<SEC-DOCUMENT>0001144204-14-008070.txt : 20140212
<SEC-HEADER>0001144204-14-008070.hdr.sgml : 20140212
<ACCEPTANCE-DATETIME>20140212170322
ACCESSION NUMBER:		0001144204-14-008070
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20140207
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140212
DATE AS OF CHANGE:		20140212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNODATA INC
		CENTRAL INDEX KEY:			0000903651
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				133475943
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35774
		FILM NUMBER:		14601212

	BUSINESS ADDRESS:	
		STREET 1:		THREE UNIVERSITY PLAZA
		STREET 2:		SUITE 506
		CITY:			HACKENSACK
		STATE:			NJ
		ZIP:			07601
		BUSINESS PHONE:		201 371 8000

	MAIL ADDRESS:	
		STREET 1:		THREE UNIVERSITY PLAZA
		STREET 2:		SUITE 506
		CITY:			HACKENSACK
		STATE:			NJ
		ZIP:			07601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INNODATA ISOGEN INC
		DATE OF NAME CHANGE:	20031117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INNODATA CORP
		DATE OF NAME CHANGE:	19930505
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v368096_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report: February 7, 2014</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of earliest event reported):</P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INNODATA INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0-22196</B></FONT></TD>
    <TD STYLE="width: 33%; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13-3475943</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Commission File Number)</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">incorporation)</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Three University Plaza</B></FONT></TD>
    <TD STYLE="width: 31%; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 29%; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>07601</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Hackensack, NJ 07601</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Zip Code)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(201) 371-8000</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Registrant's telephone number, including area code)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Innodata Inc. </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Former name or former address, if changed since last report)</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">p</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">p</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">p</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">p</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Events.</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Company&rsquo;s report on Form 10Q
for the nine months ended September 30, 2013 the Company reported that it had a $15 million line of credit under which the Company
could borrow up to a total amount equal to 80% of eligible accounts receivable, and that the line is to expire in June 2014. The
line is an uncommitted line with JP Morgan Chase Bank N.A. (&ldquo;Chase&rdquo;) and borrowings are subject to the discretion of
Chase. The terms of the line are set out in an Advised Line of Credit Note dated June 25, 2012 (the &ldquo;Note&rdquo;), a Note
Modification Agreement with Chase dated June 27, 2013, and a letter from Chase dated June 27, 2013. Any borrowings are to take
the form of advances under the Note (&ldquo;Advances&rdquo;), will bear interest at Chase&rsquo;s alternate base rate plus 0.5%
or LIBOR plus 2.5%, and will be secured under the terms of a continuing security agreement dated May 22, 2008.</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">The Company has never made any borrowings
under the Note.</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">By letter to the Company dated February
7, 2014 Chase advised that it did not intend to make any Advances or extensions of credit or other financial accommodations under
the Note, and that it would not consider permitting Advances in the future unless and until it has received from the Company designated
financial and business information, all in form and substance satisfactory to Chase. Chase also confirmed that the terms and conditions
of the Note and the other Loan Documents (as defined) remain in full force and effect.</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">The foregoing information is qualified
in its entirety by reference to the full texts of the relevant documents, copies of which are filed as exhibits to this Form 8-K.</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-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Financial Statements and Exhibits</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(d) Exhibits</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1 </FONT></TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advised Line of Credit Note dated June 25, 2012 in favor of Chase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Note Modification Agreement dated June 27, 2013 between the Company and Chase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Continuing Security Agreement dated May 22, 2008 between the Company and Chase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Letter dated June 27, 2013 from Chase to the Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Letter dated February 7, 2014 from Chase to the Company</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SIGNATURES</U></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: justify; text-indent: 27pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9;&#9;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INNODATA INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;&nbsp;February 12, 2014</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:&nbsp; <U>/s/ O&rsquo;Neil Nalavadi</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">O&rsquo;Neil Nalavadi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Vice President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and Chief Financial
Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advised Line of Credit Note dated June 25, 2012 in favor of Chase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Note Modification Agreement dated June 27, 2013 between the Company and Chase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Continuing Security Agreement dated May 22, 2008 between the Company and Chase</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Letter dated June 27, 2013 from Chase to the Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Letter dated February 7, 2014 from Chase to the Company</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v368096_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
    <td style="width: 56%; text-align: justify; text-indent: 0in; font-size: 10pt"><font style="font-size: 10pt"><b></b><IMG SRC="tlogo.jpg" ALT=""></font></td>
    <TD STYLE="width: 44%; text-align: right; text-indent: 0in; font-size: 10pt"><font style="font-size: 10pt"><b>Advised Line of Credit Note</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in; background-color: transparent"><B>$15,000,000.00</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in; background-color: transparent"><B>Date:
June 25,2012</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Promise
to Pay</B>. On or before June 25, 2013, for value received, Innodata Inc. (the &quot;Borrower&quot;) promises to pay to JPMorgan
Chase Bank, N.A., whose address is 395 North Service Rd., 3rd Floor, Melville, NY 11747 (the &quot;Bank&quot;) or order, in lawful
money of the United States of America, the sum of Fifteen Million and 00/100 Dollars ($15,000,000.00) or so much thereof as may
be advanced and outstanding, plus interest on the unpaid principal balance as provided below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Interest
Rate Definitions</B>. As used in this Note, the following terms have the following respective meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Adjusted
LIBOR Rate&quot;</B> means, with respect to a LIBOR Rate Advance for the relevant Interest Period, the sum of (i) the Applicable
Margin plus (ii) the quotient of (a) the LIBOR Rate applicable to such Interest Period, divided by (b) one minus the Reserve Requirement
(expressed as a decimal) applicable to such Interest Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Adjusted
One Month LIBOR Rate&quot;</B> means, with respect to a CB Floating Rate Advance for any day, the sum of (i) 2.50% per annum plus
(ii) the quotient of (a) the interest rate determined by the Bank by reference to the Page to be the rate at approximately 11:00
a.m. London time, on such date or, if such date is not a Business Day, on the immediately preceding Business Day for dollar deposits
with a maturity equal to one (1) month, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to
dollar deposits in the London interbank market with a maturity equal to one (1) month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Advance&quot;</B>
means a LIBOR Rate Advance or a CB Floating Rate Advance and <B>&quot;Advances&quot;</B> means all LIBOR Rate Advances and all
CB Floating Rate Advances under this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Applicable
Margin&quot;</B> means with respect to any CB Floating Rate Advance, 0.50% per annum and with respect to any LIBOR Rate Advance,
2.50% per annum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Business
Day&quot;</B> means (i) with respect to the Adjusted One Month LIBOR Rate and any borrowing, payment or rate selection of LIBOR
Rate Advances, a day (other than a Saturday or Sunday) on which banks generally are open in New York for the conduct of substantially
all of their commercial lending activities and on which dealings in United States dollars are carried on in the London interbank
market and (ii) for all other purposes, a day other than a Saturday, Sunday or any other day on which national banking associations
are authorized to be closed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;CB
Floating Rate&quot;</B> means the Prime Rate; <I>provided</I> that the CB Floating Rate shall, on any day, not be less than the
Adjusted One Month LIBOR Rate. The CB Floating Rate is a variable rate and any change in the CB Floating Rate due to any change
in the Prime Rate or the Adjusted One Month LIBOR Rate is effective from and including the effective date of such change in the
Prime Rate or the Adjusted One Month LIBOR Rate, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;CB
Floating Rate Advance&quot;</B> means any borrowing under this Note when and to the extent that its interest rate is determined
by reference to the CB Floating Rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Interest
Period&quot;</B> means, with respect to a LIBOR Rate Advance, a period of one (1), two (2) or three (3) month(s) commencing on
a Business Day selected by the Borrower pursuant to this Note. Such Interest Period shall end on the day which corresponds numerically
to such date one (1), two (2) or three (3) month(s) thereafter, as applicable, <I>provided, however,</I> that if there is no such
numerically corresponding day in such first, second or third succeeding month(s), as applicable, such Interest Period shall end
on the last Business Day of such first, second or third succeeding month(s), as applicable. If an Interest Period would otherwise
end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day<I>, provided, however,</I>
that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding
Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;LIBOR
Rate&quot;</B> means with respect to any LIBOR Rate Advance for any Interest Period, the interest rate determined by the Bank
by reference to Reuters Screen LIBOR01, formerly known as Page 3750 of the Moneyline Telerate Service (together with any successor
or substitute, the <B>&quot;Service&quot;</B>) or any successor or substitute page of the Service, providing rate quotations comparable
to those currently provided on such page of the Service, as determined by the Bank from time to time for purposes of providing
quotations of interest rates applicable to dollar deposits in the London interbank market (the &quot;<B>Page</B>&quot;) to be
the rate at approximately 11:00 a.m. London time, two Business Days prior to the commencement of the Interest Period for dollar
deposits with a maturity equal to such Interest Period. If no LIBOR Rate is available to the Bank, the applicable LIBOR Rate for
the relevant Interest Period shall instead be the rate determined by the Bank to be the rate at which the Bank offers to place
U.S. dollar deposits having a maturity equal to such Interest Period with first-class banks in the London interbank market at
approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period.</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;LIBOR
Rate Advance&quot; </B>means any borrowing under this Note when and to the extent that its interest rate is determined by reference
to the Adjusted LIBOR Rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Prime
Rate&quot; </B>means the rate of interest per annum announced from time to time by the Bank as its prime rate. The Prime Rate is
a variable rate and each change in the Prime Rate is effective from and including the date the change is announced as being effective.
THE PRIME RATE IS A REFERENCE RATE AND MAY NOT BE THE BANK'S LOWEST RATE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Principal
Payment Date&quot; </B>is defined in the paragraph entitled &quot;Principal Payments&quot; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Regulation
D&quot; </B>means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor
thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to
member banks of the Federal Reserve System.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&quot;Reserve
Requirement&quot; </B>means the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves)
which is imposed under Regulation D.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Interest
Rates. </B>The Advance(s) evidenced by this Note may be drawn down and remain outstanding as up to five (5) LIBOR Rate Advances
and/or a CB Floating Rate Advance. The Borrower shall pay interest to the Bank on the outstanding and unpaid principal amount of
each CB Floating Rate Advance at the CB Floating Rate plus the Applicable Margin and each LIBOR Rate Advance at the Adjusted LIBOR
Rate. Interest shall be calculated on the basis of the actual number of days elapsed in a year of 360 days. In no event shall the
interest rate applicable to any Advance exceed the maximum rate allowed by law. Any interest payment which would for any reason
be deemed unlawful under applicable law shall be applied to principal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Bank
<FONT STYLE="font-family: Times New Roman, Times, Serif">Records</FONT>.</B> The Bank shall, in the ordinary course of business,
make notations in its records of the date, amount, interest rate and Interest Period of each Advance hereunder, the amount of
each payment on the Advances, and other information. Such records shall, in the absence of manifest error, be conclusive as to
the outstanding principal balance of and interest rate or rates applicable to this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Notice
and Manner of Electing Interest Rates on Advances. </B>The Borrower shall <FONT STYLE="font-weight: normal">give </FONT>the Bank
written notice (effective upon receipt) of the Borrower's intent to draw down an Advance under this Note no later than 2:00 p.m.
Eastern time, on the date of disbursement, if the full amount of the drawn Advance is to be disbursed as a CB Floating Rate Advance
and no later than 11:00 a.m. Eastern time three (3) Business Days before disbursement, if any part of such Advance is to be disbursed
as a LIBOR Rate Advance. The Borrower's notice must specify: (a) the disbursement date, (b) the amount of each Advance, (c) the
type of each Advance (CB Floating Rate Advance or LIBOR Rate Advance), and (d) for each LIBOR Rate Advance, the duration of the
applicable Interest Period; <I>provided, however,</I> that the Borrower may not elect an Interest Period ending after the maturity
date of this Note. Each LIBOR Rate Advance shall be in a minimum amount of Five Hundred Thousand and 00/100 Dollars ($500,000.00).
All notices under this paragraph are irrevocable. By the Bank's close of business on the disbursement date and upon fulfillment
of the conditions set forth herein and in any other of the Related Documents, the Bank shall disburse the requested Advances in
immediately available funds by crediting the amount of such Advances to the Borrower's account with the Bank.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Conversion
and Renewals</B>. The Borrower may elect from time to time to convert one type of Advance into another or to renew any Advance
by giving the Bank written notice no later than 2:00 p.m. Eastern time, on the date of the conversion into or renewal of a CB Floating
Rate Advance and 11:00 a.m. Eastern time three (3) Business Days before conversion into or renewal of a LIBOR Rate Advance, specifying:
(a) the renewal or conversion date, (b) the amount of the Advance to be converted or renewed, (c) in the case of conversion, the
type of Advance to be converted into (CB Floating Rate Advance or LIBOR Rate Advance), and (d) in the case of renewals of or conversion
into a LIBOR Rate Advance, the applicable Interest Period, provided that (i) the minimum principal amount of each LIBOR Rate Advance
outstanding after a renewal or conversion shall be Five Hundred Thousand and 00/100 Dollars ($500,000.00); (ii) a LIBOR Rate Advance
can only be converted on the last day of the Interest Period for the Advance; and (iii) the Borrower may not elect an Interest
Period ending after the maturity date of this Note. All notices given under this paragraph are irrevocable. If the Borrower fails
to give the Bank the notice specified above for the renewal or conversion of a LIBOR Rate Advance by 11:00 a.m. Eastern time three
(3) Business Days before the end of the Interest Period for that Advance, the Advance shall automatically be converted to a CB
Floating Rate Advance on the last day of the Interest Period for the Advance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Interest
Payments</B>. Interest on the Advances shall be paid as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">A.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">For
each CB Floating Rate Advance, on the last day of each month beginning with the first month following disbursement of the Advance
or following conversion of an Advance into a CB Floating Rate Advance, and at the maturity or conversion of the Advance into a
LIBOR Rate Advance;</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;For
each LIBOR Rate Advance,&#9;on the last day of the Interest Period for the Advance and, if the Interest Period is longer than three
months, at three-month intervals beginning with the day three months from the date the Advance is disbursed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Principal
Payments. </B>All outstanding principal and interest is due and payable in full on June 25, 2013, which is defined herein as the
&quot;Principal Payment Date&quot;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Default
Rate of Interest</B>. After a default has occurred under this Note, whether or not the Bank elects to accelerate the maturity of
this Note because of such default, all Advances outstanding under this Note, shall bear interest at a per annum rate equal to the
interest rate being charged on each such Advance plus three percent (3.00%) from the date the Bank elects to impose such rate.
Imposition of this rate shall not affect any limitations contained in this Note on the Borrower's right to repay principal on any
LIBOR Rate Advance before the expiration of the Interest Period for each such Advance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Prepayment/Funding
Loss Indemnification.</B> The Borrower may prepay all or any part of any CB Floating Rate Advance at any time without premium or
penalty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">The
Borrower shall pay the Bank amounts sufficient (in the Bank's reasonable opinion) to compensate the Bank for any loss, cost, or
expense incurred as a result of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<FONT STYLE="font-size: 10pt">Any
payment of a LIBOR Rate&#9;Advance on a date other than the last day of the Interest Period for the Advance, including, without
limitation, acceleration of the Advances by the Bank pursuant to this Note or the other Related Documents; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<FONT STYLE="font-size: 10pt">Any
failure by the Borrower to borrow or renew a LIBOR Rate Advance on the date specified in&#9;the relevant notice from the Borrower
to the Bank.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Additional
Costs</B>. If any applicable domestic or foreign law, treaty, government rule or regulation now or later in effect (whether or
not it now applies to the Bank) or the interpretation or administration thereof by a governmental authority charged with such interpretation
or administration, or compliance by the Bank with any guideline, request or directive of such an authority (whether or not having
the force of law), shall (a) affect the basis of taxation of payments to the Bank of any amounts payable by the Borrower under
this Note or the other Related Documents (other than taxes imposed on the overall net income of the Bank by the jurisdiction or
by any political subdivision or taxing authority of the jurisdiction in which the Bank has its principal office), or (b) impose,
modify or deem applicable any reserve, special deposit or similar requirement (including, without limitation, Federal Deposit Insurance
Corporation deposit insurance premiums or assessments) against assets of, deposits with or for the account of, or credit extended
by the Bank, or (c) impose any other condition with respect to this Note or the other Related Documents and the result of any of
the foregoing is to increase the cost to the Bank of extending, maintaining or funding any LIBOR Rate Advance or to reduce the
amount of any sum receivable by the Bank on any Advance, or (d) affect the amount of capital or liquidity required or expected
to be maintained by the Bank (or any corporation controlling the Bank) and the Bank determines that the amount of such capital
or liquidity is increased by or based upon the existence of the Bank's obligations under this Note or the other Related Documents
and the increase has the effect of reducing the rate of return on the Bank's (or its controlling corporation's) capital as a consequence
of the obligations under this Note or the other Related Documents to a level below that which the Bank (or its controlling corporation)
could have achieved but for such circumstances (taking into consideration its policies with respect to capital adequacy) by an
amount deemed by the Bank to be material, then the Borrower shall pay to the Bank, from time to time, upon request by the Bank,
additional amounts sufficient to compensate the Bank for the increased cost or reduced sum receivable. Whenever the Bank shall
learn of circumstances described in this section which are likely to result in additional costs to the Borrower, the Bank shall
give prompt written notice to the Borrower of the basis for and the estimated amount of any such anticipated additional costs.
A statement as to the amount of the increased cost or reduced sum receivable, prepared in good faith and in reasonable detail by
the Bank and submitted by the Bank to the Borrower, shall be conclusive and binding for all purposes absent manifest error in computation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Illegality</B>.
If any applicable domestic or foreign law, treaty, rule or regulation now or later in effect (whether or not it now applies to
the Bank) or the interpretation or administration thereof by a governmental authority charged with such interpretation or administration,
or compliance by the Bank with any guideline, request or directive of such an authority (whether or not having the force of law),
shall make it unlawful or impossible for the Bank to maintain or fund the LIBOR Rate Advances, then, upon notice to the Borrower
by the Bank, the outstanding principal amount of the LIBOR Rate Advances, together with accrued interest and any other amounts
payable to the Bank under this Note or the other Related Documents on account of the LIBOR Rate Advances shall be repaid (a) immediately
upon the Bank's demand if such change or compliance with such requests, in the Bank's judgment, requires immediate repayment, or
(b) at the expiration of the last Interest Period to expire before the effective date of any such change or request provided, however,
that subject to the terms and conditions of this Note and the other Related Documents the Borrower shall be entitled to simultaneously
replace the entire outstanding balance of any LIBOR Rate Advance repaid in accordance with this section with a CB Floating Rate
Advance in the same amount.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Inability
</B>to <B>Determine Interest Rate. </B>If the Bank determines that <FONT STYLE="font-weight: normal">(a) </FONT>quotations of interest
rates for the relevant deposits referred to in the definition of Adjusted LIBOR Rate are not being provided for purposes of determining
the interest rate on a LIBOR Rate Advance as provided in this Note, or (b) the relevant interest rates referred to in the definition
of Adjusted LIBOR Rate do not accurately cover the cost to the Bank of making, funding or maintaining LIBOR Rate Advances, then
the Bank shall at the Bank's option, give notice of such circumstances to the Borrower, whereupon (i) the obligation of the Bank
to make LIBOR Rate Advances shall be suspended until the Bank notifies the Borrower that the circumstances giving rise to the suspension
no longer exists, and (ii) the Borrower shall repay in full the then outstanding principal amount of each LIBOR Rate Advance, together
with accrued interest, on the last day of the then current Interest Period applicable to the LIBOR Rate Advance, provided, however,
that, subject to the terms and conditions of this Note and the other Related Documents, the Borrower shall be entitled to simultaneously
replace the entire outstanding balance of any LIBOR Rate Advance repaid in accordance with this section with an Advance bearing
interest at the CB Floating Rate plus the Applicable Margin for CB Floating Rate Advances in the same amount. If the Bank determines
on any day that quotations of interest rates for the relevant deposits referred to in the definition of Adjusted One Month LIBOR
Rate are not being provided for purposes of determining the interest rate on any CB Floating Rate Advance on any day, then each
CB Floating Rate Advance shall bear interest at the Prime Rate plus the Applicable Margin for CB Floating Rate Advances until the
Bank determines that quotations of interest rates for the relevant deposits referred to in the definition of Adjusted One Month
LIBOR Rate are being provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Obligations
Due on Non-Business Day. </B>Whenever any payment under this Note becomes due and payable on a day that is not a Business Day,
if no default then exists under this Note, the maturity of the payment shall be extended to the next succeeding Business Day, except,
in the case of a LIBOR Rate Advance, if the result of the extension would be to extend the payment into another calendar month,
the payment must be made on the immediately preceding Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Matters
Regarding Payment. </B>The Borrower will pay the Bank at the Bank's address shown above or at such other place as the Bank may
designate. Payments shall be allocated among principal, interest and fees at the discretion of the Bank unless otherwise agreed
or required by applicable law. Acceptance by the Bank of any payment which is less than the payment due at the time shall not constitute
a waiver of the Bank's right to receive payment in full at that time or any other time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Authorization
for Direct Payments (ACH Debits). </B>To effectuate any payment due under this Note or under any other Related Documents, the Borrower
hereby authorizes the Bank to initiate debit entries to Account Number 6104194638 at the Bank and to debit the same to such account.
This authorization to initiate debit entries shall remain in full force and effect until the Bank has received written notification
of its termination in such time and in such manner as to afford the Bank a reasonable opportunity to act on it. The Borrower represents
that the Borrower is and will be the owner of all funds in such account. The Borrower acknowledges: (1) that such debit entries
may cause an overdraft of such account which may result in the Bank&rsquo;s refusal to honor items drawn on such account until
adequate deposits are made to such account; (2) that the Bank is under no duty or obligation to initiate any debit entry for any
purpose; and (3) that if a debit is not made because the above-referenced account does not have a sufficient available balance,
or otherwise, the payment may be late or past due.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Late
Fee. </B>Any principal or interest which is not paid within 10 days after its due date (whether as stated, by acceleration or otherwise)
shall be subject to a late payment charge of five percent (5.00%) of the total payment due, in addition to the payment of interest,
up to the maximum amount of One Thousand Five Hundred and 00/100 Dollars ($1,500.00) per late charge. The Borrower agrees to pay
and stipulates that five percent (5.00%) of the total payment due is a reasonable amount for a late payment charge. The Borrower
shall pay the late payment charge upon demand by the Bank or, if billed, within the time specified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Purpose
of Loan. </B>The Borrower acknowledges and agrees that this Note evidences a loan for a business, commercial, agricultural or
similar commercial enterprise purpose, and that no advance shall be used for any personal, family or household purpose. The proceeds
of the loan shall be<B> </B>used only<B> </B>for the Borrower's working capital purposes.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Uncommitted
Line of Credit. The execution and delivery of this Note by the Borrower and the acceptance by the&#9;Bank of this Note shall not
be deemed or construed to create any contractual commitment to lend by the Bank to the Borrower. The line of credit is in the
form of advances made by the Bank to the Borrower under this Note (&quot;Advances&quot;), each of which shall be made, by the
Bank on behalf of the Borrower in the Bank&rsquo;s sole and absolute discretion. This Note evidences the Borrower's obligation
to repay those Advances. The Bank may, for any reason or no reason at all, refuse to make any Advance at any time without prior
notice to the Borrower, including without limitation, whether or not an event of default has occurred or exists or whether or
not the Bank has made any Advances under similar circumstances<FONT STYLE="font-weight: normal">. <FONT STYLE="font-style: normal">The
Borrower has executed and delivered this</FONT></FONT><B> </B><FONT STYLE="font-weight: normal">Note to provide for the terms
that must be met before the Bank <FONT STYLE="font-style: normal">will</FONT></FONT><B> </B><FONT STYLE="font-weight: normal">consider
making <FONT STYLE="font-style: normal">an</FONT></FONT><B> </B><FONT STYLE="font-weight: normal">advance <FONT STYLE="font-style: normal">to
the Borrower and for</FONT></FONT><B> </B><FONT STYLE="font-weight: normal">ease of administering advances that the Bank may in
its sole discretion make to the Borrower. The aggregate outstanding principal amount of debt evidenced by this Note is the amount
so</FONT> <FONT STYLE="font-weight: normal">reflected from time to time in the records of the Bank.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Borrowing
Base.</B><FONT STYLE="font-weight: normal"> </FONT>Currently the Borrowing Base is calculated in accordance with the computation
contained in the Borrowing Base Certificate.<B> The components of the Borrowing Base, including advance rates, dollar limits and
eligibility criteria as set forth in the Borrowing Base Certificate are subject to change at any time and from time to time by
the Bank in its sole and absolute discretion. Accordingly, since the Bank is not obligated in any way to make any Advance, the
Bank may, in its sole and absolute discretion, decline to make any Advance when requested, even if availability exists pursuant
to the Borrowing Base Certificate. &quot;Borrowing Base&quot; </B>means the amount stated as the net available amount on the most
recent Borrowing Base Certificate submitted by the Borrower to the Bank, subject to verification and determination by the Bank
at any time and calculation using the eligibility criteria, borrowing base factors, dollar ceilings for various components and
any deductions specified in the Borrowing Base Certificate. <B>&quot;Borrowing Base Certificate&quot; </B>means <FONT STYLE="font-weight: normal">the
</FONT>certificate, signed and certified as accurate and complete by an authorized officer or person of the Borrower periodically
submitted by the Borrower to Bank, substantially in the form submitted by the Borrower to the Bank or such other form which is
acceptable to the Bank in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Mandatory
Repayment. </B>The Bank has approved an uncommitted line of credit to the Borrower in a principal amount not to exceed the lesser
of (i) the Borrowing Base; and (ii) $15,000,000.00 (the &quot;Line Amount&quot;). In the event the aggregate outstanding amount
of any Advances at any time exceeds the Line Amount (the &quot;Line Deficit&quot;), the Borrower agrees to immediately pay, without
notice or demand by the Bank, an aggregate amount equal to the Line Deficit, together with accrued and unpaid interest on the Line
Deficit. The payment by the Borrower of any Line Deficit shall be applied to the outstanding principal and interest of any advances
as the <FONT STYLE="font-weight: normal">Bank </FONT>determines in excess of the amount <FONT STYLE="font-weight: normal">of </FONT>the
Borrowing Base.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>General
Definitions. </B>As used in this Note, the following terms have the following respective meanings:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>&quot;Account&quot; </B>means a trade account, account receivable, other receivable, or other
right to payment for goods sold or leased or services rendered.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>&quot;Affiliate&quot; </B>means any Person which, directly or indirectly, Controls or is Controlled
by or under common Control with, another Person, and any director or officer thereof. The Bank is under no circumstances to be
deemed an Affiliate of the Borrower or any of its Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B>&quot;Collateral&quot; </B>means all Property, now or in the future subject to any Lien in favor
of the Bank, securing or intending to secure, any of the Liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>&quot;Control&quot; </B>as used with respect to any Person, means the power to direct or cause
the direction of, the management and policies of that Person, directly or indirectly, whether through the ownership of Equity Interests,
by contract, or otherwise. &quot;Controlling&quot; and &quot;Controlled&quot; have meanings correlative thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><B>&quot;Equity Interests&quot; </B>means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and
any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><B>&quot;GAAP&quot; </B>means generally accepted accounting principles in effect from time to time
in the United States of America, consistently applied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><B>&quot;Liabilities&quot;</B> means all debts, obligations, and liabilities of every kind and
character of the Borrower, whether individual, joint and several, contingent or otherwise, now or hereafter existing in favor of
the Bank, including without limitation, all liabilities, interest, costs and fees, arising under or from any note, open account,
overdraft, credit card, lease, Rate Management Transaction, letter of credit application, endorsement, surety agreement, guaranty,
acceptance, foreign exchange contract or depository service contract, whether payable to the Bank or to a third party and subsequently
acquired by the Bank, any monetary obligations (including interest) incurred or accrued during the pendency of any bankruptcy,
insolvency, receivership or other similar proceedings, regardless of whether allowed or allowable in such proceeding, and all renewals,
extensions, modifications, consolidations, rearrangements, restatements, replacements or substitutions of any of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><B>&quot;Lien&quot;</B> means any mortgage, deed of trust, pledge, charge, encumbrance, security
interest, collateral assignment or other lien or restriction of any kind.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify"><B>&quot;Obligor&quot;</B> means any Borrower, guarantor, surety, co-signer, endorser, general
partner or other Person who may now or in the future be obligated to pay any of the Liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify"><B>&quot;Person&quot;</B> means any individual, corporation, partnership, limited liability company,
joint venture, joint stock association, association, bank, business trust, trust, unincorporated organization, any foreign governmental
authority, the United States of America, any state of the United States and any political subdivision of any of the foregoing or
any other form of entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify"><B>&quot;Pledgor&quot;</B> means any Person providing Collateral.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify"><B>&quot;Property&quot;</B> means any interest in any kind of property or asset, whether real,
personal or mixed, tangible or intangible.</TD></TR></TABLE>



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

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


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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
    <td style="width: 5%; text-align: justify; text-indent: 0in">13.</td>
    <td style="width: 95%; text-align: justify; text-indent: 0in"><font style="font-size: 10pt"><b>&quot;Rate Management Transaction&quot; </b>means any transaction (including an agreement with respect thereto) that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option, derivative transaction or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">&nbsp;</td>
    <td style="text-align: justify; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">14.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt"><b>&quot;Related Documents&quot;</b> means this Note, all loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments, guaranties, and any other instrument or document executed in connection with this Note or in connection with any of the Liabilities.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">&nbsp;</td>
    <td style="text-align: justify; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">15.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt"><b>&quot;Subsidiary&quot; </b>means, as to any particular Person (the &quot;parent&quot;), a Person the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of the date of determination, as well as any other Person of which fifty percent (50%) or more of the Equity Interests is at the time of determination directly or indirectly owned, Controlled or held, by the parent or by any Person or Persons Controlled <font style="font-weight: normal">by </font>the parent, either alone or together with the parent.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Bank's
<FONT STYLE="font-family: Times New Roman, Times, Serif">Right</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><B>of Setoff. </B>The Borrower grants to the Bank a security interest in the Deposits, and the Bank is authorized to setoff
and apply, all Deposits, Securities and Other Property, and Bank Debt against any and all Liabilities. This right of setoff may
be exercised at any time and from time to time after the occurrence of any Event of Default hereinafter set forth , without prior
notice to or demand on the Borrower and regardless of whether any Liabilities are contingent, unmatured or unliquidated. In this
paragraph: (a) the term &quot;Deposits&quot; means any and all accounts and deposits of the Borrower (whether general, special,
time, demand, provisional or final) at any time held by the Bank (including all Deposits held jointly with another, but excluding
any IRA or Keogh Deposits, or any trust Deposits in which a security interest would be prohibited by law); (b) the term &quot;Securities
and Other Property&quot; means any and all securities and other personal property of the Borrower in the custody, possession or
control of the Bank, JPMorgan Chase &amp; Co. or their respective Subsidiaries and Affiliates (other than Property held by the
Bank in a fiduciary capacity); and (c) the term &quot;Bank Debt&quot; means all indebtedness at any time owing by the Bank, to
or for the credit or account of the Borrower and any claim of the Borrower (whether individual, joint and several or otherwise)
against the Bank now or hereafter existing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Representations
by Borrower</B>. The Borrower represents and warrants that each of the following is and will remain true and correct until the
later of maturity or the date on which all Liabilities evidenced by this Note are paid in full: (a) the execution and delivery
of this Note and the performance of the obligations it imposes do not violate any law, conflict with any agreement by which it
is bound, or require the consent or approval of any other Person; (b) this Note is a valid and binding agreement of the Borrower,
enforceable according to its terms, except as may be limited by bankruptcy, insolvency or other laws affecting the enforcement
of creditor&rsquo;s rights generally and by general principles of equity; (c) all balance sheets, profit and loss statements, other
financial statements and applications for credit furnished to the Bank in connection with the Liabilities are accurate and fairly
reflect the financial condition of the Persons to which they apply on their effective dates, including contingent liabilities of
every type, which financial condition has not materially and adversely changed since those dates; and, if the Borrower is not a
natural Person: (i) it is duly organized, validly existing and in good standing under the laws of the state where it is organized
and in good standing in each state where it is doing business; and (ii) the execution and delivery of this Note and the performance
of the obligations it imposes (A) are within its powers and have been duly authorized by all necessary action of its governing
body, and (B) do not contravene the terms of its articles of incorporation or organization, its by-laws, regulations or any partnership,
operating or other agreement governing its organization and affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Financial
Reports.</B> Furnish to the Bank whatever information, books and records the Bank may reasonably request, including at a minimum.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
    <td style="width: 5%; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">1.</font></td>
    <td style="width: 95%; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Within forty-five (45) days after each quarterly period, the consolidated financial statements of the Borrower and its Subsidiaries prepared and presented in accordance with GAAP, including a balance sheet as of the end of that period, and income statement for that period, and, if requested at any time by the Bank, statements of cash flow and retained earnings for that period, all certified as correct by one of its authorized agents.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">&nbsp;</td>
    <td style="text-align: justify; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">2.</font></td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Within ninety (90) days after and as of the end of each of its fiscal years, the consolidated financial statements of the Borrower and its Subsidiaries prepared and presented in accordance with GAAP, including a balance sheet and statements of income, cash flow and retained earnings, such financial statements to be audited by an independent certified public accountant of recognized standing satisfactory to the Bank.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">&nbsp;</td>
    <td style="text-align: justify; text-indent: 0in">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">3.</font></td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">A list of Accounts, aged from date of invoice and certified as correct by one of its authorized agents at the following times: (A) within thirty (30) days after and as of the end of each calendar month in which there was an outstanding principal balance under this Note on the last day of such calendar month; and (B) if no Borrowing Base Certificate has been provided or is otherwise due as of the end of the immediately preceding calendar month, with any request for an advance under this Note.</font></td></tr>
</table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
    <td style="width: 5%; text-align: justify; text-indent: 0in">4.</td>
    <td style="width: 95%; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">A Borrowing Base Certificate, along with such supporting documentation as the Bank may request, at the following times: (A) within thirty (30) days after and as of the end of each calendar month in which there was an outstanding principal balance under this Note on the last day of such calendar month; and (B) if no Borrowing Base Certificate has been provided or is otherwise due as&#9;of the end of the immediately preceding calendar month, with any request for an advance under this Note.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Events
of Default/Acceleration. </B>If any <FONT STYLE="font-weight: normal">of </FONT>the following events occurs, this Note shall become
due immediately, without notice, at the Bank's option:</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
    <td style="width: 5%; text-align: justify; text-indent: 0in">1.</td>
    <td style="width: 95%; text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Any Obligor fails to pay when due any of the Liabilities or any other debt to any Person, or any amount payable with respect to any of the Liabilities, or under this Note, any other Related Document, or any agreement or instrument evidencing other debt to any Person.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">2.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Any Obligor or any Pledgor: (a) fails to observe or perform or otherwise violates any other term, covenant, condition or agreement of any of the Related Documents; (b) makes any materially incorrect or misleading representation, warranty, or certificate to the Bank; (c) makes any materially incorrect or misleading representation in any financial statement or other information delivered to the Bank; or (d) defaults under the terms of any agreement or instrument relating to any debt for borrowed money (other than the debt evidenced by the Related Documents) and the effect of such default will allow the creditor to declare the debt due before its stated maturity.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">3.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">In the event (a) there is a default under the terms of any Related Document, (b) any Obligor terminates or revokes or purports to terminate or revoke its guaranty or any Obligor's guaranty becomes unenforceable in whole or in part, (c) any Obligor fails to perform promptly under its guaranty, or (d) any Obligor fails to comply with, or perform under any agreement, now or hereafter in effect, between the Obligor and the Bank, or any Affiliate of the Bank or their respective successors and assigns.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">4.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">There is any loss, theft, damage, or destruction of any Collateral not covered by insurance.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">5.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Any event occurs that would permit the Pension Benefit Guaranty Corporation to terminate any employee benefit plan of any Obligor or any Subsidiary of any Obligor.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">6.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Any Obligor or any of its Subsidiaries or any Pledgor: (a) becomes insolvent or unable to pay its debts as they become due; (b) makes an assignment for the benefit of creditors; (c) consents to the appointment of a custodian, receiver, or trustee for itself or for a substantial part of its Property; (d) commences any proceeding under any bankruptcy, reorganization, liquidation, insolvency or similar laws; (e) conceals or removes any of its Property, with intent to hinder, delay or defraud any of its creditors; (f) makes or permits a transfer of any of its Property, which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or (g) makes a transfer of any of its Property to or for the benefit of a creditor at a time when other creditors similarly situated have not been paid.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">7.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">A custodian, receiver, or trustee is appointed for any Obligor or any of its Subsidiaries or any Pledgor or for a substantial part of their respective Property.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">8.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Any Obligor or any of its Subsidiaries, without the Bank's written consent which shall not be unreasonably withheld: (a) liquidates or is dissolved; (b) merges or consolidates with any other Person; (c) leases, sells or otherwise conveys a material part of its assets or business outside the ordinary course of its business; (d) leases, purchases, or otherwise acquires a material part of the assets of any other Person, except in the ordinary course of its business; or (e) agrees to do any of the foregoing; provided, however, that any Subsidiary of an Obligor may merge or consolidate with any other Subsidiary of that Obligor, or with the Obligor, so long as the Obligor is the survivor.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">9.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Proceedings are commenced under any bankruptcy, reorganization, liquidation, or similar laws against any Obligor or any of its Subsidiaries or any Pledgor and remain undismissed for thirty (30) days after commencement; or any Obligor or any of its Subsidiaries or any Pledgor consents to the commencement of those proceedings.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">10.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Any judgment is entered against any Obligor or any of its Subsidiaries, or any attachment, seizure, sequestration, levy, or garnishment is issued against any Property of any Obligor or any of its Subsidiaries or of any Pledgor or any Collateral in an aggregate amount in excess of One Million and 00/100 Dollars ($1,000,000.00) outstanding at any one time.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">11.</td>
    <td style="text-align: justify; text-indent: 0in"><font style="font-size: 10pt">Any individual Obligor or Pledgor dies, or a guardian or conservator is appointed for any individual Obligor or Pledgor or all or any portion of their respective Property, or the Collateral.</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify; text-indent: 0in">12.</td>
    <td style="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Any material adverse change occurs in:
    (a) the reputation, Property, financial condition, business, assets, affairs, prospects, liabilities, or operations of any
    Obligor or any of its Subsidiaries which are stated by the Borrower to be significant subsidiaries, or any such other similar
    term, in any periodic or other reports, proxy statements or other materials now or hereafter filed at any time by the
    Borrower with the Securities and Exchange Commission or any governmental authority succeeding to any or all of the functions
    of said Commission; (b) any Obligor's or Pledgor's ability to perform its obligations under the Related Documents; or
</FONT>(c) the Collateral.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Remedies.
</B>If this Note is not paid at maturity, whether by acceleration or otherwise, the Bank shall have all of the rights and remedies
provided by any law or agreement, in equity or otherwise. The Bank is authorized to cause all or any part of the Collateral to
be transferred to or registered in its name or in the name of any other Person, with or without designating the capacity of that
nominee. Without limiting any other available remedy, the Borrower is liable for any deficiency remaining after disposition of
any Collateral.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">The
Borrower is liable to the Bank for all reasonable costs and expenses of every kind incurred (or charged by internal allocation)
in connection with the negotiation, preparation, execution, filing, recording, modification, supplementing and waiver of this Note
or the other Related Documents and the making, servicing and collection of this Note or the other Related Documents and any other
amounts owed under this Note or the other Related Documents, including without limitation reasonable attorneys' fees and court
costs. These costs and expenses include without limitation any costs or expenses incurred by the Bank in any bankruptcy, reorganization,
insolvency or other similar proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-size: 10pt"><B>Waivers</B>.
Each Obligor waives: (a) to the extent not prohibited by law, all rights and benefits under any laws or statutes regarding sureties,
as may be amended; (b) any right to receive notice of the following matters before the Bank enforces any of its rights: (i) the
Bank's acceptance of this Note, (ii) any credit that the Bank extends to the Borrower, (iii) the Borrower's default, (iv) any demand,
diligence, presentment, dishonor and protest, or (v) any action that the Bank takes regarding the Borrower, anyone else, any Collateral,
or any of the Liabilities, that it might be entitled to by law, under any other agreement, in equity or otherwise; (c) any right
to require the Bank to proceed against the Borrower, any other Obligor, or any Collateral, or pursue any remedy in the Bank's power
to pursue; </FONT>(d) <FONT STYLE="font-size: 10pt">any defense based on any claim that any endorser's or other Obligor's obligations
exceed or are more burdensome than those of the Borrower; (e) the benefit of any statute of limitations affecting liability of
any endorser or other Obligor or the enforcement hereof; (f) any defense arising by reason of any disability or other defense of
the Borrower or by reason of the cessation from any cause whatsoever (other than payment in full) of the obligation of the Borrower
for the Liabilities; and (g) any defense based on or arising out of any defense that the Borrower may have to the payment or performance
of the Liabilities or any portion thereof. Each Obligor consents to any extension or postponement of time of its payment without
limit as to the number or period, to any substitution, exchange or release of all or any part of the Collateral, to the addition
of any other Person, and to the release or discharge of, or suspension of any rights and remedies against, any Obligor. The Bank
may waive or delay enforcing any of its rights without losing them. Any waiver affects only the specific terms and time period
stated in the waiver. No modification or waiver of any provision of this Note is effective unless it is in writing and signed by
the Person against whom it is being enforced.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Cooperation.
</B>The Borrower agrees to fully cooperate with the Bank and not to delay, impede or otherwise interfere with the efforts of the
Bank to secure payment from the Collateral including actions, proceedings, motions, orders, agreements or other matters relating
to relief from automatic stay, abandonment of Property, use of cash Collateral and sale of the Collateral free and clear of all
Liens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Rights
of Subrogation. </B>Each Obligor waives and agrees not to enforce any rights of subrogation, contribution or indemnification that
it may have against the Borrower, any other Obligor, or the Collateral, until the Borrower and such Obligor have fully performed
all their obligations to the Bank, even if those obligations are not covered by this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Reinstatement</B>.
The Borrower agrees that to the extent any payment or transfer is received by the Bank in connection with the Liabilities evidenced
by this Note, and all or any part of the payment or transfer is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required to be transferred or repaid by the Bank or transferred or paid over to a trustee, receiver or any other Person,
whether under any bankruptcy act or otherwise (any of those payments or transfers is hereinafter referred to as a &quot;Preferential
Payment&quot;), then this Note shall continue to be effective or shall be reinstated, as the case may be, even if all those Liabilities
have been paid in full and whether or not the Bank is in possession of this Note, or whether the Note has been marked paid, released
or canceled, or returned to the Borrower and, to the extent of the payment, repayment or other transfer by the Bank, the Liabilities
or part intended to be satisfied by the Preferential Payment shall be revived and continued in full force and effect as if the
Preferential Payment had not been made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Governing
Law and Venue</B>. This Note shall be governed by and construed in accordance with the laws of the State of New York (without giving
effect to its laws of conflicts). The Borrower agrees that any legal action or proceeding with respect to any of its obligations
under this Note may be brought by the Bank in any state or federal court located in the State of New York, as the Bank in its sole
discretion may elect. By the execution and delivery of this Note, the Borrower submits to and accepts, for itself and in respect
of its property, generally and unconditionally, the non-exclusive jurisdiction of those courts. The Borrower waives any claim that
the State of New York is not a convenient forum or the proper venue for any such suit, action or proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Renewal
and Extension</B>. This Note is given in replacement, renewal and/or extension of, but not in extinguishment of the indebtedness
evidenced by, that Advised Line of Credit Note dated September 4, 2009 executed by the Borrower in the original principal amount
of Seven Million and 00/100 Dollars ($7,000,000.00), including previous renewals or modifications thereof, if any (the &quot;Prior
Note&quot; and together with all loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages,
deeds of trust, pledge agreements, assignments, guaranties, and any other instrument or document executed in connection with the
Prior Note, the &quot;Prior Related Documents&quot;), and is not a novation thereof. All interest evidenced by the Prior Note shall
continue to be due and payable until paid. If applicable, all Collateral continues to secure the payment of this Note and the Liabilities.
The provisions of this Note are effective on the date that this Note has been executed by all of the signers and delivered to the
Bank.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Miscellaneous.</B>
If more than one Borrower executes this Note: (i) each Borrower is liable jointly and severally for the Liabilities evidenced by
this Note; (ii) the term &quot;Borrower&quot; means any one or more of them; and (iii) the receipt of value by any one of them
constitutes the receipt of value by the others. This Note binds the Borrower and its successors, and benefits the Bank, its successors
and assigns. Any reference to the Bank includes any holder of this Note. Section headings are for convenience of reference only
and do not affect the interpretation of this Note. Any notices and demands under or related to this Note shall be in writing and
delivered to the intended party at its address stated herein, and if to the Bank, at its main office if no other address of the
Bank is specified herein, by one of the following means: (a) by hand; (b) by a nationally recognized overnight courier service;
or (c) by certified mail, postage prepaid, with return receipt requested. All notices to the Borrower shall be addressed to its
corporate headquarters at the addresss stated herein with a copied to the Office of the CFO and the Office of the General Counsel.
Notice shall be deemed given: (a) upon receipt if delivered by hand; (b) on the Delivery Day after the day of deposit with a nationally
recognized courier service; or (c) on the third Delivery Day after the notice is deposited in the mail. &quot;Delivery Day&quot;
means a day other than a Saturday, a Sunday, or any other day on which national banking associations are authorized to be closed.
Any party may change its address for purposes of the receipt of notices and demands by giving notice of such change in the manner
provided in this provision. This Note and the other Related Documents embody the entire agreement between the Borrower and the
Bank regarding the terms of the loan evidenced by this Note and supercede all oral statements and prior writings relating to that
loan. No delay on the part of the Bank in the exercise of any right or remedy waives that right or remedy. No single or partial
exercise by the Bank of any right or remedy precludes any other future exercise of it or the exercise of any other right or remedy.
No waiver or indulgence by the Bank of any default is effective unless it is in writing and signed by the Bank, nor shall a waiver
on one occasion bar or waive that right on any future occasion. The rights of the Bank under this Note and the other Related Documents
are in addition to other rights (including without limitation, other rights of setoff) the Bank may have contractually, by law,
in equity or otherwise, all of which are cumulative and hereby retained by the Bank. If any provision of this Note cannot be enforced,
the remaining portions of this Note shall continue in effect. The Borrower agrees that the Bank may provide any information or
knowledge the Bank may have about the Borrower or about any matter relating to this Note or the Related Documents to JPMorgan Chase
&amp; Co., or any of its Subsidiaries or Affiliates or their successors, or to any one or more purchasers or potential purchasers
of this Note or the Related Documents. The Borrower agrees that the Bank may at any time sell, assign or transfer one or more interests
or participations in all or any part of its rights and obligations in this Note to one or more purchasers whether or not related
to the Bank. Time is of the essence under this Note and in the performance of every term, covenant and obligation contained herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Government
Regulation. </B>The Borrower shall not (a) be or become subject at any time to any law, regulation, or list of any government agency
(including, without limitation, the U.S. <FONT STYLE="font-weight: normal">Office </FONT>of Foreign Asset Control list) that prohibits
or limits the Bank from making any advance or extension of credit to the Borrower or from otherwise conducting business with the
Borrower, or (b) fail to provide documentary and other evidence of the Borrower's identity as may be requested by the Bank at any
time to enable the Bank to verify the Borrower's identity or to comply with any applicable law or regulation, including, without
limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>USA
PATRIOT ACT NOTIFICATION. </B>The following notification is provided to the Borrower pursuant to Section 326 of the USA Patriot
Act of 2001, 31 U.S.C. Section 5318:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">IMPORTANT
INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government fight the funding of terrorism and money laundering
activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each Person
that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial
services product. What this means for the Borrower: When the Borrower opens an account, if the Borrower is an individual, the Bank
will ask for the Borrower's name, taxpayer identification number, residential address, date of birth, and other information that
will allow the Bank to identify the Borrower, and if the Borrower is not an individual, the Bank will ask for the Borrower's name,
taxpayer identification number, business address, and other information that will allow the Bank to identify the Borrower. The
Bank may also ask, if the Borrower is an individual, to see the Borrower's driver's license or other identifying documents, and
if the Borrower is not an individual, to see the Borrower's legal organizational documents or other identifying documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>THIS
SPACE HAS BEEN LEFT BLANK INTENTIONALLY</B></P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>WAIVER
OF SPECIAL DAMAGES. </B><FONT STYLE="font-weight: normal">THE BORROWER WAIVES, TO THE </FONT><FONT STYLE="font-style: normal">MAXIMUM
<FONT STYLE="font-weight: normal">EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR RECOVER FROM THE
BANK IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>JURY
WAIVER. </B>THE BORROWER AND THE BANK (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY
WAIVE ANY RIGHT TO HAVE <FONT STYLE="font-weight: normal">A </FONT>JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON
CONTRACT, TORT, OR OTHERWISE) BETWEEN THE BORROWER AND THE BANK ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE OR THE OTHER
RELATED DOCUMENTS. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK TO PROVIDE THE FINANCING EVIDENCED BY THIS NOTE.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold"><FONT STYLE="font-size: 10pt">Borrower:</FONT></TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 38%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Address: 3 University Plaza</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Innodata Inc.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold; padding-left: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;Hackensack, NJ 07601</FONT></TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">/s/ Jack Abuhoff</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Jack Abuhoff</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal">Chairman,
    CEO &amp; President</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Printed Name</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 11%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 31%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date Signed:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0in; text-align: justify">  June 27, 2012</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">&nbsp;&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: Transparent"><B>BORROWING
BASE CERTIFICATE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>BORROWER:
Innodata Inc.</B><B>_____________________&#9; FIGURES AS OF:</B><B>_______&#9;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><U>SECTION I. ACCOUNTS RECEIVABLE AGING</U></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>%
    of Total</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Dollar</b></font><b><font style="font-size: 10pt"><u> </u>Amount:</font></b></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Line #</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Days Past Invoice Date</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Current</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">1- 30 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">30 - 60 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">60 - 90 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Over 90 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; text-align: center">6.</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Total Receivables</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD><TD STYLE="text-align: center; width: 7%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 56%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 15%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 15%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B><U>SECTION
II. QUALIFIED ACCOUNTS RECEIVABLE</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">7.</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Total Receivables (Line 6)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&nbsp;8a.</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">LESS receivables over 90 days from date of invoice (DOI)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&nbsp;8b.</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">PLUS Apple Inc. receivables 91-120 days from DOI</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&nbsp;8c.</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">LESS foreign accounts receivable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&nbsp;8d.</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">LESS cross aged receivables at 50%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&nbsp;8e.</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">LESS other ineligibles</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">8f.</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Total Eligible A/R prior to Concentration Limit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&nbsp;8g.</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">LESS Concentration Limit for Apple, Inc. (60%) **</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&nbsp;8h.</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Total Ineligible Accounts Receivable (sum of 8a, b, c, d, e, g)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center">9.&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Total Eligible Accounts Receivable (line 7 minus 8h)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 8%; padding-bottom: 1pt; text-align: center">10.</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: justify; padding-bottom: 1pt">Advance Rate</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right">80</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">11.</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Total Qualified Accounts Receivable (line 9 multiplied by line 10)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B><U>SECTION
III. BORROWING BASE CALCULATION</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">12.</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Total Qualified Accounts Receivable (line 11)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"></font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 8%; padding-bottom: 1pt; text-align: center">13.</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: justify; padding-bottom: 1pt">Total Line of Credit Amount</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right">15,000,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-align: center">14.</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Borrowing Base (lower of line 12 or line 13)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"> </font></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: center">15.</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">LESS current outstanding loans under Line of Credit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">16.</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">AVAILABLE TO BORROW (line 14 minus line 15) *</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">*&#9;&nbsp;&nbsp;&nbsp;If
Line 16 is a negative number, this certificate&#9;authorizes JPMorgan Chase Bank, N.A. to charge Borrower&rsquo;s account for the
amount shown on Line 16.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">** &nbsp;Concentration
Limit will apply to A/R&rsquo;s owing by Apple Inc. to the extent the aggregate amount of Eligible Accounts owing from Apple Inc.
and its Affiliates to the Borrower exceed 60% of the aggregate Eligible Accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B><U>SECTION
IV. CERTIFICATION</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: transparent">The undersigned
hereby certifies to JPMorgan Chase Bank, N.A. (the &ldquo;Bank&rdquo;) that (a) the information provided herein is true, correct,
complete and accurate as of the date stated above and has been prepared in a manner consistent with the preparation of prior Borrowing
Base Certificates to the Bank, (b) the undersigned is currently in compliance with all terms, covenants, conditions contained in
any agreement between the Bank and the undersigned and in each of the other loan documents, and all of undersigned's representations
and warranties in any other loan documents are currently true and correct, and (c) no default or event of default has occurred
and is currently continuing under any agreement between any of the undersigned and the Bank or will occur after giving effect to
any Advance requested herewith. The undersigned agrees that in the event of any conflict between the Borrowing Base Certificate
and other loan documents, the terms of the other loan documents shall control. The undersigned further acknowledges that the Bank
will rely on the foregoing in making credit available to the undersigned.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><font style="font-size: 10pt">Date: ____________________</font></td>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Innodata Inc.</U></B></FONT></td></tr>
<tr style="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 55%">&nbsp;</td>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</td>
    <TD STYLE="text-align: justify; width: 41%">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">(Name &amp; Title)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>v368096_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal"><IMG SRC="tlogo.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 10pt; font-weight: bold">Note Modification Agreement</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">This agreement
is dated as of June 27, 2013 (the &quot;<B>Agreement Date</B>&quot;), by and between Innodata Inc. (the &quot;<B>Borrower</B>&quot;)
and JPMorgan Chase Bank, N.A. (together with its successors and assigns, the &quot;<B>Bank</B>&quot;). The provisions of this agreement
are effective on June 25, 2013 (the &quot;<B>Effective Date</B>&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>WHEREAS</B>,
the Borrower executed an Advised Line of Credit Note dated as of June 25, 2012 in the original principal amount of Fifteen Million
and 00/100 Dollars ($15,000,000.00), (as same may have been amended or modified from time to time, the &quot;Note&quot;) as evidence
of an extension of credit from the Bank to the Borrower, which Note has at all times been, and is now, continuously and without
interruption outstanding in favor of the Bank; and,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>WHEREAS</B>,
the Borrower has requested and the Bank has agreed that the Note be modified to the limited extent as hereinafter set forth in
this agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>NOW THEREFORE</B>,
in mutual consideration of the agreements contained herein and for other good and valuable consideration, the parties agree as
follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>1.&#9;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">ACCURACY
OF RECITALS</FONT></B><FONT STYLE="font-size: 10pt">. The Borrower acknowledges the accuracy of the Recitals stated above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>2.&nbsp;&nbsp;&nbsp;&#9;<FONT STYLE="font-size: 10pt">
DEFINITIONS</FONT></B><FONT STYLE="font-size: 10pt">. Capitalized terms used in this agreement shall have the same meanings as
in the Note, unless otherwise defined in this agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">MODIFICATION
OF NOTE.</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">3.1
&nbsp;<FONT STYLE="font-size: 10pt">From and after the Effective Date, the provision in the Note captioned &quot;<B>Promise to Pay</B>&quot;
is hereby amended by extending the date on which the entire balance of unpaid principal plus accrued interest shall be due and
payable immediately from June 25, 2013 to June 30, 2014.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">3.2
&nbsp;<FONT STYLE="font-size: 10pt">From and after the Effective Date, the provision in the Note captioned &quot;<B>Principal Payments</B>&quot;
is hereby amended and restated to read as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: Transparent"><B>Principal
Payments.</B> All outstanding principal and interest is due and payable in full on June 30, 2014, which is defined herein as
the &quot;Principal Payment Date&quot;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">3.3
&nbsp;<FONT STYLE="font-size: 10pt">Each of the Related Documents is modified to provide that it shall be a default or an event of default
thereunder if the Borrower shall fail to comply with any of the covenants of the Borrower herein or if any representation or warranty
by the Borrower herein or by any guarantor in any Related Documents is materially incomplete, incorrect, or misleading as of the
date hereof. As used in this agreement, the &quot;<B>Related Documents</B>&quot; shall include the Note and all applications for
letters of credit, loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust,
pledge agreements, assignments, guaranties, or any other instrument or document executed in connection with the Note or in connection
with any other obligations of the Borrower to the Bank.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">3.4
<FONT STYLE="font-size: 10pt">&nbsp;Each reference in the Related Documents to any of the Related Documents shall be a reference to such
document as modified by this agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>4.&#9;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">RATIFICATION
OF RELATED DOCUMENTS AND COLLATERAL.</FONT></B><FONT STYLE="font-size: 10pt"> The Related Documents are ratified and reaffirmed
by the Borrower and shall remain in full force and effect as they may be modified by this agreement. All property described as
security in the Related Documents shall remain as security for the Note, as modified by this agreement, and the Liabilities under
the other Related Documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>5.&#9;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">BORROWER
REPRESENTATIONS AND WARRANTIES</FONT></B><FONT STYLE="font-size: 10pt">. The Borrower represents and warrants to the Bank that
each of the representations and warranties made in the Note and the other Related Documents and each of the following representations
and warranties are and will remain, true and correct until the later of maturity or the date on which all Liabilities evidenced
by the Note are paid in full:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">5.1&nbsp;
<FONT STYLE="font-size: 10pt">No default, event of default or event that would constitute a default or event of default but for
the giving of notice, the lapse of time or both, has occurred and is continuing under any provision of the Note, as modified by
this agreement, or any other Related Document.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">5.2
&nbsp;<FONT STYLE="font-size: 10pt">No event has occurred which may in any one case or in the aggregate materially and adversely affect
the financial condition, properties, business, affairs, prospects or operations of the Borrower or any guarantor or any subsidiary
of the Borrower.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">5.3
&nbsp;<FONT STYLE="font-size: 10pt">The Borrower has no defenses or counterclaims, offsets or adverse claims, demands or actions of any
kind, personal or otherwise, that it could assert with respect to the Note or any other Liabilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">5.4
&nbsp;<FONT STYLE="font-size: 10pt">The Note, as modified by this agreement, and the other Related Documents are the legal, valid, and
binding obligations of the Borrower and the other parties, enforceable against the Borrower and other parties in accordance with
their terms, except as may be limited by bankruptcy, insolvency or other laws affecting the enforcement of creditors' rights generally
and by general principles of equity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">5.5
&nbsp;<FONT STYLE="font-size: 10pt">The Borrower, other than any Borrower who is a natural person, is validly existing under the laws
of the State of its formation or organization. The Borrower has the requisite power and authority to execute and deliver this agreement
and to perform the obligations described in the Related Documents as modified herein. The execution and delivery of this agreement
and the performance of the obligations described in the Related Documents as modified herein have been duly authorized by all requisite
action by or on behalf of the Borrower. This agreement has been duly executed and delivered by or on behalf of the Borrower.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>6.&nbsp;&nbsp;&nbsp;&#9;<FONT STYLE="font-size: 10pt">BORROWER
COVENANTS</FONT></B><FONT STYLE="font-size: 10pt">. The Borrower covenants with the Bank:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">6.1
<FONT STYLE="font-size: 10pt">&nbsp;The Borrower shall execute, deliver, and provide to the Bank such additional agreements, documents,
and instruments as reasonably required by the Bank to effectuate the intent of this agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">6.2
<FONT STYLE="font-size: 10pt">&nbsp;The Borrower fully, finally, and forever releases and discharges the Bank, its successors, and assigns
and their respective directors, officers, employees, agents, and representatives (each a &quot;<B>Bank Party</B>&quot;) from any
and all causes of action, claims, debts, demands, and liabilities, of whatever kind or nature, in law or equity, of the Borrower,
whether now known or unknown to the Borrower, (i) in respect of the loan evidenced by the Note and the Related Documents, or of
the actions or omissions of any Bank Party in any manner related to the loan evidenced by the Note or the Related Documents and
(ii) arising from events occurring prior to the date of this agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: transparent">6.3
<FONT STYLE="font-size: 10pt">&nbsp;To the extent not prohibited by applicable law, the Borrower shall pay to the Bank:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">6.3.1
<FONT STYLE="font-size: 10pt">&nbsp;All the internal and external costs and expenses incurred (or charged by internal allocation) by
the Bank in connection with this agreement (including, without limitation, inside and outside attorneys, appraisal, appraisal review,
processing, title, filing, and recording costs, expenses, and fees).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>7.&#9;<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;EXECUTION
AND DELIVERY OF AGREEMENT BY THE BANK</FONT></B><FONT STYLE="font-size: 10pt">. The Bank shall not be bound by this agreement until
(i) the Bank has executed this agreement and (ii) the Borrower has executed and delivered this agreement together with all other
related documents requested by the Bank, and the Borrower has fully satisfied all other conditions precedent, as determined by
the Bank in its sole discretion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>8.&#9;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">INTEGRATION,
ENTIRE AGREEMENT, CHANGE, DISCHARGE, TERMINATION, OR WAIVER</FONT></B><FONT STYLE="font-size: 10pt">. The Note, as modified by
this agreement, and the other Related Documents contain the complete understanding and agreement of the Borrower and the Bank in
respect of any Liabilities evidenced by the Note and supersede all prior understandings, and negotiations. If any one or more of
the obligations of the Borrower under this agreement or the Note, as modified by this Agreement, is invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining obligations of the Borrower shall not in any way
be affected or impaired, and the invalidity, illegality or unenforceability in one jurisdiction shall not affect the validity,
legality or enforceability of the obligations of the Borrower under this agreement, the Note as modified by this agreement and
the other Related Documents in any other jurisdiction. No provision of the Note, as modified by this agreement, or any other Related
Documents may be changed, discharged, supplemented, terminated, or waived except in a writing signed by the party against whom
it is being enforced.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>9.&#9;<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;GOVERNING
LAW AND VENUE</FONT></B><FONT STYLE="font-size: 10pt">. This agreement shall be governed by and construed in accordance with the
laws of the State of New York (without giving effect to its laws of conflicts). The Borrower agrees that any legal action or proceeding
with respect to any of its obligations under the Note or this agreement may be brought by the Bank in any state or federal court
located in the State of New York, as the Bank in its sole discretion may elect. By the execution and delivery of this agreement,
the Borrower submits to and accepts, for itself and in respect of its property, generally and unconditionally, the non-exclusive
jurisdiction of those courts. The Borrower waives any claim that the State of New York is not a convenient forum or the proper
venue for any such suit, action or proceeding. This agreement binds the Borrower and its successors, and benefits the Bank, its
successors and assigns. The Borrower shall not, however, have the right to assign the Borrower's rights under this agreement or
any interest therein, without the prior written consent of the Bank.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>10.&#9;<FONT STYLE="font-size: 10pt">&nbsp;COUNTERPART
EXECUTION. </FONT></B><FONT STYLE="font-size: 10pt">This agreement may be executed in multiple counterparts, each of which, when
so executed, shall be deemed an original, but all such counterparts, taken together, shall constitute one and the same agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>11.&#9;<FONT STYLE="font-size: 10pt">&nbsp;NOT
A NOVATION. </FONT></B><FONT STYLE="font-size: 10pt">This agreement is a modification only and not a novation. In addition to all
amounts hereafter due under the Note, as modified by this agreement, and the other Related Documents, all accrued interest evidenced
by the Note being modified by this agreement and all accrued amounts due and payable under the Related Documents shall continue
to be due and payable until paid. Except for the modification(s) set forth in this agreement, the Note, the other Related Documents
and all the terms and conditions thereof, shall be and remain in full force and effect with the changes herein deemed to be incorporated
therein. This agreement is to be considered attached to the Note and made a part thereof. This agreement shall not release or affect
the liability of any guarantor, surety or endorser of the Note or release any owner of collateral securing the Note. The validity,
priority and enforceability of the Note shall not be impaired hereby. References to the Related Documents and to other agreements
shall not affect or impair the absolute and unconditional obligation of the Borrower to pay the principal and interest on the Note
when due. The Bank reserves all rights against all parties to the Note and the other Related Documents.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>12.&#9;<FONT STYLE="font-size: 10pt">&nbsp;UNCOMMITTED
LINE OF CREDIT. This agreement is executed in connection with an advised line of credit line letter of even date pertaining to
a $15,000,000.00 uncommitted advised line of credit extended by the Bank to the Borrower. The line of credit may be in the form
of loans and other extensions of credit made from time to time by the Bank in its sole and absolute discretion to the Borrower.
As modified by this agreement, the Note evidences the Borrower's obligation to repay those loans. Bank may refuse to make any
loan at any time notwithstanding that no event of default has occurred or exists or that Bank has made loans under the Note under
similar circumstances. Bank may, for any reason or no reason at all, refuse to make any loan under the Note. The execution and
delivery of this agreement by the Borrower and the acknowledgement by the Bank of this agreement shall not be deemed or construed
to create any contractual commitment by the Bank to lend to the Borrow</FONT></B><FONT STYLE="font-size: 10pt">er.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>13.&#9;&nbsp;<FONT STYLE="font-size: 10pt">TIME
IS OF THE ESSENCE. </FONT></B><FONT STYLE="font-size: 10pt">Time is of the essence under this agreement and in the performance
of every term, covenant and obligation contained herein.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold"><FONT STYLE="font-size: 10pt">Borrower:</FONT></TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 38%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Address: 3 University Plaza</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Innodata Inc.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold; padding-left: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;Hackensack, NJ 07601</FONT></TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">/s/ Jack Abuhoff</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Jack Abuhoff</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">CEO</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Printed Name</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 11%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 31%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date Signed:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">6/28/13</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><B>BANK&rsquo;S
ACCEPTANCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">The foregoing
agreement is hereby agreed to and acknowledged.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-weight: bold"><FONT STYLE="font-size: 10pt">Bank:</FONT></TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 38%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">JPMorgan Chase Bank, N.A.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">/s/ Gail Hoerman-Bivona</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Gail Hoerman-Bivona</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">VP</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Printed Name</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 11%"><FONT STYLE="font-size: 10pt">Date Signed:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; text-align: justify; width: 31%"><FONT STYLE="font-size: 10pt">7-30-2013</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 8%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Harsha
\ NYCDP-26346900000&nbsp;</P>

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<TYPE>EX-99.3
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<FILENAME>v368096_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
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    <TD STYLE="width: 50%; text-align: right; text-indent: 0in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Continuing Security Agreement</B></FONT></TD></TR>
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    <TD STYLE="width: 19%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Name of Debtor:</B></FONT></TD>
    <TD STYLE="width: 81%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Innodata Isogen, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Taxpayer I.D. No.:</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>13-3475943</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Debtor's Address:</B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3 University Plaza, Hackensack, NJ 07601</B></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">Dated
as of May 22, 2008</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Grant
of Security Interest</B>. Innodata Isogen, Inc. (whether one or more, the &quot;Debtor&quot;, individually and collectively if
more than one) grants to JPMorgan Chase Bank, N.A., whose address is 395 North Service Rd., 3rd Floor, Melville, NY 11747 (together
with its successors and assigns, the &quot;Bank&quot;) a continuing security interest in, pledges and assigns to the Bank all of
the &quot;Collateral&quot; (as hereinafter defined) owned by the Debtor, all of the collateral in which the Debtor has rights or
power to transfer rights and all Collateral in which the Debtor later acquires ownership, other rights or rights or power to transfer
rights to secure the payment and performance of the Liabilities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Borrower</B>.
&quot;Borrower&quot; means each and all of Innodata Isogen, Inc.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Liabilities</B>.
&quot;Liabilities&quot; means all obligations, indebtedness and liabilities of the Borrower whether individual, joint and
several, absolute or contingent, direct or indirect, liquidated or unliquidated, now or hereafter existing in favor of the
Bank, including without limitation, all liabilities, all interest, costs and fees arising under or from any note, open
account, overdraft, letter of credit application, endorsement, surety agreement, guaranty, credit card, lease, Rate
Management Transaction, acceptance, foreign exchange contract or depository service contract, whether payable to the Bank or
to a third party and subsequently acquired by the Bank, any monetary obligations (including interest) incurred  or
accrued during the pendency of any bankruptcy, insolvency, receivership or other similar proceedings, regardless of whether
allowed or allowable in such proceeding, and all renewals, extensions, modifications, consolidations, rearrangements,
restatements, replacements or substitutions of any of the foregoing. &quot;Rate Management Transaction&quot; means any
transaction (including an agreement with respect thereto) that is a rate swap, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate
option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency
swap transaction, cross-currency rate swap transaction, currency option, derivative transaction or any other similar
transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to
one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. The Debtor and
the Bank specifically contemplate that Liabilities include indebtedness hereafter incurred by the Borrower to the Bank.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Collateral</B>.
Accounts; Chattel Paper; General Intangibles; and Instruments.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Description
of Collateral</B>. As used in this agreement, the term &quot;Collateral&quot; means all of the Debtor's property whether owned
individually or jointly with others of the types indicated above and defined below, whether now owned or hereafter acquired, whether
now existing or hereafter arising, and wherever located, including but not limited to any items listed on any schedule or list
attached hereto. In addition, the term &quot;Collateral&quot; includes all &quot;proceeds,&quot; &quot;products&quot; and &quot;supporting
obligations&quot; (as such terms are defined in the &quot;UCC,&quot; meaning the Uniform Commercial Code of New York, as in effect
from time to time) of the Collateral indicated above, including but not limited to all stock rights, subscription rights, dividends,
stock dividends, stock splits, or liquidating dividends, and all cash, accounts, chattel paper, &quot;instruments,&quot; &quot;investment
property,&quot; &quot;financial assets,&quot; and &quot;general intangibles&quot; (as such terms are defined in the UCC) arising
from the sale, rent, lease, casualty loss or other disposition of the Collateral, and any Collateral returned to, repossessed by
or stopped in transit by the Debtor, and all insurance claims relating to any of the Collateral (defined above). The term &quot;Collateral&quot;
further includes all of the Debtor's right, title and interest in and to all books, records and data relating to the Collateral
identified above, regardless of the form of media containing such information or data, and all software necessary or desirable
to use any of the Collateral identified above or to access, retrieve, or process any of such information or data. Where the Collateral
is in the possession of the Bank or the Bank's agent, the Debtor agrees to deliver to the Bank any property that represents an
increase in the Collateral or profits or proceeds of the Collateral.</P>

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

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<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">1.</TD>
    <TD STYLE="width: 95%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&quot;Accounts&quot; means all of the Debtor's &quot;accounts&quot; as defined in Article 9 of the UCC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">2.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&quot;Chattel Paper&quot; means all of the Debtor's &quot;chattel paper&quot; as defined in Article 9 of the UCC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">3.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&quot;General Intangibles&quot; means all of the Debtor's &quot;general intangibles&quot; as defined in Article 9 of the UCC. In addition, &quot;General Intangibles&quot; further includes any right to a refund of taxes paid at any time to any governmental entity.</FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">4. </FONT></TD>
    <TD STYLE="width: 95%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&quot;Instruments&quot; means all of the Debtor's &quot;instruments&quot; as defined in Article 9 of the UCC.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Representations,
Warranties and Covenants</B>. The Debtor represents and warrants to, and covenants and agrees with the Bank that each of the following
is true and will remain true until termination of this agreement and full and final payment of all Liabilities:</P>

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    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">1.</TD>
    <TD STYLE="width: 95%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Its principal residence or chief executive office is at the address shown above;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">2.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Debtor's name as it appears in this agreement is its exact name as it appears in the Debtor's organizational documents, as amended, including any trust documents;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">3.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">It is or will become the owner of the Collateral free from any liens, encumbrances or security interests, except for this security interest and existing liens disclosed to and accepted by the Bank in writing, and it will defend the Collateral against all claims and demands of all persons at any time claiming any interest in the Collateral;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">4.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">It will keep the Collateral free of liens, encumbrances and other security interests, except for this security interest, maintain the Collateral in good repair, not use it illegally and exhibit the Collateral to the Bank on demand;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">5.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">At its own expense, the Debtor will maintain comprehensive casualty insurance on the Collateral against such risks, in such amounts, with such deductibles and with such companies as may be satisfactory to the Bank. Each insurance policy shall contain a lender's loss payable endorsement in form and substance satisfactory to the Bank and a prohibition against cancellation or amendment of the policy or removal of the Bank as loss payee without at least thirty (30) days' prior written notice to the Bank. In all events, the amounts of such insurance coverages shall conform to prudent business practices and shall be in such minimum amounts that the Debtor will not be deemed a co-insurer. The policies and certificates evidencing them, shall, if the Bank so requests, be deposited with the Bank. The Debtor authorizes the Bank to endorse on the Debtor's behalf and to negotiate drafts reflecting proceeds of insurance of the Collateral, provided that the Bank shall remit to the Debtor such surplus, if any, as remains after the proceeds have been applied, at the Bank's option, to the satisfaction of all of the Liabilities (in such order of application as the Bank may elect) or to the establishment of a cash collateral account for the Liabilities;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">6.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">It will not sell, lease, license or offer to sell, lease, license or otherwise transfer the Collateral or any rights in or to the Collateral, without the written consent of the Bank, except in the ordinary course of business;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">7.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">It will not change the location of the Collateral from the locations of the Collateral described in this agreement, without providing at least ten (10) days' prior written notice to the Bank;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">8.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">It will pay promptly when due all taxes and assessments upon the Collateral, or for the use or operation of the Collateral;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">9.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">No financing statement covering all or any part of the Collateral or any proceeds is on file in any public office, unless the Bank has approved that filing. From time to time at the Bank's request, the Debtor will execute one or more financing statements or similar record and a control agreement with respect to the proceeds in form satisfactory to the Bank and will pay the cost of filing them in all public offices where filing is deemed by the Bank to be necessary or desirable. In addition, the Debtor shall execute and deliver, or cause to be executed and delivered, such other documents as the Bank may from time to time request to perfect or to further evidence the security interest created in the Collateral by this agreement including, without limitation: (a) any certificate or certificates of title to the Collateral with the security interest of the Bank noted thereon or executed applications for such certificates of title in form satisfactory to the Bank; (b) any assignments of claims under government contracts which are included as part of the Collateral, together with any notices and related documents as the Bank may from time to time request; (c) any assignment of any specific account receivable as the Bank may from time to time request; (d) a notice of and acknowledgment of the Bank's security interest and a control agreement with respect to any Collateral, all in form and substance satisfactory to the Bank; (e) a notice to and acknowledgment from any person holding or in possession of any Collateral that such persons holds the Collateral as a bailee for the Bank's benefit, all in form and substance satisfactory to the Bank; and (f) any consent to the assignment of proceeds of any letter of credit, all in form and substance satisfactory to the Bank;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">10.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">It will not, without the Bank's prior written consent, change the Debtor's name, the Debtor's business organization, the jurisdiction under which the Debtor's business organization is formed or organized, or the Debtor's chief executive office, or of any additional places of the Debtor's business;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">11.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">It will provide any information that the Bank may reasonably request and will permit the Bank or the Bank's agents to inspect and copy its books, records, data and the Collateral at any time during normal business hours;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">12.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Bank shall have the right now, and at any time in the future in its sole and absolute discretion, without notice to the Debtor, to (a) prepare, file and sign the Debtor's name on any proof of claim in bankruptcy or similar document against any owner of the Collateral and (b) prepare, file and sign the Debtor's name on any financing statement, notice of lien, assignment or satisfaction of lien or similar document in connection with the Collateral. The Debtor hereby authorizes the Bank to file financing statements covering Collateral or such lesser amount of assets as the Bank may determine, or the Bank may, at its option, file financing statements or similar records containing any collateral description which reasonably describes the Collateral in which a security interest is granted under this agreement;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">13.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Immediately upon the Debtor's receipt of any Collateral evidenced by an agreement, &quot;instrument,&quot; &quot;chattel paper,&quot; certificated &quot;security&quot; or &quot;document&quot; (as such terms are defined in the UCC) (collectively, &quot;Special Collateral&quot;), the Debtor shall mark the Special Collateral to show that it is subject to the Bank's security interest and shall deliver the original to the Bank together with appropriate endorsements and other specific evidence of assignment or transfer in form and substance satisfactory to the Bank;</FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">14.</TD>
    <TD STYLE="width: 95%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Debtor shall keep all tangible Collateral in good order and repair and shall not waste or destroy any of the Collateral, nor use any of the Collateral in violation of any applicable law or any policy of insurance thereon. To the extent that the Collateral consists of &quot;farm products&quot; (as defined in the UCC), the Debtor shall attend to and care for the crops and livestock in accordance with the best practices of good husbandry, and do, or cause to be done, any and all acts that may at any time be appropriate or necessary to grow, raise, harvest, care for, preserve and protect the farm products;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">15.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Except as may be otherwise disclosed in writing by the Debtor to the Bank, none of the Collateral is attached to real estate so as to constitute a &quot;fixture&quot; (as defined in the UCC) and none of the Collateral shall at any time hereafter be attached to real estate so as to constitute a fixture. If any of the Collateral is now or at any time hereafter becomes so attached to real estate so as to constitute a fixture, the Debtor shall, at any time upon the Bank's request, furnish the Bank with a disclaimer of interest in the Collateral executed by each person or entity having an interest in such real estate.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Accounts;
Chattel Paper; General Intangibles and Instruments</B>. If the Collateral includes the Debtor's &quot;Accounts, Chattel Paper,
General Intangibles and Instruments&quot; and until the Bank gives notice to the Debtor to the contrary, the Debtor will, in the
usual course of its business and at its own expense, on the Bank's behalf but not as the Bank's agent, demand and receive and use
its best efforts to collect all moneys due or to become due with respect to the Collateral. Until the Bank gives notice to the
Debtor to the contrary or until the Debtor is in default, it may use the funds collected in its business. Upon notice from the
Bank or upon default, the Debtor agrees that all sums of money it receives on account of or in payment or settlement of the Accounts,
Chattel Paper, General Intangibles and Instruments shall be held by it as trustee for the Bank without commingling with any of
the Debtor's other funds, and shall immediately be delivered to the Bank with endorsement to the Bank's order of any check or similar
instrument. It is agreed that, at any time the Bank so elects, the Bank shall be entitled, in its own name or in the name of the
Debtor or otherwise, but at the expense and cost of the Debtor, to collect, demand, receive, sue for or compromise any and all
Accounts, Chattel Paper, General Intangibles, and Instruments, and to give good and sufficient releases, to endorse any checks,
drafts or other orders for the payment of money payable to the Debtor and, in the Bank's discretion, to file any claims or take
any action or proceeding which the Bank may deem necessary or advisable. It is expressly understood and agreed, however, that the
Bank shall not be required or obligated in any manner to make any demand or to make any inquiry as to the nature or sufficiency
of any payment received by it or to present or file any claim or take any other action to collect or enforce the payment of any
amounts which may have been assigned to the Bank or to which the Bank may be entitled at any time or times. All notices required
in this paragraph will be immediately effective when sent. Such notices need not be given prior to the Bank's taking action. The
Debtor appoints the Bank or the Bank's designee as the Debtor's attorney-in-fact to do all things with reference to the Collateral
as provided for in this section including without limitation (1) to notify the post office authorities to change the Debtor's mailing
address to one designated by the Bank, (2) to receive, open and dispose of mail addressed to the Debtor, (3) to sign the Debtor's
name on any invoice or bill of lading relating to any Collateral, on assignments and verifications of account and on notices to
the Debtor's customers, and (4) to do all things necessary to carry out this agreement or to perform any of the obligations of
the Debtor under this agreement. The Debtor ratifies and approves all acts of the Bank as attorney-in-fact. The Bank shall not
be liable for any act or omission, nor any error of judgment or mistake of fact or law, but only for its gross negligence or willful
misconduct. This power being coupled with an interest is irrevocable until all of the Liabilities have been fully satisfied and
shall survive the death or disability of the Debtor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Pledge</B>.
If the Debtor is not liable for all or any part of the Liabilities, then the Debtor agrees that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">1.</TD>
    <TD STYLE="width: 95%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If any moneys become available from any source other than the Collateral that the Bank can apply to the Liabilities, the Bank may apply them in any manner it chooses, including but not limited to applying them against obligations, indebtedness or liabilities which are not secured by this agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">2.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Bank may take any action against the Borrower, the Collateral or any other collateral for the Liabilities, or any other person or entity liable for any of the Liabilities.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">3.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Bank may release the Borrower or anyone else from the Liabilities, either in whole or in part, or release the Collateral in whole or in part or any other collateral for the Liabilities, and need not perfect a security interest in the Collateral or any other collateral for the Liabilities.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">4.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Bank does not have to exercise any rights that it has against the Borrower or anyone else, or make any effort to realize on the Collateral or any other collateral for the Liabilities, or exercise any right of setoff.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">5.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Without notice or demand and without affecting the Debtor's obligations hereunder, from time to time, the Bank is authorized to: </FONT>(a) <FONT STYLE="font-size: 10pt">renew, modify, compromise, rearrange, restate, consolidate, extend, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Liabilities or any part thereof, including increasing or decreasing the rate of interest thereon; (b) release, substitute or add any one or more sureties, endorsers, or guarantors; (c) take and hold other collateral for the payment of the Liabilities, and enforce, exchange, substitute, subordinate, impair, waive or release any such collateral; (d) proceed against the Collateral or any other collateral for the Liabilities and direct the order or manner of sale as the Bank in its discretion may determine; and (e) apply any and all payments received by the Bank in connection with the Liabilities, or recoveries from the Collateral or any other collateral for the Liabilities, in such order or manner as the Bank in its discretion may determine.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">6.</TD>
    <TD STYLE="width: 95%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Debtor's obligations hereunder shall not be released, diminished or affected by (a) any act or omission of the Bank, (b) the voluntary or involuntary liquidation, sale or other disposition of all or substantially all of the assets of the Borrower, or any receivership, insolvency, bankruptcy, reorganization, or other similar proceedings affecting the Borrower or any of its assets or any other obligor on the Liabilities or that obligor's assets, (c) any change in the composition or structure of the Borrower or any other obligor on the Liabilities, including a merger or consolidation with any other person or entity, or (d) any payments made upon the Liabilities.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">7.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Debtor expressly consents to any impairment of any other collateral for the Liabilities, including, but not limited to, failure to perfect a security interest and release of any other collateral for the Liabilities and any such impairment or release shall not affect the Debtor's obligations hereunder.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">8.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Debtor waives and agrees not to enforce any rights of subrogation, contribution or indemnification that it may have against the Borrower, any person or entity liable on the Liabilities, or the Collateral, until the Borrower and the Debtor have fully performed all their obligations to the Bank, even if those obligations are not covered by this agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">9.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Debtor waives (a) to the extent not prohibited by applicable law, all rights and benefits under any laws or statutes regarding sureties, as may be amended, (b) any right the Debtor may have to receive notice of the following matters before the Bank enforces any of its rights: (i) the Bank's acceptance of this agreement, (ii) incurrence or acquisition of any Liabilities, any credit that the Bank extends to the Borrower, (iii) the Borrower's default, (iv) any demand, diligence, presentment, dishonor and protest, or (v) any action that the Bank takes regarding the Borrower, anyone else, any other collateral for the Liabilities, or any of the Liabilities, which it might be entitled to by law or under any other agreement, (c) any right it may have to require the Bank to proceed against the Borrower, any guarantor or other obligor on the Liabilities, the Collateral or any other collateral for the Liabilities, or pursue any remedy in the Bank's power to pursue, (d) any defense based on any claim that the Debtor's obligations exceed or are more burdensome than those of the Borrower, (e) the benefit of any statute of limitations affecting the Debtor's obligations hereunder or the enforcement hereof, (f) any defense arising by reason of any disability or other defense of the Borrower or by reason of the cessation from any cause whatsoever (other than payment in full) of the obligation of the Borrower for the Liabilities, and (g) any defense based on or arising out of any defense that the Borrower may have to the payment or performance of the Liabilities or any portion thereof. The Bank may waive or delay enforcing any of its rights without losing them. Any waiver affects only the specific terms and time period stated in the waiver.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">10.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Debtor agrees that to the extent any payment or transfer is received by the Bank in connection with the Liabilities, and all or any part of such payment or transfer is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be transferred or repaid by the Bank or paid over to a trustee, receiver or any other person or entity, whether under any bankruptcy act or otherwise (any of those payments or transfers is hereinafter referred to as a &quot;Preferential Payment&quot;), then this agreement shall continue to be effective or shall be reinstated, as the case may be, even if all Liabilities have been paid in full, and whether or not the Bank is in possession of this agreement or whether this agreement has been marked paid, cancelled, released or returned to the Debtor, and, to the extent of the payment or repayment or other transfer by the Bank, the Liabilities or part intended to be satisfied by the Preferential Payment shall be revived and continued in full force and effect as if the Preferential Payment had not been made. If this agreement must be reinstated, the Debtor agrees to execute and deliver to the Bank any new security agreements and financing statements, if necessary or if requested by the Bank, in form and substance acceptable to the Bank, covering the Collateral.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">11.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Debtor agrees to fully cooperate with the Bank and not to delay, impede or otherwise interfere with the efforts of the Bank to secure payment from the assets which secure the Liabilities including actions, proceedings, motions, orders, agreements or other matters relating to relief from automatic stay, abandonment of property, use of cash collateral and sale of the Bank's collateral free and clear of all liens.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">12.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The Debtor has (a) without reliance on the Bank or any information received from the Debtor and based upon the records and information the Debtor deems appropriate, made an independent investigation of the Borrower, the Borrower's business, assets, operations, prospects and condition, financial or otherwise, and any circumstances that may bear upon those transactions, the Borrower or the obligations, liabilities and risks undertaken pursuant to this agreement; (b) adequate means to obtain from the Borrower on a continuing basis information concerning the Borrower and the Bank has no duty to provide any information concerning the Borrower or other obligor on the Liabilities to the Debtor; (c) full and complete access to the Borrower and any and all records relating to any Liabilities now or in the future owing by the Borrower; (d) not relied and will not rely upon any representations or warranties of the Debtor not embodied in this agreement or any acts taken by the Debtor prior to or after the execution or other authentication and delivery of this agreement (including but not limited to any review by the Debtor of the business, assets, operations, prospects and condition, financial or otherwise, of the Borrower); and (e) determined that the Debtor will receive benefit, directly or indirectly, and has or will receive fair and reasonably equivalent value, for the execution and delivery of this agreement and the rights provided to the Bank. By entering into this agreement, the Debtor does not intend: (i) to incur or believe that the Debtor will incur debts that would be beyond the Debtor's ability to pay as those debts mature; or (ii) to hinder, delay or defraud any creditor of the Debtor. The Debtor is neither engaged in nor about to engage in any business or transaction for which the remaining assets of the Debtor are unreasonably small in relation to the business or transaction, and any property remaining with the Debtor after the execution or other authentication of this agreement is not unreasonably small capital.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Default;
Remedies.</B> If any of the Liabilities are not paid at maturity, whether by acceleration or otherwise, or if a default by
anyone occurs under the terms of any agreement related to any of the Liabilities, then the Bank shall have the rights and
remedies provided by law or this agreement, including but not limited to the right to require the Debtor to assemble the
Collateral and make it available to the Bank  at a place to be designated by the Bank which is reasonably convenient to
both parties, the right to take possession of the Collateral with or without demand and with or without process of law, and
the right to sell and dispose of it and distribute the proceeds according to law. Should a default occur, the Debtor will pay
to the Bank all costs reasonably incurred by the Bank for the purpose of enforcing its rights hereunder, to the extent not
prohibited by law, including, without limitation: costs of foreclosure; costs of obtaining money damages; and a reasonable
fee for the services of internal and outside attorneys employed or engaged by the Bank or its affiliates for any purpose
related to this agreement, including, without limitation, consultation, drafting documents, sending notices or instituting,
prosecuting or defending litigation or any proceeding. The Debtor agrees that upon default the Bank may dispose of any of the
Collateral in its then present condition, that the Bank has no duty to repair or clean the Collateral prior to sale, and that
the disposal of the Collateral in its present condition or without repair or clean-up shall not affect the commercial
reasonableness of such sale or disposition. The Bank's compliance with any applicable state or federal law requirements in
connection with the disposition of the Collateral will not adversely affect the commercial reasonableness of any sale of the
Collateral. The Bank may disclaim warranties of title, possession, quiet enjoyment, and the like, and the Debtor agrees that
any such action shall not affect the commercial reasonableness of the sale. In connection with the right of the Bank to take
possession of the Collateral, the Bank may take possession of any other items of property in or on the Collateral at the time
of taking possession, and hold them for the Debtor without liability on the part of the Bank. The Debtor expressly
agrees that the Bank may enter upon the premises where the Collateral is believed to be located without any obligation of
payment to the Debtor, and that the Bank may, without cost, use any and all of the Debtor's &quot;equipment&quot; (as defined
in the UCC) in the manufacturing or processing of any &quot;inventory&quot; (as defined in the UCC) or in growing, raising,
cultivating, caring for, harvesting, loading and transporting of any of the Collateral that constitutes &quot;farm
products&quot; (as defined in the UCC). If there is any statutory requirement for notice, that requirement shall be met if
the Bank sends notice to the Debtor at least ten (10) days prior to the date of sale, disposition or other event giving rise
to the required notice, and such notice shall be deemed commercially reasonable. The Debtor is liable for any deficiency
remaining after disposition of the Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Miscellaneous.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">1.</TD>
    <TD STYLE="width: 95%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Where the Collateral is located at, used in or attached to a facility leased by the Debtor, the Debtor will obtain from the lessor a consent to the granting of this security interest and a release or subordination of the lessor's interest in any of the Collateral, in form and substance satisfactory to the Bank.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">2.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">At its option the Bank may, but shall be under no duty or obligation to, discharge taxes, liens, security interests or other encumbrances at any time levied or placed on the Collateral, pay for insurance on the Collateral, and pay for the maintenance and preservation of the Collateral, and the Debtor agrees to reimburse the Bank on demand for any payment made or expense incurred by the Bank, with interest at the highest rate at which interest may accrue under any of the instruments or documents evidencing the Liabilities.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">3.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">No delay <FONT STYLE="font-family: Times New Roman, Times, Serif">on</FONT> the part of the Bank in the exercise of any right or remedy waives that right or remedy, no single or partial exercise by the Bank of any right or remedy precludes any other exercise of it or the exercise of any other right or remedy, and no waiver or indulgence by the Bank of any default is effective unless it is in writing and signed by the Bank, nor does a waiver on one occasion waive that right on any future occasion.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">4.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If any provision of this agreement is invalid, it shall be ineffective only to the extent of its invalidity, and the remaining provisions shall be valid and effective.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">5.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Except as provided in the Accounts; Chattel Paper; General Intangibles; and Instruments paragraph above, any notices and demands under or related to this document shall be in writing and delivered to the intended party at its address stated herein, and if to the Bank, at its main office if no other address of the Bank is specified herein, by one of the following means: (a) by hand, </FONT>(b) <FONT STYLE="font-size: 10pt">by a nationally recognized overnight courier service, or (c) by certified mail, postage prepaid, with return receipt requested. Notice shall be deemed given: (a) upon receipt if delivered by hand, (b) on the Delivery Day after the day of deposit with a nationally recognized courier service, or (c) on the third Delivery Day after the notice is deposited in the mail. &quot;Delivery Day&quot; means a day other than a Saturday, a Sunday, or any other day on which national banking associations are authorized to be closed. Any party may change its address for purposes of the receipt of notices and demands by giving notice of such change in the manner provided in this provision.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">6.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">All rights of the Bank benefit the Bank's successors and assigns; and all obligations of the Debtor bind the Debtor's heirs, executors, administrators, successors and assigns. If more than one person or entity signs as the Debtor, their obligations are joint and several and each agreement, representation, warranty and covenant shall be individual, joint and several and the &quot;Collateral&quot; includes any property that is owned by any Debtor individually or jointly with any other.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; text-indent: 0in">7.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">A carbon, photographic or other reproduction of this agreement is sufficient as, and can be filed as, a financing statement. The Bank is irrevocably appointed the Debtor's attorney-in-fact to execute any financing statement on the Debtor's behalf covering the Collateral. The Debtor authorizes the Bank to file one or more financing statements or similar records related to the security interests created by this agreement, and further authorizes the Bank, as secured party herein, instead of the Debtor, to sign such financing statements and other similar records.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Indemnification</B>.
The Debtor agrees to indemnify, defend and hold the Bank, its parent companies, subsidiaries, affiliates, their respective successors
and assigns and each of their respective shareholders, directors, officers, employees and agents (collectively the &quot;Indemnified
Persons&quot;) harmless from and against any and all loss, liability, obligation, damage, penalty, judgment, claim, deficiency,
expense, interest, penalties, attorneys&rsquo; fees (including the fees and expenses of attorneys engaged by the Indemnified Person
at the Indemnified Person&rsquo;s reasonable discretion) and amounts paid in settlement (&quot;Claims&quot;) to which any Indemnified
Person may become subject arising out of or relating to this agreement or the Collateral, except to the limited extent that the
Claims are proximately caused by the Indemnified Person&rsquo;s gross negligence or willful misconduct. The indemnification provided
for in this paragraph shall survive the termination of this agreement and shall not be affected by the presence, absence or amount
of or the payment or nonpayment of any claim under, any insurance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Governing
Law and Venue</B>. This agreement shall be governed by and construed in accordance with the laws of the State of New York (without
giving effect to its laws of conflicts), and to the extent applicable, federal law, except to the extent that the laws regarding
the perfection and priority of security interests of the state(s) in which either the Debtor or any property securing the Liabilities
is located, are applicable. The Debtor agrees that any legal action or proceeding with respect to any of its obligations under
this agreement may be brought by the Bank in any state or federal court located in the State of New York, as the Bank in its sole
discretion may elect. By the execution and delivery of this agreement, the Debtor submits to and accepts, for itself and in respect
of its property, generally and unconditionally, the non-exclusive jurisdiction of those courts. The Debtor waives any claim that
the State of New York is not a convenient forum or the proper venue for any such suit, action or proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>Additional
Representations, Warranties and Covenants</B>. The Debtor represents, warrants and covenants to the Bank that each of the following
is true and will remain true until termination of this agreement and payment in full of all Liabilities: (a) the execution and
delivery of this agreement and the performance of the obligations it imposes do not violate any law, do not conflict with any agreement
by which it is bound, and do not require the consent or approval of any governmental authority or any third party; (b) this agreement
is a valid and binding agreement, enforceable according to its terms; and (c) all balance sheets, profit and loss statements, and
other financial statements furnished to the Bank in connection with the Liabilities are accurate and fairly reflect the financial
condition of the organizations and persons to which they apply on their effective dates, including contingent liabilities of every
type, which financial condition has not changed materially and adversely since those dates. The Debtor, other than a natural person,
further represents that: (a) it is duly organized, validly existing and in good standing under the laws of the state where it is
organized and in good standing in each state where it is doing business; and (b) the execution and delivery of this agreement and
the performance of the obligations it imposes (i) are within its powers and have been duly authorized by all necessary action of
its governing body; and (ii) do not contravene the terms of its articles of incorporation or organization, its by-laws, or any
agreement or document governing its affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>WAIVER
OF SPECIAL DAMAGES.</B> THE DEBTOR WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM
OR RECOVER FROM THE BANK IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><B>JURY
WAIVER</B>. THE DEBTOR AND THE BANK (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE
ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN OR AMONG
THE DEBTOR AND THE BANK ARISING OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK
TO PROVIDE THE FINANCING DESCRIBED HEREIN.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-weight: bold"></TD>
    <TD STYLE="text-align: justify; font-weight: bold; padding-left: 0.125in">Debtor:</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 28%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 18%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Innodata Isogen, Inc.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold; padding-left: 0.5in"></TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">/s/ Steven
    Ford</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-weight: bold"><FONT STYLE="font-weight: normal; font-style: normal">Steven
    Ford</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Executive
    Financial Officer and Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Printed Name</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 28%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 20%"><FONT STYLE="font-size: 10pt">Date Signed:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0in; text-align: justify; width: 40%"><FONT STYLE="font-size: 10pt">May 30, 2008</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 8%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Thilak
Kumar \ NY000002000081209</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">006712624000
\ DW000b00961580a749e3<BR> &nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>v368096_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><IMG SRC="tlogo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">June
27, 2013</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Mr. Raj
Jain</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Director
of Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Innodata
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">3 University
Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Hackensack,
NJ 07601</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Dear Mr.
Jain:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">We are pleased
to advise you that based upon your annual financial statements for the fiscal year December 31, 2012, JPMorgan Chase Bank, N.A.
(the &quot;Bank&quot;) has approved your request for a secured uncommitted line of credit in the aggregate amount of $15,000,000.00.
Our officers may, at their discretion, make short term loans to Innodata Inc. on such terms as are mutually agreed upon between
us from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Borrowings
under this line are intended to be used to meet your normal short term working capital needs and will bear interest at such rates
as shall be mutually agreed upon by each of us from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">The availability
of credit under this line is subject to a borrowing base, less the then outstanding aggregate amount under the line of credit.
If at any time the credit outstanding under the line of credit exceeds the net availability pursuant to most recent borrowing base
certificate submitted by you to the Bank, you will be required to eliminate such excess immediately in accordance with the note
executed in connection herewith. Currently, the borrowing base is calculated in accordance with the computation contained in the
borrowing base certificate. The components of the borrowing base, including advance rates, dollar limits and eligibility criteria
as set forth in the borrowing base certificate are subject to change at any time and from time to time by the Bank in its sole
and absolute discretion. Accordingly, since the line is an uncommitted credit facility, the Bank may, in its sole and absolute
discretion, decline to extend any credit when requested even if availability exists pursuant to the borrowing base certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">This
line will carry an administrative fee of Ten Thousand and 00/100 Dollars ($10,000.00) payable upon the execution and delivery
to the Bank of the Advised Line of Credit Note evidencing your liabilities to the Bank under this line. As this line is not a
commitment, all extensions of credit are at our sole discretion and subject to, among other things, your execution and
delivery of such documentation as the Bank deems appropriate, including, without limitation, the Note Modification Agreement
which extends the maturity date of the Advised Line of Credit Note dated June 25, 2012 to June 30, 2014, and the receipt and
continuing satisfaction with current financial information, which information will be furnished to the Bank as it may from
time to time reasonably request, and our continuing satisfaction with your financial condition, business affairs and
prospects. This line expires on June 30, 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">We are pleased
to be of service and trust you will call upon us to assist in any of your banking requirements.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify; width: 40%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 56%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">JPMorgan Chase Bank, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Gail Hoerman-Bivona</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gail Hoerman-Bivona, Authorized Officer</FONT></TD></TR>
</TABLE>

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

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

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

<P STYLE="margin-top: 0; margin-bottom: 0">Harsha \ NYCDP-26346900000 / NS</P>

<P STYLE="margin-top: 0; margin-bottom: 0">006712624000 \ DW000b00961580a749e3</P>

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

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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>v368096_ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;<IMG SRC="tlogo.jpg" ALT=""></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><B>Gail Hoerman-Bivona</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: Transparent; text-decoration: none">Vice President</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">February 7,
2014</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><B><U>VIA OVERNIGHT COURIER</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">Mr. Raj Jain</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">Director of
Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">Innodata Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">3 University
Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">Hackensack,
NJ 07601</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: transparent">Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advised Line of Credit Note (as defined below, the &ldquo;Note&rdquo;) and related loan documents (&ldquo;Loan Documents&rdquo;)
entered into by and between JPMorgan Chase Bank, N.A. (&ldquo;Chase&rdquo;) and Innodata Inc. (&ldquo;Innodata&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">Dear Mr. Jain:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Reference
is hereby made to that certain Advised Line of Credit Note dated as of June 25, 2012 in the original principal amount of $15,000,000.00
executed by Innodata and delivered to Chase (as modified by that certain Note Modification Agreement dated as of June 27, 2013
and the accompanying letter from Chase dated June 27, 2013 (collectively, the &ldquo;Modification&rdquo;); the Modification and
the Advised Line of Credit Note are collectively referred to herein as, the &ldquo;Note&rdquo;). Capitalized terms used herein
and not otherwise defined herein shall have the meanings set forth in the Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">The
Advised Line of Credit Note provides in part that, &ldquo;&hellip; The execution and delivery of this Note by the Borrower
and the acceptance by the Bank of this Note shall not be deemed or construed to create any contractual commitment to lend by
the Bank to the Borrower. The line of credit is in the form of advances made by the Bank to the Borrower under this Note
(&ldquo;Advances&rdquo;), each of which shall be made, by the Bank on behalf of the Borrower in the Bank's sole and absolute
discretion.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">The Modification
provides in Section 12 that, &ldquo;Bank may refuse to make any loan at any time notwithstanding that no event of default has occurred
or exists or that Bank has made loans under the Note under similar circumstances. Bank may, for any reason or no reason at all,
refuse to make any loan under the Note. The execution and delivery of this agreement by the Borrower and the acceptance by the
Bank of this agreement shall not be deemed or construed to create any contractual commitment by the Bank to lend to the Borrower.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">In accordance
with the terms <FONT STYLE="font-weight: normal">of </FONT>the Note, Chase has no obligation to Innodata to make any further loans,
extensions of credit or other financial accommodations<B> </B><FONT STYLE="font-weight: normal">to</FONT><B> </B>Innodata under
the Note. <B>In that regard, please be advised that Chase does not intend to make any Advances or extensions of credit to Innodata
under the Note from and after the date of this letter.</B></P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-style: normal"><B>JPMorgan
Chase Bank, N.A</B><FONT STYLE="font-weight: normal">., 395 North Service Road, Suite 302, Melville, NY 11747</FONT></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-weight: normal; font-style: normal">Telephone:
631 755 5084, Facsimile: 631 755 5100</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-weight: normal; font-style: normal">gail.n.hoerman-bivona@chase.com</FONT></P>

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

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

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2 of 2</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">As you are
aware, Chase has requested certain financial information from Innodata to assist in Chase&rsquo;s analysis of the company&rsquo;s
recent operating results as well as to understand more fully Innodata&rsquo;s expectation as to operating performance in 2014.
As of the date of this letter we have not yet received the following (collectively &ldquo;Requested Information&quot;):</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Updated field examination
with results satisfactory to Chase;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Year-to-date and one month
ending November and December 2013 consolidating internal financial statements, similar in form and detail (by legal entity) to
those provided for the fiscal quarter ending September 30, 2013 and the one month ending October 31, 2013;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Accounts receivable aging
for the months ended November 30, 2013 and December 31, 2013;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Borrowing base calculation
as of December 31, 2013;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">For any anticipated requests
for Advances: (i) timing, (ii) amount, (iii) date of expected repayment, and (iv) source(s) of repayment;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Quarterly projection for
fiscal year 2014 detailing Innodata's projected operating performance, financial condition and working capital borrowing needs,
if any; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Schedule of current projects
in-house, including associated revenues for fiscal year 2013; anticipated revenues by project in fiscal year 2014.</FONT></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Chase will
not consider permitting Advances in the future unless and until it has received from Innodata the Requested Information in form
and substance satisfactory to Chase in its sole discretion, plus any other documents or information Chase may hereafter request.
As stated above, Chase&rsquo;s decision to permit further extensions of credit shall be completely within its discretion, and it
may refuse to make a loan for any reason. A decision to make one or more Advances will not be an indication that any future extensions
of credit will be made. Requests for Advances shall be made in accordance with the provisions of the Loan Documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Please note
that nothing contained herein is intended to be, nor shall it be construed as, a waiver or modification of any of Chase&rsquo;s
rights under the Note and/or the Loan Documents. Furthermore, nothing contained herein shall constitute a waiver of, or otherwise
affect, any default or Event of Default that may exist or hereafter arise, or the rights and remedies of Chase relating to any
such default or Event of Default. No agreement of any nature shall be binding upon Chase unless and until all necessary bank approvals
have been obtained, and such agreement is memorialized in a writing executed by duly authorized representatives of Chase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Further,
the failure of Chase to undertake any action or actions shall not be deemed to constitute a cure or waiver of Chase&rsquo;s rights
and remedies. Chase hereby expressly reserves all of its rights and remedies and confirms that the terms and conditions of the
Note and the other Loan Documents remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">If you have
any questions, please do not hesitate to contact the undersigned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">Very truly
yours,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">JPMorgan Chase
Bank, N.A.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 7%; text-indent: 0in; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 93%; text-indent: 0in; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Gail Hoerman-Bivona</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">Gail Hoerman-Bivona, Authorized Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">JPMorgan
Chase Bank, N.A<FONT STYLE="font-weight: normal">., <FONT STYLE="font-style: normal">395 North Service Road, Suite 302, Melville,
NY 11747</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-weight: normal; font-style: normal">Telephone:
631 755 5084, Facsimile: 631 755 5100</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-weight: normal">gail.n.hoerman-bivona@chase.com</FONT></P>

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


<!-- Field: Page; Sequence: 2; Options: Last -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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



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