Document:

EX-4.7

 Exhibit 4.7 

EXECUTION VERSION 

SUBORDINATION AGREEMENT 

SUBORDINATION AGREEMENT (as the same may be amended, supplemented, restated or otherwise modified from time to time, this
“Agreement”), dated as of December 8, 2015, by and among FLUENT ACQUISITION I, INC., a Delaware corporation (the “Initial Borrower”), FLUENT, INC., a Delaware corporation (the “Target
Borrower”), FLUENT ACQUISITION II, LLC (which, in connection with the Subsequent Merger, is changing its name to Fluent, LLC), a Delaware limited liability company (the “Ultimate Borrower”) (each of the Initial Borrower,
the Target Borrower and the Ultimate Borrower, as applicable, the “Borrower”), IDI, INC., a Delaware corporation (“Parent”), the Subsidiary Guarantors (as defined in the Credit Agreement referenced below) and each
other Person (as hereinafter defined) who guarantees, or grants a lien on its assets to secure, the Senior Obligations (as hereinafter defined), FROST GAMMA INVESTMENTS TRUST, a trust organized under the laws of the State of Florida (“Frost
Gamma Trust”), as a Subordinated Creditor (as hereinafter defined), MICHAEL BRAUSER, a Florida resident (“Brauser”), as a Subordinated Creditor, BARRY HONIG, a Florida resident (“Honig”), as a Subordinated
Creditor, and WHITEHORSE FINANCE, INC., a Delaware corporation, in its capacity as administrative agent (including any successor agent, the “Agent”) for the Lenders (as hereinafter defined). 

R E C I T A L S 
 A.
Borrower, each other “Borrower Party” party thereto, Agent and Lenders are, simultaneously with the execution and delivery of this Agreement, entering into a Credit Agreement, dated as of the date hereof (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), by and among the Initial Borrower, the Target Borrower, the Ultimate Borrower, Parent, the other Persons party thereto from time to time as Subsidiary Guarantors, the
financial institutions party thereto from time to time as lenders (the “Lenders”) and Agent, pursuant to which, among other things (i) the Lenders are willing to make certain financial accommodations available to the Borrower
from time to time pursuant to the terms and conditions set forth in the Credit Agreement and (ii) the Borrower Parties (other than the Borrower) will guarantee the obligations of the Borrower under the Credit Agreement and certain other
obligations. 
 B. Each of the Borrower Parties are, simultaneously with the execution and delivery of this Agreement, entering into a
Security Agreement of even date herewith (as the same may be reaffirmed, amended, supplemented, restated or otherwise modified from time to time, and, collectively with the Credit Agreement and the other agreements, documents and instruments
executed from time to time in connection therewith, as any of the same may be amended, supplemented, restated or otherwise modified from time to time, the “Loan Documents”) pursuant to which, among other things, each of the Borrower
Parties will grant a security interest on substantially all of its property to secure the obligations of Borrower under the Credit Agreement and certain other obligations. 

C. Whereas, simultaneously with the execution and delivery of this Agreement, Parent is issuing (i) that certain Promissory Note in favor
of Frost Gamma Trust in the original principal amount of $5,000,000, dated as of the date hereof (as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with this Agreement, the “Frost Gamma
Note”), (ii) that certain Promissory Note in favor of Brauser in the original principal amount of $4,000,000, dated as of the date hereof (as the same may be amended, supplemented, restated or otherwise modified from time to time in
accordance with this Agreement, the “Brauser Note”), and (iii) that certain Promissory Note in favor of Honig in the original principal amount of $1,000,000, dated as of the date hereof (as the same may be amended,
supplemented, restated or otherwise modified from time to time in accordance with this Agreement, the “Honig Note,” and, together with the Frost Gamma Note and Brauser Note, the “Subordinated Notes” and, each
individually, a “Subordinated Note”). 

 D. As an inducement to and as one of the conditions precedent to the agreement of Agent and
Lenders to consummate the transactions contemplated by the Credit Agreement and the other documents evidencing the Senior Obligations, Agent and Lenders required the simultaneous execution and delivery of this Agreement by each Subordinated Creditor
and each Obligor. 
 NOW, THEREFORE, in order to induce Agent and Lenders to consummate the transactions contemplated by the Credit
Agreement and the other documents evidencing the Senior Obligations, and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto hereby agree as follows: 

1. General Terms. As used in this Agreement, the following terms shall have the respective meanings indicated below, such
meanings to be applicable equally to both the singular and the plural forms of the terms defined: 
 “Agent”
shall have the meaning ascribed to such term in the preamble of this Agreement; provided that, after the consummation of any Permitted Refinancing, the term “Agent” shall also refer to any Person appointed by the applicable Lenders
as agent for themselves for the purposes of this Agreement. 
 “Agreement” has the meaning set forth in the
preamble hereof. 
 “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101,
et seq.). 
 “Bankruptcy Law” means the Bankruptcy Code and any other federal, state or foreign bankruptcy,
insolvency, receivership or similar law affecting creditors’ rights or any other or similar proceedings seeking any stay, reorganization, arrangement, composition or readjustment of obligations or indebtedness. 

“Borrower” has the meaning set forth in the preamble hereof. 

“Brauser Fee Letter” means that certain fee letter dated as of the date hereof by and between Brauser and
Parent, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with this Agreement. 

“Business Day” means any day of the year that is not a Saturday, a Sunday or a day on which banks are required
or authorized to close in New York City. 
 “Capital Securities” means, with respect to any Person, all
shares, interests, participations or other equivalents of such Person’s equity capital, including common shares, preferred shares, membership interests in a limited liability company, limited or general partnership interests in a partnership,
interests in a trust, interests in other unincorporated organizations or any other equivalent of such ownership interest. 

“Credit Agreement” has the meaning set forth in the recitals hereof. 

“Documents” means, collectively, the Loan Documents, the Permitted Refinancing Loan Documents and the
Subordinated Debt Documents. 
 “Frost Gamma Fee Letter” means that certain fee letter dated as of the date
hereof by and between Frost Gamma and Parent, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with this Agreement. 

  
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 “Governmental Authority” means any nation, sovereign or
government, any state or other political subdivision thereof, any agency, authority or instrumentality thereof and any entity or authority exercising executive, legislative, taxing, judicial, regulatory or administrative functions of or pertaining
to government, including any central bank, stock exchange, regulatory body, arbitrator, public sector entity, supra-national entity (including the European Union and the European Central Bank) and any self-regulatory organization (including the
National Association of Insurance Commissioners). 
 “Honig Fee Letter” means that certain fee letter dated
as of the date hereof by and between Honig and Parent, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with this Agreement. 

“Lender” means any “Lender” from time to time party to the Credit Agreement or any Permitted
Refinancing Loan Document. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment,
charge, deposit arrangement, encumbrance, easement, lien (statutory or otherwise), security interest or other security arrangement and any other preference, priority or preferential arrangement of any kind or nature whatsoever, including any
conditional sale contract or other title retention agreement, the interest of a lessor under a capital lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing. 

“Loan Documents” has the meaning set forth in the recitals hereof. 

“Obligor” means the Borrower, Parent, the Subsidiary Guarantors and each other Person who guarantees, or
grants a Lien on its asset to secure, the Senior Obligations. 
 “Paid in Full” or “Payment in
Full” means the indefeasible payment in full in cash of all Senior Obligations (including, after consummation of a Permitted Refinancing, the Permitted Refinancing Loan Documents) and termination of all commitments to lend under the Loan
Documents and Permitted Refinancing Loan Documents. Senior Obligations shall be considered to be outstanding whenever any loan commitment under the Credit Agreement or Permitted Refinancing Loan Documents is outstanding. 

“Parent” has the meaning set forth in the preamble hereof. 

“Party” means party to this Agreement (other than the Obligors). 

“Permitted Prepayment” means the prepayment in cash of amounts (including, without limitation, all principal,
interest, fees and expenses) payable under the Subordinated Notes, which prepayment shall be made using solely the Net Cash Proceeds (as defined in the Credit Agreement or the Permitted Refinancing Loan Documents) of the issuance of Equity Interests
(as defined in the Credit Agreement or the Permitted Refinancing Loan Documents) of Parent, in each case so long as (i) such prepayment is expressly permitted under the Credit Agreement (or the Permitted Refinancing Loan Documents) and
(ii) no Senior Default exists and is continuing at the time of (or would result from) such prepayment. 

“Permitted Refinancing” means any refinancing or replacement of all or any portion of the Senior Obligations,
or the commitments to provide Senior Obligations, under the Loan Documents pursuant to Permitted Refinancing Loan Documents. 

  
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 “Permitted Refinancing Loan Documents” means any financing
documentation which replaces the Loan Documents in whole or in part and pursuant to which the Senior Obligations or commitments under the Loan Documents or any Permitted Refinancing Loan Documents are refinanced or replaced, in whole or in part, as
such financing documentation may be amended, supplemented, restated or otherwise modified from time to time. 

“Permitted Subordinated Debt Payments” means: 

(a) Permitted Subordinated PIK Interest; and 

(b) the Permitted Prepayment; 

in each instance, due and payable in accordance with, or, in the case of the Permitted Prepayment, as permitted under, the
terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement. 

“Permitted Subordinated PIK Interest” means regularly scheduled payments of interest on the Subordinated Debt
payable in kind (including by capitalizing such interest as principal) at the non-default paid in kind rate of interest of ten percent (10%) per annum, as the same may be increased to the extent permitted pursuant to the terms hereof. 

“Person” means an individual, partnership, corporation (including a business trust and a public benefit
corporation), joint stock company, estate, association, firm, enterprise, trust, limited liability company, unincorporated association, joint venture, other entity or Governmental Authority. 

“Proceeding” means, as to any Obligor, any of the following: (a) any case, action or proceeding before
any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors, composition,
marshaling of assets for creditors, or other, similar statutory or common law arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case in (a) and (b) above, undertaken under U.S. federal,
state or foreign law, including the Bankruptcy Code. 
 “Proof of Claim” has the meaning set forth in
Section 2.3D hereof. 
 “Recovery” has the meaning set forth in Section 16 hereof. 

“Senior Creditors” means the Agent, the Lenders and the other Persons from time to time holding Senior
Obligations. 
 “Senior Default” means any “Default” or “Event of Default” under any of
the Loan Documents or the Permitted Refinancing Loan Documents. 
 “Senior Obligations” means the
“Obligations,” as such term is defined in the Credit Agreement, including, without limitation, all interest, fees, expenses, indemnities, reimbursement obligations and all interest, fees, and charges with respect to any
“Obligations”, in each instance, whether accrued before or after the commencement of a Proceeding and without regard to whether or not an allowed or allowable claim, and all obligations and liabilities incurred with respect to initial or
successive Permitted Refinancings, together with any amendments, restatements, supplements, modifications, renewals or extensions of any thereof permitted hereunder. To the extent that any payment with respect to the Senior Obligations (whether by
or on behalf of any Obligor, as proceeds of security, enforcement of any right of set-off, or 

  
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otherwise) is declared to be fraudulent or preferential in any respect, set aside, avoided, or required to be paid to a debtor in possession, trustee, receiver, or similar Person, then the
obligation or part thereof originally intended to be satisfied will be deemed to be reinstated and outstanding as if such payment had not occurred. 

“Subordinated Creditor” means each Subordinated Creditor which is signatory to this Agreement and any other
holder of a Subordinated Note or any other Subordinated Debt from time to time. 
 “Subordinated Debt” means
all of the obligations and liabilities of Obligors to Subordinated Creditors evidenced by the Subordinated Notes and all other amounts and other obligations and liabilities now or hereafter owed by Obligors to Subordinated Creditors pursuant to the
Subordinated Debt Documents. 
 “Subordinated Debt Documents” means the Subordinated Notes, the Frost Gamma
Fee Letter, the Brauser Fee Letter, the Honig Fee Letter and all other documents and instruments evidencing, securing or pertaining to any portion of the Subordinated Debt, as amended, supplemented, restated or otherwise modified from time to time.

 “Subordinated Debt Enforcement Action” means (a) to take from or for the account of any Obligor
(other than Permitted Subordinated Debt Payments otherwise permitted to be made hereunder) or any other Person (other than as consideration (payable by a Person other than an Obligor) for the sale, assignment, disposal or transfer of all or any
portion of the Subordinated Debt to a Person (other than an Obligor) in accordance with Section 2.5), by set-off or in any other manner, the whole or any part of any moneys which may now or hereafter be owing by any Obligor with respect to the
Subordinated Debt, (b) to sue for payment of, or to initiate or participate with others in any suit, action or proceeding against any Obligor or any other Person to (i) enforce payment or performance of or to collect the whole or any part
of the Subordinated Debt or (ii) commence judicial or non-judicial enforcement of any of the rights and remedies under the Subordinated Debt Documents or applicable law with respect to the Subordinated Debt, including, without limitation, the
commencement of a Proceeding, (c) to accelerate the Subordinated Debt, (d) to exercise any put option or to cause any Obligor to honor any redemption or mandatory prepayment obligation under any Subordinated Debt Document, (e) to
notify account debtors or directly collect accounts receivable or other payment rights of any Obligor, (f) to take any action under the provisions of any state or federal law, including, without limitation, the Uniform Commercial Code, or under
any contract or agreement, to, with respect to the Subordinated Debt, enforce, foreclose upon, take possession of or sell any property or assets of any Obligor or any other Person, (g) to exercise in any other manner any remedies with respect
to the Subordinated Debt set forth in any Subordinated Debt Document or that otherwise might be available to any Subordinated Creditor at law, in equity, pursuant to judicial proceeding or otherwise or (h) commence any legal proceedings or
actions against or with respect to any Obligor or any of such Obligor’s assets for the purpose of effecting or facilitating any of the actions described in clauses (a) through (g) above. 

“Subordinated Default” means a default in the payment of the Subordinated Debt, or performance of any term,
covenant or condition contained in the Subordinated Debt Documents or the occurrence of any other event or condition constituting an event of default under the Subordinated Debt Documents. 

  
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 “Subordinated Default Notice” means a written notice to Agent
pursuant to which Agent is notified of the existence of a Subordinated Default, which notice incorporates a reasonably detailed description of such Subordinated Default. 

“Subordinated Notes” has the meaning set forth in the recitals hereof. 

“Voting Stock” means Stock of any Person having ordinary power to vote in the election of members of the board
of directors, managers, trustees or other controlling Persons of such Person (irrespective of whether, at the time, Capital Securities of any other class or classes of such entity shall have or might have voting power by reason of the occurrence of
any contingency). 
 1.2 Certain Matters of Construction. Unless otherwise stated or the context clearly requires otherwise:
(a) references to Agent will refer to Agent acting on behalf of itself and on behalf of all of the other Senior Creditors; (b) definitions of terms apply equally to the singular and plural forms; pronouns will include the corresponding
masculine, feminine, and neuter forms; (c) “will” and “shall” have the same meaning; (d) in computing periods from a specified date to a later specified date, (i) the words “from” and “commencing
on” (and the like) mean “from and including,” (ii) the words “to,” “until” and “ending on” (and the like) mean “to but excluding” and (iii) the word “through” means “to
and including”; (e) except as otherwise provided in this Agreement, any action permitted under this Agreement may be taken at any time and from time to time; (f) all indications of time of day mean New York City time;
(g) “including” means “including, but not limited to”; (h) “A or B” means “A or B or both”; (i) references to a statute refer to the statute and all regulations promulgated under or implementing
the statute as in effect at the relevant time, references to a specific provision of a statute or regulation include successor provisions; (j) references to a section of the Bankruptcy Code also refer to any similar provision of other
Bankruptcy Law; (k) references to an agreement (including this Agreement) refer to the agreement as the same may be amended, supplemented or modified at the relevant time; (l) references to a Governmental Authority include any successor
Governmental Authority; (m) section references refer to sections of this Agreement, references to numbered sections refer to all included sections, and references to a section or article in an agreement, statute, or regulation include successor
and renumbered sections and articles of that or any successor agreement, statute, or regulation; (n) references to a Person include the Person’s permitted successors and assigns; (o) “herein,” “hereof,”
“hereunder,” and words of similar import refer to this Agreement in its entirety and not to any particular provision; and (p) “asset” and “property” have the same meaning and refer to both real and personal,
tangible and intangible assets and property, including cash, securities, accounts, and general intangibles, wherever located. Unless otherwise expressly stated, if a Party may not take an action under this Agreement, then it may not take that action
indirectly, or take any action assisting or supporting any other Person in taking that action directly or indirectly. “Taking an action indirectly” means taking an action that is not expressly prohibited for the Party but is intended to
have substantially the same effects as the prohibited action. 
 2. Subordination of Subordinated Debt to Senior Obligations.

 2.1 Subordination. The payment and performance of any and all of the Subordinated Debt is hereby expressly subordinated, to
the extent and in the manner set forth herein, to the Payment in Full of the Senior Obligations. Each holder of Senior Obligations, whether now outstanding or hereafter arising, shall be deemed to have acquired Senior Obligations in reliance upon
the provisions contained herein. The parties hereto intend that this Agreement be enforceable in any Proceeding. 
 2.2 Restriction on
Payments to Subordinated Creditors. Notwithstanding any provision of the Subordinated Debt Documents to the contrary and in addition to any other limitations set forth herein or therein, no payment (whether made in cash, securities or other
property or by set-off or 

  
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recoupment) of principal, interest or any other amount with respect to the Subordinated Debt shall be made or received, and no Subordinated Creditor shall exercise any right of set-off or
recoupment with respect to any Subordinated Debt, until all of the Senior Obligations are Paid in Full; provided, however, Obligors may make and Subordinated Creditors may accept and retain Permitted Subordinated Debt Payments. 

2.3 Proceedings. In the event of a Proceeding: 

A. all Senior Obligations first shall be Paid in Full before any payment (whether made in cash, securities or other property) of or with
respect to the Subordinated Debt shall be made; 
 B. any payment which, but for the terms hereof, otherwise would be payable or deliverable
in respect of the Subordinated Debt, shall be paid or delivered directly to Agent (to be held and/or applied by Agent to the repayment of any and all then outstanding Senior Obligations in accordance with the terms of the Credit Agreement or the
Permitted Refinancing Loan Documents) until all Senior Obligations are Paid in Full, and each Subordinated Creditor irrevocably authorizes, empowers and directs all receivers, trustees, liquidators, custodians, conservators and others having
authority in the premises to effect all such payments and deliveries, and each Subordinated Creditor also irrevocably authorizes, empowers and directs Agent to demand, sue for, collect and receive every such payment or distribution; 

C. each Subordinated Creditor agrees to execute and deliver to Agent or its representative all such further instruments confirming the
authorization referred to in the foregoing clause (B); 
 D. each Subordinated Creditor agrees that if any holder of Subordinated Debt has
not filed any proof of claim or other instrument of similar character necessary to enforce the obligations of any Obligor in respect of the Subordinated Debt (a “Proof of Claim”) held by such holder within fifteen (15) days
before the expiration of the time to file the same, then and in such event, but only in such event, Agent may notify such holder of such fact in writing and include a statement to the effect that Agent may pursuant to this Section 2.3, if such
Proof of Claim is not so filed by such holder of Subordinated Debt at least five (5) days before the expiration of the time to file the same, as an attorney-in-fact for such holder of Subordinated Debt, file such Proof of Claim on behalf of
such holder of Subordinated Debt. At any time within five (5) days prior to the expiration of the time to file such Proof of Claim, if such holder of Subordinated Debt has not so filed the same, Agent may (if it has complied with the notice
provisions in the immediately preceding sentence), as attorney-in-fact for such holder of Subordinated Debt and at the expense of Obligors, file such Proof of Claim and such holder of Subordinated Debt appoints Agent as an attorney-in-fact for such
holder of Subordinated Debt, to so file any such Proof of Claim; provided that Agent shall have no obligation to make any such filings. In the event Agent makes any filing in accordance with the authority granted hereby, no holder of
Subordinated Debt shall be entitled to amend or otherwise modify such filing. Notwithstanding the foregoing, the Subordinated Creditors shall nevertheless retain, exclusively, all rights to enforce and to vote all Proofs of Claim and otherwise to
act in any Proceeding in their capacity as such Subordinated Creditors (including the right to vote to accept or reject any plan of reorganization, composition, arrangement or liquidation in a manner not inconsistent with the terms hereof) to the
fullest extent provided by applicable law but subject to the terms of this Agreement; and 
 E. the Senior Creditors will be entitled to
interest, fees, and charges accruing after the commencement of such Proceeding with respect to the Senior Obligations, in each instance, (i) whether accrued before or after the commencement of such Proceeding and (ii) whether or not such
interest, fees and charges would be allowed or allowable in such Proceeding. 

  
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 F. The Senior Obligations shall continue to be treated as Senior Obligations and the provisions
of this Agreement shall continue to govern the relative rights and priorities of the Senior Creditors and Subordinated Creditors even if all or part of the Senior Obligations or the Liens securing the Senior Obligations are subordinated, set aside,
avoided or disallowed in connection with any such Proceeding. 
 2.4 Incorrect Payments Received by Subordinated Creditor. If
any payment (whether made in cash, securities or other property) not permitted under this Agreement is received by any Subordinated Creditor on account of the Subordinated Debt before all Senior Obligations are Paid in Full, such payment shall not
be commingled with any asset of such Subordinated Creditor, shall be held in trust by such Subordinated Creditor for the benefit of the Senior Creditors and shall immediately be paid over to Agent, or its designated representative, for application
(in accordance with the Credit Agreement or the Permitted Refinancing Loan Documents) to the payment of the Senior Obligations then remaining unpaid, until all of the Senior Obligations are Paid in Full. 

2.5 Sale or Transfer of Subordinated Debt. No Subordinated Creditor shall sell, assign, dispose of or otherwise transfer all or
any portion of the Subordinated Debt without the prior written consent of the Agent. Notwithstanding anything to the contrary contained herein, the subordination effected hereby shall survive any sale, assignment, disposition or other transfer of
all or any portion of the Subordinated Debt, and the terms of this Agreement shall be binding upon the successors and assigns of each Subordinated Creditor, as provided in Section 10 below. 

2.6 Legends. Until the Senior Obligations are Paid in Full, each of the Subordinated Debt Documents at all times shall contain in
a conspicuous manner the following legend: 
 “This Note [or other Subordinated Debt Document] and the indebtedness evidenced hereby are
subordinate in the manner and to the extent set forth in that certain Subordination Agreement (the “Subordination Agreement”) dated as of December 8, 2015 among the Fluent Acquisition I, a Delaware corporation, Fluent, Inc., Delaware
corporation, Fluent, LLC (f/k/a Fluent Acquisition II, LLC), a Delaware limited liability company, IDI, INC., a Delaware corporation, the other Obligors (as defined therein), Frost Gamma Investments Trust, a trust organized under the laws of the
State of Florida, as a subordinated creditor, Michael Brauser, a Florida resident, as a subordinated creditor, Barry Honig, a Florida resident, as a subordinated creditor, and WhiteHorse Finance, Inc., a Delaware corporation, as administrative
agent, to the Senior Obligations (as defined in the Subordination Agreement); and each holder of this Note [or other Subordinated Debt Document], by its acceptance hereof, shall be bound by the provisions of the Subordination Agreement.” 

2.7 Restriction on Action by Subordinated Creditors. 

A. Modifications to Subordinated Debt Documents. Until the Senior Obligations are Paid in Full and notwithstanding anything
contained in the Subordinated Debt Documents, the Credit Agreement, the other Loan Documents or the Permitted Refinancing Loan Documents to the contrary, no Subordinated Creditor shall, without the prior written consent of Agent , agree to any
amendment, modification or supplement to the Subordinated Debt Documents, the effect of which is to: 
 i. increase the
maximum principal amount of the Subordinated Debt (other than as a result of Permitted Subordinated PIK Interest), 
 ii.
provide for cash pay interest on any of the Subordinated Debt, 

  
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 iii. increase the paid in kind rate of interest on any of the Subordinated Debt,

 iv. advance the dates upon which payments of principal or interest on the Subordinated Debt are due, 

v. change in a manner adverse to any Obligor or add any event of default or add or make more restrictive any covenant with
respect to the Subordinated Debt, 
 vi. change in a manner adverse to an Obligor the redemption, prepayment or put
provisions of the Subordinated Debt, 
 vii. alter the subordination provisions with respect to the Subordinated Debt,
including, without limitation, subordinating the Subordinated Debt to any other debt, 
 viii. alter the repayment terms of
the Subordinated Debt in a manner adverse to any Obligor, 
 ix. take any Liens in any assets of any Obligor or any of its
subsidiaries or any other assets securing the Senior Obligations, 
 x. obtain any guaranties or credit support from any
Person, 
 xi. change or amend any other term of the Subordinated Debt Documents if such change or amendment would increase
the obligations of any Obligor or confer additional material rights on any Subordinated Creditor or any other holder of the Subordinated Debt in a manner adverse to any Obligor or the Senior Creditors, or 

xii. impose restrictions on amendments or modifications of the Senior Obligations or Loan Documents in addition to those set
forth in Section 3(b). 
 B. Subordinated Debt Standstill Provisions. Until the Senior Obligations are Paid in Full, no
Subordinated Creditor shall, without the prior written consent of Agent, take any Subordinated Debt Enforcement Action. 
 C. In the event
that any Subordinated Creditor obtains any Liens in the collateral securing Senior Obligations in violation of Section 2.7A(ix) or Section 18 of this Agreement, such Liens shall be void and shall be immediately and automatically released
when purported to be granted without further action of any Person. In furtherance of the foregoing, each Subordinated Creditor (i) shall (or shall cause their agent) to promptly execute and/or deliver to Agent such termination statements and
releases as Agent shall request to effect the release of the Liens of such Subordinated Creditor in such collateral, (ii) shall be deemed to have authorized Agent to file any and all termination statements required by Agent in respect of such
Liens and (iii) hereby irrevocably appoints Agent its attorney-in-fact, with full authority in the place and stead of such Subordinated Creditor and in the name of such Subordinated Creditor or otherwise, to execute and deliver any document or
instrument which such Subordinated Creditor may be required to deliver pursuant to this Section 2.7C. 
 3. Continued
Effectiveness of This Agreement; Modifications to Senior Obligations. 
 (a) Effectiveness. The terms
of this Agreement, the subordination effected hereby, and the rights and the obligations of Subordinated Creditors and the Senior Creditors arising hereunder, shall not be affected, modified or impaired in any manner or to any extent by:
(i) any amendment or modification of or supplement to the Credit Agreement, any other Loan 

  
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Document or any Permitted Refinancing Loan Document (to the extent such amendment, modification or supplement is not prohibited under the terms of this Agreement) or any Subordinated Debt
Document; (ii) the validity or enforceability of any of such documents; or (iii) any exercise or non-exercise of any right, power or remedy under or in respect of the Senior Obligations or the Subordinated Debt or any of the instruments or
documents referred to in clause (i) above. 
 (b) Modifications to Senior Obligations. 

(i) Agent and Lenders may at any time and from time to time without the consent of or notice to any Subordinated Creditor,
without incurring liability to any Subordinated Creditor, or affecting the rights of Agent or the other Senior Creditors, and without impairing or releasing the obligations of any Subordinated Creditor under this Agreement, change the manner or
place of payment or extend the time of payment of or renew or alter any Senior Obligations, or amend, supplement, restate or otherwise modify in any manner any Loan Document or Permitted Refinancing Loan Document; 

(ii) Notwithstanding any provision contained in the Subordinated Debt Documents to the contrary, the Obligors, Agent and
Lenders may at any time and from time to time without the consent of or notice to any Subordinated Creditor and without violating any Subordinated Debt Document or creating any Subordinated Default, amend the payment waterfall provisions contained
in the Loan Documents or Permitted Refinancing Loan Documents, create or add new tranches of Senior Obligations, and/or reallocate all or a portion of the Senior Obligations to the principal amount of one or more newly created loan tranches or
facilities (which new tranches or facilities shall constitute “Senior Debt” hereunder, subject to the proviso below), each of which (and/or the Liens securing same) may be contractually senior, junior or pari passu to the then existing or
thereafter arising Senior Obligations (and/or the Liens securing same) and contain such terms and provisions to be determined and agreed among the Obligors (or any one or more of them), Agent, and relevant Lenders. 

4. Representations and Warranties.  

4.1 Subordinated Creditor Representations. Each Subordinated Creditor hereby represents and warrants (as to itself and not as to
any other Subordinated Creditor) to the Senior Creditors as follows: 
 (a) Existence and Power. Such
Subordinated Creditor is duly organized, validly existing and in good standing under the laws of the state of its incorporation, organization or formation, as applicable. 

(b) Authority. Such Subordinated Creditor has the power and authority to execute, deliver and perform its
obligations under this Agreement, all of which have been duly authorized by all proper and necessary action. 
 (c)
Binding Agreements. This Agreement constitutes the legal, valid and binding obligation of such Subordinated Creditor, enforceable against such Subordinated Creditor in accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles. 

  
 10 

 (d) Conflicting Agreements. The execution, delivery and performance
of this Agreement by such Subordinated Creditor does not (a) contravene the terms of such Subordinated Creditor’s organization documents, (b) conflict with or result in any material breach or contravention of, or result in the
creation of any lien under, any material contract or agreement to which such Person is a party or to which its property is subject or any order, injunction, writ or decree of any governmental authority to which such Person or its property is subject
or (c) violate any law, rule or regulation binding upon such Person or its property. 
 (e) No
Divestiture. On the date hereof, the Subordinated Creditors party hereto are the collective current owners and holders of the Subordinated Note and all other Subordinated Debt Documents. 

(f) Default under Subordinated Debt Documents. Upon the execution thereof, no default will exist under or with
respect to the Subordinated Note or any of the other Subordinated Debt Documents. 
 4.2 Agent Representations. Agent hereby
represents and warrants to Subordinated Creditors as follows: 
 (a) Existence and Power. Agent is duly
organized, validly existing and in good standing under the laws of the state of its incorporation, organization or formation, as applicable. 

(b) Authority. Agent has the power and authority to execute, deliver and perform its obligations under this
Agreement, all of which have been duly authorized by all proper and necessary action. 
 (c) Binding
Agreements. This Agreement constitutes the legal, valid and binding obligation of Agent, enforceable against Agent and the other Senior Creditors in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles. 

(d) Conflicting Agreements. The execution, delivery and performance of this Agreement by Agent does not
(a) contravene the terms of Agent’s organizational documents, (b) conflict with or result in any material breach or contravention of, or result in the creation of any lien under, any material contract or agreement to which Agent is a
party or to which its property is subject or any order, injunction, writ or decree of any governmental authority to which Agent or its property is subject or (c) violate any law, rule or regulation binding upon Agent or its property. 

5. Cumulative Rights, No Waivers. Each and every right, remedy and power granted to Agent and the other Senior Creditors
hereunder shall be cumulative and in addition to any other right, remedy or power specifically granted herein, in the Credit Agreement, the other Loan Documents or Permitted Refinancing Loan Documents or now or hereafter existing in equity, at law,
by virtue of statute or otherwise, and may be exercised by Agent or the other Senior Creditors, as applicable, from time to time, concurrently or independently and as often and in such order as Agent or the other Senior Creditors, as applicable, may
deem expedient. Any failure or delay on the part of Agent or any other Senior Creditor in exercising any such right, remedy or power, or abandonment or discontinuance of steps to enforce the same, shall not operate as a waiver thereof or affect
Agent’s or other Senior Creditor’s right thereafter to exercise the same, and any single or partial exercise of any such right, remedy or power shall not preclude any other or further exercise thereof or the exercise of any other right,
remedy or power, and no such failure, delay, abandonment or single or partial exercise of Agent’s or other Senior Creditor’s rights hereunder shall be deemed to establish a custom or course of dealing or performance among the parties
hereto. Each Party may demand specific performance of this Agreement and, on behalf of itself and, in the case of the Agent, the other Senior Creditors, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other
defense that might be asserted to bar the remedy of specific performance in any action which may be brought by any Senior Creditor or any Subordinated Creditor. 

  
 11 

 6. Modification. Any modification or waiver of any provision of this Agreement, or
any consent to any departure by Agent or any Subordinated Creditor therefrom, shall not be effective in any event unless the same is in writing and signed by Agent and the holders of greater than fifty percent (50%) of the then outstanding
principal balance of the Subordinated Notes, and then such modification, waiver or consent shall be effective only in the specific instance and for the specific purpose given. Any notice to or demand on any Subordinated Creditor in any event not
specifically required of Agent hereunder shall not entitle any Subordinated Creditor to any other or further notice or demand in the same, similar or other circumstances unless specifically required hereunder. 

7. Additional Documents and Actions. Each Subordinated Creditor at any time, and from time to time, after the execution and
delivery of this Agreement, upon the request of Agent and at the expense of Borrower, promptly will execute and deliver such further documents and do such further acts and things as Agent may reasonably request in order to effect fully the purposes
of this Agreement. 
 8. Notices. All notices and other communications under this Agreement shall be in writing and shall be
deemed to have been given five (5) days after deposit in the mail, designated as certified mail, return receipt requested, postage-prepaid, or one (1) day after being entrusted to a reputable commercial overnight delivery service, or when
delivered to the telegraph office or sent out (with receipt confirmed) by telex or telecopy (or when sent out by electronic means) addressed to the party to which such notice is directed at its address determined as in this Section 8.
All notices and other communications under this Agreement shall be given to the parties hereto at the following addresses: 
  

					
	 If to Frost Gamma:
	  	 Frost Gamma Investments Trust
 4400 Biscayne
Blvd., 15th Floor
 Miami, Florida 33137
 Attention: Veronica
Miranda
 Telecopy: 305-575-6518
	  	
			
	 If to Brauser:
	  	 Michael Brauser
 555 S. Federal Hwy #450

Boca Raton, Florida 33432
 Telecopy: 305-576-9298
	  	
			
	 If to Brauser:
	  	 Barry Honig
 555 S. Federal Hwy #450

Boca Raton, Florida 33432
 Telecopy: 561-235-5379
	  	

  
 12 

					
	 If to any Obligor:
	  	 Fluent, LLC
 33 Whitehall Street, 15th Floor
 New York, NY 10004

Attention: Ryan Schulke and Derek Dubner
 Telecopy:
646-607-1910
	  	
			
	 with a copies to:
	  	 IDI, Inc.
 2650 North Military Trail, Suite
300
 Boca Raton, FL 33431
 Attention: Derek Dubner

Telecopy: 561-571-2712
  

Akerman LLP
 One Southeast Third Avenue, Suite 2500

Miami, FL 33131
 Attn: Teddy Klinghoffer, Esq.

Telecopy: 954-463-2224
	  	
			
	 If to Agent:
	  	 600 Fifth Avenue
 24th Floor
 New York, NY 10020

Attn: Pankaj Gupta
 Email: pgupta@higwhitehorse.com

Telecopy: 212-506-0559
	  	
			
	 with copies to:
	  	 155 N. Wacker Drive
 Suite 4150

Chicago, IL 60606
 Attn: John Yeager

Email: jyeager@higwhitehorse.com
 Telecopy: 312-345-5999

 
 and
	  	
			
		  	 Latham & Watkins LLP
 330 N. Wabash Avenue,
Suite 2800
 Chicago, IL 60611
 Attn: Noah Weiss

Email: noah.weiss@lw.com
 Telecopy: 312-993-0767
	  	

 Any party hereto may change the address to which notices shall be directed under this Section 8 by giving ten
(10) days’ written notice of such change to the other parties. 
 9. Severability. Any provision of this Agreement
which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision
in any other jurisdiction. 

  
 13 

 10. Successors and Assigns. This Agreement shall inure to the benefit of, and shall
be binding upon, the respective successors and assigns of the Senior Creditors, the Subordinated Creditors, and Obligors. 
 11.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such separate counterparts shall together constitute but one and the same agreement. In proving this
Agreement or any other Loan Document in any judicial proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Delivery of an executed signature page
of this Agreement (or any notice or agreement delivered pursuant to the terms hereof) by facsimile transmission or electronic transmission shall be deemed an original signature page hereto. 

12. Defines Rights of Creditors; Subrogation. 

A. The provisions of this Agreement are solely for the purpose of defining the relative rights of Subordinated Creditors and the Senior
Creditors and shall not be deemed to create any rights or priorities in favor of any other Person, including, without limitation, any Obligor. As between the Obligors and the Subordinated Creditors, nothing contained herein shall impair the
unconditional and absolute obligation of the Obligors to the Subordinated Creditors to pay the Subordinated Debt as such Subordinated Debt shall become due and payable in accordance with the Subordinated Debt Documents. The failure of any Obligor to
make any payment to any Subordinated Creditor due to the operation of this Agreement shall not be construed as prohibiting the occurrence of a Subordinated Default. 

B. Subject to the Payment in Full of the Senior Obligations, in the event and to the extent cash, property or securities otherwise payable or
deliverable to the holders of the Subordinated Debt shall have been applied pursuant to this Agreement to the payment of Senior Obligations, then and in each such event, the holders of the Subordinated Debt shall be subrogated to the rights of each
holder of Senior Obligations to receive any further payment or distribution in respect of or applicable to the Senior Obligations; and, for the purposes of such subrogation, no payment or distribution to the Senior Creditors of any cash, property or
securities to which any holder of Subordinated Debt would be entitled except for the provisions of this Agreement shall, and no payment over pursuant to the provisions of this Agreement to the Senor Creditors by the Subordinated Creditors shall, as
between any Obligor, its creditors other than the Senior Creditors and the Subordinated Creditors, be deemed to be a payment by such Obligor to or on account of Senior Obligations. 

13. Conflict. In the event of any conflict between any term, covenant or condition of this Agreement and any term, covenant or
condition of any of the Subordinated Debt Documents, the provisions of this Agreement shall control and govern. 
 14. Statement of
Debt to Subordinated Creditors. Borrower will furnish to (a) Agent upon demand, a statement of the indebtedness owing from Obligors to Subordinated Creditors, and will give Agent access to the books of Obligors in accordance with the
Credit Agreement so that Agent can make a full examination of the status of such indebtedness, and (b) each Subordinated Creditor upon demand, a statement of the total indebtedness owing from Obligors to the Senior Creditors, and will give each
Subordinated Creditor access to the books of Obligors in accordance with the Subordinated Debt Documents so that each Subordinated Creditor can make a full examination of the status of such indebtedness. 

15. Headings. Headings used in this Agreement are for convenience only and shall not affect the interpretation of any provision
hereof. 

  
 14 

 16. Avoidance Issues; Termination; Reinstatement. This Agreement shall terminate
upon the Payment in Full of the Senior Obligations. If a holder of Senior Obligations receives payment or property on account of Senior Obligations and the payment is subsequently invalidated, avoided, declared to be fraudulent or preferential, set
aside, or otherwise required to be transferred to a trustee, receiver, or an Obligor or an the estate of an Obligor (a “Recovery”), then, to the extent of the Recovery, the Senior Obligations intended to have been satisfied by the
payment will be reinstated as Senior Obligations on the date of the Recovery and the Senior Obligations will be deemed not to be Paid in Full for all purposes hereunder. If this Agreement is purported to be terminated prior to a Recovery, this
Agreement will be reinstated in full force and effect, and such prior termination will not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereunder from the date of reinstatement. Upon any such Recovery,
each Subordinated Creditor will deliver to Agent any payments in respect of the Subordinated Debt received between (x) the date that the Senior Obligations were previously purported to be Paid in Full and (y) the date of such Recovery that
would not have been permitted under the terms of this Agreement had this Agreement remained effective during that period. No Subordinated Creditor may benefit from a Recovery, and any distribution made to a Subordinated Creditor as a result of a
Recovery will be paid over to the Agent for application to the Senior Obligations. 
 17. Subordinated Default Notice.
Subordinated Creditors and Borrower each shall provide Agent with a Subordinated Default Notice upon the occurrence of each Subordinated Default, and Subordinated Creditors and Borrower each shall notify Agent in the event such Subordinated Default
is cured or waived. 
 18. No Contest of Senior Obligations or Liens; No Security for Subordinated Debt. Each Subordinated
Creditor agrees that it will not, and will not encourage any other Person to, at any time, contest the validity, perfection, priority or enforceability of the Senior Obligations or Liens in any collateral granted to Agent pursuant to the Credit
Agreement, the other Loan Documents or the Permitted Refinancing Loan Documents or accept or take any collateral security for the Subordinated Debt. 

19. Governing Law. All matters arising out of, in connection with or relating to this Agreement, including, without limitation,
their validity, interpretation, construction, performance and enforcement (including, without limitation, any claims sounding in contract or tort law arising out of the subject matter hereof or thereof and any determinations with respect to
post-judgment interest), shall be construed in accordance with and governed by the laws of the State of New York. 
 20. Submission to
Jurisdiction. FOR PURPOSES OF ANY LEGAL ACTION OR PROCEEDING BROUGHT BY AGENT OR ANY SENIOR CREDITOR WITH RESPECT TO THIS AGREEMENT, EACH SUBORDINATED CREDITOR AND EACH OBLIGOR HEREBY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF THE
FEDERAL AND STATE COURTS SITTING IN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND EACH OBLIGOR HEREBY IRREVOCABLY DESIGNATES AND APPOINTS, AS ITS AUTHORIZED AGENT FOR SERVICE OF PROCESS IN THE STATE OF NEW YORK, THE BORROWER, OR SUCH OTHER PERSON AS
SUCH OBLIGOR SHALL DESIGNATE HEREAFTER BY WRITTEN NOTICE GIVEN TO THE ADMINISTRATIVE AGENT. THE CONSENT TO JURISDICTION HEREIN SHALL BE EXCLUSIVE; PROVIDED THAT THE AGENT AND THE SENIOR CREDITORS, OR ANY OF THEM, RETAINS THE RIGHT TO BRING
PROCEEDINGS AGAINST ANY SUBORDINATED CREDITOR AND ANY BORROWER PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY SECURITY DOCUMENT OR THE ENFORCEMENT OF ANY JUDGMENT. 

  
 15 

 21. WAIVER OF JURY TRIAL. EACH PARTY HERETO, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, WAIVES, AND OTHERWISE AGREES NOT TO REQUEST, A TRIAL BY JURY IN ANY COURT AND IN ANY ACTION, PROCEEDING OR COUNTERCLAIM OF ANY TYPE IN WHICH ANY PARTY HERETO OR ANY OF THEIR RESPECTIVE SUCCESSORS OR ASSIGNS IS A PARTY, AS TO ALL
MATTERS AND THINGS ARISING DIRECTLY OR INDIRECTLY OUT OF THIS AGREEMENT. 
 22. Waiver of Consolidation. Each
Subordinated Creditor acknowledges and agrees that (i) Obligors are each separate and distinct entities; and (ii) it will not at any time insist upon, plead or seek advantage of any substantive consolidation, piercing the corporate veil or
any other order or judgment that causes an effective combination of the assets and liabilities of Obligors in any case or proceeding under Title 11 of the United States Code or other similar proceeding. 

23. Entire Agreement. THIS WRITTEN AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

24. Credit Analysis. The Senior Creditors and the Subordinated Creditors shall each be responsible for keeping themselves
informed of (a) the financial condition of the Obligors and all other endorsers, obligors or guarantors of the Senior Obligations and the Subordinated Debt and (b) all other circumstances bearing upon the risk of nonpayment of the Senior
Obligations and the Subordinated Debt, as applicable, and have made and shall continue to make, independently and without reliance upon each other, their own credit analysis and decision in entering into the Documents to which they are parties and
taking or not taking any action thereunder. None of the Senior Creditors or the Subordinated Creditors shall have any duty to advise any Senior Creditor or any Subordinated Creditor of information known to it regarding such condition or any such
other circumstances, and no disclosure of any such information shall create any obligation to provide any further information or be deemed to constitute or require any representation or warranty from the disclosing Senior Creditor or Subordinated
Creditor, as applicable, regarding that or any other information. No Senior Creditor or Subordinated Creditor assumes any liability to any other Senior Creditor, Subordinated Creditor or to any other Person with respect to: (i) the financial or
other condition of Obligors and all other endorsers, obligors or guarantors of the Senior Obligations and the Subordinated Debt, (ii) the enforceability, validity, value or collectibility of the Senior Obligations, the Subordinated Debt, any
collateral therefor or any guarantee or security which may have been granted in connection with any of the Senior Obligations or the Subordinated Debt, or (iii) any Obligor’s title or right to transfer any collateral or security or
(iv) any other circumstance that might bear on the risk of nonpayment of the Senior Obligations or the Subordinated Debt. 
 25.
Waiver of Claims. To the maximum extent permitted by law, each party hereto waives any claim it might have against any Senior Creditor or any Subordinated Creditor with respect to, or arising out of, any action or failure to act or any
error of judgment or negligence, mistake or oversight whatsoever on the part of any other party hereto or their respective directors, officers, employees or agents with respect to any exercise of rights or remedies under the Loan Documents or any
transaction relating to the collateral securing the Senior Obligations in accordance with this Agreement. None of the Senior Creditors or any of their respective directors, officers, employees or agents shall be liable for failure to demand, collect
or realize upon any of the collateral securing the Senior Obligations or for any delay in doing so or shall be under any obligation to dispose of any Collateral upon the request of any Obligor, any other Senior Creditor, any Subordinated Creditor or
any other Person or to take any other action whatsoever with regard to such collateral or any part thereof. 

  
 16 

 26. Survival. All covenants, agreements, representations and warranties made by any
party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect,
in any Proceeding. Each Subordinated Creditor hereby waives any and all rights it may now or hereafter have under applicable law to revoke this Agreement or any of the provisions of this Agreement. 

[Signature pages follow.] 

  
 17 

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

			
	OBLIGORS:
	
	IDI, INC.
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Co-Chief Executive Officer
	
	IDI HOLDINGS, LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager
	
	INTERACTIVE DATA, LLC
	
	By: IDI Holdings, LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager
	
	FLUENT ACQUISITION I, INC.
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: President
	
	FLUENT, INC.
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Vice President
	
	FLUENT ACQUISITION II, LLC
	
	By: IDI, Inc., as Manager
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Co-Chief Executive Officer

 Signature Page to Subordination Agreement 

 
			
	AMERICAN PRIZE CENTER LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager
	
	DELIVER TECHNOLOGY LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager
	
	FIND DREAM JOBS, LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager
	
	FLUENT MEDIA LABS, LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager
	
	REWARD ZONE USA LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager
	
	REWARDSFLOW LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager
	
	SAMPLES & SAVINGS, LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager

 Signature Page to Subordination Agreement 

 
			
	SEARCH WORKS MEDIA, LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager
	
	SEA OF SAVINGS, LLC
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Manager

 Signature Page to Subordination Agreement 

 
			
	AGENT:
	
	WHITEHORSE FINANCE, INC.,
	as the Administrative Agent
		
	By:	 	/s/ Gerhard Lombard
	Name: Gerhard Lombard
	Title: Chief Financial Officer

 Signature Page to Subordination Agreement 

 
			
	SUBORDINATED CREDITORS:
	
	FROST GAMMA INVESTMENTS TRUST
		
	By:	 	/s/ Phillip Frost
	Name: Phillip Frost, M.D.
	Title:	 	Trustee

  

	
	/s/ Michael Brauser
	Michael Brauser
	
	/s/ Barry Honig
	Barry Honig

 Signature Page to Subordination AgreementEX-4.8

 Exhibit 4.8 

EXECUTION VERSION 

STOCKHOLDERS’ AGREEMENT 

This STOCKHOLDERS’ AGREEMENT, dated as of December 8, 2015, is entered into by and among (i) IDI, Inc., a Delaware
corporation (the “Company”), (ii) the Persons listed on Schedule 1 attached hereto (the “Principal Stockholders”), and (iii) the Persons listed on Schedule 2 attached hereto (the
“Fluent Stockholders” and, together with the Principal Stockholders, the “Stockholders”). 

WHEREAS, the parties hereto desire to provide for certain governance rights and other matters, and to set forth certain rights and
obligations of the Stockholders on and after the date hereof. 
 WHEREAS, the Company executed that certain Credit Agreement, dated
as of the date hereof (as the same may be amended, modified, supplemented, refinanced or replaced from time to time, the “Credit Agreement”), by and among Fluent Acquisition I, Inc., a Delaware corporation, as the initial borrower,
Fluent, Inc., a Delaware corporation, Fluent, LLC (known, prior to the effectiveness of the Subsequent Merger (as defined therein), as Fluent Acquisition II, LLC), a Delaware limited liability company, the Company, the other Persons party thereto
from time to time as Guarantors, the financial institutions party thereto from time to time as Lenders (“Lenders”), and the administrative agent thereunder (“Administrative Agent”). 

WHEREAS, the Company executed that certain Promissory Note dated as of December 7, 2015 in the principal amount of $5 million with
Frost Gamma Investments Trust and that certain Promissory Note dated as of December 7, 2015 in the principal amount of $5 million with Barry Honig (collectively, the “Bridge Notes”), and in connection therewith, the Company has
granted each 500 shares of Series B Preferred Stock (the “Bridge Note Shares”). 
 NOW THEREFORE, in consideration
of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 As used in this Agreement, the following terms shall have the following respective meanings: 

“Affiliate” means, with respect to any Person, any (a) director, officer, limited or general partner, member or
stockholder holding five percent (5%) or more of the outstanding capital stock or other equity interests of such Person, (b) spouse, parent, sibling or descendant of such Person (or a spouse, parent, sibling or descendant of a Person
specified in clause (a) above relating to such Person) and (c) other Person that, directly or indirectly, through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such Person. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day of the year on which national banking institutions in the City of New York are open to the
public for conducting business and are not required or authorized to close. 

 “Charter” means the Certificate of Incorporation of the Company, as amended from
time to time, including the Series B Preferred Certificate of Designation. 
 “Common Stock” means the shares of common
stock, par value $0.0005 per share, of the Company. 
 “Company” has the meaning set forth in the preamble. 

“Company Governing Body” has the meaning set forth in Section 2.5(b). 

“Control” means (including, with correlative meanings, “controlled by” and “under common control
with”), with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or
otherwise. 
 “Conversion Date” has the meaning set forth in the Series B Preferred Certificate of Designation. 

“Conversion Shares” means, in the aggregate, the shares of Common Stock issuable upon conversion of the Series B Preferred
Stock, whether or not then issued, assuming all shares of Series B Preferred Stock are then convertible in accordance with the Series B Preferred Certificate of Designation without regard as to whether the Conversion Date has occurred. 

“Equity Securities” means all shares of capital stock of the Company, including, without limitation, all securities
convertible into or exchangeable for shares of capital stock of the Company, and all options, warrants, and other rights to purchase or otherwise acquire from the Company shares of such capital stock, including any stock appreciation or similar
rights, contractual or otherwise. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fluent Directors” has the meaning set forth in Section 2.1(a). 

“Fluent Stockholder Majority” means Fluent Stockholders holding a majority of the Conversion Shares owned by the Fluent
Stockholders as of the date of determination. 
 “Fluent Stockholders” has the meaning set forth in the preamble. 

“Merger Agreement” means the Agreement and Plan of Merger, dated as of November 16, 2015, entered into by Fluent, Inc.,
the Company, the Fluent Stockholders and the other parties identified therein. 
 “Observer” has the meaning set forth in
Section 2.5(a). 
 “Permitted Transfer” has the meaning set forth in Section 4.1(a). 

“Principal Stockholders” has the meaning set forth in the preamble. 

“Restricted Period” has the meaning set forth in Section 4.1(a). 

“SEC” means the U.S. Securities and Exchange Commission. 

  
 -2- 

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

“Series B Preferred Certificate of Designation” means the Company’s Certificate of Designation, Preferences and Rights
of the Series B Non-Voting Convertible Preferred Stock filed with the Secretary of State of the State of Delaware on November 16, 2015. 

“Series B Preferred Stock” means shares of the Company’s Series B Non-Voting Convertible Preferred Stock, par value
$0.0001 per share. 
 “Subsidiary” means, with respect to any Person, any other Person of which fifty percent (50%) or
more of the equity interests or other interests entitled to vote in the election of directors or comparable Persons performing similar functions are at the time owned or Controlled, directly or indirectly through one or more Subsidiaries, by such
Person. 
 “Transfer” has the meaning set forth in Section 4.1(a). 

“Transfer Date” has the meaning set forth in Section 4.1(b). 

ARTICLE II 
 BOARD
REPRESENTATION 
 2.1. Board Representation. 

(a) As of the date hereof, the Board shall be comprised of nine (9) directors. Beginning at the closing of the transactions contemplated
by the Merger Agreement and thereafter, for so long as the Fluent Stockholders beneficially own, in the aggregate, at least 30% of the Conversion Shares beneficially owned by them on the date hereof, the Fluent Stockholder Majority shall be entitled
to (i) nominate two (2) individuals to the Board (such individuals, including their respective successors, the “Fluent Directors”), to serve as members of the Board until their respective successors are elected and
qualified, (ii) nominate each successor to each Fluent Director and (C) direct the removal from the Board of any Fluent Director; provided, that at least one of the Fluent Directors shall be “independent” as defined by the
applicable rules and regulations of the SEC and NYSE MKT (without regard to Rule 10A-3 of the Exchange Act); the Fluent Directors shall initially be Ryan Schulke and Donald Hilliard Mathis. 

(b) Beginning with the first annual meeting of stockholders following the closing of the transactions contemplated by the Merger Agreement and
thereafter, for so long as the Fluent Stockholders beneficially own, in the aggregate, at least 30% of the Conversion Shares beneficially owned by them on the date hereof, each nomination to the Board of any Fluent Director for election at an annual
meeting of stockholders of the Company shall be made by delivering to the Company a notice signed by the Fluent Stockholder Majority, which notice shall include the names and qualifications of such proposed Fluent Director. As promptly as
practicable, the Company shall provide a copy of such notice to the Company’s Corporate Governance and Nominating Committee (the “Committee”), which shall, if the proposed Fluent Director satisfies the criteria for
qualifications of directors set forth in the Charter of the Committee (as adopted on December 8, 2009) (the “Charter”) in all material respects, as determined in good faith by the Committee, at the next Committee meeting at
which Board nominees are determined for purposes of the Company’s annual meeting of stockholders, make a recommendation 

  
 -3- 

 
to the Board that such Fluent Directors shall be nominated for election to the Board at the Company’s next annual meeting of stockholders and shall, in the Company’s proxy statement
relating to such annual meeting, recommend to the Company’s Stockholders that the Stockholders should vote their shares to favor the election of the proposed Fluent Directors. If the Committee reasonably determines in good faith that such
proposed Fluent Director does not meet such criteria, the Committee shall notify the Fluent Stockholders of such fact within 10 days of receipt of the Fluent Stockholder Majority’s notice, specifying in reasonable detail the reasons for the
determination that such criteria have not been met. 
 (c) For so long as the Fluent Stockholders beneficially own, in the aggregate, at
least 30% of the Conversion Shares beneficially owned by them on the date hereof, each nomination to the Board of any Fluent Director for election other than at an annual meeting of stockholders of the Company (whether due to the resignation,
removal or death of a Fluent Director or otherwise) shall be made by delivering to the Company a notice signed by the Fluent Stockholder Majority, which notice shall include the names and qualifications of such proposed Fluent Director. As promptly
as practicable, the Company shall provide a copy of such notice to the Committee, which shall, if the proposed Fluent Director satisfies the criteria for qualifications of directors set forth in the Charter in all material respects, as determined in
good faith by the Committee, as promptly as practicable, make a recommendation to the Board that such Fluent Directors shall be appointed for election to the Board, which appointment may be made by the Board to the extent permitted pursuant to the
Company’s bylaws. As promptly as practicable thereafter, the Company shall take or cause to be taken such corporate actions as may be required to cause such appointment to be effected. If the Committee reasonably determines in good faith that
such proposed Fluent Director does not meet such criteria, the Committee shall notify the Fluent Stockholders of such fact within 10 days of receipt of the Fluent Stockholder Majority’s notice, specifying in reasonable detail the reasons for
the determination that such criteria have not been met. 
 2.2. Voting Agreement. 

(a) The Company and the Principal Stockholders shall include in the slate of nominees recommended by the Board for election as directors each
Fluent Director for so long as the Fluent Stockholder Majority is entitled to nominate Fluent Directors pursuant to this Agreement. Each Principal Stockholder covenants and agrees to vote all Equity Securities held by such Principal Stockholder for
the election to the Board of all individuals nominated in accordance with Section 2.1. Each Stockholder hereby votes all of his, her or its Equity Securities in favor of the election to the Board of each of the initial Fluent Directors named
pursuant to Section 2.1(a) above. 
 (b) Each Principal Stockholder covenants and agrees to vote all Equity Securities held by such
Principal Stockholder, from time to time and all times, in whatever manner as shall be reasonably necessary, to increase the number of authorized shares of Common Stock from time to time to ensure that there shall be sufficient Common Stock
available for conversion of all of the Series B Preferred Stock outstanding at any given time into Common Stock. 
 (c) Each Principal
Stockholder shall, and hereby acknowledges an affirmative obligation to, take such action as may be necessary, solely in such Principal Stockholder’s capacity as a stockholder, to provide the Fluent Stockholders with the benefits related to
their Series B Preferred Stock and Conversion Shares, including, without limitation, any action necessary to permit an adjustment to the conversion ratio of the Series B Preferred Stock, approving any amendment to the Charter necessary to accomplish
the same, and approving any amendment to the Charter necessary to increase the number of authorized shares of Common Stock such that there is a sufficient number of authorized shares of Common Stock available to satisfy the Fluent Stockholders’
conversion rights set forth in the Charter. 

  
 -4- 

 (d) For so long as the Fluent Stockholders beneficially own, in the aggregate, at least 30% of
the Conversion Shares beneficially owned by them on the date hereof, the Company shall nominate and recommend the Fluent Directors in the Company’s proxy statement at each annual meeting of the Company’s stockholders at which a Fluent
Director’s term is set to expire. The Company and the Principal Stockholders shall take all actions necessary to ensure there are vacancies on the Board as of the effectiveness of this Agreement to permit the appointment of the Fluent
Directors. 
 (e) During the period that the Fluent Directors are members of the Board, the Fluent Directors shall be entitled to the same
benefits, including benefits under any director and officer indemnification or insurance policy maintained by the Company, as any other member of the Board. 

(f) Each Fluent Stockholder covenants and agrees to vote all Equity Securities held by such Fluent Stockholder for the election to the Board of
all individuals nominated by the Principal Stockholders. 
 (g) Each Stockholder covenants and agrees to vote all Equity Securities held by
such Stockholder in favor of (i) the amendment to the Company’s 2015 Equity Incentive Plan contemplated by the Merger Agreement, (ii) any increase in the number of shares available for issuance under the Company’s 2015 Equity
Incentive Plan to accommodate the awards to be made thereunder contemplated by the Merger Agreement, (iii) awards to be made under the Company’s 2015 Equity Incentive Plan pursuant to Section 6.15 of the Merger Agreement,
(iv) any other grants or issuances made to officers and directors of the Company as of the date hereof, (v) issuance of the Bridge Note Shares and (vi) issuances of Equity Securities for the purpose of raising cash to repay the Bridge
Notes. 
 2.3. Vacancies and Removal. 

(a) The Fluent Directors will be elected at each annual meeting of the Company’s stockholders and will serve until their successors are
duly elected and qualified or until their earlier resignation or removal in accordance with this Agreement. 
 (b) Each Principal Stockholder
agrees to vote, or cause to be voted, all Equity Securities owned by such Principal Stockholder, or over which such Principal Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure
that: 
 (i) no Fluent Director may be removed from office unless such removal is directed or approved by the affirmative vote of the Fluent
Stockholder Majority or such removal is for cause, as reasonably determined in good faith by the Board; 
 (ii) any vacancies created by the
resignation, removal or death of a Fluent Director shall be filled as proposed by the affirmative vote of the Fluent Stockholder Majority; 

(iii) as soon as practicable following the request of the Fluent Stockholder Majority to remove a Fluent Director, such Fluent Director shall
be removed by the Board in accordance with the Company’s bylaws. 

  
 -5- 

 2.4. Non-Voting Observer. 

(a) The Fluent Stockholder Majority shall be entitled to have one non-voting observer (the “Observer”) who shall be designated
by the Fluent Stockholder Majority by notice to the Company from time to time (and who shall also be subject to removal for no reason or any reason whatsoever by the Fluent Stockholder Majority by notice to the Company from time to time). 

(b) The Observer shall be entitled to be present at all meetings of the Board (and each committee thereof) (each, a “Company Governing
Body”). The Company shall notify the Observer of each meeting of each Company Governing Body, including the time and place of such meeting, in the same manner and at the same times as the members of such Company Governing Body are notified.

 (c) Subject to the Observer’s execution and delivery to the Company of a confidentiality agreement on reasonable terms approved by
the Board, the Observer shall (i) have the same access to information concerning the business and operations of the Company and its Subsidiaries, including, but not limited to, notes, minutes and consents, at the same times as the members of
each Company Governing Body may receive access to such information, (ii) be entitled to participate in discussions of the affairs, finances and accounts of the Company and (iii) be provided with copies of all notices, minutes, consents and
forms of consents in lieu of meetings of the Company Governing Bodies and all other material that the Company or any of its Subsidiaries provides to members of any Company Governing Body as such, in each case at the same time or times as such
notices, minutes, consents or forms are issued or circulated by or to, or such other material is provided to, such members. 
 ARTICLE III

 CORPORATE GOVERNANCE 

3.1. Company Activities; Approvals. 

Other than (i) entering into and complying with the terms and obligations contained in the Credit Agreement and all other Loan Documents
(as defined in the Credit Agreement) (or any other defined term equivalent thereof), including without limitation the granting of liens on all or substantially all of the Company’s and its Subsidiaries’ assets (collectively, the
“Credit Facility”), (ii) issuance of the Bridge Note Shares, (iii) issuances of Equity Securities for the purpose of raising cash to repay the Bridge Notes and (iv) the consummation of the Subsequent Merger required
in the Merger Agreement (which in any of the foregoing cases shall not require the prior written approval of the Fluent Stockholder Majority), until the Conversion Date, the Company shall not take any of the following actions without the prior
written approval of the Fluent Stockholder Majority: 
 (a) make any changes (whether by merger or otherwise) to the terms, designations,
powers or preferences of the Series B Preferred Stock or amend the Charter or by-laws of the Company or the comparable governing documents of any of its Subsidiaries in any manner that alters the preferences, privileges or rights of the holders of
Series B Preferred Stock; 
 (b) authorize a merger, consolidation, dissolution or liquidation of the Company or any of its material
Subsidiaries; 
 (c) acquire a material interest in any other Person (whether by a purchase of assets, purchase of Equity Securities, merger
or otherwise) valued in excess of $10,000,000; 

  
 -6- 

 (d) sell or transfer all or a material portion of the assets of the Company and its Subsidiaries
taken as a whole; 
 (e) issue any Equity Securities, or rights to acquire Equity Securities, of the Company or its Subsidiaries, other than
Equity Securities that are (i) issuable under any current equity incentive plans of the Company, (ii) issuable upon the conversion or exercise of any currently outstanding Equity Securities of the Company, (iii) issuable by virtue of
any contractual obligation of the Company existing as of the date hereof and identified in Schedule 3 or otherwise described in the Company’s SEC filings, or (iv) issuable to directors, officers or employees of Fluent, Inc. in
connection with the sale of Fluent, Inc., directly or indirectly, to the Company; 
 (f) make any capital expenditures in excess of
$1,000,000 outside of the ordinary course of business of the Company or any of its Subsidiaries, except as required by any contractual obligation in existence as of the date hereof; 

(g) make any change in the form of entity of the Company or any of its Subsidiaries that would adversely affect the Fluent Stockholders in a
disproportionate manner relative to all stockholders of the Company or its Subsidiaries; 
 (h) effect any repurchases or redemptions of
Equity Securities or debt (except to the extent such debt is due in accordance with its terms); 
 (i) declare or pay any dividends or
authorize any distributions to stockholders other than in accordance with the Series B Preferred Certificate of Designation; 
 (j) terminate
or change the compensation of any of the employees listed on Schedule 4 other than as provided by the terms of any employment agreement with the Company or its Subsidiaries to which such employee is a party; 

(k) make any material change in the Company’s line of business (other than the addition of any new line of business); 

(l) enter into any transactions with Affiliates having a value in excess of $120,000 other than on an arms’ length basis and approved by
the audit committee of the Board; or 
 (m) agree to take any of the foregoing actions. 

Notwithstanding anything contained herein to the contrary, the Fluent Stockholder Majority shall not have any approval rights over the foregoing in respect of
any actions taken by the Lenders or the Administrative Agent, or required by the Lenders or Administrative Agent to be taken, in furtherance of the exercise of any of their rights and remedies under the Credit Facility (the “Lender Rights
and Remedies”). 
 3.2. Subsidiaries and Committees. 

At any time that the Company has any Subsidiary, until the Conversion Date, (i) the Company shall be the sole member of each Subsidiary
and shall appoint three managers to the Board of Managers of each Subsidiary, provided that, upon request by the Fluent Stockholder Majority, for so long as the Fluent Stockholders beneficially own, in the aggregate, at least 30% of the Conversion
Shares beneficially owned by them on the date hereof, if requested by the Fluent Stockholder Majority, 

  
 -7- 

 
the Company and each Principal Stockholder shall take such actions as may be reasonably necessary to ensure that the composition of the board of directors (or similar governing body) (each, a
“Subsidiary Board”) of all direct and indirect Subsidiaries of the Company is comprised a number of Fluent Directors that results in the Fluent Directors on such Subsidiary Board having the same or substantially similar
proportionate representation as they have on the Board and in any event not less than one (1) Fluent Director at all times when the Fluent Stockholders beneficially own, in the aggregate, at least 30% of the Conversion Shares beneficially owned
by them on the date hereof; (ii) other than entering into and complying with the terms and obligations contained in the Credit Facility and the exercise of any Lender Rights and Remedies, it shall not permit such Subsidiary to take any of the
actions set forth in Section 3.1 above (with all references to the Company deemed to be references to such Subsidiary) without the prior written approval of the Fluent Stockholder Majority; provided, however, that any Subsidiary shall be
permitted, without the prior written approval of the Fluent Stockholder Majority, to pay dividends and/or authorize and make distributions to the Company. 

3.3. Restrictions on Other Agreements. 

No Principal Stockholder or Fluent Stockholder shall grant any proxy or enter into or agree to be bound by any voting trust, agreement or
arrangement of any kind with any Person with respect to its Equity Securities of the Company if and to the extent the terms thereof conflict with the provisions of this Agreement (whether or not such proxy, voting trust, agreements or arrangements
are with other Principal Stockholders, Fluent Stockholders, or holders of Company Equity Securities that are not parties to this Agreement or otherwise), and each Principal Stockholder and Fluent Stockholder shall take all necessary actions within
its power to cause the Company to comply with the provisions of this Agreement; provided that the Principal Stockholders and the Fluent Stockholders hereby approve the terms of the Credit Facility and all other Loan Documents (as defined in the
Credit Agreement) (or any other defined term equivalent thereof), including without limitation the granting of liens on all or substantially all of the Company’s and its Subsidiaries’ assets as security for the Credit Facility. 

ARTICLE IV 
 TRANSFER
RESTRICTIONS 
 4.1. Transfer Restrictions. 

(a) Each of the Stockholders hereby agrees that such Stockholder will not, prior to the first anniversary of the date hereof (the
“Restricted Period”), offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of,
directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (“Transfer”). The foregoing sentence shall not apply to (a) Transfers of shares of Common
Stock or any security convertible into Common Stock as a bona fide gift, (b) Transfers to such Stockholder’s family or by will or intestate succession to such Stockholder’s family or to a trust, the beneficiaries of which are
exclusively such Stockholder or members of such Stockholder’s family, (c) Transfers by such Stockholder to any entity that is directly or indirectly Controlled by, or is under common Control with, such Stockholder or, with respect to the
Fluent Stockholders, any Fluent Stockholder, (d) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the sale of shares of Common Stock, provided that such plan does not provide for the transfer of
shares of Common Stock during the Restricted Period, or (e) Transfers of equity securities of the Company by a Stockholder for purposes of paying any such Stockholder’s tax liability related to or in connection with vested equity awards
(“Permitted Transfers”). 

  
 -8- 

 (b) After the Restricted Period and until the third anniversary of the date hereof, each
Stockholder shall promptly notify each other Stockholder when it proposes to Transfer any shares of Common Stock (other than pursuant to a Permitted Transfer) (including the proposed date of Transfer (the “Transfer Date”)) that,
when taken together with aggregate Transfers by the Stockholders within the then-preceding three-month period, would exceed the greater of (i) 5% of the shares of Common Stock outstanding as shown by the most recent report filed by the Company
with the SEC under the Securities Act or the Exchange Act, or (ii) 5% of the average weekly reported volume of trading in the Common Stock on the NYSE MKT during the four calendar weeks preceding the date of such Stockholder’s notice
delivered pursuant to this Section 4.1(b) (such greater amount, the “Volume Limit”). In such event, on or prior to the Transfer Date, each Stockholder shall only be entitled to Transfer up to its pro rata share (based on the
total number of shares of Common Stock then held by each Stockholder, calculated on a fully-diluted basis) of the applicable Volume Limit. In the event any Stockholder agrees to forego its full pro rata share by written notice to the other
Stockholders, the remainder shall be re-allocated pro rata among the Stockholders in like manner (except that the shares of Common Stock held by such forfeiting Stockholder shall be excluded from such calculation). 

ARTICLE V 

MISCELLANEOUS 
 5.1.
Termination. 
 This Agreement shall terminate and be of no further force and effect upon (a) the Fluent Stockholders ceasing
to own any shares of Series B Preferred Stock or Common Stock, or (b) the written agreement of the majority in interest of each of (i) the Principal Stockholders, on the one hand, and (ii) the Fluent Stockholders, on the other hand,
to terminate this Agreement. 
 5.2. Successors and Assigns; Beneficiaries. 

Except as otherwise provided herein, all of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and
shall be enforceable by the respective successors and permitted assigns of the parties hereto and the Lenders and Administrative Agent, as applicable, and any of their respective successors and permitted assigns. This Agreement may not be assigned
without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and void; provided, that each Stockholder (from time to time party hereto) shall be entitled to assign
its rights and obligations hereunder to any transferee pursuant to a Permitted Transfer; provided, such transferee executes a joinder agreeing to be bound by the terms of this Agreement in the same capacity as the transferring Stockholder.

 5.3. Amendment and Modification; Waiver of Compliance. 

(a) This Agreement may be amended only by a written instrument duly executed by the Company and the majority in interest of each of
(i) the Principal Stockholders, on the one hand, and (ii) the Fluent Stockholders, on the other hand; provided, however, that for so long as the Credit Agreement remains in effect, no amendments to: (v) that portion of the
first sentence of Section 3.1 above as it pertains to the Credit Facility, and the last sentence of Section 3.1 above; (w) clause (ii) of 

  
 -9- 

 
Section 3.2 above; (x) any provision of Section 5.2 as it affects the Lenders or the Administrative Agent; (y) any other amendment to this Agreement that could reasonably be
expected to be materially adverse to the interests of the Administrative Agent or the Lenders; or (z) this proviso, shall be made without the prior written consent of the Administrative Agent. 

(b) Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or
condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement
or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 
 5.4. Notices.

 Any notice, request, claim, demand, document and other communication hereunder to any party shall be effective upon receipt (or
refusal of receipt) and shall be in writing and delivered personally or sent by facsimile, or first class mail, or by Federal Express, United Parcel Service or other similar courier or other similar means of communication (i) to any
Stockholder, to its address set forth on Schedule 1 or Schedule 2 hereto, as applicable, or (ii) to the Company, to: 

IDI, Inc. 
 2650 N. Military
Trail, Suite 300 
 Boca Raton, FL 33431 

Attn: Derek Dubner, Co-CEO 

Joshua Weingard, Corporate counsel 

Fax No.: 561-571-2712 
 with a
copy to: 
 Akerman LLP 
 One
Southeast Third Avenue 
 Suite 2500 

Miami, Florida 33131 
 Attn: Teddy
Klinghoffer, Esq. 
 Andrea Fisher Evans, Esq. 

Fax No.: 305- 349-4783 
 or, in each case, to
such other address as such party may designate in writing to the other parties by written notice given in the manner specified herein. 

5.5. Specific Performance. 

Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them, the other parties hereto would be
irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and agrees that the parties, in addition to any
other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond. 

  
 -10- 

 5.6. Entire Agreement. 

The provisions of this Agreement and the other writings referred to herein or delivered pursuant hereto which form a part hereof contain the
entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior oral and written agreements and memoranda and undertakings among the parties hereto with regard to such subject matter. 

5.7. Severability. 

If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to
be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or
circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions
shall not be affected thereby. 
 5.8. Governing Law. 

This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflicts of law
principles thereof. 
 5.9. Waiver of Jury Trial. 

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES OR ANY OF THEM IN RESPECT OF THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER,
(iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS SECTION. EACH PARTY AGREES THAT THE OTHER MAY FILE A
COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

5.10. Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 

  
 -11- 

 5.11. Further Assurances. 

At any time or from time to time after the date hereof, the parties hereto agree to cooperate with each other, and at the request of any other
party, to execute and deliver any further instruments or documents and to take all such further action as any other party may reasonably request in order to evidence or effectuate the provisions of this Agreement and to otherwise carry out the
intent of the parties hereunder. 
 5.12. Schedule 13D. 

In accordance with the requirements of Rule 13d-1(k) under the Exchange Act, as amended (the “Exchange Act”), and subject to
the limitations set forth therein, each Stockholder agrees to file an appropriate Schedule 13D no later than 10 calendar days following the date hereof. 

*   *   *   *   * 

  
 -12- 

 IN WITNESS WHEREOF, each of the undersigned has signed this Stockholders Agreement as of the date
first above written. 
  

			
	COMPANY:
	
	IDI, Inc.
		
	By:	 	/s/ Derek Dubner
	Name: Derek Dubner
	Title: Co-Chief Executive Officer
	
	SHAREHOLDERS:
	
	Frost Gamma Investments Trust
		
	By:	 	/s/ Phillip Frost
	Name: Phillip Frost, M.D.
	Title: Trustee
	
	Marlin Capital Investments, LLC
		
	By:	 	/s/ Michael Brauser
	Name: Michael Brauser
	Title: Manager
	
	/s/ Michael Brauser
	Michael Brauser
	
	/s/ Derek Dubner
	Derek Dubner
	
	/s/ James Reilly
	James Reilly

 [Signatures Continue on Next Page] 

[Signature Page to Stockholders Agreement] 

  
 -13- 

 IN WITNESS WHEREOF, each of the undersigned has signed this Stockholders Agreement as of the date
first above written. 
  

			
	Marlin Capital Investments, LLC
		
	By:	 	/s/ Michael Brauser
	Name: Michael Brauser
	Title: Manager

 [Signature Page to Stockholders Agreement] 

  
 -14- 

 
	
	/s/ Ryan Schulke
	Ryan Schulke
	
	/s/ Matthew Conlin
	Matthew Conlin
	
	/s/ Sean Cullen
	Sean Cullen
	
	/s/ Matthew Koncz
	Matthew Koncz

 [Signature Page to Stockholders Agreement] 

  
 -15- 

 SCHEDULE 1 

PRINCIPAL STOCKHOLDERS 
  

			
	 Stockholder
	  	 Address

		
	Frost Gamma Investments Trust	  	 Frost Gamma Investments Trust
 4400 Biscayne
Blvd., 15th Floor
 Miami, FL 33137

Attention: Veronica Miranda

		
	Michael Brauser	  	 IDI, Inc.
 2650 North Military Trail, Suite
300
 Boca Raton, FL 33431
 Attn: Michael Brauser

		
	Marlin Capital Investments, LLC	  	 Marlin Capital Investments, LLC
 Attn: Michael
Brauser
 4400 Biscayne Blvd., 8th Floor
 Miami, FL
33137

		
	Derek Dubner	  	 IDI, Inc.
 2650 North Military Trail, Suite
300
 Boca Raton, FL 33431
 Attn: Derek Dubner

		
	James Reilly	  	 IDI, Inc.
 2650 North Military Trail, Suite
300
 Boca Raton, FL 33431
 Attn: James Reilly

  
 -16- 

 SCHEDULE 2 

FLUENT STOCKHOLDERS 
  

			
	 Stockholder
	  	 Address

		
	Ryan Schulke	  	 Ryan Schulke
 c/o Fluent

33 Whitehall St, 15th Floor
 New York, NY 10004

		
	Matthew Conlin	  	 Matthew Conlin
 c/o Fluent

33 Whitehall St, 15th Floor
 New York, NY 10004

		
	Sean Cullen	  	 Sean Cullen
 c/o Fluent

33 Whitehall St, 15th Floor
 New York, NY 10004

		
	Matthew Koncz	  	 Matthew Koncz
 c/o Fluent

33 Whitehall St, 15th Floor
 New York, NY 10004

  
 -17- 

 SCHEDULE 3 

AGREEMENTS 
 None 

  
 -18- 

 SCHEDULE 4 

EMPLOYEES 
 Ryan Schulke 

Matthew Conlin 
 Sean Cullen 

Matthew Koncz 
 Daniel Barsky 

  
 -19-

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