<SEC-DOCUMENT>0001415889-25-008280.txt : 20250317
<SEC-HEADER>0001415889-25-008280.hdr.sgml : 20250317
<ACCEPTANCE-DATETIME>20250317213501
ACCESSION NUMBER:		0001415889-25-008280
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250317
DATE AS OF CHANGE:		20250317

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAUI LAND & PINEAPPLE CO INC
		CENTRAL INDEX KEY:			0000063330
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				990107542
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-17125
		FILM NUMBER:		25746323

	BUSINESS ADDRESS:	
		STREET 1:		500 OFFICE ROAD
		CITY:			LAHAINA
		STATE:			HI
		ZIP:			96761
		BUSINESS PHONE:		808-500-8376

	MAIL ADDRESS:	
		STREET 1:		500 OFFICE ROAD
		CITY:			LAHAINA
		STATE:			HI
		ZIP:			96761

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CASE STEPHEN M
		CENTRAL INDEX KEY:			0001094581
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	MAIL ADDRESS:	
		STREET 1:		1717 RHODE ISLAND AVENUE, N.W.
		STREET 2:		9TH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
		<previousAccessionNumber>0000928385-99-002766</previousAccessionNumber>
	    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001094581</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>





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    <coverPageHeader>
		<amendmentNo>7</amendmentNo>
	      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <dateOfEvent>03/13/2025</dateOfEvent>
	  <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0000063330</issuerCIK>
        <issuerCUSIP>577345101</issuerCUSIP>
		<issuerName>Maui Land &amp; Pineapple Company, Inc.</issuerName>

        <address>
          <com:street1>500 Office Road</com:street1>
                    <com:city>Lahaina, Maui</com:city>
          <com:stateOrCountry>HI</com:stateOrCountry>
          <com:zipCode>96761</com:zipCode>
        </address>
      </issuerInfo>

	  	  <authorizedPersons>

		<notificationInfo>
			<personName>John M. Sabin, CFO</personName>
			<personPhoneNum>202-776-1400</personPhoneNum>
				<personAddress>
					<com:street1>Case Family Office</com:street1>
					<com:street2>1717 Rhode Island Avenue, N.W., 10th Fl.</com:street2>					<com:city>Washington</com:city>
					<com:stateOrCountry>DC</com:stateOrCountry>
					<com:zipCode>20036</com:zipCode>
				</personAddress>
		</notificationInfo>
			</authorizedPersons>
	    </coverPageHeader>

	<reportingPersons>


			<reportingPersonInfo>
									<reportingPersonCIK>0001094581</reportingPersonCIK>

				<reportingPersonNoCIK>N</reportingPersonNoCIK>
				<reportingPersonName>Stephen M. Case</reportingPersonName>





				  				  <fundType>AF</fundType>




				<legalProceedings>N</legalProceedings>

								<citizenshipOrOrganization>X1</citizenshipOrOrganization>
												<soleVotingPower>11977166.00</soleVotingPower>
												<sharedVotingPower>0.00</sharedVotingPower>
												<soleDispositivePower>11977166.00</soleDispositivePower>

				<sharedDispositivePower>0.00</sharedDispositivePower>
												<aggregateAmountOwned>11977166.00</aggregateAmountOwned>

				<isAggregateExcludeShares>N</isAggregateExcludeShares>

								<percentOfClass>61.0</percentOfClass>











			  			  <typeOfReportingPerson>IN</typeOfReportingPerson>




			</reportingPersonInfo>
			</reportingPersons>


	<items1To7>
		<item1>
			<securityTitle>Common Stock</securityTitle>
			<issuerName>Maui Land &amp; Pineapple Company, Inc.</issuerName>

			<issuerPrincipalAddress>
			 <com:street1>500 Office Road</com:street1>
			  			  <com:city>Lahaina, Maui</com:city>
			  <com:stateOrCountry>HI</com:stateOrCountry>
			  <com:zipCode>96761</com:zipCode>
			</issuerPrincipalAddress>

						<commentText>This Amendment No. 7 (this "Amendment No. 7" or this "Schedule 13D/A") amends and supplements the statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on September 8, 1999, and amended on September 4, 2003, November 22, 2005, March 6, 2007, February 3, 2009, July, 30, 2010 and August 4, 2010 (as amended, the "Statement") by the Reporting Person. Unless otherwise defined herein, capitalized terms used in this Amendment No. 7 shall have the meanings ascribed to them in the Statement. Unless amended or supplemented below, the information in the Statement remains unchanged.</commentText>
					</item1>




				<item5>
			 <percentageOfClassSecurities>Rows 11 and 13 of the Reporting Person's cover page to this Schedule 13D set forth the aggregate number of shares of Common Stock and percentage of the shares of Common Stock beneficially owned by the Reporting Person and are incorporated by reference. The percentage set forth in row 13 is based upon 19,631,630 shares of Common Stock outstanding as of November 8, 2024, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 14, 2024.</percentageOfClassSecurities>			<numberOfShares>Rows 7 through 10 of the Reporting Person's cover page to this Schedule 13D sets forth the number of shares of Common Stock as to which the Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition and are incorporated by reference.</numberOfShares>			<transactionDesc>Except as set forth herein, the Reporting Person has not effected any transactions with respect to the securities of the Issuer during the past sixty days.  </transactionDesc>			<listOfShareholders>Mr. Case is the sole Trustee of the Trust and has the right to receive or the power to direct the receipt of dividends from the sale of Common Stock held by the Trust.</listOfShareholders>			<date5PercentOwnership>Not applicable.</date5PercentOwnership>		</item5>

				<item6>
			<contractDescription>Item 6 of the Statement is hereby amended as follows:

On March 13, 2025, Mr. Case, in his individual capacity and as sole Trustee of the Trust, entered into a Revolving Credit Agreement (the "Credit Agreement") with First Hawaiian Bank, a Hawaii corporation (the "Lender"). The Credit Agreement provides for the potential borrowing of up to a total of $15 million during the three year term of the agreement. The Credit Agreement charges interest at a variable rate, and provides for repayment of borrowed amounts at the end of the three year term. The Credit Agreement permits prepayments of principal without penalty. The obligations under the Credit Agreement are secured by the pledge of an aggregate of 3,000,000 shares of Common Stock of the Issuer owned by the Trust. In prior years, Mr. Case had pledged 11,814,012 shares to a different lender. The shares that remain pledged to this different lender are now 5,993,750 shares. The 3,000,000 shares pledged to the Lender represent a portion of such previously pledged shares. Pursuant to the terms of the Credit Agreement, a margin call may only be triggered in the event that the loan-to-value ratio set forth in the Credit Agreement is not maintained. As is customary with collateralized loan agreements, upon the occurrence of certain events of default, the Lender may exercise its rights with respect to the collateral.

A copy of the Security Agreement, dated as of March 13, 2025, by and among the parties to the Credit Agreement is attached hereto as Exhibit 99.1 and incorporated herein by reference.

A copy of the security agreement, dated as of June 30, 2022, with the Bank of Hawaii is attached hereto as Exhibit 99.2 and incorporated herein by reference.</contractDescription>
		</item6>

				<item7>
			<filedExhibits>Exhibit 99.1	Security Agreement

Exhibit 99.2	Security Agreement</filedExhibits>
		</item7>

	</items1To7>

<signatureInfo>

	<signaturePerson>
		<signatureReportingPerson>Stephen M. Case</signatureReportingPerson>

					<signatureDetails>
				<signature>/s/ STEPHEN M. CASE</signature>
				<title>Stephen M. Case</title>
				<date>03/17/2025</date>
			</signatureDetails>

	</signaturePerson>



</signatureInfo>
</formData>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex-99-03182025_010302.htm
<DESCRIPTION>SECURITY AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS SECURITY AGREEMENT (INVESTMENT ACCOUNT) (the
<B>&ldquo;Agreement&rdquo;) </B>dated as of March&nbsp;13, 2025 (the <B>&ldquo;Effective Date&rdquo;), </B>is made by STEPHEN M. CASE, as
Trustee of the Stephen M. Case Revocable Trust dated December&nbsp;17, 1998, as amended (the <B>&ldquo;Pledgor&rdquo;), </B>whose address
is l717 Rhode Island Avenue, NW, Washington DC 20036 in favor of FIRST HAWAIIAN BANK, a Hawaii corporation (the <B>&ldquo;Lender&rdquo;)
</B>whose address is 999 Bishop Street, Honolulu, Hawaii 96813, Attention: Corporate Banking Division.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Lender
is extending to Pledgor and Stephen M. Case in his individual capacity (collectively, the <B>&ldquo;Borrower&rdquo;) </B>a revolving
credit facility in the maximum aggregate principal amount at any one-time outstanding of FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000.00)
(the <B>&ldquo;Credit Facility&rdquo;).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
this Agreement, the Pledgor is providing Collateral (defined in <U>Section&nbsp;2</U> below) to the Lender to secure the Borrower&rsquo;s
Obligations (defined in <U>Section&nbsp;3</U> below) with respect to the Credit Facility.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, Pledgor and the Lender each hereby
agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Recitals</U>.
The Recitals set forth above are hereby incorporated into this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Grant
of Security Interest</U>. Pledgor hereby grants to the Lender, a security interest, as that term is defined in the Uniform Commercial
Code, Chapter 490 of the Hawaii Revised Statutes in the following (collectively, the <B>&ldquo;Collateral&rdquo;):</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
of the Pledgor&rsquo;s right, title and interest in, to and under account number 1473900 established by Pledgor or pursuant to the deposit account
agreement (collectively, the <B>&ldquo;Account&rdquo;), </B>maintained by Pledgor with First Hawaiian Bank (Wealth Advisory Division) (the
<B>&ldquo;Agent&rdquo;), </B>pursuant to the New Account Application Custody - Institution executed by Pledgor and delivered to the Agent,
as supplemented and amended from time to time (the <B>&ldquo;Account Agreement&rdquo;), </B>together with all of the Pledged Assets (as
hereinafter defined) including, without limitation, all of Pledgor&rsquo;s legal, beneficial and other interests now or hereafter held in, to
and under the Account and any and all Pledged Assets now or hereafter held from time to time in the Account, together with all claims,
general intangibles, credits, contract rights, demands and other property, and rights and interests of Pledgor relating to the Account
or Pledged Assets. <B>&ldquo;Pledged Assets&rdquo; </B>means, collectively, any and all investment property, financial assets and other
assets and property of any kind now or hereafter held in the Account, including but not limited to all stocks, bonds, mutual fund shares,
and other investment instruments, securities certificates, securities entitlement<FONT STYLE="color: #6E6E6E">s </FONT>and interests and
all dividends, interest, proceeds and other moneys, deposits documents, negotiable instruments, chattel paper and other property, exclusive,
however, of Excluded Collateral <FONT STYLE="color: #5B5B5B">(defined </FONT>below). Without limiting the generality of the foregoing,
on and as of the Effective Date, the Pledged Assets include, without limitation, the assets and other property described in <U>Schedule
A</U> attached hereto.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Account Agreement, including, without limitation, all of Pledgor&rsquo;s rights, powers, privileges and beneficial interests in, to and under
the Account Agreement, and all of Pledgor&rsquo;s rights, powers and privileges to make withdrawals or receive distributions of or to sell the
Pledged Assets or the Proceeds and Products, and to direct the Agent to make distributions of the Collateral or any part thereof; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
proceeds, products, substitutions and exchanges of the foregoing, including but not limited to, all dividends (whether in cash, stock
or otherwise), interest payments, choses in action, options and warrants to purchase and/or sell, and all conversions of any the Pledged
Assets to other property, in each case from time to time received, receivable, distributed or distributable in respect of or in exchange
for any and all of the foregoing and all additions and accessions thereto and substitutions therefor (collectively, the <B>&ldquo;Proceeds
and Products&rdquo;).</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PROVIDED, HOWEVER, that notwithstanding anything
herein to the contrary, the Collateral shall in no event include: (1)&nbsp;any stock of First Hawaiian Bank; (2)&nbsp;any interest in
a common trust fund or collective investment trust fund of the nature described in 12 C.F.R. Section&nbsp;9.18; (3)&nbsp;Pledgor&rsquo;s title
to any land or other real property; or (4)&nbsp;any other investments or other property to the extent that a security interest therein
granted to Lender under this Agreement would cause Lender to be in violation of any applicable statutes, regulations or other laws (collectively
called <B>&ldquo;Excluded Collateral&rdquo;), </B>and in connection with the foregoing, no Excluded Collateral shall be deemed to constitute
Pledged Assets or other Collateral hereunder, notwithstanding that Excluded Collateral may from time to time be held in the Account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PROVIDED FURTHER that upon full repayment of the
Credit Facility, the Lender shall promptly deliver the Collateral to Pledgor and release the lien created by this Security Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Obligations
Secured</U>. The Pledgors hereby grant the security interest in the Collateral to the Lender for the sole purpose of securing:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.3in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
repayment of all indebtedness and obligations of Borrower under the terms of that certain Revolving Credit Agreement and that certain
Revolving Note both dated the date hereof in the maximum principal amount at any one-time outstanding of $15,000,000.00, executed by Borrower
in favor of Lender (as such Revolving Credit Agreement and Revolving Note may be amended, renewed, restated or replaced being hereinafter
referred to, respectively, as the <B>&ldquo;Credit Agreement&rdquo; </B>and the <B>&ldquo;Note&rdquo;); </B>and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.3in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
payment and performance of all indebtedness and obligations of Borrower under or in connection with the following made by Borrower to
secure the repayment of the Credit Facility: (i)&nbsp;any transaction now existing or hereafter entered into between Borrower and Lender
which is a rate swap, basis swap, commodity swap, equity or equity index swap, foreign exchange transaction, currency or cross-currency
rate swap, or any similar transaction or any combination thereof (including any option, cap, collar, floor or forward with respect to
any of the foregoing), whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial
measures, and any other agreement or arrangement designed to protect against fluctuations in interest rates, currency exchange rates or
commodity prices, (ii)&nbsp;any and all cancellations, buy backs, reversals, terminations or assignments of any of the foregoing, and
(iii)&nbsp;any agreement, confirmation or other document with respect thereto;</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.3in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
performance and observance by Pledgor of all of the covenants, conditions and agreements to be performed and observed by Pledgor in this
Agreement, including but not limited to, the payment by Borrower to Lender of all sums expended or advanced by Lender pursuant to any
provision of this Agreement; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.3in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
secure the payment by Borrower to Lender of all other sums now or hereafter loaned or advanced by Lender to Borrower or extended by Lender
for the account of Borrower, or otherwise owing by the Borrower to Lender in connection with the Credit Facility.</FONT></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">All obligations referred to in this <U>Section&nbsp;3</U> are herein
collectively called the <FONT STYLE="color: #4F4F4F"><B>&ldquo;Obligations&rdquo;; </B></FONT>and this Agreement, together with all other
agreements and documents evidencing, securing or otherwise pertaining in any manner to the Obligations are herein collectively called
the <B>&ldquo;Credit Documents&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Perfection
of Security Interest</U>. In addition to any other action provided in <U>Section&nbsp;6</U> hereof, Pledgor will, from time to time, execute
any customary document necessary to perfect the Lender&rsquo;s <I>first priority </I>security interest in the Collateral, including, without
limitation, a Control Agreement in the form attached hereto as <U>Exhibit&rdquo;1&rdquo;</U>, which must also be acknowledged by the Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Representations,
Warranties and Agreements</U>. Pledgor represents, warrants and agrees as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Priority.</U>
The security interests granted to Lender by this Agreement does now and hereafter will constitute security interests of first priority.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">b</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Ownership</U>.
Pledgor is and will remain, and as to Collateral acquired by it from time to time after the date hereof, Pledgor will be, except as otherwise
permitted by Lender, the owners of the Collateral free from any encumbrances, security interests, or rights or options held by any person
or entity, other than the Lender&rsquo;s security interests therein, and Pledgor shall defend the Collateral against any and all claims and
demands of all persons at any time claiming any interest therein in any manner materially adverse to the Lender.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Office</U>.
Pledgor&rsquo;s place of business and chief executive office (in any such case, the &ldquo;location&rdquo;) is located at the address stated above.
Pledgor shall not move its location without having given the Lender forty-five (45) days&rsquo; prior written notice. To the extent applicable,
evidence of all Collateral and the only original books of account and records of Pledgor relating thereto are, and shall continue to be,
kept at the location of Pledgor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">d.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Power</U>.
Pledgor has full power and authority and legal right to grant to the Lender a security interest in the Collateral and, except for the
MLP Certificate (as defined in the Credit Agreement), no further consent, authorization, approval or other action by any person or entity
is required for the grant of such security interest or for the Lender&rsquo;s exercise of its rights and remedies hereunder except as may be
required in connection with the Lender&rsquo;s sale of the Collateral by laws affecting generally the offering and sale of securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">e.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Regulations</U>.
Pledgor&rsquo;s granting to the Lender of a security interest in the Collateral does not violate Regulation U of the Federal Reserve Board
as of the date hereof. Pledgor shall, from time to time, grant to Lender a security interest in such additional collateral as Lender
may&#8239;determine to be necessary to assure that the aggregate amount of the secured Obligations does not exceed at any time the maximum loan
value of the Collateral under Regulation U.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">f.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Account
Agreement; Conforming Amendment</U>. A true, correct and complete copy of the Account Agreement, together with any and all supplements
and amendments thereto (if any), have been provided to Lender. All provisions of this Agreement, including, without limitation, the grant
to Lender herein of the rights, powers and interests in accordance with the provisions hereof, are consistent with and permitted under
the terms of the Account Agreement. In connection with the foregoing: (i)&nbsp;in the event of a conflict between the terms of this Agreement
and the terms of the Account Agreement, the terms of this Agreement shall govern and control; (ii)&nbsp;all provisions of the Account
Agreement are hereby amended as necessary to conform with the provisions of this Agreement and the rights, powers and interests granted
to Lender hereunder; and (iii)&nbsp;from time to time, and at any time, Pledgor shall promptly on demand of Lender execute and deliver
(and cause the Agent to execute and deliver) one or more amendments to the Account Agreement in form and substance reasonably satisfactory
to Lender, to further evidence or effect such conformity and consistency with this Agreement. So long as this Agreement is in effect,
the Account Agreement may only be amended with the prior written consent of Lender.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">g.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Investments</U>.
For so long as this Agreement remains in effect, and while any of the Obligations remain outstanding, Pledgor shall not exercise any power
of direction under the Account Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Duties
and Promises Concerning the Collateral</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Supplements;
Further Assurances</U>. Pledgor agrees that at any time and from time to time within five (5)&nbsp;calendar days after the Lender&rsquo;s demand
therefor, Pledgor will, at the Pledgor&rsquo;s expense, execute and deliver all further instruments and documents, and take all further action,
that may be necessary or that the Lender deems reasonably appropriate or advisable, in order to create, initially perfect and thereafter
preserve and protect an74y security interest granted or purported to be granted hereby or to enable the Lender to exercise and enforce
its rights and remedies hereunder with respect to the Collateral.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Negative
Pledge/Notice</U> . Pledgor will not, and Pledgor will not let anyone else, collect upon, assign or transfer the Collateral or any right
to it to anyone else, nor let anything happen which will make the Collateral become subject to any claim or liable to seizure in bankruptcy
or otherwise, or which would impair the interest of the Lender in the Collateral, including but not limited to the transfer of the Collateral
and/or Account to another agent or the termination of the Control Agreement without a substitute thereof and an amendment to this Agreement,
all in form and content acceptable to the Lender in its sole and absolute discretion while any of the Obligations remain outstanding.
Pledgor agrees that prior to any transfer of the Collateral and/or Account to another agent or the termination of the Account relationship
pursuant to the foregoing sentence, Pledgor shall give Lender prior written notice of such transfer or termination and make arrangements
for and cooperate with Lender for the transfer of the Collateral to a new account over which Lender shall have &ldquo;control&rdquo; as
defined in Section&nbsp;9-106 of the Code (defined below) and shall agree to modify this Agreement in accordance therewith.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Voting
Rights; Dividends; Etc.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
long as no Event of Default (as hereinafter defined) shall have occurred and be&#8239;continuing:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Pledgor
shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or any part thereof for any
purpose not inconsistent with the terms of this Agreement or the Loan Documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Pledgor
shall be entitled to receive and retain, and to utilize free and clear of the Lender&rsquo;s security interest therein, any and all interest,
cash dividends and other cash distributions in respect of the Collateral); provided, however, that any and all dividends and other distributions
in the form of securities (including distributions resulting from stock splits and dividends payable in stock) shall be held as Collateral
hereunder and shall, if received by any Pledgor, be received in trust for the benefit of Lender, be segregated from the other property
or funds of the Pledgors, and be promptly delivered to Lender as Collateral in the same form as so received (with any necessary endorsement)
above. Any provision to the contrary notwithstanding, upon the written request of Borrower, Lender shall promptly release and re-assign
a portion of the Collateral pursuant to the terms and conditions set forth in Section&nbsp;1.0 l of the Credit Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
order to permit any Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant to <U>Section&nbsp;7(a)(i)</U>&nbsp;above
and to receive the interest, dividends and distributions which it is authorized to receive and retain pursuant to <U>Section&nbsp;7(a)(ii)</U>&nbsp;above,
Lender shall, if necessary, upon written request of the Pledgor, from time to time execute and deliver (or cause to be executed and delivered)
to the Pledgor all such proxies, dividend payment orders and other instruments as the Pledgor may reasonably request.</FONT></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">While any of the Obligations remain outstanding, Pledgor acknowledges
and agrees that Pledgor may not sell or permit to be sold any Collateral in the Account without the prior written consent of Lender, which
consent Lender may withhold in its sole and absolute discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the occurrence and during the continuance of an Event of Default:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
written notice from Lender to the Pledgor, all rights of the Pledgor to exercise the voting and other consensual rights which it would
otherwise be entitled to exercise pursuant to <U>Section&nbsp;7(a)(i)</U>&nbsp;above shall cease, and all such rights shall thereupon
become vested in Lender which shall thereupon have the sole right to exercise such voting and other consensual rights during the continuance
of such Event of Default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
rights of the Pledgor to receive the interest, dividends and distributions which they would otherwise be authorized to receive and retain
pursuant to <U>Section&nbsp;7(a)(ii)</U>&nbsp;above shall cease and all such rights shall thereupon become vested in Lender which shall
thereupon have the sole right to receive and hold as Collateral such interest, dividends and distributions during the continuance of such
Event of Default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
order to permit Lender to exercise the voting and other consensual rights which it may be entitled to exercise pursuant to <U>Section&nbsp;7(b)(i)</U>&nbsp;above,
and to receive all interest, dividends and distributions which it may be entitled to receive under <U>Section&nbsp;7(b)(ii)</U>&nbsp;above,
the Pledgor shall,&#8239;</FONT>if necessary, upon written notice from Lender, from time to time execute and deliver to Lender appropriate proxies,
dividend payment orders and other instruments as Lender may reasonably request.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">d.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
interest, dividends and distributions which are received by the Pledgor contrary to the provisions of <U>Sections 7(a)(ii)&nbsp;and 7(b)(ii)</U>&nbsp;above
shall be received in trust for the benefit of Lender, shall be segregated from other funds of the Pledgor and shall be forthwith paid
over to Lender as Collateral in the same form as so received (with any necessary endorsement).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Avoidance
of Prohibited Investments</U> . For so long as this Agreement shall remain in effect, Pledgor shall not invest, and shall not permit the
Agent to invest, any portion of the Collateral or proceeds thereof in a manner or in investments which would cause a violation of Regulation
U or any other applicable statutes, regulations or other laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Agent shall not have any responsibility to ensure
that any investment complies with this <U>Section&nbsp;8</U>. Pledgor shall be solely responsible to ensure the Collateral complies with
this <U>Section&nbsp;8</U> and Pledgor or Lender, acting alone, shall have the power to direct Agent to change the investment of any Collateral
that violates this Section&nbsp;8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Directions
to and Authority of the Agent</U>. Pledgor hereby irrevocably authorizes Agent, appoints the Agent its attorney-in-fact and grants to
Agent a durable power of attorney, with full power of substitution, and with full authority in the name, place and stead of Pledgor: (a)&nbsp;to
disclose to Lender, from time to time, at Lender&rsquo;s request, any financial or other information held by Agent, whether confidential or
nonconfidential, in respect of Pledgor or the Collateral, and (without limitation of the generality of the foregoing) to make available
to Lender promptly on demand: (i)&nbsp;certifications to Lender regarding the description, nature and market value of the Collateral;
and (ii)&nbsp;all notices in respect of the Collateral which Pledgor is entitled to receive; (b)&nbsp;to maintain the Collateral free
and clear of any security interest or other encumbrance except the security interest held by Lender under this Agreement, so as to enable
Agent, at any time or times, to Collect upon the assets comprising the Collateral in order to have Lender hold cash as collateral for
a portion of or the full amount of the Obligations in accordance with the terms of this Agreement; (c)&nbsp;to promptly convert assets
comprising the Collateral into cash (to the full extent necessary to secure the amount demanded by Lender) and to apply the cash proceeds
of such conversion to the immediate payment of the amount as and when demanded by Lender: (i)&nbsp;upon Agent&rsquo;s receipt from Lender of
a written demand that all or any part of the Obligations be paid; (ii)&nbsp;upon demand by Lender, upon dissolution of any Pledgor; (iii)&nbsp;upon
demand by Lender, upon the resignation or removal of Agent; and/or (iv)&nbsp;upon demand by Lender, upon the revocation or termination
of the Agency Agreement; and (d)&nbsp;to comply with: (i)&nbsp;any and all other provisions of this Agreement, as amended from time to
time; and (ii)&nbsp;any and all notices, instructions and directions from time to time and at any time given to Agent by Lender pursuant
to the terms of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Pledgor agrees that Agent shall be entitled to
comply with the terms of this Agreement and the authorizations and directions given to Agent pursuant to this Agreement, in each case,
notwithstanding contrary directions, order or instructions at any time given by or on behalf of Pledgor. Agent shall have no duty to
examine the propriety of any instructions provided to Agent by Lender as described in this Agreement and may rely thereon, and shall
act in accordance with such instructions. Such instructions may be in writing or oral, provided that any oral instructions&#8239;shall be, upon
the Agent&rsquo;s written request, confirmed in writing to Agent within five (5)&nbsp;Business Days after such oral instructions are given.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Absent gross negligence or willful misconduct by
Agent, Pledgor hereby releases, indemnifies and agrees to defend, protect, save and hold harmless, Agent from and against any and all
claims, lawsuits, demands and damages whatsoever arising out of or in any way connected with Agent&rsquo;s acceptance and compliance with the
agency, authority or directions under this Agreement and the instructions of Lender as to the Collateral which are in compliance with
the terms and conditions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Lender
Appointed Attorney-in-Fact</U>. Pledgor hereby appoints Lender as Pledgor&rsquo;s attorney-in-fact, with full power of substitution, and with
full authority in the name, place and stead of Pledgor, or otherwise, from time to time in Lender&rsquo;s discretion to take any action and
to execute any instrument which Lender may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including,
without limitation, to receive, endorse and collect all instruments made payable to the Pledgor representing any interest, dividend or
other distribution in respect of the Collateral or any part thereof and to give full discharge for the same. Said power of attorney is
irrevocable, being coupled with an interest.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Reasonable
Care</U>. Lender shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession
if the Collateral is accorded treatment substantially equivalent to that which Lender, in its individual capacity, accords its own property
consisting of negotiable securities, it being <U>understood</U> that Lender shall have no responsibility for:&#8239;(a)&nbsp;ascertaining or
taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether
or not Lender has or is deemed to have knowledge of such matters; or (b)&nbsp;taking any necessary steps (other than steps taken in accordance
with the standard of care set forth above to maintain possession of the Collateral) to preserve rights against any other persons with
respect to any Collateral.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Events
of Default</U>. As used in this <U>Agreement</U>, the term <B>&ldquo;Event of Default&rdquo; </B>means a default under this Agreement, the
Credit Agreement or any one of the other Credit Documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Remedies
Upon Default</U>. If any Event of Default shall have occurred and be continuing:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>In
General</U>. This Agreement may be enforced by Lender without first resorting to or exhausting any other security or collateral and without
first having recourse to any of the Credit Documents or any of the property covered by any security instrument, through foreclosure proceedings
or otherwise, and without first or concurrently proceeding against the Pledgor or any other person or entity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Remedies:
Collection from the Collateral; Instructions to Agent</U>. If any Event of Default shall have occurred and be continuing, then and in
every such case, Lender may, at any time and from time to time during the continuance of such Event of Default: ( l) Collect from the
Collateral, and instruct Agent to hold the cash collateral and proceeds thereof as security for the Obligations; and/or (2)&nbsp;exercise
the rights and remedies set forth in <U>subsection (c)</U>&nbsp;immediately hereinbelow. Agent shall have no duty to examine the propriety
of such instructions and may rely thereon, and shall act in accordance with such instructions notwithstanding contrary instructions issued
by Pledgor. Such instructions may be in writing or oral, provided that any oral instructions&#8239;shall be, upon the Agent&rsquo;s written request,
confirmed in writing to Agent within five (5)&nbsp;Business Days after such oral instructions are given.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of the removal or resignation of Agent
or the termination or closure of the Account, Agent shall notify Lender of such event and Pledgor agrees that Agent shall continue to
hold the assets in the Account pending written instructions from Lender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Remedies;
Disposition of Collateral</U>. Lender may substitute itself for Pledgor with respect to the Collateral in which case Lender may do anything
with the Collateral that Pledgor could do. Lender may also, from time to time, exercise in respect of the Collateral, in addition to
other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default
under the Uniform Commercial Code (the <B>&ldquo;Code&rdquo;) </B>in effect in the State of Hawaii at the time of an Event of Default.
Lender may also in its sole discretion, without notice except as specified below, sell the Collateral at public or private sale, at any
exchange, agent&rsquo;s board or at any of Lender&rsquo;s offices or elsewhere, for cash, on credit or for future delivery, and at such price or
prices and upon such other terms as Lender may deem commercially reasonable, irrespective of the impact of any such sales on the market
price of the Collateral. Lender may be the purchaser of any or all of the Collateral at any such sale to the extent permitted by law
and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the
Collateral sold at such sale, to use and apply any of the Obligations owed to Lender as a credit on account of the purchase price. Each
purchaser at any such sale shall acquire the property sold absolutely free from any claim or right on the part of the Pledgor, and Pledgor
hereby waives (to the full extent permitted by law) all rights of redemption, stay and/or appraisal which it now has or may at any time
in the future have under any rule&nbsp;of law or statute now existing or hereafter enacted. Pledgor agrees that, to the extent notice
of sale shall be required by law, at least ten (10)&nbsp;calendar days&rsquo; notice to any Pledgor of the time and place of any public sale
or the time after which any&#8239;private sale is to be made shall constitute reasonable notification. Lender shall not be obligated to make
any sale of Collateral regardless of notice of sale having been given. Lender may adjourn any public or private sale from time to time
by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place at and
to which it was so adjourned. Pledgor hereby waives any claims against Lender arising by reason of the fact that the price at which any
Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if
Lender accepts the first offer received and does not offer such Collateral to more than one offeree.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">d.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Private
Resale</U>. Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended (the <B>&ldquo;Securities
Act&rdquo;), </B>and applicable state securities laws, Lender may, with respect to any sale of all or any part of the Collateral: (i)&nbsp;limit
purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with
a view to the distribution or resale thereof; and (ii)&nbsp;impose other limitations or conditions in connection with such sale as Lender
may deem necessary or advisable to comply with the Securities Act or other laws. Pledgor acknowledges that any such private resale may
be at prices and on terms less favorable to Lender than those obtainable through a public resale without such restrictions (including,
without limitation, a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such
circumstances, agrees that any such private resale shall be deemed to have been made in a commercially reasonable manner and that Lender
shall have no obligation to engage in public resale and no obligation to delay the resale of any Collateral for the period of time necessary
to permit the issuer thereof to register it for a form of&#8239;public resale requiring registration under the Securities Act or under applicable
state securities laws, even if such issuer would agree to do so. Pledgor will execute such documents and take such other action as Lender
may deem necessary or advisable in order that any such sale may be made in compliance with legal requirements.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">e.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Sales
in Exempt Transactions</U><FONT STYLE="color: #606060">. </FONT>From time to time at Lender&rsquo;s written request, Pledgor at its own expense
shall furnish or cause to be furnished to the Lender all such information as the Lender may request in order to determine the number of
shares and other instruments which may be sold by Lender as exempt transactions under the Securities Act and the rules&nbsp;of the Securities
and Exchange Commission thereunder and the Hawaii Uniform Securities Act, as the same are in effect from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Application
of Proceeds</U>. After and during the continuance of an Event of Default, any cash held by Lender as Collateral and all cash <U>proceeds</U>
received by Lender in respect of any Collection from, or other realization upon all or any part of the Collateral shall, at Lender&rsquo;s option,
be held and applied from time to time as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">First,
applied to the payment of the costs and expenses of such Collection, sale or other realization, including fees and costs owed to Lender&rsquo;s
agents and attorneys, and all expenses, liabilities and advances made or incurred by Lender in connection therewith;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Second,
held to secure remaining Obligations and as applicable, applied to the payment of the Obligations as and when due; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Third,
after the cancellation of all of the Obligations hereunder or payment in full of all of the Obligations as and when due (as applicable),
provided to the Pledgor, or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct,
any surplus then remaining from such proceeds.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnity</U>.
The Pledgor agrees to indemnify, reimburse, defend and protect, and save and hold harmless, Lender from any and all claims, actions, causes
of action, suits at law or in equity, liens, controversies, liabilities, costs and expenses incurred by Lender (including, but not limited
to, reasonable attorneys&rsquo; fees and expenses), demands and damages, of whatsoever kind or nature (except for Lender&rsquo;s gross negligence,
willful misconduct or failure to comply with this Agreement), whether presently known or not, resulting from, arising out of, connected
with, or traceable either directly or indirectly to: (a)&nbsp;this Agreement or any of the Collateral; (b)&nbsp;the lien and security
interest of Lender in and to the Collateral; or (c)&nbsp;any actions taken by or on behalf of Lender pursuant to this Agreement. Without
in any way limiting the generality of the immediately preceding sentence, Pledgor agrees to indemnify Lender from and against any and
all third party claims, losses and liabilities caused by or in any way relating to this Agreement. Should Lender incur any liability,
costs or expenses mentioned in this <U>Section&nbsp;15</U>, the Pledgor shall immediately upon demand reimburse Lender for the full amount
thereof, and Lender may apply the Collateral in or toward the satisfaction of, or reimbursement for said loss or damage. For clarity,
the parties hereto acknowledge and agree that the Pledgor&rsquo;s indemnity set forth in this <U>Section&nbsp;15</U> is made with respect to
this Agreement and the Collateral as stated herein and therefore this indemnity is not duplicative of any indemnity set forth in any of
the Credit Documents.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Lender&rsquo;s
Expenses</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
advances, costs, expenses, charges and attorneys&rsquo; fees which Lender may make, pay or incur for the protection of its security or for the
enforcement of any of its rights hereunder, including without limitation any proceedings to Collect upon any of the Collateral which are
commenced and subsequently abandoned, or in any dispute or litigation in which Lender may become involved by reason of or arising out
of this Agreement, or the Collateral or the care and management of the Collateral, shall be paid by the Pledgor to Lender, on demand,
and Pledgor&rsquo;s obligation to pay all of such amounts which may be due and owing under this Agreement and the Pledgor&rsquo;s obligation to pay
all other amounts which may be due and owing from time to time under the Credit Documents and this Agreement, shall be and is secured
by the security interest granted herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
and after the occurrence of an Event of Default, the Pledgor will, upon demand, pay to Lender the amount of any and all reasonable expenses,
including the reasonable fees and disbursements of its counsel and of any experts and agents, which Lender may incur in connection with
the administration of this Agreement, the custody, preservation, use or operation of, or the Collection from, or other realization upon,
any of the Collateral, the exercise or enforcement of any of the rights of Lender hereunder, or the failure by the Pledgor to perform
or observe any of the provisions hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Waiver</U>. No failure on the part of Lender to exercise, and no course of dealing with respect to, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof; nor <FONT STYLE="color: #494949">shall </FONT>any single or partial exercise
by Lender of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power
or remedy. The remedies herein provided are, to the full extent permitted by law, cumulative and are not exclusive of any remedies provided
by law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
Any notices or consents required or permitted by this Agreement shall be in writing and shall be deemed delivered if delivered in person
or if sent by certified mail, postage prepaid, return receipt requested, to Pledgor (as set forth above) or Lender at the addresses set
forth in this Agreement or at any other address designated in writing by the Pledgor to Lender as the applicable addresses for notices
in lieu thereof. The deemed date of delivery shall be the date any notice is delivered in person or two (2)&nbsp;Business Day after the
mailing, as applicable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Applicable
Law</U>. The laws of the State of Hawaii shall govern the construction of this Agreement and the rights and remedies of the parties hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Binding
Effect and Entire Agreement</U>. This Agreement shall inure to the benefit of, and shall be binding on, Lender and its successors and
assigns, Pledgor and Pledgor&rsquo;s personal representatives, heirs, successors and permitted assigns. This Agreement, together with all other
documents evidencing or securing the Obligations, constitutes the entire agreement between Lender and the Pledgor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Amendments;
Consents</U>. No amendment, modification, supplement, termination, or waiver of any provision of this Agreement, and no consent to any
material departure by the Pledgor therefrom, may in any event be effective unless in writing signed by Lender, and then only in the specific
instance and for the specific purpose given.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">22.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Regulation
U</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
part of the proceeds of the Credit Documents will be used by the Pledgor to purchase or carry any Margin Stock. Pledgor is not engaged
principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any
Margin Stock. If requested by Lender, Pledgor shall promptly furnish to Lender on or before the date of execution of this Agreement and
thereafter from time to time, a statement in conformity with the requirements of Federal Reserve Form&nbsp;U-1.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Pledgor
shall indemnify, reimburse, defend and protect, and save and hold harmless, Lender from any and all claims, actions, causes of actions,
suits at law or in equity, liens, controversies, liabilities, demands and damages, of whatsoever kind or nature, whether presently known
or not, resulting from, arising out of, connected with, or traceable either directly or indirectly to any misrepresentation, intentional
or otherwise, contained hereinabove or any action by Pledgor constituting a breach or default of its representations or obligations set
forth in this <U>Section&nbsp;22</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
used herein the term <B>&ldquo;Margin Stock&rdquo; </B>shall have the meaning provided therefor in 12 C.F.R. Section&nbsp;22 l.2(h)&nbsp;of
Regulation U, or in any successor provision thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">23.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Severability</U>.
If any provision of this Agreement shall be held invalid under any applicable law, such invalidity shall not affect any other provision
of this Agreement that can be given effect without the invalid provision, and, to this end, the provisions of this Agreement are severable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">24.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Survival</U>.
To the fullest extent permitted under applicable law, the provisions of this Agreement, including, without limitation, <U>Sections 9 and
13(b)</U>&nbsp;relating to Collection from Collateral, shall survive the termination of the Account Agreement or the agency set forth
therein until all Obligations have been fully satisfied.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">25.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Waiver
of Conflicts</U>. Pledgor acknowledges that: (a)&nbsp;the Wealth Advisory Division <B>(&ldquo;WAD&rdquo;) </B>is a division of Lender; (b)&nbsp;as
a result of such affiliation actual or potential conflicts of interest may now exist or hereafter arise in respect of the administration
of the Account and this Agreement; and (c)&nbsp;Pledgor has had the opportunity to consult with independent counsel or other advisors
in respect of such conflicts. Pledgor consents to such conflicts, consents to Lender&rsquo;s and WAD&rsquo;s performance of their respective obligations
and exercise of their respective rights and remedies hereunder notwithstanding the existence of any such conflicts, and waives (on behalf
of Pledgor and its successors and permitted assigns and all other persons who may at any time hold any right or interest under the Account
Agreement or this Agreement) any claim or claims which such Pledgor or any other beneficiary now has or may hereafter acquire against
Lender and WAD, or either of them, in connection with or as a result of any such conflict.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">26.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Tie-In</U>. Pledgor acknowledges that: (a)&nbsp;Pledgor, for its own business reasons has freely chosen to obtain the applicable Credit
Facility from Lender; and (b)&nbsp;Pledgor, for its own business reasons, has freely chosen to engage WAD; (c)&nbsp;Lender has not required
that Pledgor obtain any trust or other services from WAD; and (d)&nbsp;WAD has not required that Pledgor obtain any credit or other services
from Lender.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">27.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Jury
Waiver</U>. Lender and Pledgor each hereby waive trial by jury in any action, proceeding, claim, or counterclaim, whether in contract
or tort, at law or in equity, arising out of or in any way related to this Agreement or any of the Credit Documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">28.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Reserved</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">29.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Agreements
regarding Collection from Collateral</U>. Pledgor acknowledges and agrees that in the course of Collection from the Collateral in accordance
with the provisions set forth in <U>Section&nbsp;13</U> of this Agreement: (a)&nbsp;the assets being Collected from may be denominated
in dollar amounts which exceed the requisite dollar amount necessary to accomplish the Collection thereunder and in such circumstances,
upon such Collection and application of the amount necessary to comply with the requisite subsection, one hundred percent (100%) of any
residual amounts shall be held in the Account as part of the Collateral which secures the Obligations in accordance with this Agreement;
(b)&nbsp;Lender shall have sole discretion to determine which assets to Collect from and the procedures for Collection (i.e<FONT STYLE="color: #626262">.</FONT>,
whether through redemption, sale at an exchange or via any other means, including but not limited to, in the Event of Default, pursuant
to the procedures set forth in <U>Section&nbsp;13)</U> and the date upon which such Collection shall occur; and (c)&nbsp;any breakage
fees, losses, tax liabilities and the like incurred due to the Collection as described in this Section&nbsp;29 shall be solely borne by
the Pledgor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">30.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Definitions.</U>
As used <U>in</U> this Agreement, the following terms shall have the meanings indicated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Account&rdquo; shall have the meaning given
in <U>Section&nbsp;2(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Account Agreement&rdquo; shall have the meaning
given in <U>Section&nbsp;2(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Agent&rdquo; shall have the meaning given
in <U>Section&nbsp;2(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Agreement&rdquo; shall have the meaning given
in the first paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Borrower&rdquo; shall have the meaning given
in <U>Recitals A</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Business Day&rdquo; means any day on which
the Lender is open to the public for carrying on substantially all of its banking functions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Code&rdquo; shall have the meaning given in
<U>Section&nbsp;l 3(c)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Collateral&rdquo; shall have the meaning given
in <U>Section&nbsp;2</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Collect/Collected/Collection&rdquo; shall
mean, as the context requires, the sale, assignment, transfer, redemption or conversion of the assets which constitute all or any portion
of the Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Credit Agreement&rdquo; shall have the meaning
given in <U>Section&nbsp;3(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Credit Facility&rdquo; shall have the meaning
given in <U>Recitals A</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Credit Documents&rdquo; shall have the meaning
given in <U>Section&nbsp;3</U>.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Effective Date&rdquo; shall have the meaning
given in the first paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Event of Default&rdquo; shall have the meaning
given in <U>Section&nbsp;12</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Excluded Collateral&rdquo; shall have the
meaning given in <U>Section&nbsp;2</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Lender&rdquo; shall have the meaning given
in the first paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Margin Stock&rdquo; shall have the meaning
given in <U>Section&nbsp;22(c)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Note&rdquo; shall have the meaning given in
<U>Section&nbsp;3(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Obligations&rdquo; shall have the meaning
given in <U>Section&nbsp;3</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Pledged Assets&rdquo; shall have the meaning
given in <U>Section&nbsp;2(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Pledgor&rdquo; shall have the meaning given
in the first paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Proceeds and Products&rdquo; shall have the
meaning given in <U>Section&nbsp;2(c)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Securities Act&rdquo; shall have the meaning
given in <U>Section&nbsp;l3(d)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;WAD&rdquo; shall have the meaning given in
<U>Section&nbsp;25</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">31.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
The parties hereto agree that this Agreement may be executed in counterparts, each of which shall be deemed an original, and said counterparts
shall together constitute one and the same agreement, binding all of the parties hereto, notwithstanding all of the parties are not signatory
to the original or same counterparts. For all purposes, duplicate unexecuted pages&nbsp;of the counterparts may be discarded and the remaining
pages&nbsp;assembled as one document.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK]</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"></P>

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<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; color: #343434">IN WITNESS WHEREOF, the parties have executed these
presents as of the day and year first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Stephen M. Case</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">STEPHEN M. CASE, as Trustee aforesaid</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; text-align: right; color: #343434">Pledgor</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">FIRST HAWAIIAN BANK,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a Hawaii corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"> <FONT STYLE="font-size: 10pt">/s/ Stephen Agnew-Miller</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Stephen Agnew-Miller</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Its Vice President</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; text-align: right; color: #343434">Lender</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"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex-99-03182025_010303.htm
<DESCRIPTION>SECURITY AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #2A2A2A"><U>SECURITY AGREEMENT</U> <BR>
(SECURITIES)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #2A2A2A">This SECURITY AGREEMENT (SECURITIES)
(this <B>&ldquo;Agreement&rdquo;) </B>dated as of June&nbsp;30, 2022, is made by STEPHEN M. CASE , as Trustee under the STEPHEN M. CASE
REVOCABLE TRUST, dated December&nbsp;17, 1998, as amended, whose mailing address is 1717 Rhode Island Avenue N.W., Suite&nbsp;1000, Washington,
D.C. 20036 (the <B>&ldquo;Pledgor&rdquo;) </B>in favor of BANK OF HAWAII, a Hawaii corporation (the <B>&ldquo;Bank&rdquo;).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #2A2A2A">RECITALS:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank has established a revolving line of credit (the <B>&ldquo;Credit Facility&rdquo;) </B>up to the original principal amount of $25,000,000.00
in favor of Stephen M. Case (the <B>&ldquo;Borrower&rdquo;) </B>under a Second Amended and Restated Credit Agreement dated the date hereof
(the <B>&ldquo;Credit Agreement&rdquo;) </B>evidenced by an Amended and Restated Revolving Note dated the date hereof (the <B>&ldquo;Note&rdquo;),
</B>and guaranteed by a Payment Guaranty dated the date hereof made by Pledgor and ALPS Investment LLC (collectively, the <B>&ldquo;Guarantors&rdquo;).</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Capitalized
terms not specifically defined in this Agreement shall have the same meanings as in the Credit Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">C.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Pursuant
to Section&nbsp;1.11 of the Credit Agreement, the Borrower is required to enter into Swap Transaction(s)&nbsp;to hedge the floating interest
rate applicable to the Credit Facility for the entire term of the Credit Facility.</FONT></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 0pt 1in; color: #2A2A2A">NOW, THEREFORE, the Bank and Pledgor hereby
agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Parties;
Grant of Security Interest.</U> The Pledgor hereby grants to the Bank a security interest in the following (collectively, the <B>&ldquo;Collateral&rdquo;):
</B>(a)&nbsp;the 7,814,012 shares of common stock of Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. described in <U>Schedule &ldquo;A&rdquo;</U>&nbsp;attached
to this Agreement (the <B>&ldquo;Pledged Securities&rdquo;) </B>and all certificates representing the Pledged Securities and all interests
of the Pledgor in the entries on the books of the issuers of the Pledged Securities and/or any financial intermediary pertaining to the
Pledged Securities and all dividends, interest payments, other cash or proceeds, stocks, options, warrants, rights, instruments and other
property or proceeds from time to time received, receivable, distributed or distributable in respect of or in exchange for any and all
of the Pledged Securities, and all accessions thereto and substitutions therefore; and (b)&nbsp;all proceeds of the above collateral,
including, without limitation, all proceeds of the conversion, voluntary or involuntary, of such collateral, into cash or liquidated
claims, including proceeds of insurance thereon. Provided, however, that notwithstanding anything herein to the contrary, the Collateral
shall in no event include: (1)&nbsp;any stock of Bank of Hawaii Corporation (fka Pacific Century Financial Corporation), (2)&nbsp;any
interest in a common trust fund or collective investment trust fund of the nature described in 12 C.F.R. Section&nbsp;9.18, (3)&nbsp;Pledgor&rsquo;s
title to any land or other real property, or (4)&nbsp;any other investments or other property to the extent that a security interest
therein granted to the Bank under this Agreement would cause the Bank to be in violation of any applicable&#8239;</FONT>statutes, regulations
or other laws (collectively called <B>&ldquo;Excluded Collateral&rdquo;), </B>and in connection with the foregoing, no Excluded Collateral
shall be deemed to constitute Collateral hereunder.&#8239;As used herein, the term <B>&ldquo;Eligible Collateral&rdquo; </B>means: (a)&nbsp;the
Pledged Securities, and (b)&nbsp;other assets if and to the extent specifically agreed by the Bank (but excluding Excluded Collateral).</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">Pledgor confirms that the Stock Assignment dated October&nbsp;19,
2008 and the two (2)&nbsp;Stock Assignments both dated October&nbsp;19, 2010 (with respect to the aggregate amount of 7,814,012 shares
of common stock of Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc.) all remain in full force and effect and secure the Obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt; color: #2A2A2A">2.</FONT><FONT STYLE="color: #2A2A2A">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Obligations
Secured.</U> Pledgor has granted the security interest in the Collateral to the Bank for the purpose of securing: (a)&nbsp;the payment
of all Indebtedness evidenced and secured by the Loan Documents; and (b)&nbsp;the observance and performance of all obligations to be
observed or performed by Pledgor under this Agreement and by the Borrower and Guarantors under the Loan Documents. All obligations referred
to in this Section&nbsp;2 are herein called </FONT></FONT><FONT STYLE="font-size: 10pt; color: #3D3D3D"><B>&ldquo;Obligations&rdquo;.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Perfection
of Security Interest.</U> As to all Collateral in certificated form, all certificates or instruments representing or evidencing such
Collateral have been (in respect of now-  existing Collateral) or will be promptly (in respect of Collateral acquired after the date
of this Agreement) delivered to the Bank in suitable form for transfer by delivery, accompanied by instruments of transfer or
assignment duly executed in blank (with signatures appropriately guaranteed). As to all Collateral in non-certificated (book-entry)
form, the Pledgor shall to the extent permitted by law cause the Bank&rsquo;s security interest therein to be appropriately recorded on
the stock register or bond register books of Maui Land&nbsp;&amp; Pineapple Company,&nbsp;Inc. (the <B>&ldquo;Issuer&rdquo;), </B>and
will execute any customary document necessary to perfect the Bank&rsquo;s security interest therein and, if required by the Bank, will
provide to the Bank an opinion of counsel in form and substance satisfactory to the Bank, confirming the perfection of the Bank&rsquo;s
security interest therein. The Pledgor authorizes the Bank to file one or more financing statements describing the Collateral and
also agrees to execute any customary documents necessary or advisable to perfect and protect the Bank&rsquo;s security
interest.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"> 4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Representations and Warranties.</U> Pledgor represents and warrants to the Bank as&#8239;follows:</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<U>Priority.</U> Unless otherwise consented to by Bank in writing, the security&#8239;interests granted to the Bank by this Agreement now do
and hereafter will constitute security interests of first priority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Ownership.</U>
Pledgor is, and, as to Collateral acquired by the Pledgor from time to time after the date hereof, Pledgor will be, except as may otherwise
be permitted by Bank in writing and so long as any Obligations remain outstanding, the owner of all Collateral free from any encumbrances,
security interests, or rights or options held by any person or entity, other than Bank&rsquo;s security interest therein, and Pledgor shall
defend the Collateral against any and all claims and demands of all persons at any time claiming any interest therein in any manner materially
adverse to the Bank.</FONT></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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Authority.</U>
The Pledgor has full power, authority and legal right to grant to the Bank a security interest in the Collateral.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">d.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
consent of any other party (including, without limitation, creditors of Pledgor) and no consent, authorization, approval, or other action
by, and no notice to or filing with, any governmental authority is required either: (i)&nbsp;for the grant to Bank of a security interest
in the Collateral pursuant to this Agreement or for the execution, delivery or performance of this Agreement by Pledgor; or (ii)&nbsp;for
the exercise by Bank of the rights provided for in this Agreement except as may be required in connection with the Bank&rsquo;s sale of the
Collateral by laws affecting generally the offering and sale of securities or security entitlements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">e.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Non-Accessibility,&nbsp;etc.</U>
All the Pledged Securities have been duly authorized and validly issued and are fully-paid and&#8239;non-assessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Supplements;
Further Assurances.</U> Pledgor agrees that at any time and from time to time at Pledgor&rsquo; s expense, Pledgor will promptly execute and
deliver all further instruments and documents, and take all further action, which may be necessary or that Bank deems appropriate or advisable,
in order to initially perfect and thereafter preserve and protect any security interest granted or purported to be granted hereby or to
enable Bank to exercise and enforce its rights and remedies hereunder as the Bank.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"> 6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Reserved.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"> 7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Covenants.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Pledgor will maintain at all times the Pledged Securities, and Pledgor will not cause such Pledged Securities or any portion thereof to
be sold or otherwise transferred and will not, without the Bank&rsquo;s prior written consent (which consent may be withheld at the Bank&rsquo;s sole
discretion) further pledge the Collateral.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A">c.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Pledgor will deliver any certificate
or instrument constituting or representing any of the Collateral that it may obtain possession of, to the Bank, duly endorsed in blank
without restriction, with a signature guaranty acceptable at the New York Stock Exchange and with all the necessary transfer tax stamps
affixed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"> 8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Voting Rights; Dividends;</U> etc.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A">a. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
long as no Default or Event of Default shall have occurred and be&#8239;continuing:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or any part thereof
for any purpose not inconsistent with the terms of this Agreement or other Loan Documents.</FONT></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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Bank&rsquo;s security interest therein, any and all cash
dividends and other cash&#8239;distributions in respect of the Collateral; provided, however, that any and all dividends and other distributions
in the form of securities (including distributions resulting from stock splits and dividends payable in stock) shall be promptly distributed
or delivered to the Bank and shall, if received by the Pledgor, be received in trust for the benefit of the Bank, be segregated from
the other property or funds of the Pledgor, and be promptly delivered to the Bank as Collateral in the same form as so received (with
any necessary endorsement).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
order to permit the Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant to <U>Section&nbsp;8.a.(1)</U>&nbsp;above
and to receive all dividends and distributions which it is entitled to receive under <U>Section&nbsp;8.a.(2)</U>&nbsp;above, the Bank
shall, if necessary, upon written notice from the Pledgor, from time to time execute and deliver to the Pledgor appropriate proxies, dividend
payment orders and other instruments as the Pledgor may reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Upon the occurrence and during the continuance of a Default or Event of&#8239;Default:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in; color: #2A2A2A"><FONT STYLE="font-size: 10pt; color: #282828">(1)</FONT><FONT STYLE="color: #282828">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
written notice from the Bank to the Pledgor, all rights of the Pledgor to exercise the voting and other consensual rights which it would
otherwise be entitled to exercise pursuant to <U>Section&nbsp;8</U></FONT></FONT><U><FONT STYLE="font-size: 10pt; color: #595959">.</FONT></U><U><FONT STYLE="font-size: 10pt; color: #282828">a.(1)</FONT></U><FONT STYLE="color: #282828; font-size: 10pt">&nbsp;above
shall cease, and all such rights shall thereupon become vested in the Bank which shall thereupon have the sole right to exercise such
voting and other consensual rights during the continuance of such Default or Event of Default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
rights of the Pledgor to receive the dividends and distributions which it would otherwise be authorized to receive and retain pursuant
to <U>Section&nbsp;8.a.(2)</U>&nbsp;above shall cease and all such rights shall thereupon become vested in the Agent which shall thereupon
have the sole right to receive and hold as Collateral such dividends and distributions during the continuance of such Default or Event
of Default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
order to permit the Bank to exercise the voting and other consensual rights which it may be entitled to exercise pursuant to <U>Section&nbsp;8.b.(1)</U>&nbsp;above,
and to receive all dividends and distributions which it may be entitled to receive under <U>Section&nbsp;8.b.(2)</U>&nbsp;above, the Pledgor
shall, if necessary, upon written notice from the Bank, from time to time execute and deliver to the Bank appropriate proxies, dividend
payment orders and other instruments as the Bank may reasonably request or Bank may cause stock to be held in the Bank&rsquo;s name.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">d.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
dividends and distributions which are received by the Pledgor contrary to the provisions of <U>Section&nbsp;8.b.(2)</U>&nbsp;above shall
be received in trust for the benefit of the Bank as a secured party, shall be segregated from other funds of the Pledgor and shall be
forthwith paid over to the Bank as Collateral in the same form as so received (with any necessary endorsement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Bank
Appointed Attorney-in-Fact.</U> Pledgor hereby appoints Bank the Pledgor&rsquo;s attorney-in-fact, with full power of substitution, and with
full authority in the name, place and stead of Pledgor, or otherwise, from time to time, after a Default or Event of Default has occurred
and is continuing, in Bank&rsquo;s discretion to take any action and to execute any instrument which Bank may reasonably deem necessary or
advisable to accomplish the purposes of this&#8239;Agreement. Such action includes, without limitation, to receive, endorse and collect all
instruments made payable to the Pledgor representing any dividend or other distribution in respect of the Collateral or any part thereof
and to give full discharge for the same. Said power of attorney is irrevocable, being coupled with an interest.</FONT></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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Reasonable
Care.</U> The Bank shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession
if the Collateral is accorded treatment substantially equivalent to that which the Bank, in its individual capacity, accords its own
similar property, it being understood that the Bank shall have no responsibility for:&#8239;</FONT>(a)&nbsp;ascertaining or taking action with
respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Bank has
or is deemed to have knowledge of such matters; or (b)&nbsp;taking any necessary steps (other than steps taken in accordance with the
standard of care set forth above to maintain physical possession of the certificates representing the Pledged Securities) to preserve
rights against any person with respect to any Collateral. Bank shall not be deemed to hold the Collateral in a fiduciary capacity for
Pledgor and shall have no responsibility for ascertaining or making investment decisions, whether or not Bank is deemed to have knowledge
of such matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Events
of Default.</U> As used in this Agreement, the terms &ldquo;Default&rdquo; and &ldquo;Event of Default&rdquo; have the meanings given to such
terms in the Credit Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">a.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Remedies;
Obtaining the Collateral Upon Event of Default.</U></FONT>&#8239;<FONT STYLE="font-size: 10pt">If any Event
of Default shall have occurred and be continuing, then and in every such case, the Bank may, in its sole discretion: (i)&nbsp;exchange
certificates representing any of the Collateral for certificates of larger or smaller denominations; (ii)&nbsp;collect, including by legal
action, any notes, instruments, checks or other evidences of payment obligations included in the Collateral and compromise or settle same
with the relevant obligor; and (iii)&nbsp;cause any other bank or nominee aforesaid, to dispose of any Collateral with the proceeds thereof
to be applied as provided in Section&nbsp;12 hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">b.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Remedies:
Disposition of the Collateral.</U> Bank may from time to time exercise in respect of the Collateral, in addition to other rights and
remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the Uniform
Commercial Code (the <B>&ldquo;Code&rdquo;) </B>in effect in the State of Hawaii at the time of an Event of Default. The Bank may also
in its sole discretion, without notice except as specified below, sell the Collateral or any part thereof at public or private sale,
at any exchange, broker&rsquo;s board or at any of the Bank&rsquo;s offices or elsewhere, for cash, on credit or for future delivery, and at such
price or prices and upon such other terms as are commercially reasonable, irrespective of the impact of any such sales on the market
price of the Collateral. The Bank may be the purchaser of any or all of the Collateral at any such sale to the extent permitted by law
and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the
Collateral sold at such sale, to use and apply any of the Obligations owed to the Bank as a credit on account of the purchase price.
Each purchaser at any such sale shall acquire the property sold absolutely free from any claim or right on the part of the Pledgor, and
the Pledgor hereby waives (to the full extent permitted by law) all rights of redemption, stay and/or appraisal which the Pledgor now
has or may at any time in the future have under any rule&nbsp;of law or statute now&#8239;<FONT STYLE="color: #282828">existing or hereafter
enacted. Pledgor agrees that, to the extent notice of sale shall be required by law, ten (10)&nbsp;days&rsquo; notice to the Pledgor of the
time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The
Bank shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Bank may adjourn any public
or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be
made at the time and place at and to which it was so adjourned. Pledgor hereby waives any claims against the Bank arising by reason of
the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been
obtained at a public sale, even if the Bank accepts the first offer received and does not offer such Collateral to more than one offeree</FONT><FONT STYLE="color: #5E5E5E">.</FONT></FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">c.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Remedies:
General.</U> If any Event of Default shall have occurred and be continuing the Bank shall have, in addition to any and all other rights
and remedies, legal or equitable, available under the Loan Documents or at law, the right to the ex parte appointment of a receiver with
respect to the Collateral.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Application
of Proceeds.</U> After and during the continuance of an Event of Default, any cash held by Bank as Collateral and all cash proceeds received
by Bank in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied from
time to time:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #282828">First, to the payment of the costs
and expenses of such sale, collection or other realization, including compensation to Bank&rsquo;s agents and attorneys, and all expenses,
liabilities and advances made or incurred by Bank in connection therewith;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #282828">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #282828">Second, to the payment of the Obligations then due; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #282828">Third, after payment in full of all
Obligations then due, to Pledgor, or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction
may direct, any surplus then remaining from such proceeds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #282828">Pledgor acknowledges and agrees that
the Bank shall receive the full proceeds from the sale of the Collateral and that the Bank is not responsible for providing funds nor
paying taxes owed due to the sale of the Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">13.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification</U>.
The Pledgor agrees to indemnify the Bank against and hold the Bank harmless from any and all liability, loss or damages, including all
costs, expenses and reasonable attorneys&rsquo; fees, which the Bank may incur by reason of this Agreement or any actions taken by the Bank
pursuant to this Agreement. Should the Bank incur any liability, costs or expenses mentioned in this paragraph, the Pledgor shall immediately
upon demand reimburse the Bank for the full amount thereof, and the Bank may apply the Collateral in or toward the satisfaction of, or
reimbursement for said loss or damage.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">14.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Waiver.</U> No failure on the part of Bank to exercise, and no course of dealing with respect to, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by Bank of any right, power or
remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power&#8239;or remedy. The remedies herein
provided are to the full extent permitted by law cumulative and are not exclusive of any remedies provided by law.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">15.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices.</U>
Any notices or consents required or permitted by this Agreement shall be in writing and shall be deemed delivered if delivered in person
or if sent by certified mail, postage prepaid, return receipt requested to Pledgor or Bank at their respective addresses set forth next
to their signatures below, or to such other address as Pledgor or the Bank may notify the other from time to time in accordance with this
Section, including a copy to Ka Po&rsquo;e Hana LLC, 1717 Rhode Island Avenue N.W., Suite&nbsp;1000, Washington, D.C. 20036, Attn: John Sabin.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">16.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Applicable
Law.</U> The laws of the State of Hawaii shall govern the construction of this Agreement and the rights and remedies of the parties hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">17.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Binding
Effect and Entire Agreement.</U> This Agreement shall inure to the benefit of, and shall be binding on, Bank and its successors and assigns
and Pledgor and its successors, successors in trust and assigns. This Agreement, together with all other documents evidencing or securing
the Obligations, constitutes the entire agreement between Bank and Pledgor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt; color: #2A2A2A">18.</FONT><FONT STYLE="color: #2A2A2A">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Amendments;
Consents.</U> No amendment, modification, supplement, termination, or waiver of any provision of this Agreement, and no consent to any
material departure by Pledgor therefrom, may in any event be effective unless in writing signed by Bank</FONT></FONT><FONT STYLE="font-size: 10pt; color: #4D504F">,
</FONT><FONT STYLE="font-size: 10pt; color: #2A2A2A">and then only in the specific instance and for the specific purpose given.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">19.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Severability.</U>
If any provision of this Agreement shall be held invalid under any applicable law, such invalidity shall not affect any other provision
of this Agreement that can be given effect without the invalid provision, and, to this end, the provisions of this Agreement are severable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt; color: #2A2A2A">20.</FONT><FONT STYLE="color: #2A2A2A">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Waiver
of Jury Trial.</U> THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM</FONT></FONT><FONT STYLE="font-size: 10pt; color: #4D504F">,
</FONT><FONT STYLE="font-size: 10pt; color: #2A2A2A">WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY, ARISING OUT OF OR IN ANYWAY RELATED
TO THIS AGREEMENT, THE CREDIT AGREEMENT OR ANY OF THE LOAN DOCUMENTS</FONT><FONT STYLE="font-size: 10pt; color: #4D504F">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">21.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Joinder
by Borrower.</U> By his signature below, Borrower hereby consents to the foregoing Agreement, agrees that this Agreement constitutes a
<B>&ldquo;Loan Document&rdquo; </B>under the Credit Agreement, agrees that a default under this Agreement constitutes a default under the
Credit Agreement, agrees that the term <B>&ldquo;Security Agreement&rdquo; </B>as used in the Credit Agreement means this Agreement as the
same may be amended from time to time, and agrees that the term <B>&ldquo;Collateral&rdquo; </B>as used in the Credit Agreement shall include
the Collateral under this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">22.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts.
</U>The parties hereto agree that this instrument may be executed in counterparts and by facsimile signature (with delivery of original
signature to promptly follow), each of which shall be deemed an original, and said counterparts shall together constitute one and the
same agreement, binding all of the parties hereto, notwithstanding all of the parties are not signatories to the original or the same
counterparts. For all purposes, including without&#8239;limitation and delivery of this instrument, duplicate unexecuted and unacknowledged
pages&nbsp;of the counterparts may be discarded and the remaining pages&nbsp;assembled as one document.</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #2A2A2A"><FONT STYLE="font-size: 10pt">23.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Delivery
of Signatures.</U> The parties hereto agree that delivery of a signature page&nbsp;to, or an executed counterpart of, this document by
facsimile, email transmission of a scanned image or other electronic means, shall be effective as delivery of an originally executed counterpart,
and shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based record
keeping system, as the case may be, to the extent and as provided for in any applicable law. Alternatively, you agree to adopt your electronic
signature below as your signature and you are creating a valid, binding contract under the Federal Electronic Signatures in Global and
National Commerce Act, the Hawaii Uniform Electronic Transactions Act and/or the Hawaii Uniform Commercial Code. You further acknowledge
and agree that upon request you will deliver an original, fully executed copy of this document to Bank of Hawaii.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #2B2B2B">[THE REMAINDER OF THIS PAGE IS
INTENTIONALLY LEFT BLANK]</P>

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

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<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 0pt 0.25in; text-indent: 0.5in; color: #2D2D2D">IN WITNESS WHEREOF,
Pledgor, Bank and Borrower have duly executed this Agreement as of the date first above written.</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: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="color: #2D2D2D">BANK OF HAWAII, a Hawaii corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: #2D2D2D">/s/ </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #030303">Ryan Kitamura</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: #2D2D2D">Name:</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #030303">Ryan Kitamura</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #2D2D2D">Title:&nbsp;&nbsp;Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #2D2D2D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #2D2D2D">Bank</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: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="color: #2D2D2D">Address:</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="color: #2D2D2D">130 Merchant Street, 16<SUP>th</SUP> Floor<BR>
Honolulu, Hawaii 96813<BR>
Attn: Ryan Kitamura</FONT></TD></TR>
  </TABLE>
<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: 50%; padding-top: 0.45pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; padding-top: 0.45pt">/s/ Stephen M. Case</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt"><FONT STYLE="color: #2D2D2D">STEPHEN M. CASE,<BR>
as trustee under the Stephen M. Case Revocable Trust, as amended</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; color: #2D2D2D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; color: #2D2D2D">Pledgor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; color: #2D2D2D">&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: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="color: #2D2D2D">Address:</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="color: #2D2D2D">1717 Rhode Island Ave. N.W.<BR>
Suite 1000<BR>
Washington, D.C. 20036</FONT></TD></TR>
  </TABLE>
<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: 50%"><FONT STYLE="color: #2D2D2D">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%"><FONT STYLE="color: #2D2D2D">/s/
    Stephen M. Case</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #2D2D2D">STEPHEN M. CASE</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0 0pt 61.6pt; color: #2D2D2D">Borrower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.6pt; text-align: right; color: #2D2D2D">&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: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="color: #2D2D2D">Address:</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="color: #2D2D2D">1717 Rhode Island Ave. N.W.<BR>
Suite 700<BR>
Washington, D.C. 20036</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; text-align: right; color: #2D2D2D">Security Agreement (Securities)</P>

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

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

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</DOCUMENT>
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