SEC Contract Filing

Filing Date: 2023-05-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tilt-20230515xex10d2.htm
<DESCRIPTION>EX-10.2
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.14.0.96--><!--Created on: 5/18/2023 10:43:40 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 10.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">PLEDGE AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">THIS PLEDGE AGREEMENT</b><font style="font-size:12pt;">, dated as of May 15, 2023 (as amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this &#8220;</font><b style="font-size:12pt;font-weight:bold;">Agreement</b><font style="font-size:12pt;">&#8221;), is made by and among each of the parties signatory hereto as a &#8220;Pledgor&#8221; (individually and/or collectively, as the context may require, &#8220;</font><b style="font-size:12pt;font-weight:bold;">Pledgor(s)</b><font style="font-size:12pt;">&#8221;), and </font><b style="font-size:12pt;font-weight:bold;">JORDAN GEOTAS</b><font style="font-size:12pt;">, as representative of the Purchasers named in the Note Purchase Agreement (in such capacity, together with its successors and assigns, &#8220;</font><b style="font-size:12pt;font-weight:bold;">Noteholder Representative</b><font style="font-size:12pt;">&#8221;).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">RECITALS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">A.</font></font><font style="font-size:12pt;">The term &#8220;</font><b style="font-size:12pt;font-weight:bold;">Borrowers</b><font style="font-size:12pt;">&#8221;, as used herein, shall mean, collectively, all of the &#8220;Borrowers&#8221; under the Note Purchase Agreement and such other borrowers that may become Borrowers under the Note Purchase Agreement; the term &#8220;</font><b style="font-size:12pt;font-weight:bold;">Borrower</b><font style="font-size:12pt;">&#8221;, as used herein, shall mean individually each entity that is one of the Borrowers; and the term &#8220;</font><b style="font-size:12pt;font-weight:bold;">Company</b><font style="font-size:12pt;">&#8221; as used herein shall mean each of the parties signatory hereto as a &#8220;Company&#8221;, each of which is a Subsidiary of a Pledgor, and each additional &#8220;Company&#8221; that becomes a party hereto pursuant to any Pledge Amendment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">B.</font></font><font style="font-size:12pt;">Pursuant to that certain Secured Note Purchase Agreement dated as of May 15, 2023, among Borrowers, Noteholder Representative, the Purchasers, and the other parties signatory thereto (as the same may be amended, supplemented, modified, increased, renewed or restated from time to time, the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Note Purchase Agreement</b><font style="font-size:12pt;">&#8221;), Noteholder Representative and the Purchasers have agreed to make available to Borrowers a loan facility. &#160;Borrowers have executed and delivered one or more promissory notes evidencing the indebtedness incurred by Borrowers under the Note Purchase Agreement, defined in the Note Purchase Agreement as the &#8220;Notes&#8221;. The terms and provisions of the Note Purchase Agreement and Notes are hereby incorporated by reference in this Agreement. &#160;Capitalized terms, unless otherwise defined herein, shall have the meanings assigned to them in the Note Purchase Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">C.</font></font><font style="font-size:12pt;">In connection with Noteholder Representative and the Purchasers entering into the Note Purchase Agreement and agreeing to make the credit accommodations thereunder and as security for the complete payment and performance of all of the Obligations, Noteholder Representative is requiring that each Pledgor shall have executed and delivered this Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font