Document:

EXHIBIT 10.9

 

AMENDED AND RESTATED PATENT SECURITY
AGREEMENT

 

THIS AMENDED AND
RESTATED PATENT SECURITY AGREEMENT (this “Agreement”), dated as of October 25, 2013, by and between NEOMEDIA
TECHNOLOGIES INC., a Delaware corporation with an address of 100 W Arapahoe Avenue, Suite
9, Boulder, Colorado 80302 (the “Grantor”) and YA Global
Investments, L.P., a Cayman Islands exempt limited partnership with an address of 1012 Springfield
Avenue, Mountainside, New Jersey 07092, for itself and as collateral agent for certain other lenders (in such capacity, the
“Secured Party”).

 

RECITALS:

 

A.           Reference
is made to that certain (i) Security Agreement dated as of July 29, 2008 by and between the Grantor and the Secured Party (as may
be amended and supplemented from time to time, collectively, the “Security Agreement”) and (ii) Patent
Security Agreement entered into and made effective as of July 29, 2008 (the “Patent Security Agreement”)
by and between the Grantor and the Secured Party.

 

B.           It
is a condition under Section 6.18 of the Security Agreement that the Grantor execute and deliver this Agreement to the Secured
Party.

 

C.           The
Grantor has determined that the execution, delivery and performance of this Agreement directly benefits, and is in the best interest,
of the Grantor.

 

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

 

AGREEMENT:

 

SECTION
1.          Definitions.

 

(a)          Generally.
All references herein to the UCC shall mean the Uniform Commercial Code as in effect from time to time in the State of New Jersey;
provided, however, that if a term is defined in Article 9 of the UCC differently than in another Article thereof,
the term shall have the meaning set forth in Article 9; provided further that, if by reason of mandatory provisions
of law, perfection, or the effect of perfection or non-perfection, of the security interest in any IP Collateral (as hereinafter
defined) or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than New Jersey, “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes
of the provisions hereof relating to such perfection or effect of perfection or non-perfection or availability of such remedy,
as the case may be.

 

(b)          Definition
of Certain Terms Used Herein. Unless the context otherwise requires, all capitalized terms used but not defined in this Agreement
shall have the meanings set forth in the Security Agreement. In addition, as used herein, the following terms shall have the following
meanings:

 

“Copyrights”
shall mean all copyrights, copyright applications and like protections in each work of authorship or derivative work thereof of
the Grantor, whether registered or unregistered, whether published or unpublished and whether or not constituting a trade secret,
including, without limitation, the United States copyright registrations listed on EXHIBIT A annexed hereto and made
a part hereof, together with any goodwill of the business connected with, and symbolized by, any of the foregoing.

 

    	 

    	 

    
 

EXHIBIT 10.9

 

“Copyright
Licenses” shall mean all agreements, whether written or oral, providing for the grant by or to the Grantor of any
right under any Copyright, including, without limitation, the agreements listed on EXHIBIT A annexed hereto and made
a part hereof.

 

“Copyright
Office” shall mean the United States Copyright Office or any other federal governmental agency which may hereafter
perform its functions.

 

“Event
of Default” shall mean (i) an Event of Default under the Security Agreement; (ii) the occurrence of a default or
breach under this Agreement; or (iii) the occurrence of a default or event of default under any of the Financing Documents.

 

“Financing
Documents” shall have the meaning assigned to such term in the Ratification Agreement.

 

“IP Collateral”
shall have the meaning assigned to such term in SECTION 2 of this Agreement.

 

“Licenses”
shall mean, collectively, the Copyright Licenses, Patent Licenses, Trademark Licenses, and any other license providing for the
grant by or to the Grantor of any right under any IP Collateral.

 

“Obligations”
shall mean any and all debts, liabilities, obligations, covenants and duties owing by the Grantor to the Secured Party and/or to
any entity (each such entity, a “Secured Party Assignee”) to whom the Secured Party has assigned any
such debts, liabilities, obligations, covenants and duties, in each case, whether now existing or hereafter arising, of every nature,
type, and description, whether liquidated, unliquidated, primary, secondary, secured, unsecured, direct, indirect, absolute, or
contingent, and whether or not evidenced by a note, guaranty, or other instrument, and any amendments, extensions, renewals or
increases thereof, including, without limitation, all those under the Transaction Documents and all other Financing Documents,
and any other or related documents, and all reasonable costs and expenses incurred by the Secured Party in the enforcement of its
rights and remedies in connection with any of the foregoing, including, but not limited to, reasonable attorneys’ fees and
expenses, and all obligations of the Grantor to the Secured Party and/or to any Secured Party Assignee to perform acts or refrain
from taking any action.

 

“Patents”
shall mean all patents and applications for patents of the Grantor, and the inventions and improvements therein disclosed, and
any and all divisions, revisions, reissues and continuations, continuations-in-part, extensions, and reexaminations of said patents
including, without limitation, the United States patent registrations listed on EXHIBIT B annexed hereto and made
a part hereof.

 

“Patent
Licenses” shall mean all agreements, whether written or oral, providing for the grant by or to the Grantor of any
right under any Patent, including, without limitation, the agreements listed on EXHIBIT B annexed hereto and made
a part hereof.

 

“PTO”
shall mean the United States Patent and Trademark Office or any other federal governmental agency which may hereafter perform its
functions.

 

“Ratification
Agreement” shall mean that certain Twentieth Ratification Agreement dated as of July 20, 2012 by and between the
Grantor and the Secured Party.

 

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EXHIBIT 10.9

 

“Trademarks”
shall mean all trademarks, trade names, corporate names, Grantor names, domain names, business names, fictitious business names,
trade dress, trade styles, service marks, designs, logos and other source or business identifiers of the Grantor, whether registered
or unregistered, including, without limitation, the United States trademark registrations listed on EXHIBIT C annexed
hereto and made a part hereof, together with any goodwill of the business connected with, and symbolized by, any of the foregoing.

 

“Trademark
Licenses” shall mean all agreements, whether written or oral, providing for the grant by or to the Grantor of any
right under any Trademark, including, without limitation, the agreements listed on EXHIBIT C annexed hereto and made
a part hereof.

 

SECTION
2.          Grant of Security Interest. In furtherance and
as confirmation of the security interest granted by the Grantor to the Secured Party under the Security Agreement, and as further
security for the payment or performance in full of the Obligations, the Grantor hereby grants to the Secured Party, for itself
and as collateral agent for certain other lenders, a continuing security interest, with a power of sale (which power of sale shall
be exercisable only following the occurrence and during the continuance of an Event of Default), in all of the present and future
right, title and interest of the Grantor in and to the following property, and each item thereof, whether now owned or existing
or hereafter acquired or arising, together with all products, proceeds, substitutions, and accessions of or to any of the following
property (collectively, the “IP Collateral”):

 

(a)          All
Copyrights and Copyright Licenses;

 

(b)          All
Patents and Patent Licenses;

 

(c)          All
Trademarks and Trademark Licenses;

 

(d)          All
other Licenses;

 

(e)          All
renewals of any of the foregoing;

 

(f)          All
trade secrets, know-how and other proprietary information; works of authorship and other copyright works (including copyrights
for computer programs), and all tangible and intangible property embodying the foregoing; inventions (whether or not patentable)
and all improvements thereto; industrial design applications and registered industrial designs; books, records, writings, computer
tapes or disks, flow diagrams, specification sheets, computer software, source codes, object codes, executable code, data, databases,
and other physical manifestations, embodiments or incorporations of any of the foregoing, and any Licenses in any of the foregoing,
and all other IP Collateral and proprietary rights;

 

(g)          All
General Intangibles connected with the use of, or related to, any and all IP Collateral (including, without limitation, all goodwill
of the Grantor and its business, products and services appurtenant to, associated with, or symbolized by, any and all IP Collateral
and the use thereof);

 

(h)          All
income, royalties, damages and payments now and hereafter due and/or payable under and with respect to any of the foregoing, including,
without limitation, payments under all Licenses entered into in connection therewith and damages and payments for past or future
infringements, misappropriations or dilutions thereof;

 

(i)          The
right to sue for past, present and future infringements, misappropriations, and dilutions of any of the foregoing; and

 

(j)          All
of the Grantor’s rights corresponding to any of the foregoing throughout the world.

  

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EXHIBIT 10.9

 

SECTION
3.          Protection of IP Collateral By Grantor. Except
as set forth below in this SECTION 3, the Grantor shall undertake the following with respect to each of the items described in
SECTION 2:

 

(a)          Pay
all renewal fees and other fees and costs associated with maintaining the IP Collateral and with the processing and prosecution
of the IP Collateral and take all other steps reasonably necessary to maintain each registration of the IP Collateral.

 

(b)          Take
all actions reasonably necessary to prevent any of the IP Collateral from becoming forfeited, abandoned, dedicated to the public,
invalidated or impaired in any way.

 

(c)          At
the Grantor’s sole cost, expense, and risk, pursue the processing and prosecution of each application for registration which
is the subject of the security interest created herein and not abandon or delay any such efforts.

 

(d)          At
the Grantor’s sole cost, expense, and risk, take any and all action which the Grantor reasonably deem necessary or desirable
under the circumstances to protect the IP Collateral from infringement, misappropriation or dilution, including, without limitation,
the prosecution and defense of infringement actions.

 

SECTION
4.          Grantor’s Representations and Warranties.
In addition to any representations and warranties contained in any of the other Transaction Documents, the Grantor represents and
warrants that:

 

(a)          EXHIBIT
A is a true, correct and complete list of all United States Copyright registrations owned by the Grantor and all Copyright
Licenses to which the Grantor is a party as of the date hereof.

 

(b)          EXHIBIT
B is a true, correct and complete list of all United States Patents owned by the Grantor and all Patent Licenses to which
the Grantor is a party as of the date hereof.

 

(c)          EXHIBIT
C is a true, correct and complete list of all United States Trademark registrations owned by the Grantor and all Trademark
Licenses to which the Grantor is a party as of the date hereof.

 

(d)          Except
as set forth in EXHIBITS A, B and C, none of the IP Collateral owned by the Grantor is
the subject of any licensing or franchise agreement pursuant to which the Grantor is the licensor or franchisor as of the date
hereof.

 

(e)          The
Grantor shall not transfer or otherwise encumber any interest in the IP Collateral, except for non-exclusive licenses granted by
the Grantor in the ordinary course of business, as set forth in this Agreement, or Permitted Liens.

 

(f)          The
Grantor owns, or is licensed to use, all IP Collateral in connection with the conduct of its business. No claim has been asserted
and is pending by any person challenging or questioning the use by the Grantor of any of its IP Collateral, or the validity or
effectiveness of any of its IP Collateral. The Grantor considers that the use by the Grantor of the IP Collateral does not infringe
the rights of any person in any material respect. No holding, decision or judgment has been rendered by any governmental authority
which would limit, cancel or question the validity of, or a Grantor’s rights in, any IP Collateral in any material respect.

 

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EXHIBIT 10.9

 

(g)          Performance
of this Agreement does not conflict with or result in a breach of any material agreement to which the Grantor is bound;

 

(h)          The
Grantor shall give the Secured Party prompt written notice, with reasonable detail, following the occurrence of any of the following:

 

(i)          The
Grantor’s obtaining rights to, or being issued a registration in or receiving an issuance of, any new IP Collateral, or otherwise
acquiring ownership of any registered IP Collateral (other than the acquisition by the Grantor of the right to sell products containing
the trademarks of others in the ordinary course of the Grantor’s business).

 

(ii)         The
Grantor becoming entitled to the benefit of any registered IP Collateral whether as licensee or licensor (other than commercially
available off the shelf computer programs, products or applications and the Grantor’s right to sell products containing the
trademarks of others in the ordinary course of the Grantor’s business).

 

(iii)        The
Grantor entering into any new Licenses with respect to the IP Collateral (other than commercially available off the shelf computer
programs, products or applications and the Grantor’s right to sell products containing the trademarks of others in the ordinary
course of the Grantor’s business).

 

(iv)        The
Grantor’s knowing, or having reason to know, that any registration relating to any IP Collateral may, other than as provided
in SECTION 3 above, become forfeited, abandoned or dedicated to the public, or of any adverse determination or development (including,
without limitation, the institution of, or any such determination or development in, any proceeding in the PTO, the Copyright Office
or any court or tribunal) regarding the Grantor’s ownership of, or the validity or enforceability of, any IP Collateral or
the Grantor’s right to register the same or to own and maintain the same.

 

SECTION
5.          Agreement Applies to Future IP Collateral.

 

(a)          The
provisions of this Agreement shall automatically apply to any such additional property or rights described in SECTION 4(h) above,
all of which shall be deemed to be and treated as “IP Collateral” within the meaning of this Agreement. Upon the acquisition
by the Grantor of any additional IP Collateral, the Grantor shall promptly deliver to the Secured Party an updated EXHIBIT
A, B, and/or C (as applicable) to this Agreement and hereby authorizes the Secured Party to
file, at the Grantor’s expense, such updated Exhibit as set forth in SECTION 5(b).

 

(b)          The
Grantor shall execute and deliver, and have recorded, any and all agreements, instruments, documents and papers as the Secured
Party may reasonably request to evidence the Secured Party’s security interest in any IP Collateral (including, without limitation,
filings with the PTO, the Copyright Office or any similar office), and the Grantor hereby constitutes the Secured Party as its
attorney-in-fact to execute and file all such writings for the foregoing purposes, all such acts of such attorney being hereby
ratified and confirmed; provided, however, that the Secured Party’s taking of such action shall not be a condition
to the creation or perfection of the security interest created hereby.

 

(c)          The
Grantor authorizes and requests that the Copyright Office and the PTO record this Agreement, and any amendments thereto or copies
thereof.

 

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EXHIBIT 10.9

 

SECTION
6.          Grantor’s Rights To Enforce IP Collateral.
Prior to the occurrence of an Event of Default, the Grantor shall have the exclusive right to sue for past, present and future
infringement of the IP Collateral, including the right to seek injunctions and/or money damages in an effort by the Grantor to
protect the IP Collateral against encroachment by third parties, provided, however, that:

 

(a)          The
Grantor provides the Secured Party with written notice of the Grantor’s institution of any legal proceedings for enforcement
of any IP Collateral.

 

(b)          Any
money damages awarded or received by the Grantor on account of such suit (or the threat of such suit) shall constitute IP Collateral.

 

(c)          Upon
the occurrence and during the continuance of any Event of Default, the Secured Party, by notice to the Grantor, may terminate or
limit the Grantor’s rights under this SECTION 6.

 

SECTION
7.          Secured Party’s Actions To Protect IP Collateral.
In the event of:

 

(a)          The
Grantor’s failure, within ten (10) business days of written notice from the Secured Party, to cure any failure by the Grantor
to observe or perform any of the Grantor’s covenants, agreements or other obligations hereunder; and/or

 

(b)          the
occurrence and continuance of any other Event of Default,

 

the Secured Party, acting in its own name
or in that of the Grantor, may (but shall not be required to) act in the Grantor’s place and stead and/or in the Secured
Party’s own right in connection therewith, including, without limitation, commencing and continuing litigation in connection
with the IP Collateral.

 

SECTION
8.          Rights Upon Event of Default. Upon the occurrence
and during the continuance of an Event of Default, unless such Event of Default has been cured, in addition to all other rights
and remedies, the Secured Party may exercise all rights and remedies of a secured party under the UCC, with respect to the IP Collateral,
in addition to which the Secured Party may sell, license, assign, transfer, or otherwise dispose of the IP Collateral, subject
to those restrictions to which the Grantor is subject under applicable law and by contract. Any person may conclusively rely upon
an affidavit of an officer of the Secured Party that an Event of Default has occurred and that the Secured Party is authorized
to exercise such rights and remedies. In connection with such exercise of rights, the Secured Party shall have a non-exclusive,
royalty-free license to use the IP Collateral, including, without limitation, the right to sublicense the IP Collateral and to
receive the royalties therefrom.

 

SECTION
9.          Secured Party As Attorney-In-Fact.

 

(a)          The
Grantor hereby irrevocably makes, constitutes and appoints the Secured Party (and all officers, employees or agents designated
by the Secured Party) as and for the Grantor’s true and lawful agent and attorney-in-fact, effective following the occurrence
and during the continuance of any Event of Default, unless such Event of Default has been cured, and in such capacity the Secured
Party shall have the right, with power of substitution for the Grantor and in the Grantor’s names or otherwise, for the use
and benefit of the Secured Party:

 

(i)          To
supplement and amend from time to time EXHIBITS A, B and C of this Agreement to include
any newly developed, applied for, registered, or acquired IP Collateral of the Grantor and any intent-to-use Trademark applications
for which a statement of use or an amendment to allege use has been filed and accepted by the PTO.

 

(ii)         To
exercise any of the rights and powers referenced herein.

 

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EXHIBIT 10.9

 

(iii)        To
execute all such instruments, documents, and papers as the Secured Party reasonably determines to be necessary or desirable in
connection with the exercise of such rights and remedies and to cause the sale, license, assignment, transfer, or other disposition
of the IP Collateral, subject to those restrictions to which the Grantor is subject under applicable law and by contract.

 

(b)          The
power of attorney granted herein, being coupled with an interest, shall be irrevocable until this Agreement is terminated in writing
by a duly authorized officer of the Secured Party.

 

(c)          The
Secured Party shall not be obligated to do any of the acts or to exercise any of the powers authorized by SECTION 9(a), but if
the Secured Party elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually
receives as a result of such exercise of power.

 

SECTION
10.         Intent. This Agreement is being executed and delivered
by the Grantor for the purpose of registering and confirming the grant of the security interest of the Secured Party in the IP
Collateral with the PTO and the Copyright Office. It is intended that the security interest granted pursuant to this Agreement
is granted as a supplement to, and not in limitation of, the security interest granted to the Secured Party under the Security
Agreement. All provisions of the Security Agreement (including, without limitation, the rights, remedies, powers, privileges and
discretions of the Secured Party thereunder) shall apply to the IP Collateral. In the event of a conflict between this Agreement
and the Security Agreement, the terms of this Agreement shall control with respect to the IP Collateral and the terms of the Security
Agreement shall control with respect to all other Pledged Property.

 

SECTION
11.         Further Assurances. The Grantor agrees, at its own expense,
to execute, acknowledge, deliver and cause to be duly filed all such further documents, financing statements, agreements and instruments
and take all such further actions as the Secured Party may from time to time reasonably request to better assure, preserve, protect
and perfect the security interest in the IP Collateral granted pursuant to this Agreement and the rights and remedies created hereby
or the validity or priority of such security interest, including the payment of any fees and taxes required in connection with
the execution and delivery of this Agreement, the granting of the security interest and the filing of any financing statements
or other documents in connection herewith or therewith.

 

SECTION
12.         Indemnity. The Grantor agrees to defend, indemnify and
hold harmless the Secured Party and its officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities
claimed or asserted by any other party in connection with the transactions contemplated by this Agreement, and (b) all losses or
expenses in any way suffered, incurred, or paid by the Secured Party as a result of or in any way arising out of, following or
consequential to transactions between the Secured Party and the Grantor, whether under this Agreement or otherwise (including,
without limitation, attorneys’ fees and expenses); provided that the foregoing indemnity
shall not apply to losses, claims, damages, liabilities or related expenses to the extent that they have resulted from the unlawful
or willful misconduct, or gross negligence, of the Secured Party.

 

SECTION
13.         Release of IP Collateral. Upon irrevocable payment and
performance in full of all Obligations, the Secured Party shall, at the Grantor’s expense, execute and deliver to the Grantor
all instruments and other documents as may be necessary or proper to release the lien on any security interest in the IP Collateral
which has been granted hereunder.

 

SECTION
14.         Additional Grantors. Pursuant to Section
6.13 of the Security Agreement, any subsidiary of the Grantor that was not in existence or not a subsidiary on the date of the
Security Agreement is required to become a party to this Agreement. Such subsidiary shall become a party hereunder, and grant security
interests in its assets in favor of the Secured Party, with the same force and effect as if originally named herein. The rights
and obligations of the Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new subsidiaries
as a party to this Agreement.

 

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EXHIBIT 10.9

 

SECTION
15.         Notices. Unless otherwise provided herein, all demands,
notices, consents, service of process, requests and other communications hereunder shall be in writing and shall be delivered to
the addresses set forth in the first paragraph of this Agreement.

 

SECTION
16.         Binding Effect. All of the covenants and obligations
contained herein shall be binding upon and shall inure to the benefit of the respective parties, their successors and assigns.

 

SECTION
17.         Governing Law; Venue. The validity, interpretation
and performance of this Agreement shall be determined in accordance with the laws of the State of New Jersey without regard to
the principles of conflict of laws. The parties further agree that any action between them shall be heard in Hudson County, New
Jersey or Federal district courts located in Newark, New Jersey, and expressly consent to the jurisdiction and venue of the Superior
Court of New Jersey, sitting in Hudson County and the United States District Court for the District of New Jersey sitting in Newark,
New Jersey for the adjudication of any civil action asserted pursuant to this Paragraph, provided, however, that
nothing herein shall prevent the Secured Party from enforcing its rights and remedies (including, without limitation, by filing
a civil action) with respect to the IP Collateral and/or the Grantor in any other jurisdiction which the Secured Party deems necessary
or appropriate in order to realize on the IP Collateral or to otherwise enforce the Secured Party’s rights against the Grantor
or the IP Collateral.

 

SECTION
18.         JURY TRIAL. AS A MATERIAL INDUCEMENT FOR THE SECURED
PARTY TO MAKE FINANCIAL ACCOMMODATIONS TO THE GRANTOR, THE GRANTOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS AGREEMENT AND/OR ANY AND ALL OF
THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

 

SECTION
19.         Severability. If any provision of this Agreement
is, for any reason, deemed to be invalid or unenforceable, the remaining provisions of this Agreement will nevertheless be valid
and enforceable and will remain in full force and effect. Any provision of this Agreement that is held invalid or unenforceable
by a court of competent jurisdiction will be deemed modified to the extent necessary to make it valid and enforceable and as so
modified will remain in full force and effect.

 

SECTION
20.         Amendment and Waiver. This Agreement may be amended,
or any provision of this Agreement may be waived, provided that any such amendment or waiver will be binding on a party hereto
only if such amendment or waiver is set forth in a writing executed by the parties hereto. The waiver by any such party hereto
of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other breach. The Secured Party’s
failure to exercise any right, remedy or option under this Agreement or other agreement between the Secured Party and the Grantor
or delay by the Secured Party in exercising the same will not operate as a waiver. No waiver by the Secured Party shall affect
its right to require strict performance of this Agreement.

 

SECTION
21.         Liability of Grantor. The Grantor and any subsidiary
that becomes a party hereto under SECTION 14 hereof are and shall be jointly and severally liable for any and all Obligations.

 

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EXHIBIT 10.9

 

SECTION
22.         Entire Agreement. This Agreement and the other documents
or agreements delivered in connection herewith set forth the entire understanding of the parties with respect to the subject matter
hereof, and shall not be modified or affected by any offer, proposal, statement or representation, oral or written, made by or
for any party in connection with the negotiation of the terms hereof, and may be modified only by instruments signed by all of
the parties hereto.

 

SECTION
23.         Counterparts. This Agreement may be executed and delivered
by exchange of facsimile signatures of the Secured Party and the Grantor, and those signatures need not be affixed to the same
copy. This Agreement may be executed in any number of counterparts.

 

SECTION
24.         Amended and Restated. This Agreement amends and restates
in its entirety (and is given in substitution for but not in satisfaction of) the Patent Security Agreement. It is not the intention
of the Grantor or the Secured Party to effectuate a novation of any obligations arising under the Patent Security Agreement.

 

[remainder of page
intentionally blank]

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Amended and Restated Patent Security Agreement as of the date first above written.

 

	 	GRANTOR:
	 	 
	 	NEOMEDIA TECHNOLOGIES INC., 
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Laura Marriott
	 	Name:  	Laura Marriott
	 	Title:	CEO

 

IN WITNESS WHEREOF,
the parties hereto have executed this Amended and Restated Patent Security Agreement as of the date first above written.

 

	 	SECURED PARTY:
	 	 	 	 
	 	YA GLOBAL INVESTMENTS, L.P., 
	 	a Cayman Islands exempt limited partnership
	 	 	 	 
	 	By:	Yorkville Advisors, LLC, 
	 	 	its Investment Manager
	 	 	 	 
	 	 	By:	/s/ Jerry Eicke
	 	 	Name:  	Jerry Eicke
	 	 	Title:	Managing MemberExecution Version

 

VOTING AGREEMENT

 

This VOTING AGREEMENT,
dated as of October 27, 2013 (this “Agreement”), is made and entered into by and among RCS Capital Corporation,
a Delaware corporation (“Parent”), Zoe Acquisition, LLC, a Delaware limited liability company and wholly-owned
subsidiary of Parent (“Merger Sub”), and Timothy B. Murphy (the “Stockholder”).

 

RECITALS

 

WHEREAS, concurrently
with the execution and delivery of this Agreement, Investors Capital Holdings, Ltd., a Delaware corporation (the “Company”),
Parent and Merger Sub are entering into an Agreement and Plan of Merger (as it may be amended, supplemented or restated, and including
all exhibits and other attachments thereto, the “Merger Agreement”), which provides, among other things, for
the merger of the Company with and into Merger Sub, with Merger Sub being the surviving entity (the “Merger”),
upon the terms and subject to the conditions set forth in the Merger Agreement;

 

WHEREAS, capitalized
terms used but not defined herein shall have the meanings set forth in the Merger Agreement;

 

WHEREAS, as of the
date hereof, the Stockholder is the record and/or beneficial owner of the number of shares of Company Common Stock (including shares
of Company Restricted Stock and shares of Company Common Stock under the Company 401(k) Plan) set forth across from the Stockholder’s
name on Schedule A attached hereto and has the voting and dispositive power in connection with the Merger with respect to
such shares (the “Existing Shares” and, together with any shares of Company Common Stock acquired by the Stockholder
after the date hereof, whether upon the exercise of options, conversion of convertible securities or otherwise, including as contemplated
by Section 1(d), the “Shares”); and

 

WHEREAS, as an inducement
and a condition to entering into the Merger Agreement, Parent has required that the Stockholder agree, and the Stockholder has
agreed, to enter into this Agreement.

 

NOW, THEREFORE, to
implement the foregoing and in consideration of the mutual agreements contained herein, the parties agree as follows:

 

AGREEMENT

 

1.          Agreement
to Vote; Irrevocable Proxy; Etc.

 

(a)          Agreement
to Vote. Subject to the terms and conditions hereof, the Stockholder hereby irrevocably and unconditionally agrees that, from
and after the date hereof and until the Termination Date (as defined in Section 5 below), at any meeting of the holders
of Company Common Stock, however called, or in connection with any written consent of the holders of Company Common Stock, the
Stockholder shall (x) appear at such meeting or otherwise cause all of the Shares to be counted as present thereat for purposes
of calculating a quorum and respond to any other request by the Company or Parent for written consent, if any, and (y) vote (or
cause to be voted) the Shares (i) in favor of (A) approval of the Merger and the other transactions contemplated by the Merger
Agreement and (B) any other matter that is required to facilitate the consummation of the Merger and the other transactions contemplated
by the Merger Agreement and (ii) against the following actions: (A) any Acquisition Proposal, (B) any other action
involving the Company or any Subsidiary of the Company that would reasonably be expected to have the effect of impeding, materially
interfering with, materially delaying, materially postponing, or impairing (I) the ability of the Company to consummate the
Merger or (II) any other transaction contemplated by the Merger Agreement or (C) any action or agreement that would reasonably
be expected to result in any condition to the consummation of the Merger set forth in Article VII of the Merger Agreement not being
fulfilled on or prior to the Outside Date. Subject to the terms and conditions hereof, no Stockholder shall enter into any agreement
or understanding with any Person prior to the Termination Date to vote in any manner inconsistent herewith. Subject to the terms
and conditions hereof, the obligations of the Stockholder specified in this Section 1(a) shall not be affected by the commencement,
public proposal, public disclosure or communication to the Company of any Acquisition Proposal prior to the Termination Date.

 

    	 

    	 

    

 

(b)          Irrevocable
Proxy. The Stockholder hereby revokes any and all previous proxies and powers of attorney granted with respect to the Shares,
and the Stockholder shall not grant any subsequent proxy or power of attorney with respect to the Shares, except as set forth in
this Agreement or required by a letter of transmittal. By entering into this Agreement, subject to the last sentence of this Section 1(b),
the Stockholder hereby grants, or agrees to cause the applicable record holder to grant, a proxy appointing Parent, any designee
of Parent and each of Parent’s officers, with full power of substitution and resubstitution, as the Stockholder’s attorney-in-fact
and proxy, for and in the Stockholder’s name, to be counted as present, vote, express consent or dissent with respect to
the Shares for the purposes set forth in Section 1(a). The proxy granted by the Stockholder pursuant to this Section 1(b)
is, subject to the last sentence of this Section 1(b), irrevocable and is coupled with an interest, in accordance with
Section 212(e) of the DGCL, and is granted in order to secure the Stockholder’s performance under this Agreement and also
in consideration of Parent entering into this Agreement and the Merger Agreement. The power of attorney granted by the Stockholder
is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of the Stockholder. If the Stockholder
fails for any reason to be counted as present, consent or vote the Shares in accordance with the requirements of Section 1(a),
then Parent shall have the right to cause to be present, consent or vote the Shares in accordance with the provisions of Section 1(a).
The proxy granted by the Stockholder shall be automatically revoked upon the valid termination of this Agreement in accordance
with Section 5. The Stockholder hereby affirms that the proxy granted in this Section 1(b) is given in connection
with the execution of the Merger Agreement, and that such proxy is given to secure the performance of the duties of the Stockholder
under this Agreement. If for any reason the proxy granted herein is found by a court of competent jurisdiction to not be valid,
then the Stockholder agrees to vote the Shares in accordance with Section 1(a). For Shares as to which the Stockholder is
the beneficial but not the record owner, the Stockholder shall take all necessary actions to cause any record owner of such Shares
to irrevocably constitute and appoint Parent and its designees as such record owner’s attorney and proxy and grant an irrevocable
proxy to the same effect as that contained herein.

 

    	2

    	 

    

 

(c)          Restriction
on Transfer. From the date of this Agreement until the Termination Date, except as otherwise contemplated in the Merger Agreement,
the Stockholder shall not (i) sell, transfer, pledge, encumber, assign or otherwise dispose of, or enter into any contract,
option or other arrangement or understanding with respect to the sale, transfer, pledge, encumbrance, assignment or other disposition
of, or limitation on the voting rights of, any of the Shares (any such action, a “Transfer”), (ii) deposit
any of the Shares into a voting trust or enter into a separate voting agreement with respect to the Shares, (iii)  take any
action that would cause any representation or warranty of the Stockholder contained herein to become untrue or incorrect, in each
case, in any material respect, or would reasonably be expected to have the effect of preventing or disabling the Stockholder from
performing his obligations under this Agreement or (iv) commit or agree to take any of the foregoing actions. Any action taken
in violation of the foregoing sentence shall be null and void ab initio. Notwithstanding the foregoing, the Stockholder may make
Transfers of Shares by will, for estate or tax planning purposes, for charitable purposes or as charitable gifts or donations;
provided, that, each transferee agrees in writing to be bound by the terms of this Agreement applicable to the Stockholder
and to hold such Shares subject to all the terms and provisions of this Agreement to the same extent as such terms and provisions
bound the Stockholder. If any involuntary Transfer of any of the Shares shall occur, the transferee (which term, as used herein,
shall include the initial transferee and any and all subsequent transferees of the initial transferee) shall take and hold such
Shares subject to all of the restrictions, liabilities and rights under this Agreement, which shall continue in full force and
effect until the Termination Date. In furtherance of the foregoing, the Stockholder hereby authorizes (x) Parent to notify the
Company’s transfer agent that there is a stop transfer order with respect to all Shares (and that this Agreement places limits
on the voting and transfer of the Shares) and (y) the Company and the Company’s transfer agent not to register the Transfer
of any certificate representing any of the Shares unless such Transfer is made in accordance with the terms of this Agreement.

 

(d)          Additional
Shares. The Stockholder hereby agrees, prior to the Termination Date, to promptly notify Parent in writing of any new Shares
acquired by the Stockholder, if any, after the execution of this Agreement. Any such Shares shall be subject to the terms of this
Agreement as though owned by the Stockholder on the date of this Agreement. In the event of a stock split, stock dividend or distribution,
or any change in the Company Common Stock by reason of any split-up, reverse stock split, recapitalization, combination, reclassification,
reincorporation, exchange of shares or the like, the terms “Existing Shares” and “Shares” shall be deemed
to refer to and include such shares as well as all such stock dividends and distributions and any securities into which or for
which any or all of such shares may be changed or exchanged or which are received in such transaction.

 

(e)          Ownership
Interest. Nothing contained in this Agreement shall be deemed to vest in Parent, any of the Persons identified in Section 1(b)
or any other Person any direct or indirect ownership or incidence of ownership of or with respect to, or pecuniary interest in,
any of the Shares. All rights, ownership and economic benefits of and relating to, and pecuniary interest in, the Shares shall
remain vested in and belong to the Stockholder, and none of Parent, the Persons identified in Section 1(b) or any other
Person shall have any power or authority to direct the Stockholder in the voting or disposition of any of the Shares, except as
otherwise expressly provided in this Agreement.

 

    	3

    	 

    

 

(f)          Non-Solicitation.
Prior to the Termination Date, the Stockholder shall (i) not (whether directly or indirectly through any representative of the
Stockholder) engage in any conduct that if conducted by the Company would be prohibited by Section 6.4(a)(i) or (ii) of the Merger
Agreement after taking into account the terms of such section and (ii) advise the Company (in order that the Company can timely
comply with its obligations under Section 6.4(c) of the Merger Agreement) of the Stockholder’s receipt of any Acquisition
Proposal.

 

2.          Representations
and Warranties of the Stockholders. The Stockholder hereby represents and warrants to Parent, as of the date hereof, and at
all times during the term of this Agreement, as follows:

 

(a)          Authorization;
Validity of Agreement; Necessary Action. The Stockholder has full power and authority to execute and deliver this Agreement,
to perform his obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed
and delivered by the Stockholder, and, assuming this Agreement constitutes a valid and binding obligation of Parent and Merger
Sub, constitutes a valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its
terms, except that (i) such enforcement may be subject to applicable bankruptcy, insolvency or other similar Laws, now or
hereafter in effect, affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive
and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding
therefor may be brought.

 

(b)          Shares.
The Existing Shares are owned beneficially and/or of record by the Stockholder, as set forth on Schedule A attached hereto.
The Existing Shares constitute all of the shares of Company Common Stock owned of record or beneficially by the Stockholder, and,
except for the Existing Shares, the Stockholder does not beneficially own or have any right to acquire (whether currently, upon
lapse of time, following the satisfaction of any conditions, upon the occurrence of any event or any combination of the foregoing)
any shares of Company Common Stock or any securities convertible into shares of Company Common Stock (other than pursuant to any
option, stock award or similar compensation plan adopted by the Company). The Stockholder has the voting power, sole power of disposition,
sole power to issue instructions with respect to the matters set forth in Section 1 hereof and power to agree to all
of the matters set forth in this Agreement with respect to each of the Existing Shares as set forth on Schedule A attached
hereto, with no other limitations, qualifications or restrictions on such rights, subject to applicable federal securities Laws,
state “blue sky” Laws and the terms of this Agreement and the Merger Agreement. Except for this Agreement and the applicable
restrictions under federal securities Laws and state “blue sky” Laws, the Stockholder has good and valid title to the
Existing Shares, free and clear of all liens, claims, security interests, pledges, options, rights of first refusal, agreements,
limitations on voting rights, restrictions, charges, proxies and other charges or encumbrances.

 

(c)          No
Conflicts. The execution and delivery of this Agreement by the Stockholder do not, and the performance of the terms of this
Agreement by the Stockholder will not, (a) require the Stockholder to obtain the consent or approval of, or make any filing
with or notification to, any Governmental Authority, (b) require the consent or approval of any other Person pursuant to any
Contract binding on the Stockholder or his properties or assets, (c) except as may otherwise be required by federal securities
Laws, conflict with or violate any Law applicable to the Stockholder or pursuant to which any of his properties or assets are bound
or (d) violate any other material Contract to which the Stockholder is a party, including any voting agreement, stockholders
agreement, irrevocable proxy, voting trust, trust agreement, pledge agreement, loan or credit agreement, note, bond, mortgage,
indenture lease or other agreement, instrument, permit, concession, franchise or license.

 

    	4

    	 

    

 

(d)          Acknowledgment.
The Stockholder understands and acknowledges that Parent is entering into the Merger Agreement in reliance upon the Stockholder’s
execution, delivery and performance of this Agreement.

 

3.          Representations
and Warranties of Parent and Merger Sub. Each of Parent and Merger Sub hereby represents and warrants to the Stockholder, as
of the date hereof, and at all times during the term of this Agreement, as follows:

 

(a)          Organization.
Each of Parent and Merger Sub is duly organized, validly existing and in good standing under the Laws of the State of Delaware.

 

(b)          Corporate
Authorization; Validity of Agreement; Necessary Action. Each of Parent and Merger Sub has the requisite corporate or limited
liability company power and corporate or limited liability company authority to execute and deliver this Agreement, to perform
its respective obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance
by each of Parent and Merger Sub of this Agreement and the consummation by each of Parent and Merger Sub of the transactions contemplated
hereby have been duly and validly authorized by the board of directors of Parent and the sole member of Merger Sub and no other
corporate or limited liability company proceedings on the part of Parent or Merger Sub are necessary to authorize the execution
and delivery by each of Parent and Merger Sub of this Agreement, and the consummation by each of Parent and Merger Sub of the transactions
contemplated hereby. This Agreement has been duly executed and delivered by each of Parent and Merger Sub, and, assuming this Agreement
constitutes a valid and binding obligation of the Stockholder, constitutes a valid and binding obligation of each of Parent and
Merger Sub, enforceable against each of Parent and Merger Sub in accordance with its terms, except that (i) such enforcement
may be subject to applicable bankruptcy, insolvency or other similar Laws, now or hereafter in effect, affecting creditors’
rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject
to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

 

(c)          No
Conflicts. The execution and delivery of this Agreement by each of Parent and Merger Sub do not, and the performance of the
terms of this Agreement by each of Parent and Merger will not, (a) require Parent or Merger Sub to obtain the consent or approval
of, or make any filing with or notification to, any Governmental Authority, (b) require the consent or approval of any other
Person pursuant to any Contract binding on Parent or Merger Sub or their respective properties or assets, (c) except as may
otherwise be required by federal securities Laws, conflict with or violate any Law applicable to Parent or Merger Sub or pursuant
to which any of their respective or any Parent Subsidiary’s properties or assets are bound or (d) violate any other
material Contract to which Parent, Merger Sub or any Parent Subsidiary is a party.

 

    	5

    	 

    

 

4.          Further
Assurances. From time to time, at any other party’s request and expense and without further consideration, each party
hereto shall execute and deliver such additional documents and take all such further lawful action as may be reasonably necessary
or desirable to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this
Agreement.

 

5.          Termination.
This Agreement shall automatically terminate, and no party shall have any rights or obligations hereunder and this Agreement shall
become null and void and have no further force or effect upon the earlier to occur of the (a) Effective Time, (b) valid termination
of the Merger Agreement in accordance with its terms, (c) an Adverse Recommendation Change, and (d) at the option of the Stockholder,
the execution of any amendment or waiver with respect to the Merger Agreement subsequent to the date of this Agreement that results
in any decrease in the consideration to be paid per share (for the avoidance of doubt, other than a decrease or other adjustment
currently contemplated by the terms of the Merger Agreement) for the shares of Company Common Stock (any such date shall be referred
to herein as the “Termination Date”). Nothing in this Section 5 shall relieve any party of liability
for breach of this Agreement prior to the termination of this Agreement pursuant to its terms.

 

6.          Costs
and Expenses. All costs and expenses incurred in connection with this Agreement and the consummation of the transactions contemplated
hereby shall be paid by the party incurring such costs and expenses.

 

7.          Amendment
and Modification. This Agreement may be amended, modified and supplemented in any and all respects only by written agreement
executed and delivered by each of the parties hereto. No provision of this Agreement may be waived, discharged or terminated other
than by an instrument in writing signed by the party against whom the enforcement of such waiver, discharge or termination is sought,
except that this Agreement may be terminated as set forth in Section 5.

 

8.          Notices.
Any notice, request, claim, demand and other communications hereunder shall be sufficient if in writing and sent (i) by facsimile
transmission (providing confirmation of transmission) or e-mail of a pdf attachment (provided that any notice received by
facsimile or e-mail transmission or otherwise at the addressee’s location on any Business Day after 5:00 p.m. (New York
City time) shall be deemed to have been received at 9:00 a.m. (New York City time) on the next Business Day) or (ii) by
reliable overnight delivery service (with proof of service), hand delivery or certified or registered mail (return receipt requested
and first-class postage prepaid), addressed as follows (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 8):

 

If to the
Stockholder, to:

 

Timothy B. Murphy

55 Chanticleer Road

Sudbury, MA 01776

 

    	6

    	 

    

 

with a mandatory copy (which shall not constitute notice)
to:

 

Bracewell & Giuliani LLP

1251 Avenue of the Americas, 49th Floor

New York, New York 10020

Phone: (212) 508-6142

Fax: (212) 938-3842

Attention: Julian Rainero

 

If to Parent
or Merger Sub, to:

 

RCS Capital Corporation, Inc.

405 Park Avenue, 15th Floor

New York, NY 10022

Phone: (866) 904-2988

Fax: (646) 381-0545

Attention:Ryan Tooley,

   Assistant General Counsel

 

with a mandatory copy (which shall
not constitute notice) to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Phone: (212) 969-3000

Fax: (212) 969-2900

Attention: Peter M. Fass

   Lorenzo Borgogni

 

9.          Interpretation.
When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise
indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement
they shall be deemed to be followed by the words “without limitation.”

 

10.         Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or by e-mail of a pdf attachment
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

11.         Entire
Agreement; No Third Party Beneficiaries. This Agreement (together with the Merger Agreement) constitutes the entire agreement
and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter
hereof and is not intended to confer upon any Person other than the parties hereto any rights or remedies hereunder. This Agreement
is intended to create a contractual relationship among the Stockholder, Parent and Merger Sub, and is not intended to create, and
does not create, any agency, partnership, joint venture or any like relationship among any of the parties hereto. Without limiting
the generality of the foregoing, none of the Stockholder, Parent or Merger Sub, by entering into this Agreement, intends to form
a “group” for purposes of Rule 13d-5(b)(1) of the Exchange Act or any other similar provision of applicable Law with
each other or any other stockholder of the Company.

 

    	7

    	 

    

 

12.         Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to
any Person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor
in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision
and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not
be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application thereof, in any other jurisdiction.

 

13.         Specific
Performance; Remedies Cumulative.

 

(a)          Specific
Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was
not performed in accordance with the terms hereof and that the parties shall be entitled to seek the remedy of specific performance
of the terms hereof, in addition to any other remedy at law or equity.

 

(b)          Remedies
Cumulative. All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or
in equity shall be cumulative and not alternative, and the exercise of any thereof by any party shall not preclude the simultaneous
or later exercise of any other such right, power or remedy by such party.

 

14.         Governing
Law. This Agreement and all Actions (whether based on contract, tort or otherwise), directly or indirectly, arising out of
or relating to this Agreement or the actions of the parties hereto in the negotiation, administration, performance and enforcement
thereof, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any
choice or conflict of Laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the Laws of any jurisdiction other than the State of Delaware.

 

15.         Assignment.
Except as set forth in Section 1(c), neither this Agreement nor any of the rights, interests or obligations hereunder shall
be assigned by the Stockholder (whether by operation of law or otherwise) without the prior written consent of Parent. Subject
to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their
respective successors and permitted assigns.

 

16.         Consent
to Jurisdiction.

 

(a)          Each
of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of the courts of New Castle County in the State
of Delaware and to the jurisdiction of the United States District Court for the State of Delaware (the “DE Courts”),
for the purpose of any Action (whether based on contract, tort or otherwise), directly or indirectly, arising out of or relating
to this Agreement or the actions of the parties hereto in the negotiation, administration, performance and enforcement thereof,
and each of the parties hereto hereby irrevocably agrees that all claims in respect to such Action may be heard and determined
exclusively in any DE Court.

 

    	8

    	 

    

 

(b)          Each
of the parties hereto (i) irrevocably consents to the service of the summons and complaint and any other process in any other Action
relating to the transactions contemplated by this Agreement, on behalf of itself or its property, in the manner provided by Section
8 and nothing in this Section 16 shall affect the right of any party to serve legal process in any other manner permitted by Law,
(ii) consents to submit itself to the personal jurisdiction of the DE Courts in the event any dispute arises out of this Agreement
or the transactions contemplated by this Agreement, (iii) agrees that it will not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from any such DE Court and (iv) agrees that it will not bring any Action relating to this
Agreement or the transactions contemplated by this Agreement in any court other than the DE Courts. Each of the parties hereto
agrees that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by Law.

 

17.         WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE OUT OF OR RELATING TO
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE), DIRECTLY OR INDIRECTLY, ARISING OUT OF OR RELATING TO THIS AGREEMENT,
THE MERGER OR THE OTHER TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT THEREOF.

 

18.         Negotiated
Terms. The provisions of this Agreement are the result of negotiations between the parties. Accordingly, this Agreement shall
not be construed in favor of or against any party by reason of the extent to which the party or any of his or its professional
advisors participated in its preparation.

 

19.         Action
in Stockholder Capacity Only. The parties acknowledge and agree that this Agreement is entered into by the Stockholder solely
in his capacity as the record and/or beneficial owner of the Shares and nothing in this Agreement shall restrict or limit in any
respect any action or inaction taken by the Stockholder in his capacity as a director or officer of the Company or any Subsidiary
of the Company. The taking of any action (or failure to act) by the Stockholder in his capacity as an officer or director of the
Company or any Subsidiary of the Company will in no event be deemed to constitute a breach of this Agreement, and the Stockholder
shall not have any liability to Parent or Merger Sub or any of their respective Affiliates under this Agreement as a result of
any action or inaction by the Stockholder acting solely in his capacity as an officer or director of the Company or any Subsidiary
of the Company.

 

    	9

    	 

    

 

20.         Documentation
and Information. The Stockholder (i) consents to and authorizes the publication and disclosure by Parent and Merger Sub
of the Stockholder’s identity and holdings of the Shares, and the nature of the Stockholder’s commitments, arrangements
and understandings under this Agreement, in any press release or any other disclosure document required in connection with the
Merger or any other transaction contemplated by the Merger Agreement and (ii) agrees as promptly as practicable to give to
Parent and Merger Sub any information reasonably related to the foregoing as either may reasonably require for the preparation
of any such disclosure documents. As promptly as practicable, the Stockholder shall notify Parent of any required corrections with
respect to any written information supplied by the Stockholder specifically for use in any such disclosure document, if and to
the extent the Stockholder becomes aware that any have become false or misleading in any material respect.

 

[Signature Pages Follow] 

 

    	10

    	 

    

 

IN WITNESS WHEREOF,
Parent, Merger Sub and the Stockholder have caused this Agreement to be signed by their respective officers or other authorized
Person thereunto duly authorized as of the date first written above. 

 

	 	STOCKHOLDER:
	 	 
	 	/s/ Timothy B. Murphy
	 	Timothy B. Murphy

 

[Signature Page to Voting Agreement]

 

    	 

    	 

    

 

	 	RCS CAPITAL CORPORATION
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name:	Edward M. Weil, Jr.
	 	Title:	President
	 	 	 
	 	ZOE ACQUISITION, LLC
	 	 	 
	 	By: RCS Capital Corporation, its sole member
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name:	Edward M. Weil, Jr.
	 	Title:	President

 

[Signature Page to Voting Agreement]

 

    	 

    	 

    

 

SCHEDULE A

 

EXISTING SHARES

 

	 	 	Company Common Stock	 	 	 	 
	Stockholder	 	Company Common
 Stock (other than
 Company Restricted
 Stock and Company
 Common Stock under
 Company 401(k) Plan)	 	 	Company
 Restricted Stock	 	 	Company
 Common Stock
 under the
 Company 401(k)
 Plan	 	 	Company
 Options	 
	Timothy B. Murphy	 	 	305,150	 	 	 	64,416	 	 	 	78,692	 	 	 	150,000

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