Pledge of stock by owner to creditor with description of obligations.
Enter the name of the OWNER of the shares, referred to as OWNER, and Enter the name of the CREDITOR, referred to as CREDITOR, agree:
OWNER is indebted to CREDITOR in the sum of $ Enter the amount owed to CREDITOR (Enter the amount owed to CREDITOR dollars) for Enter the reason for the debt;
to secure repayment of the debt, OWNER pledges to CREDITOR Enter number of shares to be pledged shares of Enter the class of shares to be pledged stock of Enter the name of the issuer of the stock.
OWNER agrees to execute all necessary documents to perfect the pledge.
So long as OWNER is indebted to CREDITOR, the CREDITOR shall have the right to vote the shares.
CREDITOR shall be entitled to any dividends, and CREDITOR shall credit the debt with the amount of the dividends collected. CREDITOR may optionally reinvest the dividends, and any shares so purchased shall be subject to the pledge.
If OWNER is current in the obligation underlying this pledge, CREDITOR will release portions of the pledged stock as follows:
$Enter the release price per share (Enter the release price per share dollars) per share
Enter the name of the OWNER of the shares
Enter the name of the CREDITOR