SEC Contract Filing

Filing Date: 2016-03-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>11
<FILENAME>v430813_ex10-7.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.7</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>PLEDGE AND ESCROW AGREEMENT</U></B></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">THIS PLEDGE AND ESCROW
AGREEMENT (&ldquo;<B><U>Agreement</U></B>&rdquo;) is dated effective as of January 29, 2016, by and between <B>TARSIER LTD.</B>,
a Delaware corporation (the &ldquo;<B><U>Pledgor</U></B>&rdquo;), and <B>TCA GLOBAL CREDIT MASTER FUND, LP</B>, a Cayman Islands
limited partnership (the &ldquo;<B><U>Secured Party</U></B>&rdquo;), with the joinder of <B>DAVID KAHAN, P.A.</B> (&ldquo;<B><U>Escrow
Agent</U></B>&rdquo;).</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: center"><B>RECITALS</B></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"><B>WHEREAS</B>, the
Secured Party has made certain financial accommodations for the benefit of the Pledgor pursuant to that certain Credit Agreement
of even date herewith among the Pledgor and Secured Party, among others (the &ldquo;<B><U>Credit Agreement</U></B>&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"><B>WHEREAS</B><FONT STYLE="font-weight: normal">,
</FONT>in order to secure the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of
all of the Pledgor&rsquo;s Obligations to the Secured Party, or any successor to the Secured Party, under<B>&nbsp;</B>the Credit
Agreement and all other Loan Documents, Pledgor has agreed to irrevocably pledge to the Secured Party 100% of the issued and outstanding
shares of the capital stock and/or membership interests, as applicable, of each of its Subsidiaries, including Tarsier Systems
Ltd., a New York corporation (each of the foregoing entities hereinafter referred to individually as a &ldquo;<B><U>Company</U></B>&rdquo;
and collectively as the &ldquo;<B><U>Companies</U></B>&rdquo;)(such shares and/or membership interests of all such Companies hereinafter
referred to as the &ldquo;<B><U>Pledged Securities</U></B>&rdquo;);</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"><B>NOW, THEREFORE</B><FONT STYLE="font-weight: normal">,</FONT><B>
</B>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:</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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recitals,
Construction and Defined Terms</U>. The recitations set forth in the preamble of this Agreement are true and correct and incorporated
herein by this reference. In this Agreement, unless the express context otherwise requires: (i) the words &ldquo;herein,&rdquo;
&ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and words of similar import refer to this Agreement as a whole and not to any
particular provision of this Agreement; (ii) references to the words &ldquo;Section&rdquo; or &ldquo;Subsection&rdquo; refer to
the respective Sections and Subsections of this Agreement, and references to &ldquo;Exhibit&rdquo; or &ldquo;Schedule&rdquo; refer
to the respective Exhibits and Schedules attached hereto; and (iii) wherever the word &ldquo;include,&rdquo; &ldquo;includes,&rdquo;
&ldquo;including&rdquo; or words of similar import are used in this Agreement, such words will be deemed to be followed by the
words &ldquo;without limitation.&rdquo; All capitalized terms used in this Agreement that are defined in the Credit Agreement shall
have the meanings assigned to them in the Credit Agreement, unless the context of this Agreement requires otherwise (provided that
if a capitalized term used herein is defined in the Credit Agreement and separately defined in this Agreement, the meaning of such
term as defined in this Agreement shall control for purposes of this Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pledge</U>.
In order to secure the full and timely payment and performance of all of the Pledgor&rsquo;s Obligations to the Secured Party under
the Loan Documents, the Pledgor hereby transfers, pledges, assigns, sets over, delivers and grants to the Secured Party a continuing
lien and security interest in and to all of the following property of Pledgor, both now owned and existing and hereafter created,
acquired and arising (a