Exhibit 10.40
ADDENDUM TO STOCK PLEDGE AGREEMENT
This Addendum to the Stock Pledge Agreement dated as of December 14, 1996 (the
"Pledge Agreement") is entered into by and between Big V Holding Corp., a
Delaware corporation ("Holding"), and Xxxxx X. Xxxxxx (the "Pledgor").
WHEREAS, Holding and the Pledgor have previously entered into the
Pledge Agreement pursuant to which the Pledgor granted a security interest in
8,000 shares of Common Stock, par value $.01 per share, of Holding as security
for the Pledgor's repayment of a loan made by Holding to the Pledgor in the
amount of $205,000;
WHEREAS, on the date hereof, Holding has loaned to the Pledgor an
additional $75,000 (the "New Loan") and the parties desire that the Pledge
Agreement extend to the prepayment of the New Loan.
NOW, THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt and sufficiency of adequacy of which are
hereby acknowledged, the parties hereto agree as follows:
1. Pledge. As collateral for security for the full and timely payment
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of the principal of and interest on the New Loan, the Pledgor hereby agrees that
the New Loan is secured by a pledge of the Pledged Securities (as defined in the
Pledge Agreement) in the same manner and to the extent that the Indebtedness (as
defined in the Pledge Agreement ) is so secured and for purposes of the Pledge
Agreement the term "Indebtedness" shall be deemed to include the New Loan.
2. Acknowledgment. The Pledgor hereby represents and warrants to
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Holding that the Pledge Agreement is in full force and effect and that the
Pledgor is in compliance with the terms thereof.
IN WITNESS WHEREOF, the parties have executed this Addendum as of
the date set forth above.
BIG V HOLDING CORP.
By: /s/ Xxxxxx X. Xxxxxx
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President
/s/ Xxxxx X. Xxxxxx, Xx.
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