PLEDGE OF SHARES OF STOCK|
FOR VALUE RECEIVED, the undersigned hereby deposits and
pledges with _ (Pledgee) as collateral security to secure the
payment of: (Describe debt)
The following shares of stock, described as (_) shares of
stock of _ (Corporation) being stock certificate no. _.
It is understood and agreed:
1. Pledgee may assign or transfer said debt and the stock
collateral pledged hereunder.
2. In the event there shall be stock dividend or further
issue of stock in the Corporation to the undersigned,
the undersigned shall pledge said shares as additional
collateral for the debt.
3. That during the pendency of this pledge agreement, the
undersigned shall have full rights to vote said shares
and be entitled to all dividend income.
4. That during the pendency of this agreement, the
undersigned shall not issue any proxy or assignment of
rights to the pledged shares.
5. The undersigned warrants and represents it has good
title to the shares being pledged, they are free from
other liens and encumbrances, and the undersigned has
full authority to transfer said shares as collateral
6. In the event of default of payment of the debt, or
breach of this pledge agreement, the Pledgee or holder
shall have full rights to foreclose on the pledged
shares and exercise its rights as a secured party
pursuant to Article 9 of the Uniform Commercial Code;
said rights being cumulative with any other rights the
Pledgee may have against the undersigned.
Signed under seal this _ day of _, 20_.