STOCK PLEDGE AGREEMENT
Execution
Copy
This
Stock Pledge Agreement (this “Agreement”), dated as of February 13, 2007, by and
between Federal Partners, L.P., a Delaware limited partnership (“Federal
Partners”) and Xxxxxx Ventures, Inc., a Delaware corporation
(“Pledgor”).
BACKGROUND
Pledgor
and Xxxxxx Equipment, Inc., a Delaware corporation (“Xxxxxx Equipment”), have
made in favor of Federal Partners a Secured Term Note, dated as of the date
hereof (as amended, modified, restated and/or supplemented from time to time,
the “Secured Term Note”) in consideration of which Federal Partners will provide
a term loan (the “Loan”) to Pledgor and such Xxxxxx Equipment.
In
order
to induce Federal Partners to continue to provide the Loan, Pledgor has agreed
to pledge and grant a security interest in the collateral described herein
to
Federal Partners on the terms and conditions set forth herein.
NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration the receipt of which is hereby acknowledged, the parties hereto
agree as follows:
1. Defined
Terms.
Capitalized
terms used herein without definition shall have the meanings ascribed to such
terms in the Secured Term Note, that certain Common Stock Purchase Warrant,
dated the date hereof, by Xxxxxx Equipment in favor of Federal Partners (the
“Warrant”) or that certain Registration Rights Agreement, by and among the
Xxxxxx Equipment and Federal Partners (the “Registration Rights Agreement” and
together with the Stock Pledge and the Warrant, the “Documents”), as
applicable.
2. Pledge
and Grant of Security Interest.
To
secure the full and punctual payment and performance of (the following clauses
(a) and (b), collectively, the “Indebtedness”) (a) the obligations under the
Secured Term Note and (b) all other indebtedness, obligations and liabilities
of
Pledgor and/or Xxxxxx Equipment to Federal Partners whether now existing or
hereafter arising, direct or indirect, liquidated or unliquidated, absolute
or
contingent, due or not due and whether under, pursuant to or evidenced by a
note, agreement, guaranty, instrument or otherwise (in each case, irrespective
of the genuineness, validity, regularity or enforceability of such Indebtedness,
or of any instrument evidencing any of the Indebtedness or of any collateral
therefor or of the existence or extent of such collateral, and irrespective
of
the allowability, allowance or disallowance of any or all of such in any case
commenced by or against Pledgor under Xxxxx 00, Xxxxxx Xxxxxx Code, including,
without limitation, obligations or indebtedness of Pledgor for post-petition
interest, fees, costs and charges that would have accrued or been added to
the
Indebtedness but for the commencement of such case), Pledgor hereby pledges,
assigns, hypothecates, transfers and grants a security interest to Federal
Partners in all of the following (the “Collateral”):
(a) the
shares of stock set forth on Schedule
A
annexed
hereto and expressly made a part hereof (together with any additional shares
of
stock or other equity interests acquired by Pledgor, the “Pledged Stock”), the
certificates representing the Pledged Stock and all dividends, cash, instruments
and other property or proceeds from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of the Pledged
Stock;
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(b) all
additional shares of stock of the issuer (the “Issuer”) of the Pledged Stock
from time to time acquired by Pledgor in any manner, including, without
limitation, stock dividends or a distribution in connection with any increase
or
reduction of capital, reclassification, merger, consolidation, sale of assets,
combination of shares, stock split, spin-off or split-off (which shares shall
be
deemed to be part of the Collateral), and the certificates representing such
additional shares, and all dividends, cash, instruments and other property
or
proceeds from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such shares; and
(c) all
options and rights, whether as an addition to, in substitution of or in exchange
for any shares of any Pledged Stock and all dividends, cash, instruments and
other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all such options and
rights.
3. Delivery
of Collateral.
All
certificates representing or evidencing the Pledged Stock shall be delivered
to
and held by or on behalf of Federal Partners pursuant hereto and shall be
accompanied by duly executed instruments of transfer or assignment in blank,
all
in form and substance satisfactory to Federal Partners. Pledgor hereby
authorizes the Issuer upon demand by Federal Partners to deliver any
certificates, instruments or other distributions issued in connection with
the
Collateral directly to Federal Partners, in each case to be held by Federal
Partners, subject to the terms hereof. Upon an Event of Default (as defined
below) that has occurred and is continuing beyond any applicable grace period,
Federal Partners shall have the right, during such time in its discretion and
without notice to Pledgor, to transfer to or to register in the name of Federal
Partners or any of its nominees any or all of the Pledged Stock. In addition,
Federal Partners shall have the right at such time to exchange certificates
or
instruments representing or evidencing Pledged Stock for certificates or
instruments of smaller or larger denominations.
4. Pledgor
shall direct Issuer, to register Federal Partners as a pledgee of the shares
issued by Issuer in Issuer’s stockholders list and deliver evidence to Federal
Partners that such registration has been made.
5. Representations
and Warranties of Pledgor.
Pledgor
represents and warrants to Federal Partners (which representations and
warranties shall be deemed to continue to be made until all of the Indebtedness
has been paid in full and each Document and each agreement and instrument
entered into in connection therewith has been irrevocably terminated)
that:
(a) the
execution, delivery and performance by Pledgor of this Agreement and the pledge
of the Collateral hereunder do not and will not result in any violation of
any
agreement, indenture, instrument, license, judgment, decree, order, law,
statute, ordinance or other governmental rule or regulation applicable to
Pledgor;
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(b) this
Agreement constitutes the legal, valid, and binding obligation of Pledgor
enforceable against Pledgor in accordance with its terms;
(c) (i)
all
Pledged Stock owned by Pledgor is set forth on Schedule
A
hereto
and (ii) Pledgor is the direct and beneficial owner of each share of the Pledged
Stock;
(d) all
of
the shares of the Pledged Stock have been duly authorized, validly issued and
are fully paid and nonassessable;
(e) no
consent or approval of any person, corporation, governmental body, regulatory
authority or other entity that has not been obtained, is or will be necessary
for (i) the execution, delivery and performance of this Agreement, (ii) the
exercise by Federal Partners of any rights with respect to the Collateral or
(iii) the pledge and assignment of, and the grant of a security interest in,
the
Collateral hereunder;
(f) there
are
no pending or, to the best of Pledgor’s knowledge, threatened actions or
proceedings before any court, judicial body, administrative agency or arbitrator
which may materially adversely affect the Collateral;
(g) Pledgor
has the requisite power and authority to enter into this Agreement and to pledge
and assign the Collateral to Federal Partners in accordance with the terms
of
this Agreement.
(h) Pledgor
owns each item of the Collateral and, except for the pledge and security
interest granted to Federal Partners hereunder, the Collateral shall be,
immediately following the closing of the transactions contemplated by the
Documents, free and clear of any other security interest, pledge, claim, lien,
charge, hypothecation, assignment, offset or encumbrance whatsoever
(collectively, “Liens”).
(i) there
are
no restrictions on transfer of the Pledged Stock contained in the certificate
of
incorporation or by-laws (or equivalent organizational documents) of the Issuer
or otherwise which have not otherwise been enforceably and legally waived by
the
necessary parties.
(j) none
of
the Pledged Stock has been issued or transferred in violation of the securities
registration, securities disclosure or similar laws of any jurisdiction to
which
such issuance or transfer may be subject.
(k) the
pledge and assignment of the Collateral and the grant of a security interest
under this Agreement vest in Federal Partners all rights of Pledgor in the
Collateral as contemplated by this Agreement.
(l) the
Pledged Stock constitutes one hundred percent (100%) of the issued and
outstanding shares of capital stock of the Issuer.
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6. Covenants.
Pledgor
covenants that, until the Indebtedness shall be satisfied in full and each
Document and each agreement and instrument entered into in connection therewith
is irrevocably terminated:
(a) Pledgor
will not sell, assign, transfer, convey, or otherwise dispose of its rights
in
or to the Collateral or any interest therein; nor will Pledgor create, incur
or
permit to exist any Lien whatsoever with respect to any of the Collateral or
the
proceeds thereof .
(b) Pledgor
will, at its expense, defend Federal Partners’ right, title and security
interest in and to the Collateral against the claims of any other
party.
(c) Pledgor
shall at any time, and from time to time, upon the written request of Federal
Partners, execute and deliver such further documents and do such further acts
and things as Federal Partners may reasonably request in order to effect the
purposes of this Agreement including, but without limitation, delivering to
Federal Partners upon the occurrence of an Event of Default irrevocable proxies
in respect of the Collateral in form satisfactory to Federal Partners. Until
receipt thereof, upon an Event of Default that has occurred and is continuing
beyond any applicable grace period, this Agreement shall constitute Pledgor’s
proxy to Federal Partners or its nominee to vote all shares of Collateral then
registered in Pledgor’s name.
(d) Pledgor
will not consent to or approve the issuance of (i) any additional shares of
any
class of capital stock or other equity interests of the Issuer; or (ii) any
securities convertible either voluntarily by the holder thereof or automatically
upon the occurrence or nonoccurrence of any event or condition into, or any
securities exchangeable for, any such shares, unless, in either case, such
shares are pledged as Collateral pursuant to this Agreement.
7. Voting
Rights and Dividends.
In
addition to Federal Partners’ rights and remedies set forth in Section 8 hereof,
in case an Event of Default shall have occurred and be continuing, beyond any
applicable cure period, Federal Partners shall (i) be entitled to vote the
Collateral, (ii) be entitled to give consents, waivers and ratifications in
respect of the Collateral (Pledgor hereby irrevocably constituting and
appointing Federal Partners, with full power of substitution, the proxy and
attorney-in-fact of Pledgor for such purposes) and (iii) be entitled to collect
and receive for its own use cash dividends paid on the Collateral. Pledgor
shall
not be permitted to exercise or refrain from exercising any voting rights or
other powers if, in the reasonable judgment of Federal Partners, such action
would have a material adverse effect on the value of the Collateral or any
part
thereof; and, provided, further, that Pledgor shall give at least five (5)
days’
written notice of the manner in which Pledgor intends to exercise, or the
reasons for refraining from exercising, any voting rights or other powers other
than with respect to any election of directors and voting with respect to any
incidental matters. Following the occurrence of an Event of Default, all
dividends and all other distributions in respect of any of the Collateral,
shall
be delivered to Federal Partners to hold as Collateral and shall, if received
by
Pledgor, be received in trust for the benefit of Federal Partners, be segregated
from the other property or funds of Pledgor, and be forthwith delivered to
Federal Partners as Collateral in the same form as so received (with any
necessary endorsement).
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8. Event
of Default.
An
Event of Default shall be deemed to have occurred and may be declared by Federal
Partners upon the happening of any of the following events:
(a) An
“Event
of Default” (or similar term) under any Document or any agreement or note
related to any Document shall have occurred and be continuing beyond any
applicable cure period;
(b) Pledgor
shall default in the performance of any of its obligations under any agreement
between Pledgor and Federal Partners, including, without limitation, this
Agreement, and such default shall not be cured for a period of fifteen (15)
days
after the occurrence thereof;
(c) Any
representation or warranty of Pledgor made herein, in any Document or in any
agreement, statement or certificate given in writing pursuant hereto or thereto
or in connection herewith or therewith shall be false or misleading in any
material respect;
(d) Any
portion of the Collateral is subjected to levy of execution, attachment,
distraint or other judicial process; or any portion of the Collateral is the
subject of a claim (other than by Federal Partners) of a Lien or other right
or
interest in or to the Collateral and such levy or claim shall not be cured,
disputed or stayed within a period of forty (40) days after the occurrence
thereof; or
(e) Pledgor
shall (i) apply for, consent to, or suffer to exist the appointment of, or
the
taking of possession by, a receiver, custodian, trustee, liquidator or other
fiduciary of itself or of all or a substantial part of its property, (ii) make
a
general assignment for the benefit of creditors, (iii) commence a voluntary
case
under any state or federal bankruptcy laws (as now or hereafter in effect),
(iv)
be adjudicated a bankrupt or insolvent, (v) file a petition seeking to take
advantage of any other law providing for the relief of debtors, (vi) acquiesce
to, or fail to have dismissed, within sixty (60) days, any petition filed
against it in any involuntary case under such bankruptcy laws, or (vii) take
any
action for the purpose of effecting any of the foregoing.
9. Remedies.
In case
an Event of Default shall have occurred and be declared by Federal Partners,
Federal Partners may:
(a) Transfer
any or all of the Collateral into its name, or into the name of its nominee
or
nominees;
(b) Exercise
all corporate rights with respect to the Collateral including, without
limitation, all rights of conversion, exchange, subscription or any other
rights, privileges or options pertaining to any shares of the Collateral as
if
it were the absolute owner thereof, including, but without limitation, the
right
to exchange, at its discretion, any or all of the Collateral upon the merger,
consolidation, reorganization, recapitalization or other readjustment of the
Issuer thereof, or upon the exercise by the Issuer of any right, privilege
or
option pertaining to any of the Collateral, and, in connection therewith, to
deposit and deliver any and all of the Collateral with any committee,
depository, transfer agent, registrar or other designated agent upon such terms
and conditions as it may determine, all without liability except to account
for
property actually received by it; and
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(c) Subject
to any requirement of applicable law, sell, assign and deliver the whole or,
from time to time, any part of the Collateral at the time held by Federal
Partners, at any private sale or at public auction, with or without demand,
advertisement or notice of the time or place of sale or adjournment thereof
or
otherwise (all of which are hereby waived, except such notice as is required
by
applicable law and cannot be waived), for cash or credit or for other property
for immediate or future delivery, and for such price or prices and on such
terms
as Federal Partners in its sole discretion may determine, or as may be required
by applicable law.
Pledgor
hereby waives and releases any and all right or equity of redemption, whether
before or after sale hereunder. At any such sale, unless prohibited by
applicable law, Federal Partners may bid for and purchase the whole or any
part
of the Collateral so sold free from any such right or equity of redemption.
All
moneys received by Federal Partners hereunder whether upon sale of the
Collateral or any part thereof or otherwise shall be held by Federal Partners
and applied by it as provided in Section 11 hereof. No failure or delay on
the
part of Federal Partners in exercising any rights hereunder shall operate as
a
waiver of any such rights nor shall any single or partial exercise of any such
rights preclude any other or future exercise thereof or the exercise of any
other rights hereunder. Federal Partners shall have no duty as to the collection
or protection of the Collateral or any income thereon nor any duty as to
preservation of any rights pertaining thereto, except to apply the funds in
accordance with the requirements of Section 11 hereof. Federal Partners may
exercise its rights with respect to property held hereunder without resort
to
other security for or sources of reimbursement for the Indebtedness. In addition
to the foregoing, Federal Partners shall have all of the rights, remedies and
privileges of a secured party under the Uniform Commercial Code of New York
regardless of the jurisdiction in which enforcement hereof is
sought.
10. Private
Sale.
Pledgor
recognizes that Federal Partners may be unable to effect (or to do so only
after
delay which would adversely affect the value that might be realized from the
Collateral) a public sale of all or part of the Collateral by reason of certain
prohibitions contained in the Securities Act, and may be compelled to resort
to
one or more private sales to a restricted group of purchasers who will be
obliged to agree, among other things, to acquire such Collateral for their
own
account, for investment and not with a view to the distribution or resale
thereof. Pledgor agrees that any such private sale may be at prices and on
terms
less favorable to the seller than if sold at public sales and that such private
sales shall be deemed to have been made in a commercially reasonable manner.
Pledgor agrees that Federal Partners has no obligation to delay sale of any
Collateral for the period of time necessary to permit the Issuer to register
the
Collateral for public sale under the Securities Act.
11. Proceeds
of Sale.
The
proceeds of any collection, recovery, receipt, appropriation, realization or
sale of the Collateral shall be applied by Federal Partners as
follows:
(a) First,
to
the payment of all costs, reasonable expenses and charges of Federal Partners
and to the reimbursement of Federal Partners for the prior payment of such
costs, reasonable expenses and charges incurred in connection with the care
and
safekeeping of the Collateral (including, without limitation, the reasonable
expenses of any sale or any other disposition of any of the Collateral), the
expenses of any taking, attorneys’ fees and reasonable expenses, court costs,
any other fees or expenses incurred or expenditures or advances made by Federal
Partners in the protection, enforcement or exercise of its rights, powers or
remedies hereunder;
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(b) Second,
to the payment of the Indebtedness, in whole or in part, in such order as
Federal Partners may elect, whether or not such Indebtedness is then
due;
(c) Third,
to
such persons, firms, corporations or other entities as required by applicable
law including, without limitation, the UCC; and
(d) Fourth,
to the extent of any surplus to the Pledgor or as a court of competent
jurisdiction may direct.
In
the
event that the proceeds of any collection, recovery, receipt, appropriation,
realization or sale are insufficient to satisfy the Indebtedness, Pledgor shall
be liable for the deficiency plus the costs and fees of any attorneys employed
by Federal Partners to collect such deficiency.
12. Waiver
of Marshaling.
Pledgor
hereby waives any right to compel any marshaling of any of the
Collateral.
13. No
Waiver.
Any and
all of Federal Partners’ rights with respect to the Liens granted under this
Agreement shall continue unimpaired, and Pledgor shall be and remain obligated
in accordance with the terms hereof, notwithstanding (a) the bankruptcy,
insolvency or reorganization of Pledgor, (b) the release or substitution of
any
item of the Collateral at any time, or of any rights or interests therein,
or
(c) any delay, extension of time, renewal, compromise or other indulgence
granted by Federal Partners in reference to any of the Indebtedness. Pledgor
hereby waives all notice of any such delay, extension, release, substitution,
renewal, compromise or other indulgence, and hereby consents to be bound hereby
as fully and effectively as if Pledgor had expressly agreed thereto in advance.
No delay or extension of time by Federal Partners in exercising any power of
sale, option or other right or remedy hereunder, and no failure by Federal
Partners to give notice or make demand, shall constitute a waiver thereof,
or
limit, impair or prejudice Federal Partners’ right to take any action against
Pledgor or to exercise any other power of sale, option or any other right or
remedy.
14. Expenses.
The
Collateral shall secure, and Pledgor shall pay to Federal Partners on demand,
from time to time, all reasonable costs and expenses, (including but not limited
to, reasonable attorneys’ fees and costs, taxes, and all transfer, recording,
filing and other charges) of, or incidental to, the custody, care, transfer,
administration of the Collateral or any other collateral, or in any way relating
to the enforcement, protection or preservation of the rights or remedies of
Federal Partners under this Agreement or with respect to any of the
Indebtedness.
15. Federal
Partners Appointed Attorney-In-Fact and Performance by Federal
Partners.
Upon
the occurrence of an Event of Default, Pledgor hereby irrevocably constitutes
and appoints Federal Partners as Pledgor’s true and lawful attorney-in-fact,
with full power of substitution, to execute, acknowledge and deliver any
instruments and to do in Pledgor’s name, place and stead, all such acts, things
and deeds for and on behalf of and in the name of Pledgor, which Pledgor could
or might do or which Federal Partners may deem necessary, desirable or
convenient to accomplish the purposes of this Agreement, including, without
limitation, to execute such instruments of assignment or transfer or orders
and
to register, convey or otherwise transfer title to the Collateral into Federal
Partners’ name. Pledgor hereby ratifies and confirms all that said
attorney-in-fact may so do and hereby declares this power of attorney to be
coupled with an interest and irrevocable. If Pledgor fails to perform any
agreement herein contained, Federal Partners may itself perform or cause
performance thereof, and any costs and expenses of Federal Partners incurred
in
connection therewith shall be paid by the Pledgor.
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16. WAIVERS.
EACH
PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER
INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH,
OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF
THE
PARTIES HERETO OR ANY OTHER AGREEMENT EXECUTED OR DELIVERED BY THEM IN
CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH
CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT
OR
TORT OR OTHERWISE AND EACH PARTY HERETO HEREBY AGREES AND CONSENTS THAT ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT
A JURY, AND THAT ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH PARTY TO
THE
WAIVER OF ITS RIGHT TO TRIAL BY JURY.
17. Recapture.
Notwithstanding anything to the contrary in this Agreement, if Federal Partners
receives any payment or payments on account of the Indebtedness, which payment
or payments or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside and/or required to be repaid to a trustee,
receiver, or any other party under the United States Bankruptcy Code, as
amended, or any other federal or state bankruptcy, reorganization, moratorium
or
insolvency law relating to or affecting the enforcement of creditors’ rights
generally, common law or equitable doctrine, then to the extent of any sum
not
finally retained by Federal Partners, Pledgor’s obligations to Federal Partners
shall be reinstated and this Agreement shall remain in full force and effect
(or
be reinstated) until payment shall have been made to Federal Partners, which
payment shall be due on demand.
18. Captions.
All
captions in this Agreement are included herein for convenience of reference
only
and shall not constitute part of this Agreement for any other
purpose.
19. Miscellaneous.
(a) This
Agreement constitutes the entire and final agreement among the parties with
respect to the subject matter hereof and may not be changed, terminated or
otherwise varied except by a writing duly executed by the parties
hereto.
(b) No
waiver
of any term or condition of this Agreement, whether by delay, omission or
otherwise, shall be effective unless in writing and signed by the party sought
to be charged, and then such waiver shall be effective only in the specific
instance and for the purpose for which given.
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(c) In
the
event that any provision of this Agreement or the application thereof to Pledgor
or any circumstance in any jurisdiction governing this Agreement shall, to
any
extent, be invalid or unenforceable under any applicable statute, regulation,
or
rule of law, such provision shall be deemed inoperative to the extent that
it
may conflict therewith and shall be deemed modified to conform to such statute,
regulation or rule of law, and the remainder of this Agreement and the
application of any such invalid or unenforceable provision to parties,
jurisdictions, or circumstances other than to whom or to which it is held
invalid or unenforceable shall not be affected thereby, nor shall same affect
the validity or enforceability of any other provision of this
Agreement.
(d) This
Agreement shall be binding upon Pledgor, and Pledgor’s successors and assigns,
and shall inure to the benefit of Federal Partners and its successors and
assigns.
(e) Any
notice or other communication required or permitted pursuant to this Agreement
shall be given in accordance with the Security Agreement.
(f) This
Agreement shall be governed by and construed and enforced in all respects in
accordance with the laws of the State of New York applied to contracts to be
performed wholly within the State of New York.
(g) PLEDGOR
EXPRESSLY CONSENTS TO THE JURISDICTION AND VENUE OF EACH COURT OF COMPETENT
JURISDICTION LOCATED IN THE STATE OF NEW YORK FOR ALL PURPOSES IN CONNECTION
WITH THIS AGREEMENT. ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY
ANY MATTER OR CLAIM IN ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED WITH
THIS
AGREEMENT SHALL BE BROUGHT ONLY IN A STATE COURT LOCATED IN THE COUNTY OF NEW
YORK, STATE OF NEW YORK. PLEDGOR FURTHER CONSENTS THAT ANY SUMMONS, SUBPOENA
OR
OTHER PROCESS OR PAPERS (INCLUDING, WITHOUT LIMITATION, ANY NOTICE OR MOTION
OR
OTHER APPLICATION TO EITHER OF THE AFOREMENTIONED COURTS OR A JUDGE THEREOF)
OR
ANY NOTICE IN CONNECTION WITH ANY PROCEEDINGS HEREUNDER, MAY BE SERVED INSIDE
OR
OUTSIDE OF THE STATE OF NEW YORK OR THE SOUTHERN DISTRICT OF NEW YORK BY
REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY PERSONAL SERVICE
PROVIDED A REASONABLE TIME FOR APPEARANCE IS PERMITTED, OR IN SUCH OTHER MANNER
AS MAY BE PERMISSIBLE UNDER THE RULES OF SAID COURTS. EACH PLEDGOR WAIVES ANY
OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED HEREON AND SHALL
NOT ASSERT ANY DEFENSE BASED ON LACK OF JURISDICTION OR VENUE OR BASED UPON
FORUM NON CONVENIENS.
(h) It
is
understood and agreed that any person or entity that desires to become a Pledgor
hereunder, or is required to execute a counterpart of this Agreement after
the
date hereof pursuant to the requirements of any Document, shall become a Pledgor
hereunder by (x) executing a Joinder Agreement in form and substance
satisfactory to Federal Partners, (y) delivering supplements to such
exhibits and annexes to such Documents as Federal Partners shall reasonably
request and (z) taking all actions as specified in this Agreement as would
have
been taken by such Pledgor had it been an original party to this Agreement,
in
each case with all documents required above to be delivered to Federal Partners
and with all documents and actions required above to be taken to the reasonable
satisfaction of Federal Partners.
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(i) This
Agreement may be executed in one or more counterparts, each of which shall
be
deemed an original and all of which when taken together shall constitute one
and
the same agreement. Any signature delivered by a party by facsimile transmission
shall be deemed an original signature hereto.
(j) By
its
signature below, Tcomt, Inc., a Delaware corporation (“Tcomt”), hereby agrees
that it shall register Federal Partners as a pledgee of the shares issued by
Tcomt in Tcomt’s stockholders list and deliver evidence to Federal Partners that
such registration has been made (the “Registration Requirement”). Pledgor
acknowledges that Tcomt’s failure to deliver evidence satisfactory to Federal
Partners of Tcomt’s compliance with the Registration Requirement within five (5)
days of Federal Partners’ demand therefor shall constitute an Event of Default
under and as defined in the Pledge Agreement which shall not be subject to
any
cure or grace period without Federal Partners’ written consent
thereto.
[Remainder
of Page Intentionally Left Blank]
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IN
WITNESS WHEREOF, the parties have duly executed this Stock Pledge Agreement
as
of the day and year first written above.
XXXXXX
VENTURES,
INC.
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By: | /s/ XXXXXXX XXXXXX | |
Name:
Xxxxxxx Xxxxxx
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Title:
CRO
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TCOMT,
INC.
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By: | /s/ XXXXXXXX XXXX | |
Name:
Xxxxxxxx Xxxx
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Title:
President
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FEDERAL
PARTNERS, L.P.
By
NINTH
FLOOR CORPORATION,
Its
General Partner
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By: | /s/ XXXXXXX X. XXXX | |
Name:
Xxxxxxx X. Xxxx
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Title:
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11
SCHEDULE
A
Pledged
Stock
Pledgor
|
Issuer
|
Class
of Stock
|
Stock
Certificate Number
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Par
Value
|
Number
of
Shares
|
|||||
Xxxxxx
Ventures, Inc.
|
Tcomt,
Inc.
|
Common
|
2
|
.001
|
200
|