<SEC-DOCUMENT>0001213900-24-092336.txt : 20241030
<SEC-HEADER>0001213900-24-092336.hdr.sgml : 20241030
<ACCEPTANCE-DATETIME>20241030171003
ACCESSION NUMBER:		0001213900-24-092336
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20241030
DATE AS OF CHANGE:		20241030

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			B. Riley Financial, Inc.
		CENTRAL INDEX KEY:			0001464790
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				270223495
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84964
		FILM NUMBER:		241411392

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD
		STREET 2:		SUITE 800
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		818-884-3737

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD
		STREET 2:		SUITE 800
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Great American Group, Inc.
		DATE OF NAME CHANGE:	20090522

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RILEY BRYANT R
		CENTRAL INDEX KEY:			0001207269
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		C/O B. RILEY FINANCIAL, INC.
		STREET 2:		21255 BURBANK BLVD, SUITE 400
		CITY:			WOODLAND HILLS
		STATE:			CA
		ZIP:			91367
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>ea0218761-13da2riley_briley.htm
<DESCRIPTION>AMENDMENT NO. 2 TO SCHEDULE 13D
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Under the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Amendment No. 2)</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock, par value $0.0001 par value </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class of Securities)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>05580M108 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(CUSIP Number)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>11100 Santa Monica Boulevard, Suite 800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Los Angeles, CA 90025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(818) 884-3737&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>February 2, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of Event which Requires Filing of this Statement)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the filing person has previously filed a statement
on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &sect;&sect;240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required on the remainder of this
cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Amendment No. 2 amends and supplements the
Schedule 13D filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on June 30, 2014, as amended by the Amendment
No. 1 to Schedule 13D filed with the SEC on August 15, 2024 (as so amended, the &ldquo;Schedule 13D&rdquo;), relating to the Common Stock,
par value $0.0001 per share (the &ldquo;Common Stock&rdquo;), of B. Riley Financial, Inc., a Delaware corporation
(the &ldquo;Issuer&rdquo; or the &ldquo;Company&rdquo;). Except as set forth herein, the Schedule 13D is unmodified and remains in full
force and effect. Each capitalized term used but not defined herein has the meaning ascribed to such term in the Schedule 13D.</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"><B>Item 2. Identity and Background</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 2 of the Initial 13D is hereby amended and
restated as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Mr. Bryant R. Riley (individual residing in
California).</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">(b)-(c) Mr. Riley serves as Chairman and Co-Chief
Executive Officer of the Issuer. Mr. Riley&rsquo;s business address is 11100 Santa Monica Blvd., Suite 800, Los Angeles, California 90025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) N/A</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) N/A</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) United States</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 6. Contracts, Arrangements, Understandings
or Relationship with Respect to Securities of the Issuer</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: justify">Item 6 of the Initial 13D is hereby amended and
restated as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As previously disclosed by the Company in
recent Schedule 14A filings, including most recently the Schedule 14A filed with the SEC on May 10, 2024, Bryant R. Riley pledged as
collateral a portion of his shares of Common Stock in favor of Axos Bank pursuant to the terms of a Credit Agreement, dated as of
March 19, 2019, by and between Mr. Riley and Axos Bank (as amended from time to time, the &ldquo;Credit Agreement&rsquo;) and a
Pledge Agreement, dated as of the same date, executed and delivered by Mr. Riley in favor of Axos Bank (as amended from time to
time, the &ldquo;Pledge Agreement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the entry into the Credit Agreement
and the Pledge Agreement, Mr. Riley and Axos Bank have entered into multiple amendments to both of those agreements, and Mr. Riley has
pledged additional shares of Common Stock in favor of Axos Bank. Upon initially entering into the Credit Agreement and Pledge Agreement
in March 2019, Mr. Riley pledged 4,024,714 shares of Common Stock. Thereafter, Mr. Riley has pledged additional shares in favor of Axos
Bank on multiple occasions. As of the date hereof, Mr. Riley has pledged a total of 5,804,124 shares of Common Stock in favor of Axos
Bank. The shares of Common Stock pledged by Mr. Riley constitutes only a portion of the collateral security under the Credit Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither the Company nor any of its subsidiaries
is a party to the Credit Agreement, the Pledge Agreement or any other agreements between Mr. Riley and Axos Bank.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Credit Agreement currently provides, among
other things, for a revolving credit line of up to $45,000,000 (the &ldquo;Loan Amount&rdquo;) with a Maturity Date of April 1, 2025.
Interest on amounts advanced under the Credit Agreement is payable by Mr. Riley, at Mr. Riley&rsquo;s option, either monthly in arrears
or such interest may be accrued and added to the amount of outstanding principal under the Credit Agreement subject to undrawn availability
thereunder. Upon the occurrence of certain events that are customary for these types of loans, including satisfaction of loan-to-collateral
value ratios, Axos Bank may exercise their rights to require Mr. Riley to pre-pay the loan proceeds or post additional collateral, and
Axos Bank may exercise their rights to foreclose on, and dispose of, the pledged shares and other collateral, in each case, in accordance
with the Credit Agreement and Pledge Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of October 30, 2024, the amount of principal
and interest outstanding under the Credit Agreement was $21,407,944.18.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pledge Agreement allows Axos Bank under certain
specified circumstances set forth in the Credit Agreement and Pledge Agreement (including upon the occurrence and during the continuance
of an event of default pursuant to the Credit Agreement and Pledge Agreement) to cause a sale of Mr. Riley&rsquo;s Common Stock that has
been pledged to Axos Bank. The pledge of Mr. Riley&rsquo;s Common Stock under the Pledge Agreement includes, among other things, a pledge
of all management rights, voting rights and control rights, and all rights to grant or withhold consents and approvals in connection with
such Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description Pledge Agreement does
not purport to be complete and is qualified in its entirety by reference to the full copies of the Pledge Agreement attached hereto as
Exhibits 1 to 3 and incorporated herein by reference.</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"><B>Item 7. Material to be Filed as Exhibits</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: justify">Item 7 of the Initial 13D is hereby amended and
supplemented as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: justify">Exhibit No.</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%; text-align: justify">Description</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea021876101ex99-1_briley.htm">Pledge Agreement, dated as of March 19, 2019, executed and delivered by Bryant R. Riley in favor of Axos Bank</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea021876101ex99-2_briley.htm">First Amendment to Pledge Agreement, dated as of June 7, 2019, made by and between Bryant R. Riley and Axos Bank</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea021876101ex99-3_briley.htm">Second Amendment to Pledge Agreement, dated as of May 6, 2020, made by and between Bryant R. Riley and Axos Bank</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SIGNATURES</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">After reasonable inquiry and to the best of his
or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and
correct</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 COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: October 30, 2024</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt"><I>/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryant
    R. Riley</FONT></I></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 35%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryant R. Riley</FONT></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">4</P>

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

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ea021876101ex99-1_briley.htm
<DESCRIPTION>PLEDGE AGREEMENT, DATED AS OF MARCH 19, 2019, EXECUTED AND DELIVERED BY BRYANT R. RILEY IN FAVOR OF AXOS BANK
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS PLEDGE AGREEMENT (this &ldquo;<B><U>Agreement</U></B>&rdquo;),
dated as of March&nbsp;19, 2019, is executed and delivered by Bryant R. Riley, an individual (the &ldquo;<B><U>Pledgor</U></B>&rdquo;)
in favor of Axos Bank (the &ldquo;<B><U>Secured Party</U></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, pursuant to that certain Credit Agreement
of even date herewith (as amended, restated, supplemented or otherwise modified from time to time, the &ldquo;<B><U>Credit Agreement</U></B>&rdquo;),
by and between Pledgor and the Secured Party, the Secured Party has agreed to make available to the Pledgor certain financial accommodations
on the terms and conditions contained in the Credit Agreement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, as a condition to the provision of credit
by Secured Party to the Pledgor, Pledgor is required to pledge certain Securities (as hereinafter defined) to the Secured Party pursuant
to this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, in consideration of the mutual
agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
by the parties, the parties agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 1. <U>Definitions</U>.
Capitalized terms used herein but not defined herein shall have the same definitions that are given to such terms in the Credit Agreement.
Terms used herein that are defined in the UCC (as defined below) shall have the same definitions that are given to such terms in the UCC.
In addition, the following defined terms are used in this Agreement, as well as other defined terms that are defined in other provisions
of this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Applicable Law</U></B>&rdquo; means,
as to any Person, any law (statutory or common), treaty, rule or regulation of a Governmental Authority or determination of a court or
binding arbitrator, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Bankruptcy Code</U></B>&rdquo; means
United States Bankruptcy Code (11 U.S.C. Section&nbsp;101 et seq.), as in effect from time to time, and any successor statute thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Collateral</U></B>&rdquo; is defined
in Section&nbsp;2(a) below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Company</U></B>&rdquo; means B. Riley
Financial Inc., a Delaware corporation (NASDAQ: RILY), its successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Deposit Account</U></B>&rdquo; means
account #[***] at Axos Bank, together with any successor or replacement accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Equity Interests</U></B>&rdquo; means
all securities, shares, units, options, warrants, interests, participations, or other equivalents (regardless of how designated) of or
in a corporation, partnership, limited liability company, or similar entity, whether voting or nonvoting, certificated or uncertificated,
including limited partner partnership interests, common stock, preferred stock, or any other &ldquo;equity security&rdquo; (as such term
is defined in Rule&nbsp;3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities
Exchange Act of 1934.</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">&ldquo;<B><U>Event of Default</U></B>&rdquo; is
defined in Section&nbsp;6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-align: justify">&ldquo;<B><U>Initial Pledged Shares</U></B>&rdquo;
means those initial Pledged Shares described on Schedule 1 attached to this Agreement, and all Equity Interests related thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Issuer</U></B>&rdquo; means the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Pledged Shares</U></B>&rdquo; means
Shares of the Company in which a security interest has been granted to Secured Party pursuant to this Agreement as security for the Secured
Obligations, including, without limitation, (a)&nbsp;Initial Pledged Shares and (b)&nbsp;Shares otherwise constituting Proceeds of Pledged
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Proceeds</U></B>&rdquo; means all
proceeds (including proceeds of proceeds) of any of the Collateral including all: (a)&nbsp;rights, benefits, distributions, premiums,
profits, dividends, interest, cash, instruments, documents of title, accounts, contract rights, inventory, equipment, general intangibles,
payment intangibles, deposit accounts, chattel paper, and other property from time to time received, receivable, or otherwise distributed
in respect of or in exchange for, or as a replacement of or a substitution for, any of the Collateral, or proceeds thereof (including
any cash, Equity Interests, or other instruments issued after any recapitalization, readjustment, reclassification, merger or consolidation
with respect to the Issuer and any security entitlements; (b)&nbsp;proceeds of any insurance, indemnity, warranty, or guaranty (including
guaranties of delivery) payable from time to time with respect to any of the Collateral, or proceeds thereof; and (c)&nbsp;payments (in
any form whatsoever) made or due and payable to Pledgor from time to time in connection with any requisition, confiscation, condemnation,
seizure or forfeiture of all or any part of the Collateral, or proceeds thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Readily Marketable</U></B>&rdquo;
means, at any time in the case of any Pledged Shares, that Secured Party has the right to sell or otherwise dispose of such Pledged Shares
pursuant to this Agreement, without violation of any Applicable Law or contract, to sell such Pledged Shares immediately on the NASDAQ
Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Restricted Securities Collateral</U></B>&rdquo;
is defined in Section&nbsp;5(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Secured Obligations</U></B>&rdquo;
means, collectively, the Obligations, as defined in the Credit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Securities</U></B>&rdquo; means,
collectively, the Pledged Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Securities Account</U></B>&rdquo;
means account #[***] held at Axos Clearing LLC and any other account to which any Securities are credited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Securities Act</U></B>&rdquo; means
the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Securities Agreements</U></B>&rdquo;
means, as the same have been or may hereafter be amended, modified, extended, renewed, supplemented or replaced from time to time, the
Company&rsquo;s Articles of Incorporation, the Company&rsquo;s Bylaws, and all other present and future certificates, instruments, documents
and agreements, whether written or oral, evidencing any of the Securities or evidencing or limiting any rights, titles, interests, powers,
authorities, options, warrants, privileges or benefits of, accruing to or in any way relating to any of the Securities, including, without
limitation, any such documents or agreements relating to the purchase, sale, transfer, conveyance, assignment, redemption, registration,
encumbrance, exchange or disposition of, any of the Securities or any interest therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Securities Laws</U></B>&rdquo; has
the meaning given to it in Section&nbsp;13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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-align: justify">&ldquo;<B><U>UCC</U></B>&rdquo; means the California
Uniform Commercial Code, as amended from time to time (or the Uniform Commercial Code of any other State to the extent that such other
code is required under the provisions of the California Uniform Commercial Code or otherwise to be applied in whole or in part to particular
Collateral or to the creation, perfection or enforcement of security interests in particular Collateral).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 2. <U>Pledge of Collateral</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(a)&nbsp;<U>Pledge</U>.
As security for the prompt performance and payment in full of the Secured Obligations, Pledgor hereby pledges to the Secured Party and
grants to the Secured Party a security interest in, all of the Pledgor&rsquo;s right, title and interest in, to and under the following
(collectively, the &ldquo;<B><U>Collateral</U></B>&rdquo;): (a)&nbsp;all present and future rights, titles and interests of Pledgor in,
to and under the Securities, the Securities Agreements relating to the Securities, the Securities Account, the Deposit Account and any
securities entitlements related to the Securities; (b)&nbsp;all present and future rights, titles, interests, powers, authorities, options,
warrants, privileges, benefits and general intangibles of the Pledgor, accruing to or in any way relating to the Securities, including,
without limitation, (i)&nbsp;all rights and claims of Pledgor to the payment or receipt of money and other property of every kind for
any reason arising under, on account of, in respect of, in evidence of, as an addition to, in substitution for, in replacement of, in
redemption of, in exchange for, in consideration of, or in any other manner relating to, the Securities or the Securities Agreements relating
to the Securities, whether arising in contract, tort, equity or otherwise, and whether in connection with any merger, consolidation, reorganization,
recapitalization, reclassification, stock split, liquidation, increase or reduction of capital or other similar occurrence in respect
of the Issuer, or otherwise, and (ii)&nbsp;except as otherwise provided herein, all rights, titles and interests of Pledgor in and to
all payments, receipts, collections, profits, revenues, dividends, distributions (including stock dividends or distributions, cash dividends
or distributions and liquidating dividends or distributions), surplus, income, settlements, exchanges, benefits and other proceeds and
avails in every form of or in any way relating to, the Securities, Securities Agreements relating to the Securities, Securities Accounts
or securities entitlements related to the Securities, whether arising in contract, tort, equity or otherwise, and including all present
and future rights and claims of Pledgor to the payment or receipt of money and other property of every kind for any reason arising on
account of or in any way relating to, and all present and future rights, titles and interests of Pledgor in and to all proceeds in every
form of, any voluntary or involuntary purchase, sale, transfer, conveyance, assignment, redemption, encumbrance, financing, re-financing,
recapitalization, reorganization, exchange, liquidation, condemnation, taking, theft or disposition of any nature of, or any damage or
casualty to, or any loss with respect to, the Securities or the Securities Agreements relating to the Securities, whether any of the foregoing
arise in contract, tort, equity or otherwise; (c)&nbsp;all other property, interests and rights of the Pledgor now or hereafter directly
or indirectly securing, pursuant to the Credit Documents or otherwise, any of the Secured Obligations; (d)&nbsp;all of Pledgor&rsquo;s
present and future books and records in any form relating to the foregoing, in or on any media, including data processing materials in
any form (including software, tapes, discs and the like), whether in the possession of Pledgor or any other Person; (e)&nbsp;subject to
the terms of this Agreement, all management rights, voting rights and control rights and all rights to grant or withhold consents and
approvals, and (f)&nbsp;all present and future Proceeds of all of the foregoing, whether any such Proceeds constitute consumer goods,
farm products, equipment, inventory, documents of title, chattel paper, accounts, instruments or general intangibles. Even if the Secured
Obligations shall at any time, or from time to time, be paid in full, Secured Party&rsquo;s security interest shall continuously exist
until Secured Party shall have released it in writing; provided that nothing contained in this sentence shall relieve Secured Party of
any duty of Secured Party to release Collateral, including by a written release, and/or return Collateral to Pledgor after the Secured
Obligations have been paid in full and there exists no commitment by Secured Party which could give rise to any Secured Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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-align: justify; text-indent: 0in">(b)&nbsp;<U>No
Restrictions</U>. Pledgor represents and warrants to Secured Party that the Pledged Shares are traded on the NASDAQ Stock Exchange and,
except for such restrictions that may exist as of the Closing Date as a result of the Pledged Shares being &ldquo;control securities&rdquo;,
are not subject to any legend, contract or other restriction that could adversely impact Lender&rsquo;s ability to enforce the Credit
Documents in accordance with their terms, including through the sale, assignment or transfer of the Pledged Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(c)&nbsp;<U>Additional
Warranties and Agreements Concerning Collateral</U>. Pledgor warrants to Secured Party and agrees that, except as otherwise agreed by
Secured Party in writing from time to time: (i)&nbsp;Pledgor will promptly deliver or cause to be delivered to Secured Party, with such
executed endorsements, assignments and/or powers as Secured Party may from time to time request in good faith, originals or copies, as
Secured Party may require, of all Securities Agreements relating to the Securities known to exist, including, without limitation, originals
of all certificates evidencing Pledged Shares; (ii)&nbsp;except as otherwise specifically permitted by this Agreement, Pledgor will not,
directly or indirectly, without Secured Party&rsquo;s prior written consent, sell, assign, transfer, convey or otherwise dispose of, or
suffer or permit to occur any sale, assignment, transfer, conveyance or other disposition of, any of the Collateral, or any interest therein;
(iii)&nbsp;Pledgor will not take or omit to take any action, including, without limitation, amendment of any of the Securities Agreements
relating to the Securities, which would impair in any way any rights, titles or interests of Pledgor or Secured Party with respect to
any of the Collateral;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 3. <U>Representations
and Warranties</U>. The Pledgor hereby represents and warrants to the Secured Party as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(a)&nbsp;<U>Title
and Liens</U>. Subject to the terms hereof, Pledgor is, and will at all times continue to be, the legal and beneficial owner of the Collateral.
None of the Collateral is subject to any adverse claim or other Lien other than Permitted Liens. No Person has control of any of the Collateral
other than the Secured Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(b)&nbsp;<U>Authorization</U>.
Pledgor has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform this Agreement in
accordance with its terms. The execution, delivery and performance of this Agreement in accordance with its terms, including the granting
of the security interest hereunder, do not and will not, by the passage of time, the giving of notice, or both: (i)&nbsp;require any governmental
approval or violate any Applicable Law relating to the Pledgor; (ii)&nbsp;conflict with, result in a breach of or constitute a default
under the organizational documents of the Company, or any indenture, agreement or other instrument to which the Pledgor is a party or
by which it or any of the Collateral of the Pledgor or its other property may be bound; or (iii)&nbsp;result in or require the creation
or imposition of any Lien (other than Permitted Liens) upon or with respect to any of the Collateral of the Pledgor or the Pledgor&rsquo;s
other property whether now owned or hereafter acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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-align: justify; text-indent: 0in">(c)&nbsp;<U>Validity
and Perfection of Security Interest</U>. This Agreement is effective to create in favor of the Secured Party, a legal, valid and enforceable
security interest in the Collateral. Such security interest will be perfected (i)&nbsp;with respect to any such Collateral that is a &ldquo;security&rdquo;
(as such term is defined in the UCC) and is evidenced by a certificate, when such Collateral is delivered to the Secured Party or Secured
Party&rsquo;s designated securities intermediary, with duly executed transfer powers with respect thereto, (ii)&nbsp;with respect to any
such Collateral that is a &ldquo;security&rdquo; (as such term is defined in the UCC) but is not evidenced by a certificate, when UCC
financing statements in appropriate form are filed in the appropriate filing offices in the jurisdiction of organization of the Pledgor
or when control is established by the Secured Party over such interests in accordance with the provision of Section&nbsp;8-106 of the
UCC, or any successor provision, and (iii)&nbsp;with respect to any such Collateral that is not a &ldquo;security&rdquo; (as such term
is defined in the UCC), when UCC financing statements in appropriate form are filed in the appropriate filing offices in the jurisdiction
of organization of the Pledgor. Except as set forth in this subsection, no action is necessary to perfect the security interest granted
by Pledgor under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(d)&nbsp;<U>Pledged
Equity Interests</U>. The information set forth on <U>Schedule 1</U> hereto with respect to the Collateral of the Pledgor is true and
correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(e)&nbsp;<U>Intentionally
Omitted</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(f)&nbsp;<U>Authorization
of Pledged Shares</U>. All Pledged Shares: (i)&nbsp;are duly authorized, validly issued, fully paid and nonassessable, (ii)&nbsp;are not
subject to preemptive rights of any Person, (iii)&nbsp;have been held exclusively by Pledgor since the date of issuance; and (iv)&nbsp;qualify
as Readily Marketable subject only to restrictions that may exist as of the Closing Date as a result of the Pledged Shares being &ldquo;control
securities&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 4. <U>Covenants</U>.
The Pledgor hereby unconditionally covenants and agrees as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(a)&nbsp;<U>No
Liens; No Sale of Collateral</U>. The Pledgor will not create, assume, incur or permit or suffer to exist any adverse claim or other Lien
on any of the Collateral other than Permitted Liens and shall not enter into any document, instrument or agreement (other than this Agreement)
which prohibits or purports to prohibit the creation or assumption of any Lien on any of the Collateral. The Pledgor will not sell, lease,
lend, assign, transfer or otherwise dispose of all or any portion of the Collateral (or any interest therein).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(b)&nbsp;<U>Intentionally
Omitted</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(c)&nbsp;<U>Defense
of Title</U>. The Pledgor will warrant and defend its title to and ownership of the Collateral of the Pledgor, at its sole cost and expense,
against the claims of all Persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(d)&nbsp;<U>Delivery
of Certificates, Etc</U>. If Pledgor shall receive any certificate (including, without limitation, any certificate representing an Equity
Interest and/or liquidating dividends, other distributions in property, return of capital or other distributions made on or in respect
of the Collateral, whether resulting from a subdivision, combination or reclassification of outstanding Equity Interests or received in
exchange for Collateral or any part thereof or as a result of any merger, consolidation, acquisition or other exchange of assets or on
the liquidation, whether voluntary or involuntary, or otherwise), instrument, option or rights in respect of any Collateral, whether in
addition to, in substitution of, as a conversion of, or in exchange for, any Collateral, or otherwise in respect thereof, the Pledgor
shall hold the same in trust for the Secured Party and promptly deliver the same to the Secured Party or Secured Party&rsquo;s designated
securities intermediary in the exact form received, duly indorsed by the Pledgor to the Secured Party, if required, together with an undated
transfer power covering such certificate (or other appropriate instrument of transfer) duly executed in blank by the Pledgor and with,
if the Secured Party so requests, signature guaranteed, to be held by the Secured Party, subject to the terms of this Agreement, as Collateral.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(e)&nbsp;<U>Uncertificated
Securities</U>. With respect to any Collateral that constitutes a security and is not represented or evidence by a certificate or instrument,
the Pledgor shall promptly direct the Issuer thereof either (i)&nbsp;to register the Secured Party as the registered owner of such security
or (ii)&nbsp;to agree in writing with the Secured Party and the Pledgor that such Issuer will comply with the instructions with respect
to such security originated by the Secured Party without further consent of the Pledgor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(f)&nbsp;<U>Cash
Dividends</U>. Pledgor shall cause all cash dividends payable in respect to any Collateral to be deposited in the Deposit Account. All
non-cash distributions will be handled in accordance with Section&nbsp;4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 5. <U>Remedies</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(a)&nbsp;In
addition to any right or remedy that the Secured Party may have with respect to the Collateral under the other Credit Documents or otherwise
under Applicable Law, if an Event of Default shall exist, the Secured Party may, subject to the Secured Party&rsquo;s compliance with
any requirements of SEC Rule&nbsp;144A, exercise any and all the rights and remedies of a secured party under the UCC and may otherwise
sell, assign, transfer, endorse and deliver the whole or, from time to time, any part of the Collateral at a public or private sale or
on any securities exchange, for cash, upon credit or for other property, for immediate or future delivery, and for such price or prices
and on such terms as the Secured Party in its discretion shall deem appropriate. With respect to any Collateral held or maintained with
a securities intermediary, the Secured Party shall be entitled to notify such securities intermediary that such securities intermediary
should follow the entitlement orders of the Secured Party and that such securities intermediary should no longer follow entitlement orders
of the Pledgor, without further consent of the Pledgor. The Secured Party shall have the right (in its sole and absolute discretion) to
register any Equity Interests which are part of the Collateral in its own name as secured party or the name of its nominee (as Secured
Party or as sub-agent), endorsed or assigned in blank or in favor of the Secured Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(b)&nbsp;If
the Secured Party shall determine that in order to exercise its right to sell any or all of the Collateral it is necessary or advisable
to have such Collateral registered under the provisions of the Securities Act (any such Collateral, the &ldquo;<B><U>Restricted Securities
Collateral</U></B>&rdquo;), Pledgor will use commercially reasonable efforts to cause Issuer (and the officers and directors thereof)
(i)&nbsp;to execute and deliver all such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion
of the Secured Party, necessary or advisable to register such Restricted Securities Collateral, or that portion thereof to be sold, under
the provisions of the Securities Act, (ii)&nbsp;to cause the registration statement relating thereto to become effective and to remain
effective for a period of one year from the date of the first public offering of such Restricted Securities Collateral, or that portion
thereof to be sold, and (iii)&nbsp;make all amendments thereto and/or to the related prospectus which, in the opinion of the Secured Party,
are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities
and Exchange Commission applicable thereto. Pledgor agrees to use commercially reasonable efforts to cause Issuer (and the officers and
directors thereof) to comply with the provisions of the securities or &ldquo;Blue Sky&rdquo; laws of any and all jurisdictions which the
Secured Party shall designate and to make available to its security holders, as soon as practicable, an earnings statement (which need
not be audited) which will satisfy the provisions of the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(c)&nbsp;At
any sale, the Secured Party shall be authorized (if it deems it advisable to do so) to restrict the prospective bidders or purchasers
to Persons who will represent and agree that they are purchasing the Collateral for their own account in compliance with the Securities
Laws and any other Applicable Law and upon consummation of any such sale the Secured Party shall have the right to assign, transfer, endorse
and deliver to the purchaser or purchasers thereof the Collateral so sold. Pledgor acknowledges and agrees that, in order to avoid any
violation of Applicable Law or in order to obtain any required approval of the sale or of the purchase thereof by any Governmental Authority,
Secured Party may be unable to effect a public sale of any or all of the Collateral by reason of certain prohibitions contained in the
Securities Laws, but may be compelled to resort to one or more private sales thereof to a restricted group of purchasers who will be obliged
to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution
or resale thereof. Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable to the
seller than if such sale were a public sale. Notwithstanding any such circumstances, Pledgor acknowledges and agrees that such compliance
shall not result in any such private sale for such reason alone being deemed to have been made in a commercially unreasonable manner.
Secured Party shall not be under any obligation to delay a sale of any of the Collateral for the period of time necessary to permit the
issuer of such securities to register such securities under the Securities Laws, even if the issuer desires, requests or would agree to
do so. Each purchaser at any sale of Collateral shall take and hold the property sold absolutely free from any claim or right on the part
of Pledgor, and the Pledgor hereby waives (to the fullest extent permitted by Applicable 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 Applicable Law now existing or hereafter enacted. The Pledgor
agrees that, to the extent notice of sale shall be required by Applicable Law, no more than ten (10) days&rsquo; prior written 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. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the
Secured Party may fix and shall state in the notice or publication (if any) of such sale. At any such sale, the Collateral, or portion
thereof to be sold, may be sold in one lot as an entirety or in separate parcels, as the Secured Party may determine in its sole and absolute
discretion. The Secured Party shall not be obligated to make any sale of the Collateral if it shall determine not to do so regardless
of the fact that notice of sale of the Collateral may have been given. The Secured Party may, without notice or publication, adjourn any
public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such
sale may, without further notice, be made at the time and place to which the same was so adjourned. In case the sale of all or any part
of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Secured Party until the sale
price is paid by the purchaser or purchasers thereof, but the Secured Party shall not incur any liability to Pledgor in case any such
purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may
be sold again upon like notice. Pledgor acknowledges and agrees that all Pledged Shares are of a kind that is customarily sold on a recognized
market or the subject of widely distributed standard price quotations. As such, Pledgor may purchase the Pledged Shares at private sale.
At any public or private sale made pursuant to this Agreement, the Secured Party and any other holder of any of the Secured Obligations
may bid for or purchase, free from any right of redemption, stay and/or appraisal on the part of Pledgor (all said rights being also hereby
waived and released to the extent permitted by Applicable Law), any part of or all the Collateral offered for sale. For purposes hereof,
a written agreement to purchase all or any part of the Collateral shall be treated as a sale thereof; the Secured Party shall be free
to carry out such sale pursuant to such agreement and no Pledgor shall be entitled to the return of any Collateral subject thereto, notwithstanding
the fact that after the Secured Party shall have entered into such an agreement all Events of Default may have been remedied or the Secured
Obligations may have been paid in full as herein provided. The Pledgor hereby waives any right to require any marshaling of assets and
any similar right. In addition to exercising the power of sale herein conferred upon it, the Secured Party shall also have the option
to proceed by suit or suits at law or in equity to foreclose this Agreement and sell the Collateral or any portion thereof pursuant to
judgment or decree of a court or courts having competent jurisdiction. The rights and remedies of the Secured Party under this Agreement
are cumulative and not exclusive of any rights or remedies which any of them otherwise have.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(d)&nbsp;If
an Event of Default exists, Secured Party shall have the right, in its discretion, at any time, and from time to time, (i)&nbsp;to sign
Pledgor&rsquo;s name on any drafts or orders against, or demands, notices (including notices to the Company) or other documents directed
to, Persons obligated or liable to Pledgor on account of or in respect of any of the Collateral, (ii)&nbsp;to indorse Pledgor&rsquo;s
name on any instruments, checks, drafts, orders or other items of payment constituting Collateral that may come into Secured Party&rsquo;s
possession or control from time to time, and/or (iii)&nbsp;to cause, or to require Pledgor to cause, any of the Collateral to be registered
in the name of Secured Party or its nominees; (iv)&nbsp;to receive (and Pledgor will promptly deliver or cause to be delivered to Secured
Party and, until so delivered, Pledgor shall hold as Secured Party&rsquo;s agent and bailee) dividends, payments and all other money and
other property in any form and for any reason paid, payable, distributed or distributable to Pledgor, or received or receivable by Pledgor,
on account of or in respect of, or constituting, Collateral, with such executed indorsements, assignments and/or powers as Secured Party
may from time to time request in good faith; (v)&nbsp;to notify, and/or to require Pledgor to notify, any the issuer and any and all other
Persons obligated or liable on or with respect to any of the Collateral to deliver to Secured Party all money and other property in any
form and for any reason payable or distributable to Pledgor, or receivable by Pledgor, on account of or in respect of, or constituting,
Collateral; or (vi)&nbsp;to exercise any and all voting rights pertaining to the Collateral (which voting rights Pledgor shall no longer
have the right to exercise so long as such Event of Default exists) and to exercise, or to require Pledgor to exercise, any and all rights
of conversion, exchange, subscription, redemption or registration, and all privileges, options and rights pertaining to the Collateral,
whether in connection with any merger, consolidation, insolvency, reorganization, recapitalization, dissolution, liquidation or other
similar occurrence in respect of the Issuer or otherwise, and, in connection therewith, to deposit and deliver any or all of the Collateral
to or with any committee, depository, transfer agent, registrar or other Person upon such terms and conditions as Secured Party may determine
in its discretion. The Secured Party agrees to execute and deliver to Pledgor, or cause to be executed and delivered to Pledgor, as appropriate,
at the sole cost and expense of the Pledgor, all such proxies, powers of attorney, dividend orders and other instruments as the Pledgor
may reasonably request for the purpose of enabling the Pledgor to receive the dividends which the Pledgor is authorized to retain and/or
to exercise the voting and/or consensual rights and powers which the Pledgor is entitled to exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;Pledgor
agrees to use its commercially reasonable efforts to do or cause to be done all such other acts as may be necessary to make such sale
or sales of all or any portion of the Restricted Securities Collateral valid and binding and in compliance with any and all other Applicable
Laws. Pledgor further agrees that a breach of any of the covenants contained in this Section&nbsp;5 will cause irreparable injury to the
Secured Party, that the Secured Party has no adequate remedy at law in respect of such breach and, as a consequence, that each and every
covenant contained in this Section&nbsp;5 shall be specifically enforceable against Pledgor, and Pledgor hereby hereby waives and agrees
not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default
has occurred under the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&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-align: justify; text-indent: 0in">Section 6. <U>Events of Default</U>.
The occurrence of any one or more of the following events shall constitute an &ldquo;<B><U>Event of Default</U></B>&rdquo; hereunder:</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: 0in">(a)&nbsp;any
certification, representation or information previously or hereafter made or supplied to Secured Party by or on behalf of Pledgor or the
Issuer relating to this Agreement, any of the other Credit Documents, the Loan, any of the Collateral, or the Issuer shall prove to have
been, when made or supplied or deemed made or supplied, false or misleading in any respect deemed material by Pledgor in good faith;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(b)&nbsp;Pledgor
or the Issuer shall fail to observe, comply with or perform any warranty, covenant or agreement to be observed, complied with or performed
by such Person under this Agreement or any of the other Credit Documents; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(c)&nbsp;any
Event of Default under and as defined in the Credit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 7. <U>Application of
Proceeds of Sale and Cash</U>. The proceeds of any sale of the whole or any part of the Collateral, together with any other moneys held
by the Secured Party under the provisions of this Agreement, shall be applied in accordance with the Credit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 8. <U>Secured Party
Appointed Attorney-in-Fact</U>. The Pledgor hereby constitutes and appoints the Secured Party as the attorney-in-fact of the Pledgor with
full power of substitution. Upon the occurrence of an Event of Default Secured Party shall have the right, either in the Secured Party&rsquo;s
name or in the name of the Pledgor, to do any of the following: (a)&nbsp;to perform any obligation of the Pledgor hereunder in the Pledgor&rsquo;s
name or otherwise; (b)&nbsp;to ask for, demand, sue for, collect, receive, receipt and give acquittance for any and all moneys due or
to become due under and by virtue of any Collateral; (c)&nbsp;to prepare, execute, file, record or deliver notices, assignments, financing
statements, continuation statements, applications for registration or like papers to perfect, preserve or release the Secured Party&rsquo;s
security interest in the Collateral; (d)&nbsp;to issue entitlement orders, instructions and other orders to any securities intermediary
in connection with any of the Collateral held by or maintained with such securities intermediary; (e)&nbsp;to verify facts concerning
the Collateral in the Pledgor&rsquo;s name, its own name or a fictitious name; (f)&nbsp;to endorse checks, drafts, orders and other instruments
for the payment of money payable to the Pledgor, representing any interest or dividend or other distribution payable in respect of the
Collateral or any part thereof or on account thereof and to give full discharge for the same; (g)&nbsp;to exercise all rights, powers
and remedies which the Pledgor would have, but for this Agreement, with respect to any of the Collateral; and (h)&nbsp;to carry out the
provisions of this Agreement and to take any action and execute any instrument which the Secured Party may deem necessary or advisable
to accomplish the purposes-hereof, and to do all acts and things and execute all documents in the name of the Pledgor or otherwise, deemed
by the Secured Party as necessary, proper and convenient in connection with the preservation, perfection or enforcement of its rights
hereunder. Nothing herein contained shall be construed as requiring or obligating the Secured Party to make any commitment or to make
any inquiry as to the nature or sufficiency of any payment received by it, or to present or file any claim or notice, or to take any action
with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof, and no action taken by the Secured
Party or omitted to be taken with respect to the Collateral or any part thereof shall give rise to any defense, counterclaim or offset
in favor of Pledgor or to any claim or action against the Secured Party. The power of attorney granted herein is irrevocable (so long
as the Secured Obligations remain unpaid or there exists any commitment by Secured Party which could give rise to any Secured Obligations)
and coupled with an interest.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 9. <U>Secured Party&rsquo;s
Duty of Care</U>. Other than the exercise of reasonable care to ensure that safe custody of the Collateral while being held by the Secured
Party hereunder, the Secured Party shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed
that the Pledgor shall be responsible for preservation of all rights of the Pledgor in the Collateral. The Secured Party shall be deemed
to have exercised reasonable care in the custody and preservation of the Collateral in its possession if such Collateral is accorded treatment
substantially equal to that which the Secured Party accords its own property, it being understood that the Secured Party shall not have
responsibility for (a)&nbsp;ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other
matters relating to any Collateral, whether or not the Secured Party has or is deemed to have knowledge of such matters or (b)&nbsp;taking
any necessary steps to preserve rights against any parties with respect to any Collateral. In no event shall Secured Party be responsible
for any loss of value of any Collateral resulting from market fluctuations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 10. <U>Reimbursement
of Secured Party</U>. The Pledgor agrees to pay upon demand to the Secured Party the amount of any and all expenses, including the reasonable
fees, disbursements and other charges of its counsel and agents that the Secured Party may incur in connection with (a)&nbsp;the exercise
or enforcement of any of the rights of the Secured Party hereunder, or (b)&nbsp;the failure by Pledgor to perform or observe any of the
provisions hereof or otherwise in respect of the Collateral.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 11. <U>Indemnification</U>.
The Pledgor agrees to pay, indemnify, and hold the Secured Party and each of its respective predecessor, affiliate, subsidiaries, successors
and assigns, together with their past, present and future officers, directors, agents, attorneys, financial advisors, representatives,
partners, joint ventures, affiliates and the successor and assigns of any and all of them (each, an &ldquo;<B><U>Indemnified Person</U></B>&rdquo;)
harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever (&ldquo;<B><U>Indemnified Amounts</U></B>&rdquo;) brought against or incurred by an
Indemnified Person, in any manner arising out of or, directly or indirectly, related in any way to or connected with this Agreement, including
without limitation, the exercise by the Secured Party of any of its rights and remedies under this Agreement or any other action taken
by the Secured Party pursuant to the terms of this Agreement; provided, however, Pledgor shall have no obligation hereunder to any Indemnified
Person with respect to Indemnified Amounts to the extent arising (i)&nbsp;from the gross negligence or willful misconduct of such Indemnified
Party, as determined by a court of competent jurisdiction in a final, non-appealable judgment, or (ii)&nbsp;from claims or causes of action
solely between the Secured Party and Axos Clearing LLC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 12. <U>Further Assurances</U>.
The Pledgor shall, at its sole cost and expense, take all action that may be necessary or desirable in the Secured Party&rsquo;s sole
discretion, so as at all times to maintain the validity, perfection, enforceability and priority of the Secured Party&rsquo;s security
interest in the Collateral, or to enable the Secured Party to exercise or enforce its rights hereunder, including without limitation or
otherwise in respect of the Collateral.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 13. <U>Securities Laws</U>.
In view of the position of the Pledgor in relation to the Collateral, or because of other current or future circumstances, a question
may arise under the United States Securities Act of 1933, as amended or any similar Applicable Law hereafter enacted analogous in purpose
or effect (the United States Securities Act of 1933, as amended and any such similar Applicable Law as from time to time in effect being
called the &ldquo;<B><U>Federal Securities Laws</U></B>&rdquo;) with respect to any disposition of the Collateral permitted hereunder.
Pledgor understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of the Secured Party
if the Secured Party were to attempt to dispose of all or any part of the Collateral in accordance with the terms hereof and might also
limit the extent to which or the manner in which any subsequent transferee of any Collateral could dispose of the same. Similarly, there
may be other legal restrictions or limitations affecting the Secured Party in any attempt to dispose of all or part of the Collateral
in accordance with the terms hereof under applicable &ldquo;blue sky&rdquo; laws or other state securities laws (the &ldquo;<B><U>Blue
Sky Laws</U></B>&rdquo; and together with the Federal Securities Laws, &ldquo;<B><U>Securities Laws</U></B>&rdquo;) or similar Applicable
Law analogous in purpose or effect. Pledgor recognizes that in light of the foregoing restrictions and limitations the Secured Party may,
with respect to any sale of the Collateral, limit the purchasers to those who will agree, among other things, to acquire such Collateral
for their own account, for investment, and not with a view to the distribution or resale thereof. Pledgor acknowledges and agrees that
in light of the foregoing restrictions and limitations, the Secured Party, in its sole and absolute discretion, may, in accordance with
Applicable Law, (a)&nbsp;proceed to make such a sale whether or not a registration statement for the purpose of registering such Collateral
or part thereof shall have been filed under the Federal Securities Laws. Pledgor acknowledges and agrees that any such sale might result
in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of
any such sale, the Secured Party shall incur no responsibility or liability for selling all or any part of the Collateral in accordance
with the terms hereof at a price that the Secured Party, in its sole and absolute discretion, may in good faith deem reasonable under
the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred
until after registration as aforesaid or if more than a single purchaser were approached. The provisions of this Section will apply notwithstanding
the existence of public or private market upon which the quotations or sales prices may exceed substantially the price at which the Secured
Party sells. Pledgor acknowledges and agrees that any action taken by Secured Party based on the advice of counsel relating to Secured
Party&rsquo;s compliance with Securities Laws shall be commercially reasonable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 14. <U>Continuing Security
Interest</U>. This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until
it terminates in accordance with its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 15. <U>Security Interest
Absolute</U>. All rights of the Secured Party hereunder, the grant of a security interest in the Collateral and all obligations of the
Pledgor hereunder, shall be absolute and unconditional irrespective of (a)&nbsp;any lack of validity or enforceability of any Credit Document,
any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b)&nbsp;any
change in the time, manner or place of the payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment
or waiver of or any consent to any departure from any Credit Document, or any other agreement or instrument relating to any of the foregoing,
(c)&nbsp;any exchange, release or nonperfection of any other collateral, or any release or amendment or waiver of or consent to or departure
from any guaranty, for all or any of the Secured Obligations or (d)&nbsp;any other circumstance that might otherwise constitute a defense
available to, or a discharge of, Pledgor in respect of the Secured Obligations or in respect of this Agreement (other than the indefeasible
payment in full of all the Secured Obligations).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 16. <U>No Waiver</U>.
Neither the failure on the part of the Secured Party to exercise, nor the delay on the part of the Secured Party in exercising any right,
power or remedy hereunder or under any Credit Document, nor any course of dealing between the Secured Party, on the one hand, and the
Pledgor, on the other hand, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy
hereunder preclude any other or the further exercise thereof or the exercise of any other right, power or remedy. EACH OF THE PLEDGOR
AND THE PLEDGOR HEREBY ACKNOWLEDGES AND AGREES THAT NOTHING CONTAINED HEREIN SHALL WAIVE OR AMEND (OR BE DEEMED TO BE OR CONSTITUTE AN
AMENDMENT TO OR WAIVER OF) ANY COVENANT, TERM OR PROVISION OF THE CREDIT AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR ANY DEFAULT OR EVENT
OF DEFAULT THAT EXISTS AS OF THE DATE HEREOF OR HINDER, RESTRICT OR OTHERWISE MODIFY THE RIGHTS AND REMEDIES OF SECURED PARTY FOLLOWING
THE OCCURRENCE OF ANY PRESENT OR FUTURE DEFAULT OR EVENT OF DEFAULT UNDER THE CREDIT AGREEMENT OR ANY OTHER CREDIT DOCUMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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-align: justify; text-indent: 0in">Section 17. <U>Notices</U>.
Notices, requests and other communications required or permitted hereunder shall be sent in accordance with, and subject to, the notice
provisions set forth in the Credit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 18. <U>GOVERNING LAW</U>.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS EXECUTED,
AND TO BE FULLY PERFORMED, IN SUCH STATE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 19. <U>JUDICIAL REFERENCE;
OTHER MATTERS; WAIVERS</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(a)&nbsp;It
is the desire and intention of the parties to agree upon a mechanism and procedure under which any controversy, lawsuit, breach, or dispute
arising out of or relating to this Agreement or any other Loan Document will be resolved in a prompt and expeditious manner. Accordingly,
any controversy, lawsuit, breach, or dispute arising out of or relating to this Agreement or relating to the interpretation of any term
or provision hereof (collectively, &ldquo;<B><U>Claim</U></B>&rdquo;), shall be heard and determined by a referee appointed and acting
pursuant to a consensual general reference pursuant to the provisions of California Code of Civil Procedure, Sections 638, et. seq. It
is the parties&rsquo; intention that the matter be heard by a single referee. The parties shall agree upon a single referee who shall
then try all issues, whether of fact or law, and report a statement of decision which either party may file with the clerk or judge of
a court of competent jurisdiction, and judgment shall be entered thereon. If the parties are unable to agree upon a referee within ten
(10) days of a written request to do so by any party, then any party may thereafter seek to have a referee appointed pursuant to California
Code of Civil Procedure Sections 638 and 640. The parties agree that the referee(s) shall have the power to decide all issues of fact
and law and shall report a statement of decision hereon, and to issue all legal and equitable relief appropriate under the circumstances
before him or her. The parties further agree that referee shall be empowered to rule on any motion which would be authorized in a court
proceeding, including without limitation motions for summary judgment or summary adjudication. The parties shall promptly and diligently
cooperate with one another and the referee(s) and shall perform such acts as may be necessary to obtain prompt and expeditious resolution
of the dispute or controversy in accordance with the terms hereof. The referee(s) shall award legal fees and costs (including the fees
of the referee(s)) related to this reference proceeding, and to any related litigation, in accordance with the terms of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(b)&nbsp;No
provision of this <U>Section&nbsp;19</U> shall limit the right of any party to exercise self-help remedies such as setoff, foreclosure
against, or sale of, any real or personal property collateral or security, or to obtain provisional or ancillary remedies from a court
of competent jurisdiction before, after, or during the pendency of any reference proceeding. The exercise of any one or more remedies
does not waive the right of either party to resort to relief through a reference proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(c)&nbsp;The
referee&rsquo;s fees and costs shall be paid in accordance with the terms of this Agreement. In the event the prevailing party pays the
referee&rsquo;s fees and costs, the prevailing party shall be entitled to recover such costs from the non-prevailing party as costs in
the same manner as attorneys&rsquo; fees and costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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-align: justify; text-indent: 0in">(d)&nbsp;By
agreeing to judicial reference, the parties irrevocably and voluntarily waive any right they may have to a trial by jury in respect of
any Claim. Without intending in any way to limit the provisions of this paragraph, to the extent any Claim is not submitted to judicial
reference, the parties irrevocably and voluntarily waive any right they may have to a trial by jury to the extent permitted by applicable
law. <B>WHETHER THE CLAIM IS DECIDED BY JUDICIAL REFERENCE OR BY TRIAL, THE PARTIES AGREE AND UNDERSTAND THAT THE EFFECT THIS <U>SECTION&nbsp;19(D)</U>
IS THAT THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY. EACH PARTY HERETO (i)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (ii)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, BY AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH, AND (iii)&nbsp;CERTIFIES THAT THIS WAIVER IS KNOWINGLY, WILLINGLY,
AND VOLUNTARILY MADE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(e)&nbsp;THE
PLEDGOR EXPRESSLY WAIVES TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW: (i)&nbsp;ANY CONSTITUTIONAL OR OTHER RIGHT TO A JUDICIAL HEARING
PRIOR TO THE TIME THE SECURED PARTY DISPOSES OF ALL OR ANY PART OF THE COLLATERAL AS PROVIDED IN THIS AGREEMENT; (ii)&nbsp;ALL RIGHTS
OF REDEMPTION, STAY, OR APPRAISAL THAT THE PLEDGOR NOW HAS OR MAY AT ANY TIME IN THE FUTURE HAVE UNDER ANY APPLICABLE LAW NOW EXISTING
OR HEREAFTER ENACTED; AND (iii)&nbsp;EXCEPT AS EXPRESSLY REQUIRED UNDER THIS AGREEMENT OR APPLICABLE LAW, ANY REQUIREMENT OF NOTICE, DEMAND,
OR ADVERTISEMENT FOR SALE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(f)&nbsp;THE
PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES
THEREOF AND SHALL SURVIVE THE PAYMENT OF THE SECURED OBLIGATIONS AND THE TERMINATION OF THIS AGREEMENT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 20. <U>Amendments</U>.
No amendment or waiver of any provision of this Agreement nor consent to any departure by Pledgor herefrom shall in any event be effective
unless the same shall be in writing and signed by the parties hereto, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 21. <U>Binding Agreement;
Assignment</U>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns, except that Pledgor shall not be permitted to assign this Agreement or any interest herein or in the Collateral or
any part thereof and any such assignment by Pledgor shall be null and void absent the prior written consent of the Secured Party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 22. <U>Termination</U>.
Upon indefeasible payment in full of all of the Secured Obligations and termination of the Loan, this Agreement shall terminate. Upon
termination of this Agreement in accordance with its terms, the Secured Party agrees to take such actions as Pledgor may reasonably request,
and at the sole cost and expense of the Pledgor, to evidence the termination of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 23. <U>Severability</U>.
Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under Applicable
Law, but if any provision of this Agreement shall be prohibited by or invalid under Applicable Law, such provisions shall be ineffective
only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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-align: justify; text-indent: 0in">Section 24. <U>Headings</U>.
Section headings used herein are for convenience only and are not to affect the construction of or be taken into consideration in interpreting
this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 25. <U>Counterparts</U>.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy),
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Signature pages may be detached from multiple counterparts and attached to a single counterpart so that all signature pages are attached
to the same document. Delivery of an executed counterpart by telecopy shall be effective as delivery of a manually executed counterpart.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 26. <U>Consent</U>.
Unless otherwise specifically provided herein, whenever the consent of Secured Party is required in this Agreement, such consent may be
given or withheld in Secured Party&rsquo;s sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signatures on Next Page]</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Pledgor
has executed and delivered this Pledge Agreement under seal as of this the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><B>PLEDGOR:</B></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 1.5pt solid"><I>/s/ Bryant R. Riley</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Bryant R. Riley</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">Agreed to, accepted and acknowledged</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>SECURED PARTY:</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Axos Bank</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><I>/s/ Greg Garrabrants</I></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD>Greg Garrabrants</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>President and CEO</TD>
    <TD>&nbsp;</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: center"><I>[<FONT STYLE="font-variant: small-caps">Signature
Page to Pledge Agreement</FONT>]</I></P>

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


<!-- Field: Page; Sequence: 15 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 1 TO PLEDGE AGREEMENT</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Issuer</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Class of Equity Interest</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">No. of Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Certificate&nbsp;No.</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Date Acquired</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 31%; text-align: left; padding-left: 0pt">B. Riley Financial, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left; padding-left: 0pt">Common Stock</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,122,537</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">0140</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 15%; padding-left: 0pt">6/08/14</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">B. Riley Financial, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">619,852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">0166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0pt">12/24/14</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">B. Riley Financial, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">0001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0pt">12/31/14</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">B. Riley Financial, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">0059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0pt">12/10/15</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">B. Riley Financial, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">0113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0pt">12/10/16</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">B. Riley Financial, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,503</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">0162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0pt">5/24/2017</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">B. Riley Financial, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,698</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">0246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0pt">12/10/17</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">B. Riley Financial, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">0262</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0pt">4/03/18</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0pt">B. Riley Financial, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">Common Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,313</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">0269</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0pt">5/24/18</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Total Initial Pledged Shares:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,024,714</TD>
                                            <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</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: center">SCHEDULE 1 TO</P>

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

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

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

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

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>ea021876101ex99-2_briley.htm
<DESCRIPTION>FIRST AMENDMENT TO PLEDGE AGREEMENT, DATED AS OF JUNE 7, 2019, MADE BY AND BETWEEN BRYANT R. RILEY AND AXOS BANK
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 2</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This First Amendment to Pledge
Agreement (this &ldquo;<U>Amendment</U>&rdquo;) dated as of June&nbsp;7, 2019, is made by and between Bryant R. Riley, an individual (&ldquo;<U>Pledgor</U>&rdquo;),
and Axos Bank (&ldquo;<U>Secured Party</U>&rdquo;). Capitalized terms used herein and not otherwise defined shall have the meanings set
forth for such terms in that certain Credit Agreement of even date herewith (as amended, restated, supplemented or otherwise modified
from time to time, the &ldquo;<B><U>Credit Agreement</U></B>&rdquo;), by and between Pledgor (in its capacity as Borrower thereunder)
and the Secured Party (in its capacity as Lender thereunder).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment is made with
reference to the following facts:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;Pledgor
and Secured Party have entered into that certain Pledge Agreement, dated as of March&nbsp;19, 2019 (as amended, supplemented or otherwise
modified from time to time, the &ldquo;<U>Pledge Agreement</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;Subject
to the terms and conditions set forth herein, Pledgor and Secured Party have agreed to amend the Pledge Agreement as set forth below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual covenants and benefits contained herein, and for other good and valuable consideration, the receipt and sufficiency of which
are acknowledged, Pledgor and Secured Party hereby agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;<U>AMENDMENT
OF PLEDGE AGREEMENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.1&nbsp;<U>Section&nbsp;1
(Definitions)</U>. Section&nbsp;1 of the Pledge Agreement is amended by amending and restating the definition of &ldquo;<U>Pledged Shares</U>&rdquo;
in its entirety as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<U>Pledged Shares</U>&rdquo; means
Equity Interests of the Company in which a security interest has been granted to Secured Party as security for the Secured Obligations,
including, without limitation, (a)&nbsp;the Initial Pledged Share, (b)&nbsp;all other Equity Interests of the Company from time to time
delivered to the Securities Account, and (c)&nbsp;Equity Interests otherwise constituting Proceeds of Pledged Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;<U>CONDITIONS
PRECEDENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The effectiveness of this
Amendment is subject to the satisfaction of the following conditions precedent:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.1&nbsp;<U>Documentation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(a)&nbsp;Secured
Party shall have received this Amendment, duly executed by Pledgor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(b)&nbsp;Secured
Party shall have received confirmation from Axos Clearing LLC of its receipt into the Securities Account (as defined in the Pledge Agreement)
of an additional 300,000 Pledged Shares; and</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(c)&nbsp;Secured
Party shall have received such additional agreements, certificates, reports, approvals, instruments, documents, consents and/or reaffirmations
as Secured Party may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.2&nbsp;<U>Representations
and Warranties</U>. All of Pledgor&rsquo;s representations and warranties contained herein shall be true and correct on and as of the
date of execution hereof and no Event of Default shall have occurred and be continuing under the Credit Agreement or any of the other
Loan Documents, as modified hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;<U>REPRESENTATIONS
AND WARRANTIES</U>. Pledgor hereby represents and warrants to Secured Party as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.1&nbsp;The
execution and delivery by Pledgor, and the performance by Pledgor of his obligations under this Amendment, do not and will not (i)&nbsp;conflict
with or result in any breach or contravention of, or the creation of any Lien under, any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which Pledgor or his property is subject, or (ii)&nbsp;violate any Applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2&nbsp;This
Amendment constitutes a legal, valid and binding obligation of Pledgor, enforceable against him in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar state or federal debtor relief
laws from time to time in effect which alter the enforcement of creditors&rsquo; rights in general and the availability of equitable remedies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.3&nbsp;No
Default exists.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.4&nbsp;The
obligations of Borrower to repay the Advances, together with all interest accrued thereon, and all other obligations of Borrower under
the Credit Documents, are absolute and unconditional, and there exists no right of setoff or recoupment, counterclaim or defense of any
nature whatsoever to payment or satisfaction thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.5&nbsp;Pledgor
hereby reaffirms and restates as of the date hereof, all of the representations and warranties made by it as Pledgor under the Pledge
Agreement and as Borrower under the Credit Agreement and the other Credit Documents, except to the extent such representations and warranties
specifically relate to an earlier date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;<U>MISCELLANEOUS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1&nbsp;<U>Counterparts</U>.
This Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute
one and the same instrument. Delivery of an executed counterpart of this Amendment by telefacsimile or electronic mail shall be equally
as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment
by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Amendment, but the failure to deliver
an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2&nbsp;<U>Severable
Provisions</U>. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Amendment
or affecting the validity or enforceability of such provision in any other jurisdiction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.3&nbsp;<U>Captions</U>.
Captions contained in this Amendment are inserted only as a matter of convenience and in no way define, limit or extend the scope or intent
of this Amendment or any provision of this Amendment and shall not affect the construction of this Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.4&nbsp;<U>Governing
Law</U>. This Amendment shall be governed by, and construed and enforced in accordance with, the laws of the State of California.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.5&nbsp;<U>Non-Impairment
of Loan Documents</U>. On the date all conditions precedent set forth herein are satisfied in full, this Amendment shall be a part of
the Pledge Agreement. Except as expressly provided in this Amendment, all provisions of the Pledge Agreement shall remain in full force
and effect, and Secured Party shall continue to have all of its rights and remedies thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.6&nbsp;<U>Credit
Document</U>. For the avoidance of doubt, the parties agree that this Amendment is a Credit Document, and that the Judicial Reference
provisions found in Section&nbsp;19 of the Pledge Agreement shall apply to this Amendment and any dispute or claim arising separately
from this Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[signature page follows]</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, this
Amendment has been duly executed as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: -0.25in; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&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>&nbsp;</TD>
    <TD COLSPAN="2"><B>PLEDGOR:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp;</I></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><I>/s/ Bryant R. Riley</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Bryant R. Riley</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>SECURED PARTY:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>AXOS BANK</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><I>/s/ Greg Garrabrants</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Greg Garrabrants</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>President and CEO</TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to First Amendment to Pledge Agreement]</P>

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<FILENAME>ea021876101ex99-3_briley.htm
<DESCRIPTION>SECOND AMENDMENT TO PLEDGE AGREEMENT, DATED AS OF MAY 6, 2020, MADE BY AND BETWEEN BRYANT R. RILEY AND AXOS BANK
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
3</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SECOND
AMENDMENT TO PLEDGE AGREEMENT</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Second Amendment to Pledge Agreement (this &ldquo;<U>Amendment</U>&rdquo;) dated as of May&nbsp;6, 2020, is made by and between Bryant
R. Riley, an individual (&ldquo;<U>Pledgor</U>&rdquo;), and Axos Bank (&ldquo;<U>Secured Party</U>&rdquo;). Capitalized terms used herein
and not otherwise defined shall have the meanings set forth for such terms in that certain Credit Agreement of even date herewith (as
amended, restated, supplemented or otherwise modified from time to time, the &ldquo;<B><U>Credit Agreement</U></B>&rdquo;), by and between
Pledgor (in its capacity as Borrower thereunder) and the Secured Party (in its capacity as Lender thereunder).</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Amendment is made with reference to the following facts:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;Pledgor
and Secured Party have entered into that certain Pledge Agreement, dated as of March&nbsp;19, 2019, as amended by that certain First
Amendment to Pledge Agreement, dated as of June&nbsp;7, 2019 (as amended, supplemented or otherwise modified from time to time, the &ldquo;<U>Pledge
Agreement</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;Subject
to the terms and conditions set forth herein, Pledgor and Secured Party have agreed to amend the Pledge Agreement as set forth below.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual covenants and benefits contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are acknowledged, Pledgor and Secured Party hereby agree as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;<U>AMENDMENT
OF PLEDGE AGREEMENT</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&nbsp;<U>Section&nbsp;1
(Definitions)</U>. Section&nbsp;1 of the Pledge Agreement is amended by amending and restating the following definitions&rdquo; in their
entirety as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Issuer</U>&rdquo;
means the Company and any other corporation, partnership, limited liability company, or similar entity, the Equity Interests of which
are pledged pursuant to this Agreement as security for the Secured Obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Pledged
Shares</U>&rdquo; means Equity Interests in which a security interest has been granted to Secured Party as security for the Secured Obligations,
including, without limitation, (a) the Initial Pledged Shares, (b) all other Equity Interests from time to time delivered to the Secured
Party or the Securities Account, and (c) Equity Interests otherwise constituting Proceeds of Pledged Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Readily
Marketable</U>&rdquo; means, at any time in the case of any Pledged Shares with respect to which the Issuer is listed on the NASDAQ Stock
Exchange or New York Stock Exchange, that Secured Party has the right to sell or otherwise dispose of such Pledged Shares pursuant to
this Agreement, without violation of any Applicable Law or contract, to sell such Pledged Shares immediately on the NASDAQ Stock Exchange
or New York Stock Exchange, as applicable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Agreements</U>&rdquo; means, as the same have been or may hereafter be amended, modified, extended, renewed, supplemented or replaced
from time to time, the Issuer&rsquo;s Articles of Incorporation (or equivalent thereof), the Issuer&rsquo;s Bylaws (or equivalent thereof),
and all other present and future certificates, instruments, documents and agreements, whether written or oral, evidencing any of the
Securities or evidencing or limiting any rights, titles, interests, powers, authorities, options, warrants, privileges or benefits of,
accruing to or in any way relating to any of the Securities, including, without limitation, any such documents or agreements relating
to the purchase, sale, transfer, conveyance, assignment, redemption, registration, encumbrance, exchange or disposition of, any of the
Securities or any interest therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&nbsp;<U>Section&nbsp;2
(Pledge of Collateral)</U>. Section&nbsp;2 of the Pledge Agreement is amended by amending and restating subparagraph (b) in its entirety
as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>No
Restrictions</U>. Unless otherwise approved by Secured Party in its sole discretion, Pledgor represents and warrants to Secured Party
that the Pledged Shares are traded on the NASDAQ Stock Exchange or New York Stock Exchange, and, except for such restrictions that may
exist as of the Closing Date as a result of the Pledged Shares being &ldquo;control securities&rdquo;, are not subject to any legend,
contract or other restriction that could adversely impact Secured Party&rsquo;s ability to enforce the Credit Documents in accordance
with their terms, including through the sale, assignment or transfer of the Pledged Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3&nbsp;<U>Section&nbsp;3
(Representations and Warranties)</U>. Section&nbsp;3 of the Pledge Agreement is amended by amending and restating subparagraphs (b) and
(f) in their entirety as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Authorization</U>.
Pledgor has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform this Agreement in
accordance with its terms. The execution, delivery and performance of this Agreement in accordance with its terms, including the granting
of the security interest hereunder, do not and will not, by the passage of time, the giving of notice, or both: (i) require any governmental
approval or violate any Applicable Law relating to the Pledgor; (ii) conflict with, result in a breach of or constitute a default under
the organizational documents of the Issuer, or any indenture, agreement or other instrument to which the Pledgor is a party or by which
it or any of the Collateral of the Pledgor or its other property may be bound; or (iii) result in or require the creation or imposition
of any Lien (other than Permitted Liens) upon or with respect to any of the Collateral of the Pledgor or the Pledgor&rsquo;s other property
whether now owned or hereafter acquired.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4&nbsp;<U>Section&nbsp;5
(Remedies)</U>. Section&nbsp;5 of the Pledge Agreement is amended by amending and restating subparagraph (d) in its entirety as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;If
an Event of Default exists, Secured Party shall have the right, in its discretion, at any time, and from time to time, (i)&nbsp;to sign
Pledgor&rsquo;s name on any drafts or orders against, or demands, notices (including notices to the Issuer) or other documents directed
to, Persons obligated or liable to Pledgor on account of or in respect of any of the Collateral, (ii)&nbsp;to indorse Pledgor&rsquo;s
name on any instruments, checks, drafts, orders or other items of payment constituting Collateral that may come into Secured Party&rsquo;s
possession or control from time to time, and/or (iii)&nbsp;to cause, or to require Pledgor to cause, any of the Collateral to be registered
in the name of Secured Party or its nominees; (iv)&nbsp;to receive (and Pledgor will promptly deliver or cause to be delivered to Secured
Party and, until so delivered, Pledgor shall hold as Secured Party&rsquo;s agent and bailee) dividends, payments and all other money
and other property in any form and for any reason paid, payable, distributed or distributable to Pledgor, or received or receivable by
Pledgor, on account of or in respect of, or constituting, Collateral, with such executed indorsements, assignments and/or powers as Secured
Party may from time to time request in good faith; (v)&nbsp;to notify, and/or to require Pledgor to notify, any the issuer and any and
all other Persons obligated or liable on or with respect to any of the Collateral to deliver to Secured Party all money and other property
in any form and for any reason payable or distributable to Pledgor, or receivable by Pledgor, on account of or in respect of, or constituting,
Collateral; or (vi)&nbsp;to exercise any and all voting rights pertaining to the Collateral (which voting rights Pledgor shall no longer
have the right to exercise so long as such Event of Default exists) and to exercise, or to require Pledgor to exercise, any and all rights
of conversion, exchange, subscription, redemption or registration, and all privileges, options and rights pertaining to the Collateral,
whether in connection with any merger, consolidation, insolvency, reorganization, recapitalization, dissolution, liquidation or other
similar occurrence in respect of the Issuer or otherwise, and, in connection therewith, to deposit and deliver any or all of the Collateral
to or with any committee, depository, transfer agent, registrar or other Person upon such terms and conditions as Secured Party may determine
in its discretion. The Secured Party agrees to execute and deliver to Pledgor, or cause to be executed and delivered to Pledgor, as appropriate,
at the sole cost and expense of the Pledgor, all such proxies, powers of attorney, dividend orders and other instruments as the Pledgor
may reasonably request for the purpose of enabling the Pledgor to receive the dividends which the Pledgor is authorized to retain and/or
to exercise the voting and/or consensual rights and powers which the Pledgor is entitled to exercise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;<U>CONDITIONS
PRECEDENT</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&nbsp;<U>Documentation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;Secured
Party shall have received this Amendment, duly executed by Pledgor; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Secured
Party shall have received such additional agreements, certificates, reports, approvals, instruments, documents, consents and/or reaffirmations
as Secured Party may reasonably request.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&nbsp;<U>Representations
and Warranties</U>. All of Pledgor&rsquo;s representations and warranties contained herein shall be true and correct on and as of the
date of execution hereof and no Event of Default shall have occurred and be continuing under the Credit Agreement or any of the other
Loan Documents, as modified hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;<U>REPRESENTATIONS
AND WARRANTIES</U>. Pledgor hereby represents and warrants to Secured Party as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&nbsp;The
execution and delivery by Pledgor, and the performance by Pledgor of his obligations under this Amendment, do not and will not (i)&nbsp;conflict
with or result in any breach or contravention of, or the creation of any Lien under, any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which Pledgor or his property is subject, or (ii)&nbsp;violate any Applicable Law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2&nbsp;This
Amendment constitutes a legal, valid and binding obligation of Pledgor, enforceable against him in accordance with its terms, except
as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar state or federal debtor
relief laws from time to time in effect which alter the enforcement of creditors&rsquo; rights in general and the availability of equitable
remedies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3&nbsp;No
Default exists.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4&nbsp;The
obligations of Borrower to repay the Advances, together with all interest accrued thereon, and all other obligations of Borrower under
the Credit Documents, are absolute and unconditional, and there exists no right of setoff or recoupment, counterclaim or defense of any
nature whatsoever to payment or satisfaction thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5&nbsp;Pledgor
hereby reaffirms and restates as of the date hereof, all of the representations and warranties made by it as Pledgor under the Pledge
Agreement and as Borrower under the Credit Agreement and the other Credit Documents, except to the extent such representations and warranties
specifically relate to an earlier date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;<U>MISCELLANEOUS</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&nbsp;<U>Counterparts</U>.
This Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute
one and the same instrument. Delivery of an executed counterpart of this Amendment by telefacsimile or electronic mail shall be equally
as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this
Amendment by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Amendment, but the failure
to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&nbsp;<U>Severable
Provisions</U>. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Amendment
or affecting the validity or enforceability of such provision in any other jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&nbsp;<U>Captions</U>.
Captions contained in this Amendment are inserted only as a matter of convenience and in no way define, limit or extend the scope or
intent of this Amendment or any provision of this Amendment and shall not affect the construction of this Amendment.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&nbsp;<U>Governing
Law</U>. This Amendment shall be governed by, and construed and enforced in accordance with, the laws of the State of California.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&nbsp;<U>Non-Impairment
of Loan Documents</U>. On the date all conditions precedent set forth herein are satisfied in full, this Amendment shall be a part of
the Pledge Agreement. Except as expressly provided in this Amendment, all provisions of the Pledge Agreement shall remain in full force
and effect, and Secured Party shall continue to have all of its rights and remedies thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6&nbsp;<U>Credit
Document</U>. For the avoidance of doubt, the parties agree that this Amendment is a Credit Document, and that the Judicial Reference
provisions found in Section 19 of the Pledge Agreement shall apply to this Amendment and any dispute or claim arising separately from
this Amendment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[signature
page follows]</I></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, this Amendment has been duly executed as of the date first set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> PLEDGOR:</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Bryant R. Riley</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryant R. Riley</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURED PARTY:</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AXOS BANK</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Greg Garrabrants</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greg
    Garrabrants</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    and CEO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Second Amendment to Pledge Agreement]</FONT></P>

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

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