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Microcap & Penny Stocks : PLNI - Game Over -- Ignore unavailable to you. Want to Upgrade?

To: scion who wrote (9955)	5/21/2007 2:54:36 PM
From: scion	Read Replies (1) \| Respond to of 12518

C) Stock Pledge Agreement In addition and on December 31, 2005, the Company, Pro Mold, the Trust, and the LLC also entered into a Stock Pledge Agreement on April 30, 2006(the “Pledge Agreement”). Under the terms of the Pledge Agreement, the Company assigned and pledged a stock certificate representing 1,000 shares of Pro Mold's Common Stock (the "Pledged Shares") to John P. Murphy ("Murphy") and the John P. Murphy III Revocable Trust No. 1 (the "Trust"), granted Murphy and the Trust a security interest to the Pledged Shares, and delivered the Pledged Shares to an independent holder. -------------------------------------------------------------------------------- The Pledged Shares are to secure the Company's obligations under the following agreements: the Acquisition Agreement, the First Amendment, the Note (principal amount $1,000,000), and the employment agreement entered into between the Company and Murphy (the "Employment Agreement"). The Company retains all voting rights to the Pledged Shares during the term of the Pledge Agreement so long as the Company does not in default on any of its obligations under the above listed agreements. However, in the event that the Company is in default on any one or more of the above listed agreements and does not effect a cure within the time period provided for any such cure or if either the Trust or Murphy exercises its rights or remedies after the occurrence of any such default, then all voting rights of the Company with respect to the Pledged Shares are terminated. The Pledged Shares are not to be released to the Company until the Company has performed all of its obligations under these agreements. 8-K 1 plni8k080406.htm PLNI 8-K 08/04/06 sec.gov