Document:

Exhibit 10.4

 

 

 

Guaranty and Suretyship
Agreement

 

THIS GUARANTY AND SURETYSHIP
AGREEMENT (this “Guaranty”) is made and entered into as of September 15, 2022, by VERIFYME, INC. (the “Guarantor”),
with an address at CLINTON SQUARE, 75 SOUTH CLINTON AVENUE SUITE 510, ROCHESTER, NEW YORK 14604-1710, in consideration of the extension
of credit by PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 200 Lake Drive East, 3rd Floor, Cherry Hill,
New Jersey 08002, to PERISHIP GLOBAL LLC (the “Borrower”), and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged.

 

1.       Guaranteed
Obligations.

 

(a)       The
Guarantor hereby unconditionally guarantees, as a primary obligor, and becomes surety for (i) the prompt payment and performance of the
Obligations and (ii) the prompt payment of all costs and expenses of the Bank (including reasonable attorneys’ fees and expenses)
incurred in the documentation, negotiation, modification, enforcement, collection and otherwise in connection with the Obligations (collectively,
the “Guaranteed Obligations”). As used herein, “Obligations” means the principal amount outstanding plus interest
thereon (including any interest accruing thereon after maturity, or after the filing of any petition in bankruptcy, or the commencement
of any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding), and all costs and expenses of the Bank, including reasonable attorneys’ fees and expenses,
incurred in the documentation, negotiation, modification, enforcement, collection or otherwise in connection therewith, under (i) a loan
from the Bank to the Borrower in the amount of $1,000,000.00, as evidenced by that certain Revolving Line of Credit Note dated on or about
the date hereof, as the same may be amended, supplemented, extended, renewed or replaced from time to time, (ii) a loan from the Bank
to the Borrower in the amount of $2,000,000.00, as evidenced by that certain Term Note dated on or about the date hereof, as the same
may be amended, supplemented, extended, renewed or replaced from time to time and (iii) any interest rate, commodity or currency swap,
future, option or other similar agreement or agreement, as the same may be amended, supplemented, extended, renewed or replaced from time
to time.

 

(b)       Notwithstanding
anything to the contrary contained herein, the definition of “Obligations” shall specifically exclude any and all Excluded
Swap Obligations. The foregoing limitation of the definition of Obligations shall only be deemed applicable to the obligations of the
Guarantor (or solely any particular Guarantor(s) if there is more than one Guarantor) under the particular Swap (or Swaps), or, if arising
under a master agreement governing more than one Swap, the portion thereof, that constitute Excluded Swap Obligations. As used herein,
(i) “Excluded Swap Obligations” means, with respect to each Guarantor, any obligation to pay or perform under any agreement,
contract or transaction that constitutes a Swap if, and to the extent that, all or any portion of this Guaranty that relates to the obligations
under such Swap is or becomes illegal as to such Guarantor under the Commodity Exchange Act (7 U.S.C.§1 et seq.), as amended from
time to time, and any successor statute (the “CEA”), or any rule, regulation, or order of the Commodity Futures Trading Commission
(the “CFTC”), by virtue of such Guarantor’s failure for any reason to qualify as an “eligible contract participant”
(as defined in the CEA and regulations promulgated thereunder) on the Eligibility Date for such Swap; (ii) “Eligibility Date”
means the date on which this Guaranty becomes effective with respect to the particular Swap (for the avoidance of doubt, the Eligibility
Date shall be the date of the execution of the particular Swap if this Guaranty is then in effect, and otherwise it shall be the date
of execution and delivery of this Guaranty); and (iii) “Swap” means any “swap” as defined in Section 1a(47) of
the CEA and regulations thereunder between the Borrower and the Bank, other than (A) a swap entered into on, or subject to the rules of,
a board of trade designated as a contract market under Section 5 of the CEA, or (B) a commodity option entered into pursuant to CFTC Regulation
32.3(a).

 

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(c)       If
the Borrower defaults under any Obligations, the Guarantor will pay the Guaranteed Obligations due to the Bank.

 

2.       Nature
of Guaranty; Waivers. This is a guaranty of payment and performance, and not merely of collection and
the Bank shall not be required or obligated, as a condition of the Guarantor’s liability, to make any demand upon or to pursue any
of its rights against the Borrower, or to pursue any rights which may be available to it with respect to any other person who may be liable
for the payment of the Obligations.

 

This is an absolute, unconditional,
irrevocable and continuing guaranty and will remain in full force and effect until all of the Obligations have been indefeasibly paid
in full, and the Bank has terminated this Guaranty. This Guaranty will remain in full force and effect even if there is no principal balance
outstanding under the Obligations at a particular time or from time to time. This Guaranty will not be affected by any surrender, exchange,
acceptance, compromise or release by the Bank of any other party, or any other guaranty or any security held by it for any of the Obligations,
by any failure of the Bank to take any steps to perfect or maintain its lien or security interest in or to preserve its rights to any
security or other collateral for any of the Obligations or any guaranty, or by any irregularity, unenforceability or invalidity of any
of the Obligations or any part thereof or any security or other guaranty thereof. The Guarantor’s obligations hereunder shall not
be affected, modified or impaired by any counterclaim, set-off, recoupment, deduction or defense based upon any claim the Guarantor may
have (directly or indirectly) against the Borrower or the Bank, except payment or performance of the Obligations.

 

To the extent permitted by
law, notice of acceptance of this Guaranty, notice of extensions of credit to the Borrower from time to time, notice of default, diligence,
presentment, notice of dishonor, protest, demand for payment, and any defense based upon the Bank’s failure to comply with the notice
requirements under Sections 9-611 and 9-612 of the Uniform Commercial Code as in effect from time to time are hereby waived. The Guarantor
waives all defenses based on suretyship or impairment of collateral, and all defenses or benefits relating to or arising under any anti-deficiency
laws.

 

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The Bank at any time and from
time to time, without notice to or the consent of the Guarantor, and without impairing or releasing, discharging or modifying the Guarantor’s
liabilities hereunder, may (a) change the manner, place, time or terms of payment or performance of or interest rates on, or other terms
relating to, any of the Obligations; (b) renew, substitute, modify, amend or alter, or grant consents or waivers relating to any of the
Obligations, any other guaranties, or any security for any Obligations or guaranties; (c) apply any and all payments by whomever paid
or however realized including any proceeds of any collateral, to any Obligations of the Borrower in such order, manner and amount as the
Bank may determine in its sole discretion; (d) settle, compromise or deal with any other person, including the Borrower or the Guarantor,
with respect to any Obligations in such manner as the Bank deems appropriate in its sole discretion; (e) substitute, exchange or release
any security or guaranty; or (f) take such actions and exercise such remedies hereunder as provided herein.

 

3.       Repayments
or Recovery from the Bank. If any demand is made at any time upon the Bank for the repayment or recovery
of any amount received by it in payment or on account of any of the Obligations and if the Bank repays all or any part of such amount
by reason of any judgment, decree or order of any court or administrative body or by reason of any settlement or compromise of any such
demand, the Guarantor will be and remain liable hereunder for the amount so repaid or recovered to the same extent as if such amount had
never been received originally by the Bank. The provisions of this section will be and remain effective notwithstanding any contrary action
which may have been taken by the Guarantor in reliance upon such payment, and any such contrary action so taken will be without prejudice
to the Bank’s rights hereunder and will be deemed to have been conditioned upon such payment having become final and irrevocable.

 

4.       Financial
Statements. Unless compliance is waived in writing by the Bank or until all of the Obligations have
been paid in full, the Guarantor will promptly submit to the Bank such information relating to the Guarantor’s affairs (including
but not limited to annual financial statements and tax returns for the Guarantor) or any security for the Guaranty as the Bank may reasonably
request.

 

5.       Enforceability
of Obligations. No modification, limitation or discharge of the Obligations arising out of or by virtue
of any bankruptcy, reorganization or similar proceeding for relief of debtors under federal or state law will affect, modify, limit or
discharge the Guarantor’s liability in any manner whatsoever and this Guaranty will remain and continue in full force and effect
and will be enforceable against the Guarantor to the same extent and with the same force and effect as if any such proceeding had not
been instituted. The Guarantor waives all rights and benefits which might accrue to it by reason of any such proceeding and will be liable
to the full extent hereunder, irrespective of any modification, limitation or discharge of the liability of the Borrower that may result
from any such proceeding.

 

The Guarantor expressly waives
the effect of any statute of limitations or other limitations on any actions under this Guaranty.

 

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6.       Events
of Default. The occurrence of any of the following shall be an “Event of Default”: (i) any
Event of Default (as defined in any of the Obligations); (ii) any default under any of the Obligations that does not have a defined set
of “Events of Default” and the lapse of any notice or cure period provided in the Obligations with respect to such default;
(iii) demand by the Bank under any of the Obligations that have a demand feature; (iv) the Guarantor’s failure to perform any of
its obligations hereunder; provided, however, that, no such failure to observe or perform any such covenant or other agreement shall constitute
an Event of Default unless such failure continues for a period of 30 days after the earlier to occur of (a) the date when the Guarantor
becomes aware of such failure and (b) the date when the Bank gives written notice to the Guarantor of such failure; (v) the falsity, inaccuracy
or material breach by the Guarantor of any written warranty, representation or statement made or furnished to the Bank by or on behalf
of the Guarantor; or (vi) the termination or attempted termination of this Guaranty. Upon the occurrence of any Event of Default, (a)
the Guarantor shall pay to the Bank the amount of the Guaranteed Obligations; or (b) on demand of the Bank, the Guarantor shall immediately
deposit with the Bank, in U.S. dollars, all amounts due or to become due under the Guaranteed Obligations, and the Bank may at any time
use such funds to repay the Obligations; or (c) the Bank in its discretion may exercise with respect to any collateral any one or more
of the rights and remedies provided a secured party under the applicable version of the Uniform Commercial Code; or (d) the Bank in its
discretion may exercise from time to time any other rights and remedies available to it at law, in equity or otherwise.

 

7.       Right
of Setoff. In addition to all liens upon and rights of setoff against the Guarantor’s money, securities
or other property given to the Bank by law, the Bank shall have, with respect to the Guarantor’s obligations to the Bank under this
Guaranty and to the extent permitted by law, a contractual possessory security interest in and a contractual right of setoff against,
and the Guarantor hereby grants Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank
all of the Guarantor’s right, title and interest in and to, all of the Guarantor’s deposits, moneys, securities and other
property now or hereafter in the possession of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary
of The PNC Financial Services Group, Inc., whether held in a general or special account or deposit, whether held jointly with someone
else, or whether held for safekeeping or otherwise, excluding, however, all IRA, Keogh, and trust accounts. Every such security interest
and right of setoff may be exercised without demand upon or notice to the Guarantor. Every such right of setoff shall be deemed to have
been exercised immediately upon the occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may
enter such setoff on its books and records at a later time.

 

8.       Collateral.
This Guaranty is secured by the property described in any collateral security documents which the Guarantor
executes and delivers to the Bank and by such other collateral as previously may have been or may in the future be granted to the Bank
to secure any obligations of the Guarantor to the Bank.

 

9.       Costs.
To the extent that the Bank incurs any costs or expenses in protecting or enforcing its rights under
the Obligations or this Guaranty, including reasonable attorneys’ fees and the costs and expenses of litigation, such costs and
expenses will be due on demand, will be included in the Guaranteed Obligations and will bear interest from the incurring or payment thereof
at the Default Rate (as defined in any of the Obligations).

 

10.       Postponement
of Subrogation. Until the Obligations are indefeasibly paid in full, expire, are terminated and are
not subject to any right of revocation or rescission, the Guarantor postpones and subordinates in favor of the Bank or its designee (and
any assignee or potential assignee) any and all rights which the Guarantor may have to (a) assert any claim whatsoever against the Borrower
based on subrogation, exoneration, reimbursement, or indemnity or any right of recourse to security for the Obligations with respect to
payments made hereunder, and (b) any realization on any property of the Borrower, including participation in any marshalling of the Borrower’s
assets.

 

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11.       Notices.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder
(“Notices”) must be in writing (except as otherwise provided in this Guaranty) and will be effective upon receipt. Notices
may be given in any manner to which the Bank and the Guarantor may agree. Without limiting the foregoing, first-class mail, postage prepaid,
facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. In addition, the
Bank and the Guarantor agree that Notices may be sent electronically to any electronic address provided by either to the other from time
to time. Notices may be sent to addresses for the Bank and the Guarantor as set forth above or to such other address as either may give
to the other for such purpose in accordance with this section.

 

12.       Preservation
of Rights. No delay or omission on the Bank’s part to exercise any right or power arising hereunder
will impair any such right or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction
impair any such right or power. The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or
remedies which the Bank may have under other agreements, at law or in equity. The Bank may proceed in any order against the Borrower,
the Guarantor or any other obligor of, or any collateral securing, the Obligations.

 

13.       Illegality.
If any provision contained in this Guaranty should be invalid, illegal or unenforceable in any respect,
it shall not affect or impair the validity, legality and enforceability of the remaining provisions of this Guaranty.

 

14.       Changes
in Writing. No modification, amendment or waiver of, or consent to any departure by the Guarantor from,
any provision of this Guaranty will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. Notwithstanding the foregoing, the Bank may modify this Guaranty
for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that
the Bank shall send a copy of any such modification to the Guarantor (which notice may be given by electronic mail). No notice to or demand
on the Guarantor will entitle the Guarantor to any other or further notice or demand in the same, similar or other circumstance.

 

15.       Entire
Agreement. This Guaranty (including the documents and instruments referred to herein) constitutes the
entire agreement and supersedes all other prior agreements and understandings, both written and oral, between the Guarantor and the Bank
with respect to the subject matter hereof; provided, however, that this Guaranty is in addition to, and not in substitution for, any other
guarantees from the Guarantor to the Bank.

 

16.       Successors
and Assigns. This Guaranty will be binding upon and inure to the benefit of the Guarantor and the Bank
and their respective heirs, executors, administrators, successors and assigns; provided, however, that the Guarantor may not assign this
Guaranty in whole or in part without the Bank’s prior written consent and the Bank at any time may assign this Guaranty in whole
or in part.

 

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17.       Interpretation.
In this Guaranty, unless the Bank and the Guarantor otherwise agree in writing, the singular includes
the plural and the plural the singular; references to statutes are to be construed as including all statutory provisions consolidating,
amending or replacing the statute referred to; the word “or” shall be deemed to include “and/or”, the words “including”,
“includes” and “include” shall be deemed to be followed by the words “without limitation”; and references
to sections or exhibits are to those of this Guaranty. Section headings in this Guaranty are included for convenience of reference only
and shall not constitute a part of this Guaranty for any other purpose. If this Guaranty is executed by more than one party as Guarantor,
the obligations of such persons or entities will be joint and several.

 

18.       Anti-Money
Laundering/International Trade Law Compliance. The Guarantor represents, warrants, and covenants to
the Bank, as of the date of this Guaranty, the date of each disbursement of loan proceeds, the date of any renewal, extension or modification
of any loan, and at all times any Obligations exist that: (a) no Guarantor (i) is a Sanctioned Person; (ii) has any of its assets in a
Sanctioned Jurisdiction or in the possession, custody or control of a Sanctioned Person; or (iii) does business in or with, or derives
any of its operating income from investments in or transactions with, any Sanctioned Jurisdiction or Sanctioned Person; (b) the proceeds
of any loan will not be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned
Jurisdiction or Sanctioned Person; (c) the funds used to repay the loan proceeds are not derived from any unlawful activity; (d) each
Guarantor is in compliance with, and no Guarantor engages in any dealings or transactions prohibited by, any laws of the United States
including but not limited to any Anti-Terrorism Laws; and (e) no Collateral is or will become Embargoed Property. The Guarantor covenants
and agrees that (A) it shall immediately notify the Bank in writing upon the occurrence of a Reportable Compliance Event; and (B) if,
at any time, any Collateral becomes Embargoed Property, in addition to all other rights and remedies available to the Bank, upon request
by the Bank, the Guarantor shall provide substitute Collateral acceptable to the Bank that is not Embargoed Property.

 

As used herein: “Anti-Terrorism
Laws” means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or
bribery, all as amended, supplemented or replaced from time to time; “Collateral” means any collateral securing any debt,
liabilities or other obligations of any Obligor to the Bank; “Compliance Authority” means each and all of the (a) U.S. Treasury
Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate
of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice
Department, and (g) U.S. Securities and Exchange Commission; “Covered Entity” means the Borrower, its affiliates and subsidiaries,
all guarantors, pledgors of Collateral, all owners of the foregoing, and all brokers or other agents of the Borrower acting in any capacity
in connection with the Facility; “Embargoed Property” means any property (a) in which a Sanctioned Person holds an interest;
(b) beneficially owned, directly or indirectly, by a Sanctioned Person; (c) that is due to or from a Sanctioned Person; (d) that is located
in a Sanctioned Jurisdiction; or (e) that would otherwise cause any actual or possible violation by the Bank of any applicable Anti-Terrorism
Law if the Bank were to obtain an encumbrance on, lien on, pledge of or security interest in such property or provide services in consideration
of such property; “Obligor” means the Guarantor, the Borrower, any other guarantor of, or any pledgor, mortgagor or other
person or entity providing collateral support for, the Obligations; “Reportable Compliance Event” means (a) any Covered Entity
becomes a Sanctioned

 

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Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or
law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers
facts or circumstances implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law; (b) any
Covered Entity engages in a transaction that has caused or may cause the Bank to be in violation of any Anti-Terrorism Laws, including
a Covered Entity’s use of any proceeds of the Facility to fund any operations in, finance any investments or activities in, or,
make any payments to, directly or indirectly, a Sanctioned Jurisdiction or Sanctioned Person; or (c) any Collateral becomes Embargoed
Property; “Sanctioned Jurisdiction” means a country subject to a sanctions program maintained by any Compliance Authority;
and “Sanctioned Person” means any individual person, a group, regime, entity or thing listed or otherwise recognized as a
specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but
not limited to the blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise
subject to, or specially designated under, any sanctions program maintained by any Compliance Authority.

 

19.       Indemnity.
The Guarantor agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled
by or is under common control with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”),
and to defend and hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses
(including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation
and preparation therefor) (each, a “Claim”) which any Indemnified Party may incur or which may be asserted against any Indemnified
Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Guarantor),
in connection with or arising out of or relating to the matters referred to in this Guaranty, whether (a) arising from or incurred in
connection with any breach of a representation, warranty or covenant by the Guarantor, or (b) arising out of or resulting from any suit,
action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort,
or contract or otherwise, before any court or governmental authority; provided, however, that the foregoing indemnity agreement shall
not apply to any Claim that is determined by a court of competent jurisdiction in a final, non-appealable judgment to have been solely
attributable to an Indemnified Party’s gross negligence or willful misconduct. The indemnity agreement contained in this Section
shall survive the termination of this Guaranty. The Guarantor may participate at its expense in the defense of any such action or Claim.

 

20.       Governing
Law and Jurisdiction. This Guaranty has been delivered to and accepted by the Bank and will be deemed
to be made in the State where the Bank’s office indicated above is located (the “State”). THIS GUARANTY WILL BE INTERPRETED
AND THE RIGHTS AND LIABILITIES OF THE BANK AND THE GUARANTOR DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE, EXCLUDING ITS CONFLICT
OF LAWS RULES, INCLUDING WITHOUT LIMITATION THE ELECTRONIC TRANSACTIONS ACT (OR EQUIVALENT) IN SUCH STATE (OR, TO THE EXTENT CONTROLLING,
THE LAWS OF THE UNITED STATES OF AMERICA, INCLUDING WITHOUT LIMITATION THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT).
The Guarantor hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district
where the Bank’s office indicated above is located; provided that nothing contained in this Guaranty will prevent the Bank from
bringing any action, enforcing any award or judgment or exercising any rights against the Guarantor individually, against any security
or against any property of the Guarantor within any other county, state or other foreign or domestic jurisdiction. The Guarantor acknowledges
and agrees that the venue provided above is the most convenient forum for both the Bank and the Guarantor. The Guarantor waives any objection
to venue and any objection based on a more convenient forum in any action instituted under this Guaranty.

 

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21.       Counterparts;
Electronic Signatures and Records. This Guaranty may be signed in any number of counterpart copies and
by the parties hereto on separate counterparts, but all such copies shall constitute one and the same instrument. Notwithstanding any
other provision herein, the Guarantor agrees that this Guaranty, any amendments thereto and any other information, notice, signature card,
agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an
electronic record. Any Communication may, at the Bank’s option, be signed or executed using electronic signatures. For the avoidance
of doubt, the authorization under this section may include, without limitation, use or acceptance by the Bank of a manually signed paper
Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention.

 

22.       Limitation
of Personal Liability. Notwithstanding anything contained herein to the contrary, it is agreed that,
unless an exception to the requirements of Regulation B of the Board of Governors of the Federal Reserve System applies in connection
with the extension of the Obligations and the execution of this Guaranty, the spouse who is deemed not to be the applicant for purposes
of such regulation shall not be personally liable under this Guaranty, provided that this provision will not limit the Bank’s right
to obtain such judgment, order or other relief against such individual as may be necessary for the Bank to exercise all of its rights
and remedies with respect to assets held jointly as of the date of the Guarantor’s most recent financial statement delivered prior
to the date hereof or thereafter acquired.

 

23.       Equal
Credit Opportunity Act. If the Guarantor is not an “applicant for credit” under Section
202.2 (e) of the Equal Credit Opportunity Act of 1974 (“ECOA”), the Guarantor acknowledges that (i) this Guaranty has been
executed to provide credit support for the Obligations, and (ii) the Guarantor was not required to execute this Guaranty in violation
of Section 202.7(d) of the ECOA.

 

24.       Authorization
to Obtain Credit Reports. By signing below, each person, who is signing in his or her individual capacity,
requests and provides written authorization to the Bank or its designee (and any assignee or potential assignee hereof) to obtain such
individual’s personal credit profile from one or more national credit bureaus. This authorization extends to obtaining a credit
profile in (i) considering an application for credit that is evidenced, guaranteed or secured by this document, (ii) assessing creditworthiness
and (iii) considering extensions of credit, including on an ongoing basis, as necessary for the purposes of (a) update, renewal or extension
of such credit or additional credit, (b) reviewing, administering or collecting the resulting account and (c) reporting on the repayment
and satisfaction of such credit obligations. By signing below, such individual further ratifies and confirms his or her prior requests
and authorizations with respect to the matters set forth herein. For the avoidance of doubt, this provision does not apply to persons
signing below in their capacities as officers or other authorized representatives of entities, organizations or governmental bodies.

 

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25.       Representation
by Counsel. The Guarantor hereby represents that it has been represented by competent counsel of its
choice, or has knowingly waived its right to use and retain counsel, in the negotiation and execution of this Guaranty; that it has read
and fully understood the terms hereof; that the Guarantor and any retained counsel have been afforded an opportunity to review, negotiate
and modify the terms of this Guaranty; and that it intends to be bound hereby. In accordance with the foregoing, the general rule of construction
to the effect that any ambiguities in a contract are to be resolved against the party drafting the contract shall not be employed in the
construction and interpretation of this Guaranty.

 

26.       
[Intentionally Omitted].

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

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27.       WAIVER
OF JURY TRIAL. THE GUARANTOR IRREVOCABLY WAIVES ANY AND ALL RIGHT THE GUARANTOR MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR CLAIM OF ANY NATURE RELATING TO THIS GUARANTY, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS GUARANTY OR ANY TRANSACTION CONTEMPLATED
IN ANY OF SUCH DOCUMENTS. THE GUARANTOR ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.

 

The Guarantor acknowledges
that it has read and understands all the provisions of this Guaranty, including the waiver of jury trial, and has been advised by counsel
as necessary or appropriate.

 

WITNESS the due execution hereof
as a document under seal, as of the date first written above, with the intent to be legally bound hereby.

 

	 	VERIFYME, INC.
	 	 
	 	 
	 	By:	/s/ Patrick White
	 	 	(SEAL)
	 	 	Patrick White, Chief Executive Officer

 

 

-10-Exhibit 10.5

 

	Security Agreement	 

 

 

THIS SECURITY AGREEMENT (this “Agreement”),
dated as of September 15, 2022, is made by and between PERISHIP GLOBAL LLC (the “Grantor”), with an address at 265
E MAIN ST, BRANFORD, CT 06405-3125, and PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 200 Lake Drive
East, 3rd Floor, Cherry Hill, New Jersey 08002.

 

Under the terms hereof, the Bank desires to obtain
and the Grantor desires to grant the Bank security for all of the Obligations (as hereinafter defined).

 

NOW, THEREFORE, the Grantor and the Bank,
intending to be legally bound, hereby agree as follows:

 

		1.	Definitions.

 

(a)     “Collateral” shall
include all personal property of the Grantor, including the following, all whether now owned or hereafter acquired or arising and wherever
located: (i) accounts (including health-care-insurance receivables and credit card receivables); (ii) securities entitlements, securities
accounts, commodity accounts, commodity contracts and investment property; (iii) deposit accounts; (iv) instruments (including promissory
notes); (v) documents (including warehouse receipts); (vi) chattel paper (including electronic chattel paper and tangible chattel paper);
(vii) inventory, including raw materials, work in process, or materials used or consumed in Grantor’s business, items held for sale
or lease or furnished or to be furnished under contracts of service, sale or lease, goods that are returned, reclaimed or repossessed;
(viii) goods of every nature, including stock-in-trade, goods on consignment, standing timber that is to be cut and removed under a conveyance
or contract for sale, the unborn young of animals, crops grown, growing, or to be grown, manufactured homes, computer programs embedded
in such goods and farm products; (ix) equipment, including machinery, vehicles and furniture; (x) fixtures; (xi) agricultural liens; (xii)
as-extracted collateral; (xiii) commercial tort claims, if any, described on Exhibit “A” hereto (if an Exhibit A is attached);
(xiv) letter of credit rights; (xv) general intangibles, of every kind and description, including payment intangibles, software, computer
information, source codes, object codes, records and data, all existing and future customer lists, choses in action, claims (including
claims for indemnification or breach of warranty), books, records, patents and patent applications, copyrights, trademarks, tradenames,
tradestyles, trademark applications, goodwill, blueprints, drawings, designs and plans, trade secrets, contracts, licenses, license agreements,
formulae, tax and any other types of refunds, returned and unearned insurance premiums, rights and claims under insurance policies; (xvi)
all supporting obligations of all of the foregoing property; (xvii) all property of the Grantor now or hereafter in the Bank’s possession
or in transit to or from, or under the custody or control of, the Bank or any affiliate thereof; (xviii) all cash and cash equivalents
thereof; and (xix) all cash and noncash proceeds (including insurance proceeds) of all of the foregoing property, all products thereof
and all additions and accessions thereto, substitutions therefor and replacements thereof. The Collateral shall also include any and all
other tangible or intangible property that is described as being part of the Collateral pursuant to one or more Riders to Security Agreement
that may be attached hereto or delivered in connection herewith, including the Rider to Security Agreement - Copyrights, the Rider to
Security Agreement - Patents, the Rider to Security Agreement - Trademarks and the Rider to Security Agreement - Cash Collateral Account.

 

    	 	 	 

    	 

    

 

(b)     “Obligations” shall
include all loans, advances, debts, liabilities, obligations, covenants and duties owing by the Grantor to the Bank or to any other direct
or indirect subsidiary of The PNC Financial Services Group, Inc., of any kind or nature, present or future (including any interest accruing
thereon after maturity, or after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding relating to the Grantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), whether
direct or indirect (including those acquired by assignment or participation), absolute or contingent, joint or several, due or to become
due, now existing or hereafter arising, whether or not (i) evidenced by any note, guaranty or other instrument, (ii) arising under any
agreement, instrument or document, (iii) for the payment of money, (iv) arising by reason of an extension of credit, opening of a letter
of credit, loan, equipment lease or guarantee, (v) under any interest rate, commodity or currency swap, future, option or other similar
transaction or agreement, (vi) under or by reason of any foreign currency transaction, forward, option or other similar transaction providing
for the purchase of one currency in exchange for the sale of another currency, or in any other manner, (vii) arising out of overdrafts
on deposit or other accounts or out of electronic funds transfers (whether by wire transfer or through automated clearing houses or otherwise)
or out of the return unpaid of, or other failure of the Bank to receive final payment for, any check, item, instrument, payment order
or other deposit or credit to a deposit or other account, or out of the Bank’s non-receipt of or inability to collect funds or otherwise
not being made whole in connection with depository or other similar arrangements; and any amendments, extensions, renewals and increases
of or to any of the foregoing, and all costs and expenses of the Bank incurred in the documentation, negotiation, modification, enforcement,
collection and otherwise in connection with any of the foregoing, including reasonable attorneys’ fees and expenses.

 

(c)     “UCC” means the
Uniform Commercial Code, as adopted and enacted and as in effect from time to time in the State whose law governs pursuant to the Section
of this Agreement entitled “Governing Law and Jurisdiction.” Terms used herein which are defined in the UCC and not otherwise
defined herein shall have the respective meanings ascribed to such terms in the UCC. To the extent the definition of any category or type
of collateral is modified by any amendment, modification or revision to the UCC, such modified definition will apply automatically as
of the date of such amendment, modification or revision.

 

2.       Grant
of Security Interest. To secure the Obligations, the Grantor, as debtor, hereby assigns and grants to the Bank, as secured party,
a continuing lien on and security interest in the Collateral.

 

3.       Change
in Name or Locations. The Grantor hereby agrees that if the location of the Collateral changes from the locations listed on Exhibit
“A” hereto and made part hereof, or if the Grantor changes its name, its type of organization, its state of organization (if
Grantor is a registered organization), its principal residence (if Grantor is an individual), its chief executive office (if Grantor is
a general partnership or non-registered organization) or establishes a name in which it may do business that is not listed as a tradename
on Exhibit “A” hereto, the Grantor will immediately notify the Bank in writing of the additions or changes.

 

4.       General
Representations, Warranties and Covenants. The Grantor represents, warrants and covenants to the Bank that: (a) all information,
including its type of organization, jurisdiction of organization, chief executive office, and (for individuals only) principal residence
are as set forth on Exhibit “A” hereto and are true and correct on the date hereof, (b) if the Grantor is an individual, the
Grantor’s name in this Agreement is identical to the Grantor’s name indicated on an unexpired driver’s license issued
to the Grantor by the state of the Grantor’s principal residence, and the Grantor will continue to maintain such driver’s
license and notify the Bank of any changes in the Grantor’s name or the name indicated on such driver’s license; (c) the Grantor
has good, marketable and indefeasible title to the Collateral, has not made any prior sale, pledge, encumbrance, assignment or other disposition
of any of the Collateral, and the Collateral is free from all encumbrances and rights of setoff of any kind except the lien in favor of
the Bank created by this Agreement and other liens consented to in writing by the Bank; and (d) the Grantor will defend the Collateral
against all claims and demands of all persons at any time claiming the same or any interest therein.

 

    		2	

    	 

    

 

5.       Grantor’s
Representations, Warranties and Covenants for Certain Collateral. The Grantor represents, warrants and covenants to the Bank as
follows:

 

(a)     From time to time and at all reasonable
times and upon notice to the Grantor, the Grantor will allow the Bank, by or through any of its officers, agents, attorneys, or accountants,
to examine or inspect the Collateral, and obtain valuations and audits of the Collateral, at the Grantor’s expense, wherever located.
The Grantor shall do, obtain, make, execute and deliver all such additional and further acts, things, deeds, assurances and instruments
as the Bank may require to vest in and assure to the Bank its rights hereunder and in or to the Collateral, and the proceeds thereof,
including waivers from landlords, warehousemen and mortgagees.

 

(b)     The Grantor will keep the Collateral
in good order and repair at all times and immediately notify the Bank of any event causing a material loss or decline in value of the
Collateral, whether or not covered by insurance, and the amount of such loss or depreciation.

 

(c)     The Grantor will only use or permit
the Collateral to be used in accordance with all applicable federal, state, county and municipal laws and regulations.

 

(d)     The Grantor will have and maintain
insurance at all times with respect to all Collateral against risks of fire (including so-called extended coverage), theft, sprinkler
leakage, and other risks (including risk of flood if any Collateral is maintained at a location in a flood hazard zone) as the Bank may
require, in such form, in such amount, for such period and written by such companies as may be satisfactory to the Bank in its sole discretion.
Each such casualty insurance policy shall contain a standard Lender’s Loss Payable Clause issued in favor of the Bank under which
all losses thereunder shall be paid to the Bank as the Bank’s interests may appear. Such policies shall expressly provide that the
requisite insurance cannot be altered or canceled without at least thirty (30) days’ prior written notice to the Bank and shall
insure the Bank notwithstanding the act or neglect of the Grantor. Upon the Bank’s demand, the Grantor will furnish the Bank with
duplicate original policies of insurance or such other evidence of insurance as the Bank may require. If the Grantor fails to provide
insurance as herein required, the Bank may, at its option, obtain such insurance and the Grantor will pay to the Bank, on demand, the
cost thereof. Proceeds of insurance may be applied by the Bank to reduce the Obligations or to repair or replace Collateral, all in the
Bank’s sole discretion.

 

(e)     Each account and general intangible
is genuine and enforceable in accordance with its terms, no such account or general intangible will be subject to any claim for credit,
allowance or adjustment by any account debtor or any setoff, defense or counterclaim, and the Grantor will defend the same against all
claims, demands, setoffs and counterclaims at any time asserted. At the time any account or general intangible becomes subject to this
Agreement, such account or general intangible will be a good and valid account representing a bona fide sale of goods or services by the
Grantor and such goods will have been shipped to the respective account debtors or the services will have been performed for the respective
account debtors.

 

(f)     The Grantor agrees after the occurrence
and during the continuance of an Event of Default, that the Bank has the right to notify (on invoices or otherwise) account debtors and
other obligors or payors on any Collateral of its assignment to the Bank, and that all payments thereon should be made directly to the
Bank.

 

(g)     The Grantor will, on the Bank’s
demand, make notations on its books and records showing the Bank’s security interest and make available to the Bank shipping and
delivery receipts evidencing the shipment of the goods that gave rise to an account, completion certificates or other proof of the satisfactory
performance of services that gave rise to an account, a copy of the invoice for each account and copies of any written contract or order
from which an account arose. The Grantor will promptly notify the Bank if an account becomes evidenced or secured by an instrument or
chattel paper and upon the Bank’s request, will promptly deliver any such instrument or chattel paper to the Bank, including any
letter of credit delivered to the Grantor to support a shipment of inventory by the Grantor.

 

    		3	

    	 

    

 

(h)     The Grantor will promptly advise the
Bank whenever an account debtor refuses to retain or returns any goods from the sale of which an account arose and will comply with any
instructions that the Bank may give regarding the sale or other disposition of such returns. From time to time with such frequency as
the Bank may request, the Grantor will report to the Bank all credits given to account debtors on all accounts.

 

(i)      The Grantor will immediately notify
the Bank if any account arises out of contracts with the United States or any department, agency or instrumentality thereof, and will
execute any instruments and take any steps required by the Bank so that all monies due and to become due under such contract shall be
assigned to the Bank and notice of the assignment given to and acknowledged by the appropriate government agency or authority under the
Federal Assignment of Claims Act.

 

(j)     At any time after the occurrence of
an Event of Default, and without notice to the Grantor, the Bank may direct any persons who are indebted to the Grantor on any Collateral
consisting of accounts or general intangibles to make payment directly to the Bank of the amounts due, and the Bank may notify the United
States Postal Service to send the Grantor’s mail to the Bank. The Bank is authorized to collect, compromise, endorse and sell any
such Collateral in its own name or in the Grantor’s name and to give receipts to such account debtors for any such payments and
the account debtors will be protected in making such payments to the Bank. Upon the Bank’s written request at any time after the
occurrence of an Event of Default, the Grantor will establish with the Bank and maintain a lockbox account (“Lockbox”) with
the Bank and a depository account(s) (“Cash Collateral Account”) with the Bank subject to the provisions of this subparagraph
and such other related agreements as the Bank may require, and the Grantor shall notify its account debtors to remit payments directly
to the Lockbox. Thereafter, funds collected in the Lockbox shall be transferred to the Cash Collateral Account, and funds in the Cash
Collateral Account shall be applied by the Bank, daily, to reduce the outstanding Obligations.

 

6.       Negative
Pledge; No Transfer. Without the Bank’s prior written consent, the Grantor will not sell or offer to sell or otherwise transfer
(including, without limitation, any transfer resulting from a division of the Grantor into two or more entities) or grant or allow the
imposition of a lien, security interest or right of setoff upon the Collateral (except for sales of inventory and collections of accounts
in the Grantor’s ordinary course of business and except for liens permitted by the Bank pursuant to the terms of that certain Loan
Agreement dated on or about the date hereof between the Grantor and the Bank, as the same may be amended, modified or restated from time
to time), will not allow any third party to gain control of all or any part of the Collateral, and will not use any portion of the Collateral
in any manner inconsistent with this Agreement or with the terms and conditions of any policy of insurance thereon.

 

7.       Further
Assurances. By its signature hereon, the Grantor hereby irrevocably authorizes the Bank to file against the Grantor one or more
financing, continuation or amendment statements pursuant to the UCC in form satisfactory to the Bank, and the Grantor will pay the cost
of preparing and filing the same in all jurisdictions in which such filing is deemed by the Bank to be necessary or desirable in order
to perfect, preserve and protect its security interests. If required by the Bank, the Grantor will execute all documentation necessary
for the Bank to obtain and maintain perfection of its security interests in the Collateral. At the Bank’s request, the Grantor will
execute, in form satisfactory to the Bank, a Rider to Security Agreement - Copyrights (if any Collateral consists of registered or unregistered
copyrights), a Rider to Security Agreement - Patents (if any Collateral consists of patents or patent applications), a Rider to Security
Agreement - Trademarks (if any Collateral consists of trademarks, tradenames, tradestyles or trademark applications). If any Collateral
consists of letter of credit rights, electronic chattel paper, deposit accounts or supporting obligations not maintained with the Bank
or one of its affiliates, or any securities entitlement, securities account, commodities account, commodities contract or other investment
property, then at the Bank’s request the Grantor will execute, and will cause the depository institution or securities intermediary
upon whose books and records the ownership interest of the Grantor in such Collateral appears, to execute such Pledge Agreements, Notification
and Control Agreements or other agreements as the Bank deems necessary in order to perfect, prioritize and protect its security interest
in such Collateral, in each case in a form satisfactory to the Bank.

 

    		4	

    	 

    

 

8.       Events
of Default. The Grantor shall, at the Bank’s option, be in default under this Agreement upon the happening of any of the
following events or conditions (each, an “Event of Default”): (a) any Event of Default (as defined in any of the Obligations);
(b) any default under any of the Obligations that does not have a defined set of “Events of Default” and the lapse of any
notice or cure period provided in such Obligations with respect to such default; (c) demand by the Bank under any of the Obligations that
have a demand feature; (d) the failure by the Grantor to perform any of its obligations under this Agreement; provided, however, that,
no such failure to observe or perform any such covenant or other agreement shall constitute an Event of Default unless such failure continues
for a period of 30 days after the earlier to occur of (a) the date when the Grantor becomes aware of such failure and (b) the date when
the Bank gives written notice to the Grantor of such failure; (e) falsity, inaccuracy or material breach by the Grantor of any written
warranty, representation or statement made or furnished to the Bank by or on behalf of the Grantor; (f) an uninsured material loss, theft,
damage, or destruction to any of the Collateral, or the entry of any judgment against the Grantor or any lien against or the making of
any levy, seizure or attachment of or on the Collateral; (g) the failure of the Bank to have a perfected first priority security interest
in the Collateral; (h) any indication or evidence received by the Bank that the Grantor may have directly or indirectly been engaged in
any type of activity which, in the Bank’s discretion, might result in the forfeiture of any property of the Grantor to any governmental
entity, federal, state or local; or (i) if the Bank otherwise deems itself insecure.

 

9.       Remedies.
Upon the occurrence of any such Event of Default and at any time thereafter, the Bank may declare all Obligations secured hereby immediately
due and payable and shall have, in addition to any remedies provided herein or by any applicable law or in equity, all the remedies of
a secured party under the UCC. The Bank’s remedies include, but are not limited to, the right to (a) peaceably by its own means
or with judicial assistance enter the Grantor’s premises and take possession of the Collateral without prior notice to the Grantor
or the opportunity for a hearing, (b) render the Collateral unusable, (c) dispose of the Collateral on the Grantor’s premises, and
(d) require the Grantor to assemble the Collateral and make it available to the Bank at a place designated by the Bank. The Grantor agrees
that the Bank has full power and authority to collect, compromise, endorse, sell or otherwise deal with the Collateral in its own name
or that of the Grantor at any time upon an Event of Default. Unless the Collateral is perishable or threatens to decline speedily in value
or is of a type customarily sold on a recognized market, the Bank will give the Grantor reasonable notice of the time and place of any
public sale thereof or of the time after which any private sale or any other intended disposition thereof is to be made. The requirements
of commercially reasonable notice shall be met if such notice is sent to the Grantor at least ten (10) days before the time of the intended
sale or disposition. Expenses of retaking, holding, preparing for disposition, disposing or the like shall include the Bank’s reasonable
attorneys’ fees and legal expenses, incurred or expended by the Bank to enforce any payment due it under this Agreement either as
against the Grantor, or in the prosecution or defense of any action, or concerning any matter growing out of or connection with the subject
matter of this Agreement and the Collateral pledged hereunder. The Grantor waives all relief from all appraisement or exemption laws now
in force or hereafter enacted.

 

10.       Power
of Attorney. The Grantor does hereby make, constitute and appoint any officer or agent of the Bank as the Grantor’s true
and lawful attorney-in-fact, with power to (a) endorse the name of the Grantor or any of the Grantor’s officers or agents upon any
notes, checks, drafts, money orders, or other instruments of payment or Collateral that may come into the Bank’s possession in full
or part payment of any Obligations; (b) sue for, compromise, settle and release all claims and disputes with respect to, the Collateral;
and (c) sign, for the Grantor, such documentation required by the UCC, or supplemental intellectual property security agreements; granting
to the Grantor’s said attorney full power to do any and all things necessary to be done in and about the premises as fully and effectually
as the Grantor might or could do. The Grantor hereby ratifies all that said attorney shall lawfully do or cause to be done by virtue hereof.
This power of attorney is coupled with an interest, and is irrevocable.

 

    		5	

    	 

    

 

11.       Payment
of Expenses. At its option, the Bank may discharge taxes, liens, security interests or such other encumbrances as may attach to
the Collateral, may pay for required insurance on the Collateral and may pay for the maintenance, appraisal or reappraisal, and preservation
of the Collateral, as determined by the Bank to be necessary. The Grantor will reimburse the Bank on demand for any payment so made or
any expense incurred by the Bank pursuant to the foregoing authorization, and the Collateral also will secure any advances or payments
so made or expenses so incurred by the Bank.

 

12.       Notices.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”) must
be in writing (except as otherwise provided in this Agreement) and will be effective upon receipt. Notices may be given in any manner
to which the parties may separately agree. Without limiting the foregoing, first-class mail, postage prepaid, facsimile transmission and
commercial courier service are hereby agreed to as acceptable methods for giving Notices. In addition, the parties agree that Notices
may be sent electronically to any electronic address provided by a party from time to time. Notices may be sent to a party’s address
as set forth above or to such other address as any party may give to the other for such purpose in accordance with this section.

 

13.       Preservation
of Rights. No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such
right or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction impair any such right
or power. The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank
may have under other agreements, at law or in equity.

 

14.       Illegality.
If any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, it shall not affect or impair
the validity, legality and enforceability of the remaining provisions of this Agreement.

 

15.       Changes
in Writing. No modification, amendment or waiver of, or consent to any departure by the Grantor from, any provision of this Agreement
will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Notwithstanding the foregoing, the Bank may modify this Agreement for the purposes of completing
missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank shall send a copy of
any such modification to the Grantor (which notice may be given by electronic mail). No notice to or demand on the Grantor will entitle
the Grantor to any other or further notice or demand in the same, similar or other circumstance.

 

16.       Entire
Agreement. This Agreement (including the documents and instruments referred to herein) constitutes the entire agreement and supersedes
all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

 

17.       Counterparts.
This Agreement may be signed in any number of counterpart copies and by the parties hereto on separate counterparts, but all such copies
shall constitute one and the same instrument. Delivery of an executed counterpart of signature page to this Agreement by facsimile transmission
shall be effective as delivery of a manually executed counterpart. Any party so executing this Agreement by facsimile transmission shall
promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart
executed by facsimile transmission.

 

18.       Electronic
Signatures and Records. Notwithstanding any other provision herein, the Grantor agrees that this Agreement, any other amendments
thereto and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”)
may, at the Bank’s option, be in the form of an electronic record. Any Communication may, at the Bank’s option, be signed
or executed using electronic signatures. For the avoidance of doubt, the authorization under this Section may include, without limitation,
use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned
into PDF format) for transmission, delivery and/or retention.

 

    		6	

    	 

    

 

19.       Successors
and Assigns. This Agreement will be binding upon and inure to the benefit of the Grantor and the Bank and their respective heirs,
executors, administrators, successors and assigns; provided, however, that the Grantor may not assign this Agreement in whole or in part
without the Bank’s prior written consent and the Bank at any time may assign this Agreement in whole or in part.

 

20.       Interpretation.
In this Agreement, unless the Bank and the Grantor otherwise agree in writing, the singular includes the plural and the plural the singular;
words importing any gender include the other genders; references to statutes are to be construed as including all statutory provisions
consolidating, amending or replacing the statute referred to; the word “or” shall be deemed to include “and/or”,
the words “including”, “includes” and “include” shall be deemed to be followed by the words “without
limitation”; references to articles, sections (or subdivisions of sections) or exhibits are to those of this Agreement; and references
to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other modifications to such instruments,
but only to the extent such amendments and other modifications are not prohibited by the terms of this Agreement. Section headings in
this Agreement are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.
Unless otherwise specified in this Agreement, all accounting terms shall be interpreted and all accounting determinations shall be made
in accordance with GAAP. If this Agreement is executed by more than one Grantor, the obligations of such persons or entities will be joint
and several.

 

21.       Indemnity.
The Grantor agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled by or is under common control
with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”), and to defend and
hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses (including all fees
and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation
therefor) which any Indemnified Party may incur or which may be asserted against any Indemnified Party by any person, entity or governmental
authority (including any person or entity claiming derivatively on behalf of the Grantor), in connection with or arising out of or relating
to the matters referred to in this Agreement or the Obligations, whether (a) arising from or incurred in connection with any breach of
a representation, warranty or covenant by the Grantor, or (b) arising out of or resulting from any suit, action, claim, proceeding or
governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before
any court or governmental authority; provided, however, that the foregoing indemnity agreement shall not apply to any claims, damages,
losses, liabilities and expenses solely attributable to an Indemnified Party’s gross negligence or willful misconduct. The indemnity
agreement contained in this Section shall survive the termination of this Agreement, payment of the Obligations and the assignment of
any rights hereunder. The Grantor may participate at its expense in the defense of any such claim.

 

    		7	

    	 

    

 

22.       Governing
Law and Jurisdiction. This Agreement has been delivered to and accepted by the Bank and will be deemed to be made in the State
where the Bank’s office indicated above is located. THIS AGREEMENT WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE
PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE WHERE THE BANK’S OFFICE INDICATED ABOVE IS LOCATED, INCLUDING
WITHOUT LIMITATION THE ELECTRONIC TRANSACTIONS ACT (OR EQUIVALENT) IN SUCH STATE (OR, TO THE EXTENT CONTROLLING, THE LAWS OF THE UNITED
STATES OF AMERICA, INCLUDING WITHOUT LIMITATION THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT), EXCEPT THAT THE LAWS OF
THE STATE WHERE ANY COLLATERAL IS LOCATED (IF DIFFERENT FROM THE STATE WHERE SUCH OFFICE OF THE BANK IS LOCATED) SHALL GOVERN THE CREATION,
PERFECTION, ENFORCEMENT AND FORECLOSURE OF THE LIENS CREATED HEREUNDER ON SUCH PROPERTY OR ANY INTEREST THEREIN. The Grantor hereby
irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s
office indicated above is located; provided that nothing contained in this Agreement will prevent the Bank from bringing any action, enforcing
any award or judgment or exercising any rights against the Grantor individually, against any security or against any property of the Grantor
within any other county, state or other foreign or domestic jurisdiction. The Bank and the Grantor agree that the venue provided above
is the most convenient forum for both the Bank and the Grantor. The Grantor waives any objection to venue and any objection based on a
more convenient forum in any action instituted under this Agreement.

 

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

    		8	

    	 

    

 

23.       WAIVER
OF JURY TRIAL. EACH OF THE GRANTOR AND THE BANK IRREVOCABLY WAIVES ANY AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY
TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE GRANTOR AND THE BANK ACKNOWLEDGE THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.

 

The Grantor acknowledges that it has read and understands all the
provisions of this Agreement, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate.

 

WITNESS the due execution hereof as a document under seal, as
of the date first written above.

 

 

	 	PERISHIP GLOBAL LLC
	 	 
	 	 
	 	By:  	VERIFYME, INC.
	 	Its:	Sole Member
	 	 	 
	 	 	 
	 	By:	/s/ Patrick White
	 	 	(SEAL)
	 	 
	 	Patrick White, Chief Executive Officer
	 	 
	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By:	/s/ Zachary Bullock
	 	 	(SEAL)
	 	 
	 	Zachary Bullock,Vice President

 

    		9	

    	 

    

 

EXHIBIT “A”

TO SECURITY AGREEMENT

 

		1.	Grantor’s form of organization (i.e., corporation, partnership, limited liability company): Limited liability company

 

		2.	Grantor’s State of organization, if a registered organization (i.e., corporation, limited partnership, limited liability company):

 

Delaware

 

		3.	Grantor’s principal residence, if a natural person or general partnership:

 

N/A

 

		4.	Address of Grantor’s chief executive office:

 

265 E MAIN ST, BRANFORD, CT 06405-3125

 

		5.	Grantor’s organizational ID# (if any exists):

 

6729851       

 

		6.	Address for books and records, if different:

 

		7.	Addresses of other Collateral locations, including Counties, for the past five (5) years:

 

		8.	Name and address of landlord or owner if location is not owned by the Grantor:

 

N/A

 

		9.	Other names or tradenames now or formerly used by the Grantor:

 

N/A

 

		10.	Description of Equipment:

 

All Equipment of the Grantor.

 

 

10

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