Common use of Rights of the Company Clause in Contracts

Rights of the Company. (a) If the Employee fails to pay or perform any of the Obligations, all shares of the Pledged Stock shall be registered in the name of the Company or its nominee and the Company or its nominee may thereafter exercise (i) all voting, corporate and other rights pertaining to such shares of the Pledged Stock at any meeting of stockholders of the Company or otherwise and (ii) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such shares of the Pledged Stock as if it were the absolute owner thereof (including but not limited to the right to exchange at its discretion any and all of the Pledged Stock upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure of the Company or upon the exercise by the Employee or the Company of any right, privilege or option pertaining to such shares of the Pledged Stock and, in connection therewith, the right to deposit and deliver any and all of the Pledged Stock with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but the Company shall have no duty to the Employee to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. (b) The rights of the Company hereunder shall not be conditioned or contingent upon the pursuit by the Company of any right or remedy against the Employee or against any other Person that may be or become liable in respect of all or any part of the Obligations or against any collateral security therefor, guarantee therefor or right of offset with respect thereto. The Company shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in so doing, and the Company shall not be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Employee or any other person or to take any other action whatsoever with regard to the Collateral or any part thereof.

Rights of the Company. (a) If The Company shall not be liable for failure to collect or realize upon the Employee fails principal of and interest on the Promissory Note or any collateral security therefor, or any part thereof, or for any delay in so doing nor shall the Company be under any obligation to pay take any action whatsoever with regard thereto. Any or perform any of the Obligations, all shares of the Pledged Stock and any stock dividends thereon held by the Company hereunder may, if an Event of Default has occurred and is continuing, provided that the Company shall have given prior written notice of its intention to do so to the Pledgor, be registered in the name of the Company or its nominee nominee, and the Company or its nominee may thereafter exercise (i) all voting, corporate voting and other stockholder rights pertaining to such shares of the Pledged Stock at any meeting of stockholders of the Company or otherwise and (ii) exercise any and all rights of conversion, exchange, subscription and or any other rights, privileges or options pertaining to such any shares of the Pledged Stock and any stock dividends thereon as if it were the absolute owner thereof (thereof, including but not limited to without limitation, the right to exchange at its discretion discretion, any and all of the Pledged Stock and any stock dividends thereon upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure readjustment of the Company or upon the exercise by the Employee or the Company of any right, privilege or option pertaining to such any shares of the Pledged Stock andand any stock dividends thereon, and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock and any stock dividends thereon with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but the Company shall have no duty to the Employee to exercise any such rightof the aforesaid rights, privilege privileges or option options and shall not be responsible for any failure to do so or delay in so doing. (b) The rights of the Company hereunder shall not be conditioned or contingent upon the pursuit by the Company of any right or remedy against the Employee or against any other Person that may be or become liable in respect of all or any part of the Obligations or against any collateral security therefor, guarantee therefor or right of offset with respect thereto. The Company shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in so doing, and the Company shall not be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Employee or any other person or to take any other action whatsoever with regard to the Collateral or any part thereof.

Rights of the Company. (a) If the Employee Pledgor fails to pay or perform any of the ObligationsObligations in accordance with their respective terms, all shares of rights and interests in the Pledged Stock Collateral shall be registered in the name of the Company or its nominee and the Company or its nominee may thereafter exercise exercise, to the extent permitted by applicable law, (i) all voting, corporate and other rights pertaining to such shares of the Pledged Stock Collateral at any meeting of stockholders shareholders of the Company or otherwise and (ii) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such shares of the Pledged Stock Collateral as if it were the absolute owner thereof (including but not limited to including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock Collateral upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure of the Company Company, or upon the exercise by the Employee Pledgor or the Company of any right, right privilege or option pertaining to such shares of the Pledged Stock andCollateral, and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock Collateral with any committee, depositarydepository, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but the Company shall have no duty to the Employee Pledgor to exercise any such right, rights privilege or option and shall not be responsible for any failure to do so or delay in so doing. (b) The rights of the Company hereunder shall not be conditioned or contingent upon the pursuit by the Company of any right or remedy against the Employee Pledgor or against any other Person that which may be or become liable in respect of all or any part of the Obligations or against any collateral security therefor, guarantee therefor or right of offset with respect thereto. The Company shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in so doingdoing so, and nor shall the Company shall not be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Employee Pledgor or any other person Person or to take any other action whatsoever with regard to the Collateral or any part thereof.

Rights of the Company. (a) If an Event of Default shall occur and be continuing: (i) the Employee fails Company shall have the right to pay or perform receive any of the Obligations, and all shares cash dividends paid in respect of the Pledged Stock Securities and make application thereof to the Obligations in such order as it may determine, and (ii) all of the Pledged Securities shall be registered in the name of the Company or its nominee nominee, and the Company or its nominee may thereafter exercise (iA) all voting, corporate corporate, and other rights pertaining to such shares of the Pledged Stock Securities at any meeting of stockholders of the Company or otherwise and (iiB) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such shares of the Pledged Stock Securities as if it were the absolute owner thereof (including but not limited to including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock Securities upon the merger, consolidation, reorganization, recapitalization or of other fundamental change in the corporate or partnership structure of the Company issuer thereof or upon the exercise by the Employee Borrower or the Company of any right, privilege or option pertaining to such shares of the Pledged Stock and, Securities and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock Securities with any committee, depositarydepository, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but the Company shall have no duty to the Employee to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. (b) The rights of the Company hereunder shall not be conditioned or contingent upon the pursuit by the Company of any right or remedy against the Employee Borrower or against any other Person that person or entity which may be or become liable in respect of all or any part of the Obligations or against any other collateral security therefor, guarantee therefor thereof or right of offset with respect thereto. The Company shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in so doingdoing so, and the Company nor shall not it be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Employee Borrower or any other person or entity or to take any other action whatsoever with regard to the Collateral or any part thereof.

Rights of the Company. (a) The Company shall not be liable for failure to --------------------- collect or realize upon the Obligations or any collateral security or guarantee therefor, or any part thereof, or for any delay in so doing, nor shall the Company be under any obligation to take any action whatsoever with regard thereto. If an Event of Default has occurred and is continuing, and if the Employee fails Company shall have given prior written notice of its intention to pay or perform any do so to the Pledgors, such number of the Obligations, all shares of the Pledged Stock shall as may be necessary to remedy the Event of Default may be registered in the name of the Company or its nominee nominee, and the Company or its nominee may may, to the extent permitted by applicable law, thereafter exercise (i) all voting, corporate voting and other rights pertaining to such shares of the Pledged Stock at any meeting of stockholders of the Company or otherwise thereto and (ii) exercise any and all rights of conversion, exchange, subscription and or any other rights, privileges or options pertaining to such shares any of the Pledged Stock as if it were the absolute owner thereof (including but not limited to thereof, including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure readjustment of the Company or upon the exercise by the Employee or the Company Pledgors of any right, privilege or option pertaining to such shares of the Pledged Stock andStock, and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it the Company may determine), all without liability except to account for property actually received by it, but the Company shall have no duty to the Employee to exercise any such rightof the aforesaid rights, privilege privileges or option options and shall not be responsible for any failure to do so or delay in so doing. (b) The rights of the Company hereunder shall not be conditioned or contingent upon the pursuit by the Company of any right or remedy against the Employee or against any other Person that may be or become liable in respect of all or any part of the Obligations or against any collateral security therefor, guarantee therefor or right of offset with respect thereto. The Company shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in so doing. The number of shares of Pledged Stock to be registered in the name of the Company, as described above, shall be determined by reference to the closing or last sale price on the day such shares are to be registered in the name of the Company of a share of the Company's Common Stock on Nasdaq or the principal exchange upon which the Company's Common Stock is then traded (or, if the Company's Common Stock is not then traded on Nasdaq or an exchange, by reference to the closing bid price in the over-the-counter market, or, if there are no such bids, by determination of the Board of Directors of the Company, acting in good faith). For example, if an Event of Default has arisen as a result of an Obligation in the amount of $1,000,000, and the closing price of a share of Common Stock on the day the shares are to be registered in the name of the Company is $10.00, the Company shall not only be entitled to register in its name under this Agreement 100,000 shares of Pledged Stock, less any obligation shares of Common Stock to sell or otherwise dispose of any Collateral upon the request of the Employee or any be registered in its name pursuant to similar Securities Pledge Agreements with other person or to take any other action whatsoever pledgors with regard respect to the Collateral or any part thereofsame Obligation.

Rights of the Company. (a) The Company shall not be liable for failure to --------------------- collect or realize upon the Obligations or any collateral security or guarantee therefor, or any part thereof, or for any delay in so doing, nor shall the Company be under any obligation to take any action whatsoever with regard thereto. If an Event of Default has occurred and is continuing, and if the Employee fails Company shall have given prior written notice of its intention to pay or perform any do so to the Pledgor, such number of the Obligations, all shares of the Pledged Stock shall as may be necessary to remedy the Event of Default may be registered in the name of the Company or its nominee nominee, and the Company or its nominee may may, to the extent permitted by applicable law, thereafter exercise (i) all voting, corporate voting and other rights pertaining to such shares of the Pledged Stock at any meeting of stockholders of the Company or otherwise thereto and (ii) exercise any and all rights of conversion, exchange, subscription and or any other rights, privileges or options pertaining to such shares any of the Pledged Stock as if it were the absolute owner thereof (including but not limited to thereof, including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure readjustment of the Company or upon the exercise by the Employee or the Company Pledgor of any right, privilege or option pertaining to such shares of the Pledged Stock andStock, and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it the Company may determine), all without liability except to account for property actually received by it, but the Company shall have no duty to the Employee to exercise any such rightof the aforesaid rights, privilege privileges or option options and shall not be responsible for any failure to do so or delay in so doing. (b) The rights of the Company hereunder shall not be conditioned or contingent upon the pursuit by the Company of any right or remedy against the Employee or against any other Person that may be or become liable in respect of all or any part of the Obligations or against any collateral security therefor, guarantee therefor or right of offset with respect thereto. The Company shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in so doing. The number of shares of Pledged Stock to be registered in the name of the Company, as described above, shall be determined by reference to the closing or last sale price on the day such shares are to be registered in the name of the Company of a share of the Company's Common Stock on Nasdaq or the principal exchange upon which the Company's Common Stock is then traded (or, if the Company's Common Stock is not then traded on Nasdaq or an exchange, by reference to the closing bid price in the over-the-counter market, or, if there are no such bids, by determination of the Board of Directors of the Company, acting in good faith). For example, if an Event of Default has arisen as a result of an Obligation in the amount of $1,000,000, and the closing price of a share of Common Stock on the day the shares are to be registered in the name of the Company is $10.00, the Company shall not only be entitled to register in its name under this Agreement 100,000 shares of Pledged Stock, less any obligation shares of Common Stock to sell or otherwise dispose of any Collateral upon the request of the Employee or any be registered in its name pursuant to similar Securities Pledge Agreements with other person or to take any other action whatsoever pledgors with regard respect to the Collateral or any part thereofsame Obligation.

Rights of the Company. (a) If an Event of Default shall occur and be continuing: (i) the Employee fails Company shall have the right to pay or perform receive any of the Obligations, and all shares cash dividends paid in respect of the Pledged Stock Securities and make application thereof to the Obligations in such order as it may determine, and (ii) all of the Pledged Securities shall be registered in the name of the Company or its nominee nominee, and the Company or its nominee may thereafter exercise (iA) all voting, corporate corporate, and other rights pertaining to such shares of the Pledged Stock Securities at any meeting of stockholders of the Company or otherwise and (iiB) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such shares of the Pledged Stock Securities as if it were the absolute owner thereof (including but not limited to including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock Securities upon the merger, consolidation, reorganization, recapitalization or of other fundamental change in the corporate corporate, partnership or limited liability company structure of the Company issuer thereof or upon the exercise by the Employee Borrower or the Company of any right, privilege or option pertaining to such shares of the Pledged Stock and, Securities and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock Securities with any committee, depositarydepository, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but the Company shall have no duty to the Employee to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. (b) The rights of the Company hereunder shall not be conditioned or contingent upon the pursuit by the Company of any right or remedy against the Employee Borrower or against any other Person that person or entity which may be or become liable in respect of all or any part of the Obligations or against any other collateral security therefor, guarantee therefor thereof or right of offset with respect thereto. The Company shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in so doingdoing so, and the Company nor shall not it be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Employee Borrower or any other person or entity or to take any other action whatsoever with regard to the Collateral or any part thereof.

Rights of the Company. (a) If an Event of Default shall occur and be continuing, the Employee fails Company shall have the right to pay have any or perform any of the Obligations, all shares of the Pledged Stock shall be Interests registered in its name or the name of the Company or its nominee nominee, and the Company or its nominee may thereafter exercise (i) all voting, corporate related and other rights pertaining to such shares of the Pledged Stock Shares at any meeting of stockholders members or shareholders of the Company an Issuer or otherwise and (ii) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such shares of the Pledged Stock Shares as if it were the absolute owner thereof (including but not limited to including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock Shares upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate or limited liability company structure of the Company an Issuer, or upon the exercise by the Employee Pledgors or the Company of any right, privilege or option pertaining to such shares of the Pledged Stock andShares, and in connection therewith, the right to deposit and deliver any and all of the such Pledged Stock Shares with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it the Company may determine), all without liability except to account for property actually received by it, but the Company shall have no duty to the Employee to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. (b) . The rights of the Company hereunder shall not be conditioned or contingent upon the pursuit by the Company of any right or remedy against the Employee an Issuer or any obligor or against any other Person that person which may be or become liable in respect of all or any part of the Obligations or against any collateral security therefor, guarantee therefor thereof or right of offset with respect thereto. The the Company shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in so doingdoing so, and nor shall the Company shall not be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Employee Pledgors or any other person or to take any other action whatsoever with regard to the Collateral or any part thereof.

Rights of the Company. (a) If The Company shall have the Employee fails right to pay deliver any stop-order instructions to the Company’s transfer agent in order to prevent Borrower from making any transfers or perform any of the Obligations, all shares pledges of the Pledged Stock Shares in violation of this Agreement. The Company shall also have the right to remove any such stop-order instructions at any time. (b) Subject to the Company’s obligations under secured transactions law if the Company has taken possession of the Collateral, the Company shall not be liable for failure to collect or realize upon the Obligations secured hereby or any collateral security or guarantee therefor, or any put thereof, or for any delay in so doing, nor shall the Company be under any obligation to take any action whatsoever with regard thereto. (c) If an Event of Default has occurred and is continuing, the Company shall notify Borrower in writing requesting immediate delivery by Borrower to the Company of any and all certificates comprising a part of the Collateral. If Borrower delivers such certificate(s), the Company may transfer or register or have registered in the name of the Company or its the Company’s nominee any and all shares comprising a part of the Collateral, and the Company or its nominee may thereafter exercise (i) all voting, voting and corporate and other rights pertaining to such shares of the Pledged Stock at any meeting of stockholders of the Company or otherwise Company’s shareholders and (ii) any and all rights of conversion, exchange, subscription and or any other rights, privileges or options pertaining to such any shares comprising a part of the Pledged Stock Collateral as if it were the absolute owner thereof (including but not limited to thereof, including, without limitation, the right to exchange exchange, at its discretion discretion, any and all of the Pledged Stock Collateral upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure readjustment of the Company or upon the exercise by the Employee Borrower or the Company of any right, privilege or option pertaining to such shares of the Pledged Stock Collateral, and, in connection therewith, the right to deposit and deliver any and all of the Pledged Stock Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it. If Borrower fails to deliver such certificates within three (3) business days of receipt of the Company’s notice, but Borrower agrees that the Company may complete one or more stock powers in order to transfer to the Company (or such other individual or entity as the Company determines) the number of shares necessary to satisfy the Obligations and the Company shall have such rights described in this Section 5. The Company shall have no duty to the Employee to exercise any such rightof the aforesaid rights, privilege privileges or option options, and the Company shall not be responsible for any failure to do so or delay in so doing. (b) The rights of the Company hereunder shall not be conditioned or contingent upon the pursuit by the Company of any right or remedy against the Employee or against any other Person that may be or become liable in respect of all or any part of the Obligations or against any collateral security therefor, guarantee therefor or right of offset with respect thereto. The Company shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in so doing, and the Company shall not be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Employee or any other person or to take any other action whatsoever with regard to the Collateral or any part thereof.