is
insolvent or is in reorganization within the meaning of Title IV of ERISA (or that is in endangered or critical status, within
the meaning of Section 305 of ERISA); (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment
as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan
or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of,
or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under
Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Loan Party or any
ERISA Affiliate; (g) a determination that any Pension Plan is, or is expected to be, in “at-risk” status (within the
meaning of Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); or (h) the conditions for imposition of a lien under Section
303(k) of ERISA shall have been met with respect to any Pension Plan.

 

“Event of
Default” has the meaning specified in Section 8.01.

 

“Excess Cash
Flow” means, for the most recently completed Test Period, Consolidated Adjusted EBITDA for such period, minus, without
duplication:

 

(a) Debt
Service for such period;

 

(b) permanent
repayments of Indebtedness (so long as not already reflected in Debt Service) made with cash by Borrower during such period (it
being understood that the foregoing deductions shall not duplicate deductions from Excess Cash Flow taken pursuant to Section 2.02(b)(i));
and

 

    -13-

     

    

 

(c) the
absolute value of the difference, if negative, of the amount of Net Working Capital at the end of the prior Test Period in excess
of the amount of Net Working Capital at the end of such period;

 

provided that any amount deducted pursuant to any of
the foregoing clauses that will be paid after the close of such period shall not be deducted again in a subsequent period.;

 

plus, without duplication, the difference,
if positive, of the amount of Net Working Capital at the end of the prior Test Period in excess of the amount of Net Working Capital
at the end of such period.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

“Excluded
Equity Issuance” means the issuance of Equity Interests by Parent so long as (i) no Event of Default has occurred and
is continuing or would result therefrom and (ii) the aggregate Net Cash Proceeds of such issuances do not exceed (A) $5,000,000
in any Fiscal Year and (B) $15,000,000 over the term of this Agreement.

 

“Excluded
Property” has the meaning specified in the definition of “Collateral and Guarantee Requirement.”

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated and whether or not arising out
of this Agreement), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the
jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case
of a Foreign Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect
to an applicable interest in the Term Loan or Term Loan Commitment pursuant to a law in effect on the date on which (i) such Lender
acquires such interest in the Term Loan or Term Loan Commitment or (ii) such Lender changes its lending office, except in each
case to the extent that, pursuant to Section 3.01, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(g) and (d) any U.S. federal withholding Taxes
imposed under FATCA.

 

“Existing
Credit Facility” means that certain Senior Secured Credit Agreement, dated as of May 24, 2018, by and among Borrower,
the lenders party thereto and Sagard Holdings Manager LP, as administrative agent and collateral agent, as amended, amended and
restated, supplemented or otherwise modified prior to the date hereof.

 

“Extraordinary
Receipts” means any cash received by the Parent or any of its Subsidiaries not in the ordinary course of business (and
not consisting of proceeds described in Section 2.02(b)(ii) or (iv) hereof), including, without limitation, (a) foreign, United
States, state or local tax refunds, (b) pension plan reversions, (c) proceeds of insurance, (d) judgments, proceeds of settlements
or other consideration of any kind in connection with any cause of action, (e) condemnation awards (and payments in lieu thereof),
(f) indemnity payments and (g) any purchase price adjustment received in connection with any purchase agreement.

 

    -14-

     

    

 

“Facility”
means the facility provided under this Agreement.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Code.

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank
on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate
for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding
Business Day and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day
shall be the average rate charged to the Administrative Agent on such day on such transactions as determined by the Administrative
Agent.

 

“Financial
Officer Certification” means, with respect to the financial statements for which such certification is required, the
certification of the chief financial officer of Parent that such financial statements fairly present, in all material respects,
the financial condition of Parent and its Subsidiaries as at the dates indicated and the results of their operations and their
cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments.

 

“Financial
Plan” has the meaning specified in Section 6.01(f).

 

“Fiscal Quarter”
means a fiscal quarter of any Fiscal Year.

 

“Fiscal Year”
means the fiscal year of the Loan Parties, as applicable, ending on December 31 of each calendar year.

 

“Fit Pay”
means Fit Pay, Inc., a Delaware corporation.

 

“Fit Pay Earnout”
means the cumulative amount of those certain “Earnout Payments”, as such term is defined in the Fit Pay Merger Agreement.

 

“Fit Pay Merger
Agreement” means that certain Agreement and Plan of Merger, dated as of May 19, 2017, by and among Parent, Fit Pay, Fit
Merger Sub, Inc., Michael Orlando, Giesecke & Devrient Mobile Security America, Inc., the other stockholders of Fit Pay, and
Michael Orlando as the “Shareholder Representative” representing the other stockholders.

 

“Fit Pay Trigger
Date” has the meaning specified in Section 6.20.

 

    -15-

     

    

 

“Fixed Charge
Coverage Ratio” means, as of any date of determination, the ratio of (a)(i) Consolidated Adjusted EBITDA for the trailing
12 month period most recently ended minus (ii) Consolidated Capital Expenditures for such 12 month period to (b) Consolidated
Fixed Charges for such 12 month period.

 

“Flood Hazard
Property” has the meaning specified in clause (g)(vi) of the definition of “Collateral and Guarantee Requirement.”

 

“Foreign Lender”
means (a) if Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if Borrower is not a U.S. Person, a Lender
that is a resident or organized under the laws of a jurisdiction other than that in which Borrower is a resident for tax purposes.

 

“FRB”
means the Board of Governors of the Federal Reserve System of the United States.

 

“Fund”
means any Person (other than an individual) that is or will be engaged in making, purchasing, holding or otherwise investing in
commercial loans and similar extensions of credit in the ordinary course of its business.

 

“GAAP”
means United States generally accepted accounting principles in effect as of the date of determination thereof.

 

“Governmental
Authority” means any nation or government, any provincial, state, local, municipal or other political subdivision thereof,
and any entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government.

 

“Governmental
Authorization” means any authorization, approval, consent, franchise, license, covenant, order, ruling, permit, certification,
exemption, notice, declaration or similar right, undertaking or other action of, to or by, or any filing, qualification or registration
with, any Governmental Authority.

 

“Granting
Lender” has the meaning specified in Section 10.07(g).

 

“Guarantee”
has the meaning specified in the definition of “Collateral and Guarantee Requirement” and shall be substantially in
the form of Exhibit E.

 

“Guarantee
Obligations” means, with respect to any Person, any obligation or arrangement of such Person to guarantee or intended
to guarantee any Indebtedness or other payment obligations (“primary obligations”) of any other Person (the
“primary obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct
or indirect guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting
with recourse or sale with recourse by such Person of the Obligation of a primary obligor, (b) the obligation to make take-or-pay
or similar payments, if required, regardless of non-performance by any other party or parties to an agreement or (c) any obligation
of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase property, assets, securities or services primarily for the purpose of assuring the owner of any such primary
obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold
harmless the holder of such primary obligation against loss in respect thereof. The amount of any Guarantee Obligation shall be
deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee
Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable pursuant to
the terms of the instrument evidencing such Guarantee Obligation) or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof (assuming such Person is required to perform thereunder), as determined by such Person in good faith.

 

    -16-

     

    

 

“Guarantor
Subsidiary” means each Guarantor that is a Subsidiary of Parent (other than Borrower and, subject to Section 6.20, Fit
Pay) or Borrower and each of their respective Subsidiaries.

 

“Guarantor”
and “Guarantors” have the meaning specified in the definition of “Collateral and Guarantee Requirement.”

 

“Guaranty”
means, collectively, (a) the Guarantee and (b) each other guaranty and guaranty supplement delivered pursuant to the Collateral
and Guarantee Requirement or Section 6.11.

 

“Hazardous
Materials” means any material, substance or waste that is regulated, classified, or otherwise characterized under or
pursuant to any Environmental Law as “hazardous,” “toxic,” a “pollutant,” a “contaminant,”
a “deleterious substance,” “dangerous goods,” “radioactive” or words of similar meaning or
effect, including petroleum and its by-products, asbestos, polychlorinated biphenyls, radon, greenhouse gases, mold, urea formaldehyde
insulation, chlorofluorocarbons and all other ozone-depleting substances.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other
title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred
purchase price of property or services (excluding (i) accounts payable and other accrued liabilities incurred in the ordinary course
of business not past due for more than one hundred twenty (120) days after its stated due date (except for accounts payable contested
in good faith), (ii) any earn-out obligation until such obligation is both required to be reflected as a liability on the balance
sheet of such Person in accordance with GAAP and not paid after becoming due and payable and (iii) deferred or equity compensation
arrangements entered into in the ordinary course of business and payable to directors, officers or employees), (e) all Indebtedness
(excluding prepaid interest thereon) of others secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness
secured thereby has been assumed but, in the case of Indebtedness which is not assumed by such Person, limited to the lesser of
(x) the amount of such Indebtedness and (y) the fair market value of such property, (f) all Guarantee Obligations by such Person
of Indebtedness of others, (g) all Attributable Indebtedness of such Person, (h) all obligations, contingent or otherwise, of such
Person as an account party in respect of letters of credit and letters of guaranty (excluding the portion thereof that has been
fully cash collateralized in a manner permitted by this Agreement), (i) all obligations, contingent or otherwise, of such Person
in respect of bankers’ acceptances, surety bonds and performance bonds, whether or not matured, (j) all Debt Equivalents
of such Person and (k) the Swap Termination Value under outstanding Swap Contracts at such time to which such Person is a party.
The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person
is a general partner) to the extent such Person is directly liable therefor as a result of such Person’s ownership interest
in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not
liable therefor. Anything herein to the contrary notwithstanding, obligations in respect of any Indebtedness that has been irrevocably
defeased (either covenant or legal) or satisfied and discharged pursuant to the terms of the instrument creating or governing such
Indebtedness shall not constitute Indebtedness.

 

    -17-

     

    

 

“Indemnified
Liabilities” has the meaning specified in Section 10.05.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitees”
has the meaning specified in Section 10.05.

 

“Information”
has the meaning specified in Section 10.08.

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of any Debtor Relief Law.

 

“Intellectual
Property” has the meaning specified in Section 5.17.

 

“Intellectual
Property Security Agreement” means, collectively, (a) the Intellectual Property Security Agreement executed by the Loan
Parties in the form of Exhibit H, and (b) each other Intellectual Property Security Agreement Supplement executed and delivered
pursuant to the Collateral and Guarantee Requirement or Section 6.11.

 

“Intellectual
Property Security Agreement Supplement” has the meaning specified in Section 6.11.

 

“Interest
Payment Date” means, the first Business Day of each calendar month commencing on the first such date to occur after the
Closing Date.

 

“Interest
Period” means, (a) initially, the period beginning on (and including) the Closing Date and ending on (and including)
the last day of the calendar month in which the Closing Date occurs and (b) thereafter, the period beginning on (and including)
the first day of each succeeding calendar month and ending on the earlier of (and including) (i) the last day of such calendar
month and (ii) the Maturity Date.

 

    -18-

     

    

 

“Investment”
in any Person, means (a) any direct or indirect purchase or other acquisition by a Loan Party of, or of a beneficial interest in,
any of the Equity Interests of such Person; (b) any direct or indirect redemption, retirement, purchase or other acquisition
for value, by any Subsidiary of Parent from any Person, of any Equity Interests of such Person; and (c) any direct or indirect
loan, advance (other than advances to employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures
in the ordinary course of business) or capital contributions by Parent or any of its Subsidiaries to any other Person, including
all indebtedness and accounts receivable from that other Person that are not current assets or did not arise from sales to that
other Person in the ordinary course of business. The amount of any Investment shall be the original cost of such Investment plus
the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs
with respect to such Investment.

 

“Laws”
means, collectively, all international, foreign, federal, state, provincial and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

 

“Lender”
means any Lender that may be a party to this Agreement from time to time and, in the case of each such Lender, including their
respective successors and assigns as permitted hereunder (each of which is referred to herein as a “Lender”).

 

“Leverage
Ratio” means the ratio as of the last day of any calendar month of (a)(i) Consolidated Total Debt as of such day to (b)
Consolidated Adjusted EBITDA for the trailing twelve month period ending on such date.

 

“LIBO Rate”
shall mean, for any day, the one-month fluctuating rate (expressed as a percentage per annum and adjusted as described in the last
sentence of this definition of LIBO Rate) calculated on a three hundred and sixty (360) day calendar year for deposits in United
States Dollars as calculated by Intercontinental Exchange (ICE) Benchmark Administration Limited (“ICE”) (or any successor
thereto) as of 11:00 a.m., Austin, Texas time, three (3) Business Days prior to such date with a term of one (1) month commencing
that day. If such rate shall cease to be calculated by ICE (or any successor thereto) or if the Administrative Agent determines
in good faith that the rate calculated by ICE no longer accurately reflects the rate available to the Administrative Agent in the
London interbank market, the LIBO Rate shall be determined by the Administrative Agent to be the offered rate as announced by a
recognized commercial service as representing the average LIBO rate for deposits in United States Dollars (for delivery on such
day) as of 11:00 a.m., Austin, Texas time, three (3) Business Days prior to such date with a term of one (1) month commencing that
day. If the rates referenced in the two preceding sentences are not available, LIBO will be determined by an alternate method reasonably
selected by the Administrative Agent. LIBO shall be adjusted from time to time in the Administrative Agent’s sole discretion
for then applicable reserve requirements, deposit insurance assessment rates, marginal emergency, supplemental, special and other
reserve percentages, and other regulatory costs. Notwithstanding the foregoing, in no event shall the LIBO Rate be less than 2.00%
per annum.

 

    -19-

     

    

 

“Lien”
means any assignment, mortgage, charge, pledge, lien, encumbrance, title retention agreement (including Capital Leases but excluding
operating leases) or any other security interest whatsoever, howsoever created or arising, whether fixed or floating, legal or
equitable, perfected or not, but specifically excludes any legal, contractual or equitable right of set-off.

 

“Loan Documents”
means, collectively, (a) this Agreement, (b) the Notes, (c) the Collateral Documents, (d) any Guarantee, (e) any agency fee letter
entered into between Borrower and the Administrative Agent in connection with the Facility, and (f) all other instruments and documents
executed and delivered from time to time by or on behalf of any Loan Party in connection herewith or therewith.

 

“Loan Parties”
means, collectively, (a) Parent, (b) Borrower and (c) each Guarantor.

 

“Master Agreement”
has the meaning specified in the definition of “Swap Contract.”

 

“Material
Adverse Effect” means a material adverse effect on and/or material adverse developments with respect to (a) the business
operations, properties, assets, condition (financial or otherwise) or prospects of Borrower and its Subsidiaries taken as a whole;
(b) a significant portion of the industry or business segment in which Borrower or its Subsidiaries operate or rely upon if such
effect or development is reasonably likely to have a material adverse effect on Borrower and its Subsidiaries taken as a whole;
(c) the ability of any Loan Party to fully and timely perform its Obligations; (d) the legality, validity, binding effect, or enforceability
against a Loan Party of a Loan Document to which it is a party; or (e) the rights, remedies and benefits available to, or conferred
upon, any Agent and any Lender or any Secured Party under any Loan Document.

 

“Material
Agreements” means, collectively, (a) the agreements which are listed in Schedule 5.19 and (b) all other agreements to
which any Loan Party or any of its properties are bound, from time to time, the absence or termination of any of which would reasonably
be expected to result in a Material Adverse Effect.

 

“Material
Owned Property” means (a) the real properties owned by any Loan Party listed on Schedule 5.07(b) and (b) any other real
property owned by any Loan Party with a fair market value in excess of $500,000.

 

“Maturity
Date” shall mean May 3, 2022.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

 

“Mortgage”
means collectively, the deeds of trust, trust deeds, deeds to secure debt and mortgages creating and evidencing a Lien on a Mortgaged
Property made by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties, in form
and substance reasonably satisfactory to the Collateral Agent, executed and delivered pursuant to Section 4.01(d) (if applicable),
Section 6.11 or Section 6.13, in each case as amended, restated, supplemented or otherwise modified from time to time.

 

    -20-

     

    

 

“Mortgage
Policies” has the meaning specified in paragraph (g) of the definition of “Collateral and Guarantee Requirement.”

 

“Mortgaged
Properties” has the meaning specified in paragraph (g) of the definition of “Collateral and Guarantee Requirement.”

 

“Multiemployer
Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate
is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an
obligation to make contributions.

 

“Narrative
Report” means, with respect to the financial statements for which such narrative report is required, a narrative report
describing the operations of Parent and its Subsidiaries in the form prepared for presentation to senior management thereof for
the applicable calendar month, Fiscal Quarter or Fiscal Year and for the period from the beginning of the then current Fiscal Year
to the end of such period to which such financial statements relate with comparison to and variances from the immediately preceding
period and budget.

 

“Net Cash
Proceeds” means:

 

(a) with
respect to the Disposition of any asset by any Loan Party or any Extraordinary Receipts the excess, if any, of (i) the sum of cash
and Cash Equivalents received in connection with such Disposition or Extraordinary Receipts (including any cash or Cash Equivalents
received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so
received and, with respect to any Extraordinary Receipts, any insurance proceeds or condemnation awards in respect of such Extraordinary
Receipts actually received by or paid to or for the account of any Loan Party) over (ii) (A) the reasonable out-of-pocket expenses
actually incurred and paid by any Loan Party in connection with such Disposition or Extraordinary Receipts (including, reasonable
attorney’s, accountant’s and other similar professional advisor’s fees, investment banking fees, survey costs,
title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary
expenses and brokerage, consultant, and other customary fees) to third parties (other than the Loan Parties or any of their Affiliates)
and (B) taxes paid or reasonably estimated to be actually payable or that are actually accrued in connection therewith with respect
to the current tax year as a result of any gain recognized in connection therewith by such Person or any of the direct or indirect
stockholders thereof and attributable to such Disposition or Extraordinary Receipts; provided that, if the amount of any
estimated taxes pursuant to this subclause (B) exceeds the amount of taxes actually required to be paid in cash, the aggregate
amount of such excess shall constitute Net Cash Proceeds; and

 

(b) with
respect to any Equity Issuance or the incurrence or issuance of any Indebtedness by the Loan Parties not permitted under Section
7.03, the excess, if any, of (i) the sum of the cash received in connection with such incurrence or issuance over (ii) the investment
banking fees, underwriting discounts, commissions, costs and other out-of-pocket expenses and other customary expenses (including
reasonable attorney’s, accountant’s and other similar professional advisor’s fees), incurred by such Loan Party
in connection with such incurrence or issuance to third parties (other than the Loan Parties or any of their Affiliates).

 

    -21-

     

    

 

“Net Working
Capital” means, at any time, Current Assets at such time minus Current Liabilities at such time.

 

“Non-Consenting
Lender” shall have the meaning set forth in Section 2.11.

 

“Note”
means a promissory note of Borrower payable to a Lender or its permitted assigns, substantially in the form of Exhibit B hereto,
evidencing the aggregate Indebtedness of Borrower to such Lender resulting from the Term Loan made by such Lender.

 

“NPL”
means the National Priorities List under CERCLA.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party or other Subsidiary arising
under any Loan Document or otherwise with respect to the Term Loan entered into with a Lender, whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest
and fees that accrue after the commencement by or against any Loan Party or any other Subsidiary of any proceeding under any Debtor
Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims
in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents
(and of any of their Subsidiaries to the extent they have obligations under the Loan Documents) include (a) the obligation (including
Guarantee Obligations) to pay principal, interest, reimbursement obligations, charges, expenses, fees (including, without limitation,
the Upfront Fee), premiums (including, without limitation, any Prepayment Premium), Attorney Costs, indemnities and other amounts
payable by any Loan Party or any other Subsidiary under any Loan Document and (b) the obligation of any Loan Party or any other
Subsidiary to reimburse any amount in respect of any of the foregoing that any Lender, in its sole discretion, may elect to pay
or advance on behalf of such Loan Party or such Subsidiary.

 

“Observer”
has the meaning specified in Section 6.17.

 

“Organization
Documents” means (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws; (b)
with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement;
and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture
or other applicable agreement of formation or organization and any agreement, declaration, instrument, filing or notice with respect
thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of
its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such
Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in the Term Loan or Loan Document).

 

    -22-

     

    

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment.

 

“Outstanding
Amount” means, on any date, the outstanding principal amount of the Term Loan, after giving effect to any borrowings,
accretion of debt, and/or prepayments or repayments of the Term Loan occurring on such date.

 

“Parent”
means NXT-ID, Inc., a Delaware corporation.

 

“Participant”
has the meaning specified in Section 10.07(d).

 

“Participant
Register” has the meaning specified in Section 10.07(d).

 

“PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as the same may be amended, supplemented, modified, replaced
or otherwise in effect from time to time.

 

“PBGC”
means the Pension Benefit Guaranty Corporation (or any successor thereof).

 

“Pension Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA) other than a Multiemployer
Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which
any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or
other plan described in Section 4064(a) of ERISA, has made contributions at any time in the past five (5) years.

 

“Permitted
Cure Equity” means Qualified Equity Interests of Parent that are issued in connection with Parent’s exercise of
a Cure Right pursuant to Section 8.05.

 

“Permitted
Indebtedness” has the meaning specified in Section 7.03.

 

“Permitted
Liens” means Liens permitted to be incurred pursuant to Section 7.01.

 

“PERS”
means a “personal emergency response system”.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

    -23-

     

    

 

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by any Loan Party
or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

 

“Prepayment
Date” has the meaning specified in Section 2.02(a)(i).

 

“Prepayment
Notice” means a notice of prepayment in respect of any voluntary or mandatory prepayment in substantially the form of
Exhibit A.

 

“Prepayment
Premium” has the meaning specified in Section 2.02(c).

 

“Pro Rata
Share” means, with respect to each Lender at any time a fraction (expressed as a percentage, carried out to the ninth
decimal place), the numerator of which is the amount of the Term Loan Commitments of such Lender under the Facility at such time
and the denominator of which is the amount of the Aggregate Commitments under the Facility at such time; provided that if
any Term Loan Commitment has been terminated, then the Pro Rata Share of each Lender shall be determined based on the outstanding
principal amount of the Term Loan held by such Lender divided by the aggregate principal amount of the outstanding Term Loan held
by all Lenders.

 

“Projections”
has the meaning specified in Section 4.01(e).

 

“Promissory
Note” means that certain Promissory Note, dated as of May 19, 2017, made by Parent in favor of Michael Orlando, with
a face amount of $851,841.89.

 

“Qualified
Cash” means, as of any date of determination, (a) for the first 15 days after the Closing Date (or such later period
that may be extended in the Collateral Agent’s sole discretion), the aggregate amount of unrestricted cash on-hand of the
Loan Parties maintained in deposit accounts in the name of the Loan Parties in the United States as of such date, and (b) thereafter,
the aggregate amount of unrestricted cash on-hand of the Loan Parties maintained in deposit accounts in the name of the Loan Parties
in the United States as of such date, which deposit accounts are subject to Control Agreements (as defined in the Security Agreement).

 

“Qualified
Equity Interests” means any Equity Interests that are not Disqualified Equity Interests.

 

“Recipient”
means (a) the Administrative Agent or (b) any Lender, as applicable.

 

“Reference
Rate” means for any day, the rate per annum equal to the greater of: (a) the rate of interest published from time to
time in the “Money Rates” section of The Wall Street Journal as the U.S. Prime Rate for such day (or, if such source
is not available, such alternate source as determined by the Administrative Agent) and (b) the sum of (i) the Federal Funds Rate
plus (ii) 1.25%.

 

“Register”
has the meaning specified in Section 10.07(c).

 

    -24-

     

    

 

“Registered”
means, with respect to Intellectual Property, issued by, registered with, renewed by or the subject of a pending application before
any Governmental Authority or Internet domain name registrar.

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, leeching or migration
of any Hazardous Material in or into the environment (including the abandonment or disposal of any barrels, tanks, containers or
receptacles containing any Hazardous Material), or out of any vessel or facility, including the movement of any Hazardous Material
through the air, soil, subsoil, surface, water, ground water, rock formation or otherwise.

 

“Replacement
Lender” shall have the meaning set forth in Section 2.11.

 

“Reportable
Event” means with respect to any Plan any of the events set forth in Section 4043(c) of ERISA or the regulations issued
thereunder, other than events for which the thirty (30) day notice period has been waived.

 

“Required
Lenders” means, as of any date of determination, one or more Lenders having more than 50% of the Total Facility Exposure
held by all Lenders.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer or, except for purposes of
Sections 6.03 or 6.04, any other similar officer or a Person performing similar functions of a Loan Party (and, as to any document
delivered on the Closing Date, to the extent acceptable to the Administrative Agent in its sole discretion or required by the terms
of this Agreement, any secretary or assistant secretary of a Loan Party). Any document delivered hereunder that is signed by a
Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership
and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on
behalf of such Loan Party.

 

“Restricted
Payment” means (x) any dividend or other distribution (whether in cash, securities or other property) with respect to
any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account of the purchase, retraction, redemption, retirement,
defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest (including pursuant to
any management incentive plan), or on account of any return of capital to any Person’s stockholders, partners or members
(or the equivalent of any thereof) and including any thereof acquired through the exercise of warrants or rights of conversion,
exchange or purchase and (y) any payment or distribution pursuant to a “plan of division” under the Delaware Limited
Liability Company Act or any comparable transaction under any similar law.

 

“Retained
ECF” means all Excess Cash Flow amounts that are not required to prepay the Term Loan pursuant to Section 2.02(b)(i).

 

“S&P”
means Standard & Poor’s Ratings Services LLC, a division of The McGraw-Hill Companies, Inc., and its successors.

 

    -25-

     

    

 

“Sale Leaseback”
means any transaction or series of related transactions pursuant to which any Loan Party (a) sells, transfers or otherwise disposes
of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents
or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property
being sold, transferred or disposed.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured Obligations”
has the meaning specified in the Security Agreement.

 

“Secured Parties”
means, collectively, the Administrative Agent, the Collateral Agent and the Lenders.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time.

 

“Securities
Pledge Agreement” means, collectively, (a) the Securities Pledge Agreement executed by certain Loan Parties substantially
in the form of Exhibit G and (b) each Securities Pledge Agreement Supplement executed and delivered pursuant to the Collateral
and Guarantee Requirement or Section 6.11.

 

“Securities
Pledge Agreement Supplement” has the meaning specified in Section 6.11.

 

“Security
Agreement” means, collectively, (a) the Security Agreement executed by the Loan Parties substantially in the form of
Exhibit F and (b) each Security Agreement Supplement executed and delivered pursuant to the Collateral and Guarantee Requirement
or Section 6.11.

 

“Security
Agreement Supplement” has the meaning specified in Section 6.11.

 

“Series C
Designation” means Parent’s certain Certificate of Designations, Preferences and Rights of Series C Non-Convertible
Voting Preferred Stock, as was filed with the Secretary of State of the State of Delaware on May 23, 2017.

 

“Shareholders’
Equity” means, as of any date of determination, consolidated shareholders’ equity of the Loan Parties as of that
date determined in accordance with GAAP.

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair
value of the property (for the avoidance of doubt, calculated to include goodwill and other intangibles) of such Person is greater
than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the
assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts
as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities
beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in business
or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute
an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light
of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual
or matured liability.

 

    -26-

     

    

 

“SPC”
has the meaning specified in Section 10.07(g).

 

“Subsidiary”
of a Person means:

 

(a) a corporation
of which another person alone or in conjunction with its other Subsidiaries owns an aggregate number of voting Equity Interests
sufficient to enable the election of a majority of the directors regardless of the manner in which other voting Equity Interests
are voted;

 

(b) a corporation
of which another person alone or in conjunction with its other Subsidiaries has, through the operation of any agreement or otherwise,
the ability to elect or cause the election of a majority of the directors or otherwise exercise control over the management and
policies of such corporation;

 

(c) any
partnership of which at least a majority of the outstanding income or capital interests and/or at least a majority of the voting
interests of such partnership or, in the case of a limited partnership, any general partner thereof, are owned by a person alone
or in conjunction with its other Subsidiaries; and

 

(d) any
trust or other person of which at least a majority of the outstanding beneficial or ownership interests (however designated) are
owned by a person alone or in conjunction with its other Subsidiaries.

 

“Surviving
Indebtedness” means any Indebtedness of Parent or any of its Subsidiaries outstanding immediately before and after giving
effect to the Transaction as specified on Schedule 7.03.

 

“Swap Contract”
means (a) any and all interest rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or
bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward
foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association,
Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with
any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement.

 

    -27-

     

    

 

“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date
referenced in clause (a), the amount(s) determined as the mark to market value(s) for such Swap Contracts, as determined by the
applicable counterparty in accordance with the terms thereof and in accordance with customary methods for calculating mark-to-market
values under similar arrangements by such counterparty.

 

“Synthetic
Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect
of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority
interest transactions that function primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness”
or as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax
retention lease, or (b) an agreement for the use or possession of property (including any Sale Leaseback), in each case, creating
obligations that do not appear on the balance sheet of such Person but which could be characterized as the indebtedness of such
Person (without regard to accounting treatment).

 

“Taxes”
means any and all present or future taxes, duties, levies, imposts, deductions, assessments, fees, stamp taxes, withholdings or
other charges imposed by any Governmental Authority (including additions to tax, penalties and interest with respect thereto).

 

“Term Loan”
has the meaning specified in Section 2.01(a).

 

“Term Loan
Commitment” has the meaning specified in Section 2.01. As of the Closing Date the aggregate amount of Term Loan Commitments
is $16,500,000.

 

“Termination
Date” has the meaning specified in Section 9.11(a).

 

“Test Period”
means, at any date of determination, with respect to any measurement of Excess Cash Flow, the most recently completed Fiscal Quarter
for which financial statements were delivered pursuant to Section 6.01(b).

 

“Threshold
Amount” means $250,000.

 

“Total Facility
Exposure” means, as of any date of determination, the sum of (a) Total Outstandings as of such date and (b) the then
unfunded Term Loan Commitments (if any).

 

“Total Outstandings”
means, as of any date of determination, the then aggregate Outstanding Amount of the Term Loan.

 

“Trade Announcement”
has the meaning specified in Section 10.08.

 

“Transaction”
means, collectively, (a) extension of the Term Loan Commitments under this Agreement and the funding of the Term Loan on the Closing
Date, (b) the consummation of any other transactions in connection with the foregoing and (c) the payment of the fees and expenses,
including prepayment premiums, incurred in connection with any of the foregoing.

 

    -28-

     

    

 

“Unaudited
Financial Statements” means the unaudited financial statements described in Section 4.01(e)(ii) and (e)(iii).

 

“Uniform Commercial
Code” or “UCC” means the Uniform Commercial Code as the same may from time to time be in effect in
the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may
be required to apply to any security interest in any item or items of Collateral.

 

“United States”
and “U.S.” mean the United States of America.

 

“U.S. Tax
Compliance Certificate” has the meaning specified in Section 3.01(g)(ii)(B)(3).

 

“VAMC”
means The Veterans Health Administration Medical Centers.

 

“Waivable
Mandatory Prepayment” has the meaning specified in Section 2.02(d).

 

“Wholly-owned”
means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other
than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law)
are owned by such Person and/or by one or more wholly-owned Subsidiaries of such Person.

 

“Withdrawal
Liability” means the liability of a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Withholding
Agent” means any Loan Party and the Administrative Agent.

 

Section 1.02 Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or
in such other Loan Document:

 

(a) The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b) (i)
The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import
when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

 

(ii) Article,
Section, paragraph, clause, subclause, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 

(iii) The term
“including” is by way of example and not limitation.

 

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(iv) The term
“documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements
and other writings, however evidenced, whether in physical or electronic form.

 

(c) In the
computation of periods of time from a specified date to a later specified date, the word “from” means “from and
including”; the words “to” and “until” each mean “to but excluding”; and the word “through”
means “to and including.”

 

(d) Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

 

(e) Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine or neuter forms.

 

(f) References
in this Agreement to “determination” by any Agent include good faith estimates by such Agent (in the case of quantitative
determinations) and good faith beliefs by such Agent (in the case of qualitative determinations). A Default or Event of Default
shall be deemed to exist at all times during the period commencing on the date that such Default or Event of Default occurs to
the date on which such Default or Event of Default is waived in writing pursuant to this Agreement or, in the case of a Default,
is cured within any period of cure expressly provided for in this Agreement; and an Event of Default shall “continue”
or be “continuing” until such Event of Default has been waived in writing by the Required Lenders. Any Lien referred
to in this Agreement or any other Loan Document as having been created in favor of any Agent, any agreement entered into by any
Agent pursuant to this Agreement or any other Loan Document, any payment made by or to or funds received by any Agent pursuant
to or as contemplated by this Agreement or any other Loan Document, or any act taken or omitted to be taken by any Agent, shall,
unless otherwise expressly provided, be created, entered into, made or received, or taken or omitted, for the benefit or account
of the Agents and the Lenders. Wherever the phrase “to the knowledge of any Loan Party” or words of similar import
relating to the knowledge or the awareness of any Loan Party are used in this Agreement or any other Loan Document, such phrase
shall mean and refer to (i) the actual knowledge of a senior officer of any Loan Party or (ii) the knowledge that a senior officer
would have obtained if such officer had engaged in good faith and diligent performance of such officer’s duties, including
the making of such reasonably specific inquiries as may be necessary of the employees or agents of such Loan Party and a good faith
attempt to ascertain the existence or accuracy of the matter to which such phrase relates. All covenants hereunder shall be given
independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would
be permitted by an exception to, or otherwise within the limitations of, another covenant shall not avoid the occurrence of a default
if such action is taken or condition exists. In addition, all representations and warranties hereunder shall be given independent
effect so that if a particular representation or warranty proves to be incorrect or is breached, the fact that another representation
or warranty concerning the same or similar subject matter is correct or is not breached will not affect the incorrectness of a
breach of a representation or warranty hereunder.

 

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Section 1.03 Accounting
Terms. (a) All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement
shall be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing the Audited Financial Statements,
except as otherwise specifically prescribed herein; provided, however, that if Borrower notifies the Administrative Agent
that Borrower requests an amendment to any provision hereof to eliminate the effect of any Accounting Change occurring after the
Closing Date or in the application thereof on the operation of such provision, regardless of whether any such notice is given before
or after such Accounting Change or in the application thereof, then the Administrative Agent and Borrower agree that they will
negotiate in good faith amendments to the provisions of this Agreement that are directly affected by such Accounting Change with
the intent of having the respective positions of the Lenders and Borrower after such Accounting Change conform as nearly as possible
to their respective positions as of the date of this Agreement and, until any such amendments have been agreed upon, (i) the provisions
in this Agreement shall be calculated as if no such Accounting Change had occurred and (ii) Borrower shall provide to the Administrative
Agent and the Lenders a written reconciliation in form and substance reasonably satisfactory to the Administrative Agent, between
calculations of any applicable ratios, baskets and other requirements hereunder before and after giving effect to such Accounting
Change. Notwithstanding the foregoing, (i) with respect to the accounting for leases as either operating leases or capital leases
and the impact of such accounting in accordance with FASB ASC 840 on the definitions and covenants herein, GAAP as in effect on
the Closing Date shall be applied and (ii) for purposes of determining compliance with any covenant (including the computation
of any financial covenant) contained herein, Indebtedness of the Parent and its Subsidiaries shall be deemed to be carried at 100%
of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall
be disregarded.

 

(b) Where
reference is made to a Person “and its Subsidiaries on a consolidated basis” or similar language, such consolidation
shall not include any subsidiaries other than Subsidiaries.

 

(c) Where
reference is made to consolidating financial statements of Parent and its Subsidiaries, for the avoidance of doubt, such financial
statements shall include standalone financial statements of the Borrower, Parent, and each other Subsidiary of Parent (other than
Fit Pay unless Fit Pay has become a Guarantor pursuant to Section 6.20).

 

(d) All terms used in
this Agreement which are defined in Article 8 or Article 9 of the Uniform Commercial Code as in effect from time to time in the
State of New York 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 Uniform Commercial Code as in effect in the State of New York on the date hereof
shall continue to have the same meaning notwithstanding any replacement or amendment of such statute except as any Agent may otherwise
determine.

 

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Section 1.04 Rounding.
Any financial ratios required to be satisfied in order for a specific action to be permitted under this Agreement shall be calculated
by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by
which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

 

Section 1.05 References
to Agreements, Laws, Etc. Unless otherwise expressly provided herein, (a) references to documents, agreements (including the
Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, amendments
and restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements,
amendments and restatements, extensions, supplements and other modifications are permitted by any Loan Document; and (b) references
to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting
such Law.

 

Section 1.06 Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Central time (daylight or
standard, as applicable).

 

Section 1.07 Timing
of Payment or Performance. When the payment of any obligation or the performance of any covenant, duty or obligation is stated
to be due or performance required on a day which is not a Business Day, the date of such payment or performance shall extend to
the immediately succeeding Business Day.

 

ARTICLE
II

 

The
Term Loan Commitments and Credit Extension

 

Section 2.01 The
Term Loan. (a) Subject to the terms and conditions set forth herein, on the Closing Date, each Lender agrees to make a term
loan (the “Term Loan”) in an aggregate principal amount not to exceed the Term Loan Commitment set forth opposite
such Lender’s name in Schedule 2.01(a) (such amount being referred to herein as such Lender’s “Term Loan Commitment”).
The Term Loan Commitment of each Lender shall be automatically and permanently reduced by the principal amount of each Term Loan
made by such Lender on the Closing Date.

 

(b) Amounts
borrowed under this Section 2.01 and repaid or prepaid may not be re-borrowed.

 

(c) Subject
to the scheduled payments required pursuant to Section 2.03, all the outstanding principal amount of the Term Loan, together with
all accrued and unpaid interest thereon, and any fees and other amounts payable hereunder, shall be due and payable on the earlier
of (i) the Maturity Date and (ii) the date of the acceleration of the Term Loan pursuant to Section 8.02.

 

Section 2.02 Prepayments.

 

(a) Optional
Prepayments. (i) Borrower may, upon delivery of a Prepayment Notice to the Administrative Agent, at any time or from time to
time, voluntarily prepay, in whole or in part (in a minimum amount of $500,000 and integral multiples of $100,000 in excess of
that amount for each partial prepayment) the outstanding principal amount of the Term Loan on any Business Day (the “Prepayment
Date”) for an amount equal to the portion of the Term Loan being prepaid on such Prepayment Date, plus any accrued but
unpaid interest on the aggregate principal amount of the portion of the Term Loan being prepaid, plus any applicable Prepayment
Premium.

 

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(ii) Any Prepayment
Notice must be received by the Administrative Agent not later than 12:00 noon (Austin, Texas time) three (3) Business Days prior
to any Prepayment Date and shall specify the date and amount of such prepayment. The Administrative Agent will promptly notify
each Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such prepayment. If
such notice is given by Borrower, Borrower shall make such prepayment and the payment amount specified in such notice shall be
due and payable on the date specified therein. Each prepayment of the Term Loan pursuant to this Section 2.02(a) shall be paid
to the Lenders in accordance with their respective Pro Rata Shares.

 

(iii) No partial
prepayment shall be made under this Section 2.02(a) in connection with any event described in Section 2.02(b).

 

(b) Mandatory
Prepayments.

 

(i) Excess
Cash Flow. On the first Business Day of the calendar month immediately following delivery to the Administrative Agent of the
financial statements for each Test Period pursuant to Section 6.01(b), commencing with the delivery to the Administrative Agent
of the financial statements for the Fiscal Quarter ending September 30, 2019 or, if such financial statements are not delivered
to the Administrative Agent on the date such statements are required to be delivered pursuant to Section 6.01(b), on the date such
statements are required to be delivered to the Administrative Agent pursuant to Section 6.01(b), Borrower shall prepay the outstanding
principal amount of the Term Loan in accordance with Section 2.02(d) in an amount equal to 50% of the Excess Cash Flow of Borrower
and its Subsidiaries for such Test Period.

 

(ii) Dispositions.
No later than the fifth Business Day following the date any Loan Party receives Net Cash Proceeds from the Disposition of any property
(excluding Dispositions permitted pursuant to Section 7.05 (other than pursuant to Section 7.05(f)) and Section 7.05(g)), Borrower
shall prepay the Term Loan as set forth in Section 2.02(d) in an aggregate amount equal to 100% of all such Net Cash Proceeds realized
or received in connection with such Disposition. For the avoidance of doubt, any prepayment made pursuant to this Section 2.02(b)(ii)
as a result of a Disposition shall not be deemed to be a consent to any such Disposition or a cure or waiver of any Event of Default
which occurs in connection with such Disposition, it being understood that such Event of Default may only be waived with the express
consent of Required Lenders.

 

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(iii) Extraordinary
Receipts. No later than the fifth Business Day following the date any Loan Party receives Net Cash Proceeds from any Extraordinary
Receipts, Borrower shall prepay the Term Loan as set forth in Section 2.02(d) in an aggregate amount equal to 100% of all such
Net Cash Proceeds realized or received in connection with such Extraordinary Receipts; provided, so long as no Default or
Event of Default shall have occurred and be continuing, Borrower shall have the option, instead of prepaying the Term Loan therewith,
to invest such Net Cash Proceeds resulting from a Casualty Event in an aggregate amount not to exceed $250,000 in any Fiscal Year
within one hundred eighty (180) days of receipt thereof in productive assets of the general type used in the business of Borrower,
which investment may include the repair, restoration or replacement of the applicable assets thereof. If Borrower elects to invest
such Net Cash Proceeds resulting from a Casualty Event pursuant to the proviso above, Borrower shall provide notice of such election
to the Administrative Agent at or prior to such time as prepayment would otherwise be due.

 

(iv) Indebtedness
and Equity Issuances. On the date of receipt by any Loan Party from the incurrence or issuance of any Indebtedness (including
Debt Equivalents) not expressly permitted to be incurred or issued pursuant to Section 7.03 or upon any Equity Issuance (other
than any Excluded Equity Issuances), Borrower shall prepay the Term Loan as set forth in Section 2.02(d) in an aggregate amount
equal to 100% of all such Net Cash Proceeds received therefrom. For the avoidance of doubt, the provisions of this Section 2.02(b)(iv)
shall not be deemed to be implied consent to any such issuance, incurrence or sale otherwise prohibited by the terms and conditions
of this Agreement.

 

(v) Cure
Right. Immediately upon receipt by Borrower of the proceeds of any Permitted Cure Equity pursuant to Section 8.05, Borrower
shall prepay the Term Loan as set forth in Section 2.02(d) in an aggregate amount equal to 100% of all such proceeds received therefrom.

 

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(c) Call
Protection. If Borrower prepays (or is deemed to pay in the case of an acceleration of the Term Loan), for any reason (including,
but not limited to, any optional or mandatory payment after the occurrence of an Event of Default or after acceleration of the
Term Loan including in connection with the commencement of any Insolvency Proceeding or other proceeding pursuant to any Debtor
Relief Laws), all or any part of the principal balance of Term Loan pursuant to Section 2.02(a) or makes a mandatory prepayment
of all or any part of the principal balance of the Term Loan pursuant to Sections 2.02(b)(ii), (iii), (iv) or (v), Borrower shall
pay to Administrative Agent, for the benefit of all Lenders entitled to a portion of such prepayment a prepayment premium (the
“Prepayment Premium”) on the amount so prepaid as follows (i) if the prepayment occurs on or prior to the first
anniversary of the Closing Date, 7.0% of the amount so prepaid, (ii) if the prepayment occurs on the date immediately following
the first anniversary of the Closing Date but on or prior to the second anniversary of the Closing Date, 5.0% of the amount so
prepaid and (iii) thereafter, 0% of the amount so prepaid. Without limiting the generality of the foregoing, it is understood and
agreed that if the Obligations are accelerated for any reason, including because of default, the commencement of any Insolvency
Proceeding or other proceeding pursuant to any Debtor Relief Laws, sale, disposition or encumbrance (including that by operation
of law or otherwise), the Prepayment Premium determined as of the date of acceleration will also be due and payable as though said
Indebtedness was voluntarily prepaid as of such date and shall constitute part of the Obligations, in view of the impracticability
and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of
each Lender’s lost profits as a result thereof. Any Prepayment Premium payable in accordance with the immediately preceding
sentence shall be presumed to be the liquidated damages sustained by each Lender as the result of the early termination and Borrower
agrees that it is reasonable under the circumstances currently existing. The Prepayment Premium shall also be payable (i) in the
event the Obligations (and/or this Agreement or the Notes evidencing the Obligations) are satisfied or released by foreclosure
(whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means and/or (ii) upon the satisfaction,
release, payment, restructuring, reorganization, replacement, reinstatement, defeasance or compromise of any of the Obligations
(and/or this Agreement or the Notes evidencing the Obligations) in any Insolvency Proceeding or other proceeding pursuant to any
Debtor Relief Laws, foreclosure (whether by power of judicial proceeding or otherwise), deed in lieu of foreclosure or by any other
means or the making of a distribution of any kind in any Insolvency Proceeding to the Administrative Agent, for the account of
the Lenders, in full or partial satisfaction of the Obligations. BORROWER EXPRESSLY WAIVES THE PROVISIONS OF ANY PRESENT OR FUTURE
STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREPAYMENT PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION
including in connection with any voluntary or involuntary acceleration of the obligations
PURSUANT to any Insolvency Proceeding or other proceeding pursuant to any Debtor Relief Laws or pursuant to a plan of reorganization.
Borrower expressly agrees that: (A) the Prepayment Premium is reasonable and is the product of an arm’s length transaction
between sophisticated business people, ably represented by counsel; (B) the Prepayment Premium shall be payable notwithstanding
the then prevailing market rates at the time payment is made; (C) there has been a course of conduct between Lenders and Borrower
giving specific consideration in this transaction for such agreement to pay the Prepayment Premium; and (D) the Company shall be
estopped hereafter from claiming differently than as agreed to in this paragraph. Borrower expressly acknowledges that its agreement
to pay the Prepayment Premium to Lenders as herein described is a material inducement to Lenders to provide the Term Loan Commitments
and make the Term Loan.

 

(d) Application
of Prepayments by Type of Loans. Each voluntary and mandatory prepayment of the Term Loan pursuant to Section 2.02(a) and Section
2.02(b) shall be applied as follows:

 

first, to the
payment of all fees, and all expenses specified in Section 10.04, to the full extent thereof;

 

second, to the
payment of any accrued interest at the Default Rate, if any;

 

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third, to the
payment of any accrued interest (other than Default Rate interest);

 

fourth, except
in the case of a prepayment pursuant to Sections 2.02(b)(i) and (iii), to the payment of the Prepayment Premium, if any, on the
Term Loan; and

 

fifth, to prepay
the Term Loan on a pro rata basis (in accordance with the respective outstanding principal amounts thereof) in the inverse order
of maturity.

 

Borrower shall notify the Administrative
Agent in writing of any mandatory prepayment of the Term Loan required to be made pursuant Section 2.02(b) pursuant to a Prepayment
Notice. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount
of such prepayment. The Administrative Agent will promptly notify each Lender of the contents of Borrower’s Prepayment Notice
and of such Lender’s Pro Rata Share of the prepayment. Anything contained herein to the contrary notwithstanding, in the
event that Borrower is required to make any mandatory prepayment (a “Waivable Mandatory Prepayment”) of the Term Loan
pursuant to Section 2.02(b), each Lender may exercise the option to refuse such mandatory prepayment by giving written notice to
Borrower and the Administrative Agent of its election to do so on or before the first Business Day prior to the required prepayment
date (it being understood that any Lender that does not notify Borrower and the Administrative Agent of its election to exercise
such option on or before the first Business Day prior to the required prepayment date shall be deemed to have elected, as of such
date, not to exercise such option). On the required prepayment date, Borrower shall pay to the Administrative Agent the amount
of the Waivable Mandatory Prepayment, which amount shall be applied (i) in an amount equal to that portion of the Waivable Mandatory
Prepayment payable to those Lenders that have elected not to exercise such option, to prepay the Term Loan of such Lenders (which
prepayment shall be applied to prepay the outstanding principal amount of the Obligations in accordance with Section 2.02(d)) and
(ii) to the extent of any excess, to Borrower for working capital and general corporate purposes

 

(e) Interest.
All prepayments under this Section 2.02 shall be accompanied by all accrued interest thereon.

 

Section 2.03 Repayment
of Loans. The Term Loan shall be repayable in consecutive monthly installments, each of which shall be in an amount equal to
$            , each such
installment to be due and payable, in arrears, on the first Business Day of each calendar month, commencing on the first Business
Day of the first full calendar month after the Closing Date and ending on the Maturity Date. The remaining outstanding unpaid principal
amount of the Term Loan and all accrued and unpaid interest thereon shall be due and payable on the earlier of (i) the date of
the acceleration of the Term Loan in accordance with the terms hereof and (ii) the Maturity Date.

 

Section 2.04 Interest.
(a) Subject to the provisions of Section 2.04(b), the Term Loan shall bear interest on the outstanding principal amount thereof
for each Interest Period in an amount equal to the LIBO Rate plus 11.00% per annum payable in cash.

 

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(b) Commencing
upon the occurrence and during the continuance of any Event of Default, Borrower shall pay interest on (i) the principal amount
of the Term Loan and (ii) to the extent then due and payable all other outstanding Obligations hereunder, in each case under clauses
(i) and (ii) at a fluctuating interest rate per annum at all times equal to the interest rate set forth in Section 2.04(a) plus,
the Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due amounts (including
interest on past due interest to the fullest extent permitted by applicable Laws) shall be due and payable upon demand.

 

(c) Interest
on the Term Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as
may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after any judgment.

 

Section 2.05 Fees.

 

(a) Closing
Fee. On or prior to the Closing Date, the Borrower shall pay to the Administrative Agent for the account of the Lenders, in
accordance with their Pro Rata Shares, a nonrefundable closing fee (the “Closing Fee”) equal to $            ,
which shall be deemed fully earned when paid (it being understood and agreed that the Closing Fee will be net funded from the Term
Loan on the Closing Date).

 

(b) Administrative
Fee. From and after the Closing Date and until the Termination Date, Borrower shall pay to the Administrative Agent a non-refundable
administrative fee (the “Administrative Fee”) equal to $     
each calendar month, which shall be deemed fully earned when paid and which shall be payable on the Closing Date (payable ratably
based on the number of days remaining in the calendar month in which the Closing Date occurs) and monthly in advance thereafter
on the first Business Day of each calendar month commencing with the first calendar month after the Closing Date.

 

(c) Exit
Fee. Borrower shall pay to the Administrative Agent for the account of the Lenders, in accordance with their Pro Rata Shares,
an exit fee (the “Exit Fee”) in an amount equal to $            ,
which shall be deemed fully earned on the Closing Date and shall be due and payable on the earlier of (i) the Termination Date
and (ii) the Maturity Date.

 

Section 2.06 Computation
of Interest and Fees. All computations of fees and interest shall be made on the basis of a three hundred and sixty (360) day
year and actual days elapsed. Interest shall accrue on the Term Loan for the day on which the Term Loan is made, and shall not
accrue on the Term Loan, or any portion thereof, for the day on which the Term Loan or such portion is paid. Each determination
by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.

 

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Section 2.07 Evidence
of Indebtedness. (a) The Credit Extension made by each Lender shall be evidenced by one or more accounts or records maintained
by such Lender. The accounts or records maintained by each Lender shall be prima facie evidence absent manifest error of the amount
of the Credit Extension made by the Lenders to Borrower and the interest and payments thereon. Any failure to so record or any
error in doing so shall not, however, limit or otherwise affect the obligation of Borrower hereunder to pay any amount owing with
respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts
and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall
control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, Borrower shall
execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender, which shall evidence such
Lender’s Pro Rata Share of the Term Loan in addition to such accounts or records. Each Lender may attach schedules to its
Note and endorse thereon the date, amount and maturity of its Pro Rata Share of the Term Loan and payments with respect thereto.

 

(b) Entries
made in good faith by each Lender in its account or accounts pursuant to Section 2.07(a), shall be prima facie evidence of the
amount of principal and interest due and payable or to become due and payable from Borrower to such Lender, under this Agreement
and the other Loan Documents, absent manifest error; provided that the failure of such Lender to make an entry, or any finding
that an entry is incorrect, in such account or accounts shall not limit or otherwise affect the obligations of Borrower under this
Agreement and the other Loan Documents.

 

Section 2.08 Payments
Generally. (a) All payments to be made by Borrower shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein, all payments by Borrower hereunder shall be made to the Administrative
Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s
Office and in immediately available funds not later than 3:00 p.m. (Austin, Texas time) on the date specified herein with contemporaneous
confirmation by Borrower to the Administrative Agent via e-mail that such wire transfer of funds has been initiated. The Administrative
Agent will promptly distribute to each Lender its Pro Rata Share (or other applicable share as provided herein) of such payment
in like funds as received by wire transfer to such Lender’s Applicable Lending Office. All payments received by the Administrative
Agent after 2:00 p.m. (Austin, Texas time) shall be deemed received on the next succeeding Business Day and any applicable interest
or fee shall continue to accrue.

 

(b) If any
payment to be made by Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business
Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that if such
extension would cause payment of interest on or principal of the Term Loan to be made in the next succeeding Fiscal Quarter, such
payment shall be made on the immediately preceding Business Day.

 

(c) [Reserved].

 

(d) [Reserved].

 

(e) The
obligations of the Lenders hereunder to fund their portion of the Term Loan are several and not joint. The failure of any Lender
to fund its portion of the Term Loan shall not relieve any other Lender of its corresponding obligation to do so on such date,
and neither the Administrative Agent nor any Lender shall be responsible for the failure of any other Lender to fund its portion
of the Term Loan.

 

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(f) Nothing
herein shall be deemed to obligate any Lender to obtain the funds for its Term Loan in any particular place or manner or to constitute
a representation by any Lender that it has obtained or will obtain the funds for its Term Loan in any particular place or manner.

 

(g) Whenever
any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay
in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the other
Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative Agent
and the Lenders in the order of priority set forth in the applicable provisions of Section 2.02(d) or Section 8.03. If the Administrative
Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances
for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may, but
shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender’s Pro Rata
Share of the Outstanding Amount of the Term Loan at such time, in repayment or prepayment of such of the outstanding Term Loan
or other Obligations then owing to such Lender.

 

Section 2.09 Sharing
of Payments. If, other than as expressly provided elsewhere herein (including, without limitation, in Section 10.07), any Lender
shall obtain on account of its Pro Rata Share of the Term Loan made by it any payment (whether voluntary, involuntary, through
the exercise of any right of setoff, or otherwise) in excess of its Pro Rata Share (or other share contemplated hereunder) thereof,
such Lender shall promptly (a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders such participations
in the Pro Rata Share of the Term Loan made by them as shall be necessary to cause such purchasing Lender to share the excess payment
in respect of the Term Loan or such participations, as the case may be, pro rata with each of them; provided that if all
or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described
in Section 10.06 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase
shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor,
together with an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such
paying Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other
amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon.
Borrower agrees that any Lender so purchasing a participation from another Lender may, to the fullest extent permitted by applicable
Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation
as fully as if such Lender were the direct creditor of Borrower in the amount of such participation. Each Lender that purchases
a participation pursuant to this Section 2.09 shall from and after such purchase have the right to give all notices, requests,
demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the
same extent as though the purchasing Lender were the original owner of the Obligations purchased.

 

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Section 2.10 LIBO
Not Determinable, Impracticability or Illegality. If on or before the day on which the LIBO Rate is to be determined the Administrative
Agent determines in good faith or, with respect to the following clauses (ii) and (iii), the Required Lenders advise the Administrative
Agent, that, (i) the LIBO Rate cannot be determined for any reason (including, without limitation, because the Administrative Agent
determines that either inadequate or insufficient quotations of the London interbank offered rate exist or the use of “LIBOR”
has been discontinued, (ii) the LIBO Rate will not adequately and fairly reflect the cost of maintaining the Term Loan or (iii)
Dollar deposits in the principal amount of the Term Loan are not available in the London interbank market, the Administrative Agent
shall, as soon as practicable thereafter, give written notice of such determination to Borrower and the Lenders. Upon any such
determination or the occurrence and continuance of an Event of Default, the LIBO Rate shall be converted into the Reference Rate
at the end of the then current Interest Period and the Term Loan shall at all times thereafter bear interest at the Reference Rate
plus 9.25% per annum plus, if applicable, the Default Rate until the Administrative Agent (or the Required Lenders, as applicable)
determine that the circumstances set forth in clauses (i) through (iii) above cease to exist (or, solely in the case of an Event
of Default, such Event of Default has been cured or waived in accordance with this Agreement). Each determination by the Administrative
Agent and Required Lenders hereunder shall be conclusive and binding absent manifest error.

 

Section 2.11 Removal
or Replacement of a Lender. Anything contained herein to the contrary notwithstanding, in the event that in connection with
any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated
by Section 10.01(a) or (b), the consent of Administrative Agent and Required Lenders shall have been obtained but the consent of
one or more of such other Lenders (each a “Non-Consenting Lender”) whose consent is required shall not have
been obtained; then, with respect to such Non-Consenting Lender, Administrative Agent may, by giving written notice to Borrower
and any Non-Consenting Lender of its election to do so, elect to cause such Non-Consenting Lender (and such Non-Consenting Lender
hereby irrevocably agrees) to assign its outstanding Term Loan in full to one or more Eligible Assignees (each a “Replacement
Lender”) in accordance with the provisions of Section 10.07 and such Non-Consenting Lender shall pay any fees payable
thereunder in connection with such assignment; provided, (i) on the date of such assignment, the Replacement Lender shall
pay to the Non-Consenting Lender an amount equal to the sum of an amount equal to the principal of, and all accrued interest on,
all of the outstanding Term Loan of the Non-Consenting Lender, plus any Prepayment Premium, to the extent applicable; and (ii)
each Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Lender was a Non-Consenting
Lender. Upon the prepayment of all amounts owing to any Non-Consenting Lender, such Non-Consenting Lender shall no longer constitute
a “Lender” for purposes hereof; provided, any rights of such Non-Consenting Lender to indemnification hereunder
shall survive as to such Non-Consenting Lender.

 

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ARTICLE
III

 

Taxes,
Increased Costs Protection and Illegality

 

Section 3.01 Taxes.

 

(a) Defined
Terms. For purposes of this Section 3.01, the term “applicable law” includes FATCA.

 

(b) Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the
good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if
such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after
such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under
this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding
been made.

 

(c) Payment
of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(d) Indemnification
by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand
therefor accompanied by an explanation in reasonable detail, for the full amount of any Indemnified Taxes (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required
to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto.
A certificate as to the amount of such payment or liability delivered to Borrower by a Lender (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e) Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any
Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.07(d) relating to the maintenance
of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this paragraph (e).

 

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(f) Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 3.01, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

 

(g) Status
of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Loan Document shall deliver to Borrower and the Administrative Agent, at the time or times reasonably requested by Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
law or reasonably requested by Borrower or the Administrative Agent as will enable Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to
the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in Section 3.01(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment
such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Lender.

 

(ii) Without
limiting the generality of the foregoing, in the event that Borrower is a U.S. Borrower:

 

(A) any Lender
that is a U.S. Person shall deliver to Borrower and the Administrative Agent on or prior to the date on which such Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Administrative Agent),
executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

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(B) any Foreign
Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and the Administrative Agent (in such number of
copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Administrative Agent), whichever of
the following is applicable:

 

(1) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to
payments of interest under any Loan Document, executed copies of IRS Form W-8BEN (or W-8BEN-E, as applicable) establishing an exemption
from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or W-8BEN-E, as applicable) establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty;

 

(2) executed
copies of IRS Form W-8ECI;

 

(3) in the
case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the
Code, a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled
foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”)
and (y) executed copies of IRS Form W-8BEN (or W-8BEN-E, as applicable); or

 

(4) to the
extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
W-8BEN (or W-8BEN-E, as applicable), a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from
each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect
partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate on behalf of each such direct and indirect partner;

 

(C) any Foreign
Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and the Administrative Agent (in such number of
copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Administrative Agent), executed copies
of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Borrower or
the Administrative Agent to determine the withholding or deduction required to be made; and

 

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(D) if a
payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by Borrower or the Administrative Agent such documentation prescribed by
applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by Borrower or the Administrative Agent as may be necessary for Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the
amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees
that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(h) Treatment
of Certain Refunds. If any party determines, in its reasonable discretion, that it has received a refund of any Taxes as to
which it has been indemnified pursuant to this Section 3.01 (including by the payment of additional amounts pursuant to this Section
3.01), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made
under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of
such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount
paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position
than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(i) Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Term Loan Commitments and the repayment,
satisfaction or discharge of all obligations under any Loan Document.

 

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Section 3.02 Illegality.
(a) If any Lender determines that any Law has made it unlawful, or that any Governmental Authority that is a court, statutory board
or commission has asserted that it is unlawful, for any Lender or its Applicable Lending Office to make, maintain or fund its portion
of the Term Loan (and, in the opinion of such Lender, the designation of a different lending office would either not avoid such
unlawfulness or would be disadvantageous to such Lender), then such Lender shall promptly notify Borrower thereof following which
(a) the Lender’s Term Loan Commitment shall be suspended until such time as such Lender may again make and maintain
its portion of the Term Loan hereunder and (b) if such Law shall so mandate, the Term Loan held by such Lender shall be prepaid
by Borrower on or before such date as shall be mandated by such Law in an amount equal to 100% of the aggregate principal amount
of the Term Loan held by such Lender, plus any accrued but unpaid interest on the aggregate principal amount of the Term Loan being
prepaid.

 

(b) If any
provision of this Agreement or any of the other Loan Documents would obligate Borrower to make any payment of interest with respect
to the Facility or other amount payable to the Administrative Agent or any Lender in an amount or calculated at a rate which would
be prohibited by any Law then, notwithstanding such provision, such amount or rates shall be deemed to have been adjusted with
retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by any applicable
law or so result in a receipt by the Administrative Agent or such Lender of interest with respect to its Term Loan and Term Loan
Commitments at a criminal rate, such adjustment to be effected, to the extent necessary, as follows:

 

(i) first,
by reducing the amount or rate of interest required to be paid to the Administrative Agent or the affected Lender under Section
2.04; and

 

(ii) thereafter,
by reducing any fees, commissions, premiums and other amounts required to be paid to the Administrative Agent or the affected
Lender which would constitute interest with respect to the Term Loan or Term Loan Commitments for purposes of any applicable law.

 

Section 3.03 Increased
Cost and Reduced Return; Capital Adequacy. (a) If any Lender reasonably determines that as a result of the introduction of
or any Change in Law or a change in the interpretation of any Law with which such Lender or any lending office of such Lender,
if any, is required to comply, in each case, after the date hereof, there shall be any increase in the cost to such Lender agreeing
to make, making or maintaining the Term Loan, or a reduction in the amount received or receivable by such Lender in connection
with any of the foregoing (excluding for purposes of this Section 3.03(a) any such increased costs or reduction in amount resulting
from (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes or (iii) Other
Connection Taxes), then from time to time within fifteen (15) days after demand by such Lender setting forth in reasonable detail
such increased costs (with a copy of such demand to the Administrative Agent given in accordance with Section 3.04), Borrower shall
pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction.

 

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(b) If any
Lender reasonably determines that the introduction of any Law regarding (i) capital adequacy or any change therein or in the interpretation
thereof or (ii) liquidity requirement, or in each case any change therein or in the interpretation thereof with which such
Lender (or its Applicable Lending Office) is required to comply, in each case after the date hereof, would have the effect of reducing
the rate of return on the capital of such Lender, or any corporation controlling such Lender, to a level below that which such
Lender, or the corporation controlling such Lender, could have achieved but for such Change in Law (taking into consideration such
Lender’s policies and the policies of any corporation controlling such Lender with respect to capital adequacy) as a consequence
of such Lender’s obligations hereunder, then from time to time upon demand of such Lender setting forth in reasonable detail
the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent given in
accordance with Section 3.04), Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such
reduction within fifteen (15) days after receipt of such demand.

 

(c) Failure
or delay on the part of any Lender to demand compensation pursuant to this Section 3.03 shall not constitute a waiver of such Lender’s
right to demand such compensation.

 

(d) If any
Lender requests compensation under this Section 3.03, then such Lender will, if requested by Borrower, use commercially reasonable
efforts to designate another Applicable Lending Office for its Term Loan affected by such event; provided that such efforts
are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Applicable Lending Office(s) to suffer
no material economic, legal or regulatory disadvantage; and provided further that nothing in this Section 3.03(d) shall
affect or postpone any of the Obligations of Borrower or the rights of such Lender pursuant to Section 3.03(a), (b) or (c).

 

(e) As of
the Closing Date, each Lender to its knowledge, is unaware of any Change in Law that would cause increased costs, reduced return,
or adjustment of capital adequacy as contemplated by this Section 3.03.

 

Section 3.04 Matters
Applicable to All Requests for Compensation. The Administrative Agent or any Lender claiming compensation under this Article
III shall deliver a certificate to Borrower setting forth in reasonable detail the additional amount or amounts to be paid to it
hereunder, which shall be conclusive absent manifest error. In determining such amount, the Administrative Agent or such Lender,
as the case may be, may use any reasonable averaging and attribution methods. With respect to any Lender’s claim for compensation
under Section 3.01, Section 3.02 or Section 3.03, Borrower shall not be required to compensate such Lender for any amount incurred
more than ninety (90) days prior to the date that such Lender notifies Borrower of the event that gives rise to such claim; provided
that if the circumstance giving rise to such claim is retroactive, then such 90-day period referred to above shall be extended
to include the period of retroactive effect thereof.

 

Section 3.05 Survival.
All of Borrower’s obligations under this Article III shall survive termination of the Term Loan Commitments and repayment
of all other Obligations hereunder.

 

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ARTICLE
IV

 

Conditions
Precedent

 

Section 4.01 Conditions
to the Closing Date. The obligation of each Lender to make the Term Loan hereunder is subject to satisfaction or waiver in
writing by the Lenders of the following conditions precedent:

 

(a) The
Administrative Agent’s receipt of the following, each properly executed by a Responsible Officer of the signing Loan Party,
and each in form and substance satisfactory to the Administrative Agent and its legal counsel:

 

(i) executed
counterparts of this Agreement and the other Loan Documents by each Loan Party, Agent and Lender, as applicable;

 

(ii) an original
Note executed by Borrower in favor of each Lender that has requested in writing a Note;

 

(iii) such
certificates (including a certificate substantially in the form of Exhibit I) of resolutions or other corporate action, incumbency
certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably require
evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer
in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing
Date;

 

(iv) an opinion
by Robinson Brog Leinwand Greene Genovese & Gluck, P.C., counsel to the Loan Parties, in form and substance reasonably satisfactory
to the Administrative Agent;

 

(v) a certificate
attesting to the Solvency of the Loan Parties (taken as a whole) on the Closing Date before and after giving effect to the Transaction,
from the chief financial officer of Parent in substantially the form of Exhibit J hereto;

 

(vi) copies
of a recent Lien and judgment search in each jurisdiction reasonably requested by the Collateral Agent with respect to the Loan
Parties together with evidence that, upon satisfaction of the conditions precedent contained in any applicable payoff letters,
all existing Liens (other than Permitted Liens) will be terminated and released and all actions required to terminate and release
such Liens have been satisfactorily taken or will be capable of being satisfactorily undertaken substantially simultaneously with
the closing of the Transaction; and

 

(vii) (A) Organization
Documents of each Loan Party and (B) good standing certificates or certificates of status, as applicable, as of a date reasonably
proximate to the Closing Date, from (1) the applicable Governmental Authority of each Loan Party’s jurisdiction of incorporation,
organization or formation, and (2) the jurisdictions where the failure of a Loan Party to be qualified and in good standing
could reasonably be expected to have a Material Adverse Effect and, where available, bring down certificates, for each Loan Party.

 

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(b) As of
the Closing Date, after giving effect to the Transaction, the Loan Parties will have no Indebtedness other than the Facility and
any Surviving Indebtedness specified on Schedule 7.03. All amounts due or outstanding in respect of the Existing Credit Facility
and any other Indebtedness other than the Facility and any Surviving Indebtedness specified on Schedule 7.03 shall have been repaid
in full, all commitments (if any) in respect thereof terminated, all guarantees (if any) thereof discharged and released and all
security therefor (if any) released, together with all fees and other amounts owing thereon, or documentation in form and substance
reasonably satisfactory to the Administrative Agent to effect such release upon such repayment and termination shall have been
delivered to the Administrative Agent.

 

(c) In order
to create in favor of Collateral Agent, for the benefit of the Lenders, a valid, perfected first priority security interest in
the personal property Collateral, Collateral Agent shall have received:

 

(i) evidence
satisfactory to Collateral Agent of the compliance by each Loan Party of their obligations under the Collateral Documents (including,
without limitation, their obligations to authorize or execute, as the case may be, and deliver UCC financing statements, originals
of securities, instruments and chattel paper, deposit account control agreements and any agreements governing securities accounts
as provided therein);

 

(ii) a completed
Collateral Questionnaire dated the Closing Date and executed by a Responsible Officer of each Loan Party, together with all attachments
contemplated thereby, including (A) the results of a recent search, by a Person satisfactory to Collateral Agent, of all effective
UCC financing statements (or equivalent filings) made with respect to any personal or mixed property of any Loan Party in the jurisdictions
specified in the Collateral Questionnaire, together with copies of all such filings disclosed by such search, and (B) UCC termination
statements (or similar documents) duly executed by all applicable Persons for filing in all applicable jurisdictions as may be
necessary to terminate any effective UCC financing statements (or equivalent filings) disclosed in such search (other than any
such financing statements in respect of Permitted Liens);

 

(iii) opinions
of counsel (which counsel shall be reasonably satisfactory to Collateral Agent) with respect to the creation and perfection of
the security interests in favor of Collateral Agent in such Collateral and such other matters governed by the laws of each jurisdiction
in which any Loan Party or any personal property Collateral is located as Collateral Agent may reasonably request, in each case
in form and substance reasonably satisfactory to Collateral Agent; and

 

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(iv) evidence
that each Loan Party shall have taken or caused to be taken any other action, executed and delivered or caused to be executed and
delivered any other agreement, document and instrument (including without limitation, (any intercompany notes evidencing Indebtedness
permitted to be incurred pursuant to Section 7.03(h)) and made or caused to be made any other filing and recording (other than
as set forth herein) reasonably required by Collateral Agent.

 

(d) The
Administrative Agent shall have received the Mortgages (including all leasehold Mortgages) with respect to each Material Owned
Property, together with all additional documentation required to be delivered pursuant to clause (g) of the definition of “Collateral
and Guarantee Requirement”.

 

(e) The
Administrative Agent shall have received (i) the audited consolidated balance sheets and related statements of income (if any)
and Shareholders’ Equity of Parent and its Subsidiaries and unaudited consolidating balance sheets and related statements
of income (if any) for the Fiscal Year of Parent ended December 31, 2017, (ii) unaudited consolidated and consolidating balance
sheets and related statements of income (if any) of Parent and its Subsidiaries for each subsequent fiscal quarter after December
31, 2017 ended at least forty-five (45) days before the Closing Date, (iii) unaudited consolidated and consolidating balance
sheets and related statements of income (if any) of Parent and its Subsidiaries for each calendar month ended at least thirty-one
(31) days before the Closing Date, (iv) a plan with respect to Borrower’s Capital Expenditures during the term of this Agreement
and (v) forecasts prepared by management of Parent of consolidated and consolidating balance sheets and income statements of Parent
and its Subsidiaries on a monthly basis for Fiscal Year 2019 and on a quarterly basis for Fiscal Year 2020, 2021 and Fiscal Year
202 (“Projections”), in each case, in form and substance satisfactory to the Administrative Agent and prepared
in accordance with GAAP as in effect at the time of such preparation.

 

(f) The
Administrative Agent and the Lenders shall have completed, to their satisfaction, all legal, tax, environmental, management and
background checks, business and other due diligence with respect to the business, assets, liabilities, operations and condition
(financial or otherwise) of the Loan Parties (which shall include a review of all Material Agreements with the Loan Parties’
customers and suppliers), in each case, in scope and determination satisfactory to the Administrative Agent in its sole discretion.
The Administrative Agent shall have received a quality of earnings report from a Person who is not an Affiliate of the Borrower,
in form and substance satisfactory to the Administrative Agent.

 

(g) Payment
by Borrower of all accrued costs, fees and expenses (including applicable Attorney Costs and the reasonable and documented out-of-pocket
fees and expenses of any other advisors) and any other compensation due and payable to the Administrative Agent and Lenders on
the Closing Date shall have been received.

 

(h) The
Administrative Agent shall have received reasonably satisfactory evidence of insurance required to be maintained pursuant to Section
6.07 and the Collateral Agent shall be named as an additional loss payee and additional insured, as applicable, thereunder.

 

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(i) The
Lenders shall have received on or prior to the Closing Date all documentation and other information required by regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation
the PATRIOT Act and customary management background checks, in order to allow the Lenders to comply therewith, in each case, to
the extent requested at least five (5) Business Days prior to the Closing Date.

 

(j) The
Administrative Agent shall have received a certificate signed by a Responsible Officer of Borrower certifying as to Sections 4.01(k),
(l) and (m) in substantially the form of Exhibit I.

 

(k) The
representations and warranties of Borrower and each other Loan Party contained in Article V or any other Loan Document shall be
true and correct in all material respects on and as of the Closing Date; provided that to the extent that such representations
and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier
date; provided further that any representation and warranty that is qualified as to “materiality”, “Material
Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects
on such respective dates.

 

(l) No Default
or Event of Default shall exist.

 

(m) There
is no action, suit, investigation or proceeding pending or, to the knowledge of Borrower, threatened in any court or before an
arbitrator or governmental authority that could reasonably be expected to have a Material Adverse Effect.

 

(n) The
Administrative Agent shall have received satisfactory evidence that Consolidated Adjusted EBITDA for the trailing 12 month period
most recently ended is not less than $5,500,000 with adjustments satisfactory to the Administrative Agent.

 

ARTICLE
V

 

Representations
and Warranties

 

Borrower represents
and warrants to the Agents and the Lenders that:

 

Section 5.01 Existence,
Qualification and Power; Compliance with Laws. Each Loan Party and each of its Subsidiaries (a) is duly incorporated, organized
or formed, and validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization (to
the extent such concept exists in such jurisdiction), (b) has all requisite power and authority to (i) own or lease its assets
and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party,
(c) is duly qualified and in good standing (to the extent such concept exists) under the Laws of each jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws
(including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System), orders, writs, injunctions
and orders and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently
conducted, except, with respect to the foregoing clauses (c), (d) and (e), as would not, individually or in the aggregate, be reasonably
likely to have a Material Adverse Effect.

 

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Section 5.02 Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is
a party, and the consummation of the Transaction, (a) are within such Loan Party’s corporate or other powers, (b) have been
duly authorized by all necessary corporate or other organizational action, and (c) do not and will not (i) contravene the terms
of any of such Person’s Organization Documents, (ii) except as set forth on Schedule 5.02, conflict with or result in any
breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.01), or require any payment
to be made under (x) any material Contractual Obligation to which such Person is a party or affecting such Person or the properties
of such Person or any of its Subsidiaries, (y) any material order, injunction, writ or decree of any Governmental Authority or
any arbitral award to which such Person or its property is subject or (z) any Material Agreement, or (iii) violate any material
applicable Law.

 

Section 5.03 Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or
performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or for the consummation of
the Transaction, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection
or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or (d) the exercise by the
Collateral Agent, the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the
Collateral pursuant to the Collateral Documents, except for (i) filings necessary to perfect the Liens on the Collateral granted
by the Loan Parties in favor of the Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices
and filings which are set forth on Schedule 5.03 or have been duly obtained, taken, given or made and are in full force and effect,
(iii) for those filings required by the Exchange Act and (iv) such approvals, consents, exemptions, authorizations, actions, notices
and filings the failure to obtain or make would not, individually or in the aggregate, be reasonably likely to have a Material
Adverse Effect. All applicable waiting periods in connection with the Transaction have expired without any action having been taken
by any competent authority restraining, preventing or imposing materially adverse conditions upon the Transaction or the rights
of the Loan Parties or their Subsidiaries freely to transfer or otherwise dispose of, or to create any Lien on, any properties
now owned or hereafter acquired by any of them.

 

Section 5.04 Binding
Effect. This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is party thereto.
This Agreement and each other Loan Document constitutes a legal, valid and binding obligation of such Loan Party, enforceable against
each Loan Party that is party thereto in accordance with its terms, except as such enforceability may be limited by Debtor Relief
Laws and by general principles of equity and principles of good faith and fair dealing.

 

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Section 5.05 Financial
Statements; No Material Adverse Effect. (a) The Audited Financial Statements and Unaudited Financial Statements (A) fairly
present in all material respects the financial condition of Parent as of the dates thereof and Parent’s results of operations
for the period covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, except, in
the case of the Unaudited Financial Statements, changes resulting from customary year-end adjustments consistent with past practice
and the absence of footnotes and (B) show all material Indebtedness and other liabilities, direct or contingent, of the Loan Parties
as of the date hereof that are required to be reflected on a balance sheet prepared in accordance with GAAP, except for such Indebtedness
and other liabilities incurred since the date of the Unaudited Financial Statements in the ordinary course of business.

 

(b) Since
December 31, 2017, there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably
be expected to have a Material Adverse Effect.

 

(c) The
Projections furnished to the Administrative Agent prior to the Closing Date are based on good faith estimates and assumptions made
by the management of Borrower; provided, the Projections are not to be viewed as facts and that actual results during the
period or periods covered by the Projections may differ from such Projections and that the differences may be material; provided
further, as of the Closing Date, management of Borrower believed that the Projections were reasonable and attainable.

 

(d) (i)
The audited consolidated financial statements of the Loan Parties most recently delivered pursuant to Section 6.01(c) and (ii)
the unaudited consolidated and consolidating financial statements of the Loan Parties most recently delivered pursuant to Section
6.01(a) and (b), and the related consolidated and consolidating statements of income (if any) or operations and Shareholders’
Equity for such periods (A) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except
as otherwise expressly noted therein, and (B) fairly present in all material respects the financial condition of the Loan Parties
as of the date thereof and their results of operations for the period covered thereby, subject, in the case of unaudited financial
statements, to the absence of footnotes and to customary year-end adjustments consistent with past practice.

 

(e) The
consolidated forecasted monthly expenses, balance sheets and statements of income (if any) the Loan Parties delivered to the Lenders
pursuant to Section 6.01(f) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were
reasonable in light of the conditions existing at the time of delivery of such forecasts; it being understood that actual results
may vary from such forecasts and that such variations may be material.

 

Section 5.06 Litigation.
There is no action, suit, investigation, litigation or proceeding affecting any Loan Party or its Subsidiaries, including any Environmental
Action, pending or to the knowledge of the Loan Parties, threatened before any Governmental Authority or arbitrator that (i) would
be reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of any
Loan Document or the consummation of the Transaction.

 

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Section 5.07 Ownership
of Property; Liens. (a) Each Loan Party and its Subsidiaries is the legal and beneficial owner of the Collateral pledged by
it free and clear of any Lien, except for the Liens and security interests created or permitted under the Loan Documents including,
any Liens permitted under Section 7.01.

 

(b) Each
Loan Party and each of its Subsidiaries has good and marketable title in fee simple to, or valid leasehold interests in, or easements
or other limited property interests in, all real property used in the ordinary conduct of its business, free and clear of all Liens
except for defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets
for their intended purposes and Liens permitted by Section 7.01 and except where the failure to have such title or other interest
would not reasonably be expected to have a Material Adverse Effect. Set forth on Schedule 5.07(b) hereto is a complete and accurate
list of all real property owned by any Loan Party or any of its Subsidiaries, showing, as of the date hereof, the street address,
state and any other relevant jurisdiction, record owner and fair market value. Set forth on Schedule 5.07(b) hereto is a complete
and accurate list of all leases of real property under which any Loan Party or any Subsidiary is the tenant, showing as of the
date hereof the street address, state and any other relevant jurisdiction, parties thereto, sublessee (if any), expiration date
and annual base rental cost thereof.

 

(c) Except
for the properties set forth on Schedule 5.07(b), as of the Closing Date, no Loan Party or any of its Subsidiaries owns any Material
Owned Property.

 

Section 5.08 Perfection
of Security Interests. Upon the making of the filings and taking of the other actions set forth on Schedule 5.08, all filings
and other actions necessary to perfect the security interest in the Collateral created under the Collateral Documents have been
duly made or taken and are in full force and effect, and the Collateral Documents create in favor of the Collateral Agent for the
benefit of the Secured Parties a valid and, together with such filings and other actions, perfected first priority security interest
in the Collateral, securing the payment of the Secured Obligations, and having priority over all other Liens on the Collateral
except in the case of (a) non-consensual Liens permitted under Section 7.01, to the extent any such Liens would have priority over
the Liens in favor of the Collateral Agent pursuant to any applicable Law, and (b) Liens not required to be perfected by control
or possession pursuant to the Collateral and Guarantee Requirement to the extent that all filings and other actions necessary or
desirable to perfect such security interest have been duly taken.

 

Section 5.09 Environmental
Compliance. Except as set forth on Schedule 5.09:

 

(a) The
operations and properties of each Loan Party and each of its Subsidiaries comply in all material respects with all applicable Environmental
Laws and Environmental Permits, all past non-compliance with such Environmental Laws and Environmental Permits has been resolved
without ongoing obligations or costs, and no circumstances exist that would be reasonably likely to (i) to the knowledge of the
Loan Parties, form the basis of an Environmental Action against any Loan Party or any Subsidiary or any of their properties or
(ii) cause any such property to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental
Law, which, in each case, individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect.

 

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(b) (i)
None of the properties currently or, to the knowledge of the Loan Parties, formerly, owned or operated by any Loan Party or any
of its Subsidiaries is listed or, to such Loan Party’s or each of its Subsidiaries’ knowledge, proposed for listing
on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; (ii) there are
no, and, to the knowledge of the Loan Parties, never have been, any underground or aboveground storage tanks other than in compliance
with applicable Environmental Laws or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials
are being or have been treated, stored or disposed on any property currently owned or operated by any Loan Party or any of its
Subsidiaries or, to the best of its knowledge, on any property formerly owned or operated by any Loan Party or any of its Subsidiaries
other than in compliance with applicable Environmental Laws; (iii) other than in compliance with applicable Environmental Laws,
there is no asbestos or asbestos-containing material on any property currently owned or operated by any Loan Party or any of its
Subsidiaries; and (iv) Hazardous Materials have not been released, discharged or disposed of by any Loan Party or any of its Subsidiaries
on any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries other than in material compliance
with applicable Environmental Laws.

 

(c) (i)
Neither any Loan Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with
other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or
threatened release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant
to the order of any governmental or regulatory authority or the requirements of any Environmental Law; and (ii) all Hazardous Materials
generated, used, treated, handled or stored at, or transported by or on behalf of any Loan Party or any of its Subsidiaries to
or from, any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries have, to the knowledge
of the Loan Parties, been disposed of in a manner not reasonably expected to result in material liability to any Loan Party or
any of its Subsidiaries.

 

(d) The
Loan Parties have obtained all material Environmental Permits required for ownership and operation of their property and business
as presently conducted. No Loan Party has received any written notification pursuant to any applicable Environmental Law or otherwise
has knowledge that (i) any work, repairs, construction or Capital Expenditures are required to be made in order to be in or continue
to be in compliance with any applicable Environmental Laws or any material Environmental Permit or (ii) any Environmental Permit
is about to be reviewed, made subject to new limitations or conditions, revoked, withdrawn or terminated.

 

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(e) Except
as would not reasonably be expected to result in a material liability, no Loan Party nor any of its Subsidiaries has contractually
assumed any liability or obligation under or relating to any applicable Environmental Law.

 

(f) Nothing
contained in this Section 5.09 is intended to apply to any action, suit, investigation, litigation or proceeding (including any
Environmental Action) relating to exposure to asbestos, in any form, or any asbestos containing materials.

 

Section 5.10 Taxes.
(a) Each of the Loan Parties has timely filed all income and all other material tax returns and reports required to be filed, and
has timely paid all Taxes (whether or not shown on such tax returns or reports) and all other amounts of federal, provincial, state,
municipal, foreign and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties,
income or assets otherwise due and payable, except those which are set forth on Schedule 5.10 or are being contested in good faith
by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP.

 

(b) Except
as set forth on Schedule 5.10 or as would not, individually or in the aggregate, be reasonably likely to result in any material
liability, (i) there are no claims being asserted in writing with respect to any amounts of taxes, (ii) there are no presently
effective waivers or extensions of statutes in writing with respect to any amounts of taxes, and (iii) no tax returns are being
examined by, and no written notification of intention to examine has been received from, the Internal Revenue Service or any other
taxing authority, in each case, with respect to the Loan Parties.

 

(c) No Loan
Party is party to any tax sharing agreement other than with an affiliate included in a consolidated or combined tax return, provided
that any such tax sharing agreement shall be subject to the restrictions in Section 7.08.

 

Section 5.11 Compliance
with ERISA. (a) Each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state Laws,
except as is not, either individually or in the aggregate, reasonably likely to have a Material Adverse Effect.

 

(b) (i)
No ERISA Event has occurred or is reasonably expected to occur; (ii) none of the Loan Parties or any of their Subsidiaries
has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section
4219 of ERISA, would result in such liability) under Section 4201 et seq. or 4243 of ERISA with respect to a Multiemployer Plan;
and (iii) none of the Loan Parties or any of their Subsidiaries or any ERISA Affiliate has engaged in a transaction that would
be subject to Section 4069 or 4212(c) of ERISA.

 

Section 5.12 Labor
Matters. There are no strikes pending or to the knowledge of the Loan Parties, threatened against the Loan Parties that, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The hours worked and payments made to employees
of the Loan Parties have not been in violation in any material respect of the Fair Labor Standards Act or any other applicable
Law dealing with such matters. All material payments due from the Loan Parties or for which any claim may be made against the Loan
Parties, on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability
on the books of the Loan Parties to the extent required by GAAP. The consummation of the Transaction will not give rise to a right
of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which any Loan Party
(or any predecessor) is bound, other than collective bargaining agreements that, individually or in the aggregate, are not material
to the Loan Parties.

 

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Section 5.13 Insurance.
The properties of the Loan Parties and their Subsidiaries are insured in the manner contemplated by Section 6.07.

 

Section 5.14 Subsidiaries;
Equity Interests. As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Section 6.02(c)
and Section 6.11 none of the Loan Parties have any Subsidiaries other than those specifically disclosed in Schedule 5.14, and all
of the outstanding Equity Interests in each such Person and each such Subsidiary have been validly issued, are fully paid and non-assessable.
As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Section 6.02(c) and Section 6.11, Schedule
5.14 (a) sets forth the name and jurisdiction of organization of each Subsidiary of each of the Loan Parties, (b) sets forth
the ownership interest of each Loan Party and each of its Subsidiaries in each of their respective Subsidiaries, including the
percentage of such ownership and (c) identifies each Person the Equity Interests of which are required to be pledged pursuant
to the Collateral and Guarantee Requirement and Section 6.11.

 

Section 5.15 Margin
Regulations; Investment Company Act; PATRIOT Act. (a) None of the Loan Parties or any of their Subsidiaries is engaged nor
will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within
the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock, and
no proceeds of the Credit Extension will be used for any purpose that violates Regulation U issued by the FRB.

 

(b) None
of the Loan Parties or any of their Subsidiaries or any Person controlling such Loan Party or any of its Subsidiaries is required
to be registered as an “investment company” under the Investment Company Act of 1940, as amended.

 

(c) None
of the Loan Parties or any of their Subsidiaries is in material violation of any applicable laws relating to money laundering,
including the PATRIOT Act, or terrorism, including Executive Order No. 13224 on Terrorist Financing, effective September 23, 2001,
and the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury
Department (31 C.F.R. Subtitle B, Chapter V, as amended), or any enabling legislation or executive order relating thereto. None
of the Loan Parties or any of their Subsidiaries will knowingly use the proceeds of the Term Loan in violation of any of the foregoing
statutes.

 

(d) No Loan
Party (i) is a person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive
Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) engages in any dealings or transactions prohibited by Section 2 of such
executive order, or is otherwise associated with any such person in any manner that violates Section 2 of such executive order,
or (iii) is a person on the list of “Specially Designated Nationals and Blocked Persons” or subject to blocking or
specific trade restrictions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or
implementing executive order.

 

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Section 5.16 Disclosure.
No report, financial statement, certificate or other written information furnished by or on behalf of the Loan Parties to the Administrative
Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered
hereunder or any other Loan Document (as modified or supplemented by other information so furnished) when taken as a whole contains
when furnished any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not materially misleading; provided that with respect to projections
and other forward-looking information, Borrower represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time of preparation, it being understood that such projections may vary from actual results and
that such variances may be material. There are no facts known (or which should upon the reasonable exercise of diligence be known)
to Borrower (other than matters of a general economic nature) that, individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect and that have not been disclosed herein or in such other documents, certificates and statements
furnished to Lenders for use in connection with the transactions contemplated hereby.

 

Section 5.17 Intellectual
Property. As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Section 6.02(c) and Section
6.11, set forth on Schedule 5.17 is a complete and accurate list of all Registered patents, trademarks, service marks, domain names
and copyrights, owned by the Loan Parties as of such date, showing as of such date the jurisdiction in which each such item of
Registered Intellectual Property is registered or in which an application is pending and the registration or application number.
Each Loan Party owns or has the right to use, all of the trademarks, service marks, trade names, domain names, copyrights, patents,
know-how, technology and other intellectual property recognized under applicable Law (collectively, “Intellectual Property”)
that are material to the operation of their respective businesses as currently conducted and, to the knowledge of the Loan Parties,
the use of such Intellectual Property by such Person or the operation of their respective businesses is not infringing upon any
Intellectual Property rights held by any other Person except as would not, individually or in the aggregate, be reasonably likely
to have a Material Adverse Effect.

 

Section 5.18 Solvency.
After giving effect to the Transaction and the other transactions contemplated hereby, the Loan Parties are, on a consolidated
basis, Solvent.

 

Section 5.19 Material
Agreements. Schedule 5.19 contains a true, correct and complete list of all the Material Agreements in effect on the Closing
Date, which, together with any updates provided pursuant to Section 6.03(l), are in full force and effect and no defaults currently
exist thereunder (other than as described in Schedule 5.19 or in such updates).

 

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ARTICLE
VI

 

Affirmative
Covenants

 

So long as any Lender
shall have any Term Loan Commitment hereunder, any portion of the Term Loan or other Obligation hereunder which is accrued and
payable shall remain unpaid or unsatisfied, Borrower shall, and shall cause each Loan Party to:

 

Section 6.01 Financial
Statements. Deliver to the Administrative Agent for prompt further distribution to each Lender:

 

(a) Monthly
Reports. As soon as available, and in any event within twenty-five (25) days after the end of each calendar month, the consolidated
and consolidating balance sheet of Parent and its Subsidiaries as at the end of such month and the related consolidated and consolidating
statements of income, stockholders’ equity and cash flows of Parent and its Subsidiaries for such month and for the period
from the beginning of the then current Fiscal Year to the end of such month, setting forth in each case in comparative form the
corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures from the Financial
Plan for the current Fiscal Year, all in reasonable detail, together with a schedule of reconciliations for any reclassifications
with respect to prior months or periods (and, in connection therewith, copies of any restated financial statements for any impacted
month or period), a Financial Officer Certification and a Narrative Report with respect thereto and any other operating reports
prepared by management for such period;

 

(b) Quarterly
Financial Statements. As soon as available, and in any event within forty-five (45) days after the end of each Fiscal Quarter
of each Fiscal Year (including the fourth Fiscal Quarter), the consolidated and consolidating balance sheets of Parent and its
Subsidiaries as at the end of such Fiscal Quarter and the related consolidated and consolidating statements of income, stockholders’
equity and cash flows of Parent and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then
current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form the corresponding figures
for the corresponding periods of the previous Fiscal Year and the corresponding figures from the Financial Plan for the current
Fiscal Year, all in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto;

 

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(c) Annual
Financial Statements. As soon as available, and in any event within ninety (90) days after the end of each Fiscal Year, (i)
the consolidated and consolidating balance sheets of Parent and its Subsidiaries as at the end of such Fiscal Year and the related
consolidated and consolidating statements of income, stockholders’ equity and cash flows of Parent and its Subsidiaries for
such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year and the
corresponding figures from the Financial Plan for the Fiscal Year covered by such financial statements, in reasonable detail, together
with a Financial Officer Certification and a Narrative Report with respect thereto; and (ii) with respect to such consolidated
financial statements a report thereon of Marcum LLP or other independent certified public accountants of recognized national standing
selected by Parent, and reasonably satisfactory to Administrative Agent (which report shall be unqualified as to going concern
and scope of audit, and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated
financial position of Parent and its Subsidiaries as at the dates indicated and the results of their operations and their cash
flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed
in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements
has been made in accordance with generally accepted auditing standards) together with a written statement by such independent certified
public accountants stating (1) that their audit examination has included a review of the terms of the Loan Documents, (2) whether,
in connection therewith, any condition or event that constitutes a Default or an Event of Default has come to their attention and,
if such a condition or event has come to their attention, specifying the nature and period of existence thereof, and (3) that nothing
has come to their attention that causes them to believe that the information contained in any Compliance Certificate is not correct
or that the matters set forth in such Compliance Certificate are not stated in accordance with the terms hereof (such report shall
also include (x) a detailed summary of any audit adjustments; (y) a reconciliation of any audit adjustments or reclassifications
to the previously provided monthly or quarterly financials; and (z) restated monthly or quarterly financials for any impacted periods);

 

(d) Compliance
Certificate. Together with each delivery of financial statements of Parent and its Subsidiaries pursuant to Sections 6.01(a),
Section 6.01(b) and Section 6.01(c), a duly executed and completed Compliance Certificate;

 

(e) Statements
of Reconciliation after Change in Accounting Principles. If, as a result of any change in accounting principles and policies
from those used in the preparation of the Audited Financial Statements, the consolidated financial statements of Parent and its
Subsidiaries delivered pursuant to Section 6.01(b) or 6.01(c) will differ in any material respect from the consolidated financial
statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies
been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation
for all such prior financial statements in form and substance satisfactory to Administrative Agent;

 

(f) Financial
Plan. As soon as practicable and in any event no later than the last day of each Fiscal Year, a consolidated plan and financial
forecast for such Fiscal Year and each Fiscal Year (or portion thereof) through the Maturity Date (a “Financial Plan”),
including (i) a forecasted consolidated and consolidating balance sheet and forecasted consolidated and consolidating statements
of income and cash flows of Parent and its Subsidiaries for each such Fiscal Year, together with pro forma Compliance Certificates
for each such Fiscal Year and an explanation of the assumptions on which such forecasts are based, (ii) forecasted consolidated
and consolidating statements of income and cash flows of Parent and its Subsidiaries for each calendar month of each such Fiscal
Year, (iii) forecasts demonstrating projected compliance with the requirements of Section 7.13 through the Maturity Date, and (iv)
forecasts demonstrating adequate liquidity through the Maturity Date, together, in each case, with an explanation of the assumptions
on which such forecasts are based all in form and substance reasonably satisfactory to the Administrative Agent.

 

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(g) Sales.
As soon as available, and in any event within thirty (30) days after the end of each calendar month, a report, in form and substance
satisfactory to the Administrative Agent (it being agreed that the form of the report provided by Borrower to the Administrative
Agent prior to the Closing Date is acceptable), setting forth total sales for each product of the Loan Parties and total sales
to each customer of the Loan Parties during such calendar month; certified as true, correct and complete by a Responsible Officer
of Borrower.

 

Section 6.02 Certificates;
Reports; Other Information. Promptly deliver to the Administrative Agent for further distribution to each Lender:

 

(a) promptly
after the same are publicly available, (i) copies of all annual, regular, periodic and special reports and registration statements
which Parent files with the SEC or with any successor Governmental Authority (other than amendments to any registration statement
(to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement
and, if applicable, any registration statement on Form S-8), and (ii) all press releases and other statements made available generally
by any Loan Party to the public concerning material developments in the business of the Loan Parties;

 

(b) promptly
after the receipt or furnishing thereof, copies of any material requests or material notices received by any Loan Party or any
of its Subsidiaries (other than in the ordinary course of business) in respect of any instrument, indenture, loan or credit or
similar agreement relating to Indebtedness in excess of the Threshold Amount;

 

(c) together
with the delivery of each Compliance Certificate pursuant to Section 6.01(d) (other than with respect to a Compliance Certificate
delivered with the financial statements pursuant to Section 6.01(a)), (i) a description of each event, condition or circumstance
during the last Fiscal Quarter covered by such Compliance Certificate requiring a prepayment under Section 2.02(b), (ii) a list
of Subsidiaries as of the date of delivery of such Compliance Certificate or a confirmation that there is no change in such information
since the later of the Closing Date or the date of the last such list, (iii) a report supplementing Schedules 5.07(b) and 5.17
and Schedules I and IV of the Security Agreement and (iv) such other information required by the Compliance Certificate;

 

(d) within
fifteen (15) days of filing or receipt of any written notification, copies of all Tax returns, waivers, amendments, requests for
extension and other written notifications which any Loan Party files with, or receives from, the Internal Revenue Service or any
other taxing authority;

 

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(e) promptly
after the same are available to the applicable Loan Parties, copies of all monthly bank statements for each Deposit Account that
is subject to an account control agreement naming the Collateral Agent as secured party (or the equivalent) thereunder; provided,
that prior to the Disposition of Fit Pay, the Loan Parties shall also provide weekly reports on each Friday of the amount of cash
on deposit at such time in each Deposit Account that is subject to an account control agreement naming the Collateral Agent as
secured party (or the equivalent) thereunder; and

 

(f) promptly,
such additional information regarding the business, legal, financial or corporate affairs of any Loan Party or any Subsidiary,
or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender through the Administrative Agent
may from time to time reasonably request.

 

Documents required
to be delivered pursuant to Section 6.01 or Section 6.02 shall be delivered electronically to the Administrative Agent for further
distribution to each Lender; provided that upon written request by the Administrative Agent, Borrower shall deliver paper
copies of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering
paper copies is given by the Administrative Agent. Notwithstanding the foregoing, Borrower shall deliver originally executed Compliance
Certificates to the Administrative Agent (in addition to the electronic copies pursuant to the foregoing). Each Lender shall be
solely responsible for timely accessing electronically provided documents or requesting delivery of paper copies of such documents
from the Administrative Agent and maintaining its copies of such documents.

 

Section 6.03 Notice
Requirements; Other Information. (i) Promptly after a Responsible Officer obtains knowledge thereof, notify the Administrative
Agent of each of the following events or circumstances, and, (ii) as soon as available, provide to the Administrative Agent, for
prompt further distribution to each Lender, the following information and documents:

 

(a) the
occurrence of any Default, which notice shall specify the nature thereof, the period of existence thereof and what action Borrower
has taken or proposes to take with respect thereto;

 

(b) the
occurrence of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;

 

(c) the
commencement of, or any material development in, any litigation or governmental proceeding (including without limitation pursuant
to any applicable Environmental Law) pending against any Loan Party that could reasonably be expected to be determined adversely
and, if so determined, to result in a Material Adverse Effect;

 

(d) the
occurrence of any ERISA Event above the Threshold Amount or the breach of any representation in Section 5.12;

 

(e) the
occurrence of any event triggering a Collateral and Guarantee Requirement under Section 6.11;

 

(f) any
information with respect to environmental matters as required by Section 6.04(b);

 

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(g) copies
of all notices, requests and other documents received by any Loan Party or any of its Subsidiaries under or pursuant to any instrument,
indenture, loan or credit or similar agreement relating to Indebtedness in excess of the Threshold Amount regarding or related
to any event of default by any Loan Party thereto or any other event that could otherwise have a Material Adverse Effect and copies
of any amendment, modification or waiver of any provision of any such instrument, indenture, loan or credit or similar agreement
relating to any Indebtedness in excess of the Threshold Amount and, from time to time upon request by the Administrative Agent,
such information and reports regarding such instruments, indentures and loan and credit and similar agreements relating to any
Indebtedness in excess of the Threshold Amount as the Administrative Agent may reasonably request;

 

(h) a tax
event or liability not previously disclosed in writing by Borrower to the Administrative Agent which would reasonably be expected
to result in a liability having a Material Adverse Effect, together with any other information as may be reasonably requested by
the Administrative Agent to enable the Administrative Agent to evaluate such matters;

 

(i) any
occurrence of a Change of Control;

 

(j) any
change (i) in any Loan Party’s corporate name, (ii) any Loan Party’s identity and corporate structure, (iii) any Loan
Party’s taxpayer identification number or (iv) any Loan Party’s location of its principal place of business. Each Loan
Party agrees that it will not, and will not permit any of its Subsidiaries to, permit or make any change referred to in this Section
6.03(j) unless all filings have been made under the Uniform Commercial Code within the time periods provided therein or otherwise
that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected
first priority security interest in the Collateral and for the Collateral Agent at all times following such change to have a valid,
legal and perfected first priority security interest as contemplated by the Collateral Documents;

 

(k) promptly
upon the discovery of any material inaccuracy, miscalculation or misstatement contained in any Compliance Certificate or other
certificate provided for any period that affects any financial or other calculations, representations or warranties or other statements
impacting any provision of this Agreement and any other Loan Document in any material respect, notice of such inaccuracy, miscalculation
or misstatement together with an updated certificate including the corrected information, calculation or statement, as applicable;

 

(l) promptly,
and in any event within ten (10) Business Days after (i) any Material Agreement of any Loan Party is terminated or amended in a
manner that is materially adverse to any Loan Party, as the case may be, or (ii) any new Material Agreement is entered into, a
written statement describing such event, with copies of such material amendments or new contracts, delivered to Administrative
Agent (to the extent such delivery is permitted by the terms of any such Material Agreement, provided, no such prohibition
on delivery shall be effective if it were bargained for by any Loan Party with the intent of avoiding compliance with this Section
6.03(l)), and an explanation of any actions being taken with respect thereto;

 

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(m) each
year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 6.01(c),
Borrower shall deliver to Collateral Agent an Officer’s Certificate either (i) confirming that there has been no change in
such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent certificate
delivered pursuant to this Section and/or identifying such changes, or (ii) certifying that all UCC financing statements (including
fixtures filings, as applicable) or other appropriate filings, recordings or registrations, have been filed of record in each governmental,
municipal or other appropriate office in each jurisdiction identified in the Collateral Questionnaire or pursuant to clause (i)
above to the extent necessary to perfect the security interests under the Collateral Documents for a period of not less than eighteen
(18) months after the date of such certificate (except as noted therein with respect to any continuation statements to be filed
within such period);

 

(n) any
management letter delivered to management of any Loan Party by an independent registered public accounting firm; and

 

(o) any
and all material information and/or documentation regarding any potential merger, acquisition or Change of Control transaction
contemplated by any Loan Party, provided that the provision of any such information shall not be deemed to be a consent
to any such merger or Change of Control transaction or a cure or waiver of any Event of Default which occurs in connection with
such merger or Change of Control transaction, it being understood that such Event of Default may only be waived with the express
consent of Required Lenders.

 

Section 6.04 Environmental
Matters. (a) (i) Comply and cause each of its Subsidiaries and take all commercially reasonable efforts to cause all lessees
and other Persons operating or occupying any real property owned or leased by the Loan Parties to comply, in all material respects,
with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew, and cause each of its Subsidiaries to
obtain, maintain and timely renew, all Environmental Permits required under Environmental Laws for its operations and properties;
and (iii) conduct, and cause each of its Subsidiaries to conduct, any investigation, study, sampling and testing, and undertake
any cleanup, removal, remedial or other action required to remove and clean up all releases or threatened releases of Hazardous
Materials from any of its properties, as required under, and in accordance with the requirements of all Environmental Laws; provided,
however, that none of the Loan Parties shall be required to undertake any such cleanup, removal, remedial or other action to
the extent that its obligation to do so is being contested in good faith and by proper proceedings and, to the extent required
by GAAP, appropriate reserves are being maintained with respect to such circumstances.

 

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(b) Environmental
Reporting Requirements. Promptly, and in any event within ten (10) Business Days, after a Responsible Officer obtains knowledge
thereof, notify the Administrative Agent of or, deliver to the Administrative Agent, for further distribution to each Lender copies
of any and all material, non-privileged written communications and material, non-privileged documents concerning:

 

(i) any Environmental
Action against or of any non-compliance by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental
Permit that would (1) reasonably be expected to result in a liability to any Loan Party in excess of $100,000 or (2) cause any
Mortgaged Properties to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental
Law;

 

(ii) to the
extent any of the following is reasonably expected to result in a liability to any Loan Party in excess of $100,000: (1) any occurrence
of any release or threatened release of Hazardous Materials required to be reported to any Governmental Authority under applicable
Environmental Law, (2) any remedial actions taken by any Loan Party or its Subsidiaries in respect of any such release or threatened
release that could reasonably be expected to result in an Environmental Action or (3) the Loan Parties’ discovery of any
occurrence of or condition on any real property adjoining or in the vicinity of any site or facility that would be reasonably expected
to cause such site or facility or any part thereof to be subject to any restrictions on the ownership, occupancy, transferability
or use thereof under any Environmental Laws;

 

(iii) to the
extent reasonably expected to result in a liability to any Loan Party in excess of $100,000, any action proposed to be taken by
any Loan Party to modify current operations in a manner that would reasonably be expected to subject the Loan Parties to any material
additional obligations or requirements under Environmental Laws;

 

(iv) copies
of all material environmental reports or audits (whether produced by any Loan Party or any third party or Governmental Authority)
and any Phase I or Phase II reports in respect of any sites or real property owned, leased or operated by any Loan Party that are
in possession or control of any Loan Party;

 

(v) to the
extent any of the following is reasonably expected to result in a liability to any Loan Party in excess of $100,000: copies of
any and all material, non-privileged written communications with respect to (A) any Environmental Action, (B) any release or threatened
release or non-compliance with any Environmental Law required to be reported to any Governmental Authority and (C) any request
for information from a Governmental Authority that suggests such Governmental Authority is investigating the potential responsibility
of any Loan Party as a potentially responsible party;

 

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(vi) the good
faith belief that a release of Hazardous Materials, or a violation of Environmental Law reasonably likely to result in a fine or
penalty in excess of $100,000, has occurred on or after the Closing Date, and within sixty (60) days after such request and at
the expense of Borrower, any additional environmental site assessment reports for any of its or its Subsidiaries’ properties
described in such request prepared by an environmental consulting firm acceptable to the Administrative Agent, indicating the presence
or absence of such Hazardous Materials and the estimated cost of any compliance, removal or remedial action in connection with
any such Hazardous Materials on such properties; without limiting the generality of the foregoing, if the Administrative Agent
reasonably determines at any time that a material risk exists that any such report will not be provided within the time referred
to above, the Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of Borrower,
and Borrower hereby grants and agrees to cause any Subsidiary that owns any property described in such request to grant at the
time of such request to the Administrative Agent, the Lenders, such firm and any agents or representatives thereof, the right,
subject to the rights of tenants, to enter onto their respective properties to undertake such an assessment; and

 

(vii) any such
other documents and information as the Administrative Agent may reasonably request from time to time.

 

Section 6.05 Maintenance
of Existence. (a) Preserve, renew and maintain in full force and effect its legal existence, structure and name under the Laws
of the jurisdiction of its organization and (b) take all commercially reasonable action to maintain all rights, privileges (including
its good standing), permits, licenses and franchises necessary or desirable in the normal conduct of its business, except pursuant
to a transaction permitted by Section 7.04 and Section 7.05.

 

Section 6.06 Maintenance
of Properties. Maintain, preserve and protect all of its material properties and equipment that are used or useful in the operation
of its business in good working order, repair and condition, ordinary wear and tear excepted and casualty or condemnation excepted,
and make all commercially reasonable and appropriate repairs, renewals, replacements, modifications, improvements, upgrades, extensions
and additions thereof except where failure to do so would not reasonably be expected to materially adversely affect the use of
the related property.

 

Section 6.07 Maintenance
of Insurance. Maintain or cause to be maintained, with financially sound and reputable insurers, (i) business interruption
insurance reasonably satisfactory to Administrative Agent, and (ii) casualty insurance, such public liability insurance, third
party property damage insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses
of Parent and its Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established
reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles,
covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. Without limiting the generality
of the foregoing, Parent and its Subsidiaries will maintain or cause to be maintained (a) flood insurance with respect to each
Flood Hazard Property that is located in a community that participates in the National Flood Insurance Program, in each case in
compliance with any applicable regulations of the Board of Governors of the Federal Reserve System, and (b) replacement value casualty
insurance on the Collateral under such policies of insurance, with such insurance companies, in such amounts, with such deductibles,
and covering such risks as are at all times carried or maintained under similar circumstances by Persons of established reputation
engaged in similar businesses. Each such policy of insurance shall (i) name Collateral Agent, on behalf of Lenders as an additional
insured thereunder as its interests may appear, and (ii) in the case of each casualty insurance policy, contain a loss payable
clause or endorsement, satisfactory in form and substance to Collateral Agent, that names Collateral Agent, on behalf of Secured
Parties as the loss payee thereunder and provides for at least thirty (30) days’ prior written notice to Collateral Agent
of any modification or cancellation of such policy. The Administrative Agent agrees that as of the Closing Date, the insurance
coverages of Borrower and each other Loan Party complies with the terms of this Section.

 

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Section 6.08 Compliance
with Laws. Comply with the requirements of all Laws and all orders, writs, injunctions, decrees and judgments applicable to
it or to its business or property, except where such non-compliance is not, either individually or in the aggregate, reasonably
likely to have a Material Adverse Effect.

 

Section 6.09 Books
and Records. Maintain proper books of record and account, in which entries that are full, true and correct in all material
respects and as are sufficient to permit the preparation of financial statements in conformity with GAAP consistently applied shall
be made of all material financial transactions and matters involving the assets and business of the Loan Parties, as the case may
be.

 

Section 6.10 Inspection
Rights/Lender Meetings. (a) Permit representatives of the Administrative Agent to visit and inspect any properties of the Loan
Parties and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all
at the reasonable expense of Borrower and at such reasonable times during normal business hours and as often as may be reasonably
desired, upon reasonable advance notice to Borrower, subject to such representative being subject to the supervision of Borrower’s
personnel; provided, however, that the Administrative Agent shall not exercise such rights more than four (4) times during
any Fiscal Year absent the occurrence of an Event of Default.

 

(b) Borrower
will (or Parent, as applicable), schedule one (1) telephonic or, at the discretion of the Administrative Agent, in-person conference
per Fiscal Quarter among the Administrative Agent, the Lenders and the chief financial officer and chief executive officer of Parent
to be held at Parent’s corporate offices (or at such other location as may be agreed to by Borrower and Administrative Agent)
at such time as may be agreed to by Borrower and Administrative Agent.

 

Section 6.11 Covenant
to Guarantee Obligations and Give Security. Upon (x) the formation or acquisition of any new direct or indirect Subsidiaries
by any Loan Party or (y) the acquisition of any property by any Loan Party (it being understood that, in the case of real property
under the foregoing clauses (x) and (y), only the requirements of Section 6.11(g), which requirements shall apply only to Material
Owned Property, Section 6.11(b) and Section 6.11(f) shall apply), and such property, in the sole judgment of the Collateral Agent,
shall not already be subject to a perfected first priority security interest in favor of the Collateral Agent for the benefit of
the Secured Parties, then each Loan Party shall, in each case at such Loan Party’s expense:

 

(a) in connection
with the formation or acquisition of a Subsidiary, within thirty (30) days after such formation or acquisition (or such longer
period as the Collateral Agent may agree in its sole discretion), cause each such Subsidiary that is required to be a Guarantor
pursuant to the Collateral and Guarantee Requirement, to duly execute and deliver to the Collateral Agent a guaranty or guaranty
supplement, in form and substance reasonably satisfactory to the Collateral Agent, guaranteeing the other Loan Parties’ Obligations
under the Loan Documents;

 

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(b) within
thirty (30) days after (or such longer period as the Collateral Agent may agree in its sole discretion) such formation or acquisition,
furnish to the Collateral Agent a description of the Material Owned Properties and material personal properties of such Subsidiary
that is required to become a Guarantor under the Collateral and Guarantee Requirement or the Material Owned Property and personal
properties so acquired, in each case in detail reasonably satisfactory to the Collateral Agent;

 

(c) within
thirty (30) days after (or such longer period as the Collateral Agent may agree in its sole discretion) (i) acquisition of property
by any Loan Party, duly execute and deliver, and cause each Loan Party to duly execute and deliver, to the Collateral Agent such
additional pledges, assignments, Security Agreement Supplements, Securities Pledge Agreement Supplements, Intellectual Property
Security Agreement Supplements and other security agreements (which, to the extent applicable and if relating to the type of Collateral
the granting of a security interest in which can be effected through the execution of a joinder agreement or supplement to the
Securities Pledge Agreement (a “Securities Pledge Agreement Supplement”), a joinder agreement or supplement
to the Security Agreement (a “Security Agreement Supplement”) or a joinder agreement or supplement to the Intellectual
Property Security Agreement (an “Intellectual Property Security Agreement Supplement”) shall be effected in
such manner), as specified by, and in form and substance reasonably satisfactory to the Collateral Agent, in each case securing
payment of all the Obligations of such Loan Party under the Loan Documents and granting Liens on all such properties and (ii) such
formation or acquisition of any new Subsidiary that is required to become a Guarantor under the Collateral and Guarantee Requirement,
duly execute and deliver and cause such Subsidiary that is required to become a Guarantor under the Collateral and Guarantee Requirement
and each Loan Party acquiring Equity Interests in such Subsidiary to duly execute and deliver to the Collateral Agent pledges,
assignments, Security Agreement Supplements, Intellectual Property Security Agreement Supplements and other security agreements
(which, to the extent applicable and if relating to the type of Collateral the granting of a security interest in which can be
effected through the execution of a Security Agreement Supplement or Intellectual Security Agreement Supplement shall be effected
in such manner) as specified by, and in form and substance reasonably satisfactory to, the Collateral Agent, in each case securing
payment of all of the Obligations of such Subsidiary or Loan Party, respectively, under the Loan Documents and granting Liens on
all properties of such new Subsidiary;

 

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(d) within
thirty (30) days (or such longer period as the Collateral Agent may agree in its sole discretion) after such formation or acquisition,
take, and cause each Loan Party and each newly acquired or newly formed Subsidiary that is required to become a Guarantor under
the Collateral and Guarantee Requirement to take or cause to be taken, whatever action (including, without limitation, the filing
of Uniform Commercial Code financing statements, the giving of notices and the endorsement of notices on title documents) as may
be necessary or advisable in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative
of the Collateral Agent designated by it) valid, perfected (subject to the Collateral and Guarantee Requirement) Liens on the properties
purported to be subject to the pledges, assignments, Security Agreement Supplements, Intellectual Property Security Agreement Supplements
and security agreements delivered pursuant to this Section 6.11, enforceable against all third parties in accordance with their
terms;

 

(e) within
thirty (30) days (or such longer period as the Collateral Agent may agree in its sole discretion) after such formation or acquisition,
deliver to the Collateral Agent, upon the request of the Collateral Agent in its sole discretion, a signed copy of a favorable
opinion in customary form, addressed to the Collateral Agent and the other Secured Parties, of counsel for the Loan Parties reasonably
acceptable to the Collateral Agent addressing such matters as the Collateral Agent may reasonably request;

 

(f) at any
time and from time to time, promptly execute and deliver, and cause each Loan Party and each newly acquired or newly formed Subsidiary
that is required to become a Guarantor under the Collateral and Guarantee Requirement to execute and deliver, any and all further
instruments and documents and take, and cause each Loan Party and each newly acquired or newly formed Subsidiary that is required
to become a Guarantor under the Collateral and Guarantee Requirement to take, all such other action as the Collateral Agent may
deem reasonably necessary or desirable to satisfy the Collateral and Guarantee Requirement in obtaining the full benefits of, or
in perfecting and preserving the Liens granted pursuant to (as applicable), such guaranties, Mortgages, pledges, assignments, Security
Agreement Supplements, Intellectual Property Security Agreement supplements and security agreements; and

 

(g) after
the Closing Date, promptly within sixty (60) days after (x) the acquisition of any Material Owned Property by any Loan Party or
(y) the formation or acquisition of any new direct or indirect Subsidiaries that owns any Material Owned Property, in each case
if such Material Owned Property shall not already be subject to a perfected Lien pursuant to the Collateral and Guarantee Requirement,
Borrower shall give notice thereof to the Administrative Agent and promptly thereafter shall cause such real property to be subjected
to a Lien to the extent required by the Collateral and Guarantee Requirement, and otherwise satisfy the Collateral and Guarantee
Requirement with respect to such real property, and will take, or cause the relevant Loan Party to take, such actions as shall
be necessary or reasonably requested by the Administrative Agent or the Collateral Agent to grant and perfect or record such Lien.

 

Section 6.12 Use
of Proceeds. The proceeds of the Term Loan shall be used to (i) repay the Existing Credit Facility and (ii) repay fees
and expenses associated with the Transaction.

 

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Section 6.13 Further
Assurances. At any time or from time to time upon the request of Administrative Agent or Collateral Agent, each Loan Party
will, at its expense:

 

(a) correct,
and cause each of its Subsidiaries promptly to correct, any material defect or error that may be discovered in any Loan Document
or in the execution, acknowledgment, filing or recordation thereof;

 

(b) do,
execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds,
conveyances, pledge agreements, Mortgages, deeds of trust, trust deeds, assignments, financing statements and continuations thereof,
termination statements, notices of assignment, transfers, certificates, collateral access agreements, assurances and other instruments
as any Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to (i) carry out
more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable Law, subject any Loan Party’s
or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered
by any of the Collateral Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral
Documents and any of the Liens intended to be created thereunder and (iii) assure, convey, grant, assign, transfer, preserve, protect
and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured
Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party
or any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so;

 

(c) use
commercially reasonable efforts to cause any third parties to deliver or cause to be delivered such documents and instruments necessary
to create, perfect and protect the security interests of the Secured Parties in the Collateral, subject to the express limitations
of the Collateral and Guarantee Requirement; and

 

(d) use
commercially reasonable efforts to obtain the applicable consents to security interests in assets in which the granting of a security
interest is prohibited by applicable law or agreements containing anti-assignment clauses (it being understood that the Loan Parties
shall not be required to commence litigation or expend any sums of money (except reasonable expenses in obtaining such consents)
to obtain such consents).

 

Section 6.14 Taxes.
(a) Pay and discharge, and will cause each of its Subsidiaries to pay and discharge, all Taxes, assessments and governmental charges
or levies imposed upon it or upon its income or profits, or upon any properties belonging to it, in each case on a timely basis,
which, if unpaid when due and payable, may reasonably be expected to become a tax Lien upon any properties of the Loan Parties
not otherwise permitted under this Agreement; provided that no Loan Party shall be required to pay any such Tax, assessment,
charge, levy or claim which is being contested in good faith and by proper proceedings if it has maintained adequate reserves with
respect thereto in accordance with GAAP unless and until any tax Lien resulting therefrom attaches to its property and becomes
enforceable against its other creditors.

 

(b) With
respect to Parent, be classified as a corporation for United States federal income tax purposes.

 

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Section 6.15 End
of Fiscal Years; Fiscal Quarters. Cause (i) its Fiscal Year to end on or about December 31 of each calendar year and (ii) its
Fiscal Quarters to end on or about March 31, June 30, September 30 and December 31 of each calendar year, in each case unless otherwise
approved by the Administrative Agent.

 

Section 6.16 ERISA.
Deliver to the Administrative Agent:

 

(a) ERISA
Events and ERISA Reports (i) promptly and in any event within ten (10) days after any Loan Party, any Subsidiary or any ERISA
Affiliate knows or has reason to know that any ERISA Event has occurred, a statement of a Responsible Officer of Borrower describing
such ERISA Event and the action, if any, that such Loan Party, such Subsidiary or such ERISA Affiliate has taken and proposes to
take with respect thereto and (ii) within ten (10) days of the date any records, documents or other information must be furnished
to the PBGC with respect to any Plan pursuant to Section 4010 of ERISA, a copy of such records, documents and information;

 

(b) Plan
Terminations. Promptly and in any event within two (2) Business Days after receipt thereof by any Loan Party or any ERISA Affiliate,
copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any
Plan.

 

(c) Plan
Annual Reports. Promptly and in any event within thirty (30) days after the filing thereof with the Internal Revenue Service,
copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with respect to each Plan.

 

(d) Multiemployer
Plan Notices. Promptly and in any event within five (5) Business Days after receipt thereof by any Loan Party, any Subsidiary
or any ERISA Affiliate from the sponsor of a Multiemployer Plan, copies of each notice concerning (i) the imposition of Withdrawal
Liability by any such Multiemployer Plan, (ii) the reorganization or termination, or a determination that such Multiemployer Plan
is in endangered or critical status, within the meaning of Title IV of ERISA, of any such Multiemployer Plan or (iii) the amount
of liability incurred, or that may be incurred, by such Loan Party, such Subsidiary or such ERISA Affiliate in connection with
any event described in clause (i) or (ii).

 

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Section 6.17 Board
Observer Rights. Parent and its Subsidiaries shall permit the Administrative Agent on behalf of all of the Lenders (the “Observer”)
to attend and observe (but not vote) at all meetings of Parent’s (or any Subsidiary’s, as applicable) board of directors
or similar governing body (the “Board”) or any committee thereof (each a “Committee”), whether
in person, by telephone or otherwise as requested by the Observer. Parent and such Subsidiaries shall notify the Observer in writing
at the same time as furnished to members of the applicable Board or Committee of (i) the date and time for each general or special
meeting of any such Board or Committee and (ii) the adoption of any resolutions or actions by any such Board or any such Committee
by written consent (describing, in reasonable detail, the nature and substance of such action). Parent and each of its Subsidiaries
shall concurrently deliver to the Observer all notices and any materials delivered to the official members of such Board or Committee
in connection with a meeting or action to be taken by written consent, including a draft of any material resolutions or actions
proposed to be adopted by written consent. Notwithstanding the foregoing, the Observer shall not be entitled to receive materials
relating to, or be in attendance for any discussions relating to topics which (x) are subject to attorney client privilege, or
(y) present a conflict of interest for the Observer. All such discussions and materials shall be subject to the confidentiality
provisions set forth in Section 10.08. Borrower shall reimburse the Observer for all reasonable out-of-pocket costs and expenses
incurred in connection with its participation in any such meeting.

 

Section 6.18 Post-Closing
Obligations. Within the time periods specified on Schedule 6.18 (as each may be extended by the Administrative Agent in its
reasonable discretion), complete such undertakings as are set forth on Schedule 6.18.

 

Section 6.19 [Reserved].

 

Section 6.20 Fit
Pay. To the extent Fit Pay has not been Disposed of pursuant to Section 7.05(g) and is still a Subsidiary of Parent after the
date which is sixty (60) days after the Closing Date (“Fit Pay Trigger Date”), Borrower shall:

 

(a) cause
Fit Pay (or any Subsidiary of Parent that has acquired the assets of Fit Pay) to become a Guarantor and deliver each of the agreements
set forth in Section 6.11;

 

(b) from
and after the Fit Pay Trigger Date until the Disposition of Fit Pay (or any Subsidiary of Parent that has acquired the assets of
Fit Pay), provide updates to the Agents on every Friday with respect to the status of the process to Dispose of Fit Pay (or any
Subsidiary of Parent that has acquired the assets of Fit Pay);

 

(c) within
ten (10) days after the Fit Pay Trigger Date (i) retain a financial advisor acceptable to the Agents to assist with the Disposition
of Fit Pay (or any Subsidiary of Parent that has acquired the assets of Fit Pay) on terms and conditions satisfactory to the Agents
and (ii) deliver to the Agents a fully executed copy of such engagement letter;

 

(d) within
thirty (30) days after the Fit Pay Trigger Date, (i) enter into a letter of intent with a third party buyer with respect to the
Disposition of Fit Pay (or any Subsidiary of Parent that has acquired the assets of Fit Pay) and (ii) deliver the Agents a fully
executed copy of such letter of intent;

 

(e) within
sixty (60) days after the Fit Pay Trigger Date, deliver to the Agents draft purchase and sale agreements with respect to the Disposition
of Fit Pay (or any Subsidiary of Parent that has acquired the assets of Fit Pay); and

 

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(f) within
ninety (90) days after the Fit Pay Trigger Date, consummate the Disposition of Fit Pay and prepay the Term Loan in accordance with
Section 2.02(b)(ii) with the Net Cash Proceeds of such Disposition of Fit Pay (or any Subsidiary of Parent that has acquired the
assets of Fit Pay); provided that the Administrative Agent shall have received satisfactory evidence that in connection
with the Disposition of Fit Pay (i) all obligations of any Loan Party with respect to the Fit Pay Earnout, Fit Pay Merger Agreement,
the Promissory Note and the Series C Designation have been assigned and transferred from such Loan Party to a Person that is not
a Loan Party nor a Subsidiary of the Borrower and (ii) after the consummation of the assignments, amendments and transfers referred
to in the preceding clause (i), the Loan Parties are no longer party to, or obligated with respect to, any of the Fit Pay Earnout,
Fit Pay Merger Agreement, the Promissory Note and the Series C Designation.

 

(g) Notwithstanding
the foregoing, if, on or before the Fit Pay Trigger Date, Fit Pay shall have received cash equity contributions in an amount equal
to or greater than $2,000,000, the time periods included in Sections 6.20(c), (d), (e) and (f) above shall be extended by forty-five
(45) days from the date on which such cash equity contributions are received by Fit Pay; provided that, such cash equity
contributions shall not be made to Fit Pay by Parent, Borrower or any other Loan Party.

 

Section 6.21 PERS.
On or before January 1, 2020, Borrower shall identify in writing to the Administrative Agent a U.S.-based manufacturer of PERS
and such Person shall have been engaged by Borrower and produced a commercial amount of PERS for Borrower, in each case acceptable
to the Administrative Agent.

 

ARTICLE
VII

 

Negative
Covenants

 

So long as any Lender
shall have any Term Loan Commitment hereunder, any portion of the Term Loan or other Obligation hereunder which is accrued and
payable shall remain unpaid or unsatisfied, Borrower shall not, nor shall Borrower permit any Loan Party to, directly or indirectly:

 

Section 7.01 Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues (including accounts receivable),
whether now owned or hereafter acquired, other than the following:

 

(a) Liens
pursuant to any Loan Document;

 

(b) Liens
existing on the date hereof and listed on Schedule 7.01;

 

(c) Liens
for taxes, assessments or governmental charges which are not overdue for a period of more than forty-five (45) days or which are
being contested in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books
of the applicable Person to the extent required in accordance with GAAP;

 

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(d) statutory
or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, suppliers, construction contractors
or other like Liens arising in the ordinary course of business which secure amounts not overdue for a period of more than forty
five (45) days or if more than forty five (45) days overdue, are unfiled (or if filed have been discharged or stayed) and no other
action has been taken to enforce such Lien or which are being contested in good faith, if adequate reserves with respect thereto
are maintained on the books of the applicable Person to the extent required in accordance with GAAP;

 

(e) (i)
pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and
other social security legislation, (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement
or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of)
insurance carriers providing property, casualty or liability insurance to the Loan Parties and (iii) Liens securing the financing
of insurance premiums (to the extent such Liens extend to the unearned premiums for such insurance);

 

(f) deposits
to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed money),
statutory obligations, surety, stay, indemnity, customs and appeal bonds, performance bonds and other obligations of a like nature
(including those to secure health, safety and environmental obligations) incurred in the ordinary course of business;

 

(g) easements,
rights-of-way, covenants, conditions, restrictions, encroachments, and other survey defects protrusions and other similar encumbrances
and minor title defects affecting real property which were not incurred in connection with Indebtedness and do not in any case
materially and adversely interfere with the use of the property encumbered thereby for its intended purposes;

 

(h) Liens
securing Indebtedness permitted under Section 7.03(c); provided that (i) such Liens attach concurrently with or within one
hundred twenty (120) days after the acquisition, or the completion of the construction, repair, replacement or improvement (as
applicable) of the property subject to such Liens, (ii) such Liens do not at any time encumber any property other than the property
financed by such Indebtedness, replacements thereof and additions and accessions to such property and the proceeds and the products
thereof and customary security deposits, and (iii) with respect to Capital Leases, such Liens do not at any time extend to or cover
any assets (except for additions and accessions to such assets, replacements and products thereof and customary security deposits)
other than the assets subject to such Capital Leases;

 

(i) Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks or other financial
institutions not given in connection with the incurrence of Indebtedness, (ii) relating to pooled deposit or sweep accounts of
the Loan Parties or any Subsidiary (so long as such Subsidiary remains a Subsidiary) to permit satisfaction of overdraft or similar
obligations incurred in the ordinary course of business of the Loan Parties or such Subsidiary or (iii) relating to purchase orders
and other agreements entered into with customers of the Loan Parties in the ordinary course of business;

 

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(j) Liens
arising from precautionary Uniform Commercial Code financing statement filings regarding leases entered into by Borrower in the
ordinary course of business;

 

(k) any
zoning, land-use or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of
any real property; and

 

(l) the
modification, replacement, renewal or extension of any Lien permitted by clause (b) of this Section 7.01; provided that
(i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated
into the property covered by such Lien or financed by Indebtedness permitted under Section 7.03, and (B) proceeds and products
thereof; and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section
7.03.

 

Section 7.02 Investments.
Make any Investments, except:

 

(a) Investments
in cash and Cash Equivalents;

 

(b) equity
Investments owned as of the Closing Date in any Subsidiary and Investments made by Parent after the Closing Date in Borrower and
any wholly-owned Guarantor Subsidiary (including, without limitation, with proceeds of issuances of the Equity Interests of Parent);

 

(c) intercompany
loans to the extent permitted by Section 7.03(h);

 

(d) to the
extent constituting Investments, Liens, Indebtedness, fundamental changes, Dispositions and Restricted Payments expressly permitted
under Section 7.01, Section 7.03, Section 7.05 and Section 7.06, respectively; provided, however, that no Investments may
be made solely pursuant to this Section 7.02(d); and

 

(e) Investments
existing on the date hereof and disclosed on Schedule 7.02 and Investments consisting of any modification, replacement, renewal,
reinvestment or extension of any such Investment existing on the date hereof; provided that the amount of any Investment
permitted pursuant to this Section 7.02(e) is not increased from the amount of such Investment on the Closing Date.

 

Section 7.03 Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness, except the following, without duplication (which constitutes “Permitted
Indebtedness”):

 

(a) Obligations
of the Loan Parties under the Loan Documents;

 

(b) Surviving
Indebtedness listed on Schedule 7.03, but not any extensions, renewals or replacements of such Indebtedness except (i) renewals
and extensions expressly provided for in the agreements evidencing any such Indebtedness as the same are in effect on the date
of this Agreement and (ii) refinancings and extensions of any such Indebtedness if the terms and conditions thereof are not less
favorable to the obligor thereon or to the Lenders than the Indebtedness being refinanced or extended, and the average life to
maturity thereof is greater than or equal to that of the Indebtedness being refinanced or extended; provided, such Indebtedness
permitted under the immediately preceding clause (i) or (ii) above shall not (A) include Indebtedness of an obligor that was not
an obligor with respect to the Indebtedness being extended, renewed or refinanced, (B) exceed in a principal amount the Indebtedness
being renewed, extended or refinanced, or (C) be incurred, created or assumed if any Default or Event of Default has occurred and
is continuing or would result therefrom;

 

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(c) Indebtedness
with respect to Capital Leases and purchase money Indebtedness in an amount not to exceed $100,000 in the aggregate at any time
outstanding; provided that any such Indebtedness (x) in the case of additional Capital Leases or purchase money Indebtedness,
shall be secured by the asset subject to such additional Capital Leases or acquired asset in connection with the incurrence of
such Indebtedness, as the case may be, and (y) in the case of purchase money Indebtedness, shall constitute not less than 75% of
the aggregate consideration paid with respect to such asset;

 

(d) Indebtedness
in respect of Swap Contracts designed to hedge against interest rates, foreign exchange rates or commodities pricing risks incurred
in the ordinary course of business and not for speculative purposes;

 

(e) Indebtedness
incurred by Borrower in respect of letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar
instruments issued or created in the ordinary course of business, including in respect of workers compensation claims, health,
disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with
respect to reimbursement-type obligations regarding workers compensation claims;

 

(f) Indebtedness
incurred by Borrower in respect of accounts payable to trade creditors for goods and services and current operating liabilities
(not the result of the borrowing of money) incurred in the ordinary course of business in accordance with customary terms and paid
within the specified time, unless contested in good faith by appropriate proceedings and reserved for substantially in accordance
with GAAP;

 

(g) Indebtedness
consisting of guarantees resulting from endorsement of negotiable instruments for collection by Borrower in the ordinary course
of business.

 

(h) Indebtedness
of (i) Parent to any Guarantor Subsidiary, (ii) any Guarantor Subsidiary to any other Guarantor Subsidiary and (iii) any Guarantor
Subsidiary to Parent; provided, (x) all such Indebtedness shall be evidenced by promissory notes and all such notes shall
be subject to a first priority Lien pursuant to the Collateral Documents and (y) all such Indebtedness shall be unsecured and subordinated
in right of payment to the payment in full of the Obligations pursuant to the terms of the applicable promissory notes or an intercompany
subordination agreement that in any such case, is reasonably satisfactory to the Administrative Agent;

 

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(i) prior
to the Disposition of Fit Pay, Indebtedness consisting of the Fit Pay Earnout;

 

(j) unsecured
subordinated Indebtedness; provided that, all such Indebtedness under this clause (j) shall be subject to one or more subordination
agreements, each in form and substance satisfactory to the Collateral Agent.

 

Section 7.04 Fundamental
Changes. Wind-up, liquidate or dissolve or merge, consolidate or amalgamate with or into another Person, including by means
of a “plan of division” under the Delaware Limited Liability Company Act or any comparable transaction under any similar
law or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now
owned or hereafter acquired) to or in favor of any Person, except:

 

(a) Dispositions
pursuant to Section 7.05; and

 

(b) any
Guarantor Subsidiary may be merged with or into any other Guarantor Subsidiary, or be liquidated, wound up or dissolved, or all
or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction
or a series of transactions, to any Guarantor Subsidiary.

 

Section 7.05 Dispositions.
Make any Disposition or enter into any agreement to make any Disposition, except:

 

(a) Dispositions
of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and Dispositions
of property no longer used or useful in the conduct of the business of Borrower;

 

(b) Dispositions
of inventory and immaterial assets in the ordinary course of business (including allowing any registrations or any applications
for registration of any immaterial Intellectual Property to lapse or go abandoned in the ordinary course of business);

 

(c) Dispositions
permitted by Section 7.02, Section 7.04, Section 7.06 and Section 7.13 and Liens permitted by Section 7.01;

 

(d) Dispositions
in the ordinary course of business of cash and Cash Equivalents;

 

(e) Dispositions,
the proceeds of which are less than $100,000 in any Fiscal Year;

 

(f) Dispositions
resulting from Casualty Events; provided that the Net Cash Proceeds thereof shall be applied in accordance with the requirements
of Section 2.02(b)(iii); and

 

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(g) so long
as no Event of Default has occurred and is continuing or would result therefrom, Disposition of Fit Pay; provided that (i)
any such Disposition is the result of an arm’s length transaction between sophisticated business people, ably represented
by counsel and (ii) the Administrative Agent shall have received satisfactory evidence that in connection with the Disposition
of Fit Pay (i) all obligations of any Loan Party with respect to the Fit Pay Earnout, Fit Pay Merger Agreement, the Promissory
Note and the Series C Designation have been satisfied or assigned and transferred from such Loan Party to a Person that is not
a Loan Party nor a Subsidiary of the Borrower and (ii) after the consummation of the assignments, amendments and transfers referred
to in the preceding clause (i), the Loan Parties are no longer party to, or obligated with respect to, any of the Fit Pay Earnout,
Fit Pay Merger Agreement, the Promissory Note and the Series C Designation.

 

Section 7.06 Restricted
Payments. Declare or make, directly or indirectly, any Restricted Payment, except:

 

(a) any
Subsidiary may make Restricted Payments to Borrower;

 

(b) to the
extent constituting Restricted Payments, the Loan Parties may enter into and consummate transactions expressly permitted by any
provision of Section 7.02 or Section 7.08;

 

(c) Restricted
Payments made by Borrower to Parent with the proceeds of Retained ECF; provided that at the time of such Restricted Payment
and after giving effect thereto (i) no Event of Default shall have occurred and is continuing and (ii) Borrower is in pro forma
compliance with the financial covenants set forth in Section 7.13; provided, further, that any such payments made
pursuant to this Section 7.06(c) shall not in the aggregate exceed $125,000 in any calendar month (or, if the Leverage Ratio as
of the last day of the most recently ended calendar month of Borrower is less than 1.00 to 1.00, $250,000 in a calendar month);

 

(d) distributions
with respect to Parent’s Equity Interests or any management incentive plan, in each case, payable solely in shares of its
Qualified Equity Interests (or the equivalent thereof) and not payable in cash or Cash Equivalents; provided, so long as
no Event of Default has occurred and is continuing or would result therefrom, distributions in cash solely to pay any cash tax
liability associated with such non-cash distribution received in connection with any management incentive plan shall be permitted
in aggregate amounts not to exceed such cash tax liability;

 

(e) the
Parent’s purchase, redemption, retirement, or other acquisition of shares of its Equity Interests with the proceeds received
from a substantially concurrent issue of new shares of its Qualified Equity Interests;

 

(f) Fit
Pay may make Restricted Payments to Parent; and

 

(g) prior
to the Disposition of Fit Pay, cash payments made by Parent to the holders of Parent’s Series C Non-Convertible Voting Preferred
Stock to pay dividends in such amounts and at such times as is specified in the Series C Designation; provided that (1)
at the time of such Restricted Payment and after giving effect thereto (i) no Event of Default shall have occurred and is continuing
and (ii) Borrower is in pro forma compliance with the financial covenants set forth in Section 7.13 and (2) such Restricted Payment
is made solely with the Net Cash Proceeds of an Excluded Equity Issuance.

 

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Section 7.07 Change
in Nature of Business. Except for the transactions contemplated by the Disposition of Fit Pay, engage in any line of business
other than those lines of business conducted by the Loan Parties on the Closing Date.

 

Section 7.08 Transactions
with Affiliates. Enter into any transaction of any kind with any Affiliate of Parent, whether or not in the ordinary course
of business, other than:

 

(a) transactions
on terms substantially as favorable to Parent or such Subsidiary as would be obtainable by Parent or such Subsidiary at the time
in a comparable arm’s-length transaction with a Person other than an Affiliate;

 

(b) the
Transaction, including entering into this Agreement and the Loan Documents, together with all agreements ancillary hereto or thereto;

 

(c) customary
compensation and indemnification of, and other employment arrangements with, directors, officers and employees of Parent and its
Subsidiaries in the ordinary course of business; and

 

(d) Restricted
Payments permitted under Section 7.06.

 

Section 7.09 Prepayments
of Certain Indebtedness; Modifications of Certain Indebtedness and Material Agreements. Except in each case as otherwise expressly
permitted by this Agreement:

 

(a) directly
or indirectly, voluntarily purchase, redeem, defease or prepay any principal of, premium, if any, interest or other amount payable
in respect of any Indebtedness prior to its scheduled maturity, other than (i) the Obligations and (ii) Indebtedness secured
by a Permitted Lien if the asset securing such Indebtedness has been sold or otherwise disposed of in accordance with Section 7.05;

 

(b) amend
or permit any amendments to, or terminate or waive any provision of, any Material Agreement if such amendment, termination, or
waiver would be adverse to the Lenders;

 

(c) amend
or permit any amendments to the Promissory Note in any manner that is adverse to the Lenders (which shall include, without limitation,
increases to the principal amount, increases to the interest rate thereof and shortening the timing for payments thereunder);

 

(d) directly
or indirectly, voluntarily or involuntarily purchase, redeem, defease, pay or prepay any principal of, premium, if any, interest
or other amount payable in respect of the Fit Pay Earnout on or prior to its scheduled maturity;

 

(e) except
in connection with the Disposition of Fit Pay, amend or permit any amendments to the Fit Pay Merger Agreement that affect the Fit
Pay Earnout in any manner that is adverse to the Lenders (which shall include, without limitation, increases to the Fit Pay Earnout
and shortening the timing for payments thereunder); and

 

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(f) prior
to the Disposition of Fit Pay, amend or permit any amendments to the Series C Designation in any manner that is adverse to the
Lenders (which shall include, without limitation, increases to the “Dividend Rate” as defined therein, increases to
the “Stated Value” as defined therein, shortening the timing for payments of dividends thereunder, and any other amendments
that have the effect of increasing the dividends or other amounts payable thereunder or accelerating the payment thereof).

 

Section 7.10 Negative
Pledge. Except as provided herein, create or otherwise cause or suffer to exist or become effective any consensual encumbrance
or restriction of any kind on the ability of any Subsidiary of Parent to (a) pay dividends or make any other distributions on any
of such Subsidiary’s Equity Interests owned by Parent or any other Subsidiary of Parent, (b) repay or prepay any Indebtedness
owed by such Subsidiary to Parent or any other Subsidiary of Parent, (c) make loans or advances to Borrower or any Subsidiary of
Parent, or (d) transfer any of its property or assets to Borrower or any other Subsidiary of Parent other than restrictions (i)
in agreements evidencing purchase money Indebtedness permitted by Section 7.03(c) that impose restrictions on the property so acquired,
(ii) by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses, joint
venture agreements and similar agreements entered into in the ordinary course of business, and (iii) that are or were created by
virtue of any transfer of, agreement to transfer or option or right with respect to any property, assets or Equity Interests not
otherwise prohibited under this Agreement.

 

Section 7.11 Amendments
to Constitutive Documents. Amend, or permit any of its Subsidiaries to amend its certificate of incorporation or bylaws or
other constitutive documents, in a manner adverse to the interests of the Lenders; provided that no such amendment shall
provide for any plan of division pursuant to Section 18-217 of the Delaware Limited Liability Company Act (or any similar statute
or provision under applicable law).

 

Section 7.12 Sale
Leasebacks. Permit or permit any of its Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a
guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter
acquired, which such Loan Party (a) has sold or transferred or is to sell or to transfer to any other Person or (b) intends to
use for substantially the same purpose as any other property which has been or is to be sold or transferred by such Loan Party
to any Person in connection with such lease.

 

Section 7.13 Financial
Covenants.

 

(a) Fixed
Charge Coverage Ratio. Borrower shall not permit the Fixed Charge Coverage Ratio as of the last day of any calendar month,
beginning with April 30, 2019, to be less than or equal to the correlative ratio indicated:

 

	
        Calendar

        Months
	 	
        Fixed
        Charge

        Coverage
        Ratio

	 	 	 
	Each calendar month ending April 30, 2019 through March 31, 2021	 	1.10:1.00
	 	 	 
	Each calendar month ending April 30, 2021 and each calendar month ending thereafter	 	1.25:1.00

 

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(b) Leverage
Ratio. Borrower shall not permit the Leverage Ratio as of the last day of any calendar month, beginning with June 30, 2019,
to exceed the correlative ratio indicated:

 

	
        Calendar

        Month
	 	
        Leverage

        Ratio

	 	 	 
	Each calendar month ending April 30, 2019 through January 31, 2020 	 	2.75:1.00
	 	 	 
	Each calendar month ending February 29, 2020 through May 31, 2020 	 	2.50:1.00
	 	 	 
	Each calendar month ending June 30, 2020 through September 30, 2020 	 	2.25:1.00
	 	 	 
	Each calendar month ending October 31, 2020 through December 31, 2020 	 	2.00:1.00
	 	 	 
	Each calendar month ending January 31, 2021 through April 30, 2021 	 	1.75:1.00
	 	 	 
	The calendar months ending May 31, 2021 and June 30, 2021	 	1.65:1.00
	 	 	 
	The calendar months ending July 31, 2021 and August 31, 2021	 	1.50:1.00
	 	 	 
	Each calendar month ending September 30, 2021 through February 28, 2022 	 	1.25:1.00
	 	 	 
	The calendar month ending March 31, 2022 and each calendar month ending thereafter	 	1.00:1.00

 

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(c) Certain
Calculations. With respect to any period during which a Disposition has occurred, for purposes of determining compliance with
the financial covenants set forth in this Section 7.13, Consolidated Adjusted EBITDA and the components of Consolidated Fixed Charges
shall be calculated with respect to such period on a pro forma basis (including pro forma adjustments approved by Administrative
Agent in its reasonable discretion) using the historical audited financial statements of any business sold or to be sold and the
consolidated financial statements of Parent and its Subsidiaries which shall be reformulated as if such Disposition, and any Indebtedness
repaid in connection therewith, had been consummated or repaid at the beginning of such period.

 

(d) Liquidity.
(i) Prior to the Disposition of Fit Pay, Borrower shall not permit Qualified Cash beginning with (A) April 30, 2019 through March
31, 2021, to be less than $750,000 at all times and (B) April 30, 2021 and thereafter, to be less than $1,000,000 at all times
and (ii) on and after the Disposition of Fit Pay, Borrower shall not permit Qualified Cash as of the last day of any calendar month,
beginning with (A) April 30 2019 through March 31, 2021, to be less than $750,000 and (B) April 30, 2021 and thereafter, to be
less than $1,000,000.

 

(e) VAMC
Sales. As of the last day of any Fiscal Quarter beginning with June 30, 2019, Borrower shall not permit total sales of the
Loan Parties to VAMC during the Fiscal Quarter most recently ended to be more than 25% less than the total sales of the Loan Parties
to VAMC during the corresponding Fiscal Quarter in the immediately preceding Fiscal Year as of the last day of such Fiscal Quarter.

 

Section 7.14 Activities
of Parent. Parent shall not engage in any business activities and shall not own any property
other than (a) ownership of 100% of the Equity Interests of its Subsidiaries, (b) activities and contractual rights incidental
to maintenance of its corporate existence and ownership of the Equity Interests of its Subsidiaries, and (c) the performance of
its obligations under (i) the Loan Documents to which it is a party, (ii) its Organization Documents, and (iii) customary indemnification
agreements with directors and officers of Parent entered into in the ordinary course of business.

 

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Section 7.15 Accounting
Changes. Make any change in (a) accounting policies or reporting practices, except as required by GAAP or (b) Fiscal Year.

 

Section 7.16 OFAC.
(a) Become a person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive
Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism (66 Fed. Reg. 49079 (2001)), (b) engage in any dealings or transactions prohibited by Section 2 of such executive
order, or is otherwise associated with any such person in any manner that violates Section 2 of such executive order or (c) become
a person on the list of “Specially Designated Nationals and Blocked Persons” or subject to blocking or specific trade
restrictions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or implementing executive
order.

 

Section 7.17 Officer
Compensation. Pay cash compensation in any Fiscal Year (a) to the chief executive officer of Borrower, in an aggregate amount
greater than $420,000, (b) to the chief financial officer of Borrower, in an aggregate amount greater than $300,000 and (c)
to the chief technology officer of Borrower, in an aggregate amount greater than $305,000.

 

Section 7.18 Deposit
Accounts and Securities Accounts. Except as expressly permitted pursuant to a Security Agreement, no Loan Party shall establish
or maintain a deposit account or a securities account that is not subject to a Control Agreement (as defined in the Security Agreement).

 

Section 7.19 Kathy
Neighbors. Without the prior written consent of the Administrative Agent, Borrower shall not (i) terminate the employment of
Kathy Neighbors nor (ii) permit Kathy Neighbors to cease to be a contractor or employee of Borrower unless a successor reasonably
acceptable to the Collateral Agent is appointed on terms reasonably acceptable to the Collateral Agent within 60 days of such cessation
of being a contractor or employee of Borrower.

 

ARTICLE
VIII

 

Events
of Default and Remedies

 

Section 8.01 Events
of Default. Any of the following events referred to in any of clauses (a) through (n) inclusive of this Section 8.01 shall
constitute an “Event of Default”:

 

(a) Non-Payment.
Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of the Term Loan (including, for
the avoidance of doubt, any mandatory prepayment under Section 2.02(b)) or (ii) within three (3) Business Days after the same becomes
due, any interest on Term Loan or any other amount payable hereunder or with respect to any other Loan Document; or

 

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(b) Specific
Covenants. Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.01, Section 6.02,
Section 6.03, Section 6.05, Section 6.06, Section 6.07, Section 6.08, Section 6.10, Section 6.11, Section 6.12, Section 6.14, Section
6.16, Section 6.17, Section 6.18, Section 6.20, Section 6.21 or Article VII; provided, however, that Borrower’s
failure to observe any term, covenant or agreement contained in Section 6.02(a), (b) or (e), Section 6.03(d), (e), (f), (g), (h),
(j), (n) or (o), or in Section 6.16 shall not be an Event of Default under this Section 8.01(b) if such failure is cured within
five (5) Business Days following the occurrence of such event; or

 

(c) Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or (b)
above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days after
receipt by Borrower of written notice thereof by the Administrative Agent or the Required Lenders; or

 

(d) Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any
Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith
shall be incorrect or misleading in any material respect when made or deemed made; or

 

(e) Cross-Default.
Any Loan Party or any Subsidiary (i) fails to make any payment beyond the applicable grace period with respect thereto, if any
(whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other
than Indebtedness hereunder) having an aggregate principal amount of not less than the Threshold Amount or (ii) fails to observe
or perform any other agreement or condition relating to any such Indebtedness, or any other event occurs, the effect of which default
or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder
or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due or
to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem
such Indebtedness to be made, prior to its stated maturity; or

 

(f) Involuntary
Bankruptcy; Appointment of Receiver, etc. (i) A court of competent jurisdiction shall enter a decree or order for relief in
respect of any Loan Party in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency
or similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under
any applicable federal or state law; or (ii) an involuntary case shall be commenced against any Loan Party under the Bankruptcy
Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order of a
court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other
officer having similar powers over any Loan Party, or over all or a substantial part of its property, shall have been entered;
or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of any Loan Party for
all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against
any substantial part of the property of any Loan Party, and any such event described in this clause (ii) shall continue for sixty
(60) days without having been dismissed, bonded or discharged; or

 

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(g) Voluntary
Bankruptcy; Appointment of Receiver, etc. (i) Any Loan Party shall have an order for relief entered with respect to it or shall
commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or
hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary
case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee
or other custodian for all or a substantial part of its property; or any Loan Party shall make any assignment for the benefit of
creditors; or (ii) any Loan Party shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its
debts as such debts become due; or the board of directors (or similar governing body) of any Loan Party (or any committee thereof)
shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or in Section 8.01(f);
or

 

(h) Judgments
and Attachments. Any money judgment, writ or warrant of attachment or similar process involving (i) in any individual case
an amount in excess of $100,000 or (ii) in the aggregate at any time an amount in excess of $250,000 (in either case to the extent
not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be
entered or filed against any Loan Party or any of their respective assets and shall remain undischarged, unvacated, unbonded or
unstayed for a period of sixty (60) days (or in any event later than five (5) days prior to the date of any proposed sale thereunder);
or

 

(i) Dissolution.
Any order, judgment or decree shall be entered against any Loan Party decreeing the dissolution or split up of such Loan Party
and such order shall remain undischarged or unstayed for a period in excess of thirty (30) days; or

 

(j) ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would reasonably be expected
to result in liability of any Loan Party under Title IV of ERISA in an aggregate amount which would reasonably be expected to exceed
the Threshold Amount, (ii) any Loan Party, Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any
applicable grace period, any installment payment with respect to its Withdrawal Liability under Section 4201 of ERISA under a Multiemployer
Plan in an aggregate amount which would reasonably be expected to exceed the Threshold Amount, or (iii) any Loan Party, Subsidiary
or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization
or is being terminated, within the meaning of Title IV of ERISA, and as a result of such reorganization or termination the aggregate
annual contributions of the Loan Parties, the Subsidiaries and the ERISA Affiliates to all Multiemployer Plans that are then in
reorganization or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for
the plan years of such Multiemployer Plans immediately preceding the plan year in which such reorganization or termination occurs
by an aggregate amount which would reasonably be expected to exceed the Threshold Amount; or

 

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(k) Invalidity
of Loan Documents. (i) Any material provision of any Loan Document, at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or thereunder or the satisfaction in full of all the Obligations, ceases to
be in full force and effect; (ii) any Loan Party contests in any manner the validity or enforceability of any provision of any
Loan Document; or (iii) any Loan Party denies that it has any or further liability or obligation under any Loan Document (other
than as a result of repayment in full of the Obligations and termination of the Aggregate Commitments), purports to revoke or rescind
any Loan Document or asserts that any Guarantee, Collateral Document or subordination provision in respect of any Indebtedness
in excess (in the aggregate) of the Threshold Amount is invalid or unenforceable; or

 

(l) Change
of Control. There occurs any Change of Control; or

 

(m) Guaranties,
Collateral Documents and other Loan Documents. At any time after the execution and delivery thereof, (i) the Guaranty for any
reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance
with its terms) or shall be declared to be null and void or any Guarantor shall repudiate its obligations thereunder, (ii) this
Agreement or any Collateral Document ceases to be in full force and effect (other than by reason of a release of Collateral in
accordance with the terms hereof or thereof or the satisfaction in full of the Obligations in accordance with the terms hereof)
or shall be declared null and void, or Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any
Collateral purported to be covered by the Collateral Documents with the priority required by the relevant Collateral Document,
in each case for any reason other than the failure of Collateral Agent or any Secured Party to take any action within its control,
or (iii) any Loan Party shall contest the validity or enforceability of any Loam Document in writing or deny in writing that it
has any further liability, including with respect to future advances by Lenders, under any Loan Document to which it is a party;
or

 

(n) Proceedings.
The indictment of any Loan Party or any of its Subsidiaries under any criminal statute, or commencement of criminal or civil proceedings
against any Loan Party or any of its Subsidiaries pursuant to which statute or proceedings the penalties or remedies sought or
available include forfeiture to any Governmental Authority of any material portion of the property of such Person; or

 

(o) Cessation
of Business. Except as contemplated by the Disposition of Fit Pay, (i) any Loan Party or any of its Subsidiaries is enjoined,
restrained or in any way prevented by the order of any court or any Governmental Authority from conducting all or any material
part of its business for more than 15 days; (ii) any other cessation of a substantial part of the business of Parent or any of
its Subsidiaries for a period which materially and adversely affects Parent or any of its Subsidiaries; or (iii) any material damage
to, or loss, theft or destruction of, any Collateral whether or not insured or any strike, lockout, labor dispute, embargo, condemnation,
act of God or public enemy, or other casualty which causes, for more than 15 consecutive days, the cessation or substantial curtailment
of revenue producing activities at a facility.

 

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Section 8.02 Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent may and, at the request of
the Required Lenders, shall take any or all of the following actions:

 

(a) declare
the unpaid principal amount of the outstanding Term Loan, all interest accrued and unpaid thereon, and all other amounts, which,
for the avoidance of doubt, shall include the Prepayment Premium (if any) owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived by Borrower;

 

(b) set-off
against any outstanding Obligations amounts held for the account of the Loan Parties as cash collateral or in the accounts of any
Loan Party maintained by or with the Administrative Agent, any Lender or their respective Affiliates; and

 

(c) exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable
Law;

 

provided that upon the occurrence
of an Event of Default under Section 8.01(f) or (g), the unpaid principal amount of the outstanding Term Loan and all interest
and other amounts as aforesaid, which, for the avoidance of doubt, shall include the Prepayment Premium (if any), shall automatically
become due and payable without further act of any Agent or any Lender.

 

Section 8.03 Application
of Funds. If after the exercise of remedies provided for in Section 8.02 (or after the Term Loan has automatically become immediately
due and payable), including in any bankruptcy or insolvency proceeding, any amounts received on account of the Obligations shall
be applied by the Administrative Agent in the following order:

 

First, to payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest,
but including Attorney Costs payable under Section 10.04 and Section 10.05 and amounts payable under Article III) payable to each
Agent in its capacity as such;

 

Second, to payment
of that portion of the Obligations constituting indemnities and other amounts (other than principal and interest) payable to the
Lenders (including amounts payable under Article III), ratably among them in proportion to the amounts described in this clause
Second payable to them;

 

Third, to payment
of that portion of the Obligations constituting accrued, unpaid interest (including, but not limited to, Default Rate interest
and post-petition interest) and the Prepayment Premium (if any), ratably among the Lenders in proportion to the respective amounts
described in this clause Third payable to them;

 

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Fourth, to prepay
the Term Loan on a pro rata basis (in accordance with the respective outstanding principal amounts thereof);

 

Fifth, to the
payment of all other Obligations of the Loan Parties that are due and payable to the Administrative Agent and the other Secured
Parties on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent
and the other Secured Parties on such date; and

 

Last, the balance,
if any, after all of the Obligations have been indefeasibly paid in full, to Borrower or as otherwise required by Law.

 

Section 8.04 Other
Amounts Due. In the event of repayment of the Obligations at any time prior to the Maturity Date, for any reason, including
(i) upon acceleration after the occurrence and during the continuance of an Event of Default, (ii) foreclosure and sale of the
Collateral, (iii) sale of the Collateral in any insolvency proceeding or (iv) pursuant to any restructuring, reorganization or
compromise of the Obligations by the confirmation of a plan of reorganization or any other plan of compromise, restructure or arrangement
in any insolvency proceeding, then in view of the impracticability and extreme difficulty of ascertaining the actual amount of
damages to the Administrative Agent and the Lenders or profits lost by the Administrative Agent and the Lenders as a result of
such early termination, and by mutual agreement of the parties as to a reasonable estimate and calculation of the lost profits
or damages of the Administrative Agent and the Lenders, the full amount of the Prepayment Premium (if any) shall be due and payable
upon such date. In the event of an acceleration of the Obligations under this Agreement whether pursuant to the actions of the
Required Lenders or automatically, then, without any further action by the Lenders or the Administrative Agent, there shall be
an amount due and payable to the Lenders equal to the applicable Prepayment Premium (if any) that would have been payable pursuant
to Sections 2.02(c) hereof as if the Obligations were voluntarily repaid on such date of acceleration.

 

Section 8.05 Cure
Right. In the event that Borrower fails to comply with the requirements of any financial covenant set forth in Section 7.13(a)
or Section 7.13(b), until the expiration of the 10th day after the date on which financial statements are required to be delivered
with respect to the applicable calendar month hereunder, Parent shall have the right to issue Permitted Cure Equity for cash or
otherwise receive cash contributions to the capital of the Parent, and, in each case, to contribute any such cash to the capital
of Borrower, and apply the amount of the proceeds thereof to prepay the Term Loan with respect to such applicable calendar month
(the “Cure Right”); provided that (a) such proceeds are actually received by Borrower no later than 10
days after the date on which financial statements are required to be delivered with respect to such calendar month hereunder, (b)
such proceeds do not exceed the aggregate amount necessary to cure such Event of Default under Section 7.13(a) and Section 7.13(b)
for such period, (c) the Cure Right shall not be exercised more than (i) two times during any year and (ii) four times during the
term of this Agreement, (d) the Cure Right shall not be exercised in consecutive months, (e) such proceeds shall not increase Consolidated
Adjusted EBITDA and (f) such proceeds shall be applied to prepay the Term Loan in accordance with Section 2.02(b)(v). If, after
giving effect to the foregoing pro forma adjustment to Consolidated Total Debt for such repayment of the Term Loan, Borrower is
in compliance with the financial covenants set forth in Section 7.13(a) and Section 7.13(b), Borrower shall be deemed to have satisfied
the requirements of such Sections as of the relevant date of determination with the same effect as though there had been no failure
to comply on such date, and the applicable breach or default of such Section 7.13(a) and Section 7.13(b) that had occurred shall
be deemed cured for purposes of this Agreement. The parties hereby acknowledge that this Section 8.05 may not be relied on for
purposes of calculating any financial ratios other than as applicable to Section 7.13(a) and Section 7.13(b) and shall not result
in any adjustment to any amounts other than the amount of the Consolidated Total Debt referred to in the immediately preceding
sentence.

 

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ARTICLE
IX

 

Administrative
Agent and Other Agents

 

Section 9.01 Appointment
and Authorization of Agents. (a) Each Lender hereby irrevocably appoints, designates and authorizes the Administrative Agent
to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers
and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with
such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained in this Agreement or
in any other Loan Document, the Administrative Agent shall have no duties or responsibilities, except those expressly set forth
herein, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or Participant,
and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or
any other Loan Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence,
the use of the term “agent” herein and in the other Loan Documents with reference to any Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term
is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties.

 

Notwithstanding any
provision contained in this Agreement providing for any action in the Administrative Agent’s reasonable discretion or approval
of any action or matter in the Administrative Agent’s reasonable satisfaction, the Administrative Agent shall not have any
duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated
hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required
Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents);
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its
counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law. The Administrative
Agent shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not
be liable for the failure to disclose, any information relating to Borrower, any other Loan Party or any of their respective Affiliates
that is communicated to or obtained by the Person serving as the Administrative Agent or any other Agent-Related Person in any
capacity.

 

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The Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document,
or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency
of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.

 

(b) The
Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders hereby
irrevocably appoints and authorizes the Administrative Agent to act as the agent of (and to hold any security interest, charge
or other Lien created by the Collateral Documents for and on behalf of or on trust for) such Lender for purposes of acquiring,
holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together
with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral
agent” (and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.02
for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents,
or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits
of all provisions of this Article IX (including Section 9.07, as though such co-agents, sub-agents and attorneys-in-fact were the
“collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.

 

Section 9.02 Delegation
of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Loan Document (including
for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents
or of exercising any rights and remedies thereunder) by or through Affiliates, agents, employees or attorneys-in-fact, such sub-agents
as shall be deemed necessary by the Administrative Agent, and shall be entitled to advice of counsel, both internal and external,
and other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible
for the negligence or misconduct of any agent or sub-agent or attorney-in-fact that it selects in the absence of gross negligence
or willful misconduct.

 

Section 9.03 Liability
of Agents. No Agent-Related Person shall (a) be liable to any Lender for any action taken or omitted to be taken by any of
them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for
its own gross negligence or willful misconduct, as determined by the final judgment of a court of competent jurisdiction, in connection
with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or Participant for any recital,
statement, representation or warranty made by any Loan Party or any officer thereof, contained herein or in any other Loan Document,
or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent
under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document, or the perfection or priority of any Lien or security interest created
or purported to be created under the Collateral Documents, or for any failure of any Loan Party or any other party to any Loan
Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender
or Participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party or any Affiliate
thereof.

 

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Section 9.04 Reliance
by Agents. (a) Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication,
signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone
message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have
been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to
any Loan Party), independent accountants and other experts selected by such Agent. Each Agent shall be fully justified in failing
or refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required
Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against
any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Each Agent
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document
in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required
hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the
Lenders.

 

(b) For
purposes of determining compliance with the conditions specified in Section 4.01, each Lender that has signed this Agreement shall
be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder
to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the Closing Date specifying its objection thereto.

 

Section 9.05 Notice
of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default, except
with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the
account of the Lenders, unless the Administrative Agent shall have received written notice from a Lender or Borrower referring
to this Agreement, describing such Default and stating that such notice is a “notice of default”. The Administrative
Agent will promptly notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with
respect to any Event of Default as may be directed by the Required Lenders in accordance with Article VIII; provided that
unless and until the Administrative Agent has received any such direction, the Administrative Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable or in
the best interest of the Lenders.

 

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Section 9.06 Credit
Decision; Disclosure of Information by Agents. Each Lender acknowledges that no Agent-Related Person has made any representation
or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review
of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any
Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information
in their possession. Each Lender represents to each Agent that it has, independently and without reliance upon any Agent-Related
Person and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into,
the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their
respective Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and
made its own decision to enter into this Agreement and to extend credit to Borrower and the other Loan Parties hereunder. Each
Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in
taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary
to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower
and the other Loan Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by
any Agent herein, such Agent shall not have any duty or responsibility to provide any Lender with any credit or other information
concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan
Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person.

 

Section 9.07 Indemnification
of Agents. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand each
Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any
Loan Party to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities
to the extent incurred by it; provided that no Lender shall be liable for the payment to any Agent-Related Person of any
portion of such Indemnified Liabilities to the extent resulting from such Agent-Related Person’s own gross negligence or
willful misconduct, as determined by the final non-appealable judgment of a court of competent jurisdiction; provided that
no action taken in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as
shall be required by the Loan Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this
Section 9.07. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this Section
9.07 applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation
of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket
expenses (including Attorney Costs) incurred by the Administrative Agent in connection with the preparation, execution, delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by
or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of Borrower;
provided that such reimbursement by the Lenders shall not affect Borrower’s continuing reimbursement obligations with
respect thereto, if any. The undertaking in this Section 9.07 shall survive termination of the Aggregate Commitments, the payment
of all other Obligations and the resignation of the Administrative Agent.

 

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Section 9.08 Agents
in their Individual Capacities. Each Agent and its Affiliates may make loans to, issue letters of credit for the account of,
accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting
or other business with each of the Loan Parties and their respective Affiliates as though such Agent were not an Agent hereunder
and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, each Agent or its Affiliates
may receive information regarding any Loan Party or any Affiliate of a Loan Party (including information that may be subject to
confidentiality obligations in favor of such Loan Party or such Affiliate) and acknowledge that no Agent shall be under any obligation
to provide such information to them. With respect to its portion of the Term Loan, each Agent shall have the same rights and powers
under this Agreement as any other Lender and may exercise such rights and powers as though it were not an Agent, and the terms
“Lender” and “Lenders” include such Agent in its individual capacity.

 

Section 9.09 Successor
Agents. The Administrative Agent may resign as the Administrative Agent upon thirty (30) days’ notice to the Lenders
and Borrower. If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint a successor agent for
the Lenders, which appointment of a successor agent shall require the consent of Borrower at all times other than during the existence
of an Event of Default (which consent of Borrower shall not be unreasonably withheld or delayed). If no successor agent is appointed
prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting
with the Lenders and, if no Default has occurred and is continuing, Borrower, a successor agent from among the Lenders. Upon the
acceptance of its appointment as successor agent hereunder, the Person acting as such successor agent shall succeed to all the
rights, powers and duties of the retiring Administrative Agent and the term “Administrative Agent”, shall mean such
successor administrative agent and/or supplemental administrative agent, as the case may be, and the retiring Administrative Agent’s
appointment, powers and duties as the Administrative Agent shall be terminated. After the retiring Administrative Agent’s
resignation hereunder as the Administrative Agent, the provisions of this Article IX and Section 10.04 and Section 10.05 shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.
If no successor agent has accepted appointment as the Administrative Agent by the date which is thirty (30) days following the
retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless
thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder until such time,
if any, as the Required Lenders appoint a successor agent as provided for above. Lenders assuming the role of Administrative Agent
as specified in the immediately preceding sentence shall assume the rights and obligations of the Administrative Agent (including
the indemnification provisions set forth in Section 9.07) as if each such Lender were the Administrative Agent. Upon the acceptance
of any appointment as the Administrative Agent hereunder by a successor and upon the execution and filing or recording of such
financing statements, or amendments thereto, and such amendments or supplements to the Mortgages, and such other instruments or
notices, as may be necessary or desirable, or as the Required Lenders may reasonably request, in order to (a) continue the perfection
of the Liens granted or purported to be granted by the Collateral Documents or (b) otherwise ensure that the Collateral and Guarantee
Requirement is satisfied, the successor Administrative Agent shall thereupon succeed to and become vested with all the rights,
powers, discretion, privileges, and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from its duties and obligations under the Loan Documents.

 

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Section 9.10 Administrative
Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective
of whether the principal of the Term Loan shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on Borrower) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

 

(a) to file
and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Term Loan and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Section 2.04, Section 10.04 and Section 10.05 or otherwise hereunder) allowed in such judicial proceeding;
and

 

(b) to collect
and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and

 

(c) any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts
due to the Administrative Agent under Section 2.04, Section 10.04 and Section 10.05 or otherwise hereunder.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section 9.11 Release
of Collateral and Guaranty. The Lenders irrevocably agree, authorize and direct the Administrative Agent and Collateral Agent:

 

(a) to release
any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Aggregate
Commitments and payment in full in cash of all Obligations (other than (A) contingent indemnification obligations not yet accrued
and payable and (B) any other obligation (including a guarantee) that is contingent in nature) (the date upon which the conditions
in this Section 9.11(a)(i) shall have been satisfied, the “Termination Date”), (ii) upon any permitted sale,
lease, transfer or other disposition of any item of Collateral of any Loan Party (including, without limitation, as a result of
the sale, in accordance with the terms of the Loan Documents, of the Loan Party that owns such Collateral) in accordance with the
terms of the Loan Documents, (iii) subject to Section 10.01, if the release of such Lien is approved, authorized or ratified in
writing by the Required Lenders, or (iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor
from its obligations under its Guaranty pursuant to clause (b) below;

 

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(b) to release
any Guarantor from its obligations under the Guaranty upon (i) in the case of any Subsidiary, such Person ceasing to be subject
to the Collateral and Guarantee Requirement and Section 6.11 as a result of a transaction permitted hereunder (as certified by
a Responsible Officer) and Borrower notifying the Administrative Agent in writing that it wishes such Guarantor to be released
from its obligations under the Guaranty or (ii) the Termination Date; and

 

(c) to subordinate
any Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such property
that is permitted by Sections 7.01(h) and (i).

 

The Collateral Agent
will, at Borrower’s expense, execute and deliver to such Loan Party such documents as such Loan Party may reasonably request
to evidence the release of Collateral pursuant to this Section 9.11 from the assignment and security interest granted under the
Collateral Documents (or the release of the Guarantor from its Guarantee of the Obligations) in accordance with the terms of the
Loan Documents (provided that Borrower shall have delivered to the Collateral Agent a certificate of a Responsible Officer
certifying that such transaction has been consummated in compliance with the Loan Documents). Upon request by the Collateral Agent
at any time, the Required Lenders will confirm in writing the Collateral Agent’s authority to release its interest in particular
types or items of property in accordance with this Section 9.11.

 

ARTICLE
X

 

Miscellaneous

 

Section 10.01 Amendments,
Etc. No amendment or waiver of any provision of this Agreement, nor consent to any departure by any Loan Party therefrom, shall
in any event be effective unless the same shall be in writing and signed by the Required Lenders and Borrower, and then such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that:

 

(a) no amendment,
waiver or consent shall, unless in writing and signed by all of the Lenders, do any of the following at any time:

 

(i) change
the number of Lenders or the percentage of (x) the Term Loan Commitments or (y) the aggregate unpaid principal amount of the Term
Loan that, in each case, shall be required for the Lenders or any of them to take any action hereunder (including pursuant to any
change to the definition of “Required Lenders”),

 

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(ii) release
one or more Guarantors (or otherwise limit such Guarantors’ liability with respect to the Obligations owing to the Agents
and the Lenders under the Guaranties) if such release or limitation is in respect of all or substantially all of the value represented
by the Guaranties to the Lenders,

 

(iii) release,
or subordinate the Administrative Agent’s Liens in, all or substantially all of the Collateral in any transaction or series
of related transactions (other than in connection with any sale of Collateral permitted herein), or

 

(iv) amend
any provision of this Section 10.01;

 

(b) no amendment,
waiver or consent shall, unless in writing and signed by each Lender specified below for such amendment, waiver or consent:

 

(i) increase
the Term Loan Commitments of a Lender without the consent of such Lender;

 

(ii) reduce
the principal of, or stated rate of interest on, or stated premium payable on, the portion of the Term Loan owed to a Lender or
any fees or other amounts stated to be payable hereunder or under the other Loan Documents to such Lender without the consent of
such Lender; provided if the Required Lenders agree to waive any Event of Default and such waiver is effective in accordance
with this Section 10.01 or if the Required Lenders agree to change any financial definitions that would reduce the stated rate
of interest or any fees or other non-principal amounts stated to be payable hereunder or under the other Loan Documents pursuant
to any amendment, waiver or consent not being effected in order to reduce the stated rate of interest or such fees or other amounts,
then only the consent of the Required Lenders shall be necessary to waive any obligation of Borrower to pay interest at the Default
Rate in connection with such waived Event of Default or reduce the stated rate of interest or such fees in connection with such
amendment, waiver or consent described in this proviso to clause (b)(ii), as applicable;

 

(iii) postpone
any date scheduled for any payment of principal of, or interest on, the Term Loan, any date scheduled for payment or for any date
fixed for any payment of fees hereunder in each case payable to a Lender without the consent of such Lender;

 

(iv) consent
to the assignment or transfer by any Loan Party of any of its rights and obligations under any Loan Document;

 

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(v) change
the order of application or any prepayment of the Term Loan from the application thereof set forth in the applicable provisions
of Section 2.02(d) or Section 8.03 in any manner that adversely affects the Lenders under the Facility without the consent of holders
of a majority of the Term Loan Commitments or the Term Loan outstanding under the Facility or otherwise change any provision requiring
the pro rata distributions hereunder among the Lenders without all Lenders’ consent;

 

(vi) amend
the definition of “Required Lenders” or “Pro Rata Share”; provided, with the consent of Administrative
Agent and the Required Lenders, additional extensions of credit pursuant hereto may be included in the determination of “Required
Lenders” or “Pro Rata Share”; or

 

(vii) modify
Section 2.09 without the consent of each Lender directly and adversely affected thereby;

 

provided further that no amendment,
waiver or consent shall, unless in writing and signed by an Agent in addition to the Lenders required above to take such action,
affect the rights or duties of such Agent under this Agreement or the other Loan Documents.

 

Notwithstanding anything
to the contrary contained in this Section 10.01, this Agreement and any other Loan Document may be amended, supplemented and waived
with the consent of the Administrative Agent and Borrower without the need to obtain the consent of any other Lender if such amendment,
supplement or waiver is delivered in order to (i) cure ambiguities, omissions, mistakes or defects or (ii) to cause any Collateral
Document to be consistent with this Agreement and the other Loan Documents.

 

Section 10.02 Notices
and Other Communications.

 

(a) General.
Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Loan
Document shall be in writing delivered by electronic transmission (except as to service of process, which shall be delivered only
in writing and in accordance with applicable law). All such notices shall be delivered to the applicable electronic mail address,
and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable
telephone number, as follows:

 

(i) if to Borrower
or the Administrative Agent, to the electronic mail address or telephone number specified for such Person on Schedule 10.02 or
to such other electronic mail address or telephone number as shall be designated by such party in a notice to the other parties
from time to time; and

 

(ii) if to
any other Lender, to the electronic mail address or telephone number specified on Schedule 10.02 or to such other electronic mail
address or telephone number as shall be designated by such party in a written notice to Borrower and the Administrative Agent.

 

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All such notices and
other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party
hereto and (ii) if delivered by electronic mail, when delivered; provided that notices and other communications to Borrower
and the Administrative Agent pursuant to Article II shall not be effective until actually received by such Person during the Person’s
normal business hours. In no event shall a voice mail message be effective as a notice, communication or confirmation hereunder.

 

(b) Effectiveness
of Electronically Transmitted Documents and Signatures. Loan Documents may be transmitted and/or signed by electronic transmission
(including a .pdf or .tif copy).

 

(c) Reliance
by Agents and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices purportedly
given by or on behalf of the Loan Parties even if (i) such notices were not made in a manner specified herein, were incomplete
or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the
recipient, varied from any confirmation thereof. The Loan Parties shall indemnify each Agent-Related Person and each Lender from
all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on
behalf of any Loan Party in the absence of gross negligence or willful misconduct by such Agent-Related Person or such Lender.
All telephonic notices to the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto
hereby consents to such recording.

 

(d) Notice
to other Loan Parties. Borrower agrees that notices to be given to any other Loan Party under this Agreement or any other Loan
Document may be given to Borrower in accordance with the provisions of this Section 10.02 with the same effect as if given to such
other Loan Party in accordance with the terms hereunder or thereunder.

 

(e) Borrower
hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that it is obligated
to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation, all notices, requests, financial
statements, financial and other reports, certificates and other information materials, but excluding any such communication that
(i) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (ii)
provides notice of any Default or Event of Default under this Agreement or (iii) is required to be delivered to satisfy any condition
precedent to the effectiveness of this Agreement and/or the Credit Extension hereunder (all such non-excluded communications being
referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft
medium in a format acceptable to the Administrative Agent to an electronic mail address specified by the Administrative Agent to
Borrower. In addition, Borrower agrees to continue to provide the Communications to the Administrative Agent in the manner specified
in the Loan Documents but only to the extent requested by the Administrative Agent.

 

(f) The
Administrative Agent agrees that the receipt in accordance with Section 10.02 of the Communications by the Administrative Agent
at its e-mail address set forth on Schedule 10.02 shall constitute effective delivery of the Communications to the Administrative
Agent for purposes of the Loan Documents. Each Lender agrees (i) to notify the Administrative Agent by electronic communication)
from time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and
(ii) that the foregoing notice may be sent to such e-mail address. Nothing herein shall prejudice the right of the Administrative
Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such
Loan Document.

 

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Section 10.03 No
Waiver; Cumulative Remedies. No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person
in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided,
and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by Law.

 

Section 10.04 Costs
and Expenses. Whether or not the transactions contemplated hereby shall be consummated, Borrower agrees to pay promptly (a)
all the Administrative Agent’s actual, documented, and reasonable costs and expenses of preparation of the Loan Documents
and any consents, amendments, waivers or other modifications thereto; (b) all the reasonable and documented fees, expenses and
disbursements of counsel to Agents in connection with the negotiation, preparation, execution and administration of the Loan Documents
and any consents, amendments, waivers or other modifications thereto and any other documents or matters requested by Borrower;
(c) all the actual and documented reasonable costs and expenses of creating and perfecting Liens in favor of Collateral Agent,
for the benefit of Secured Parties, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search
fees, title insurance premiums and reasonable and documented fees, expenses and disbursements of counsel to each Agent and of counsel
providing any opinions that any Agent or Required Lenders may request in respect of the Collateral or the Liens created pursuant
to the Collateral Documents; (d) all the Administrative Agent’s actual costs and reasonable fees, expenses for, and disbursements
of any of Administrative Agent’s, auditors, accountants, consultants or appraisers whether internal or external, and all
reasonable attorneys’ fees (including expenses and disbursements of outside counsel) incurred by Administrative Agent; (e)
all the actual and documented reasonable costs and expenses (including the reasonable and documented fees, expenses and disbursements
of any appraisers, consultants, advisors and agents employed or retained by Collateral Agent and its counsel) in connection with
the custody or preservation of any of the Collateral; (f) all other actual, documented, and reasonable costs and expenses incurred
by each Agent in connection with the negotiation, preparation and execution of the Loan Documents and any consents, amendments,
waivers or other modifications thereto and the transactions contemplated thereby; and (g) after the occurrence of a Default or
an Event of Default, all costs and expenses, including reasonable attorneys’ fees (including allocated costs of internal
counsel) and costs of settlement, incurred by any Agent and Lenders in enforcing any Obligations of or in collecting any payments
due from any Loan Party hereunder or under the other Loan Documents by reason of such Default or Event of Default (including in
connection with the sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guaranty)
or in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work
out” or pursuant to any insolvency or bankruptcy cases or proceedings.

 

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Section 10.05 Indemnification
by Borrower. (a) Whether or not the transactions contemplated hereby are consummated, Borrower shall indemnify and hold harmless
each Agent-Related Person, each Lender and their respective Affiliates, directors, officers, employees, counsel, agents, trustees,
investment advisors and attorneys-in-fact (collectively the “Indemnitees”) from and against any and all liabilities,
obligations, losses, taxes, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including
counsel to the Administrative Agent and the Lenders, and to the extent reasonably necessary, local counsel in any relevant jurisdiction
(and, in the event of any actual conflict of interest, additional counsel to the affected parties)) of any kind or nature whatsoever
which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out
of or in connection with (i) the execution, delivery, enforcement, performance or administration of any Loan Document or any other
agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions
contemplated thereby, (ii) any Term Loan Commitment or the Term Loan or the use or proposed use of the proceeds therefrom, (iii)
any actual or alleged presence or release of Hazardous Materials on, at, under or from any property currently or formerly owned
or operated by any Loan Party, or any Environmental Liability related to any Loan Party or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including
any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding)
(any of the foregoing described in this clause (iv), a “Proceeding”) (all the foregoing described in clauses
(i) to (iv), collectively, the “Indemnified Liabilities”), in all cases, whether or not caused by or arising,
in whole or in part, out of the negligence of the Indemnitee and whether brought by an Indemnitee, a third party or by any Loan
Party or any Loan Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto
and whether or not any of the transactions contemplated hereby are consummated; provided that such indemnity shall not,
as to any Indemnitees, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses or disbursements resulted from the gross negligence or willful misconduct of such Indemnitee
as determined by a final non-appealable judgment of a court of competent jurisdiction, and except to the extent resulting from
claims between or among any Lenders in their capacity as such. No Indemnitee shall be liable for any damages arising from the use
by others of any information or other materials obtained through any information transmission systems in connection with this Agreement,
nor shall any Indemnitee or any Loan Party have any liability for any special, punitive, indirect or consequential damages relating
to this Agreement or any other Loan Document. All amounts due in respect of costs, expenses and disbursements under this Section
10.05 shall be paid within ten (10) Business Days after demand therefor; provided, that each Indemnitee receiving any such
reimbursement shall repay such amounts to the relevant Loan Party in the event that such Indemnitee shall not be entitled thereto
pursuant to the provisions hereof. The agreements in this Section 10.05 shall survive the resignation of any Agent, the replacement
of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

(b) Borrower
shall not be liable for any settlement of any Proceedings effected without its consent (which consent shall not be unreasonably
withheld or delayed), but if settled with Borrower’s consent or if there is a final judgment for the plaintiff in such Proceedings,
Borrower shall indemnify and hold harmless each Indemnitee from and against any Indemnified Liabilities in accordance with the
foregoing clause (a). Borrower shall not, without the prior written consent of an Indemnitee (which consent shall not be unreasonably
withheld or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened Proceedings in
respect of which indemnity could have been sought hereunder by such Indemnitee unless (i) such settlement includes an unconditional
release of such Indemnitee in form and substance satisfactory to such Indemnitee from all liability on claims that are the subject
matter of such Proceedings, (ii) does not include any statement as to or any admission of fault, culpability or a failure to act
by or on behalf of any Indemnitee and (iii) contains customary confidentiality and non-disparagement provisions.

 

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(c) In the
event that an Indemnitee is requested or required to appear as a witness in any action brought by or on behalf of or against Borrower
or any of its Subsidiaries or Affiliates in which such Indemnitee is not named as a defendant, Borrower shall reimburse such Indemnitee
for all reasonable expenses incurred by it in connection with such Indemnitee’s appearing and preparing to appear as such
a witness, including without limitation, the reasonable fees and expenses of its legal counsel.

 

Section 10.06 Payments
Set Aside. To the extent that any payment by or on behalf of Borrower is made to any Agent or any Lender, or any Agent or any
Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent
or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under
any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended
to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had
not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount
so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at
a rate per annum equal to the Federal Funds Rate.

 

Section 10.07 Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that, Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder or under the other Loan Documents without the prior written consent of each Lender and no Lender
may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with
the requirements of Section 10.07(b), (ii) by way of participation in accordance with the provisions of Section 10.07(d), (iii)
by way of pledge or assignment of a security interest subject to the restrictions of Section 10.07(f) or (iv) to an SPC in accordance
with the provisions of Section 10.07(g) (and any other attempted assignment or transfer by any party hereto shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.07(d) and, to the extent
expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b) Any
Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Term Loan Commitment(s) and the Term Loan); provided that:

 

(i) (A) in
the case of an assignment of the entire remaining amount of the assigning Lender’s Term Loan Commitment and the Term Loan
at the time owing to it, no minimum amount shall need be assigned, and (B) in any case not described in clause (b)(i)(A) of this
Section, the aggregate amount of the Term Loan Commitment (which for this purpose includes the Term Loan outstanding thereunder)
or, if the applicable Term Loan Commitment is not then in effect, the outstanding principal balance of the portion of the Term
Loan held by the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent, shall not be less than $1,000,000 unless the Administrative
Agent otherwise consents (each such consent not to be unreasonably withheld or delayed) except such consent by the Administrative
Agent shall not be required if such assignment is to an Affiliate of a Lender or an Approved Fund;

 

(ii) each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under
this Agreement with respect to the Term Loan or the Term Loan Commitment assigned;

 

(iii) no consent
shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for any assignment
unless such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund related thereto; and

 

(iv) the parties
to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement
system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually).

 

From and after the
effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be party to this Agreement as
a Lender with respect to the interest assigned and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Lender under this Agreement in addition to any rights and obligations otherwise held by such assignee
as a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering
all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but
shall continue to be entitled to the benefits of Sections 3.01, 3.02, 3.04, 3.05 (or any other increased costs protection provision),
10.04 and 10.05). Upon request, and the surrender by the assigning Lender of its Note (if any), Borrower (at its expense) shall
execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this clause (b) shall not be an effective assignment hereunder.

 

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(c) Each
Lender, acting solely for this purpose as an agent of Borrower, shall maintain at one of its offices a register for the recordation
of the name and address of any assignee of any Lender and the outstanding principal amount (and stated interest) of the Term Loan
owing thereto (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and
Borrower shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as the “Lender”
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by Borrower, at any reasonable time and from time to time upon reasonable prior notice. Notwithstanding anything herein to the
contrary, any assignment of the Term Loan shall be effective only upon appropriate entries with respect thereto being made in the
Register.

 

(d) Any
Lender may at any time, without the consent of, or notice to, Borrower or the Administrative Agent, sell participations to any
Person (other than (x) a natural person and (y) Borrower or any of its Affiliates) (each, a “Participant”) in
all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Term
Loan Commitment and/or the Term Loan owing to it); provided that (i) such Lender’s obligations under this Agreement
shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which
a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the
other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan
Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in Section 10.01(a), or Section 10.01(b) that directly
affects such Participant. Subject to Section 10.07(e), Borrower agrees that each Participant shall be entitled to the benefits
of Sections 3.01 (subject to the requirements of Section 3.01, including Section 3.01(e) and Section 3.01(f)), 3.04 and 3.05 (through
the applicable Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section
10.07(b). To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of Section 10.09 as
though it were a Lender; provided that such Participant agrees to be subject to Section 2.09 as though it were a Lender.
Any Lender that sells participations shall maintain a register meeting the requirements of Treasury Regulation Section 5f.103-1(c)
(or any successor regulation), on which it enters the name and the address of each Participant and the principal amounts of each
Participant’s participation interest in the Term Loan Commitments and/or Term Loan (or other rights or obligations) held
by it (the “Participant Register”). The entries in the Participant Register shall be conclusive, absent manifest
error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation
interest as the owner thereof for all purposes notwithstanding any notice to the contrary. In maintaining the Participant Register,
such Lender shall be acting as the agent of Borrower solely for purposes of Treasury Regulation Section 5f.103-1(c) and undertakes
no other duty, responsibility or obligation to Borrower (including, without limitation, in no event shall such Lender be considered
a fiduciary of Borrower for any purpose). In addition to maintaining the Participant Register, such Lender shall, upon request,
show the Participant Register to Borrower.

 

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(e) A Participant
shall not be entitled to receive any greater payment under Section 3.01, 3.04 and 3.05 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant
is made with Borrower’s prior written consent.

 

(f) Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including
under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank or central bank having jurisdiction over such Lender; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(g) Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and Borrower (an “SPC”)
the option to provide all or any part of the Term Loan that such Granting Lender would otherwise be obligated to make pursuant
to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund the Term Loan and (ii)
if an SPC elects not to exercise such option or otherwise fails to make all or any part of the Term Loan, the Granting Lender shall
be obligated to make its Term Loan pursuant to the terms hereof. Each party hereto hereby agrees that (i) neither the grant to
any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations
of Borrower under this Agreement (including its obligations under Section 3.01, 3.04 or 3.05), (ii) no SPC shall be liable for
any indemnity or similar payment obligation under this Agreement for which a Lender would be liable and such liability shall remain
with the Granting Lender, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver
or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Term Loan by
an SPC hereunder shall utilize the Term Loan Commitment of the Granting Lender to the same extent, and as if, such Term Loan were
made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without
prior consent of Borrower and the Administrative Agent, assign all or any portion of its right to receive payment with respect
to the Term Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding
of the Term Loan to any rating agency, commercial paper dealer or provider of any surety or Guarantee Obligation or credit or liquidity
enhancement to such SPC.

 

    -103-

     

    

 

(h) Notwithstanding
anything to the contrary contained herein, (i) any Lender may in accordance with applicable Law create a security interest in all
or any portion of the Term Loan owing to it and the Note, if any, held by it and (ii) any Lender that is a Fund may create a security
interest in all or any portion of the Term Loan owing to it and the Note, if any, held by it to the trustee for holders of obligations
owed, or securities issued, by such Fund as security for such obligations or securities; provided that unless and until
such trustee actually becomes a Lender in compliance with the other provisions of this Section 10.07, (i) no such pledge shall
release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to
exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with
respect to the pledged interest through foreclosure or otherwise.

 

Section 10.08 Confidentiality.
Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information and to not use or disclose such information,
except that Information may be disclosed (a) to its Affiliates and its and its Affiliates’ directors, investors, partners,
officers, employees, trustees, investment advisors and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential); (b) to the extent requested by any Governmental Authority or examiner regulating
any Lender; (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; (d) to any
other party to this Agreement; (e) to any pledgee referred to in Section 10.07(f) or Section 10.07(h), Eligible Assignee of or
Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights or obligations under this Agreement
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential); (f) with the written consent of Borrower; (g) to the extent such Information
becomes publicly available other than as a result of a breach of this Section 10.08 by the disclosing party; (h) to any rating
agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve
the confidentiality of any Information relating to the Loan Parties received by it from such Lender); (i) to the extent not known
by it to consist of non-public information, (j) for purposes of establishing a “due diligence” defense or (k) in connection
with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder. In addition, the Agents and the Lenders may disclose
the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the
lending industry, and service providers to the Agents and the Lenders in connection with the administration and management of this
Agreement, the other Loan Documents, the Term Loan Commitments, and the Credit Extension. For the purposes of this Section 10.08,
“Information” means all information received from any Loan Party or its Affiliates or its Affiliates’
directors, officers, employees, trustees, investment advisors or agents, relating to the Loan Parties or their business, other
than any such information that is publicly available to any Agent or any Lender prior to disclosure by any Loan Party other than
as a result of a breach of this Section 10.08, including, without limitation, information delivered pursuant to Section 6.01, 6.02
or 6.03 hereof. Notwithstanding the foregoing, on or after the Closing Date, any Agent or Lender may, at its own expense issue
news releases and publish “tombstone” advertisements and other announcements relating to this transaction in newspapers,
trade journals and other appropriate media (which may include use of logos of one or more of the Loan Parties) (collectively, “Trade
Announcements”). No Loan Party shall issue any Trade Announcement or disclose the name of any Agent or any Lender except
(A) disclosures required by applicable law, regulation, legal process or the rules of the Securities and Exchange Commission or
(B) with the prior approval of Administrative Agent and such Lender.

 

    -104-

     

    

 

Section 10.09 Setoff.
In addition to any rights and remedies of the Agents and the Lenders provided by Law, upon the occurrence and during the continuance
of any Event of Default, each Lender and its Affiliates and each Agent and its Affiliates is authorized at any time and from time
to time, without prior notice to the Loan Parties, any such notice being waived by the Loan Parties to the fullest extent permitted
by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any
time held by, and other Indebtedness at any time owing by, such Lender and its Affiliates or such Agent and its Affiliates, as
the case may be, to or for the credit or the account of the respective Loan Parties and their Subsidiaries against any and all
Obligations owing to such Lender and its Affiliates or such Agent and its Affiliates hereunder or under any other Loan Document,
now or hereafter existing, irrespective of whether or not such Agent or such Lender or Affiliate thereof shall have made demand
under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or denominated in
a currency different from that of the applicable deposit or Indebtedness. Each Lender and Agent agrees promptly to notify Borrower
and the Administrative Agent after any such set off and application made by such Lender or Agent, as the case may be; provided
that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Agent and
each under this Section 10.09 are in addition to other rights and remedies (including other rights of setoff) that such Agent and
such Lender may have.

 

Section 10.10 Counterparts.
This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Delivery by electronic transmission (including a .pdf or
..tif copy) of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as
delivery of an original executed counterpart of this Agreement and such other Loan Document.

 

Section 10.11 Integration.
This Agreement comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes
all prior agreements, written or oral, on such subject matter. In the event of any conflict or inconsistency between the provisions
of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; provided that the
inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed
a conflict or inconsistency with this Agreement. Each Loan Document was drafted with the joint participation of the respective
parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning
thereof.

 

Section 10.12 Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof
and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of
any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have
had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long
as any portion of the Term Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.

 

    -105-

     

    

 

Section 10.13 Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, the legality, validity
and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired
thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

Section 10.14 Governing
Law. (a) This Agreement and each other loan document shall be governed by, and construed in accordance with, the law of the
state of New York (except, with respect to any other loan document, as otherwise expressly provided therein).

 

(b) Any
legal action or proceeding arising under any loan document or in any way connected with or related or incidental to the dealings
of the parties hereto or any of them with respect to any loan document, or the transactions related hereto or thereto, in each
case whether now existing or hereafter arising, shall be brought in the courts of the state of New York sitting in New York County
or of the United States for the southern district of such state, and by execution and delivery of this agreement, Borrower, each
Agent and each Lender consents, for itself and in respect of its property, to the exclusive jurisdiction of those courts. Borrower,
each Agent and each Lender irrevocably waives any objection, including any objection to the laying of venue or based on the grounds
of forum non conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in
respect of any loan document or other document related thereto.

 

Section 10.15
Waiver of Right To Trial By Jury. Each party to this Agreement hereby expressly waives any right to trial by jury of any claim,
demand, action or cause of action arising under any loan document or in any way connected with or related or incidental to the
dealings of the parties hereto or any of them with respect to any loan document, or the transactions related hereto or thereto,
in each case whether now existing or hereafter arising, and whether founded in contract or tort or otherwise; and each party hereby
agrees and consents that any such claim, demand, action or cause of action shall be decided by court trial without a jury, and
that any party to this Agreement may file an original counterpart or a copy of this Section 10.15 with any court as written evidence
of the consent of the signatories hereto to the waiver of their right to trial by jury.

 

Section 10.16 Binding
Effect. This Agreement shall become effective when it shall have been executed by Borrower, the Administrative Agent and the
Collateral Agent, and the Administrative Agent shall have been notified by each Lender that each such Lender has executed it and
thereafter shall be binding upon and inure to the benefit of Borrower, each such Agent and each Lender and their respective successors
and assigns, except that Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior
written consent of the Lenders.

 

    -106-

     

    

 

Section 10.17 Lender
Action. Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right
or remedy against any Loan Party or any other obligor under any of the Loan Documents (including the exercise of any right of setoff,
rights on account of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings,
or otherwise commence any remedial procedures, with respect to any Collateral or any other property of any such Loan Party, without
the prior written consent of the Administrative Agent. The provisions of this Section 10.17 are for the sole benefit of the Lenders
and shall not afford any right to, or constitute a defense available to, any Loan Party.

 

Section 10.18 PATRIOT
Act. Each Lender hereby notifies Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify
and record information that identifies Borrower, which information includes the name and address of Borrower and other information
that will allow such Lender to identify Borrower in accordance with the PATRIOT Act. Borrower agrees to provide, and to cause each
other Loan Party to provide, such information promptly upon request.

 

Section 10.19 No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), Borrower acknowledges and agrees,
and acknowledges and agrees that it has informed its Subsidiaries, that: (i) (A) no fiduciary, advisory or agency relationship
between Borrower and its Subsidiaries and any Agent or any Lender is intended to be or has been created in respect of any of the
transactions contemplated hereby and by the other Loan Documents, irrespective of whether any Agent or any Lender has advised or
is advising Borrower and its Subsidiaries on other matters, (B) the arranging and other services regarding this Agreement provided
by the Agents and the Lenders are arm’s-length commercial transactions between Borrower and its Subsidiaries, on the one
hand, and the Agents and the Lenders, on the other hand, (C) Borrower has consulted its own legal, accounting, regulatory and tax
advisors to the extent they have deemed appropriate, and (D) Borrower is capable of evaluating, and understand and accept, the
terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Agents and the
Lenders each is and has been acting solely as a principal and, except as may otherwise be expressly agreed in writing by the relevant
parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Borrower and its Subsidiaries or any
of their Affiliates, or any other Person and (B) no Agent or Lender has any obligation to Borrower and its Subsidiaries or any
of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and
in the other Loan Documents; and (iii) the Agents and the Lenders and their respective Affiliates may be engaged in a broad range
of transactions that involve interests that differ from those of Borrower and its Subsidiaries and its Affiliates, and no Agent
or Lender has any obligation to disclose any of such interests and transactions to Borrower and its Subsidiaries or any of its
Affiliates. To the fullest extent permitted by law, Borrower hereby waives and releases any claims that they may have against the
Agents and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of
any transaction contemplated hereby.

 

[Remainder of Page Intentionally Blank]

 

    -107-

     

    

 

In
Witness Whereof, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	LogicMark, LLC,
	 	 
	 	as Borrower
	 	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 

 

[Signature page to Senior Secured Credit
Agreement]

 

     

     

    

 

	 	                                         
	 	 
	 	as Administrative Agent and Collateral Agent
	 	 	 
	 	By:	                                
	 	Name:	 
	 	Title:	 

 

[Signature page to Senior Secured Credit
Agreement]

 

     

     

    

 

	 	LENDER:
	 	 
	 	                                         
	 	 	 
	 	By:	                                
	 	Name:	 
	 	Title:	 

 

[Signature page to Senior Secured Credit
Agreement]Exhibit
10.2

 

Security
Agreement

 

By

 

                                            

 

and

 

The
Other Grantors Party Hereto,

as Grantors,

 

and

 

                                                                

as Collateral Agent

 

_________________________

 

Dated
as of May 3, 2019

 

     

     

    

 

Table
of Contents

 

	Section	 	Heading	 	Page
	 	 	 	 	 
	ARTICLE
    I	 	DEFINITIONS	 	2
	 	 	 	 	 
	SECTION
    1.01.	 	Uniform
    Commercial Code Defined Terms	 	2
	SECTION
    1.02.	 	Credit
    Agreement Defined Terms	 	2
	SECTION
    1.03.	 	Definition
    of Certain Terms Used Herein	 	2
	SECTION
    1.04.	 	Rules
    of Construction	 	7
	 	 	 	 	 
	ARTICLE
    II	 	AUTHORITY
    OF COLLATERAL AGENT	 	8
	 	 	 	 	 
	SECTION
    2.01.	 	General
    Authority of the Collateral Agent over the Collateral	 	8
	SECTION
    2.02.	 	Exercise
    of Powers	 	8
	SECTION
    2.03.	 	Remedies
    Not Exclusive	 	8
	SECTION
    2.04.	 	Waiver
    and Estoppel	 	9
	SECTION
    2.05.	 	Limitation
    on Collateral Agent’s Duty in Respect of Collateral	 	10
	SECTION
    2.06.	 	Limitation
    by Law	 	10
	SECTION
    2.07.	 	Rights
    of Secured Parties in Respect of Secured Obligations	 	10
	 	 	 	 	 
	ARTICLE
    III	 	SECURITY
    INTEREST	 	11
	 	 	 	 	 
	SECTION
    3.01.	 	Security
    Interest	 	11
	SECTION
    3.02.	 	No
    Assumption of Liability	 	11
	SECTION
    3.03.	 	Delivery
    of the Securities Collateral	 	11
	 	 	 	 	 
	ARTICLE
    IV	 	REPRESENTATIONS
    AND WARRANTIES	 	12
	 	 	 	 	 
	SECTION
    4.01.	 	Title
    and Authority	 	12
	SECTION
    4.02.	 	Investment
    Property	 	12
	SECTION
    4.03.	 	Identity,
    Etc. of Grantors	 	12
	SECTION
    4.04.	 	Location
    of Equipment	 	13
	SECTION
    4.05.	 	Letters
    of Credit	 	13
	SECTION
    4.06.	 	Filings	 	13
	SECTION
    4.07.	 	Validity
    of Security Interest	 	13
	SECTION
    4.08.	 	Limitations
    on and Absence of Other Liens	 	14
	SECTION
    4.09.	 	Other
    Actions	 	14
	SECTION
    4.10.	 	No
    Conflicts, Consents, etc.	 	17
	SECTION
    4.11.	 	Intellectual
    Property	 	18
	SECTION
    4.12.	 	Securities
    Collateral	 	18
	 	 	 	 	 
	ARTICLE
    V	 	COVENANTS	 	19
	 	 	 	 	 
	SECTION
    5.01.	 	Protection
    of Security	 	19
	SECTION
    5.02.	 	Further
    Assurances	 	19

 

    - i-

     

    

 

	SECTION
    5.03.	 	Taxes;
    Encumbrances	 	19
	SECTION
    5.04.	 	Assignment
    of Security Interest	 	19
	SECTION
    5.05.	 	Continuing
    Obligations of the Grantors	 	19
	SECTION
    5.06.	 	Use
    and Disposition of Collateral	 	20
	SECTION
    5.07.	 	Limitation
    on Modification of Accounts	 	20
	SECTION
    5.08.	 	Insurance	 	20
	SECTION
    5.09.	 	Certain
    Covenants Regarding Intellectual Property	 	20
	SECTION
    5.10.	 	Location
    of Collateral; Post Closing Changes	 	22
	SECTION
    5.11.	 	Supplemental
    Schedules	 	22
	SECTION
    5.12.	 	Registration
    in Nominee Name; Denominations	 	22
	SECTION
    5.13.	 	Voting
    Rights; Dividends and Interest, etc.	 	23
	 	 	 	 	 
	ARTICLE
    VI	 	REMEDIES	 	25
	 	 	 	 	 
	SECTION
    6.01.	 	Remedies
    upon Default	 	25
	SECTION
    6.02.	 	Application
    of Proceeds	 	26
	SECTION
    6.03.	 	Grant
    of License to Use Intellectual Property	 	26
	 	 	 	 	 
	ARTICLE
    VII	 	MISCELLANEOUS	 	26
	 	 	 	 	 
	SECTION
    7.01.	 	Notices	 	26
	SECTION
    7.02.	 	Survival
    of Agreement	 	27
	SECTION
    7.03.	 	Binding
    Effect	 	27
	SECTION
    7.04.	 	Successors
    and Assigns	 	27
	SECTION
    7.05.	 	GOVERNING
    LAW	 	28
	SECTION
    7.06.	 	Waivers;
    Amendment; Several Agreement; Confidentiality	 	28
	SECTION
    7.07.	 	WAIVER
    OF JURY TRIAL	 	28
	SECTION
    7.08.	 	Severability	 	28
	SECTION
    7.09.	 	Counterparts	 	29
	SECTION
    7.10.	 	Headings	 	29
	SECTION
    7.11.	 	Jurisdiction;
    Consent to Service of Process	 	29
	SECTION
    7.12.	 	Termination	 	29
	SECTION
    7.13.	 	Additional
    Grantors	 	30
	SECTION
    7.14.	 	Financing
    Statements	 	30
	SECTION
    7.15.	 	Collateral
    Agent Appointed Attorney-in-Fact	 	30
	SECTION
    7.16.	 	Securities
    Act, etc.	 	31
	SECTION
    7.17.	 	Collateral
    Agent	 	31

 

    - ii-

     

    

 

Schedules

 

	Schedule
    I	Investment
    Property
	Schedule
    II	Commercial
    Tort Claims
	Schedule
    III	Location,
    Chief Executive Office, Type of Organization, Jurisdiction of Organization and Organizational Identification Number
	Schedule
    IV	Locations
    of Equipment and Inventory
	Schedule
    V	Letters
    of Credit

 

Annexes

 

	Annex
    I	Form
    of Joinder Agreement

 

    - iii-

     

    

 

Security
Agreement

 

This
Security Agreement (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time, this “Agreement”), dated as May 3, 2019, is made by and among LogicMark,
LLC, a Delaware limited liability company (“Borrower”), Nxt-ID,
Inc., a Delaware corporation (“Parent”), each Subsidiary of Parent that is a party hereto or may become
a party hereto pursuant to Section 7.13 of this Agreement (together with Borrower and Parent, collectively, the “Grantors”)
and                                                                                    ,
as collateral agent (in such capacity, and together with any successors in such capacity, the “Collateral Agent”)
for the Secured Parties (as defined in the Credit Agreement referred to below).

 

Recitals

 

A.
Pursuant to that certain Senior Secured Credit Agreement, dated as of the date hereof (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), Borrower,                   ,
in its capacity as administrative agent (in such capacity and together with any successors in such capacity, the “Administrative
Agent”) and Collateral Agent, and the lenders party thereto from time to time (the “Lenders”), the
Grantors are required to enter into this Agreement.

 

B.
Each Grantor (other than Borrower) has, pursuant to that certain Guaranty Agreement, dated as of the date hereof (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty”), among
Parent, each of the Subsidiaries of Parent party thereto and the Administrative Agent, among other things, unconditionally guaranteed
the Obligations (as defined in the Credit Agreement) of Borrower and the Loan Parties.

 

C.
Each of Borrower and each other Grantor will receive substantial benefits from the execution and delivery of the Credit Agreement
and performance of the obligations thereunder and is, therefore, willing to enter into this Agreement.

 

D.
This Agreement is given by each Grantor in favor of the Collateral Agent for the benefit of the Secured Parties (as hereinafter
defined) to secure the payment and performance of all of the Secured Obligations (as hereinafter defined).

 

Now
Therefore, in consideration of the foregoing
and other benefits accruing each Grantor, the receipt and sufficiency of which are hereby acknowledged, each Grantor hereby makes
the following grant, agreements and representations and warranties to the Collateral Agent for the benefit of the Secured Parties
(and each of their respective successors and permitted assigns), as follows:

 

    -1-

     

    

 

ARTICLE
I

Definitions

 

SECTION 1.01.
Uniform Commercial Code Defined Terms. Unless otherwise defined herein, terms used herein that are defined in the UCC shall
have the meanings assigned to them in the UCC, including the following which are capitalized herein:

 

“Accounts”;
“Certificate of Title”; “Chattel Paper”; “Commercial Tort Claim”; “Commodity
Account”; “Commodity Contract”; “Commodity Customer”; “Commodity Intermediary”;
“Deposit Accounts”; “Documents”; “Electronic Chattel Paper”; “Entitlement
Holder”; “Entitlement Order”; “Equipment”; “Financial Assets”;
“Fixtures”; “Goods”; “Instruments” (as defined in Article 9 rather
than Article 3 of the UCC); “Inventory”; “Investment Property”; Letter-of-Credit
Rights”; “Letters of Credit”; “Securities”; “Securities Account”;
“Securities Intermediary”; “Security Entitlement”; “Supporting Obligations”;
and “Tangible Chattel Paper”.

 

SECTION 1.02.
Credit Agreement Defined Terms. Capitalized terms used but not otherwise defined herein that are defined in the Credit
Agreement shall have the meanings given to them in the Credit Agreement.

 

SECTION 1.03.
Definition of Certain Terms Used Herein. As used herein, the following terms shall have the following meanings:

 

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

 

“Accounts
Receivable” shall mean all Accounts, chattel paper (including, without limitation, tangible chattel paper and electronic
chattel paper), instruments (including, without limitation, promissory notes), letter of credit rights, general intangibles (including,
without limitation, payment intangibles), and other obligations of any kind, whether or not arising out of or in connection with
the sale or lease of goods or the rendering of services and whether or not earned by performance, and all right, title and interest
in any returned goods, together with all rights, title, securities and guarantees with respect thereto, including, without limitation,
any rights to stoppage in transit, replevin, reclamation and resales, and all related security interests, liens, mortgages, pledges,
letters of credit, supporting agreements and other related contracts, whether voluntary or involuntary, in each case whether now
existing or owned or hereafter arising or acquired.

 

“Books
and Records” shall mean all instruments, files, records, ledger sheets and documents (including, without limitation,
customer lists, credit files, printouts and other computer output materials) evidencing, covering or relating to any of the Collateral.

 

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

 

    -2-

     

    

 

“Charges”
shall mean any and all property and other taxes, assessments and special assessments, levies, fees and all governmental charges
imposed upon or assessed against, and all claims (including, without limitation, landlords’, carriers’, mechanics’,
maritime, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s
Liens and other claims arising by operation of law) against, all or any portion of the Collateral.

 

“Collateral”
shall mean with respect to each of the Grantors all of the following, in each case, whether now owned or hereafter acquired,
wherever located and whether now or hereafter existing or arising:

 

(a)
Accounts;

 

(b)
Accounts Receivable;

 

(c)
Books and Records;

 

(d)
cash and Cash Equivalents;

 

(e)
Chattel Paper;

 

(f)
Commercial Tort Claims;

 

(g)
Deposit Accounts and Collateral Account Funds;

 

(h)
Documents;

 

(i)
Equipment;

 

(j)
Financial Assets;

 

(k)
Fixtures;

 

(l)
General Intangibles;

 

(m)
Goods;

 

(n)
Instruments;

 

(o)
Intellectual Property;

 

(p)
Inventory;

 

(q)
Investment Property;

 

(r)
Letter-of-Credit Rights;

 

(s)
Letters of Credit;

 

(t)
Securities Accounts;

 

(u)
Securities Collateral;

 

(v)
Supporting Obligations;

 

(w)
to the extent not covered by clauses (a) through (v) of this definition, all other personal property, whether tangible or
intangible; and

 

(x)
Proceeds of any and all of the foregoing;

 

    -3-

     

    

 

provided
that, notwithstanding the foregoing, “Collateral” shall not include any Excluded Property; and provided,
further, that if and when any property shall cease to be Excluded Property, such property shall be deemed at all times
from and after the date thereof to constitute Collateral (unless and to the extent such property thereafter constitutes Excluded
Property).

 

“Collateral
Account Funds” shall mean, collectively, the following from time to time on deposit in the Deposit Accounts and Securities
Accounts (other than any Excluded Accounts): all funds, investments (including, without limitation, all Cash Equivalents) and
all certificates and instruments from time to time representing or evidencing such investments; all notes, certificates of deposit,
checks and other instruments from time to time hereafter delivered to or otherwise possessed by the Collateral Agent for or on
behalf of any Grantor in substitution for, or in addition to, any or all of the Collateral; and all interest, dividends, cash,
instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of the items constituting Collateral.

 

“Collateral
Agent” shall have the meaning assigned to such term in the Introductory paragraph of this Agreement.

 

“Collateral
Estate” shall have the meaning assigned to such term in Section 2.01.

 

“Computer
Software” shall mean all computer software, programs and databases (including, without limitation, source code, object
code and all related applications and data files), firmware and documentation and materials relating thereto, together with any
and all maintenance rights, service rights, programming rights, hosting rights, test rights, improvement rights, renewal rights
and indemnification rights and any substitutions, replacements, improvements, error corrections, updates and new versions of any
of the foregoing.

 

“Control”
shall mean (i) in the case of each Deposit Account, “control,” as such term is defined in Section 9-104
of the UCC, (ii) in the case of any Security Entitlement, “control,” as such term is defined in Section 8-106(d)
of the UCC, and (iii) in the case of any Commodity Contract, “control,” as such term is defined in Section 9-106(b)
of the UCC.

 

    -4-

     

    

 

“Control
Agreement” shall mean an agreement in form and substance reasonably acceptable to the Collateral Agent for the purpose
of effecting Control with respect to any Deposit Account, Securities Account or Commodity Account.

 

“Copyright
License” shall mean each written agreement, now or hereafter in effect, granting any right to any third party under
any Copyright now or hereafter owned by any Grantor or which such Grantor otherwise has the right to license, or granting any
right to such Grantor under any Copyright now or hereafter owned by any third party, and all rights of such Grantor under any
such agreement.

 

“Copyrights”
shall mean, collectively, with respect to each Grantor, all copyrights (whether statutory or common law, whether registered
or unregistered and whether published or unpublished) and all copyright registrations and applications made by such Grantor, in
each case, whether now owned or hereafter created or acquired by or assigned to such Grantor, including, without limitation, the
copyrights, registrations and applications listed in Schedule 5.17 of the Credit Agreement, together with any and
all (i) rights and privileges arising under applicable law with respect to such Grantor’s use of such copyrights and
(ii) reissues, renewals, continuations and extensions thereof.

 

“Credit
Agreement” shall have the meaning assigned to such term in the Recitals of this Agreement.

 

“Excluded
Accounts” shall mean accounts used solely as, in each case, payroll accounts, health savings accounts, tax withholding
or other fiduciary deposit accounts.

 

“Excluded
Property” shall have the meaning specified in the Credit Agreement.

 

“General
Intangibles” shall mean, collectively, all “general intangibles,” as such term is defined in the UCC, and
in any event shall include, without limitation, all choses in action and causes of action and all other intangible personal property
of any Grantor of every kind and nature now owned or hereafter acquired by any Grantor, including all rights and interests in
partnerships, limited partnerships, limited liability companies and other unincorporated entities, corporate or other business
records, indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Swap
Contracts and other agreements), Intellectual Property, goodwill, registrations, franchises and tax refund claims.

 

“Grantors”
shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Intellectual
Property” shall mean all intellectual and similar property of any Grantor of every kind and nature now owned by a Grantor,
or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Computer Software, Licenses, Trademarks,
Trade Secrets, confidential or proprietary technical and business information and other data or information, software and databases
and all embodiments or fixations thereof and related documentation, registrations and franchises, and all additions, improvements
and accessions to, and books and records describing or used in connection with, any of the foregoing.

 

    -5-

     

    

 

“Lenders”
shall have the meaning assigned to such term in the Recitals of this Agreement.

 

“License”
shall mean any Patent License, Trademark License or Copyright License providing for the grant by or to any Grantor of any
right to or under any Intellectual Property including, without limitation, those listed on Schedule 5.17 of the Credit
Agreement.

 

“Patent
License” shall mean any written agreement, now or hereafter in effect, granting to any third party any right to make,
use or sell any invention on which a Patent, now or hereafter owned by any Grantor or which any Grantor otherwise has the right
to license, is in existence, or granting to any Grantor any right to make, use or sell any invention on which a Patent, now or
hereafter owned by any third party, is in existence, and all rights of any Grantor under any such agreement.

 

“Patents”
shall mean all of the following now owned or hereafter acquired by a Grantor: (a) all industrial designs, mask works,
letters patent, all registrations and recordings thereof, and all applications for letters patent, including registrations, recordings
and pending applications in the United States Patent and Trademark Office, including those listed on Schedule 5.17
of the Credit Agreement, and (b) all reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof,
and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed
therein and all improvements thereto.

 

“Permitted
Liens” means any Liens permitted under Section 7.01 of the Credit Agreement.

 

“Pledged
Debt Securities” shall have the meaning assigned to such term in the definition of “Securities Collateral”.

 

“Proceeds”
shall mean, collectively, all “proceeds,” as such term is defined in the UCC, and in any event shall include,
without limitation, any consideration received from the sale, exchange, license, lease or other disposition of any asset or property
that constitutes Collateral, any value received as a consequence of the possession of any Collateral and any payment received
from any insurer or other Person or entity as a result of the destruction, loss, theft, damage or other involuntary conversion
of whatever nature of any asset or property that constitutes Collateral, and shall include (a) all cash and negotiable instruments
received by or held on behalf of the Collateral Agent, (b) any claim of any Grantor against any third party for (and the
right to sue and recover for and the rights to damages or profits due or accrued arising out of or in connection with) (i) past,
present or future infringement of any Patent now or hereafter owned by any Grantor, or licensed under a Patent License, (ii) past,
present or future infringement or dilution of any Trademark now or hereafter owned by any Grantor or licensed under a Trademark
License or injury to the goodwill associated with or symbolized by any Trademark now or hereafter owned by any Grantor, (iii) past,
present or future breach of any License and (iv) past, present or future infringement of any Copyright now or hereafter owned
by any Grantor or licensed under a Copyright License, (c) income, fees, royalties and payments now or hereafter due and/or
payable with respect to any Intellectual Property and (d) any and all other amounts from time to time paid or payable under
or in connection with any of the Collateral.

 

    -6-

     

    

 

“Secured
Obligations” means all Obligations of each Grantor now or hereafter existing under the Loan Documents.

 

“Secured
Parties” means, collectively, the Administrative Agent, the Collateral Agent and the Lenders.

 

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

 

“Securities
Collateral” means (a)(i) all debt securities owned by any Grantor (including the property listed opposite the name
of each Grantor on Schedule I hereto), (ii) all debt securities in the future issued to any Grantor and (iii) all
promissory notes and any other instruments evidencing such debt securities (the “Pledged Debt Securities”);
(b) subject to Section 5.13, all payments of principal or interest, dividends, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of the securities
referred to in clauses (a) above; (c) subject to Section 5.13, all rights and privileges of any Grantor
with respect to the securities and other property referred to in clauses (a) and (b) above; and (d) all
Proceeds of any and all of the foregoing; provided that no Excluded Property shall constitute Securities Collateral.

 

“Trademark
License” shall mean any written agreement, now or hereafter in effect, granting to any third party any right to use
any Trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any
Grantor any right to use any Trademark now or hereafter owned by any third party, and all rights of any Grantor under any such
agreement.

 

“Trademarks”
shall mean all of the following now owned or hereafter acquired by a Grantor: (a) all trademarks, service marks, domain
names, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos,
slogans other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted
or acquired, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith,
including registrations and registration applications in the United States Patent and Trademark Office or any State of the United
States, and all extensions or renewals thereof, including those listed on Schedule 5.17 of the Credit Agreement, (b) all
goodwill associated therewith or symbolized thereby and (c) all other assets, rights and interests that uniquely reflect
or embody such goodwill.

 

“Trade
Secrets” shall mean all confidential and proprietary information, including, without limitation, know-how, show-how,
trade secrets, manufacturing and production processes and techniques, inventions, research and development information, databases
and data, including, without limitation, technical data, financial, marketing and business data, pricing and cost information,
business and marketing plans and customer and supplier lists and information, and all other intellectual, industrial and intangible
property of any type, including, without limitation, industrial designs and mask works.

 

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

 

SECTION 1.04.
Rules of Construction. Unless the context otherwise requires:

 

(1)a
term has the meaning assigned to it;

 

(2)an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)“or”
is not exclusive;

 

(4)words
in the singular include the plural, and in the plural include the singular; and

 

(5)where
the context requires, provisions relating to any Collateral, when used in relation to a Grantor, shall refer to such Grantor’s
Collateral or any relevant part thereof.

 

    -7-

     

    

 

ARTICLE
II

Authority of Collateral Agent

 

SECTION 2.01.
General Authority of the Collateral Agent over the Collateral. (a) By acceptance of the benefits of this Agreement
and the Collateral Documents, each Secured Party shall be deemed irrevocably (i) to consent to the appointment of the Collateral
Agent as its agent hereunder and under the Collateral Documents, (ii) to confirm that the Collateral Agent shall have the
authority to act as the exclusive agent of such Secured Party for enforcement of any provisions of this Agreement and the Collateral
Documents directly against any Grantor or the exercise of remedies hereunder or thereunder, (iii) to agree that such Secured
Party shall not take any action to enforce any provisions of this Agreement or any Collateral Document against any Grantor or
to exercise any remedy hereunder or thereunder and (iv) to agree to be bound by the terms of this Agreement and the Collateral
Documents.

 

(b)The
Collateral Agent hereby agrees that it holds and will hold all of its right, title and interest in, to and under the Collateral
Documents and the Collateral granted to the Collateral Agent thereunder whether now existing or hereafter arising (all such right,
title and interest being hereinafter referred to as the “Collateral Estate”) under and subject to the conditions
set forth in this Agreement and the other Loan Documents; and the Collateral Agent further agrees that it will hold such Collateral
Estate for the benefit of the Secured Parties, as security for the enforcement of the payment of all Secured Obligations (subject
to the limitations and priorities set forth herein and in the respective Loan Documents) and as security for the performance
of and compliance with the covenants and conditions of this Agreement and each of the Loan Documents.

 

SECTION 2.02.
Exercise of Powers. All of the powers, remedies and rights of the Collateral Agent as set forth in this Agreement may be
exercised by the Collateral Agent in respect of any Collateral Document as though set forth in full therein and all of the powers,
remedies and rights of the Collateral Agent as set forth in any Collateral Document may be exercised from time to time as herein
and therein provided.

 

SECTION 2.03.
Remedies Not Exclusive. (a) No remedy conferred upon or reserved to the Collateral Agent herein or in the Loan Documents
is intended to be exclusive of any other remedy or remedies, but every such remedy shall be cumulative and shall be in addition
to every other remedy conferred herein or in any Loan Document or now or hereafter existing at law or in equity or by statute.

 

    -8-

     

    

 

(b)No
delay or omission by the Collateral Agent to exercise any right, remedy or power hereunder or under any Loan Document shall impair
any such right, remedy or power or shall be construed to be a waiver thereof, and every right, power and remedy given by this
Agreement or any Loan Document to the Collateral Agent may be exercised from time to time and as often as may be deemed expedient
by the Collateral Agent.

 

(c)If
the Collateral Agent shall have proceeded to enforce any right, remedy or power under this Agreement or any Loan Document and
the proceeding for the enforcement thereof shall have been discontinued or abandoned for any reason or shall have been determined
adversely to the Collateral Agent, then the Grantors, the Collateral Agent and the other Secured Parties shall, subject to any
determination in such proceeding, severally and respectively be restored to their former positions and rights hereunder or thereunder
with respect to the Collateral Estate and in all other respects, and thereafter all rights, remedies and powers of the Collateral
Agent shall continue as though no such proceeding had been taken.

 

SECTION 2.04.
Waiver and Estoppel. (a) Subject to the terms of the Collateral Documents, each Grantor agrees, to the extent it may
lawfully do so, it will not at any time in any manner whatsoever claim, or take the benefit or advantage of, any appraisement,
valuation, stay, extension, moratorium, turnover or redemption law, or any law permitting it to direct the order in which the
Collateral shall be sold, now or at any time hereafter in force, which may delay, prevent or otherwise affect the performance
or enforcement of this Agreement or any Loan Document and hereby waives all benefit or advantage of all such laws and covenants
that it will not hinder, delay or impede the execution of any power granted to the Collateral Agent in this Agreement or any Loan
Document but will suffer and permit the execution of every such power as though no such law were in force; provided that
nothing contained in this Section 2.04(a) shall be construed as a waiver of any rights of the Grantors under any applicable
federal bankruptcy law or state insolvency law or any applicable foreign bankruptcy or insolvency law.

 

(b)Each
Grantor, to the extent it may lawfully do so, on behalf of itself and all Persons under its control who may claim through or under
it, including without limitation any and all subsequent creditors, vendees, assignees and licensors, waives and releases all rights
to demand or to have any marshaling of the Collateral upon any sale, whether made under any power of sale granted herein or in
any Loan Document or pursuant to judicial proceedings or upon any foreclosure or any enforcement of this Agreement or any Loan
Document and consents and agrees that all the Collateral may at any such sale be offered and sold as an entirety.

 

(c)Each
Grantor waives, to the extent permitted by applicable law, presentment, demand, protest and any notice of any kind (except notices
explicitly required hereunder or under any Loan Document) in connection with this Agreement and the Loan Documents and any
action taken by the Collateral Agent with respect to the Collateral.

 

    -9-

     

    

 

SECTION 2.05.
Limitation on Collateral Agent’s Duty in Respect of Collateral. Except for the safe custody of any Collateral in
its possession and to account to the Secured Parties and the Grantors for moneys and other property received by it hereunder or
under any Collateral Document and any other express duties specified herein, in the Credit Agreement or in the Collateral Documents,
the Collateral Agent shall not have any duty to the Grantors or to the Secured Parties as to any Collateral in its possession
or control or in the possession or control of any of its agents or nominees, or any income thereon or as to the preservation of
rights against prior parties or any other rights pertaining thereto. The Collateral Agent shall be deemed to have exercised reasonable
care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially
equal to that which it accords its own property.

 

SECTION 2.06.
Limitation by Law. All rights, remedies and powers provided in this Agreement or any Collateral Document may be exercised
only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions hereof are
intended to be subject to all applicable mandatory provisions of law which may be controlling and to be limited to the extent
necessary so that they will not render this Agreement invalid, unenforceable in whole or in part or not entitled to be recorded,
registered or filed under the provisions of any applicable law.

 

SECTION 2.07.
Rights of Secured Parties in Respect of Secured Obligations. Notwithstanding any other provision of this Agreement or any
Collateral Document, the right of each Secured Party to receive payment of the Secured Obligations held by such Secured Party
when due (whether at the stated maturity thereof, by acceleration or otherwise), as expressed in the instruments evidencing or
agreements governing such Secured Obligations or to institute suit for the enforcement of such payment on or after such due date,
shall not be impaired or affected without the consent of such Secured Party given in the manner prescribed by the instruments
evidencing or agreements governing such Secured Obligations.

 

The
provisions of this Article II are without limitation to the provisions under Article IX of the Credit Agreement relating
to the Collateral Agent.

 

    -10-

     

    

 

ARTICLE
III

Security Interest

 

SECTION 3.01.
Security Interest. (a) As security for the timely payment or performance, as the case may be, in full of the Secured
Obligations, each Grantor hereby grants to the Collateral Agent and its successors and permitted assigns, for the benefit of the
Secured Parties, a security interest in, all of such Grantor’s right, title and interest in, to and under the Collateral
of such Grantor, in each case, whether now existing or owned or hereafter arising or acquired, and wherever located. The Liens
granted hereunder to secure the Secured Obligations are referred to herein as the “Security Interest”.

 

(b)Without
limiting the foregoing, the Collateral Agent is hereby authorized to file one or more financing statements (including fixture
filings and financing statements that describe the Collateral as “all assets” or words of similar effect, regardless
of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC), continuation
statements, filings with the United States Patent and Trademark Office, United States Copyright Office or other documents for
the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Grantor, or the
priority thereof without the signature of any Grantor, and naming any Grantor or the Grantors as debtors and the Collateral Agent
as secured party.

 

SECTION 3.02.
No Assumption of Liability. The Security Interest is granted as security only and shall not subject the Collateral Agent
or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising
out of the Collateral.

 

SECTION 3.03.
Delivery of the Securities Collateral. (a) Upon delivery to the Collateral Agent, (i) any certificated Pledged
Debt Securities now or hereafter included in the Securities Collateral shall be accompanied by stock or bond powers duly executed
in blank and (ii) all other property comprising part of the Securities Collateral shall be accompanied by proper instruments
of assignment duly executed by the applicable Grantor. Each subsequent delivery of Pledged Debt Securities shall be accompanied
by a schedule describing the securities then being pledged hereunder, which schedule shall be attached hereto as a supplement
to Schedule I and made a part hereof. Each schedule so delivered shall supplement any prior schedules so delivered.

 

(b)Each
Grantor agrees to promptly (and in any event within five (5) Business Days or the applicable time period required therefor in
accordance with the Credit Agreement) deliver or cause to be delivered to the Collateral Agent any and all certificates or other
instruments or documents representing the Pledged Debt Securities and other Securities Collateral required to be pledged to the
Collateral Agent pursuant to the Loan Documents, subject to the exceptions and threshold amounts for Instruments and Tangible
Chattel Paper specified in Section 4.09(a) hereof.

 

(c)Each
Grantor will cause any Indebtedness for borrowed money owed to such Grantor by any Person to be evidenced by a duly executed promissory
note that is pledged and delivered to the Collateral Agent within five (5) Business Days of receipt thereof pursuant to the terms
hereof subject to the exceptions and threshold amounts for Instruments and Tangible Chattel Paper specified in Section 4.09(a)
hereof.

 

    -11-

     

    

 

ARTICLE
IV

Representations and Warranties

 

The
Grantors jointly and severally represent and warrant to the Collateral Agent and the Secured Parties that:

 

SECTION
4.01. Title and Authority. Each Grantor has good and valid rights in and title to the Collateral with respect to which
it has purported to grant a Security Interest hereunder and has all necessary power and authority to grant to the Collateral Agent
the Security Interest in such Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with
the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval which has
been obtained and is in full force and effect.

 

SECTION
4.02. Investment Property. As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Sections 5.11
and 7.13 hereof, set forth on Schedule I hereto (as such schedule may be amended or supplemented from time
to time) is a true, complete and correct list, in each case to the extent constituting Collateral, of all Indebtedness owed to
such Grantor and all other investment property (including, without limitation, all (A) securities, whether certificated or
uncertificated, (B) security entitlements, (C) securities accounts, (D) commodity contracts and (E) commodity
accounts) of such Grantor, setting forth (i) in Part I of Schedule I all Indebtedness owed to such
Grantor, the issuer thereof, description thereof, debt certificate number(s), final maturity and outstanding principal amount
of such Indebtedness and (ii) in Part II of Schedule I, all other investment property owned by such
Grantor, the issuer thereof, name of investment, certificate number(s), amount and other identification of such investment property.

 

SECTION
4.03. Identity, Etc. of Grantors. As of the date hereof and the date of delivery of any supplemental Schedules pursuant
to Sections 5.11 and 7.13 hereof, set forth on Schedule III hereto (as such schedule may be amended
or supplemented from time to time) is a true, complete and correct list showing such Grantor’s exact legal name (as it appears
in its certificate or articles of incorporation, limited liability membership agreement or similar organizational document, in
each case as amended to the date hereof or the date of any amendment permitted under the Credit Agreement), location, address
of chief executive office (and, if different, principal place of business), type of organization, jurisdiction of organization
and organizational I.D. number (including taxpayer identification number), and, except as permitted under Section 5.10, there
have been no changes in the name of such Grantor or in any other information as to such Grantor reflected on Schedule III
hereto during the five years preceding the date hereof.

 

    -12-

     

    

 

SECTION
4.04. Location of Equipment. As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Section
7.13 hereof, set forth on Schedule IV hereto (as such schedule may be amended or supplemented from time to time)
is a true, complete and correct list of the locations of such Grantor’s material tangible assets, including, without limitation,
such Grantor’s equipment and inventory.

 

SECTION
4.05. Letters of Credit. As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Section 7.13
hereof, set forth on Schedule V hereto (as such schedule may be amended or supplemented from time to time) is
a true, complete and correct list of all letters of credit of which such Grantor is a beneficiary or assignee, showing for each
such letter of credit the issuer thereof, nominated person (if any), account party, number, maximum available amount and date.

 

SECTION
4.06. Filings. (a) As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Sections 5.11
and 7.13 hereof, all information set forth herein, including the Schedules annexed hereto (as such schedules may be
amended or supplemented from time to time), is correct and complete, in all material respects. As of the date hereof and the date
of delivery of any supplemental Schedules pursuant to Sections 5.11 and 7.13 hereof, the Collateral described
on the Schedules annexed hereto (as such schedules may be amended or supplemented from time to time) constitutes all of the property
of such type of Collateral owned or held by the Grantors. Fully completed UCC financing statements (including fixture filings,
as applicable) containing a description of the Collateral have been prepared for filing in each governmental, municipal or other
office specified on Schedule 5.08 to the Credit Agreement. Upon (i) the filing of fully completed UCC financing
statements with the appropriate filing offices of each jurisdiction specified on Schedule 5.08 of the Credit Agreement
and (ii) the taking of possession or control by the Collateral Agent of the Collateral to the extent possession or control
by the Collateral Agent is required by this Agreement, the Collateral Agent for the benefit of the Secured Parties will have a
perfected security interest under U.S. law in respect of all Collateral, to the extent such security interest can be perfected
under the UCC by such filings and by taking such possession or control.

 

(b)With
respect to all Collateral consisting of United States registered Patents, United States registered Trademarks and United States
registered Copyrights, as of the date hereof, a fully executed Intellectual Property Security Agreement (as defined in the Credit
Agreement) has been prepared for recordation with the United States Patent and Trademark Office and the United States Copyright
Office pursuant to 35 U.S.C. § 261, 15 U.S.C. §1060 and 17 U.S.C. § 205. Upon the recordation of such Intellectual
Property Security Agreement with the United States Patent and Trademark Office and United States Copyright Office, as applicable,
and the filing of proper UCC financing statements with the appropriate filing offices of each jurisdiction specified in Schedule 5.08
of the Credit Agreement, the Collateral Agent for the benefit of the Secured Parties will have a perfected security interest
under U.S. law in respect of all Collateral consisting of Patents, Trademarks and Copyrights registered in the United States in
the name of any Grantor as of the date hereof, to the extent such security interest can be perfected by such recordation and filings.

 

SECTION
4.07. Validity of Security Interest. The Security Interest constitutes (a) a legal and valid security interest in
all the Collateral, securing the payment and performance of the Secured Obligations, (b) subject to the filings described
in Section 4.06, a perfected security interest in all Collateral in which a security interest may be perfected by
filing, recording or registering a financing statement, intellectual property security agreement or analogous document in the
United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC in such jurisdictions,
and (c) subject to compliance by the Grantors with Section 4.09, a perfected Security Interest in all Collateral
consisting of Instruments and certificated securities in which a security interest may be perfected by possession by the Collateral
Agent, in each case, to the extent required pursuant to the provisions hereof or of the other Loan Documents. The Security Interest
is and shall be prior to any other Lien on any of the Collateral, except as otherwise permitted under Section 7.01 of the
Credit Agreement.

 

    -13-

     

    

 

SECTION
4.08. Limitations on and Absence of Other Liens. The Collateral is owned by the Grantors free and clear of any Lien, except
for Permitted Liens. The Grantors have not filed or consented to the filing of (a) any financing statement, intellectual
property security agreement or analogous document under the UCC or any other applicable laws covering any Collateral, (b) any
assignment or collateral assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument
covering any Collateral with the United States Patent and Trademark Office and the United States Copyright Office or (c) any
assignment in which any Grantor assigns or collaterally assigns any Collateral or any security agreement or similar instrument
covering any Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document,
assignment, security agreement or similar instrument is still in effect, except, in each case, for those relating to Permitted
Liens.

 

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

 

(a)Instruments
and Tangible Chattel Paper. As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Sections 5.11
and 7.13 hereof, each Instrument and each item of Tangible Chattel Paper specified in Schedule I hereto
(as such schedule may be amended or supplemented from time to time) in excess of the amounts specified in the next succeeding
sentence has been properly endorsed, assigned and delivered to the Collateral Agent, and, if necessary, accompanied by instruments
of transfer or assignment duly executed in blank. If any amount (i) individually in excess of $100,000 or, (ii) together
with all amounts payable evidenced by any Instrument or Tangible Chattel Paper not previously delivered to the Collateral Agent,
in excess of $250,000 in the aggregate for all Grantors, in each case payable under or in connection with any of the Collateral,
shall be evidenced by any Instrument or Tangible Chattel Paper constituting Collateral, the Grantor acquiring such Instrument
or Tangible Chattel Paper shall forthwith endorse, assign and deliver the same to the Collateral Agent for the benefit of the
Secured Parties, accompanied by such instruments of transfer or assignment duly executed in blank as the Collateral Agent may
from time to time request; provided, however, that, so long as no Event of Default shall have occurred and be continuing,
the Collateral Agent shall return such Instrument or Tangible Chattel Paper to such Grantor from time to time, to the extent necessary
for collection in the ordinary course of such Grantor’s business, and without limiting the obligations of the Grantors hereunder.

 

    -14-

     

    

 

(b)Deposit
Accounts and Investment Property. (i) Each Grantor hereby represents and warrants that as of the date hereof and the
date of delivery of any supplemental Schedules pursuant to Sections 5.11 and 7.13 hereof, (A) it has neither
opened nor maintains any Deposit Accounts other than those listed in Schedule I hereto (as such schedule may be amended or supplemented
from time to time), (B) it has neither opened nor maintains any Securities Accounts or Commodity Accounts other than those
listed in Schedule I hereto (as such schedule may be amended or supplemented from time to time) and (C) it does
not hold, own or have any interest in any certificated securities or uncertificated securities other than those constituting Securities
Collateral, those maintained in Securities Accounts or Commodity Accounts listed in Schedule I hereto (as such schedule
may be amended or supplemented from time to time).

 

(ii)
In the event the Grantors have cash, Investment Property or other funds maintained in any Deposit Accounts, Securities Accounts
and/or Commodity Accounts (other than Excluded Accounts), Borrower shall promptly notify the Collateral Agent, and the Collateral
Agent and the applicable Grantor shall (x) within fifteen (15) days (or such longer period as the Collateral Agent may agree
in its sole discretion) after the date hereof with respect to such Deposit Accounts, Securities Accounts and/or Commodity Accounts
existing on the Closing Date, and (y) with respect to such Deposit Accounts, Securities Accounts and/or Commodity Accounts
created after the date hereof, promptly thereafter, enter into Control Agreements in favor of the Collateral Agent for the benefit
of the Secured Parties with the banks, Securities Intermediaries or Commodity Intermediaries with which its Deposit Accounts,
Securities Accounts and Commodity Accounts (other than Excluded Accounts) are maintained granting to the Collateral Agent Control
over such accounts. The Collateral Agent agrees with each Grantor that, in the case of a Deposit Account subject to Collateral
Agent’s Control, the Collateral Agent shall not give any instructions directing the disposition of funds from time to time
credited to any Deposit Account or withhold any withdrawal rights from such Grantor with respect to funds from time to time credited
to any Deposit Account or, in the case of a Securities Account or Commodity Account subject to Collateral Agent’s Control,
the Collateral Agent shall not give any Entitlement Orders or instructions or directions to any issuer of uncertificated securities,
Securities Intermediary or Commodity Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing
rights by such Grantor, unless, in each case, an Event of Default has occurred and is continuing.

 

(iii)
If any Grantor shall at any time hold or acquire any certificated securities (w) constituting Investment Property and other
Securities Collateral required to be pledged under the Credit Agreement having a fair market value in excess of $100,000 individually,
or $250,000 in the aggregate, or (x) in respect of the Equity Interests of any Subsidiary (excluding any Equity Interests
constituting Excluded Property), such Grantor shall promptly endorse, assign and deliver the same to the Collateral Agent, accompanied
by such instruments of transfer or assignment duly executed in blank. If any securities now or hereafter acquired by any Grantor
(w) constituting Investment Property required to be pledged under the Credit Agreement having a fair market value in excess
of $100,000 individually, or $250,000 in the aggregate, or (x) in respect of the Equity Interests of any Subsidiary (excluding
any Equity Interests constituting Excluded Property), are uncertificated and are held in accounts required to be subject to a
Control Agreement pursuant to clause (ii) of this Section 4.09(b) and are not subject to a Control Agreement in favor
of the Collateral Agent, such Grantor shall promptly notify the Collateral Agent, and the Collateral Agent shall notify the Lenders
thereof. Such Grantor shall cause the issuer to agree to comply with instructions from the Collateral Agent as to such securities,
without further consent of any Grantor.

 

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(iv)
As between the Collateral Agent and the Grantors, the Grantors shall bear the investment risk with respect to the Investment Property,
and the risk of loss of, damage to or the destruction of the Investment Property, whether in the possession of, or maintained
as a security entitlement or deposit by, or subject to the control of, the Collateral Agent, a Securities Intermediary, a Commodity
Intermediary, any Grantor or any other Person; provided, however, that nothing contained in this Section 4.09(b)
shall release or relieve any Person of its duties and obligations under any Control Agreement or under applicable law.

 

(v)
Each Grantor shall promptly pay all Charges and fees with respect to the Investment Property in which a security interest is granted
by it under this Agreement, except that no such Charge or fee need be paid if the amount or validity thereof is currently being
contested in good faith, reserves in conformity with GAAP with respect thereto have been provided on the books of such Grantor,
and such proceedings could not reasonably be expected to result in the sale, forfeiture or loss of any material portion of the
Collateral or any interest therein. After the occurrence and during the continuance of an Event of Default, in the event any Grantor
shall fail to make any such payment contemplated in the immediately preceding sentence, the Collateral Agent may (but is not obligated
to) do so for the account of such Grantor and the Grantors shall promptly reimburse and indemnify the Collateral Agent from all
liabilities, costs and expenses incurred by the Collateral Agent under this Section 4.09(b)(v).

 

(c)Electronic
Chattel Paper and Transferable Records. If any amount (i) individually in excess of $100,000 or, (ii) together with
all amounts payable evidenced by any Electronic Chattel Paper or transferable record as to which control was not previously given
to the Collateral Agent, in excess of $250,000 in the aggregate for all Grantors, in each case payable under or in connection
with any of the Collateral, shall be evidenced by any Electronic Chattel Paper or any “transferable record,” as that
term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in Section 16
of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction, the Grantor acquiring such Electronic Chattel
Paper or transferable record shall promptly notify the Collateral Agent. Such Grantor shall take such action as the Collateral
Agent may reasonably request to vest in the Collateral Agent for the benefit of the Secured Parties control under UCC Section 9-105
of such Electronic Chattel Paper or control under Section 201 of the Federal Electronic Signatures in Global and National
Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction,
of such transferable record. The Collateral Agent will arrange for the Grantor to make alterations to the Electronic Chattel Paper
or transferable record permitted under UCC Section 9-105 or, as the case may be, Section 201 of the Federal Electronic
Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act, as applicable, that
a party in control may allow without loss of control, unless an Event of Default has occurred and is continuing or would occur
after taking into account any action by such Grantor with respect to such Electronic Chattel Paper or transferable record.

 

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(d)Letter-of-Credit
Rights. If any Grantor is at any time a beneficiary under a Letter of Credit now or hereafter issued in favor of such Grantor
in a face amount individually in excess of $100,000 or together with all amounts payable evidenced by any Letter-of-Credit Rights
not previously delivered to the Collateral Agent in excess of $250,000 in the aggregate for all Grantors, such Grantor shall promptly
notify the Collateral Agent, and the Collateral Agent shall notify the Lenders and, such Grantor shall use commercially reasonable
efforts to (unless the Collateral Agent consents otherwise) either (i) arrange for the issuer and any confirmer of such Letter
of Credit to consent to an assignment to the Collateral Agent for the benefit of the Secured Parties of the proceeds of any drawing
under the Letter of Credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of such Letter of
Credit.

 

(e)Commercial
Tort Claims. As of the date hereof and the date of each delivery of any supplemental Schedules pursuant to Sections 5.11
and 7.13 hereof, each Grantor hereby represents and warrants that it holds no Commercial Tort Claims other than those
listed on Schedule II hereto (as such schedule may be amended or supplemented from time to time). If any Grantor shall
at any time hold or acquire a Commercial Tort Claim having a value (i) individually in excess of $100,000 or, (ii) together
with all amounts payable evidenced by any Commercial Tort Claims not previously delivered to the Collateral Agent, in excess of
$250,000 in the aggregate for all Grantors, such Grantor shall promptly notify the Collateral Agent. Such Grantor shall grant
to the Collateral Agent for the benefit of the Secured Parties in writing signed by such Grantor a security interest therein and
in the Proceeds thereof, all upon the terms of this Agreement. The Grantor(s) shall have sole control of all aspects of Commercial
Tort Claims that are subject to this Section 4.09(e) unless and until an Event of Default has occurred and is continuing,
the Secured Obligations have been accelerated as set forth in Article VIII of the Credit Agreement and the Collateral Agent
or the other Secured Parties have begun exercising rights with respect to other Collateral under this Agreement and as set forth
in Article VIII of the Credit Agreement.

 

SECTION
4.10. No Conflicts, Consents, etc. In the event that an Event of Default has occurred and is continuing and the Collateral
Agent desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement and
determines it necessary to obtain any approvals or consents of any Governmental Authority or any other Person therefor, then,
upon the reasonable request of the Collateral Agent, such Grantor agrees to use commercially reasonable efforts to assist and
aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies,
rights and powers.

 

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SECTION
4.11. Intellectual Property. Each Grantor is the exclusive owner of all right, title and interest in or is otherwise entitled
to use all Intellectual Property used in or material to the operation of such Grantor’s business subject only to the terms
of the Licenses. All necessary registration, maintenance and renewal fees currently due and owing in connection with the Copyrights,
Patents and Trademarks listed on Schedule 5.17 of the Credit Agreement have been paid, and all necessary documents,
recordations and certifications in connection therewith have been filed with the relevant authorities to record and perfect each
Grantor’s interest and chain of title in such Copyrights, Patents and Trademarks, and such Copyrights, Patents and Trademarks
are valid and enforceable. No claim has been asserted and is pending by any Person with respect to the use by any Grantor of any
Intellectual Property or challenging or questioning the validity or enforceability of any Intellectual Property necessary for
the conduct of the business of any Grantor. To the knowledge of the Grantors, no Person is engaging in any activity that infringes,
misappropriates or otherwise violates or conflicts with any Intellectual Property. Each Grantor has taken commercially reasonable
measures to maintain the confidentiality and value of all Trade Secrets used or held for use in the operation of the business
of such Grantor. To the knowledge of the Grantors, no Trade Secrets have been disclosed by any Grantor except pursuant to valid
and appropriate non-disclosure and/or license agreements that have not been breached. The operation of each Grantor’s business
as currently conducted or as contemplated to be conducted and the use of the Intellectual Property in connection therewith do
not infringe, misappropriate, dilute, misuse or otherwise violate the intellectual property rights of any third party.

 

SECTION
4.12. Securities Collateral. (a) As of the date hereof and the date of delivery of any supplemental Schedules pursuant
to Sections 5.11 and 7.13 hereof, each Grantor is the direct owner, beneficially and of record, of the Pledged
Debt Securities indicated on Schedule I (as such schedule may be amended or supplemented from time to time) and holds
the same free and clear of all Liens other than Permitted Liens.

 

(b)No
Grantor will make any assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in
or other Lien on, the Securities Collateral, other than Liens securing the Secured Obligations.

 

(c)Subject
to Sections 3.03, 4.09(b)(iii) and 5.13, each Grantor will cause any and all Securities Collateral (whether
for value paid by such Grantor or otherwise) to be delivered to the Collateral Agent and pledged or assigned hereunder.

 

(d)All
of the Pledged Debt Securities issued by any Grantor have been duly authorized, executed and delivered and, as of the date hereof,
to the knowledge of such Grantor, are the enforceable obligations of the issuer thereof.

 

(e)As
of the date hereof and the date of delivery of any supplemental Schedules pursuant to Sections 5.11 and 7.13
hereof, Schedule I hereof (as such schedule may be amended or supplemented from time to time) sets forth all of the
Subsidiaries of each Loan Party whose Equity Interests are required to be pledged pursuant to Section 6.11 of the Credit
Agreement and the Collateral and Guarantee Requirement of the Credit Agreement.

 

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ARTICLE
V

Covenants

 

SECTION
5.01. Protection of Security. Each Grantor shall, at its own cost and expense, take any and all actions reasonably necessary
to defend its right, interest and title in and to the Collateral against all Persons (other than, as to Permitted Liens, the holders
of Permitted Liens) and to defend the Security Interest of the Collateral Agent in the Collateral and the priority thereof against
any Lien other than Permitted Liens.

 

SECTION
5.02. Further Assurances. Each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly
filed all such further instruments, agreements and documents and take all such actions as the Collateral Agent may from time to
time reasonably request to assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby
and by the other Loan Documents, including, without limitation, the payment of any fees and taxes required in connection with
the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing statements
or other documents in connection herewith or therewith.

 

SECTION
5.03. Taxes; Encumbrances. During the continuance of an Event of Default, the Collateral Agent at its option may discharge
past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the
Collateral except to the extent the same constitute Permitted Liens, and may pay for the maintenance and preservation of the Collateral
to the extent any Grantor fails to do so as required by this Agreement and each Grantor jointly and severally agrees to reimburse
the Collateral Agent on demand for any payment made or any reasonable documented expense incurred by the Collateral Agent pursuant
to the foregoing authorization; provided, however, that nothing in this Section 5.03 shall be interpreted
as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure
or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, liens, security
interests or other encumbrances or maintenance or preservation as set forth herein or in the other Loan Documents.

 

SECTION
5.04. Assignment of Security Interest. If at any time any Grantor shall take a security interest in any property of an
Account Debtor or any other Person to secure payment and performance of an Account in an amount in excess of $250,000, such Grantor
shall promptly assign such security interest to the Collateral Agent for the benefit of the Secured Parties. Such assignment need
not be filed of public record unless necessary to continue the first priority and perfected status of the Security Interest of
the Collateral Agent against creditors of and transferees from the Account Debtor or other Person granting the security interest.

 

SECTION
5.05. Continuing Obligations of the Grantors. Each Grantor shall remain liable to observe and perform all the conditions
and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Collateral, all
in accordance with the terms and conditions thereof, and each Grantor jointly and severally agrees to indemnify and hold harmless
each of the Collateral Agent, each Secured Party and each of their respective affiliates, agents and representatives from and
against any and all liability for such performance except to the extent resulting from the gross negligence or willful misconduct
of the Collateral Agent or such Secured Party as determined by a final non-appealable judgment of a court of competent jurisdiction.

 

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SECTION
5.06. Use and Disposition of Collateral. None of the Grantors shall grant any Lien in respect of the Collateral other than
Liens securing the Secured Obligations and Permitted Liens.

 

SECTION
5.07. Limitation on Modification of Accounts. Subject in each case to its reasonable business judgment, none of the Grantors
will, without the Collateral Agent’s prior written consent, grant any extension of the time of payment of any of the Accounts
Receivable in excess of $250,000, compromise, compound or settle the same for less than the full amount thereof, release, wholly
or partly, any Person liable for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions,
credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with such Grantor’s
collection practices as in effect from time to time.

 

SECTION
5.08. Insurance. The Grantors, at their own expense, shall maintain or cause to be maintained insurance covering physical
loss or damage to the Inventory and Equipment in accordance with Section 6.07 of the Credit Agreement, and the Collateral
Agent shall be named as the loss payee and/or additional insured, as applicable, thereunder. Each Grantor irrevocably makes, constitutes
and appoints the Collateral Agent (and all officers, employees or agents designated by the Collateral Agent), for so long as any
Secured Obligations remain outstanding, as such Grantor’s true and lawful agent (and attorney-in-fact) for the purpose,
during the continuance of an Event of Default, of making, settling and adjusting claims in respect of Collateral under policies
of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of
such policies of insurance and for making all determinations and decisions with respect thereto. So long as no Event of Default
has occurred and is continuing, all actions to be taken with respect to the making, settling and adjusting of claims under insurance
policies may be taken by the Grantors without any requirement of participation or consent from the Collateral Agent.

 

SECTION
5.09. Certain Covenants Regarding Intellectual Property. (a) With respect to each item of its Intellectual Property
that is material to the conduct of each Grantor’s business, each Grantor agrees to take, at its expense, all commercially
reasonable steps, including, without limitation, with respect to Intellectual Property owned by such Grantor that is registered
or for which an application for registration is pending, in the U.S. Patent and Trademark Office and the U.S. Copyright Office,
to maintain the validity and enforceability of such Intellectual Property. No Grantor shall, without the written consent of the
Collateral Agent, discontinue use of or otherwise abandon any of its Intellectual Property, or abandon any right to file an application
for Patent, Trademark, or Copyright, unless such Grantor shall have determined that such use or the pursuit or maintenance of
such Intellectual Property is no longer desirable in the conduct of such Grantor’s business and that the loss thereof would
not be reasonably likely to have a Material Adverse Effect.

 

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(b)Each
Grantor shall use proper statutory notice as required by law in connection with its use of each item of its Intellectual Property.
No Grantor shall do or authorize any act or knowingly omit to do any act whereby any of its material Intellectual Property is
likely to lapse or become invalid or unenforceable or placed in the public domain.

 

(c)Each
Grantor shall notify the Collateral Agent as soon as practicable if it knows that any Patent, Trademark or Copyright material
to the conduct of its business may become abandoned, lost or dedicated to the public, or of any adverse determination or development
including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark
Office or United States Copyright Office or other proceeding with respect to its Intellectual Property regarding such Grantor’s
ownership of any Patent, Trademark or Copyright material to the conduct of its business, or its right to register the same, or
to keep and maintain the same.

 

(d)In
the event that any Grantor, either itself or through any agent, employee, licensee or designee, files an application for or, following
the Closing Date, becomes the registered owner of, any Patent, Trademark or Copyright (or for the registration of any Trademark
or Copyright), such Grantor shall, with the delivery of any supplemental Schedules pursuant to Sections 5.11 and 7.13
hereof, notify the Collateral Agent and such Grantor shall execute and deliver any and all agreements, instruments, documents
and papers as are necessary to evidence the Secured Parties’ security interest in such Patent, Trademark or Copyright or
application therefor, and each Grantor hereby appoints the Collateral Agent as its attorney-in-fact to execute and file such writings
solely for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; such power, being coupled with
an interest, is irrevocable until this Agreement is terminated.

 

(e)Each
Grantor will take all commercially reasonable steps that are consistent with its reasonable business judgment in any proceeding
before the United States Patent and Trademark Office, United States Copyright Office or any other proceeding with respect to its
Intellectual Property to maintain and pursue each material application relating to the Patents, Trademarks and/or Copyrights (and
to obtain the relevant grant or registration) and to maintain each issued Patent and each registration of the Trademarks or Copyrights
that is material to the conduct of any Grantor’s business, including timely filings of applications for renewal, affidavits
of use, affidavits of incontestability and payment of maintenance fees, and, if consistent with its reasonable business judgment,
to initiate opposition, interference and cancellation proceedings against third parties.

 

(f)In
the event that any Grantor has reason to believe that any Intellectual Property which is material to its business has been or
is about to be infringed, misappropriated or diluted by a third party, such Grantor shall promptly notify the Collateral Agent
and shall, if consistent with its reasonable business judgment, promptly sue for infringement, misappropriation or dilution and
to recover any and all damages for such infringement, misappropriation or dilution, or take such other actions as are appropriate
under the circumstances to protect such Collateral.

 

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(g)To
each Grantor’s knowledge, on and as of the date hereof, such Grantor is not infringing upon any patent, trademark or copyright
of any other Person other than such infringement that, individually or in the aggregate, would not (or would not reasonably be
expected to) result in a material adverse effect on the value or utility of the Collateral consisting of Intellectual Property
or any portion thereof material to the use and operation of the Collateral and no proceedings have been instituted or are pending
against such Grantor or, to such Grantor’s knowledge, threatened, and no claim against such Grantor has been received by
such Grantor, alleging any such violation.

 

(h)Upon
and during the continuance of an Event of Default, each Grantor shall upon the written request of the Collateral Agent use its
commercially reasonable efforts to obtain all requisite consents or approvals by the licensor of each Copyright License, Patent
License or Trademark License, in each case, material to the conduct of such Grantor’s business to effect the assignment
of all of such Grantor’s right, title and interest thereunder to the Collateral Agent or its designee.

 

SECTION
5.10. Location of Collateral; Post Closing Changes. (a) Each Grantor will keep its material tangible assets, including
equipment and inventory, at the places specified in Schedule IV hereto (as such schedule may be amended or supplemented
from time to time) or, upon 30 days’ (or such shorter time as the Collateral Agent may agree) prior written notice to the
Collateral Agent, at such other places designated by such Grantor in such notice and (b) no Grantor will change its name,
structure, legal existence, type of organization, jurisdiction of organization, tax identification number, organizational identification
number or location or chief executive office from those set forth in Schedule III hereto (as such schedule may be
amended or supplemented from time to time) without giving the Collateral Agent at least ten (10) Business Day’s prior written
notice (or such lesser time as may be agreed by the Collateral Agent).

 

SECTION
5.11. Supplemental Schedules. Concurrently with the delivery of each Compliance Certificate pursuant to Section 6.01(d)
of the Credit Agreement, the Grantors shall deliver written supplements to Schedules I and IV annexed hereto, updating the
information set forth in such Schedules (as supplemented from time to time) or a confirmation that there has been no material
change in such information since the date hereof or the most recently delivered Schedules.

 

SECTION
5.12. Registration in Nominee Name; Denominations. The Collateral Agent, on behalf of the Secured Parties, shall have the
right to hold the Pledged Debt Securities in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or
the name of the Grantors, endorsed or assigned in blank or in favor of the Collateral Agent; provided that the Collateral
Agent shall not exercise any such right unless an Event of Default is continuing and Collateral Agent has provided prior written
notice thereof to the Grantors. During the continuance of any Event of Default, each Grantor will promptly give to the Collateral
Agent copies of any notices or other communications received by it with respect to Pledged Debt Securities registered in the name
of such Grantor. During the continuance of any Event of Default, the Collateral Agent shall at all times have the right to exchange
the certificates representing Pledged Debt Securities for certificates of smaller or larger denominations for any purpose consistent
with this Agreement.

 

    -22-

     

    

 

SECTION
5.13. Voting Rights; Dividends and Interest, etc. (a) Unless and until an Event of Default shall have occurred and
be continuing:

 

(i)
Each Grantor shall have the right to exercise any and all voting and/or other consensual rights and powers inuring to an owner
of Pledged Debt Securities or any part thereof for any purpose not inconsistent with the terms of this Agreement, the Credit Agreement
and the other Loan Documents; provided, however, that such Grantor will not be entitled to exercise any such right
if the result thereof would reasonably be expected to materially and adversely affect the rights and remedies of any of the Secured
Parties under this Agreement, the Credit Agreement or any other Loan Document or the ability of the Secured Parties to exercise
the same;

 

(ii)
The Collateral Agent shall execute and deliver to each Grantor, or cause to be executed and delivered to each Grantor, all such
proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor
to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above
and to receive the cash dividends it is entitled to receive pursuant to subparagraph (iii) below; and

 

(iii)
Subject to the next two sentences, each Grantor shall be entitled to receive and retain any and all cash dividends, interest,
principal and other amounts paid on the Pledged Debt Securities to the extent and only to the extent that such cash dividends,
interest, principal and other amounts are permitted by, and otherwise paid in accordance with, the terms and conditions of the
Credit Agreement, the other Loan Documents and applicable laws. All noncash dividends, interest, principal and other amounts,
and all dividends, interest, principal and other amounts paid or payable in cash or otherwise in connection with a partial or
total liquidation or dissolution, return of capital, capital surplus or paid-in surplus, and all other distributions (other than
distributions referred to in the preceding sentence) made on or in respect of the Pledged Debt Securities, whether paid or payable
in cash or otherwise, whether resulting from a subdivision, combination or reclassification of the outstanding capital stock of
the issuer of any Pledged Debt Securities or received in exchange for Pledged Debt Securities or any part thereof, or in redemption
thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party
or otherwise, shall be and become part of the Securities Collateral (except to the extent constituting Excluded Property), and,
if any Grantor receives any certificated securities or property not constituting Excluded Property (x) in a transaction not permitted
by the Credit Agreement or, (y) upon the occurrence and during the continuance of an Event of Default, in connection with
the preceding sentences of this subparagraph (iii), such securities or property shall be forthwith delivered to the Collateral
Agent in the same form as so received (with any necessary endorsement).

 

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(b)Upon
the occurrence and during the continuance of an Event of Default, all rights of any Grantor to dividends, interest, principal
or other amounts that such Grantor is authorized to receive pursuant to paragraph (a)(iii) above shall cease, and all such
rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to receive
and retain such dividends, interest, principal or other amounts. All dividends, interest, principal or other amounts received
by the Grantor contrary to the provisions of this Section 5.13 shall be held in trust for the benefit of the Collateral
Agent, shall be segregated from other property or funds of such Grantor and shall be forthwith delivered to the Collateral Agent
upon demand in the same form as so received (with any necessary endorsement). Any and all money and other property paid over to
or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be applied in accordance with
the provisions of Section 6.02. Within ten (10) Business Days after all such Events of Default have been cured or
waived, the Collateral Agent shall return to each Grantor all cash dividends, interest or principal (including interest earned
thereon) that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) above and
which remain in such account; provided, however, the Collateral Agent shall be under no obligation with respect
to the investment of such cash dividends, interest or principal, including, for the avoidance of doubt, any requirement to invest
such cash dividends, interest or principal in any class of investment, interest-bearing or otherwise.

 

(c)Upon
the occurrence and during the continuance of an Event of Default, all rights of any Grantor to exercise the voting and consensual
rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 5.13, and the obligations
of the Collateral Agent under paragraph (a)(ii) of this Section 5.13, shall cease, and all such rights shall
thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to exercise such
voting and consensual rights and powers upon prior written notice to Grantors. After all Events of Default have been cured or
waived, such Grantor will have the right to exercise the voting and consensual rights and powers that it would otherwise be entitled
to exercise pursuant to the terms of paragraph (a)(i) above.

 

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ARTICLE
VI

Remedies

 

SECTION
6.01. Remedies upon Default. After the occurrence and during the continuance of an Event of Default, each Grantor agrees
to deliver each item of Collateral to the Collateral Agent (or, to the extent delivery of such Collateral would be commercially
impracticable, make such Collateral available), and it is agreed that the Collateral Agent shall have the right to take any of
or all the following actions at the same or different times: (a) with respect to any Collateral consisting of Intellectual
Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Collateral
by the applicable Grantors to the Collateral Agent, or to license or sublicense, whether general, special or otherwise, and whether
on an exclusive or nonexclusive basis, any such Collateral throughout the world on such terms and conditions and in such manner
as the Collateral Agent shall determine (other than in violation of applicable law or any then existing licensing arrangements
to the extent that waivers cannot be obtained), and (b) with or without legal process but with prior notice or demand for
performance, to take possession of the Collateral and so long as there is not a breach of peace, without liability except for
its gross negligence or willful misconduct, to enter any premises where the Collateral may be located for the purpose of taking
possession of or removing the Collateral and, generally, to exercise any and all rights afforded to a secured party under the
UCC or other applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Collateral Agent shall
have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the
Collateral, at public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for
future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized at any such sale to restrict
the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the Collateral for their
own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the
Collateral Agent shall have the right, subject to compliance with applicable federal and state securities laws, to assign, transfer
and deliver to the purchaser or purchasers thereof the Collateral so sold. Subject to any mandatory provision of applicable law,
each such purchaser at any such sale shall hold the property sold absolutely, free from any claim or right on the part of any
Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay and appraisal which such
Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted.

 

The
Collateral Agent shall give a Grantor not less than ten (10) Business Days’ prior written notice (which each Grantor agrees
is reasonable notice within the meaning of Section 9-611 of the UCC) of the Collateral Agent’s intention to make any
sale or other disposition of such Grantor’s Collateral. Such notice, in the case of a public sale, shall state the time
and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board
or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for
sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at
such place or places as the Collateral Agent may fix and state in the notice of such sale. At any such sale, the Collateral, or
portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may determine.
The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless
of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication,
adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed
for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case
any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained
by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not
incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in
case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law,
private) sale made pursuant to this Section 6.01, any Secured Party may bid for or purchase, free (to the extent permitted
by law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby
waived and released, to the maximum extent permitted by law), the Collateral or any part thereof offered for sale and may make
payment on account thereof by using any Secured Obligation then due and payable to such Secured Party from any Grantor as a credit
against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such
property without further accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral
or any portion thereof shall be treated as a sale thereof, the Collateral Agent shall be free to carry out such sale pursuant
to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding
any cure of any Event of Default or any repayment of the Obligations following the entry into such an agreement. As an alternative
to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity
to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts
having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Each Grantor acknowledges that any sale
pursuant to the provisions of this Section 6.01 shall be deemed to conform to the commercially reasonable standards
as provided in Section 9-611 of the UCC.

 

    -25-

     

    

 

SECTION
6.02. Application of Proceeds. The proceeds of any sale of Collateral pursuant to Section 6.01, as well as
any Collateral consisting of cash, shall be applied by the Collateral Agent in accordance with Section 8.03 of the Credit
Agreement.

 

SECTION
6.03. Grant of License to Use Intellectual Property. For the purpose of enabling the Collateral Agent to exercise rights
and remedies under this Article at such time as the Collateral Agent shall be lawfully or contractually entitled to exercise
such rights and remedies, each Grantor hereby grants to the Collateral Agent an irrevocable, nonexclusive license (exercisable
without payment of royalty or other compensation to the Grantors) to use, license or sublicense any of the Collateral consisting
of Intellectual Property now owned or hereafter acquired by such Grantor, except to the extent that such license may not be granted
as a result of a pre-existing license arrangement, wherever the same may be located, and including in such license reasonable
access to all media in which any of the licensed items may be recorded or stored and to all Computer Software and programs used
for the compilation or printout thereof. The use of such license by the Collateral Agent may be exercised after the occurrence
and during the continuation of an Event of Default; provided that any license, sublicense or other transaction entered
into by the Collateral Agent in accordance herewith shall be binding upon the Grantors notwithstanding any subsequent cure of
an Event of Default. Such license shall be irrevocable until this Agreement is terminated.

 

ARTICLE
VII

Miscellaneous

 

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

 

    -26-

     

    

 

SECTION
7.02. Survival of Agreement. All covenants, agreements, representations and warranties made by any Grantor herein and in
the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan
Document shall be considered to have been relied upon by the Collateral Agent and the other Secured Parties and shall survive
the making by the Lenders of the Term Loan, regardless of any investigation made by the Secured Parties or on their behalf, and
shall continue in full force and effect until this Agreement shall terminate.

 

SECTION
7.03. Binding Effect. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf
of such Grantor shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed and delivered
on behalf of the Collateral Agent, and thereafter shall be binding upon such Grantor and the Collateral Agent and their respective
successors and assigns, and shall inure to the benefit of such Grantor, the Collateral Agent and the other Secured Parties and
their respective successors and permitted assigns, except that no Grantor shall have the right to assign or transfer its rights
or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except
as expressly permitted by each of the other Loan Documents.

 

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

 

    -27-

     

    

 

SECTION
7.05. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK, EXCEPT (I) AS REQUIRED BY MANDATORY PROVISIONS OF LAW AND (II) TO THE EXTENT THAT THE VALIDITY AND PERFECTION OR
THE PERFECTION AND THE EFFECT OF PERFECTION OR NON-PERFECTION OF THE SECURITY INTEREST CREATED HEREBY, OR REMEDIES HEREUNDER,
IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAW OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 

 

SECTION
7.06. Waivers; Amendment; Several Agreement; Confidentiality. (a) No failure or delay of the Collateral Agent in exercising
any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Collateral Agent hereunder and of the other
Secured Parties under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provisions of this Agreement or consent to any departure by any Grantor therefrom shall in any
event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice to or demand on any Grantor in any case shall entitle
such Grantor or any other Grantor to any other or further notice or demand in similar or other circumstances.

 

(b)Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into among Borrower, the Collateral Agent and the Grantors with respect to which such waiver, amendment or modification
is to apply, subject to any consents required in accordance with Section 10.01 of the Credit Agreement.

 

(c)This
Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented,
waived or released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations
of any other Grantor hereunder.

 

(d)The
Collateral Agent agrees to maintain the confidentiality of Loan Party Information as provided in, and otherwise comply with the
requirements of, Section 10.08 of the Credit Agreement.

 

SECTION
7.07. WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH
OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED
IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY
OF THIS SECTION 7.07 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR
RIGHT TO TRIAL BY JURY.

 

SECTION
7.08. Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor
in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. It is understood and agreed among
the parties that this Agreement shall create separate security interests in the Collateral securing the Secured Obligations as
provided in Section 3.01, and that any determination by any court with jurisdiction that the security interest securing
any Secured Obligation or class of Secured Obligations is invalid for any reason shall not in and of itself invalidate the Security
Interest securing any other Secured Obligations hereunder.

 

    -28-

     

    

 

SECTION
7.09. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original
but all of which when taken together shall constitute a single contract and shall become effective as provided in Section 7.03.
Delivery of an executed signature page to this Agreement by facsimile transmission or electronic transmission of a .pdf copy or
an executed counterpart of this Agreement shall be effective as delivery of a manually executed counterpart hereof.

 

SECTION
7.10. Headings. Article and Section headings used herein are for the purpose of reference only, are not part
of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

SECTION
7.11. Jurisdiction; Consent to Service of Process. (a) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY
OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR
OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES
HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR OTHER DOCUMENT RELATED HERETO OR THERETO.

 

(b)Each
party to this Agreement irrevocably consents to service of process in the manner provided for in Section 10.02 of the Credit
Agreement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner
permitted by law.

 

SECTION
7.12. Termination. (a) This Agreement and the Security Interest shall terminate upon the Termination Date (as defined
in the Credit Agreement), at which time the Collateral Agent shall execute and deliver to the Grantors, at the Grantors’
expense, all UCC termination statements and other documents which the Grantors shall reasonably request to evidence such termination
and shall return to the Grantors any Collateral held by the Collateral Agent. Any execution and delivery of termination statements
or documents pursuant to this Section 7.12(a) shall be without recourse to or warranty by the Collateral Agent.

 

(b)Upon
any sale, lease, transfer or other disposition by any Grantor of any Collateral that is permitted under the Loan Documents, upon
the effectiveness of any written consent to the release of the Security Interest granted hereby in any Collateral pursuant to
Section 9.11(a)(iii) of the Credit Agreement, or upon the release of any Grantor from its obligations under its Guaranty
pursuant to Section 9.11(b) of the Credit Agreement, the Collateral Agent shall execute and deliver to any Grantor,
at such Grantor’s expense, all UCC termination statements and other documents that such Grantor shall reasonably request
to evidence such termination or release and shall return to such Grantor any Collateral owned by such Grantor that is in the Collateral
Agent’s possession. Any execution and delivery of UCC termination statements and similar documents pursuant to this Section 7.12(b)
shall be without recourse to or warranty by the Collateral Agent.

 

    -29-

     

    

 

SECTION
7.13. Additional Grantors. To the extent any Subsidiary shall be required to become a Grantor pursuant to any Loan Document,
upon execution and delivery by the Collateral Agent and such Subsidiary of an instrument in the form of Annex I hereto
and Schedules annexed thereto, such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally
named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor
hereunder. The rights and obligations of each Grantor thereunder shall remain in full force and effect notwithstanding the addition
of any new Grantor as a party to this Agreement.

 

SECTION
7.14. Financing Statements. Each Grantor hereby irrevocably authorizes the Collateral Agent (for so long as any Secured
Obligation remains outstanding) at any time and from time to time, in the instance that the Grantor has not filed a financing
statement or amendment as required, to file in any relevant jurisdiction any initial financing statements and amendments thereto
that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the
filing of any financing statement or amendment relating to the Collateral, including (i) whether such Grantor is an organization,
the type of organization and any organizational identification number issued to such Grantor, (ii) any financing or continuation
statements or other documents without the signature of such Grantor where permitted by law, including the filing of a financing
statement describing the Collateral as “all assets in which the Grantor now owns or hereafter acquires rights” (or
words of similar import) and (iii) in the case of a financing statement filed as a fixture filing or covering Collateral
constituting minerals or the like to be extracted or timber to be cut, a sufficient description of the real property to which
such Collateral relates, and upon request of Borrower, the Collateral Agent shall promptly provide copies of any such filings
to Borrower at its address for notices specified in Section 7.01. Each Grantor agrees to provide all information described
in the immediately preceding sentence to the Collateral Agent promptly upon request.

 

SECTION
7.15. Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Collateral Agent the attorney-in-fact
of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument
that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable
until this Agreement is terminated and is coupled with an interest. The Collateral Agent shall, on prior notice to each Grantor,
have the right, after the occurrence and during the continuance of an Event of Default, with full power of substitution either
in the Collateral Agent’s name or in the name of such Grantor, (a) to receive, endorse, assign or deliver any and all
notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof;
(b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral;
(c) to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys due or to become due under
and by virtue of any Collateral; (d) to sign the name of any Grantor on any invoice or bill of lading relating to any of
the Collateral; (e) to send verifications of Accounts to any Account Debtor; (f) to commence and prosecute any and all
suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all
or any of the Collateral or to enforce any rights in respect of any Collateral; (g) to settle, compromise, compound, adjust
or defend any actions, suits or proceedings relating to all or any of the Collateral; (h) to notify, or to require any Grantor
to notify, Account Debtors to make payment directly to the Collateral Agent; and (i) to use, sell, assign, transfer, pledge,
make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary
to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of
the Collateral for all purposes; provided, that nothing herein contained shall be construed as requiring or obligating
the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by
the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part
thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other
Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them
herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or
failure to act hereunder, except for their own gross negligence, willful misconduct or bad faith.

 

    -30-

     

    

 

SECTION
7.16. Securities Act, etc. In view of the position of the Grantors in relation to the Pledged Debt Securities, or because
of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect,
or any similar statute hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to
time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Debt
Securities permitted hereunder. Each Grantor understands that compliance with the Federal Securities Laws might very strictly
limit the course of conduct of the Collateral Agent if the Collateral Agent were to attempt to dispose of all or any part of the
Pledged Debt Securities, and might also limit the extent to which or the manner in which any subsequent transferee of any Pledged
Debt Securities could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Collateral
Agent in any attempt to dispose of all or part of the Pledged Debt Securities under applicable Blue Sky or other state securities
laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light of such restrictions and limitations
the Collateral Agent may, with respect to any sale of the Pledged Debt Securities, limit the purchasers to those who will represent
and agree, among other things, to acquire such Pledged Debt Securities for their own account for investment, and not with a view
to the distribution or resale thereof, and upon consummation of any such sale the Collateral Agent shall have the right to assign,
transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each Grantor acknowledges and agrees that
in light of such restrictions and limitations, the Collateral Agent (but subject to the other provisions of this Agreement), (a) may
proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Debt Securities
or part thereof shall have been filed under the Federal Securities Laws and (b) may approach and negotiate with a single
potential purchaser to effect such sale. Each Grantor acknowledges and agrees that any such sale might result in prices and other
terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale,
the Collateral Agent shall incur no responsibility or liability for selling all or any part of the Pledged Debt Securities at
a price that the Collateral Agent may deem reasonable under the circumstances, notwithstanding the possibility that a substantially
higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a single
purchaser were approached. The provisions of this Section 7.16 will apply notwithstanding the existence of a public
or private market upon which the quotations or sales prices may exceed substantially the price at which the Collateral Agent sells.

 

SECTION
7.17. Collateral Agent. The parties hereto hereby agree that the Collateral Agent shall be entitled to all of the rights,
protections, privileges, indemnities and immunities afforded to it as the Collateral Agent under the Credit Agreement in connection
with its execution of this Agreement and performance of its obligations hereunder.

 

[Signature
Pages Follow]

 

    -31-

     

    

 

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

 

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

 

	 	                                          ,
    as Collateral Agent
	 	 
	 	By:	                                        
	 	Name:	 
	 	Title:	 

 

signature
page

security agreement

 

     

     

    

 

Annex
I to the 

Security
Agreement

 

Form
of Joinder Agreement

 

Supplement
No. ___ (this “Supplement”)
dated as of [___________], to the Security Agreement (the “Security Agreement”) dated as of May 3, 2019, among
LogicMark, LLC, a Delaware limited liability company (“Borrower”),
NXT-ID, Inc., a Delaware corporation (“Parent”), each Subsidiary of Parent listed on the signature pages thereto
(together with Borrower and Parent, collectively, the “Grantors”) and                                                                  ,
as collateral agent (in such capacity, and together with any successors in such capacity, the “Collateral Agent”)
for the Secured Parties.

 

A.Reference
is made to (a) the Senior Secured Credit Agreement, dated as of May 3,                                                                                                                                                                              time
to time, the “Credit Agreement”), among Borrower, the lenders party thereto (the “Lenders”)
and                       ,
in its capacities as Administrative Agent and Collateral Agent and (b) the Guaranty Agreement, dated as of May 3, 2019 (as
amended, supplemented or otherwise modified from time to time, the “Guaranty”), among Parent, each Subsidiary
of Parent party thereto from time to time and the Collateral Agent.

 

B.Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement.

 

C.Pursuant
to Section 6.11 of the Credit Agreement and the “Collateral and Guarantee Requirement” of the Credit Agreement
(and subject to certain limitations specified therein), certain Subsidiaries of Parent are required to enter into the Collateral
Documents upon the occurrence of certain events and circumstances specified therein. The undersigned Subsidiary (the “New
Guarantor”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a party
to the Security Agreement.

 

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

 

SECTION
1.In accordance with Section 6.11 of the Credit Agreement, the “Collateral and Guarantee Requirement” of
the Credit Agreement and Section 7.13 of the Security Agreement, the New Guarantor by its signature below becomes a Grantor
under the Security Agreement with the same force and effect as if originally named therein as a party thereto and hereby (a) agrees
to all terms and provisions of the Security Agreement applicable to it as a Grantor thereunder and (b) represents and warrants
that the representations and warranties made by it as a Grantor thereunder are true and correct in all material respects (without
giving effect to any materiality or material adverse effect qualification therein) on and as of the date hereof (after giving
effect to this Supplement). In furtherance of the foregoing, the New Guarantor, as security for the payment and performance in
full of the Secured Obligations (as defined in the Security Agreement), does hereby grant to the Collateral Agent (and its successors
and assigns), for the benefit of the Secured Parties (and their respective successors and permitted assigns), a security interest
in and lien on all of the New Guarantor’s right, title and interest in and to the Collateral (as defined in the Security
Agreement) of the New Guarantor. The Security Agreement is hereby incorporated herein in its entirety by reference.

 

    ANNEX I-1 

     

    

 

SECTION
2.The New Guarantor represents and warrants to the Collateral Agent and the other Secured Parties that this Supplement has
been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against
it in accordance with its terms.

 

SECTION
3.This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become
effective when the Collateral Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures
of the New Guarantor and the Collateral Agent. Delivery of an executed signature page to this Supplement by facsimile transmission
or electronic transmission of a .pdf copy or an executed counterpart of this Agreement shall be effective as delivery of a manually
executed counterpart of this Supplement.

 

SECTION
4.Attached hereto are supplemental schedules to Schedules I to V to the Security Agreement. The New Guarantor hereby represents
and warrants that, as of the date hereof, all information set forth in the schedules annexed hereto is true, complete and correct
in all material respects (without giving effect to any materiality or material adverse effect qualification therein).

 

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

 

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

 

SECTION
7.In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Collateral Documents
shall not in any way be affected or impaired thereby (it being understood that the invalidity a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall
endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION
8.All communications and notices hereunder shall be in writing and given as provided in Section 7.01 of the Security
Agreement. All communications and notices hereunder of the New Guarantor shall be given to it at the address set forth under its
signature below.

 

SECTION
9.The New Guarantor agrees, to the extent provided in Section 10.04 of the Credit Agreement, to reimburse the Collateral Agent
for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and
disbursements of external counsel for the Collateral Agent.

 

SECTION
10.The Collateral Agent shall not be responsible for the validity or sufficiency of this Supplement nor for the recitals herein.

 

[Signature
Pages Follow]

 

    ANNEX I-2 

     

    

 

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

 

	 	[Name
    of New Guarantor],
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	Address:

 

signature
page

supplement no. [    ] to security agreement

 

     

     

    

 

	 
    	

                                                                                

                                                                                                                  ,
                                         as Collateral Agent

	 	 
	 	By:	                            
	 	Name:
	 	Title:

 

 

signature
page

supplement no. [    ] to security agreement

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