SEC Contract Filing

Filing Date: 2019-08-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>9
<FILENAME>ex10-8.htm
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTION
COPY</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
INTELLECTUAL PROPERTY SECURITY AGREEMENT (as amended, modified, supplemented, renewed, restated or replaced from time to time,
this &ldquo;<B>IP Security Agreement</B>&rdquo;), dated August 19, 2019, is made by the Persons listed on the signature pages
hereof (collectively, the &ldquo;<B>Grantors</B>&rdquo;) in favor of Alto Opportunity Master Fund, SPC - Segregated Master Portfolio
B, in its capacity as collateral agent (the &ldquo;<B>Collateral Agent</B>&rdquo;) for the Noteholders. All capitalized terms
not otherwise defined herein shall have the meanings respectively ascribed thereto in the Security Agreement (as defined below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Toughbuilt Industries, Inc., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;), and each party listed as a &ldquo;Buyer&rdquo;
therein (collectively, the &ldquo;<B>Buyers</B>&rdquo;) are parties to that certain Securities Purchase Agreement, dated August
19, 2019, pursuant to which the Company shall be required to sell, and the Buyers shall purchase or have the right to purchase,
the &ldquo;Notes&rdquo; and &ldquo;Warrants&rdquo; (each as defined therein) issued pursuant thereto (as such Notes or Warrants
may be amended, modified, supplemented, renewed, restated or replaced from time to time in accordance with the terms thereof,
collectively, the &ldquo;<B>Notes</B>&rdquo; and &ldquo;<B>Warrants</B>&rdquo;, respectively);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
it is a condition precedent to the purchase of the Notes and Warrants under the Securities Purchase Agreement that each Grantor
has executed and delivered that certain Security and Pledge Agreement, dated August 19, 2019, made by the Grantors to the Collateral
Agent (as amended, modified, supplemented, renewed, restated or replaced from time to time, the &ldquo;<B>Security Agreement</B>&rdquo;);
and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
under the terms of the Security Agreement, the Grantors have granted to the Collateral Agent, for the ratable benefit of the Collateral
Agent and the Noteholders, a security interest in, among other property, certain intellectual property of the Grantors, and have
agreed as a condition thereof to execute this IP Security Agreement for recording with the U.S. Patent and Trademark Office, the
United States Copyright Office and other governmental authorities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Grantors have determined that the execution, delivery and performance of this IP Security Agreement directly benefits, and
is in the best interest of, the Grantors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the premises and the agreements herein and in order to induce the Buyers to perform under the Securities
Purchase Agreement, each Grantor agrees with the Collateral Agent, for the benefit of the Noteholders, as follows</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-al