Ajax Sports, LLC

To secure payment and performance of all obligations Debtor hereby grants to Secured Party a continuing security interest in all inventory, equipment, and goods manufactured by or distributed by Secured Party, whenever sold, consigned or delivered, directly or indirectly, to or for the benefit of Debtor by Secured Party, wherever located, now owned and hereafter acquired including but not limited to all bicycles, bicycle frames, bicycle forks, electric bicycles, exercise machines, stationary spin bike, clothing, helmets with the following brands: Giant, Giant Bicycle, Liv, Momentum and all accessories, supplies and parts including repossessions and returns; and all proceeds from the sale
thereof; and all existing or subsequently arising, accounts and accounts receivable and supporting obligations which may from time to time hereafter come into existence during the term of this Security Agreement.  Secured Party's security interest is explicitly limited to outstanding obligations between Secured Party and Debtor.

All personal property of Debtor, whether such property or Debtor's right , title or interest therein or thereto is now owned or existing or hereafter acquired or arising, and wherever located, including, without limitation, all Accounts, Inventory, Equipment, other Goods, General Intangibles (including, without limitation, Payment Intangibles), Chattel Paper (whether tangible or electronic), Instruments  (including, without limitation, Promissory Notes), Deposit Accounts, Investment Property, Letter-of-Credit Rights and Documents, and all Fixtures of Debtor, and all products and Proceeds (including, without limitation, insurance proceeds) of the foregoing, and all accessions to, substitutions for and all replacements of any of the foregoing. Without limiting the foregoing, Collateral includes Debtor's right to any price protection payments, rebates, discounts, credits, factory holdbacks, incentive payments, warranty service reimbursements or other amounts which at any time are due from a vendor. Similarly, Collateral includes, without limitation, all books and records, electronic or otherwise, which evidence or otherwise relate to any of the foregoing property, and all computers, disks, tapes, media, and other devices in which such records are stored. For purposes of this paragraph, capitalized terms have the meanings given to them in Division 9 of the California Uniform Commercial Code.

Please see attached in the collateral box.