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Exhibit 10.24    
    

 
 

PLEDGE AGREEMENT    
    

        THIS PLEDGE AGREEMENT, dated as of October 14, 2005 (together with all amendments, if any, from time to
time hereto, this "Agreement") is among LOCAL MATTERS, INC., a Delaware corporation ("Pledgor") and the parties listed on the signature pages
hereto (each, a "Pledgee" and, collectively, the "Pledgees"). 

Witnesseth:  

        Pledgor and Pledgees are parties to a Stock Purchase Agreement dated as of October 14, 2005 (the "Stock Purchase Agreement"). Pledgees collectively own one
hundred percent (100%) of the outstanding capital stock of MyAreaGuide.com, Inc., a Nevada corporation ("MAG") (collectively the "MAG Shares"), and Online Web Marketing, Inc. a Utah
corporation ("OLWM") (collectively the "OLWM Shares"). The MAG Shares and the OLWM Shares are collectively referred to as the "Target Shares" and MAG and OLWM are collectively referred to as the
"Target Companies." Pursuant to the Stock Purchase Agreement, Pledgees will sell the Target Shares to Pledgor, and Pledgor will buy the Target Shares from Pledgees, on the terms and subject to the
conditions set forth in the Stock Purchase Agreement. One of these conditions is that Pledgor deliver to Pledgees this Pledge Agreement executed by Pledgor pursuant to which the obligations of Pledgor
under the Convertible Notes and the Cash Notes (as such terms are defined in the Stock Purchase Agreement) (collectively, the "Notes") will be secured by a first security interest in the Target
Shares. 

        NOW, THEREFORE, in order to induce Pledgees to accept the Notes and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, and intending to be legally bound, Pledgor hereby represents, warrants, covenants and agrees as follows: 

        1.    DEFINITIONS.    Unless otherwise defined herein, terms defined in the Stock Purchase
Agreement or the Notes are used herein as therein defined, and the following shall have (unless otherwise provided
elsewhere in this Agreement) the following respective meanings (such meanings being equally applicable to both the singular and plural form of the terms defined): 

        "Bankruptcy Code" means title 11, United States Code, as amended from time to time, and any successor statute thereto. 

        "Escrow Agent" means Wells Fargo Bank, N.A. 

        "Majority Pledgees" means any Pledgee or group of Pledgees holding greater than sixty percent (60%) of the outstanding and unpaid
principal of the Notes. 

        "Pledged Collateral" has the meaning assigned to such term in Section 2 hereof. 

        "Pro Rata" means, as to any Pledgee at any time, the percentage equivalent at such time of such Pledgee's aggregate unpaid principal
amount of the Notes, divided by the combined aggregate unpaid principal amount of all Notes of all Pledgees. 

        "Secured Obligations" has the meaning assigned to such term in Section 3 hereof. 

        2.    PLEDGE.    Pledgor hereby pledges to Pledgees, and grants to Pledgees, a first priority
security interest in all of the following of such Pledgor (collectively, the "Pledged Collateral"): 

        (a)   the Target Shares and the certificates representing the Target Shares, and all dividends, distributions, cash,
instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Target Shares; and 

        (b)   any additional shares of stock of a Target Company from time to time acquired by Pledgor in any manner (which shares
shall be deemed to be part of the Target Shares), and the certificates representing such additional shares, and all dividends, distributions, cash, instruments 

 

and
other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such stock. 

        3.    SECURITY FOR OBLIGATIONS.    This Agreement secures, and the Pledged Collateral is
security for, the obligation of Pledgor to repay the Pledgees all of the unpaid principal amount of, and accrued interest on (including any interest that accrues after the commencement of bankruptcy),
the Notes (collectively, the "Secured Obligations"). 

        4.    DELIVERY OF TARGET SHARES.    All certificates evidencing the Target Shares shall be
delivered to and held by or on behalf of Escrow Agent acting on behalf of Pledgees. All Target Shares shall be accompanied by duly executed stock powers endorsed in blank, all in form and substance
satisfactory to Pledgees. 

        5.    REPRESENTATIONS AND WARRANTIES.    Pledgor represents and warrants to Pledgees that: 

        (a)   Pledgor is, and at the time of delivery of the Target Shares to Escrow Agent will be, the sole holder of record and the
sole beneficial owner of the Target Shares free and clear of any lien thereon or affecting the title thereto, except for any lien created by this Agreement and any liens on the Target Shares existing
on the date of this Agreement, including without limitation, those liens set forth on Schedule A attached hereto; 

        (b)   this Agreement has been duly authorized, executed and delivered by Pledgor and constitutes a legal, valid and binding
obligation of Pledgor enforceable against Pledgor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement
of creditors' rights generally or by equitable principles relating to enforceability; 

        (c)   no consent, approval, authorization or other order or other action by, and no notice to or filing with, any Governmental
Body or any other Person is required (i) for the pledge by Pledgor of the Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of this Agreement by
Pledgor, or (ii) for the exercise by Pledgees of the voting or other rights provided for in this Agreement or the remedies in respect of the Pledged Collateral pursuant to this Agreement,
except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally; and 

        (d)   the pledge, assignment and delivery of the Pledged Collateral pursuant to this Agreement will create a valid first
priority lien on and a first priority perfected security interest in favor of Pledgees in the Pledged Collateral and the proceeds thereof, securing the payment of the Secured Obligations. 

        6.    COVENANTS.    Unless the Majority Pledgees otherwise consent (which consent shall not be
unreasonably withheld), Pledgor covenants and agrees that until the Secured Obligations have been indefeasibly paid in full: 

        (a)   Pledgor will not sell, assign, transfer, pledge, or otherwise encumber any of its rights in or to the Pledged Collateral,
or any unpaid dividends, interest or other distributions or payments with respect to the Pledged Collateral or grant a lien in the Pledged Collateral; 

        (b)   Pledgor will, at its expense, promptly execute, acknowledge and deliver all such instruments and take all such actions as
the Majority Pledgees from time to time may reasonably request in order to ensure to Pledgees the benefits of the liens in and to the Pledged Collateral intended to be created by this Agreement; 

        (c)   Pledgor has and will defend the title to the Pledged Collateral pledged by it hereunder and the liens of Pledgees in the
Pledged Collateral against the claim of any Person and will maintain and preserve such liens; and 

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        (d)   Pledgor will deliver all items described in Section 7(b) in accordance with the terms of Section 7(b). 

        7.    PLEDGOR'S RIGHTS.    As long as no Event of Default shall have occurred and be
continuing and until written notice shall be given to Pledgor in accordance with Section 8(a) hereof: 

        (a)   Pledgor shall have the right, from time to time, to vote and give consents with respect to the Pledged Collateral pledged
by it hereunder, or any part thereof for all purposes not inconsistent with the provisions of this Agreement; 

        (b)   (i)    Pledgor shall be entitled, from time to time, to collect
and receive for its own use all cash dividends paid in respect of the Target Shares other than dividends and other distributions paid or payable in cash in respect of any Target Shares in connection
with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in-capital of a Target Company;  provided, however, that until actually paid all
rights to such distributions shall remain subject to the lien created by this Agreement; and 

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

        8.    DEFAULTS AND REMEDIES.    

        (a)   Upon the occurrence of an Event of Default and during the continuance of such Event of Default, upon the written consent
of the Majority Pledgees, Pledgees (personally or through an agent) are hereby authorized and empowered to transfer and register in their name or in the name of their nominee the whole or any part of
the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting
and all other rights as a holder with respect thereto, to collect and receive all cash dividends and other distributions made thereon, to sell in one or more sales after ten (10) days' notice
of the time and place of any public sale or of the time at which a private sale is to take place (which notice Pledgor agrees is commercially reasonable) the whole or any part of the Pledged
Collateral and to otherwise act with respect to the Pledged Collateral as though Pledgees were the outright owner thereof, Pledgor hereby irrevocably constituting and appointing Pledgees as the proxy
and attorney in fact of Pledgor, with full power of substitution to do so, and which appointment shall remain in effect until the Secured Obligations have been indefeasibly paid in full;  provided, however, Pledgees shall not have any duty to exercise any such right or to preserve the same and shall not be liable for any failure to do so
or for any delay in doing so. Any sale shall be made at a public or private sale at Pledgees' place of business, or at any place to be named in the notice of sale, either for cash or upon credit or
for future delivery at such price as Pledgees may deem fair, and, to the extent permitted by law, Pledgees may be the purchaser of the whole or any part of the Pledged Collateral so sold and hold the
same thereafter in their own right free from any claim of Pledgor or any right of redemption. Each sale shall be made to the highest bidder, but Pledgees reserve the right to reject any and all bids
at such sale which, in their discretion, they shall deem inadequate. Demands of performance, except as otherwise herein specifically provided for, notices of sale, advertisements and the presence of
property at sale are hereby waived and any sale hereunder may be conducted by an auctioneer or any officer or agent of Pledgees. 

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        (b)   If, at the original time or times appointed for the sale of the whole or any part of the Pledged Collateral, the highest
bid, if there be but one sale, shall be inadequate to discharge in full all the Secured Obligations, or if the Pledged Collateral be offered for sale in lots, if at any of such sales, the highest bid
for the lot offered for sale would indicate to Pledgees that the proceeds of the sales of the whole of the Pledged Collateral would be unlikely to be sufficient to discharge all the Secured
Obligations, or for any other reason, Pledgees may, on one or more occasions and in their discretion, postpone any of said sales by public announcement at the time of sale or the time of previous
postponement of sale, and no other notice of such postponement or postponements of sale need be
given, any other notice being hereby waived; provided, however, that any sale or sales made after such postponement shall be after ten (10) days'
notice to Pledgor. 

        (c)   If, at any time when Pledgees shall determine to exercise their right to sell the whole or any part of the Pledged
Collateral hereunder, such Pledged Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act of 1933, as amended (the "Act"),
Pledgees may, subject only to applicable requirements of law, sell such Pledged Collateral or part thereof by private sale in such manner and under such circumstances as Pledgees may deem necessary or
advisable, but subject to the other requirements of this Section 8, and shall not be required to effect such registration or to cause the same to be effected. Without limiting the generality of
the foregoing, in any such event, Pledgees (x) may, in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration statement for the
purpose of registering such Pledged Collateral or part thereof could be or shall have been filed under said Act (or similar statute), (y) may approach and negotiate with a single possible
purchaser to effect such sale, and (z) may restrict such sale to a purchaser who is an accredited investor under the Act and who will represent and agree that such purchaser is purchasing for
its own account, for investment and not with a view to the distribution or sale of such Pledged Collateral or any part thereof. In addition to a private sale as provided above in this
Section 8, if any of the Pledged Collateral shall not be freely distributable to the public without registration under the Act (or similar statute) at the time of any proposed sale pursuant to
this Section 8, then Pledgees shall not be required to effect such registration or cause the same to be effected but, subject only to applicable requirements of law, may require that any sale
hereunder (including a sale at auction) be conducted subject to restrictions: 

        (i)    as to the financial sophistication and ability of any Person permitted to bid or purchase at any such sale; 

        (ii)   as to the content of legends to be placed upon any certificates representing the Pledged Collateral sold in such sale,
including restrictions on future transfer thereof; 

        (iii) as to the representations required to be made by each Person bidding or purchasing at such sale relating to that
Person's access to financial information about any Target Company and such Person's intentions as to the holding of the Pledged Collateral so sold for investment for its own account and not with a
view to the distribution thereof; and 

        (iv)  as to such other matters as Pledgees may deem necessary or appropriate in order that such sale (notwithstanding any
failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors' rights and the Act and all applicable state securities laws. 

        (d)   Pledgor recognizes that Pledgees may be unable to effect a public sale of any or all the Pledged Collateral and may be
compelled to resort to one or more private sales thereof in accordance with clause (c) above. Pledgor also acknowledges that any such private sale may result in prices and other terms less
favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially
unreasonable manner solely by virtue of such sale being private. 

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Pledgees
shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit the Target Company to register such securities for public sale under
the Act, or under applicable state securities laws, even if Pledgor and the Target Company would agree to do so. 

        (e)   Pledgor agrees to the maximum extent permitted by applicable law that following the occurrence and during the continuance
of an Event of Default it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now or hereafter in force in order to prevent
or delay the enforcement of this Agreement, or the absolute sale of the whole or any part of the Pledged Collateral or the possession thereof by any purchaser at any sale hereunder, and Pledgor waives
the benefit of all such laws to the extent it lawfully may do so. Pledgor agrees that it will not interfere with any right, power and remedy of Pledgees provided for in this Agreement or now or
hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by Pledgees of any one or more of such rights, powers or remedies. No failure or delay
on the part of Pledgees to exercise any such right, power or remedy shall operate as a waiver thereof or limit or impair Pledgees' right to take any action or to exercise any power or remedy
hereunder. 

        (f)    The proceeds of any sale, disposition or other realization upon all or any part of the Pledged Collateral pursuant to
this security interest and this Agreement shall be distributed by the Pledgees in the following order of priorities: 

        FIRST, to each Pledgee in an amount sufficient to pay in full the costs of such Pledgee in connection with such sale, disposition or other
realization, including all fees, costs, expenses, liabilities and advances incurred or made by any Pledgee in connection therewith, including, without limitation, reasonable attorneys' fees; 

        SECOND, to the Pledgees in amounts proportional to the Pro Rata share of the then unpaid Secured Obligations of each Pledgee; and 

        FINALLY, upon payment in full of the Secured Obligations, to Pledgor or its representatives, in accordance with the Colorado Uniform
Commercial Code or as a court of competent jurisdiction may direct. 

        (g)   To the extent not paid by Pledgor, the costs of enforcing or pursuing any right or remedy hereunder, including without
limitation any repossession, sale, possession and management (including, without limitation, reasonable attorneys' fees), and distribution shall be borne Pro Rata by the Pledgees. Each Pledgee shall
reimburse the other Pledgees, as applicable, for its Pro Rata share of all such costs promptly upon demand. 

        9.    [RESERVED]    

        10.    TERMINATION.    Promptly following the indefeasible payment in full of all Secured
Obligations, Pledgees shall deliver to Pledgor the Pledged Collateral pledged by it hereunder at the time subject to this Agreement and all instruments of assignment executed in connection therewith,
free and clear of the liens hereof and, except as otherwise provided herein, all of Pledgor's obligations hereunder shall at such time terminate. 

        11.    REINSTATEMENT.    This Agreement shall remain in full force and effect and continue to
be effective should any petition be filed by or against Pledgor for liquidation or reorganization, should Pledgor become insolvent or make an assignment for the benefit of creditors or should a
receiver or trustee be appointed for all or any significant part of Pledgor's assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of
the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations,
whether as a 

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"voidable
preference", "fraudulent conveyance", or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced,
restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

        12.    MISCELLANEOUS.    

        (a)   Pledgees may execute any of their duties hereunder by or through agents or employees and shall be entitled to advice of
counsel concerning all matters pertaining to their duties hereunder. 

        (b)   Pledgor agrees to promptly reimburse Pledgees for actual out of pocket expenses, including, without limitation,
reasonable counsel fees, incurred by Pledgees in connection with the enforcement of this Agreement. 

        (c)   Neither Pledgees, nor any of their respective employees, agents or counsel, shall be liable for any action lawfully taken
or omitted to be taken by them hereunder or in connection herewith, except for their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. 

        (d)   THIS AGREEMENT SHALL BE BINDING UPON PLEDGOR AND ITS SUCCESSORS AND ASSIGNS (INCLUDING A
DEBTOR-IN-POSSESSION ON BEHALF OF PLEDGOR), AND SHALL INURE TO THE BENEFIT OF, AND BE ENFORCEABLE BY, PLEDGEES AND THEIR HEIRS, LEGATEES, SUCCESSORS AND ASSIGNS, AND SHALL BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF COLORADO APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE, AND NONE OF THE TERMS OR PROVISIONS OF THIS
AGREEMENT MAY BE WAIVED, ALTERED, MODIFIED OR AMENDED EXCEPT IN WRITING DULY SIGNED FOR AND ON BEHALF OF MAJORITY PLEDGEES AND PLEDGOR. Each Pledgee acknowledges that because
this Agreement may be amended with the consent of the Majority Pledgees, each Pledgee's rights hereunder may be amended or waived without such Pledgee's consent. 

        13.    SEVERABILITY.    If for any reason any provision or provisions hereof are determined to
be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or effect those portions of this Agreement which are valid. 

        14.    NOTICES.    Any notice or other communication required or permitted to be delivered to
any party under this Agreement shall be in writing and shall be delivered in accordance with Section 9.8 of the Stock Purchase Agreement. 

        15.    SECTION TITLES.    The Section titles contained in this Agreement are and shall be
without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 

        16.    COUNTERPARTS.    This Agreement may be executed in any number of counterparts, which
shall, collectively and separately, constitute one agreement. 

        17.    ACTIONS BY THE PLEDGEES.    All actions, omissions and decisions of the Pledgees
hereunder or any amendment of this Agreement (each called herein an "Act of the Pledgees") shall be determined by and require the written consent of the
Majority Pledgees. Each Pledgee shall take such actions and execute such documents as may be necessary to confirm or accomplish any Act of the Pledgees. 

        18.    UNEQUAL PAYMENT BY PLEDGOR.    Each Pledgee agrees that if it shall obtain or receive,
through the exercise of any right granted to the Pledgees under this Agreement or by applicable law, including, but not limited to any right of set-off, any secured claim under
Section 506 of the Bankruptcy Code or any other security or interest, any interest or principal payment or payments 

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greater
than its Pro Rata share, as measured immediately prior to the receipt of such payment or payments, then (a) such Pledgee shall promptly purchase at par (and shall be deemed to have
thereupon purchased) from the other Pledgees, a participation in the Notes of such other Pledgees, so that each Pledgee shall have received payments in proportion to its Pro Rata share immediately
prior to such transactions and (b) such other adjustments shall be made from time to time as shall be equitable to ensure that the Pledgees share the benefits of such payment on a Pro Rata
basis. 

[SIGNATURE PAGE FOLLOWS] 

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

	 	 	LOCAL MATTERS, INC.,
	

 	
 	
By:	

/s/ Perry Evans
 Perry Evans

President and Chief Executive Officer
	

 	
 	
SHAREHOLDERS:
	

 	
 	

/s/ Shane Brinkerhoff
 Shane Brinkerhoff
	

 	
 	

/s/ Tyler Houston
 Tyler Houston
	

 	
 	

/s/ Dustin Moore
 Dustin Moore
	

 	
 	

/s/ Aaron Bromagem
 Aaron Bromagem

[SIGNATURE PAGE TO PLEDGE AGREEMENT]

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SCHEDULE A
  LIENS EXISTING ON THE DATE OF THIS PLEDGE AGREEMENT    
    

A-1

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Exhibit 10.24

PLEDGE AGREEMENT

SCHEDULE A LIENS EXISTING ON THE DATE OF THIS PLEDGE AGREEMENTQuickLinks
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Exhibit 10.25    
    

 
 

SECURITY AGREEMENT    
    

        This SECURITY AGREEMENT (the "Security Agreement"), is made as of April 14, 2005 (the "Effective Date"), by and among Information Services
Extended, Inc., a Delaware corporation ("Grantor"), Kevin Kimberlin Partners, L.P., a Delaware limited partnership
("Kimberlin"), as lender, and Kimberlin, as agent for itself and any third party as provided for herein (a "Third
Party and together with Kimberlin, "Lenders") (in such capacity, "Agent"). 

BACKGROUND  

        A.    On
June 7, 2002, Grantor executed and delivered to Wachovia Bank, N.A. ("Wachovia"), as lender, a certain
promissory note (the "Old Note") in the aggregate principal amount of $12,080,000.00, which modified and replaced that certain promissory note dated
April 2, 2002 made by Grantor and payable to the order of Wachovia, as lender, in the aggregate principal amount of $11,650,000.00. 

        B.    Wachovia
later assigned the rights and delegated the duties under the Old Note to Kimberlin. 

        C.    In
connection with that certain Stock Purchase Agreement (the "Purchase Agreement") dated as of April 14, 2005,
among Aptas Inc., a Delaware corporation ("Aptas"), and certain shareholders of Grantor, pursuant to which Aptas purchased from such shareholders
of Grantor, the number of shares of common stock, $0.01 par value per share, representing 100% of the issued and outstanding shares of capital stock of Grantor, Grantor executed and delivered to
Kimberlin a certain amended and restated secured convertible promissory note (the "Kimberlin Note") in the aggregate principal amount of $14,764,285.39
payable to the order of Kimberlin, which Kimberlin Note amended and restated the Old Note. 

        D.    After
the date hereof, Kimberlin may assign a portion of the Kimberlin Note, pursuant to and in accordance with the terms thereof, to one or more Third Parties, at which
time the Kimberlin Note will be cancelled and replaced with a new note (the "Replacement Kimberlin Note") and a new note(s) payable to the Third Party
(the "Third Party Note") (the Kimberlin Note, the Replacement Kimberlin Note, and the Third Party Note, are hereinafter collectively referred to as the
"Notes"). The Notes, together with any other loan documents and instruments related thereto, are hereinafter collectively referred to as the
"Loan Documents." The Notes evidence the obligations of Grantor (the "Obligations") for the full and
prompt payment of all principal plus accrued interest on the Notes. 

        E.    In
order to induce Kimberlin to accept the Kimberlin Note and to induce the Third Party to accept a Third Party Note, Grantor has agreed to grant a continuing Lien on the
Collateral (as hereinafter defined) to secure the Obligations. 

        NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 

        1.    DEFINED TERMS.    

        All
capitalized terms used but not otherwise defined herein have the meanings given to them in the Loan Documents. In addition, the following terms shall have the following meanings
(such meanings being equally applicable to both singular and plural forms of the terms defined): 

        "Contracts" means all contracts (including any customer, vendor, supplier, service or maintenance contract), leases, licenses,
undertakings, purchase orders, permits, franchise agreements or other agreements (other than any right evidenced by Chattel Paper, Documents or Instruments), whether in written or electronic form, in
or under which Grantor now holds or hereafter acquires any right, title or interest, including, without limitation, with respect to an Account, any agreement relating to the terms of payment or the
terms of performance thereof. 

 

        "Intellectual Property" means any intellectual property, in any medium, of any kind or nature whatsoever, now or hereafter owned or
acquired or received by Grantor or in which Grantor now holds or hereafter acquires or receives any right or interest, and shall include, in any event, any copyright, trademark, patent, trade secret,
customer list, marketing plan, internet domain name (including any right related to the registration thereof), proprietary or confidential information, mask work, source, object or other programming
code, invention (whether or not patented or patentable), technical information, procedure, design, knowledge, know-how, software, data base, data, skill, expertise, recipe, experience,
process, model, drawing, material or record. 

        "Lien" means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance. 

        All
other terms contained in this Security Agreement, unless the context indicates otherwise, have the meanings provided for by the New York Uniform Commercial Code ("UCC") to the extent
the same are used or defined therein. 

        2.    GRANT OF LIEN.    

        (a)   To
secure the prompt and complete payment, performance and observance of all of the Obligations, Grantor hereby grants, assigns, conveys, mortgages, pledges,
hypothecates and transfers to Agent, for itself and the benefit of Lenders, a Lien upon all of its right, title and interest in, to and under all personal property and other assets, whether now owned
by or owing to, or hereafter acquired by or arising in favor of Grantor (including under any trade names, styles or derivations thereof), and whether owned or consigned by or to, or leased from or to,
Grantor, and regardless of where located (all of which being hereinafter collectively referred to as the "Collateral"), including: 

          (i)  all
Accounts (including, without limitation, all Accounts arising from certain existing maintenance and service agreements and customer contracts of Grantor); 

         (ii)  all
Chattel Paper; 

        (iii)  all
Documents; 

        (iv)  all
General Intangibles (including payment intangibles, Intellectual Property and Software); 

         (v)  all
Goods (including Inventory, Equipment and Fixtures); 

        (vi)  all
Instruments; 

       (vii)  all
Investment Property; 

      (viii)  all
Deposit Accounts and all other bank accounts and all deposits therein; 

        (ix)  all
money, cash or cash equivalents; 

         (x)  all
Supporting Obligations and Letter-of-Credit Rights; 

        (xi)  all
commercial tort claims; 

       (xii)  to
the extent not otherwise included, all Proceeds, tort claims, insurance claims and other rights to payments not otherwise included in the foregoing and products of
the foregoing and all accessions to, substitutions and replacements for, and rents and profits of, each of the foregoing; and 

      (xiii)  all
books and records evidencing or relating to the foregoing, including, without limitation, billing records of every kind and description, customer lists, data
storage and processing media, software and related material, including printouts, punch cards and tab runs (the "Books and Records"). 

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        Notwithstanding
the foregoing provisions of this Section 2, the grant, assignment and transfer of a security interest as provided herein shall not extend to, and the term  "Collateral" shall not include any
of the following (collectively, "Excluded Collateral"):
(a) "intent-to-use" trademarks at all times until the first use thereof, whether by the actual use thereof in commerce, the recording of a statement of use with the
United States Patent and Trademark Office or otherwise or (b) any Contract, Instrument or Chattel Paper in which Grantor has any right, title or interest if and to the extent such Contract,
Instrument or Chattel Paper includes a provision containing a restriction on assignment such that the creation of a security interest in the right, title or interest of Grantor therein would be
prohibited and would, in and of itself, cause or result in a default thereunder enabling another person party to such Contract, Instrument or Chattel Paper to enforce any remedy with respect thereto;  provided that the foregoing exclusion shall not apply if (i) such prohibition has been waived or such other person has otherwise consented to the
creation hereunder of a security interest in such
Contract, Instrument or Chattel Paper or (ii) such prohibition would be rendered ineffective pursuant to Sections 9-407(a) or 9-408(a) of the UCC, as applicable and as
then in effect in any relevant jurisdiction, or any other applicable law (including the United States Bankruptcy Code) or principles of equity); provided
further that immediately upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include, and Grantor shall be deemed to have granted a
security interest in, all its rights, title and interests in and to such Contract, Instrument or Chattel Paper as if such provision had never been in effect; and provided
further that the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect Agent's unconditional continuing security interest in and to all
rights, title and interests of Grantor in or to any payment obligations or other rights to receive monies due or to become due under any such Contract, Instrument or Chattel Paper and in any such
monies and other proceeds of such Contract, Instrument or Chattel Paper. 

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

        3.    AGENT'S AND LENDERS' RIGHTS: LIMITATIONS ON AGENT'S AND LENDERS' OBLIGATIONS.    

        (a)   It
is expressly agreed by Grantor that, anything herein to the contrary notwithstanding, Grantor shall remain liable under each of its Contracts and each of its licenses
to observe and perform all the conditions and obligations to be observed and performed by it thereunder. Neither Agent nor any Lender shall have any obligation or liability under any Contract or
license by reason of or arising out of this Security Agreement or the granting herein of a Lien thereon or the receipt by Agent or any Lender of any payment relating to any Contract or license
pursuant hereto. Neither Agent nor any Lender shall be required or obligated in any manner to perform or fulfill any of the obligations of Grantor under or pursuant to any Contract or license, or to
make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any Contract or license, or to
present or file any claims, or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or
times. 

        (b)   Agent
may, at any time after an Event of Default has occurred and is continuing without prior notice to Grantor, notify Account Debtors and other Persons obligated on
the Collateral that Agent has a security interest therein, and that payments shall be made directly to Agent. Upon the request of Agent following an Event of Default, that has occurred and is
continuing, Grantor shall so notify Account Debtors and other Persons obligated on Collateral. Once any such notice has been given to 

3

 

any
Account Debtor or other Person obligated on the Collateral, Grantor shall not give any contrary instructions to such Account Debtor or other Person (i) without Agent's prior written consent
or (ii) until no Event of Default is then continuing. Furthermore, at any time after an Event of Default has occurred and is continuing without prior notice to Grantor, the Agent shall be
entitled to give any bank with which one or more Deposit Accounts are maintained by Grantor, instructions as to the withdrawal or disposition of any funds from time to time credited to any Deposit
Account, or as to any other matters relating to any Deposit Account or any other Collateral, without further consent from Grantor. 

        (c)   Agent
may at any time after an Event of Default has occurred and is continuing in Agent's own name, in the name of a nominee of Agent or in the name of Grantor,
communicate (by mail, telephone, facsimile or otherwise) with Account Debtors, parties to Contracts and obligors in respect of Instruments to verify with such Persons, to Agent's satisfaction, the
existence, amount terms of, and any other matter relating to, Accounts, Instruments, Chattel Paper and/or payment intangibles. 

        4.    REPRESENTATIONS AND WARRANTIES. Grantor represents and warrants that:    

        (a)   Grantor
has rights in and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder free and clear of any and all Liens other
than Permitted Encumbrances. "Permitted Encumbrance" means: (a) Liens in favor of Agent; (b) any Liens existing on the date of this Security Agreement and set forth on
Schedule III attached hereto; (c) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate
proceedings; (d) Liens (i) upon or in any Equipment acquired or held by Grantor to secure the purchase price of such Equipment or indebtedness (including capital leases) incurred solely
for the purpose of financing the acquisition of such Equipment or (ii) existing on such Equipment at the time of its acquisition, provided that the Lien is confined solely to the Equipment so
acquired, improvements thereon and the Proceeds of such Equipment; (c) leases or subleases and licenses or sublicenses granted to others in the ordinary course of Grantor's business;
(f) any right, title or interest of a licensor under a license; (g) Liens arising from judgments, decrees or attachments that have been stayed or bonded within fifteen (15) days
after notice thereof; (h) easements, reservations, rights-of-way, restrictions, minor defects or irregularities in title and other similar Liens affecting real property
not interfering in any material respect with the ordinary conduct of the business of Grantor; (i) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment
of customs duties in connection with the importation of goods; (j) Liens arising solely by virtue of any statutory or common law provision relating to banker's liens, rights of setoff or
similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; (k) Liens in favor of a depository bank or a securities intermediary
pursuant to such depository bank's or securities intermediary's customary customer account agreement; provided that any such Liens shall at no time secure any indebtedness or obligations other than
customary fees and charges payable to such depository bank or securities intermediary; (l) Liens pursuant to the terms of customer contracts entered into in the ordinary course of Grantor's
business if such do not interfere in any material respect with the business of Grantor; (m) statutory or common law Liens of landlords and carriers, warehousemen, mechanics, suppliers,
materialmen, repairmen and other similar Liens, arising in the ordinary course of business and securing obligations that are not yet delinquent or are being contested in good faith by appropriate
proceedings; (n) Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory or regulatory obligations, surety and appeal bonds, government contracts,
performance and return-of-money bonds, and other obligations of like nature, in each case, in the ordinary course of business; (o) Liens incurred or deposits made in the
ordinary course of business in connection with workers' compensation, unemployment insurance and other types of social security; (p) Liens not otherwise permitted, which Liens do not in the aggregate
exceed $250,000 at any one time; and (q) Liens incurred in connection with the extension, renewal or refinancing of indebtedness secured by Liens permitted under the preceding clauses, provided
that any 

4

 

extension,
renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not
increase. 

        (b)   No
effective security agreement, financing statement, equivalent security or Lien instrument or continuation statement covering all or any part of the Collateral is on
file or of record in any public office, except such as may have been filed (i) by Grantor in favor of Agent pursuant to this Security Agreement or the other Loan Documents, and (ii) in
connection with any other Permitted Encumbrances. 

        (c)   This
Security Agreement is effective to create a valid and continuing Lien on and, upon the filing of the appropriate financing statements listed on  Schedule I hereto, a perfected Lien in favor of Agent,
 for itself and the benefit of Lenders, on the Collateral to the extent a Lien may be
perfected by filing pursuant to the Delaware UCC. Such Lien is prior to all other Liens, except Permitted Encumbrances that would be prior to Liens in favor of Agent for the benefit of Agent and
Lenders, and is enforceable as such as against any and all creditors of and purchasers from Grantor (other than purchasers, lessees of Inventory, and licensees in the ordinary course of business).
Upon the filing of appropriate financing statements listed on Schedule I hereto, all action by Grantor necessary or desirable to protect and perfect such Lien on each item of the Collateral has
been duly taken to the extent a Lien may be perfected by filing such financing statements. 

        (d)   Grantor
has no interest in, or title to, any patent, trademark or copyright except as set forth in Schedule II
hereto. This Security Agreement is effective to create a valid and continuing Lien on and, upon filing of copyright security agreements with the United States Copyright Office and filing of patent
security agreements and trademark security agreements with the United States Patent and Trademark Office and filing of appropriate financing statements listed on Schedule I hereto, perfected
Liens in favor of Agent on Grantor's patents, trademarks and copyrights and such perfected Liens are enforceable as such as against any and all creditors of and purchasers from Grantor. Upon filing of
copyright security agreements with the United States Copyright Office and filing of patent security agreements and trademark security agreements with the United States Patent and Trademark Office and
the filing of appropriate financing statements listed on Schedule I hereto, all action necessary or desirable to protect and perfect Agent's Lien
on Grantor's patents, trademarks or copyrights shall have been duly taken. 

	5.
	COVENANTS. Grantor covenants and agrees with Agent, for the benefit of Agent and Lenders, that from and after the date of this Security
Agreement and until the termination date: 

        (a)    Further Assurances: Pledge of Instruments: Chattel Paper.    

          (i)  At
any time and from time to time, upon the written request of Agent and at the sole expense of Grantor, Grantor shall promptly and duly execute and deliver any and all
such further instruments and documents and take such further actions as Agent may reasonably deem desirable to obtain the full benefits of this Security Agreement and of the rights and powers herein
granted, including: (A) using its commercially reasonable efforts to secure all consents and approvals reasonably necessary or appropriate for the collateral assignment to or for the benefit of
Agent of any license or Contract held by Grantor and to enforce the security interests granted hereunder; and (B) filing any financing or continuation statements under the UCC with respect to
the Liens granted hereunder or under any other Loan Document. 

         (ii)  Upon
the written request of Agent, Grantor shall deliver to Agent all Collateral consisting of negotiable Documents, certificated securities, Chattel Paper and
Instruments (in each case,
accompanied by stock powers, allonges or other instruments of transfer executed in blank) promptly after Grantor receives the same. 

5

  

        (iii)  Grantor,
upon becoming the beneficiary of a letter of credit, shall promptly notify Agent thereof and enter into a tri-party agreement with Agent and the
issuer and/or confirming bank with respect to Letter-of-Credit Rights collaterally assigning such Letter-of-Credit Rights to Agent, all in form and
substance reasonably satisfactory to Agent. 

        (iv)  Grantor
shall take all steps necessary to grant the Agent control of all electronic chattel paper in which Grantor has rights in accordance with the UCC. 

         (v)  Grantor
hereby irrevocably authorizes the Agent at any time and from time to time to file in any filing office any initial financing statements and amendments thereto
that (a) indicate the Collateral (i) as all assets of Grantor or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of
Article 9 of the UCC, or (ii) as being of an equal or lesser scope or with greater detail, and (b) contain any other information required by part 5 of Article 9 of
the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including (i) whether Grantor is an organization, the type of organization and any organization
identification number and federal tax identification number issued to Grantor, and (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as
as-extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. Grantor agrees to furnish to the Agent promptly upon request any
such information as is required to complete any such financing statement or amendment. Grantor also ratifies its authorization for the Agent to have filed in any UCC jurisdiction any initial financing
statements or amendments thereto if filed prior to the date hereof. 

        (vi)  Grantor
shall promptly notify Agent of any commercial tort claim (as defined in the UCC) acquired by it and unless otherwise consented by Agent, Grantor shall enter
into a supplement to this Security Agreement, granting to Agent a Lien in such commercial tort claim. 

        (b)   Maintenance of Records. Grantor shall keep and maintain, at its own cost and expense, satisfactory and complete records
of the Collateral, including a record of any and all payments received and any and all credits granted with respect to the Collateral and all other dealings with the Collateral. 

        (c)    Covenants Regarding Patent, Trademark and Copyright Collateral.    

          (i)  Grantor
shall notify Agent immediately if it knows or has reason to know that any application or registration relating to any material patent, trademark or copyright
(now or hereafter existing) may become abandoned or dedicated, or of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding
in the United States Patent and Trademark Office, the United States Copyright Office or any court) regarding Grantor's ownership of any material patent, trademark or copyright, its right to register
the same, or to keep and maintain the same. 

         (ii)  Grantor
agrees that should it obtain an ownership interest in any material patent, trademark or copyright, Grantor will provide the Agent with prompt written notice
thereof, and Grantor shall execute and deliver any and all patent security agreements, copyright security agreements or trademark security agreements as Agent may reasonably request to evidence
Agent's Lien on such patent, trademark or copyright, and the General Intangibles of Grantor relating thereto or represented thereby. 

        (iii)  Grantor
shall take all actions necessary or reasonably requested by Agent to maintain and pursue each application, to obtain the relevant registration and to maintain
the registration of each of the material patents, trademarks and copyrights (now or hereafter existing), including the filing of applications for renewal, affidavits of use, affidavits of
noncontestability and opposition and interference and cancellation proceedings. 

6

 

        (iv)  In
the event that any material patent, trademark or copyright Collateral is infringed upon, or misappropriated or diluted by a third party, Grantor shall promptly
notify Agent. Grantor shall take such action at its expense, as Grantor deems reasonable under the circumstances to protect or enforce its rights, including, without limitation, suing for
infringement, or misappropriation and for an injunction against such infringement or misappropriation. 

        (d)   Indemnification. In any suit, proceeding or action brought by Agent or any Lender relating to any Collateral for any sum
owing with respect thereto or to enforce any rights or claims with respect thereto, Grantor will save, indemnify and keep Agent and Lenders harmless from and against all expense (including reasonable
attorneys' fees and expenses), loss or damage suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever of the Account Debtor or other Person obligated
on the Collateral, arising out of a breach by Grantor of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to, or in favor of, such obligor
or its successors from Grantor, except in the case of Agent or any Lender, to the extent such expense, loss, or damage is attributable to the gross negligence or willful misconduct of Agent or such
Lender, as finally determined by a court of competent jurisdiction. All such obligations of Grantor shall be and remain enforceable against and only against Grantor and shall not be enforceable
against Agent or any Lender. 

        (e)   Compliance with Terms of Accounts, etc. In all material respects, Grantor will perform and comply with all obligations in
respect of the Collateral and all other agreements to which it is a party or by which it is bound relating to the Collateral. 

        (f)    Limitation on Liens on Collateral. Grantor will not create, permit or suffer to exist, and Grantor will defend the
Collateral against, and take such other action as is necessary to remove, any Lien on the Collateral [except Permitted Encumbrances], and will defend the right, title and
interest of Agent and Lenders in and to any of Grantor's rights under the Collateral against the claims and demands of all Persons whomsoever. 

        (g)   Further Identification of Collateral. Grantor will, if so requested by Agent, furnish to Agent, statements and schedules
further identifying and describing the Collateral and such other reports in connection with the Collateral as Agent may reasonably request, all in such reasonable detail as Agent may specify. 

        (h)   Notices. Grantor will advise Agent promptly, in reasonable detail, (i) of any Lien (other than Permitted
Encumbrances) or claim made or asserted against any of the Collateral, and (ii) of the occurrence of any other event which would have a material adverse effect on the aggregate value of the
Collateral or on the Liens created hereunder or under any other Loan Document. 

        (i)    No Reincorporation. Grantor shall notify the Agent if it reincorporates or reorganizes itself under the laws of any
jurisdiction other than the jurisdiction in which it is incorporated or organized as of the date hereof. 

        (j)    Terminations; Amendments Not Authorized. Grantor acknowledges that it is not authorized to file any financing statement
or amendment or termination statement with respect to any financing statement indicating the Collateral without the prior written consent of Agent and agrees that it will not do so without the prior
written consent of Agent, subject to Grantor's rights under Section 9-509(d)(2) of the UCC. 

        6.     AGENT'S APPOINTMENT AS ATTORNEY-IN-FACT. In addition to any other powers of attorney contained
herein, Grantor hereby appoints Agent, its nominee, or any other person whom Agent may designate Grantor's attomey-in-fact, with full power and authority effective upon the
occurrence and during the continuance of any Event of Default to ask, demand, collect, receive, receipt for, sue for, compound and give acquittance for any and all sums or properties which may be or
become due, payable or distributable in respect of the Collateral or any part thereof, with full power to 

7

 

settle,
adjust or compromise any claim in respect of the Collateral as fully as Grantor could itself do, to endorse or sign Grantor's name on any assignments, stock powers or other instruments of
transfer and on any checks, notes, acceptances, money orders, drafts, and any other forms of payment or security in respect of the Collateral that may come into Agent's possession and on all documents
of satisfaction, discharge or receipt required or requested in connection therewith, and, in its reasonable discretion, to file any claim or take any other action or proceeding, either in its own name
or in the name of Grantor, or otherwise, which Agent deems necessary to collect or otherwise realize upon all or any part of the Collateral, or effect a transfer thereof, or which may be necessary to
protect and preserve the right, title, and interest of Agent in and to such Collateral and the security intended to be afforded hereby. Grantor hereby ratifies and approves all acts of any such
attorney-in-fact and agrees that neither Agent nor any such attorney-in-fact will be liable for any such acts or omissions nor for any error of judgment
or mistake of fact or law other than such person's gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction. Agent may file one or more financing statements
disclosing its security interest in all or any part of the Collateral without Grantor's signature appearing thereon, and Grantor also hereby grants Agent a power of attorney to execute any such
financing statements, and any amendments or supplements thereto, on behalf of Grantor without notice thereof to Grantor. The foregoing powers of attorney, being coupled with an interest, are
irrevocable until the termination date. 

        7.    REMEDIES: RIGHTS UPON DEFAULT.    

        (a)   In
addition to all other rights and remedies granted to it under this Security Agreement, the other Loan Documents and under any other instrument or agreement securing,
evidencing or relating to any of the Obligations, if any Event of Default under the Note shall have occurred and be continuing, Agent may exercise all rights and remedies of a secured party under the
UCC. Without limiting the generality of the foregoing, Grantor expressly agrees that upon the occurrence and during the continuation of an Event of Default, Agent, without demand of performance or
other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon Grantor or any other Person (all and each of which demands,
advertisements and notices are hereby expressly waived to the maximum extent permitted by the UCC and other applicable law), may forthwith enter upon the premises of Grantor where any Collateral is
located through self-help, without judicial process, without first obtaining a final judgment or giving Grantor or any other Person notice and opportunity for a hearing on Agent's claim or
action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, license, assign, give an option or options to
purchase, or sell or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such
prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Agent or any Lender shall have the right upon any such public sale or sales and,
to the extent permitted by law, upon any such private sale or sales, to purchase for the benefit of Agent and Lenders, the whole or any part of said Collateral so sold, free of any right or equity of
redemption, which equity of redemption Grantor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. Agent shall have the right to conduct such sales on
Grantor's premises or elsewhere and shall have the right to use Grantor's premises without charge for such time or times as Agent deems necessary or advisable. 

        If
any Event of Default shall have occurred and be continuing, Grantor further agrees, at Agent's request, to assemble the Collateral and make it available to Agent at a place or places
designated by Agent which are reasonably convenient to Agent and Grantor, whether at Grantor's premises or elsewhere. Until Agent is able to effect a sale, lease, or other disposition of Collateral,
and so long as an Event of Default shall have occurred and be continuing, Agent shall have the right to hold or use the Collateral, or any part thereof, to the extent that it deems appropriate for the
purpose of preserving Collateral or its value or for any other purpose deemed appropriate by Agent. Agent shall 

8

 

have
no obligation to Grantor to maintain or preserve the rights of Grantor as against third parties with respect to Collateral while Collateral is in the possession of Agent. So long as an Event of
Default shall have occurred and be continuing, Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Agent's remedies (for the
benefit of Agent and Lenders), with respect to such appointment. Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale to the Obligations as
provided herein and in the Notes, and only after so paying over such net proceeds, and after the payment by Agent of any other amount required by any provision of law, shall Agent account for the
surplus, if any, to Grantor. To the maximum extent permitted by applicable law, Grantor waives all claims, damages, and demands against Agent or any Lender arising out of the repossession, retention
or sale of the Collateral except such as arise out of the gross negligence or willful misconduct of Agent or such Lender, as finally determined by a court of competent jurisdiction. Grantor agrees
that ten (10) days prior written notice by Agent of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such matters.
Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Obligations, including any attorneys' fees and other expenses
incurred by Agent or any Lender to collect such deficiency. 

        (b)   Except
as otherwise specifically provided herein, Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of
any kind in connection with this Security Agreement or any Collateral. 

        (c)   To
the extent that applicable law imposes duties on the Agent to exercise remedies in a commercially reasonable manner, Grantor acknowledges and agrees that it is not
commercially unreasonable for the Agent (i) to fail to incur expenses reasonably deemed significant by the Agent to prepare Collateral for disposition or otherwise to complete raw material or
work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not
required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise
collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against
Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral
through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as the
Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether
or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or
that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition
warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Agent against risks of loss, collection or disposition of Collateral or
to provide to the Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Agent, to obtain the services of other brokers,
investment bankers, consultants and other professionals to assist the Agent in the collection or disposition of any of the Collateral. Grantor acknowledges that the purpose of this  Section 7(c) is
to provide non-exhaustive indications of what actions or omissions by the Agent would not be commercially
unreasonable in the Agent's exercise of remedies against the Collateral and that other actions or omissions by the Agent shall not be deemed commercially unreasonable solely on account of not being
indicated in this Section 7(c). Without limitation upon the foregoing, nothing contained in this  Section 7(c) shall be construed to grant any
rights to Grantor or to impose any duties on Agent that would not have been granted or imposed by
this Security Agreement or by applicable law in the absence of this Section 7(c). 

9

 

        (d)   Neither
the Agent nor the Lenders shall be required to make any demand upon, or pursue or exhaust any of their rights or remedies against, Grantor, any other obligor,
guarantor, pledgor or any other Person with respect to the payment of the Obligations or to pursue or exhaust any of their rights or remedies with respect to any Collateral therefor or any direct or
indirect guarantee thereof. Neither the Agent nor the Lenders shall be required to marshal the Collateral or any guarantee of the Obligations or to resort to the Collateral or any such guarantee in
any particular order, and all of its and their rights hereunder or under any other Loan Document shall be cumulative. To the extent it may lawfully do so, Grantor absolutely and irrevocably waives and
relinquishes the benefit and advantage of, and covenants not to assert against the Agent or any Lender, any valuation, stay, appraisement, extension, redemption or similar laws and any and all rights
or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or
privately under the power of sale conferred by this Security Agreement, or otherwise. 

        (e)   All
proceeds from the disposition of the Collateral shall be applied: (i) first, to the payment of all Obligations owing with respect to the Third Party Note (pro
rata amongst the Lenders of the Third Party Note, to the extent the same has been divided into multiple Notes, based on the respective principal amount held by each such Lender of a portion of the
Third Party Note); and (ii) second, to the payment of all Obligations owing with respect to the Kimberlin Note (pro rata amongst the Lenders of the Kimberlin Note, to the extent the same has
been divided into multiple Notes, based on the respective principal amount held by each such Lender of a portion of the Kimberlin Note). 

        8.     GRANT OF LICENSE TO USE INTELLECTUAL PROPERTY COLLATERAL. For the sole purpose of enabling Agent to exercise rights and
remedies under Section 7 hereof (including, without limiting the terms of Section 7
hereof, in order to take possession of, hold, preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose of Collateral) at such time as Agent shall be lawfully entitled
to exercise such rights and remedies, and so long as an Event of Default has occurred and is continuing, Grantor hereby grants to Agent, for the benefit of Agent and Lenders, an irrevocable,
nonexclusive license (exercisable without payment of royalty or other compensation to Grantor) to use, license or sublicense any intellectual property now owned or hereafter acquired by Grantor, and
wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the
compilation or printout thereof, provided that any proceeds of such use, license or sublicense shall be applied towards payment of the Obligations. 

        9.     LIMITATION ON AGENT'S AND LENDERS' DUTY IN RESPECT OF COLLATERAL. Agent and each Lender shall use reasonable care with
respect to the Collateral in its possession or under its control. Neither Agent nor any Lender shall have any other duty as to any Collateral in its possession or control or in the possession or
control of any agent or nominee of Agent or such Lender, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. 

        10.   REINSTATEMENT. This Security Agreement shall remain in full force and effect and continue to be effective should any
petition be filed by or against Grantor for liquidation or reorganization, should Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or
trustee be appointed for all or any significant part of Grantor's assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a "voidable
preference," "fraudulent conveyance," or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or
returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

10

 

        11.   NOTICES. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent,
approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give and serve upon any other
party any communication with respect to this Security Agreement, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given in the
manner, and deemed received, as provided for in the Notes. 

        12.   SEVERABILITY. Whenever possible, each provision of this Security Agreement shall be interpreted in a manner as to be
effective and valid under applicable law, but if any provision of this Security Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of
such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Security Agreement. This Security Agreement is to be read, construed and applied
together with the Notes and the other Loan Documents which, taken together, set forth the complete understanding and agreement of Agent, Lenders and Grantor with respect to the matters referred to
herein and therein. 

        13.   NO WAIVER: CUMULATIVE REMEDIES. Neither Agent nor any Lender shall by any act, delay, omission or otherwise be deemed to
have waived any of its rights or remedies hereunder, and no waiver shall be valid unless in writing, signed by Agent and then only to the extent therein set forth. A waiver by Agent of any right or
remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Agent would otherwise have had on any future occasion. No failure to exercise nor any delay in
exercising on the part of Agent or any Lender, any right, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege
hereunder preclude any other or future exercise thereof or the exercise of any other right, power or privilege. The rights and remedies hereunder provided are cumulative and may be exercised singly or
concurrently, and are not exclusive of any rights and remedies provided by law. None of the terms or provisions of this Security Agreement may be waived, altered, modified or amended except by an
instrument in writing, duly executed by Agent and Grantor. 

        14.   LIMITATION BY LAW. All rights, remedies and powers provided in this Security Agreement may be exercised only to the
extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Security Agreement are intended to be subject to all applicable mandatory provisions
of law that may be controlling and to be limited to the extent necessary so that they shall not render this Security Agreement invalid, unenforceable, in whole or in part, or not entitled to be
recorded, registered or filed under the provisions of any applicable law. 

        15.   TERMINATION OF THIS SECURITY AGREEMENT. Subject to Section 10
hereof, this Security Agreement shall terminate upon satisfaction in full of the Obligations (which may include conversion of the Notes in accordance with their terms), and Agent shall thereupon, at
the cost and expense of Grantor, execute and deliver to Grantor all such documents and instruments as shall be necessary to evidence termination of this Security Agreement and the security interests
created. 

        16.   SUCCESSORS AND ASSIGNS. This Security Agreement and all obligations of Grantors hereunder shall be binding upon the
successors and assigns of Grantor (including any debtor-in-possession on behalf of Grantor) and shall, together with the rights and remedies of Agent, for the benefit of Agent
and Lenders, hereunder, inure to the benefit of Agent and Lenders, all future holders of any instrument evidencing any of the Obligations and their respective successors and assigns. No sales of
participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument evidencing the Obligations or any portion thereof or interest therein shall in any
manner impair the Lien granted to Agent, for the benefit of Agent and Lenders, hereunder. Grantor may not assign, sell, hypothecate or otherwise transfer any interest in or obligation under this
Security Agreement except to Aptas. 

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        17.   COUNTERPARTS. This Security Agreement may be authenticated in any number of separate counterparts, each of which shall
collectively and separately constitute one agreement. This Security Agreement may be authenticated by manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which
shall be equally valid. 

        18.   GOVERNING LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS SECURITY AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. GRANTOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, STATE OF NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS
OR DISPUTES AMONG GRANTOR, AGENT AND LENDERS PERTAINING TO THIS SECURITY AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OF
THE OTHER LOAN DOCUMENTS, PROVIDED, THAT AGENT, LENDERS AND GRANTOR ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY, AND, PROVIDED,
FURTHER, NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER
SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF AGENT. GRANTOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN
ANY SUCH COURT, AND GRANTOR HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH
LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. GRANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT
SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO GRANTOR AT THE ADDRESS SET FORTH IN THE APTAS ASSIGNMENT AND ASSUMPTION AGREEMENT AND
THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. 

        19.   WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT DISPUTES ARISING
HEREUNDER OR RELATING HERETO BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES
HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, AMONG AGENT, LENDERS, AND GRANTOR ARISING
OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED IN CONNECTION WITH, THIS SECURITY AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR
THERETO. 

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        20.   SECTION TITLES. The Section titles contained in this Security Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the parties hereto. 

        21.   NO STRICT CONSTRUCTION. The parties hereto have participated jointly in the negotiation and drafting of this Security
Agreement. In the event an ambiguity or question of intent or interpretation arises, this Security Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Security Agreement. 

        22.   ADVICE OF COUNSEL. Each of the parties represents to each other party hereto that it has discussed this Security
Agreement and, specifically, the provisions of Section 18 and Section 19, with its
counsel. 

        23.   BENEFIT OF LENDERS. All Liens granted or contemplated hereby shall be for the benefit of Agent, individually, and
Lenders, and all proceeds or payments realized from Collateral in accordance herewith shall be applied to the Obligations in accordance with the terms of the Note. 

        24.   EXISTING SECURITY AGREEMENT. This Security Agreement amends and restates in its entirety the Pledge and Security
Agreement dated as of July 16, 2002 by and between Grantor and Kimberlin. 

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        IN
WITNESS WHEREOF, each of the parties hereto has caused this Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 

	 	 	GRANTOR:
	

 	
 	

INFORMATION SERVICES EXTENDED, INC.
	

 	
 	
By:	

/s/ S. Klein
 Name: S. KLEIN

Title: CFO
	

 	
 	
AGENT:
	

 	
 	
KEVIN KIMBERLIN PARTNERS, L.P.
	

 	
 	

By:	

/s/ Kevin Kimberlin
 Its Duly Authorized Signatory

14

SCHEDULE I

to

SECURITY AGREEMENT  

FILING JURISDICTIONS

Delaware  

SCHEDULE II

to

SECURITY AGREEMENT  

	Grantor
	 	Patents and Patent

Applications
	 	Trademarks and

Trademark Applications
	 	Copyrights

SCHEDULE III

to

SECURITY AGREEMENT  

QuickLinks

Exhibit 10.25

SECURITY AGREEMENT

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