SEC Contract Filing

Filing Date: 2015-05-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>3
<FILENAME>s101110_ex10-24.htm
<DESCRIPTION>EXHIBIT 10.24
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.24</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITY AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECURITY AGREEMENT
(this &ldquo;<U>Agreement</U>&rdquo;), dated as of May 13, 2015, by and among ID Global Solutions Corporation, a Delaware corporation
(the &ldquo;<U>Company</U>&rdquo;) and the secured parties signatory hereto and their respective endorsees, transferees and assigns
(collectively, the &ldquo;<U>Secured Party</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">WITNESSETH:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to
a Securities Purchase Agreement, dated the date hereof, between the Company and the Secured Party (the &ldquo;<U>Purchase Agreement</U>&rdquo;),
the Company has agreed to issue to the Secured Party and the Secured Party has agreed to purchase from the Company certain of the
Company&rsquo;s 10% Secured Convertible Debentures (the &ldquo;Debentures&rdquo;), which are convertible into shares of Company&rsquo;s
Common Stock, par value $.0001 per share (the &ldquo;<U>Common Stock</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in order to
induce the Secured Party to purchase the Debentures, Company has agreed to execute and deliver to the Secured Party this Agreement
for the benefit of the Secured Party and to grant to it a security interest in certain property of Company to secure the prompt
payment, performance and discharge in full of all of Company&rsquo;s obligations under the Debentures and exercise and discharge
in full of Company&rsquo;s obligations under the Warrants; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in light of
the foregoing, the Company expects to derive substantial benefit from the Purchase Agreement and sale of the Debentures and the
transactions contemplated thereby and, in furtherance thereof, has agreed to execute and deliver this.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Definitions</U>.&nbsp;&nbsp;As used in this Agreement, the following terms shall have the meanings set forth in this Section 1.&nbsp;&nbsp;Terms
used but not otherwise defined in this Agreement that are defined in Article 9 of the UCC (such as &ldquo;<U>general intangibles</U>&rdquo;
and &ldquo;<U>proceeds</U>&rdquo;) shall have the respective meanings given such terms in Article 9 of the UCC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Collateral</U>&rdquo;
means the collateral in which the Secured Party is granted a security interest by this Agreement and which shall include the following,
whether presently owned or existing or hereafter acquired or coming into existence, and all additions and accessions thereto and
all substitutions and replacements thereof, and all proceeds, products and accounts thereof, including, without limitation, all
proceeds from the sale or transfer of the Collateral and of insurance covering the same and of any tort claims in connection therewith:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Goods of the Company, including, without limitations, all machinery, equipment, computers, motor vehicles, trucks, tanks, boats,
ships, appliances, furniture, special and general tools, fixtures, test and quality control devices and other equipment of every
kind and nature and wherever situated, together w