Pledge of Shares of Stock as Collateral Security

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

security.

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_.





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