STIPULATED ORDER FOR INJUNCTIVE RELIEF REGARDING PLEDGE OF EQUITY INTERESTS IN EIS GROUP LTD AND @MOSPHERE, LLC

LAUREL BEELER, Magistrate Judge.

A hearing was held in the above-captioned action (the "Action") on July 21, 2016. Set for hearing on such date was Plaintiff's Motion for Default Judgment [D.I. 27] (the "Default Judgment Motion"). On July 20, 2016, Defendant appeared and filed his Motion to Vacate Entry of Default and to Set Aside Default; Request That Current Hearing Set for Entry of Default Judgment Be Continued Until After a Hearing on This Motion on the Basis of Judicial Economy [FRCP 55, FRCP 60] [D.I. 37] (the "Vacate Default Motion").

At the hearing, the parties agreed to negotiate a stipulated order concerning the pledge of Defendant's direct and indirect right, title and interest in, to and under the capital stock of EIS Group ltd (the "EIS Shares") in favor of Plaintiff to maintain the status quo pending resolution of this Action. The Parties have negotiated the terms of a stipulated order, as set forth below.

The Court has reviewed this Order and, based on the agreement of the Parties, and good cause appearing therefor, the Court hereby orders as follows:

ORDER

ORDERED, Defendant hereby grants to Forreststream a security interest in all of his right, title and interest in, to and under all of his EIS Shares to secure performance of Defendant's obligations to Forreststream, as determined in this Action; and it is further

ORDERED, that Defendant hereby grants to Forreststream a security interest in all of his right, title and interest in, to and under all of his membership interests (the "@mosphere Interests") in @mosphere, LLC, ("@mosphere"), to secure performance of Defendant's obligations to Forreststream, as determined in this Action; and it is further

ORDERED, that Defendant shall instruct and/or direct, as the case may be, to the fullest extent possible under the @mosphere operating agreement and other corporate documents (including by taking all limited liability company actions within his power necessary to cause) @mosphere to pledge within ten (10) days of the entry of this Order to Forreststream all of its right, title and interest in and to the shares of EIS Stock that it holds for Defendant to secure performance of Defendant's obligations to Forreststream, as determined in this Action; and it is further

ORDERED, that absent further order of the Court, Defendant shall not and is hereby expressly enjoined from transferring, assigning, pledging, hypothecating, encumbering, or otherwise impairing his direct or indirect interest in the EIS Shares and @mosphere Interests. Further, Defendant shall take all actions required to assure that @mosphere does not transfer, assign, pledge, hypothecate, encumber, or otherwise impair his indirect interest in the EIS Shares held by @mosphere for his benefit; and it is further

ORDERED, that within three (3) business days of entry of this Order Defendant shall do all of the following: (a)(i) inform @mosphere that his interest in the @mosphere Interests has been pledged pursuant to this Order, and (ii) instruct @mosphere to record such pledge in its books and records, and (b)(i) inform EIS Group ltd that his interest and the interest of @mosphere in the EIS Shares has been pledged to Forreststream under the terms of this Order, and (ii) instruct EIS Group ltd. to record such pledge in its books and records; and it is further

ORDERED, that absent further order of the Court, Forreststream shall exercise no secured creditor remedies in respect of the pledge of the @mosphere Interests or the EIS Shares set forth herein. For the avoidance of doubt, nothing herein shall constrain Forreststream in the prosecution of this Action nor in seeking to perfect, maintain, or otherwise protect the security interest granted pursuant to this Order; and it is further

ORDERED, that the Vacate Default Motion shall be heard on August 11, 2016 at 9:30 a.m. before the Court and that, if the Vacate Default Motion is denied, the Default Judgment Motion shall be heard immediately thereafter; and it is further

ORDERED, that Defendant shall file any further declarations and/or supporting arguments or authorities in support of his Vacate Default Motion by Wednesday July 27, 2016; that Plaintiff shall file its opposing papers and declarations by Monday August 8, 2016, that Defendant shall file his reply, if any, by August 10, 2016.

ORDERED, that the Court shall maintain jurisdiction to enforce the terms of this Order.

IT IS SO ORDERED.