SC 13D/A

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(AMENDMENT NO. 1)

FC Global Realty Incorporated

(Name of Issuer)

Common Stock, Par Value $0.01 per Share

(Title of Class of Securities)

719358301

(CUSIP Number)

Opportunity Fund I-SS, LLC

c/o Venture Back Office

790 SE Cary Pkwy, Suite 204, Cary, NC  27511

Attn: OP Fund I Manager, LLC

916-799-5800

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 22, 2017

(Date of Event which Requires Filing of this Statement)

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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

^* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 719358301				13D	Page 2 of 7 Pages
1.	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Opportunity Fund I-SS, LLC
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(see instructions)(a)    ☐(b)    ☐
3.	SEC USE ONLY
4.	SOURCE OF FUNDS (see instructions)  OO-Other (See Item 3)
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)     ☐
6.	CITIZENSHIP OR PLACE OF ORGANIZATION  Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7.	SOLE VOTING POWER  8,619,320
		8.	SHARED VOTING POWER  0
		9.	SOLE DISPOSITIVE POWER  8,619,320
		10.	SHARED DISPOSITIVE POWER  0
11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,619,320*
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)    ☒
13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 42.12%
14.	TYPE OF REPORTING PERSON (see instructions) OO – Other/limited liability company

*The amounts shown in rows (7), (8), (9), (10) and (11) do not include 12,775,000 shares of Series B Preferred Stock which the Reporting Person has the right to acquire on the terms and upon the satisfaction of certain conditions set forth in that certain Securities Purchase Agreement, dated December 22, 2017, between the Reporting Person and the Issuer as described in Items 3, 4, and 5 of this Amendment No.1 to Schedule 13D.

CUSIP No. 719358301 13D Page 3 of 7 Pages

INTRODUCTORY NOTE

This Amendment No. 1 to Schedule 13D amends the Initial Statement on Schedule 13D of Opportunity Fund I-SS, LLC, a Delaware limited liability company (the “Reporting Person”) filed with the Securities and Exchange Commission (the “Commission”) on January 31, 2018 and is filed: (i) to reflect the acquisition of 2,225,000 shares of Series B Preferred Stock on January 24, 2018 by the Reporting Person which was inadvertently omitted from the Reporting Person's original Schedule 13D, filed January 31, 2018, and (ii) to reflect other corrections to the information contained in the Reporting Person's original Schedule 13D, filed January 31, 2018.

The calculation of the percentage set forth in Item 13 above and Item 5 below is based on 12,725,995 shares of Common Stock outstanding as of March 31, 2017, which includes (i) 5,240,328 shares of Common Stock outstanding as reported by the Issuer in its Quarterly Report on Form 10-Q for the period ended September 30, 2017, filed by the Issuer with the Securities and Exchange Commission (the “Commission”) on November 14, 2017; and (ii) an additional 7,485,627 shares of Common Stock outstanding as a result of certain transactions reported by the Issuer in its Current Report on Form 8-K, filed by the Issuer with the Commission on December 29, 2017.

Item 1.  Security and Issuer.

This Amendment No. 1 to Schedule 13D (“Schedule 13D”) relates to the common stock, par value $0.01 per share (the “Common Stock”), of FC Global Realty Incorporated, a corporation formed under the laws of Nevada (the “Issuer”). The principal executive offices of the Issuer are located at 2300 Computer Drive, Bldg. G, Willow Grove, PA 19090.

Item 2.  Identity and Background.

Name of Reporting Person:  Opportunity Fund I-SS, LLC, a Delaware limited liability company

Principal & Business address:

Opportunity Fund I-SS LLC

c/o Venture Back Office

790 SE Cary Pkwy, Suite 201, Cary, NC  27511

Attn: OP Fund I Manager, LLC

During the last five years, the Reporting Person: (i) has not been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) and (ii) was not a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 3.  Source or Amount of Funds or Other Consideration.

 On December 11, 2017, the Reporting Person entered into a Stock Pledge Agreement with First Capital Real Estate Operating Partnership, LP ("FCOP").  Pursuant to that Stock Pledge Agreement, FCOP pledged 251,215 shares of Common Stock and 35,335 shares of Series A Preferred Stock as security for a loan made by the Reporting Person to First Capital Master Advisor, LLC ("Master Advisor") in the original principal amount of $1,000,000.

On December 11, 2017, the Reporting Person entered into a separate Stock Pledge Agreement with FCOP.  Pursuant to that Stock Pledge Agreement, FCOP pledged 628,019 shares of Common Stock and 88,333 shares of Series A Preferred Stock as security for a loan made by the Reporting Person to First Capital Real Estate Trust Incorporated ("FCRETI") in the original principal amount of $2,500,000. Master Advisor and FCRETI are affiliates of FCOP.

Both Stock Pledge Agreements provide the Reporting Person with an option to purchase the pledged shares in exchange for making an assignment of the respective loans to FCRETI. The option period under both Stock Pledge Agreements commences 60 days after the date of the loan and extends through the life of the loan.

Pursuant to a Securities Purchase Agreement, dated December 22, 2017, between the Reporting Person and the Issuer (the “Purchase Agreement”), (i) on December 22, 2017, the Reporting Person paid $1,500,000 to the Issuer in exchange for 1,500,000 shares of Series B Preferred Stock, and (ii) on January 24, 2018, the Reporting Person paid $2,225,000 to the Issuer in exchange for 2,225,000 shares of Series B Preferred Stock. Pursuant to the Purchase Agreement, the Reporting Person may, but is not obligated to invest up to $15,000,000 in the Issuer in a series of closings, in exchange for shares of Series B Preferred Stock at a purchase price of $1.00 per share.

CUSIP No. 719358301 13D Page 4 of 7 Pages

Item 4.  Purpose of Transaction.

The Stock Pledge Agreements, and the options contained therein, were entered into for the purpose of securing two loans made by the Reporting Person to Master Advisor and FCRETI, which are affiliates of FCOP.

The purpose of entering into the Purchase Agreement is for the Reporting Person to acquire a substantial voting and equity interest in the Issuer. Under the Purchase Agreement, the Reporting Person may, but is not obligated to, make additional investments in one or more subsequent closings until an aggregate amount of $15,000,000 has been invested or the Purchase Agreement has been terminated in accordance with its terms. The proceeds from the Initial Closing (as defined below) under the Purchase Agreement, will be used for the Issuer’s working capital and general corporate purposes. Proceeds from the Second Closing (as defined below) and any subsequent closings shall be used to invest in Income Generating Properties (as defined in the Purchase Agreement) that have been approved by the Issuer’s Board of Directors or as otherwise agreed to between the Issuer and the Reporting in writing prior to such subsequent closings.

As a condition to the Initial Closing, the Reporting Person entered into a registration rights agreement with the Issuer, pursuant to which the Issuer agreed to register all shares of Common Stock that may be issued upon conversion of the Series B Preferred Stock.  Under the terms of the Purchase Agreement, the Issuer also agreed to nominate two (2) directors to the Issuers Board of Directors upon request of the Reporting Person.  In connection with the Purchase Agreement, certain other significant stockholders of the Issuer, entered into a Voting Agreement (as defended below) with the Reporting Person, pursuant to which they agreed to vote in favor of the transactions contemplated by the Purchase Agreement and also agreed to certain transfer restrictions on the securities of the Company owned by them.

In connection with the Purchase Agreement, the Company also agreed to amend the certificate of designation for the Issuer’s Series A Convertible Preferred Stock to change the conversion price from $2.5183 to $1.12024021352 such that each share of Series A Convertible Preferred Stock will be initially convertible into 56.20 shares of Common Stock instead of 25 shares of Common Stock. Pursuant to the Purchase Agreement, promptly following the Initial Closing, the Issuer will hold a special meeting of its stockholders to authorize and approve such amendment to the certificate of designation for the Issuer’s Series A Convertible Preferred Stock.  No such special meeting as occurred as of the date of this filing, accordingly, the percentage calculations set forth in Item 13 above and Item 5 below are based on the certificate of designation for the Issuer’s Series A Convertible Preferred Stock, without amendment, such that each share of Series A Convertible Preferred Stock is convertible into 25 shares of Common Stock.

Item 5.  Interest in Securities of the Issuer.

 (a) Pursuant to the Stock Pledge Agreements, the Reporting Person has options to acquire up to 879,234 shares of Common Stock and 123,668 shares of Series A Preferred Stock of Issuer.  Each share of Series A Preferred Stock is convertible, subject to limitations and stockholder approval, into 25 shares of Common Stock.  In total, the Stock Pledge Agreements give the Reporting Person the right to acquire a total of 3,970,934 shares of Common Stock in the event that all shares of Series A Preferred Stock are converted.

Pursuant to the Purchase Agreement, the Reporting Person may, but is not obligated to invest up to $15,000,000 in the Issuer in a series of closings, in exchange for shares of Series B Preferred Stock at a purchase price of $1.00 per share.  The first closing under the Purchase Agreement occurred on December 22, 2017 (“the Initial Closing”). At the Initial Closing, the Reporting Person provided $1,500,000 to the Issuer in exchange for 1,500,000 shares of Series B Preferred Stock. A second closing under the Purchase Agreement occurred on January 24, 2018 (“the Second Closing”). At the Second Closing, the Reporting Person provided $2,225,000 to the Issuer in exchange for 2,225,000 shares of Series B Preferred Stock.

Following the Second Closing, the Reporting Person holds 100% of the Series B Preferred Stock of the Issuer.  Each share of Series B Preferred Stock is convertible at the option of the holder, subject to limitations and stockholder approval, into that number shares of Common Stock determined by a formula (computed on the date of conversion) as set forth in a certificate of designation filed by the Issuer with the Nevada Secretary of State on December 22, 2017.  Upon satisfaction of the limitations and receipt of all required approvals, the 3,725,000 shares of Series B Preferred Stock held by the Reporting Person would, as of the date of this filing, be converted into approximately 4,648,386 Common Stock of the Issuer, and the Reporting Person would hold approximately 26.75% of the shares of Common Stock of the Issuer(assuming no further issuances of shares of Common Stock by the Issuer).

If (i) all of the 3,725,000 shares of Series B Preferred Stock held by the Reporting Person are converted in shares of Common Stock, (ii) the option rights granted to the Reporting Person in the Stock Pledge Agreements described above are exercised in full, and (iii) all shares of Series A Preferred Stock then held by the Reporting Person are converted in shares of Common Stock, the Reporting Person would hold approximately 8,619,320 shares of Common Stock of the Issuer, representing approximately 42.12% of the issued and outstanding shares of Common Stock of the Issuer (assuming no further issuances of shares of Common Stock by the Issuer).

CUSIP No. 719358301 13D Page 5 of 7 Pages

If (i) all of the shares of Series B Preferred Stock issuable by the Issuer pursuant to the Purchase Agreement are issued, (ii) the option rights granted to the Reporting Person in the Stock Pledge Agreements described above are exercised in full, and (iii) all shares of Series A Preferred Stock and Series B Preferred Stock then held by the Reporting Person are converted in shares of Common Stock, the Reporting Person would hold approximately 22,689,267 shares of Common Stock of the Issuer, representing approximately 65.70% of the issued and outstanding shares of Common Stock of the Issuer (assuming no further issuances of shares of Common Stock by the Issuer).

As of the filing date of this Schedule 13D, the Reporting Person does not directly beneficially own any shares of Common Stock of the Issuer.

(b) The Reporting Person has sole voting and disposition power with respect to the 3,725,000 shares of Series B Preferred Stock held.  All of the shares pledged under the Stock Pledge Agreements are owned by FCOP. The Reporting Person shall have no right to vote any of the pledged shares (and FCOP shall retain such right to vote the pledged shares) unless: (1) the applicable option is exercised with respect to such shares; or (2) Master Advisor or FCRETI, as applicable, is in breach of its obligations under the respective Stock Pledge Agreement or the respective loan agreements which related to the Stock Pledge Agreements.  Upon the occurrence of (1) or (2) above, the Reporting Person shall have the sole right to vote such pledged shares.

(c) Except as set forth herein and elsewhere in this Schedule 13D, there have been no other transactions in the class of securities reported on that were effected within the past sixty days.

(d) Reporting Person shall have no right to receive distributions from any of the pledged shares (and FCOP shall retain such right to receive distributions from the pledged shares) unless: (1) the applicable option is exercised with respect to such shares; or (2) Master Advisor or FCRETI, as applicable, is in breach of its obligations under the respective loan or Stock Pledge Agreement.  Upon the occurrence of (1) or (2) above, Reporting Person shall have the sole right to receive distributions from such pledged shares.  Notwithstanding the above, certain distributions more particularly described in the Stock Pledge Agreements shall be held in trust by FCOP as further collateral for the loaned funds.

Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Except as otherwise set forth herein and elsewhere in this Schedule 13D, there are no contracts, arrangements, understandings or similar relationships existing with respect to the securities of the Issuer between the Issuer and any of the Reporting Person.

Registration Rights Agreement

As a condition to the Initial Closing, the Issuer entered into a registration rights agreement (the “Registration Rights Agreement”) with the Reporting Person, pursuant to which the Issuer agreed to register all shares of Common Stock that may be issued upon conversion of the Series B Preferred Stock, under the Securities Act of 1933, as amended (the “Securities Act”).. The Issuer agreed to file a registration statement covering the resale of such securities within 30 days of the Initial Closing and cause such registration statement to be declared effective under the Securities Act as soon as possible but, in any event, no later than 120 days following the filing date if such registration statement is filed on Form S-3 or 150 days if such registration statement is filed on Form S-1. If such registration statement is not filed or declared effective by the SEC on or prior to such dates, or if after such registration statement is declared effective, without regard for the reason thereunder or efforts therefor, such registration statement ceases for any reason to be effective for more than an aggregate of 30 trading days during any 12-month period, which need not be consecutive, then in addition to any other rights the holders of Series B Preferred Stock may have under the Registration Rights Agreement or under applicable law, the Issuer shall pay to each holder an amount in cash, as partial liquidated damages and not as a penalty, equal to 1.0% of the product obtained by multiplying (x) the Series B Original Issue Price by (y) the number of shares of Series B Preferred Stock held by the holder (such product referred to herein as the Investment Amount); provided that, in no event will the Issuer be liable for liquidated damages in excess of 1.0% of the Investment Amount in any single month and that the maximum aggregate liquidated damages payable to the holders under the Registration Rights Agreement shall be ten percent (10%) of the Investment Amount. 

The foregoing description of the Registration Rights Agreement and the terms thereof are not complete, and are qualified in their entirety by the complete Registration Rights Agreement attached as Exhibit 10.2 to the Current Report on Form 8-K filed by the Issuer on December 29, 2017.

CUSIP No. 719358301 13D Page 6 of 7 Pages

Letter Agreement

On December 22, 2017, the Reporting Person enter into a letter agreement (the “Letter Agreement”) with the Issuer, Suneet Singal, FCRETI, FCOP, and First Capital Real Estate Investments LLC, pursuant to which Mr. Singal and such entities agreed that they would not without the prior written consent of the Reporting Person, transfer, assign, sell, lend, pledge, encumber, hypothecate, exchange or otherwise dispose (whether by sale, liquidation, dissolution, dividend or distribution), or offer or solicit to do any of the foregoing, of any or all of the equity securities and/or any debt or similar securities that are convertible into equity securities of the Company held them, including any additional equity securities and/or any debt or similar securities which they may subsequently acquire or any right or interest therein, or consent to any of the foregoing, until 180 days following the dissolution of the Reporting Person, but no later than December 31, 2018. Notwithstanding the foregoing, such restrictions do not apply to: (i) any transfer to an affiliate if such transfer is not for value; (ii) a transfer by FCOP to FCRETI and by FCRETI to its shareholders (it being understood that the transfer restrictions provided for in the Letter Agreement shall no longer apply to the securities once held by the shareholders of the FCRETI); (iii) for a period of six (6) months commencing on the date of Reporting Person’s dissolution, transfers during any 90-day period that do not exceed 1% of the outstanding shares of Common Stock during such period; and (iv) any pledge of an interest in the securities that is in favor of the Reporting Person or any affiliate of the Reporting Person or any transfer to the Reporting Person, its affiliate or the Reporting Person or its affiliate’s designee resulting from the foreclosure by the Reporting Person or its affiliate on the securities covered by such pledge.

The foregoing description of the Letter Agreement and the terms thereof are not complete, and are qualified in their entirety by the complete Letter Agreement attached as Exhibit 10.3 to the Current Report on Form 8-K filed by the Issuer on December 29, 2017.

Voting Agreement

On December 22, 2017, the Reporting Person entered into a shareholder voting support and confidentiality agreement (“Voting Agreement”) with FCOP and certain other significant stockholders of the Issuer, pursuant to which the such stockholders agreed to vote their shares in favor of the transactions contemplated by the Purchase Agreement, including the issuance to the Reporting Person or its designees of Common Stock upon conversion of its Series B Preferred Stock equal to 20% or more of the Common Stock or 20% or more of the voting power outstanding before the issuance (the “20% Proposal”), and also agreed to certain transfer restrictions on the securities of the Issuer owned by them. Under the Voting Agreement, such stockholders may not transfer or otherwise dispose of any equity securities of the Issuer until the earlier of: (i) the date of termination of the Purchase Agreement in accordance with its terms; (ii) the later of (a) the date that the registration statement becomes effective or (b) the first business day following approval of the 20% Proposal by the Issuer’s stockholders, (iii) the mutual written consent of the parties to the Voting Agreement, or (iv) December 31, 2018. Such transfer restrictions do not apply to the exercise of any option, warrant or other securities convertible or exchangeable for securities of the Issuer, or following stockholder approval of the 20% Proposal, to the following transfers: (i) if the stockholder is a corporation, partnership, limited liability company or other entity, any transfer to an affiliate if such transfer is not for value; or (ii) if the stockholder is an individual, transfers, (a) for nominal consideration or as a gift to any member of such stockholder’s immediate family (defined as the spouse, parents, lineal descendants, the spouse of any lineal descendant, and brothers and sisters) or a trust for the benefit of such stockholder or any member of such stockholder’s immediate family, (b) in connection with estate or tax planning, (c) to non-profit organizations qualified as charitable organizations under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, or (d) upon the death of such stockholder pursuant to a will or other instrument taking effect upon the death of such stockholder, or pursuant to the applicable laws of descent and distribution to such stockholder’s estate, heirs or distributes. The restrictions also do not apply to any transfer by FCOP or FCRETI, in each case, to any holder of a security issued by it. The Voting Agreement also includes a power of attorney pursuant to which each stockholder designated and appointed the Issuer and its duly authorized officers and agents as its agents and attorney in fact to act on the stockholder’s behalf to execute any proxy relating to any meeting of our stockholders for the purposes set forth in the Voting Agreement.

Item 7.  Material to Be Filed as Exhibits.

99.1          Securities Purchase Agreement, dated December 22, 2017, between the Issuer and the Reporting Person. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Issuer on December 29, 2017).

99.2          Registration Rights Agreement, dated December 22, 2017, between the Issuer and the Reporting Person. (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Issuer on December 29, 2017).

99.3          Letter Agreement, dated December 22, 2017, among the Issuer, the Reporting Person, Suneet Singal, First Capital Real Estate Trust Incorporated, First Capital Real Estate Operating Partnership, L.P. and First Capital Real Estate Investments LLC (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by the Issuer on December 29, 2017).

99.4          Stock Pledge Agreement, dated December 11, 2017, among the Reporting Person, First Capital Real Estate Trust Incorporated, and First Capital Real Estate Operating Partnership, L.P.

99.5          Stock Pledge Agreement, dated December 11, 2017, among the Reporting Person, First Capital Master Advisor, LLC, and First Capital Real Estate Operating Partnership, L.P.

CUSIP No. 719358301 13D Page 7 of 7 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

OPPORTUNITY FUND I-SS, LLC
By:	OP FUND I MANAGER, LLC
	Sole Manager
By:	/s/Kristen E. Pigman
	Kristen E. Pigman, its Sole Director

EX-99.4

Exhibit 99.4

 STOCK  PLEDGE  AGREEMENT    THIS  STOCK  PLEDGE  AGREEMENT  (this  "Agreement") is  made  as  of  December  II 2017 (the  "Effective  Date"), by  and  among  FIRST  CAPITAL  REAL  ESTATE  TRUST   INCORPORATED,  a  Maryland  corporation  ("FCRETI")  and  FIRST  CAPITAL  REAL  ESTATE OPERATING  PARTNERSHIP,  LP,  a  Delaware  limited  partnership  ("FC  OPCO" and,  together  with  FCRETI,  collectively,  the  "Pledgor") in  favor  of  Opportunity  Fund  I-SS,  LLC,  a  Delaware   limited  liability  company  (the  "Pledgee").   RECITALS:    WHEREAS,  Pledgee  has  extended  credit  to  FCRETI  pursuant  to  that  certain  Secured Promissory  Note,  dated  as  of  even  date  herewith  (the  "Note")  in  the  original  commitment   amount  of  Two  Million  Five  Hundred  Thousand  Dollars  ($2,500,000.00)  (the  "Commitment", and  the  amount  of  loans  made  under  the  Note  being  the  "Loan");    WHEREAS,  FC  OPCO  is,  on  the  date  of  this  Agreement,  the  holder  of  88,333  shares  of the  Series  A  Convertible  Preferred  Stock ("FCG  Preferred  Stock") and  628,019  shares  of   common  stock  of  FC  Global  Realty  Incorporated,  a  Nevada  corporation  ("FCG  Common Stock"  and,  together  with  the  FCG  Preferred  Stock,  and  together  with  any  additional  shares  of  FCG  Preferred  Stock  and/or  FCG  Common  Stock  that  is  pledged  under  the  terms  of  this   Agreement,  the  "flAeged Securities");    WHEREAS,  FC  OPCO  is  an  affiliate  of  FCRETI  and  FC  OPCO  will  derive  substantial benefits  and  good  and  valuable  consideration  from  the  Loan  by  Pledgee  to  FCRETI;    WHEREAS,  the  obligations  of  the  Pledgee  to  make  the  Loan  to  FCRETI  is  conditioned upon,  among  other  things,  the  execution  and  delivery  of  this  Agreement  of  I7C  OPCO;    WHEREAS,  capitalized  terms  used  in  this  Agreement  and  not  otherwise  defined  herein shall  have  the  meaning  ascribed  to  such  term  in  the  Note (collectively,  the  Note  and  this  Agreement  are  hereinafter  referred  to  as  the  "Loan  Documents"); and    WHEREAS,  in  order  to  secure  the  payment  of  any  and  all  indebtedness  and  other obligations  of  Pledgor  under  the  Note,  Pledgor  hereby  pledges  and  grants  Pledgee  a  security   interest  in  all  of  the  Pledged  Securities  in  accordance  with  the  terms  and  conditions  of  this Agreement.    NOW,  THEREFORE,  in  consideration  of  the  foregoing  premises,  the  truth  and  accuracy of  which  are  hereby  acknowledged  by  the  Parties,  and  in  order  to  induce  Pledgee  to  make  the Loan  evidenced  by  the  Note  and  for  other  good  and  valuable  consideration,  the  receipt  and sufficiency  of  which  is  hereby  acknowledged,  Pledgor  hereby  agrees  as  follows:  HE' v.8 /OG0:   AGREEMENT: .        Definitions.    (a) The  term  "Event  of  Default" shall  mean  and  include:  (i)  any  material   inaccuracy  in  any  representation  or  warranty  made  by  Pledgor  in  this  Agreement;  (ii)  any  breach of  Pledgor's  covenants  contained  in  this  Agreement  following  the  expiration  of  ten  (10)  business days'  prior  written  notice  and  opportunity  to  cure;  and/or  (iii)  any  breach  or  default  of  any  representation,  warranty  or  covenant  described  in  the  Note  following  the  expiration  of  ten  (10)   business  days'  prior  written  notice  and  opportunity  to  cure;  provided,  however,  that  there  shall  be no  right  to  receive  notice  or  any  period  in  which  to  cure  with  respect  to  a  monetary  or  payment default  under  the  Note,  and  the  Maturity  Date  (as  defined  in  the  Note)  shall  not  be  extended  by any  such  notice  and  cure  period.    (b) The  term  "Instruments" shall  mean  each  certificate  or  other  instrument  (if any)  representing  any  of  the  Pledged  Securities.    (c) The  term  "Company" shall  mean  FC  Global  Realty  Incorporated,  a Nevada  corporation  and/or  its  successors.    (d) The  term  "Obligations" shall  mean  all  debts,  obligations  and  liabilities  of Pledgor  to  Pledgee  under  the  Note.    (e) The  term  "Securities  Laws" shall  mean,  collectively;  the  Securities  Act  of   1933,  as  amended,  as  now  or  hereafter  in  effect,  any  similar  federal  or  state  statute  and  blue  sky laws  now  or  hereafter  enacted  analogous  in  purpose  or  effect.   (1) Intentionally  omitted.    (g) The  term  "UCC"  shall  mean  the  Uniform  Commercial  Code  as  now enacted  or  hereafter  in  effect  in  the  State  of  Delaware.    (h) All  other  capitalized  terms  not  defined  herein  shall  have  the  meanings ascribed  thereto  in  the  Note.    2. Pledge  and  Security  Interest. To  secure  all  of  the  Obligations,  Pledgor  hereby grants,  pledges,  hypothecates,  assigns  and  delivers  to  Pledgee  a  first  priority  security  interest  in all  of  Pledgor's  respective  right,  title  and  interest  in  and  to  the  Pledged  Securities,  including,   without  imitation  (i)  all  rights  and  interest  of  Pledgor  in  the  capital  of  the  Company  deriving  or arising  from  the  Pledged  Securities  and,  subject  to  Section  7, all  rights  of  Pledgor  to  receive distributions,  cash,  instruments  and  other  property  from  time  to  time  receivable  or  otherwise   distributable  in  respect  of  the  Pledged  Securities,  (ii),  subject  to  Section  7, all  other  payments  due or  to  become  due  to  Pledgor  in  respect  of  the  Pledged  Securities  including,  but  not  limited  to,  all rights  of  Pledgor  to  receive  proceeds  of  any  insurance,  indemnity,  warranty  or  guaranty  with respect  to  the  Pledged  Securities,  (iii),   subject  to  Section  6, any  right  of  Fledgor  to  perform  and exercise  consensual  or  voting  rights  thereunder  and  to  compel  performance  and  otherwise exercise  all  remedies  thereunder  deriving  or  arising  from  the  Pledged  Securities,  (iv)  subject  to 2   HF  Ile3a5/2v.9 41e53?/OCC2   Section  7, all  rights  of  Pledgor  deriving  or  arising  from  the  Pledged  Securities,  to  all  property   and  assets  of  the  Company (whether  real  property,  inventory,  equipment,  contract  rights, accounts,  receivables,  general  intangibles,  securities,  instruments,  chattel  paper,  documents, choses  in  action,  licenses,  permits  or  otherwise), (v)  all  certificates  or  instruments (if  any) evidencing  the  Pledged  Securities  or  other  ownership  thereof  in  the  Company  or  its  assets,  and (vi)  to  the  extent  not  included  in  the  foregoing,  all  proceeds  of  any  and  all  of  the  foregoing (including,  without  limitation,  proceeds  that  constitute  property  of  the  types  described  above).    . Delivery  of  Certificates  for  Pledged  Securities  and  Financing  Statements.   Simultaneously  with  the  execution  of  this  Agreement,  Pledgor  shall  transfer  and  deliver  to Pledgee  the  Instruments  evidencing  the  Pledged  Securities.  The  foregoing  Instruments  shall  be   accompanied  by  a  unit  transfer  power,  duly  endorsed  in  blank  by  FC  OPCO,  to  the  benefit   of Pledgee.  Pledgee  shall  have  the  right,  upon  Pledgor's  default  in  the  payment  or  performance  of the  Obligations,  in  its  discretion,  to  transfer  to  or  to  register  in  the  name  of  Pledgee  or  any  of  its nominees  any  or  all  of  the  Pledged  Securities;  provided, that  Pledgee  shall  promptly  notify Pledgor  of  any  such  transfer  or  registration,  but  the  failure  to  provide  such  notice  will  not invalidate  such  transfer  or  registration;  provided, further, that  upon  the  cure  or  waiver  of   any such  default,  the  Pledgee  shall  promptly  re-transfer  such  Pledged  Securities  to  Pledgor  and register  such  Pledged  Securities  in  the  name  of  Pledgor.   In  addition,  simultaneously  with  the execution  and  delivery  of  this  Agreement,  Pledgor  shall  execute  and  deliver  to  Pledgee  such UCC-I  financing  statements,  in  form  required  by  Pledgee,  to  create  and  perfect  a  first-priority security  interest  in  favor  of  Pledgee  with  respect  to  the  Pledged  Securities.    . Additional  Property  to  be  Pledged. If  Pledgor  receives,  or  becomes  entitled  to receive,  any  units  or  other  Instruments  representing  securities  of  the  Company  with  respect  to   such  Pledged  Securities  (including,  without  limitation,  any  certificates  issued  pursuant  to  the declaration   of  a  dividend   or  unit  split,  or  pursuant  to  a  merger,   recapitalization  or reorganization),  Pledgor  agrees  to  accept  the  same  as  Pledgee's  and  to  hold  the  same  in  an express  trust  for  the  benefit  of  Pledgee  and  to  deliver  the  same  forthwith  to  Pledgee,  in  the identical  form  in  which  the  same  was  received,  and,  upon  request  of  Pledgee,  together  with Pledgor's  unit  transfer  power  duly  executed  in  blank.  Such  certificates  shall  be  held  on  behalf  of Pledgee  subject  to  the  terms  hereof  as  further  security  for  the  Obligations.  All  such  Instruments required  to  be  pledged  under  this  Section  4 shall  be  included  within,  held,  applied  and  disposed of  as  part  of  the  Pledged  Securities  pursuant  to  the  terms  of  this  Agreement.  All  other  proceeds of,  substitutions  for  and  distributions  regarding  the  Pledged  Securities  received  by  Pledgor  will be  held  by  Pledgor  in  express  trust  for  Pledgee,  will  not  be  commingled  with  any  other  funds  or property  of  Pledgor,  and  will  be  turned  over  to  Pledgee  in  precisely  the  form  received  (but endorsed  by  Pledgor,  if  necessary)  not  later  than  the  business  day  following  the  day  of  their receipt  by  Pledgor;  and  all  proceeds  of,  substitutions  for  and  distributions  relating  to  the  Pledged Securities  will  be  held  by  Pledgee  as  Pledged  Securities  hereunder.  In  addition,  Pledgor  may grant  to  Pledgee  additional  Shares  of  FCG  Common  Stock  as  Pledged  Securities  by  the  same process  as  describe  in  Section  3  or  as  otherwise  agreed  by  Pledgor  (or  only  FC  OPC0)  and Pledgee  and  such  additional  shares  shall  be  Pledged  Securities  for  all  purposes  under  this Agreement.  Purchase  of  Pledged  Securities.  Notwithstanding  any  provision  contained KF”2v.8/002 independent  appraiser  selected  in  good  faith  by  Holders  holding  a   majority  of  the  principal  amount  of  Note.   b. -Trading  Market"  means  the  following  markets  or  exchanges  on  which   the  Common  Stock  is  listed  or  quoted  for  trading  on  the  date  in question:  the  Nasdaq  Capital  Market,  the  American  Stock  Exchange, the  New  York  Stock  Exchange,  the  Nasdaq  National  Market  or  the OTC  Bulletin  Board.   (d)  The  purchase  of  the  Pledged  Securities  pursuant  to  this  section  5  shall  be   closed  at  the  offices  of  Pledgee  on  the  date  that  is  the  tenth  (10th)  business day  after  the  date  of  the  delivery  of  the  Purchase  Notice.   (e)  Upon  closing  of  the  purchase  and  sale  of  the  Pledged  Securities,  all  of  the   rights  including  any  principal  and  interest  due  under  the  Loan  shall  be  owned by  FC  OPCO  (or  its  designee)  and  Pledgee  shall  have  all  right,  title  and interest  as  to  the  Pledged  Securities (free  and  clear  of  all  liens  and encumbrances).   (f)  Notwithstanding  any  provision  contained  herein  to  the  contrary,  Section  5  of   this  Agreement  shall  be  deemed  to  be  a  separate  obligation  for  the  purchase and  sale  of  the  Pledged  Securities.    Furthermore,  Pledgor  shall  promptly execute  such  further  documentation,  consistent  with  the  provisions  of  this Agreement,   as   may  be   reasonably   requested  by  Pledgee  in  order  to consummate  the  purchase  of  the  Pledged  Securities  as  contemplated  herein.    6. Certain  Representation,  Warranties  and  Covenants of  Pledgor. Pledgor makes  the  following  representations,  warranties  and  covenants  to  Pledgee:    (a) Ownership. The  Pledged  Securities  are  titled  in  the  name  of  FC  OPCO  and Pledgor  is  the  sole  legal  and  beneficial  owner  of  the  Pledged  Securities  free  and  clear  of  all  liens and  encumbrances.    (b) Authority. Pledgor  has  all  necessary  power  and  authority  to  enter  into  the Loan  Documents  and  perform  Pledgor's  obligations  thereunder.  The  execution,  delivery  and performance  of  the  Loan  Documents:  (i)  do  not  require  the  approval  of  any  governmental   agency,  other  entity  or  person;  and  (ii)  will  not  violate  any  law,  agreement  or  restriction  by which  Pledgor  is  bound.  The  Loan  Documents  evidence  legal,  valid  and  binding  obligations  of Pledgor,  and  are  enforceable  against  Pledgor  in  accordance  with  their  respective  terms.    (c) Title. The  Pledged  Securities  are,  and  during  the  term  of  this  Agreement will  be,  owned  by  Pledgor  free  and  clear  of  any  pledge,  mortgage,  security  interest, hypothecation,  lien,  charge,  encumbrance,  conditional  sale  and  other  title  retention  agreements,   choate  and  inchoate  tax  liens,  assessments,  covenants,  restrictions,  reservations,  rights  or  claims of  third  parties,  other  burdens  and  any  security  interest  therein,  except  the  security  interest granted  under  this  Agreement  for  the  benefit  of  Pledgee.  The  Pledged  Securities  are,  and  during the  term  of  the  Agreement  will  be,  free  from  any  rights  of  first  refusal  or  other  restrictions  (other   5   HF  118585,2v.8 41.533/0002   than  those  in  favor  of  Pledgee)  that  could  impair,  impede  or  affect  Pledgee's  sale  of  the  Pledged   Securities.  The  Pledged  Securities  are  not  subject  to  any  restrictions  on  transfer  and/or disposition  by  Pledgor  or  Pledgee.    (d) Maintenance  of  Security  Interest;  Defend  Pledgee's  Rights. Pledgor  will   take  any  action  reasonably  requested  by  Pledgee  to  preserve  the  Pledged  Securities  and  to perfect,  establish  the  priority  of,  continue  perfection  and  enforce  Pledgee's  interest  in  the   Pledged  Securities  and  Pledgee's  rights  under  the  Loan  Documents   (including  the  delivery  of any  unit  powers  and  endorsements  deemed  necessary  by  Pledgee).   Pledgor  warrants  and  will defend  and  preserve  Pledgee's  right,  title  and  first  priority  security  interest  in  and  to  the  Pledged Securities  against  the  claims  and  legal  proceeding  of  any  and  all  third  parties.   In  addition, Pledgor  will:  (i)  pay  and  discharge  when  due  all  taxes,  levies  and  other  charges  or  fees  which may  be  assessed  against  the  Pledged  Securities;  (ii)  not  sell,  assign  (by  operation  of  law  or otherwise),  transfer  or  otherwise  dispose  of  the  Pledged  Securities  to  any  party;  (iii)  not  permit the  Pledged  Securities  to  be  used  or  owned  in  violation  of  any  applicable  law,  regulation  or policy  of  insurance;  (iv)  not  make  any  instructions  or  entitlement  orders  which  are  contrary  to the  terms  of  this  Agreement;  and  (v)  not  create  or  suffer  to  exist  any  lien  or  encumbrance  upon  or with  respect  to  the  Pledged  Securities,  except  the  pledge,  assignment,  hypothecation  and  security interest  created  by  this  Agreement.    (e) Certificates  and  Instruments. The  Instruments  described  herein  are  all  of the  Instruments,  whether  or  not  in  the  possession  of  Pledgor,  which  relate  to  the  Pledged   Securities,  and  all  of  such  Instruments  are  being  delivered  to  Pledgee  contemporaneously herewith.    (f) Holding   Periods.  Pledgor   will   promptly   furnish   to   Pledgee   such information  as  Pledgee  deems  necessary  to  comply  with  Securities  Laws  as  to  the  holding  and disposition  of  any  Pledged  Securities,  and  to  determine  the  status  of  the  Pledged  Securities  under   Securities  Laws,  all  in  form  satisfactory  to  Pledgee  and  at  Pledgor's  expense.    (g) Material  Misstatement  or  Omission. To  the  actual,  present  knowledge  of Pledgor,  the  representations  and  warranties  expressly  set  forth  in  this  section  6  above  do  not contain  any  material  misstatement  of  fact  nor  omit  to  state  a  material  fact  (i)  necessary  to  prevent   such  representations  and  warranties  from  being  misleading,  in  any  material  respect,  and  (ii) which  may,  in  the  ordinary  course,  prevent  the  Pledgee  from  realizing  and  exercising  the benefits,  rights  and  remedies  afforded  to  Pledgee  under  the  Loan  Documents.  (h) Consideration. Each   Pledgor   has   received   good   and   valuable  consideration  for  its  obligations  under  this  Agreement.   7.   Exercise  of  Voting  Rights. Until  the  occurrence  of  an  Event  of  Default,  Pledgor shall  be  entitled  to  exercise  all  voting  and  other  rights  pertaining  to  the  Pledged  Securities  for any  purpose  not  inconsistent  with  this  Agreement.  During  the  continuance  of  an  Event  of Default,  Pledgee  shall  have  the  sole  right,  without  notice,  to  exercise  voting  and  all  other  rights under  or  with  respect  to  the  Pledged  Securities  and  give  consents,  waivers  and  ratifications  in respect  thereof,  and  Pledgor  shall  deliver  to  Pledgee  such  proxies  and  other  documents  as   6   NF 11838572v.8   vlb533/0002   Pledgee  may  request  to  effectuate  the  foregoing.  . Dividend  and  Distributions.   (a) Unless  an  Event  of  Default  is  then  continuing,  Pledg;or  shall  be  entitled  to receive  and  retain  any  ordinary  distributions  (including  tax  distributions)  paid  with  respect  to  the   Pledged  Securities.   During  the  continuance  of  an  Event  of  Default,  all  dividends  and  other distributions  and  returns  of  capital  with  respect  to  the  Pledged  Securities  shall  be  paid  to  Pledgee and  shall  be  applied  by  Pledgee  to  the  Obligations  in  the  manner  described  in  Section  (1)1  hereof.    (b) Notwithstanding  the  foregoing,  Pledgor's  right  to  receive  and  retain  any and  all  distributions,  dividends  and  payments  in  respect  of  the  Pledged  Securities  purported  to  be pledged  and  assigned  by  Pledgor  hereunder  shall  be  further  limited  as  follows: (i)  distributions paid  or  payable  other  than  in  cash  in  respect  of,  and  instruments  and  other  property  received, receivable  or  otherwise  distributed  in  respect  of,  or  in  exchange  for,  any  such  Pledged  Securities;   and  (ii)  distributions  paid  or  payable  in  cash  in  respect  of  any  such  Pledged  Securities  in connection  with  a  partial  or  total  liquidation  or  dissolution  of  the  Company  shall  be  forthwith   delivered  to  Pledgee  to  hold  and  shall,  if  received  by  Pledgor,  be  received  in  trust  for  the  benefit of  Pledgee,  be  segregated  from  the  other  property   or  funds  of  Pledgor  and  be  forthwith  delivered to  Pledgee  as  collateral  in  the  same  form  as  so  received  (with  any  necessary  endorsement  or assignment)  to  be  applied  to  the  Obligations  in  such  order  as  Pledgee  may  determine  in  its  sole and  absolution  discretion.    . Events  of  Default;  Remedies. During  the  continuance  of  an  Event  of  Default, Pledgee  shall  be  entitled  to  exercise  all  of  the  rights  and  remedies  available  to  a  secured  party   under  the  UCC  as  may  be  amended  from  time  to  time  and  other  applicable  law  and  all  rights  and remedies  available  to  it  under  this  Agreement.  In  any  event,  such  righi:s  and  remedies  shall include,  without  limitation:  (i)  the  right  to  exercise  and  enforce  its  rights  under  Sections  6,    and 8  hereof  with  respect  to  the  Pledged  Securities;  and  (ii)  the  right  to  sell,  assign,  transfer,  endorse and  deliver  the  whole  or  any  part  of  the  Pledged  Securities  or  any  interest  therein  at  public  or private  sale  for  cash,  upon  credit  or  for  other  property,  for  immediate  or  future  delivery,  and  for such  price  or  prices  and  on  such  terms  as  Pledgee  in  its  sole  discretion  shall  deem  appropriate. Pledgee  shall  conduct  any  such  sale  of  the  Pledged  Securities  effected  by  it  in  compliance  with (or  under  an  exemption  from)  applicable  Securities  Laws.  Upon  consummation  of  any  such  sale, Pledgee  shall  have  the  right  to  assign,  transfer,  endorse  and  deliver  to  the  purchaser  or  purchasers thereof  the  Pledged  Securities  or  any  portion  thereof  so  sold.  Each  such  purchaser  at  any  such sale  shall  hold  the  property  sold  absolutely  free  from  any  claim  or  right  on  the  part  of  Pledgor and  Pledgor  does  hereby  waive  all  rights  of  redemption,  stay  and  appraisal  which  Pledgor  now has  or  may  at  any  time  in  the  future  have  under  any  rule  of  law  or  statute  now  exiting  or  hereafter enacted.  Pledgee  may  adjourn  any  public  or  private  sale  from  time  to  time  by  announcement  at the  time  and  place  fixed  therefor,  and  such  sale  may,  without  further  notice,  be  made  at  the  time and  place  to  which  it  was  so  adjourned.    (a) Terms  of  Sale. At  any  sale  made  pursuant  to  this  Section  , Pledgee  may bid  for  or  purchase,  free  from  any  right  of  redemption,  stay  and  appraisal  on  the  part  of  Pledgor       HF ,2v.i, /(`002    (all  said  rights  being  also  hereby  waived  and  released  to  the  extent  permitted  by  law),  any   portion  of  or  all  the  Pledged  Securities  offered  for  sale  and  may  make  payment  on  account thereof  by  using  any  claim,  or  any  portion  thereof,  then  due  and  payable  to  Pledgee  from Pledgon    (b) Application  of  Proceeds. During  the  continuance  of  an  Event  of  Default,   the  proceeds  of  the  sale  or  other  disposition  of  any  of  the  Pledged  Securities  shall  be  applied  by Pledgee  as  follows:  (i)  first,  to  the  payment  of  the  costs  and  expenses  of  such  sale  or  other   disposition,  including  the  out-of-pocket  expenses  of  Pledgee  and  the  reasonable  fees  and expenses  of  legal  counsel  employed  in  connection  therewith,  and  to  the  payment  of  all reasonable  costs  and  expenses  incurred  by  Pledgee  in  connection  with  the  administration  and enforcement  of  this  Agreement;  (ii)  second,   to  the  payment  of  accrued  and  unpaid  interest  upon the  Obligations  described;  (iii)  third,  to  the   payment  of  all  unpaid  Obligations;  and  (iv)  fourth, any  surplus  after  such  application  shall  be  paid  to  Pledgor,  the  representatives  and  assigns  of Pledgor  or  as  otherwise  required  by  law  or  as  a  court  of  competent  jurisdiction  may  direct.    (c) Non-recourse.  Notwithstanding  any  provision  contained  herein  to  the contrary,  Pledgor   shall  neither  pursue  any  recourse  nor  seek  any  remedies  against  Pledgor  but   shall  exercise  all  of  Pledgor's  rights  and  remedies  available  under  this  Agreement  or  at  law solely  with  respect  to  the  Pledged  Securities.    . Further  Assurances. Pledgor  agrees  to  cooperate  with  Pledgee  and  to  execute   and  deliver,  or  cause  to  be  executed  and  delivered,  all  such  other  papers  and  to  take  all  such  other actions  as  Pledgee  may  request  from  time  to  time  in  order  to  carry  out  the  purposes  of  this   Agreement.  Without  limiting  the  foregoing,  Pledgor  agrees  that  all  Pledged   Securities  shall  at  all times  be  in  such  form  that  Pledgee  may  sell,  transfer,  or  otherwise  dispose  of  same  without  any signature,  action,  or  assistance  from  Pledgor;  and  Pledgor  agrees  to  deliver  to  Pledgee  the Pledged  Securities  (whether  pledged  at  inception,  by  substitution  or  by  addition)  endorsed  in blank  and  with  executed  unit  powers,  as  appropriate  and  as  requested  by  Pledgee.   Pledgor further  authorizes  Pledgee  to  file  one  or  more  financing  or  continuation  statements,  and amendments  thereto,  relative  to  all  or  any  part  of  the  Pledged  Securities  without  the  signature  of the  Pledgor  where  permitted  by  law.   A  photocopy  or  other  reproduction  of  this  Agreement   or any  financing  statement  covering  the  Pledged  Securities  or  any  part  thereof  shall  be  sufficient  as a  financing  statement  where  permitted  by  law.    . Return  of  Pledged  Securities. This  Agreement  shall  create  a  continuing  pledge, assignment  of,  hypothecation  of  and  security  interest  in  the  Pledged  Securities  and  shall  remain in  full  force  and  effect  until  the  irrevocable  payment  in  full  of  all  Obligations  or  the  termination   of  this  Agreement  in  writing  by  Pledgee,  whichever  occurs  first.  When  all  of  the  Obligations  are irrevocably  and  fully  paid  and  fully  discharged,  this  Agreement  shall  terminate (except  as otherwise  provided  herein)  and  Pledgor  shall  be  entitled  to  the  return  of  all  the  Pledged Securities  not  used  or  applied  toward  payment  and  discharge  of  the  Obligations  or  purchased  as provided  in  Section  5  of  this  Agreement,  and  Pledgee  agrees,  upon  such  full  payment  and discharge  of  such  Obligations  (if  the  Pledged  Securities  are  purchased  as  provided  in  Section  5 of  this  Agreement)  to  return  all  such  Pledged  Securities  which  then  may  be  in  its  custody hereunder  to  Pledgor  or  to  whomsoever  may  be  lawfully  entitled  to  receive  the  same  or  as  a  court of  competent  jurisdiction  shall  direct.   8   HF E36572v.A    . Duty  of  Pledgee;  Exercise  of  Rights  and  Remedies. Absent  gross  negligence  or   intentional  misconduct,  Pledgee  shall  neither  have  any  duty  to  protect  or  preserve  any  of  the Pledged  Securities  nor  any  income  with  respect  thereto  or  as  to  the  preservation  of  rights  against  prior  parties,  nor  as  to  the  preservation  of  any  rights  pertaining  to  any  of  the  Pledged  Securities. Pledgor  expressly  acknowledges  that  Pledgee  has  no  duty  to:  (a)  insure  the  Pledged  Securities against  hazards;  (b)  give  to  Pledgor  any  notices,  account  statements,  proxies  or  communications received  by  Pledgee  regarding  the  Pledged  Securities;  (c)  perfect  or  continue  perfection  of  any   security  interest  in  the  Pledged  Securities  in  favor  of  Pledgor;  (d)  inform  Pledgor  of  any  decline in  the  value  of  the  Pledged  Securities  or  the  existence  of  any  option  or  elections  with  respect  to the  Pledged  Securities; (e)  take  any  action  to  invest  or  manage  the  Pledged  Securities; 0)   exercise,  preserve  or  notify  Pledgor  with  respect  to  any  exchanges,  puts,  calls,  redemptions, conversions,  maturities,  offers,  tenders  and  other  rights  or  requirements  regarding  the  Pledged Securities  or   Pledgor's  interest  therein;  or  (g)  sue  or  otherwise  take  action  to  preserve  Pledgor's or  Pledgee's  interest  in  the  Pledged  Securities.  After  an  Event  of  Default,  Pledgee  may  exercise its  rights  and  remedies  with  respect  to  any  of  the  Pledged  Securities  without  resort  or  regard  to other  security  or  sources  of  payment  for  Pledgor's  obligations.  The  foregoing  also  applies  if Pledgee  is  deemed  entitlement  holder  as  to  any  Pledged  Securities.    Pledgors'  obligations  under  this  Agreement  and  any  remedy  for  the  enforcement  thereof  and/or the  amount  of  the  Obligations  under  the  Note  shall  not  be  impaired,  modified,  changed,  stayed,   released  or  limited  in  any  manner  whatsoever  by  any  impairment,  modification,  change, discharge,  release,  limitation  or  stay  of  the  Obligations  under  the  Note  or  the  obligations  of  any Pledgor  or  any  Pledgors'  estate  in  bankruptcy  or  any  remedy  for  the  enforcement  thereof, resulting  from  the  operation  of  any  present  or  future  provision  of  the  federal  Bankruptcy  Code  or other  statute,  state  or  federal,  or  from  the  decision  of  any  court  interpreting  any  of  the  same,  and Pledgors  shall  be  obligated  under  this  Agreement  and  the  amount  of  the  Obligations  under  the Note  shall  for  the  purposes  of  this  Agreement  be  determined  as  if  no  such  impairment,  stay, modification,  change,  discharge,  release  or  limitation  had  occurred.  Pledgors  each  waives  notice of  acceptance  of  this  Agreement  and  notice  of  any  liability  of  the  borrower  under  the  Note  to which  notice  may  apply   and  waives  notice  of  default,  non-payment,  partial  payment, presentment,  demand,  protest,  notice  of  protest  or  dishonor  and  all  other  notices  to  which Pledgors  might  otherwise  be  entitled  or  which  might  be  required  by  law  to  be  given  to  Pledgors by  Pledgee.    . Terms    Subject  to  Applicable  Law. All  rights,  powers  and  remedies  provided herein  may  be  exercised  only  to  the  extent  that  the  exercise  thereof  does  not  violate  any   applicable  laws,  and  are  intended  to  be  limited  to  the  extent  necessary  so  that  they  will  not  render this  Agreement  invalid,  illegal  or  unenforceable.  If  any  term  of  this  Agreement  or  any   application  thereof  shall  be  held  to  be  invalid,  illegal  or  unenforceable,  the  validity  of  any  other terms  of  this  Agreement  or  any  other  applications  of  such  term  shall  in  no  way  be  affected   thereby.    . Security  Interest  Absolute. The  obligations  of  Pledgor  under  this  Agreement  are   independent  of  the  Obligations,  and  a  separate  action  or  actions  may  be  brought  and  prosecuted against  Pledgor  to  enforce  this  Agreement.    All  rights  of  Pledgee  and  the  assignment,   9   HF $:572v.8 /0002   hypothecation  and  security  interest  hereunder,  and  all  obligations  of  Pledgor  hereunder,  shall  be   absolute  and  unconditional,  to  the  extent  permitted  by  applicable  law,  irrespective  of: (a)  any   lack  of  validity  or  enforceability  of  the  Note  or  any  other  agreement  or  instrument  relating  to  the Obligations;  (b)  any  change  in  the  time,  manner  or  place  of  payment  of  or  in  any  other  term  of, all  or  any  of  the  Obligations,  or  any  other  amendment  or  waiver  of  or  any  consent  to  any departure  from  any  document  relating  to  the  Obligations,  including,  without  limitation,  any increase  in  the  Obligations  resulting  from  the  extension  of  additional  credit  to  the  Company;  (c) any  taking,  exchange,  release  or  non-perfection  of  any  other  collateral,  or  any  taking,  release  or amendment  or  waiver  of,  or  consent  to  departure  from  any  guaranty,  for  all  or  any  of  the Obligations;  (d)  any  manner  of  application  of  collateral,  or  proceeds  thereof,  to  all  or  any  of  the Obligations,  or  any  manner  of  sale  or  other  disposition  of  any  collateral  for  all  or  any  of  the Obligations  or  any  other  assets  of  Secured  Party;  or  (e)  any  other  circumstances  which  might otherwise  constitute  a  defense  available  to,  or  a  discharge  of,  Pledgor  or  a  third  party  grantor  of  a security  interest.   . Miscellaneous.    (a) Waivers. No  failure  to  exercise,  and  no  delay  in  exercising  on  the  part  of Pledgee,  any  right,  power  or  remedy  under  this  Agreement  or  the  Note   shall  operate  as  a  waiver thereof;  nor  shall  any  single  or  partial  exercise  of  any  right,  power  or  remedy  hereunder  or thereunder  preclude  any  other  or  further  exercise  thereof  or  the  exercise  of  any  other  right,   power,  or  remedy.  The  failure  of  Pledgee  to  insist  upon  the  strict  observance  or  enforcement  of any  provision  of  this  Agreement  or  the  Note  shall  not  be  construed  as  a  waiver  or  relinquishment of  such  provision.  Any  waiver  of  any  right,   power,  remedy,  term  or  condition  contained  herein shall  only  be  effective  if  it  is  in  writing  and  signed  by  Pledgee  and  then  such  waiver  or  consent shall  be  effective  only  in  the  specific  instance  and  for  the  specific  purpose  for  which  given. Pledgor  hereby  waives  any  claim  of  marshalling  of  assets  against  Pledgee.    (b) Survival  of  Agreements. All  representations,  warranties,  covenants  and   agreements  made  by  Pledgor  in  this  Agreement  or  in  any  instrument,  document  or  certificate furnished  hereunder  or  in  connection  herewith  shall  be  deemed  to  have  been  relied  upon  by  Pledgee,  notwithstanding  any  investigation  heretofore  or  hereafter  made  by  Pledgee,  and  shall   survive  the  execution  and  delivery  of  this  Agreement.    (c) Governing  Law. This  Agreement  shall  be  construed  in  accordance  with  the laws  of  the  State  of  New  York,  without  application  of  its  conflict  of  law  principles.    (d) Successors  and  Assigns. This  Agreement  shall  be  binding  upon  and  shall   inure  to  the  benefit  of  Pledgee  and  Pledgor  and  their  respective  successors  and  assigns.  This Agreement  shall  not  be  assigned  by  Pledgor.  Pledgee  may  assign  or  otherwise  transfer  all  or  any portion  of  its  rights  in  the  Pledged  Securities,  and  such  assignee  shall  thereupon  become  vested with  all  of  the  benefits  in  respect  thereof  granted  to  Pledgee  herein  or  otherwise.    (e) Counterparts;  Amendments. This  Agreement  may  be  executed  in  any number  of  counterparts,  each  of  which  shall  be  an  original,  but  all  of  which  when  taken  together shall  be  deemed  to  constitute  one  and  the  same  agreement.  This  Agreement  may  only  be   10   HF .3572v.8   h1e533/0002   amended  by  a  writing  executed  by  Pledgor  and  Pledgee.    (f)  Headings. The  Section  headings  set  forth  in  this  Agreement  are  for convenience  of  reference  only  and  shall  not  be  deemed  to  define  or  limit  the  provisions  hereof  or to  affect  in  any  way  their  construction  and  application.    (g) Notices. Any  notice  required  or  permitted  by  the  terms  hereof  to  be  given to  any  party  hereto  shall  be  effectively  delivered  for  all  purposes  if  delivered  to  the  address  set   forth  below  the  signature  block  for  each  party  to  this  Agreement  either  pursuant  to  personal delivery  (delivery  shall  be  deemed  effective  upon  actual  receipt)  or  sent  via  a  national,  overnight courier,  next-day  delivery  (delivery  shall  be  deemed  effective  on  the  third  (3rd)  business  day following  the  day  such  notice  was   deposited  with  such  national,  overnight  courier,  properly addressed  with  all  delivery  expenses  prepaid).    (h) Reinstatement. This  Agreement  shall  continue  to  be  effective  or  be reinstated,  as  the  case  may  be,  if  at  any  time  any  amount  received  by  Pledgee  in  respect  of  the   Obligations  is  rescinded  or  must  otherwise  be  restored  or  returned  by  Pledgee  upon  the insolvency  or  bankruptcy  of  Pledgor  or  upon  the  appointment  of  any  intervenor  or  conservator of,  or  trustee  or  similar  official  for  Pledgor  or  any  substantial  part  of  its  assets,  or  otherwise,  all as  though  such  payments  had  not  been  made.   [Signature  Page  Follows]   11   Hi '2v.e !)1 /0002    IN  WITNESS  WHEREOF,  the  parties  have  executed  the  foregoing  Stock  Pledge Agreement  as  of  the  Effective  Date.   PLEDGOR:   FIRST  CAPITAL  REAL  ESTATE  TRUST  INCORPORATED,  a   Maryland  Corporation   By:   Name:   Its:   Address:   410  Park  Avenue,  14th  Floor   New  York,  New  York  10022 Attention:  Chief  Executive  Officer   FIRST  CAPITAL  REAL  ESTATE  OPERATING  PARTNERSHIP.  LP.  a Delaware  limited  partnership   By:  First  Capital  Real  Estate  Trust  Incorporated,  a   Maryland  corporation   Its:  General  Partner   By:   Name:   Its:           06.7.   Address:   410  Park  Avenue.  14th  Floor New  York,  New  York  10022   Attention:  Chief  Executive  Officer   [Signature  Page  to  Pledge  Agreement]   PLEDGEE:    OPPORTUNITYFU  I  SS,  LLC,  a Delaware  Limitecildiablity   ompany  By:  OP  Funcl  I  M \  g  r,  LL       its  sole  Manager   -,-                                 ,    Narne:Kriste Pigrnaik its:  !Ditector   Address:   c/o  Venture  Back  Office 790  SE  Cary  Pkwy,  Suite  201   Cary,  NC  27511   Attention:  Kristen  Pigman,  Director   .9   [Signature  Page  to  Pledge  Agreement]

EX-99.5

Exhibit 99.5

 STOCK  PLEDGE  AGREEMENT    THIS  STOCK  PLEDGE  AGREEMENT  (this  "Agreement") is  made  as  of  December  11 2017 (the  "Effective Date"),  by  and  among  FIRST  CAPITAL  REAL  ESTATE  TRUST INCORPORATED,  a  1Vlaryland  corporation  ("FCRETI") and  FIRST  CAPITAL  REAL  ESTATE   OPERATING  PARTNERSHIP,  LP,  a  Delaware  limited  partnership  ("FC   OPCO" and,  together with  FCRETI,  collectively,  the  "Pledgor") in  favor  of  Opportunity  Fund  I-SS,  LLC,  a  Delaware   limited  liability  company  (the  "Pledgee").   RECITALS:    WHEREAS,  Pledgee  has  extended  credit  to  First  Capital  Master  Advisor,  LLC,  a Delaware  limited  liability  company  ("FCMA"),  pursuant  to  that  certain  Secured  Promissory  Note,  dated  as  of  even  date  herewith  (the  "Note")  in  the  original  commitment  amount  of  One   Million  Dollars  ($1,000,000.00)  (the  "Commitment",  and  the  amount  of  loans  made  under  the Note  being  the  "Loan");    WHEREAS,  FC  OPCO  is,  on  the  date  of  this  Agreement,  the  holder  of  35,335  shares  of Series  A  Convertible  Preferred  Stock (the  "FCG  Preferred  Stock)  and  251,215  shares  of  the common  stock  of  FC  Global  Realty  Incorporated,  a  Nevada  corporation  ("FCG  Common  Stock" and,  together  with  the  FCG  Preferred  Stock,  and  together  with  any  additional  shares  of  FCG Preferred  Stock  and/or  FCG  Common  Stock  that  is  pledged  under  the  terms  of  this  Agreement,  the  "Pledged  Securities");    WHEREAS,  FC  OPCO  is  an  affiliate  of  FCRETI  and  FCRETI  and  FC  OPCO  will  derive substantial  benefits  and  good  and  valuable  consideration  from  the  Loan  by  Pledgee  to  FC1VLA;    WHEREAS,  the  obligations  of  the  Pledgee  to  make  the  Loan  to  FCMA  is  conditioned upon,  among  other  things,  the  execution  and  delivery  of  this  Agreement  of  FC  OPCO  and  FCRETI;    WHEREAS,  Pledgor  has  agreed  to  hypothecate  the  Pledged  Securities  for  the  benefit  of FCMA  pursuant  to  this  Agreement  in  exchange  for  certain  agreements  and  consideration  provided  to  Pledgor  by  FCMA  the  receipt  and  sufficiency  of  which  are  hereby  acknowledged   and  accepted  by  Pledgor;    WHEREAS,  capitalized  terms  used  in  this  Agreement  and  not  otherwise  defined  herein shall  have  the  meaning  ascribed  to  such  term  in  the  Note (collectively,  the  Note  and  this Agreement  are  hereinafter  referred  to  as  the  "Loan  Documents"); and    WHEREAS,  in  order  to  secure  the  payment  of  any  and  all  indebtedness  and  other obligations  of  FCMA  under  the  Note,  Pledgor  hereby  pledges  and  grants  Pledgee  a  security   interest  in  all  of  the  Pledged  Securities  in  accordance  with  the  terms  and  conditions  of  this Agreement.   NOW,  THEREFORE,  in  consideration  of  the  foregoing  premises,  the  truth  and  accuracy   HF :18402n3v.7   of  which  are  hereby  acknowledged  by  the  Parties,  and  in  order  to  induce  Pledgee  to  make  the   Loan  evidenced  by  the  Note  and  for  other  good  and  valuable  consideration,  the  receipt  and sufficiency  of  which  is  hereby  acknowledged,  Pledgor  hereby  agrees  as  follows:   AGREEMENT:   .         Definitions.    (a) The  term  "Event  of  Default" shall  mean  and  include:  (i)  any  material inaccuracy  in  any  representation  or  warranty  made  by  Pledgor  in  this  Agreement;  (ii)  any  breach   of  Pledgor's  covenants  contained  in  this  Agreement  following  the  expiration  of  ten  (10)  business days'  prior  written  notice  and  opportunity  to  cure;  and/or  (iii)  any  breach  or  default  of  any representation,  warranty  or  covenant  described  in  the  Note  following  the  expiration  of  ten  (10) business  day's  prior  written  notice  and  opportunity  to  cure;  provided,  however,  that  there  shall  be   no  right  to  receive  notice  or  any  period  in  which  to  cure  with  respect  to  a  monetary  or  payment default  under  the  Note,  and  the  Maturity  Date  (as  defined  in  the  Note)  shall  not  be  extended  by any  such  notice  and  cure  period.    (b) The  term  "Instruments" shall  mean  each  certificate  or  other  instrument  (if any)  representing  any  of  the  Pledged  Securities.    (c) The  term  "Company" shall  mean  FC  Global  Realty  Incorporated,  a Nevada  corporation  and/or  its  successors.    (d) The  term  "Obligations" shall  mean  all  debts,  obligations  and  liabilities  of FCMA  to  Pledgee  under  the  Note.    (e) The  term  "Securities  Laws" shall  mean,  collectively,  the  Securities  Act  of   1933,  as  amended,  as   now  or  hereafter  in  effect,  any  similar  federal  or  state  statute  and  blue  sky laws  now  or  hereafter  enacted  analogous  in  purpose  or  effect.   (t) Intentionally  omitted.    (g) The  term  "UCC"  shall  mean  the  Uniform  Commercial  Code  as  now enacted  or  hereafter  in  effect  in  the  State  of  Delaware.    (h) All  other  capitalized  terms  not  defined  herein  shall  have  the  meanings ascribed  thereto  in  the  Note.    2. Pledge  and  Security  Interest. To  secure  all  of  the  Obligations,  Pledgor  hereby   grants,  pledges,  hypothecates,  assigns  and  delivers  to  Pledgee  a  first  priority  security  interest  in all  of  Pledgor's  respective  right,  title  and  interest  in  and  to  the  Pledged  Securities,  including,   without  imitation  (i)  all  rights  and  interest  of  Pledgor  in  the  capital  of  the  Company  deriving  or arising  from  the  Pledged  Securities  and,  subject  to  Section  7, all  rights  of  Pledgor  to  receive distributions,  cash,  instruments  and  other  property  from  time  to  time  receivable  or  otherwise distributable  in  respect  of  the  Pledged  Securities,  (ii),  subject  to  Section  7, all  other  payments  due    vl   or  to  become  due  to  Pledgor  in  respect  of  the  Pledged  Securities  including,  but  not  limited  to,  all   rights  of  Pledgor  to  receive  proceeds  of  any  insurance,  indemnity,  warranty  or  guaranty  with respect  to  the  Pledged  Securities,  (iii),  subject  to  Section  6, any  right  of  Pledgor  to  perform  and exercise  consensual  or  voting  rights  thereunder  and  to  compel  performance  and  otherwise exercise  all  remedies  thereunder  deriving  or  arising  from  the  Pledged  Securities,  (iv)  subject  to Section  7, all  rights  of  Pledgor  deriving  or  arising  from  the  Pledged  Securities,  to  all  property and  assets  of  the  Company (whether  real  property,  inventory,  equipment,  contract  rights, accounts.  receivables,  general  intangibles,  securities,  instruments,  chattel  paper,  documents, choses  in  action,  licenses,  permits  or  otherwise), (v)  all  certificates  or  instruments (if  any) evidencing  the  Pledged  Securities  or  other  ownership  thereof  in  the  Company  or  its  assets,  and (vi)  to  the  extent  not  included  in  the  foregoing,  all  proceeds  of  any  and  all  of  the  foregoing (including,  without  limitation,  proceeds  that  constitute  property  of  the  types  described  above).    3. Delivery  of  Certificates  for  Pledged  Securities  and  Financing  Statements.   Simultaneously  with  the  execution  of  this  Agreement,  Pledgor  shall  transfer  and  deliver  to Pledgee  the  Instruments  evidencing  the  Pledged  Securities.  The  foregoing  Instruments  shall  be   accompanied  by  a  unit  transfer  power,  duly  endorsed  in  blank  by  FC  OPCO,  to  the  benefit  of Pledgee.  Pledgee  shall  have  the  right,  upon  Pledgor's  default  in  the  payment  or  performance  of the  Obligations,  in  its  discretion,  to  transfer  to  or  to  register  in  the  name  of  Pledgee  or  any  of  its nominees  any  or  all  of  the  Pledged  Securities;  mvided, that  Pledgee  shall  promptly  notify   Pledgor  of  any  such  transfer  or  registration,  but  the  failure  to  provide  such  notice  will  not invalidate  such  transfer  or  registration;  provided, further, that  upon  the  cure  or  waiver  of   any such  default,  the  Pledgee  shall  promptly  re-transfer  such  Pledged  Securities  to  Pledgor  and register  such  Pledged  Securities  in  the  name  of  Pledgor.   In  addition,  simultaneously  with  the execution  and  delivery  of  this  Agreement,  Pledgor  shall  execute  and  deliver  to  Pledgee  such UCC-I  financing  statements,  in  form  required  by  Pledgee,  to  create  and  perfect  a  first-priority security  interest  in  favor  of  Pledgee  with  respect  to  the  Pledged  Securities.    . Additional  Property  to  be  Pledged. If  Pledgor  receives,  or  becomes  entitled  to receive,  any  units  or  other  Instruments  representing  securities  of  the  Company  with  respect  to   such  Pledged  Securities  (including,  without  limitation,  any  certificates  issued  pursuant  to  the declaration  of  a  dividend   or   unit  split,   or  pursuant  to  a  merger,   recapitalization  or reorganization),  Pledgor  agrees  to  accept  the  same  as  Pledgee's   and  to  hold  the  same  in  an express  trust  for  the  benefit  of  Pledgee  and  to  deliver  the  same  forthwith  to  Pledgee,  in  the identical  form  in  which  the  same  was  received,  and,  upon  request  of  Pledgee,  together  with Pledgor's  unit  transfer  power  duly  executed  in  blank.  Such  certificates  shall  be  held  on  behalf  of Pledgee  subject  to  the  terms  hereof  as  further  security  for  the  Obligations.  All  such  Instruments required  to  be  pledged  under  this  Section  4 shall  be  included  within,  held,  applied  and  disposed of  as  part  of  the  Pledged  Securities  pursuant  to  the  terms  of  this  Agreement.  All  other  proceeds of,  substitutions  for  and  distributions  regarding  the  Pledged  Securities  received  by  Pledgor  will be  held  by  Pledgor  in  express  trust  for  Pledgee,  will  not  be  commingled  with  any  other  funds  or property  of  Pledgor,  and  will  be  turned  over  to  Pledgee  in  precisely  the  form  received  (but endorsed  by  Pledgor,  if  necessary)  not  later  than  the  business  day  following  the  day  of  their receipt  by  Pledgor;  and  all  proceeds  of,  substitutions  for  and  distributions  relating  to  the  Pledged Securities  will  be  held  by  Pledgee  as  Pledged  Securities  hereunder.   In  addition,  Pledgor  may grant  to  Pledgee  additional  Shares  of  FCG  Common  Stock  as  Pledged  Securities  by  the  same   3   HF 118482531/.7   process  as  describe  in  Section  3  or  as  otherwise  agreed  by  Pledgor  (or  only  FC  OPC0)  and   Pledgee  and  such  additional  shares  shall  be  Pledged  Securities  for  all  purposes  under  this   Agreement.    . Purchase  of  Pledged  Securities.   Notwithstanding  any  provision  contained herein  to  the  contrary,  Lender  shall  have  the  right  to  purchase  the  Pledged  Securities  as  provided   in  this  Section  5.   (a)  At  any  time  on  or  after  sixty  (60)  days  following  the  advance  of  the  Loan,   Pledgee,  upon  not  less  than  ten  (10)  business  day's  prior  written  notice  to Pledgor  or  only  to  FC  OPCO  (the  "Purchase  Notice") shall  be  entitled  to purchase  the  Pledged  Securities  which  shall  be  accomplished  by  the  delivery of  the  original  Note  assigned  to  the  order  of  FC  OPCO  (or  as  instructed  by  FC OPCO  by  notice  delivered  by  FC  OPCO  to  Lender  within  two  (2)  business days  following  receipt  of  the  Purchase  Notice  by  Pledgor)  upon  and  in exchange  for  the  delivery  by  Pledgor  of  the  Pledged  Securities  to  Pledgee together  with  stock  powers  or  other  instruments  or  instructions  to  complete the  transfer  and  assignment  of  the  Pledged  Securities  to  Pledgee,  in  each  case, as  requested  by  Pledgee.   (b)  The  purchase  price  per  share  ("Applicable  Per  Share  Price")  that  shall  be  used   to  determine  the  number  of  FCG  Common  Stock  or  FCG  Preferred  Stock  that will  be  purchased  shall  equal  the  VWAP  of  the  FCG  Common  Stock  for  the  5 trading  days  prior  to  the  date  of  the  Purchase  Notice  divided  by  1.33  (133%). Accordingly,  if  the  VWAP  of  the  FC  Common  Stock  were  $2.00,  then  the Applicable  Per  Share  Price  would  equal  $1.503759.  The  number  of  shares purchased  will  be  allocated:  (i)  first  to  the  FCG  Common  Shares  and,  then  if all  such  FCG  Common  Shares  are  purchased,  then  (ii)  FCG  Preferred   Stock. The  price  per  share  for  the  purchase  of  the  FCG  Common  Stock  shall  equal the  Applicable  Per  Share  Price.  The  price  per  share  for  the  purchase  of  the FCG  Preferred  Stock  shall  equal  the  Applicable  Per  Share  Price  multiplied  by the  number  of  shares  of  FCG  Common  Stock  that  would  be  issued  upon  the conversion  of  the  FCG  Preferred  Stock.   (c)  For  the  purposes  of  this  Agreement,  the  following  capitalized  terms  shall  have   the  meaning  set  forth  below:   a.     "VWAP"  shall  mean  "VWAP"  means,  for  any  date,  the  price   determined  by  the  first  of  the  following  clauses  that  applies:  (a)  if  the FCG  Common  Stock  is  then  listed  or  quoted  on  a  Trading  Market,  the daily  volume  weighted  average  price  of  the  FCG  Common  Stock  for such  date  (or  the  nearest  preceding  date)  on  the  primary  Trading Market  on  which  the  FCG  Common  Stock  is  then  listed  or  quoted  as reported  by  Bloomberg  Financial  L.P.  (based  on  a  trading  day  from 9:30  a.m.  EST  to  4:02  p.m.  Eastern  Time)  using  the  VAP  function;  (b) if  the  FCG  Common  Stock  is  not  then  listed  or  quoted  on  the  Trading   4   HF   Market  and  if  prices  for  the  FCG  Common  Stock  are  then  reported  in   the  "Pink  Sheets"  published  by  the  Pink  Sheets,  LLC  (or  a  similar organization  or  agency  succeeding  to  its  functions  of  reporting  prices), the  most  recent  bid  price  per  share  of  the  FCG  Common  Stock  so reported;  or  (c)  in  all  other  cases,  the  fair  market  value  of  a  share  of FCG  Common  Stock  as  determined  by  a  nationally  recognizedindependent  appraiser  selected  in  good  faith  by  Holders  holding  a majority  of  the  principal  amount  of  Note.   b.   "Trading  Market"  means  the  following  markets  or  exchanges  on  which   the  Common  Stock  is  listed  or  quoted  for  trading  on  the  date  in question:  the  Nasdaq  Capital  Market,  the  American  Stock  Exchange, the  New  York  Stock  Exchange,  the  Nasdaq  National  Market  or  the OTC  Bulletin  Board.   (d)  The  purchase  of  the  Pledged  Securities  pursuant  to  this  section  5  shall  be   closed  at  the  offices  of  Pledgee  on  the  date  that  is  the  tenth  (10th)  business day  after  the  date  of  the  delivery  of  the  Purchase  Notice.   (e)  Upon  closing  of  the  purchase  and  sale  of  the  Pledged  Securities,  all  of  the   rights  including  any  principal  and  interest  due  under  the  Loan  shall  be  owned by  FC  OPCO  (or  its  designee)  and  Pledgee  shall  have  all  right,  title  and interest  as  to  the  Pledged  Securities  (free  and  clear  of  all  liens  and encumbrances).   (f)  Notwithstanding  any  provision  contained  herein  to  the  contrary,  Section  5  of   this  Agreement  shall  be  deemed  to  be  a  separate  obligation  for  the  purchase and  sale  of  the  Pledged  Securities.  Furthermore,  Pledgor  shall  promptly execute  such  further  documentation,  consistent  with  the  provisions  of  this Agreement,  as  may  be  reasonably  requested  by  Pledgee  in  order  to consummate  the  purchase  of  the  Pledged  Securities  as  contemplated  herein.    . Certain  Representation,  Warranties  and  Covenants of  Pledgor. Pledgor makes  the  following  representations,  warranties  and  covenants  to  Pledgee:    (a) Ownership. The  Pledged  Securities  are  titled  in  the  name  of  FC  OPCO  and   Pledgor  is  the  sole  legal  and  beneficial  owner  of  the  Pledged  Securities  free  and  clear  of  all  liens and  encumbrances.    (b) Authority. Pledgor  has  all  necessary  power  and  authority  to  enter  into  the   Loan  Documents  and  perform  Pledgor's  obligations  thereunder.  The  execution,  delivery  and performance  of  the  Loan  Documents;  (i)  do  not  require  the  approval  of  any  governmental agency,  other  entity  or  person;  and  (ii)  will  not  violate  any  law,  agreement  or  restriction  by which  Pledgor  is  bound.  The  Loan  Documents  evidence  legal,  valid  and  binding  obligations  of   Pledgor,  and  are  enforceable  against  Pledgor  in  accordance  with  their  respective  terms.   5   Hi Z53v.7    (c) Title.  The  Pledged  Securities  are,  and  during  the  term  of  this  Agreement will  be,  owned  by  Pledgor  free  and  clear  of  any  pledge,  mortgage,  security  interest,   hypothecation,  lien,  charge,  encumbrance,  conditional  sale  and  other  title  retention  agreements, choate  and  inchoate  tax  liens,  assessments,  covenants,  restrictions,  reservations,  rights  or  claims of  third  parties,  other  burdens  and  any  security  interest  therein,  except  the  security  interest granted  under  this  Agreement  for  the  benefit  of  Pledgee.  The  Pledged  Securities  are,  and  during the  term  of  the  Agreement  will  be,  free  from  any  rights  of  first  refusal  or  other  restrictions  (other than  those  in  favor  of  Pledgee)  that  could  impair,  impede  or  affect  Pledgee's  sale  of  the  Pledged Securities.  The  Pledged  Securities  are  not  subject  to  any  restrictions  on  transfer  and/or disposition  by  Pledgor  or  Pledgee.    (d) Maintenance  of  Security  Interest;  Defend  Pledgee's  Rights. Pledgor  will take  any  action  reasonably  requested  by  Pledgee  to  preserve  the  Pledged  Securities  and  to perfect,  establish  the  priority  of,  continue  perfection  and  enforce  Pled,gee's  interest  in  the Pledged  Securities  and  Pledgee's  rights  under  the  Loan  Documents   (including  the  delivery  of   any  unit  powers  and  endorsements  deemed  necessary  by  Pledgee).   Pledgor  warrants  and  will defend  and  preserve  Pledgee's  right,  title  and  first  priority  security  interest  in  and  to  the  Pledged Securities  against  the  claims  and  legal  proceeding  of  any  and  all  third  parties.   In  addition, Pledgor  will:  (i)  pay  and  discharge  when  due  all  taxes,  levies  and  other  charges  or  fees  which may  be  assessed  against  the  Pledged  Securities;  (ii)  not  sell,  assign  (by  operation  of  law  or otherwise),  transfer  or  otherwise  dispose  of  the  Pledged  Securities  to  any  party;  (iii)  not  permit the  Pledged  Securities  to  be  used  or  owned  in  violation  of  any  applicable  law,  regulation  or policy  of  insurance;  (iv)  not  make  any  instructions  or  entitlement  orders  which  are  contrary  to the  terms  of  this  Agreement;  and  (v)  not  create  or  suffer  to  exist  any  lien  or  encumbrance  upon  or with  respect  to  the  Pledged  Securities,  except  the  pledge,  assignment,  hypothecation  and  security interest  created  by  this  Agreement.    (e) Certificates  and  Instruments. The  Instruments  described  herein  are  all  of the  Instruments,  whether  or  not  in  the  possession  of  Pledgor,  which  relate  to  the  Pledged   Securities,  and  all  of  such  Instruments  are  being  delivered  to  Pledgee  contemporaneously herewith.    (f) Holding   Periods.  Pledgor   will   promptly   furnish  to   Pledgee   such   information  as  Pledgee  deems  necessary  to  comply  with  Securities  Laws  as  to  the  holding  and disposition  of  any  Pledged  Securities,  and  to  determine  the  status  of  the  Pledged  Securities  under   Securities  Laws,  all  in  form  satisfactory  to  Pledgee  and  at  Pledgor's  expense.    (g) Material  Misstatement  or  Omission. To  the  actual,  present  knowledge  of Pledgor,  the  representations  and  warranties  expressly  set  forth  in  this  section  6  above  do  not   contain  any  material  misstatement  of  fact  nor  omit  to  state  a  material  fact  (i)  necessary  to  prevent such  representations  and  warranties  from  being  misleading,  in  any  material  respect,  and  (ii)  which  may,  in  the  ordinary  course,  prevent  the  Pledgee  from  realizing  and  exercising  the   benefits,  rights  and  remedies  afforded  to  Pledgee  under  the  Loan  Documents.     (h) Consideration. Each   Pledgor   has   received   good   and   valuable    consideration  for  its  obligations  under  this  Agreement.       HF e4a25Iv.1       . Exercise  of  Voting  Rights. Until  the  occurrence  of  an  Event  of  Default,  Pledgor   shall  be  entitled  to  exercise  all  voting  and  other  rights  pertaining  to  the  Pledged  Securities  for any  purpose  not  inconsistent  with  this  Agreement.  During  the  continuance  of  an  Event  of Default,  Pledgee  shall  have  the  sole  right,  without  notice,  to  exercise  voting  and  all  other  rights   under  or  with  respect  to  the  Pledged  Securities  and  give  consents,  waivers  and  ratifications  in respect  thereof,  and  Pledgor  shall  deliver  to  Pledgee  such  proxies  and  other  documents  as   Pledgee  may  request  to  effectuate  the  foregoing.   . Dividend  and  Distributions.    (a) Unless  an  Event  of  Default  is  then  continuing,  Pledgor  shall  be  entitled  to receive  and  retain  any  ordinary  distributions  (including  tax  distributions)  paid  with  respect  to  the Pledged  Securities.   During  the  continuance  of  an  Event  of  Default,  all  dividends  and  other distributions  and  returns  of  capital  with  respect  to  the  Pledged  Securities  shall  be  paid  to  Pledgee and  shall  be  applied  by  Pledgee  to  the  Obligations  in  the  manner  described  in  Section  8(b1 hereof.    (b) Notwithstanding  the  foregoing,  Pledgor's  right  to  receive  and  retain  any and  all  distributions,  dividends  and  payments  in  respect  of  the  Pledged  Securities  purported  to  be pledged  and  assigned  by  Pledgor  hereunder  shall  be  further  limited  as  follows: (i)  distributions   paid  or  payable  other  than  in  cash  in  respect  of,  and  instruments  and  other  property  received, receivable  or  otherwise  distributed  in  respect  of,  or  in  exchange  for,  any  such  Pledged  Securities; and  (ii)  distributions  paid  or  payable  in  cash  in  respect  of  any  such  Pledged  Securities  in connection  with  a  partial  or  total  liquidation  or  dissolution  of  the  Company  shall  be  forthwith delivered  to  Pledgee  to  hold  and  shall,  if  received  by  Pledgor,  be  received  in  trust  for  the  benefit of  Pledgee,  be  segregated  from  the  other  property   or  funds  of  Pledgor  and  be  forthwith  delivered to  Pledgee  as  collateral  in  the  same  form  as  so  received  (with  any  necessary  endorsement  or assignment)  to  be  applied  to  the  Obligations  in  such  order  as  Pledgee  may  determine  in  its  sole a n d  absolution  discretion.    . Events  of  Default;  Remedies. During  the  continuance  of  an  Event  of  Default, Pledgee  shall  be  entitled  to  exercise  all  of  the  rights  and  remedies  available  to  a  secured  party under  the  UCC  as  may  be  amended  from  time  to  time  and  other  applicable  law  and  all  rights  and   remedies  available  to  it  under  this  Agreement.  In  any  event,  such  rights  and  remedies  shall include,  without  limitation:  (i)  the  right  to  exercise  and  enforce  its  rights  under  Sections  6,  7  and  hereof  with  respect  to  the  Pledged  Securities;  and  (ii)  the  right  to  sell,  assign,  transfer,  endorse and  deliver  the  whole  or  any  part  of  the  Pledged  Securities  or  any  interest  therein  at  public  or private  sale  for  cash,  upon  credit  or  for  other  property,  for  immediate  or  future  delivery,  and  for such  price  or  prices  and  on  such  terms  as  Pledgee  in  its  sole  discretion  shall  deem  appropriate. Pledgee  shall  conduct  any  such  sale  of  the  Pledged  Securities  effected  by  it  in  compliance  with (or  under  an  exemption  from)  applicable  Securities  Laws.  Upon  consummation  of  any  such  sale, Pledgee  shall  have  the  right  to  assign,  transfer,  endorse  and  deliver  to  the  purchaser  or  purchasers thereof  the  Pledged  Securities  or  any  portion  thereof  so  sold.  Each  such  purchaser  at  any  such sale  shall  hold  the  property  sold  absolutely  free  from  any  claim  or  right  on  the  part  of  Pledgor and  Pledgor  does  hereby  waive  all  rights  of  redemption,  stay  and  appraisal  which  Pledgor  now   7   HF  11846253v.7   has  or  may  at  any  time  in  the  future  have  under  any  rule  of  law  or  statute  now  exiting  or  hereafter   enacted.  Pledgee  may  adjourn  any  public  or  private  sale  from  time  to  time  by  announcement  at the  time  and  place  fixed  therefor,  and  such  sale  may,  without  further  notice,  be  made  at  the  time and  place  to  which  it  was  so  adjourned.    (a) Terms  of  Sale. At  any  sale  made  pursuant  to  this  Section  9,  Pledgee  may bid  for  or  purchase,  free  from  any  right  of  redemption,  stay  and  appraisal  on  the  part  of  Pledgor   (all  said  rights  being  also  hereby  waived  and  released  to  the  extent  permitted  by  law),  any portion  of  or  all  the  Pledged  Securities  offered  for  sale  and  may  make  payment  on  account   thereof  by  using  any  claim,  or  any  portion  thereof,  then  due  and  payable  to  Pledgee  from Pledgor.    (b) Application  of  Proceeds. During  the  continuance  of  an  Event  of  Default, the  proceeds  of  the  sale  or  other  disposition  of  any  of  the  Pledged  Securities  shall  be  applied  by   Pledgee  as  follows: (i)  first,  to  the  payment  of  the  costs  and  expenses  of  such  sale  or  other disposition,  including  the  out-of-pocket  expenses  of  Pledgee  and  the  reasonable  fees  and expenses  of  legal  counsel  employed  in  connection  therewith,  and  to  the  payment  of  all reasonable  costs  and  expenses  incurred  by  Pledgee  in  connection  with  the  administration  and enforcement  of  this  Agreement;  (ii)  second,   to  the  payment  of  accrued  and  unpaid  interest  upon the  Obligations  described;  (iii)  third,  to  the   payment  of  all  unpaid  Obligations;  and  (iv)  fourth, any  surplus  after  such  application  shall  be  paid  to  Pledgor,  the  representatives  and  assigns  of Pledgor  or  as  otherwise  required  by  law  or  as  a  court  of  competent  jurisdiction  may  direct.    (c) Non-recourse.   Notwithstanding  any  provision  contained  herein  to  the   contrary,  Pledgor   shall  neither  pursue  any  recourse  nor  seek  any  remedies  against  Pledgor  but shall  exercise  all  of  Pledgor's  rights  and  remedies  available  under  this  Agreement  or  at  law   solely  with  respect  to  the  Pledged  Securities.    . Further  Assurances, Pledgor  agrees  to  cooperate  with  Pledgee  and  to  execute   and  deliver,  or  cause  to  be  executed  and  delivered,  all  such  other  papers  and  to  take  all  such  other actions  as  Pledgee  may  request  from  time  to  time  in  order  to  carry  out  the  purposes  of  this Agreement.  Without  limiting  the  foregoing,  Pledgor  agrees  that  all  Pledged   Securities  shall  at  all times  be  in  such  form  that  Pledgee  may  sell,  transfer,  or  otherwise  dispose  of  same  without  any   signature,  action,  or  assistance  from  Pledgor;  and  Pledgor  agrees  to  deliver  to  Pledgee  the Pledged  Securities  (whether  pledged  at  inception,  by  substitution  or  by  addition)  endorsed  in   blank  and  with  executed  unit  powers,  as  appropriate  and  as  requested  by  Pledgee.   Pledgor further  authorizes  Pledgee  to  file  one  or  more  financing  or  continuation  statements,  and amendments  thereto,  relative  to  all  or  any  part  of  the  Pledged  Securities  without  the  signature  of the  Pledgor  where  permitted  by  law.   A  photocopy  or  other  reproduction  of  this  Agreement   or any  financing  statement  covering  the  Pledged  Securities  or  any  part  thereof  shall  be  sufficient  as a  financing  statement  where  permitted  by  law.    . Return  of  Pledged  Securities. This  Agreement  shall  create  a  continuing  pledge, assignment  of,  hypothecation  of  and  security  interest  in  the  Pledged  Securities  and  shall  remain   in  full  force  and  effect  until  the  irrevocable  payment  in  full  of  all  Obligations  or  the  termination of  this  Agreement  in  writing  by  Pledgee,  whichever  occurs  first.  When  all  of  the  Obligations  are   irrevocably  and  fully  paid  and  fully  discharged,  this  Agreement  shall  terminate (except  as 8   HF 11F48253,7   otherwise  provided  herein)  and.  Pledgor  shall  be  entitled  to  the  return  of  all  the  Pledged   Securities  not  used  or  applied  toward  payment  and  discharge  of  the  Obligations  or  purchased  as provided  in  Section  5  of  this  Agreement,  and  Pledgee  agrees,  upon  such  full  payment  and discharge  of  such  Obligations  (if  the  Pledged  Securities  are  purchased  as  provided  in  Section  5 of  this  Agreement)  to  return  all  such  Pledged  Securities  which  then  may  be  in  its  custody hereunder  to  Pledgor  or  to  whomsoever  may  be  lawfully  entitled  to  receive  the  same  or  as  a  court of  competent  jurisdiction  shall  direct.    . Duty  of  Pledgee!  Exercise  of  Rights  and  Remedies. Absent  gross  negligence  or   intentional  misconduct,  Pledgee  shall  neither  have  any  duty  to  protect  or  preserve  any  of  the Pledged  Securities  nor  any  income  with  respect  thereto  or  as  to  the  preservation  of  rights  against prior  parties,  nor  as  to  the  preservation  of  any  rights  pertaining  to  any  of  the  Pledged  Securities.   Pledgor  expressly  acknowledges  that  Pledgee  has  no  duty  to:  (a)  insure  the  Pledged  Securities against  hazards;  (b)  give  to  Pledgor  any  notices,  account  statements,  proxies  or  communications received  by  Pledgee  regarding  the  Pledged  Securities;  (c)  perfect  or  continue  perfection  of  any security  interest  in  the  Pledged  Securities  in  favor  of  Pledgor;  (d)  inform  Pledgor  of  any  decline in  the  value  of  the  Pledged  Securities  or  the  existence  of  any  option  or  elections  with  respect  to the  Pledged  Securities; (e)  take  any  action  to  invest  or  manage  the  Pledged  Securities; (f) exercise,  preserve  or  notify  Pledgor  with  respect  to  any  exchanges,  puts,  calls,  redemptions, conversions,  maturities,  offers,  tenders  and  other  rights  or  requirements  regarding  the  Pledged Securities  or   Pledgor's  interest  therein;  or  (g)  sue  or  otherwise  take  action  to  preserve  Pledgor's or  Pledgee's  interest  in  the  Pledged  Securities.  After  an  Event  of  Default,  Pledgee  may  exercise its  rights  and  remedies  with  respect  to  any  of  the  Pledged  Securities  without  resort  or  regard  to other  security  or  sources  of  payment  for  Pledgor's  obligations.  The  foregoing  also  applies  if Pledgee  is  deemed  entitlement  holder  as  to  any  Pledged  Securities.   Pledgors'  obligations  under  this  Agreement  and  any  remedy  for  the  enforcement  thereof  and/or the  amount  of  the  Obligations  under  the  Note  shall  not  be  impaired,  modified,  changed,  stayed,   released  or  limited  in  any  manner  whatsoever  by  any  impairment,  modification,  change, discharge,  release,  limitation  or  stay  of  the  Obligations  under  the  Note  or  the  obligations  of  any Pledgor  or  any  Pledgors'  estate  in  bankruptcy  or  any  remedy  for  the  enforcement  thereof, resulting  from  the  operation  of  any  present  or  future  provision  of  the  federal  Bankruptcy  Code  or other  statute,  state  or  federal,  or  from  the  decision  of  any  court  interpreting  any  of  the  same,  and Pledgors  shall  be  obligated  under  this  Agreement  and  the  amount  of  the  Obligations  under  the Note  shall  for  the  purposes  of  this  Agreement  be  determined  as  if  no  such  impairment,  stay, modification,  change,  discharge,  release  or  limitation  had  occurred.  Pledgors  each  waives  notice of  acceptance  of  this  Agreement  and  notice  of  any  liability  of  the  borrower  under  the  Note  to which  notice  may  apply  and  waives  notice  of  default,  non-payment,  partial  payment, presentment,  demand,  protest,  notice  of  protest  or  dishonor  and  all  other  notices  to  which Pledgors  might  otherwise  be  entitled  or  which  might  be  required  by  law  to  be  given  to  Pledgors by  Pledgee,    . Terms  Subject  to  Applicable  Law. All  rights,  powers  and  remedies  provided   herein  may  be  exercised  only  to  the  extent  that  the  exercise  thereof  does  not  violate  any applicable  laws,  and  are  intended  to  be  limited  to  the  extent  necessary  so  that  they  will  not  render  this  Agreement  invalid,  illegal  or  unenforceable.  If  any  term  of  this  Agreement  or  any   9   HF 11848253v.7   application  thereof  shall  be  held  to  be  invalid,  illegal  or  unenforceable,  the  validity  of  any  other   terms  of  this  Agreement  or  any  other  applications  of  such  term  shall  in  no  way  be  affected thereby.    . Security  Interest  Absolute. The  obligations  of  Pledgor  under  this  Agreement  are   independent  of  the  Obligations,  and  a  separate  action  or  actions  may  be  brought  and  prosecuted against  Pledgor  to  enforce  this  Agreement.    All  rights  of  Pledgee  and  the  assignment,   hypothecation  and  security  interest  hereunder,  and  all  obligations  of  Pledgor  hereunder,  shall  be absolute  and  unconditional,  to  the  extent  permitted  by  applicable  law,  irrespective  of: (a)  any   lack  of  validity  or  enforceability  of  the  Note  or  any  other  agreement  or  instrument  relating  to  the Obligations;  (b)  any  change  in  the  time,  manner  or  place  of  payment  of  or  in  any  other  term  of, all  or  any  of  the  Obligations,  or  any  other  amendment  or  waiver  of  or  any  consent  to  any departure  from  any  document  relating  to  the  Obligations,  including,  without  limitation,  any increase  in  the  Obligations  resulting  from  the  extension  of  additional  credit  to  the  Company;  (c) any  taking,  exchange,  release  or  non-perfection  of  any  other  collateral,  or  any  taking,  release  or amendment  or  waiver  of,  or  consent  to  departure  from  any  guaranty,  for  all  or  any  of  the Obligations;  (d)  any  manner  of  application  of  collateral,  or  proceeds  thereof,  to  all  or  any  of  the Obligations,  or  any  manner  of  sale  or  other  disposition  of  any  collateral  for  all  or  any  of  the Obligations  or  any  other  assets  of  Secured  Party;  or  (e)  any  other  circumstances  which  might otherwise  constitute  a  defense  available  to,  or  a  discharge  of,  Pledgor  or  a  third  party  grantor  of  a security  interest.   . Miscellaneous.    (a) Waivers. No  failure  to  exercise,  and  no  delay  in  exercising  on  the  part  of Pledgee,  any  right,  power  or  remedy  under  this  Agreement  or  the  Note   shall  operate  as  a  waiver thereof;  nor  shall  any  single  or  partial  exercise  of  any  right,  power  or  remedy  hereunder  or thereunder  preclude  any  other  or  further  exercise  thereof  or  the  exercise  of  any  other  right,   power,  or  remedy.  The  failure  of  Pledgee  to  insist  upon  the  strict  observance  or  enforcement  of any  provision  of  this  Agreement  or  the  Note  shall  not  be  construed  as  a  waiver  or  relinquishment of  such  provision.  Any  waiver  of  any  right,   power,  remedy,  term  or  condition  contained  herein shall  only  be  effective  if  it  is  in  writing  and  signed  by  Pledgee  and  then  such  waiver  or  consent shall  be  effective  only  in  the  specific  instance  and  for  the  specific  purpose  for  which  given. Pledgor  hereby  waives  any  claim  of  marshalling  of  assets  against  Pledgee.    (b) Survival  of  Agreements. All  representations,  warranties,  covenants  and agreements  made  by  Pledgor  in  this  Agreement  or  in  any  instrument,  document  or  certificate   furnished  hereunder  or  in  connection  herewith  shall  be  deemed  to  have  been  relied  upon  by Pledgee,  notwithstanding  any  investigation  heretofore  or  hereafter  made  by  Pledgee,  and  shall survive  the  execution  and  delivery  of  this  Agreement.    (c) Governing  Law. This  Agreement  shall  be  construed  in  accordance  with  the laws  of  the  State  of  New  York,  without  application  of  its  conflict  of  law  principles.    (d) Successors  and  Assigns. This  Agreement  shall  be  binding  upon  and  shall inure  to  the  benefit  of  Pledgee  and  Pledgor  and  their  respective  successors  and  assigns.  This      HE v.,    Agreement  shall  not  be  assigned  by  Pledgor.  Pledgee  may  assign  or  otherwise  transfer  all  or  any   portion  of  its  rights  in  the  Pledged  Securities,  and  such  assignee  shall  thereupon  become  vested with  all  of  the  benefits  in  respect  thereof  granted  to  Pledgee  herein  or  otherwise.    (e) Counterparts;  Amendments. This  Agreement  may  be  executed  in  any number  of  counterparts,  each  of  which  shall  be  an  original,  but  all  of  which  when  taken  together   shall  be  deemed  to  constitute  one  and  the  same  agreement.  This  Agreement  may  only  be amended  by  a  writing  executed  by  Pledgor  and  Pledgee.    (f) Headings. The  Section  headings  set  forth  in  this  Agreement  are  for convenience  of  reference  only  and  shall  not  be  deemed  to  define  or  limit  the  provisions  hereof  or to  affect  in  any  way  their  construction  and  application.    (g) Notices. Any  notice  required  or  permitted  by  the  terms  hereof  to  be  given to  any  party  hereto  shall  be  effectively  delivered  for  all  purposes  if  delivered  to  the  address  set   forth  below  the  signature  block  for  each  party  to  this  Agreement  either  pursuant  to  personal delivery  (delivery  shall  be  deemed  effective  upon  actual  receipt)  or  sent  via  a  national,  overnight courier,  next-day  delivery  (delivery  shall  be  deemed  effective  on  the  third  (3rd)  business  day following  the  day  such  notice  was  deposited  with  such  national,  overnight  courier,  properly addressed  with  all  delivery  expenses  prepaid).    (h) Reinstatement. This  Agreement  shall  continue  to  be  effective  or  be   reinstated,  as  the  case  may  be,  if  at  any  time  any  amount  received  by  Pledgee  in  respect  of  the Obligations  is  rescinded  or  must  otherwise  be  restored  or  returned  by  Pledgee  upon  the   insolvency  or  bankruptcy  of  Pledgor  or  upon  the  appointment  of  any  intervenor  or  conservator of,  or  trustee  or  similar  official  for  Pledgor  or  any  substantial  part  of  its  assets,  or  otherwise,  all as  though  such  payments  had  not  been  made.   [Signature  Page  Follows)   11   HF ,•.'7    IN  WITNESS  WHEREOF,  the  parties  have  executed  the  foregoing  Stock  Pledge Agreement  as  of  the  Effective  Date.   PLEDGOR:   FIRST  CAPITAL  REAL    TATE  TRUST  INCORPORATED.  a Maryland  Corporation   By:   Name:   Its: On,   Address:   410  Park  Avenue.  14th  Floor New  York.  New  York  10022   Attention:  Chief  Executive  Officer   FIRST  CAPITAL  REAL  ESTATE  OPERATING  PARTNERSHIP,  LP.  a Delaware  limited  partnership   By:  First  Capital  Real  Estate  Trust  Incorporated,  a Maryland  corporation   Its:  General  Partner   By:   Name: L , , /^r"-   Its:   Address:   410  Park  A:venue,  14th  Floor New  York.  New  York  10022   Attention:  Chief  Executive  Officer   Signature  Page  to  Pledge  Agreement]   PLEDGEE:   OPPORTUNITY  FUND  I-SS, L C,  a   .1.  .   Delaware Limited  Lrabill  Comp ny   B P FundLlylanag , LC As-sole-Manager   Name:  Kristen  P   Its:  Director   Address:   do  Venture  Back  Office   790  SE  Cary  Pkwy,  Suite  201 Cary,  NC  27511   Attention:  Kristen  Pigman,  Director   [Signature  Page  to  Pledge  Agreement]   NF  11848253v.7