{"id":41207,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/pledge-and-security-agreement-digital-angel-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"pledge-and-security-agreement-digital-angel-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/pledge-and-security-agreement-digital-angel-corp.html","title":{"rendered":"Pledge and Security Agreement &#8211; Digital Angel Corp."},"content":{"rendered":"<p align=\"center\"><strong><u>PLEDGE AND SECURITY AGREEMENT<\/u><\/strong><\/p>\n<p align=\"center\">\n<p>THIS PLEDGE AND SECURITY AGREEMENT (this &#8220;<u>Agreement<\/u>&#8220;), dated as of<br \/>\nFebruary 24, 2011, is made by Digital Angel Corporation and Pledgor153s<br \/>\nwholly-owned subsidiary Destron Fearing Corporation (collectively referred to<br \/>\nherein as the &#8220;<u>Pledgor<\/u>&#8220;), both with an address at 490 Villaume Avenue,<br \/>\nSouth Saint Paul, MN 55075, in favor of the holders of the Pledgor153s 16% Senior<br \/>\nSecured Convertible Debentures due July 1, 2012, in the original aggregate<br \/>\nprincipal amount of $2,000,000 (collectively, the &#8220;<u>Debentures<\/u>&#8220;) signatory<br \/>\nhereto, their endorsees, transferees and assigns (collectively, the<br \/>\n&#8220;<u>Pledgees)<\/u>.<\/p>\n<\/p>\n<p>WHEREAS, Pledgees have agreed to loan to the Pledgor the amount of $2,000,000<br \/>\nto be evidenced by the Debentures to be delivered upon execution hereof; and<\/p>\n<\/p>\n<p>WHEREAS, a condition precedent to the loan is that Pledgor shall have<br \/>\nexecuted and delivered to the Pledgees a pledge agreement providing for the<br \/>\npledge to the Pledgees of, and the grant to the Pledgees of a security interest<br \/>\nin, 3,646,166 shares of Signature Industries Limited, a limited company formed<br \/>\nunder the laws of England and Wales (&#8220;<u>Signature<\/u>&#8220;) that are wholly owned<br \/>\nby Pledgor and Pledgor153s wholly-owned subsidiary Destron Fearing Corporation<br \/>\n(such pledged shares of common stock of Signature, the &#8220;<u>Pledged<br \/>\nShares<\/u>&#8220;), as set forth on <u>Schedule A<\/u> annexed hereto.<\/p>\n<\/p>\n<p>NOW, THEREFORE, in consideration of the premises and the agreements herein<br \/>\ncontained and in order to induce the Pledgees to make the loan described above,<br \/>\nthe Pledgor hereby agrees with the Pledgees as follows:<\/p>\n<\/p>\n<p>SECTION 1. <u>Definitions<\/u>. All terms used in this Agreement which are<br \/>\ndefined in the Debenture, Article 8 or Article 9 of the Uniform Commercial Code<br \/>\n(the &#8220;<u>UCC<\/u>&#8220;) currently in effect in the State of New York and which are<br \/>\nnot otherwise defined herein shall have the same meanings herein as set forth<br \/>\ntherein, provided that terms used herein which are defined in the UCC as in<br \/>\neffect in the State of New York on the date hereof shall continue to have the<br \/>\nsame meaning notwithstanding any replacement or amendment of such statute.<\/p>\n<\/p>\n<p>SECTION 2. <u>Pledge and Grant of Security Interest<\/u>. As collateral<br \/>\nsecurity for all of the Obligations (as defined in Section 3 hereof), the<br \/>\nPledgor hereby pledges and assigns to the Pledgees, and grants to the Pledgees a<br \/>\ncontinuing security interest in, the Pledgor153s right, title and interest in and<br \/>\nto the Pledged Shares, the certificates representing such Pledged Shares, all<br \/>\noptions and other rights, contractual or otherwise, in respect thereof and all<br \/>\ndividends, distributions, cash, instruments, investment property and other<br \/>\nproperty (including, without limitation, any stock dividend and any distribution<br \/>\nin connection with a stock split) from time to time received, receivable or<br \/>\notherwise distributed in respect of or in exchange for any or all of the Pledged<br \/>\nShares (collectively, the &#8220;<u>Pledged Collateral<\/u>&#8220;).<\/p>\n<\/p>\n<hr>\n<p>SECTION 3. <u>Security for Obligations<\/u>. The security interest created<br \/>\nhereby in the Pledged Collateral constitutes continuing collateral security for<br \/>\nall of the following obligations, whether now existing or hereafter incurred<br \/>\n(collectively, the &#8220;<u>Obligations<\/u>&#8220;), all of the liabilities and obligations<br \/>\n(primary, secondary, direct, contingent, sole, joint or several) due or to<br \/>\nbecome due, or that are now or may be hereafter contracted or acquired, or owing<br \/>\nto, of Pledgor to the Pledgees, including, without limitation, all obligations<br \/>\nunder this Agreement, the Debentures and any other instruments, agreements or<br \/>\nother documents executed and\/or delivered in connection herewith or therewith,<br \/>\nin each case, whether now or hereafter existing, voluntary or involuntary,<br \/>\ndirect or indirect, absolute or contingent, liquidated or unliquidated, whether<br \/>\nor not jointly owed with others, and whether or not from time to time decreased<br \/>\nor extinguished and later increased, created or incurred, and all or any portion<br \/>\nof such obligations or liabilities that are paid, to the extent all or any part<br \/>\nof such payment is avoided or recovered directly or indirectly from any of the<br \/>\nPledgees as a preference, fraudulent transfer or otherwise as such obligations<br \/>\nmay be amended, supplemented, converted, extended or modified from time to time.<br \/>\nWithout limiting the generality of the foregoing, the term &#8220;Obligations&#8221; shall<br \/>\ninclude, without limitation: (i) principal of, and interest on the Debentures<br \/>\nand the loans extended pursuant thereto; (ii) any and all other fees,<br \/>\nindemnities, costs, obligations and liabilities of the Pledgor from time to time<br \/>\nunder or in connection with this Agreement, the Debentures, and any other<br \/>\ninstruments, agreements or other documents executed and\/or delivered in<br \/>\nconnection herewith or therewith; and (iii) all amounts (including but not<br \/>\nlimited to post-petition interest) in respect of the foregoing that would be<br \/>\npayable but for the fact that the obligations to pay such amounts are<br \/>\nunenforceable or not allowable due to the existence of a bankruptcy,<br \/>\nreorganization or similar proceeding involving the Pledgor.<\/p>\n<\/p>\n<p>SECTION 4. <u>Delivery of the Pledged Collateral<\/u>.<\/p>\n<\/p>\n<p>(a) Pledgees shall hold the Pledged Shares, together with undated stock<br \/>\npowers executed in blank, signature guaranteed suitable for transfer, for their<br \/>\nbenefit and Pledgor further agrees to execute such other documents and to take<br \/>\nsuch other actions as the Pledgees reasonably deem necessary or desirable to<br \/>\ncreate and perfect the security interests intended to be created hereunder, to<br \/>\neffect the foregoing and to permit the Pledgees to exercise any of their rights<br \/>\nand remedies hereunder.<\/p>\n<\/p>\n<p>(b) If Pledgor shall receive, by virtue of its being or having been an owner<br \/>\nof any Pledged Collateral, any (i) stock certificate (including, without<br \/>\nlimitation, any certificate representing a stock dividend or distribution in<br \/>\nconnection with any increase or reduction of capital, reclassification, merger,<br \/>\nconsolidation, sale of assets, combination of shares, stock split, spin-off or<br \/>\nsplit-off), promissory note or other instrument, (ii) option or right, whether<br \/>\nas an addition to, substitution for, or in exchange for, any Pledged Collateral,<br \/>\nor otherwise, (iii) dividends or interest payable in cash or in securities or<br \/>\nother property, (iv) dividends, interest and other distributions paid or payable<br \/>\nother than in cash in respect of, and instruments and other property received,<br \/>\nreceivable or otherwise distributed in respect of or in exchange for, any<br \/>\nPledged Collateral, (v) dividends or other distributions in connection with a<br \/>\npartial or total liquidation or dissolution or in connection with a reduction of<br \/>\ncapital, capital surplus or paid-in surplus, or (vi) cash paid, payable or<br \/>\notherwise distributed in redemption of, or in exchange for, any Pledged<br \/>\nCollateral, such stock certificate, promissory note, instrument, option, right,<br \/>\nproperty, payment or distribution constituting Pledged Collateral shall be, and<br \/>\nshall forthwith be delivered to the Pledgees to hold as, Pledged Collateral and<br \/>\nshall be received in trust for the benefit of the Pledgees, shall be segregated<br \/>\nfrom Pledgor153s other property and shall be delivered forthwith to the Pledgees<br \/>\nin the exact form received, with any necessary endorsement and\/or appropriate<br \/>\nstock powers duly executed in blank, to be held by the Pledgees as Pledged<br \/>\nCollateral and as further collateral security for the Obligations.<\/p>\n<\/p>\n<p align=\"center\">2<\/p>\n<p align=\"center\">\n<hr>\n<p>SECTION 5. <u>Representations and Warranties<\/u>. The Pledgor represents and<br \/>\nwarrants as follows:<\/p>\n<\/p>\n<p>(a) The execution, delivery and performance by the Pledgor of this Agreement<br \/>\nand the exercise by the Pledgees of any of its rights and remedies in accordance<br \/>\nwith the terms of this Agreement and applicable securities law will not<br \/>\ncontravene any law or any contractual restriction binding on or affecting the<br \/>\nPledgor or any of its properties and do not and will not result in or require<br \/>\nthe creation of any lien upon or with respect to any of its properties other<br \/>\nthan pursuant to this Agreement.<\/p>\n<\/p>\n<p>(b) The Pledgor is and will be at all times the beneficial owner of the<br \/>\nPledged Collateral free and clear of any lien or option except for the security<br \/>\ninterest created by this Agreement.<\/p>\n<\/p>\n<p>(c) No authorization or approval or other action by, and no notice to or<br \/>\nfiling with, any governmental authority or other regulatory body is required for<br \/>\nthe grant by the Pledgor, or the perfection of the security interest purported<br \/>\nto be created hereby in the Pledged Collateral or the exercise by the Pledgees<br \/>\nof any of their rights and remedies hereunder, except as may be required in<br \/>\nconnection with any sale of any Pledged Collateral by laws affecting the<br \/>\noffering and sale of securities generally, including the foreclosure procedures<br \/>\nsanctioned under the interpretations of the securities laws.<\/p>\n<\/p>\n<p>(d) This Agreement creates a valid security interest in favor of the Pledgee<br \/>\nin the Pledged Collateral as security for the Obligations. Such security<br \/>\ninterest is, or in the case of Pledged Collateral in which the Pledgor obtains<br \/>\nrights after the date hereof, will be, a perfected, first priority security<br \/>\ninterest. All action necessary to perfect and protect such security interest has<br \/>\nbeen duly taken, except for the Pledgees having possession of security<br \/>\ncertificates constituting Pledged Collateral after the date hereof and obtaining<br \/>\ncontrol of uncertificated securities and security entitlements constituting<br \/>\nPledged Collateral after the date hereof.<\/p>\n<\/p>\n<p>SECTION 6. <u>Covenants as to the Pledged Collateral<\/u>. So long as any of<br \/>\nthe Obligations shall remain outstanding, the Pledgor will, unless the Pledgees<br \/>\nshall otherwise consent in writing:<\/p>\n<\/p>\n<p>(a) keep adequate records concerning the Pledged Collateral and permit the<br \/>\nPledgees or any agents or representatives of the Pledgees at any reasonable time<br \/>\nand from time to time to examine and make copies of and abstracts from such<br \/>\nrecords;<\/p>\n<\/p>\n<p align=\"center\">3<\/p>\n<p align=\"center\">\n<hr>\n<p>(b) at its expense, promptly deliver to the Pledgees a copy of each notice or<br \/>\nother communication received by it in respect of the Pledged Collateral;<\/p>\n<\/p>\n<p>(c) at its expense, defend the Pledgees153 right, title and security interest<br \/>\nin and to the Pledged Collateral against the claims of any person or entity;<\/p>\n<\/p>\n<p>(d) at its expense, at any time and from time to time, promptly execute and<br \/>\ndeliver all further instruments and documents and take all further action that<br \/>\nmay be necessary or desirable or that the Pledgees may reasonably request in<br \/>\norder to (i) perfect and protect the security interest purported to be created<br \/>\nhereby or (ii) enable the Pledgees to exercise and enforce their rights and<br \/>\nremedies hereunder in respect of the Pledged Collateral;<\/p>\n<\/p>\n<p>(e) not sell, assign (by operation of law or otherwise), transfer, exchange<br \/>\nor otherwise dispose of any Pledged Collateral or any interest therein;<\/p>\n<\/p>\n<p>(f) not create or suffer to exist any lien upon or with respect to any<br \/>\nPledged Collateral except for the security interest created hereby;<\/p>\n<\/p>\n<p>(g) not make or consent to any amendment or other modification or waiver with<br \/>\nrespect to any Pledged Collateral or enter into any agreement or permit to exist<br \/>\nany restriction with respect to any Pledged Collateral other than pursuant<br \/>\nhereto; and<\/p>\n<\/p>\n<p>(h) not take or fail to take any action which would in any manner impair the<br \/>\nvalue or enforceability of the Pledgees153 security interest in any Pledged<br \/>\nCollateral.<\/p>\n<\/p>\n<p>SECTION 7. <u>Voting Rights, Etc. in Respect of the Pledged Collateral<\/u>.\n<\/p>\n<\/p>\n<p>(a) So long as no Event of Default or event which, with the giving of notice<br \/>\nor lapse of time or both, would constitute an Event of Default, shall have<br \/>\noccurred and be continuing:<\/p>\n<\/p>\n<p>(i) the Pledgor may exercise any and all voting and other consensual rights<br \/>\npertaining to any Pledged Collateral for any purpose not inconsistent with the<br \/>\nterms of the Debenture; and<\/p>\n<\/p>\n<p>(ii) Pledgees will execute and deliver (or cause to be executed and<br \/>\ndelivered) to the Pledgor all such proxies and other instruments as Pledgor may<br \/>\nreasonably request for the purpose of enabling Pledgor to exercise the voting<br \/>\nand other rights which it is entitled to exercise pursuant to paragraph Section<br \/>\n7(a)(i) hereof.<\/p>\n<\/p>\n<p>(b) Upon the occurrence and during the continuance of an Event of Default or<br \/>\nan event which, with the giving of notice or the lapse of time or both, would<br \/>\nconstitute an Event of Default:<\/p>\n<\/p>\n<p>(i) all rights of the Pledgor to exercise the voting and other consensual<br \/>\nrights which they would otherwise be entitled to exercise pursuant to Section<br \/>\n7(a)(i) hereof shall cease, and all such rights shall thereupon become vested in<br \/>\nthe Pledgees which shall thereupon have the sole right to exercise such voting<br \/>\nand other consensual rights; and<\/p>\n<\/p>\n<p align=\"center\">4<\/p>\n<p align=\"center\">\n<hr>\n<p>(ii) without limiting the generality of the foregoing, the Pledgees may at<br \/>\ntheir option exercise any and all rights of conversion, exchange, subscription<br \/>\nor any other rights, privileges or options pertaining to any Pledged Collateral<br \/>\nas if it were the absolute owner thereof, including, without limitation, the<br \/>\nright to exchange, in its discretion, any and all of such Pledged Collateral<br \/>\nupon the merger, consolidation, reorganization, recapitalization or other<br \/>\nadjustment of the Pledgor, or upon the exercise of any right, privilege or<br \/>\noption pertaining to any Pledged Collateral, and, in connection therewith, to<br \/>\ndeposit and deliver any and all of the Pledged Collateral with any committee,<br \/>\ndepository, transfer agent, registrar or other designated agent upon such terms<br \/>\nand conditions as it may determine.<\/p>\n<\/p>\n<p>SECTION 8. <u>Additional Provisions Concerning the Pledged Collateral<\/u>.\n<\/p>\n<\/p>\n<p>(a) The Pledgor hereby authorizes the Pledgees to file, without the signature<br \/>\nof the Pledgor where permitted by law, one or more financing or continuation<br \/>\nstatements, and amendments thereto, relating to the Pledged Collateral.<\/p>\n<\/p>\n<p>(b) The Pledgor hereby irrevocably appoints Pledgee as the Pledgor153s<br \/>\nattorney-in-fact and proxy, with full authority, exercisable only during the<br \/>\nexistence of an Event of Default, in the place and stead of the Pledgor and in<br \/>\nthe name of the Pledgor or otherwise, from time to time in Pledgee153s discretion,<br \/>\nto take any action and to execute any instrument which Pledgee may deem<br \/>\nnecessary or advisable to accomplish the purposes of this Agreement (subject to<br \/>\nthe rights of the Pledgor under Section 7(a) hereof), including, without<br \/>\nlimitation, to receive, endorse and collect all instruments made payable to the<br \/>\nPledgor representing any dividend or other distribution in respect of any of<br \/>\nPledgee153s Pledged Collateral and to give full discharge for the same. This power<br \/>\nis coupled with an interest and is irrevocable until all of the Obligations are<br \/>\nsatisfied in full.<\/p>\n<\/p>\n<p>(c) If the Pledgor fails to perform any agreement or obligation contained<br \/>\nherein, Pledgee itself may perform, or cause performance of, such agreement or<br \/>\nobligation with respect to Pledged Collateral, and the expenses of Pledgee<br \/>\nincurred in connection therewith shall be payable by the Pledgor pursuant to<br \/>\nSection 10 hereof and shall be secured by the Pledged Collateral.<\/p>\n<\/p>\n<p>SECTION 9. <u>Remedies Upon Default<\/u>. If any Event of Default shall have<br \/>\noccurred and be continuing, in the event that the proceeds of any such sale,<br \/>\ncollection or realization are insufficient to pay all amounts to which the<br \/>\nPledgee is legally entitled, the Pledgor shall be liable for the deficiency,<br \/>\ntogether with interest thereon at the highest rate specified in the Debenture<br \/>\nfor interest on overdue principal thereof or such other rate as shall be fixed<br \/>\nby applicable law, together with the costs of collection and the reasonable fees<br \/>\nof any attorneys employed by Pledgee to collect such deficiency.<\/p>\n<\/p>\n<p align=\"center\">5<\/p>\n<p align=\"center\">\n<hr>\n<p>SECTION 10. <u>Indemnity and Expenses<\/u>.<\/p>\n<\/p>\n<p>(a) The Pledgor agrees to indemnify and hold harmless Pledgee and all of its<br \/>\nstockholders, partners, members, officers, directors, employees and direct or<br \/>\nindirect investors and any of the foregoing persons153 agents or other<br \/>\nrepresentatives (including, without limitation, those retained in connection<br \/>\nwith the transactions contemplated by this Agreement) from and against any and<br \/>\nall third-party claims, damages, losses, liabilities, obligations, penalties,<br \/>\ncosts and expenses (including, without limitation, reasonable attorneys153 fees<br \/>\nand disbursements) to the extent that they arise out of or otherwise result from<br \/>\nPledgor153s breach of this Agreement (including, without limitation, enforcement<br \/>\nof this Agreement), except, to the extent any such indemnified person or entity,<br \/>\nclaims, losses or liabilities result from such person or entity153s gross<br \/>\nnegligence or willful misconduct and except to the extent that such claims,<br \/>\nlosses or liabilities result from failure of such indemnified person or entities<br \/>\nto comply with the securities laws.<\/p>\n<\/p>\n<p>(b) The Pledgor will pay to Pledgee upon demand the amount of any and all<br \/>\ncosts and expenses, including the fees and disbursements of Pledgee&#8217;s counsel<br \/>\nand of any experts and agents, which Pledgee may incur in connection with (i)<br \/>\nthe custody, preservation, use or operation of, or the sale of, collection from,<br \/>\nor other realization upon, any of Pledged Collateral, (ii) the exercise or<br \/>\nenforcement of any of the rights of Pledgee hereunder or (iii) the failure by<br \/>\nPledgor to perform or observe any of the provisions hereof.<\/p>\n<\/p>\n<p>SECTION 11. <u>Notices<\/u>. Whenever notice is required to be given under<br \/>\nthis Agreement, unless otherwise provided herein, such notice shall be given in<br \/>\naccordance with the terms of the Debenture.<\/p>\n<\/p>\n<\/p>\n<p>SECTION 12. <u>Security Interest Absolute<\/u>. To the extent permitted by<br \/>\nlaw, all rights of Pledgee and the Pledgor hereunder shall be absolute and<br \/>\nunconditional irrespective of: (i) any lack of validity or enforceability of any<br \/>\nancillary agreement or any other agreement or instrument relating thereto, (ii)<br \/>\nany change in the time, manner or place of payment of, or in any other term in<br \/>\nrespect of, all or any of the Obligations, or any other amendment or waiver of<br \/>\nor consent to any departure from any guaranty, for all or any of the<br \/>\nObligations, or (iii) any other circumstance which might otherwise constitute a<br \/>\ndefense available to, or a discharge of, the Pledgor in respect of the<br \/>\nObligations. All authorizations and agencies contained herein with respect to<br \/>\nany of the Pledged Collateral are irrevocable and powers coupled with an<br \/>\ninterest.<\/p>\n<\/p>\n<p>SECTION 13. <u>Miscellaneous<\/u>.<\/p>\n<\/p>\n<p>(a) No amendment of any provision of this Agreement shall be effective unless<br \/>\nit is in writing and signed by the Pledgor and Pledgee, and no waiver of any<br \/>\nprovision of this Agreement, and no consent to any departure by the Pledgor<br \/>\ntherefrom, shall be effective unless it is in writing and signed by Pledgee, and<br \/>\nthen such waiver or consent shall be effective only in the specific instance and<br \/>\nfor the specific purpose for which given.<\/p>\n<\/p>\n<p align=\"center\">6<\/p>\n<p align=\"center\">\n<hr>\n<p>(b) No failure on the part of Pledgee to exercise, and no delay in<br \/>\nexercising, any right hereunder or under any ancillary agreement shall operate<br \/>\nas a waiver thereof nor shall any single or partial exercise of any such right<br \/>\npreclude any other or further exercise thereof or the exercise of any other<br \/>\nright. The rights and remedies of the Pledgee provided herein and in the<br \/>\nancillary agreements are cumulative and are in addition to, and not exclusive<br \/>\nof, any rights or remedies provided by law. The rights of the Pledgee under any<br \/>\nancillary agreement against any party thereto are not conditional or contingent<br \/>\non any attempt by Pledgee to exercise any of its rights under any other document<br \/>\nagainst such party or against any other person or entity.<\/p>\n<\/p>\n<p>(c) Any provision of this Agreement which is prohibited or unenforceable in<br \/>\nany jurisdiction shall, as to such jurisdiction, be ineffective to the extent of<br \/>\nsuch prohibition or unenforceability without invalidating the remaining portions<br \/>\nhereof or thereof or affecting the validity or enforceability of such provision<br \/>\nin any other jurisdiction.<\/p>\n<\/p>\n<p>(d) This Agreement shall create a continuing security interest in the Pledged<br \/>\nCollateral and shall (i) remain in full force and effect until the satisfaction<br \/>\nin full or release of the Obligations and (ii) be binding on the Pledgor and its<br \/>\nsuccessors and assigns and shall inure, together with all rights and remedies of<br \/>\nthe Pledgee hereunder, to the benefit of the Pledgee and its successors,<br \/>\ntransferees and assigns, provided that no such transfer or assignment shall be<br \/>\nvalid if it is in violation of applicable securities laws. Without limiting the<br \/>\ngenerality of clause (ii) of the immediately preceding sentence, subject to<br \/>\ncompliance with the applicable securities laws and applicable provisions of the<br \/>\nancillary agreements, Pledgee may assign or otherwise transfer all or any<br \/>\nportion of the Debenture, and its rights under the ancillary agreements, to any<br \/>\nother person or entity, and such other person or entity shall thereupon become<br \/>\nvested with all of the benefits in respect thereof granted to Pledgee herein or<br \/>\notherwise unless such benefit is unavailable due to the status of such<br \/>\ntransferee or otherwise under applicable law. Upon any such permitted assignment<br \/>\nor transfer, all references in this Agreement to Pledgee shall mean the assignee<br \/>\nof Pledgee. None of the rights or obligations of the Pledgor hereunder may be<br \/>\nassigned or otherwise transferred without the prior written consent of Pledgee.\n<\/p>\n<\/p>\n<p>(e) Upon the satisfaction in full of the Obligations, (i) this Agreement and<br \/>\nthe security interest created hereby shall terminate and all rights to the<br \/>\nPledged Collateral, if any shall be remaining, shall revert to the Pledgor, and<br \/>\n(ii) the Pledgee shall, upon the Pledgor153s request and at the Pledgor153s expense,<br \/>\n(A) return to the Pledgor such of the Pledged Collateral as shall not have been<br \/>\nsold or otherwise disposed of, dealt with or applied pursuant to the terms<br \/>\nhereof and of the ancillary agreements and (B) execute and deliver to the<br \/>\nPledgor, without recourse, representation or warranty, such documents as the<br \/>\nPledgor shall reasonably request to evidence such termination.<\/p>\n<\/p>\n<p align=\"center\">7<\/p>\n<p align=\"center\">\n<hr>\n<p>(f) All questions concerning the construction, validity, enforcement and<br \/>\ninterpretation of this Agreement shall be governed by and construed and enforced<br \/>\nin accordance with the internal laws of the State of New York, without regard to<br \/>\nthe principles of conflict of law thereof. Each party hereby irrevocably submits<br \/>\nto the exclusive jurisdiction of the state and federal courts sitting in the<br \/>\nCity of New York, borough of Manhattan, for the adjudication of any dispute<br \/>\nhereunder or in connection herewith or with any transaction contemplated hereby<br \/>\nor discussed herein, and hereby irrevocably waives, and agrees not to assert in<br \/>\nany suit, action or proceeding, any claim that it is not personally subject to<br \/>\nthe jurisdiction of any such court, that such suit, action or proceeding is<br \/>\nimproper. Each party hereby irrevocably waives personal service of process and<br \/>\nconsents to process being served in any such suit, action or proceeding by<br \/>\nmailing a copy thereof to such party at the address in effect for notices to it<br \/>\nunder this Agreement and agrees that such service shall constitute good and<br \/>\nsufficient service of process and notice thereof. Nothing contained herein shall<br \/>\nbe deemed to limit in any way any right to serve process in any manner permitted<br \/>\nby law. Each party hereto hereby irrevocably waives, to the fullest extent<br \/>\npermitted by applicable law, any and all right to trial by jury in any legal<br \/>\nproceeding arising out of or relating to this Agreement or the transactions<br \/>\ncontemplated hereby. If either party shall commence a Proceeding to enforce any<br \/>\nprovisions of this Agreement, then the prevailing party in such Proceeding shall<br \/>\nbe reimbursed by the other party for its attorneys153 fees and other costs and<br \/>\nexpenses incurred with the investigation, preparation and prosecution of such<br \/>\nproceeding.<\/p>\n<\/p>\n<p>IN WITNESS WHEREOF, the Pledgor has caused this Agreement to be executed and<br \/>\ndelivered by its officer thereunto duly authorized, as of the date first above<br \/>\nwritten.<\/p>\n<\/p>\n<\/p>\n<table style=\"width: 100%;\" width=\"100%\" cellpadding=\"0\" class=\" \" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td colspan=\"2\" width=\"38%\" valign=\"top\">\n<p><strong>DIGITAL ANGEL CORPORATION<\/strong><\/p>\n<\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\">\n<p>By:<\/p>\n<\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"bottom\">\n<p>Name:<\/p>\n<\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\">\n<p>Title:<\/p>\n<\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td colspan=\"2\" width=\"38%\" valign=\"top\">\n<p><strong>DESTRON FEARING CORPORATION<\/strong><\/p>\n<\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\">\n<p>By:<\/p>\n<\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\">\n<p>Name:<\/p>\n<\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\">\n<p>Title:<\/p>\n<\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\">\n<p><strong>[HOLDERS]<\/strong><\/p>\n<\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"38%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"3%\" valign=\"top\">\n<p>By:<\/p>\n<\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\">\n<p>Name:<\/p>\n<\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\">\n<p>Title:<\/p>\n<\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<td width=\"3%\" valign=\"top\"><\/td>\n<td width=\"35%\" valign=\"top\"><\/td>\n<td width=\"12%\" valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"center\">8<\/p>\n<p align=\"center\"><\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7321],"corporate_contracts_industries":[9511],"corporate_contracts_types":[9560,9570],"class_list":["post-41207","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-digital-angel-corp","corporate_contracts_industries-technology__search","corporate_contracts_types-finance","corporate_contracts_types-finance__security"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41207"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41207"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41207"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}