SEC Contract Filing

Filing Date: 2023-09-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ea185953ex10-4_highwire.htm
<DESCRIPTION>SECURITY AGREEMENT, BETWEEN HIGH WIRE NETWORKS, INC. AND THE INVESTORS, DATED SEPTEMBER 25, 2023
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This SECURITY AGREEMENT,
dated as of September__, 2023 (this &ldquo;<U>Agreement</U>&rdquo;), is among HIGH WIRE NETWORKS, INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;),
each Guarantor (as defined below), the holders of the 18% Senior Subordinated Secured Convertible Debentures issued by the Company in
the original aggregate principal amount of up to $5,000,000 (collectively, the &ldquo;<U>Debentures</U>&rdquo;) signatory hereto, their
endorsees, transferees and assigns (collectively, the &ldquo;<U>Secured Parties</U>&rdquo;), and [Collateral Agent], in its capacity as
Agent (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></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 the Purchase
Agreement (as defined in the Debentures), the Secured Parties have severally agreed to extend the loans to the Company evidenced by the
Debentures;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to a certain
Subsidiary Guarantee, dated as of the date hereof (the &ldquo;<U>Guarantee</U>&rdquo;), AW Solutions Puerto Rico, LLC, a Puerto Rican
limited liability company (&ldquo;<U>AW Solutions</U>&rdquo;), Tropical Communications, Inc. a Florida corporation (&ldquo;<U>Tropical</U>&rdquo;),
HWN, Inc., a Delaware corporation (&ldquo;<U>HWN</U>&rdquo;), Secure Voice Corporation, a Delaware corporation (&ldquo;<U>Secure Voice</U>&rdquo;)
and Overwatch Cyberlab, Inc., a Delaware corporation (&ldquo;<U>Overwatch Cyberlab</U>&rdquo; and, together with AW Solutions, Tropical,
HWN and Secure Voice, the &ldquo;<U>Guarantors</U>&rdquo; and each, individually a &ldquo;<U>Guarantor</U>&rdquo;) agreed to guarantee
and act as surety for payment of such Debentures;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company and each
Guarantor, are referred to herein as a &ldquo;Debtor&rdquo; collectively as the &ldquo;Debtors&rdquo;; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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 Parties to extend the loans evidenced by the Debentures, each Debtor has agreed to execute and deliver to the Secured Parties
this Agreement and to grant the Secured Parties, <U>pari passu</U> with each other Secured Party and through the Agent (as defined in
Section 18 hereof), a security interest in all assets of each Debtor to secure the prompt payment, performance and discharge in full of
all of the Company&rsquo;s obligations under the Debentures.</P>

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

<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. <B>Certain
Definitions</B>. As used in this Agreement, the following terms shall have the meanings set forth in this Section 1. Terms used but not
otherwise defined in this Agreement that are defined in Article 9 of the UCC (such as &ldquo;account&rdquo;, &ldquo;chattel paper&rdquo;,
&ldquo;commercial tort claim&rdquo;, &ldquo;deposit account&rdquo;, &ldquo;document&rdquo;, &ldquo;equipment&rdquo;, &ldquo;fixtures&rdquo;,
&ldquo;general intangibles&rdquo;, &ldquo;goods&rdquo;, &ldquo;instruments&rdquo;, &ldquo;inventory&rdquo;, &ldquo;investment property&rdquo;,
&ldquo;letter-of-credit rights&rdquo;, &ldquo;proceeds&rdquo; and &ldquo;supporting obligations&rdquo;) shall have the respective meanings
given such terms in Article 9 of the UCC.</P>

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

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

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