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                                                                  Exhibit 10.8

               PLEDGE AND IRREVOCABLE PROXY SECURITY AGREEMENT
                                   (Texas)


      THIS PLEDGE AND IRREVOCABLE PROXY SECURITY AGREEMENT (the
"Agreement") is made and entered into as of the 25th day of July, 1997, by
CONTINENTAL CIRCUITS CORP., a Delaware corporation (hereinafter called
"Pledgor"), whose chief executive office is located at 3502 East Roeser Road,
Phoenix, Arizona 85040, in favor of BANK ONE, ARIZONA, NA, a national banking
association, and its successors and assigns (hereinafter called "Secured
Party"), whose address is Post Office Box 71, Phoenix, Arizona 85001, Attention:
Commercial Banking, Dept. AZ1-1178.

1.    RECITALS

      1.1 Secured Party has agreed to make certain financial accommodations to
Pledgor.

      1.2 Secured Party's agreement to make financial accommodations to Pledgor
is conditioned upon Secured Party's receiving a pledge and security interest in
all shares and securities issued by the Company (as defined on Schedule "A"
attached hereto) now owned or hereafter acquired by Pledgor.

      1.3 Pledgor is the owner of the number of shares of the Company as shown
on Schedule A attached hereto that Pledgor desires to pledge to Secured Party in
connection with Secured Party's financial accommodations to Pledgor.

2.    PLEDGE OF SHARES

      2.1 Pledgor hereby assigns, transfers, pledges and delivers to Secured
Party and grants Secured Party a security interest in all issued and outstanding
shares in the Company now owned or hereafter acquired by Pledgor, including
without limitation the shares described on Schedule "A" attached hereto and by
this reference made a part hereof, together with all earnings thereon, all
additions thereto, all proceeds thereof from sale or otherwise, all
substitutions therefor, and all securities issued with respect thereto as a
result of any stock dividend, stock split, warrants or other rights,
reclassification, readjustment or other change in the capital structure of the
Company, and the securities of any corporation or other properties received upon
the conversion or exchange thereof pursuant to any merger, consolidation,
reorganization, sale of assets or other agreement or received upon any
liquidation of the Company or such other corporation (all hereinafter called the
"Pledged Securities").

      2.2 Upon the execution of this Agreement, Pledgor shall deliver to Secured
Party certificates for the Pledged Securities, together with appropriate shares
transfer powers therefor

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duly executed by Pledgor in blank. Immediately upon receipt, Pledgor shall
deliver to Secured Party all certificates and other evidences of the Pledged
Securities that come into the possession, custody or control of Pledgor,
together with appropriate shares transfer powers therefor duly executed by
Pledgor in blank, and any other property constituting part of the Pledged
Securities, free and clear of any prior lien, claim, charge or encumbrance.

      2.3 Secured Party may receive, hold and/or dispose of the Pledged
Securities subject and pursuant to all the terms, conditions and provisions
hereof and of the Loan Agreement (defined below) until the Obligation (defined
below) has been discharged in full. Secured Party is hereby authorized and
empowered to take any and all action with respect to such property as authorized
hereunder. In its discretion, Secured Party may take any one or more of the
following actions, without liability except to account for property actually
received by it:

         (a) transfer to or register in its name or the name of its nominee any
         of the Pledged Securities, with or without indication of the security
         interest herein created, and whether or not so transferred or
         registered, receive the income, dividends and other distributions
         thereon and hold them or apply them to the Obligation in any order of
         priority;

         (b) exercise or cause to be exercised all voting and corporate powers
         with respect to any of the Pledged Securities so registered or
         transferred, including all rights of conversion, exchange, subscription
         or any other rights, privileges or options pertaining to such Pledged
         Securities, as if the absolute owner thereof;

         (c) insure any of the Pledged Securities;

         (d) exchange any of the Pledged Securities for other property upon a
         reorganization, recapitalization or other readjustment and, in
         connection therewith, deposit any of the Pledged Securities with any
         committee or depositary upon such terms as the Secured Party may
         determine;

         (e) in its name, or in the name of Pledgor, demand, sue for, collect or
         receive any money or property at any time payable or receivable on
         account of, or in exchange for, any of the Pledged Securities and, in
         connection therewith, endorse notes, checks, drafts, money orders,
         documents of title or other evidences of payment, shipment or storage
         in the name of Pledgor;

         (f) make any compromise or settlement deemed advisable with respect
         to any of the Pledged Securities;

provided however that the actions specified in subparagraphs (a), (b), (d), (e)
and (f) of this Paragraph 2.3 may not be taken so long as there is no Event of
Default hereunder. Secured Party agrees to notify Pledgor promptly after any
such action, provided that the failure to give

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such notice shall not affect the validity of such action. Secured Party shall be
under no duty to exercise, or to withhold the exercise of, any of the rights,
powers, privileges and options expressly or implicitly granted to Secured Party
in this Agreement, and shall not be responsible for any failure to do so or
delay in so doing.

3.    OBLIGATION SECURED

      This Agreement shall secure, in such order of priority as Secured Party
may elect:

         (a) Payment of the sum of $45,000,000.00 according to the terms of that
         Revolving Promissory Note dated July 25, 1997, made by Pledgor, payable
         to the order of Secured Party, evidencing a revolving line of credit,
         all or any part of which may be advanced to Pledgor, repaid by Pledgor
         and readvanced to Pledgor, from time to time, subject to the terms and
         conditions thereof, with interest thereon, extension and other fees,
         late charges, prepayment premiums and attorneys' fees, according to the
         terms thereof, and all extensions, modifications, renewals or
         replacements thereof (hereinafter called the "Note");

         (b) Payment, performance and observance by Pledgor of each covenant,
         condition, provision and agreement contained herein and of all monies
         expended or advanced by Secured Party pursuant to the terms hereof, or
         to preserve any right of Secured Party hereunder, or to protect or
         preserve the Pledged Securities or any part thereof;

         (c) Payment, performance and observance by Pledgor of each covenant,
         condition, provision and agreement contained in that Loan Agreement
         dated July 25, 1997, by and between Pledgor and Secured Party
         (hereinafter called the "Loan Agreement") and in any other document or
         instrument related to the indebtedness hereby secured and of all monies
         expended or advanced by Secured Party pursuant to the terms thereof or
         to preserve any right of Secured Party thereunder;

         (d) Payment and performance of any and all other indebtedness,
         obligations and liabilities of Pledgor to Secured Party of every kind
         and character, direct or indirect, absolute or contingent, due or to
         become due, now existing or hereafter incurred, whether such
         indebtedness is from time to time reduced and thereafter increased or
         entirely extinguished and thereafter reincurred; and

         (e) The full and timely payment of all amounts now or hereafter due and
         payable by Pledgor to Secured Party under any interest rate swap, cap,
         collar or similar transaction, or any Master Agreement for such
         transactions, now or hereafter in effect between Pledgor and Secured
         Party, whether such amounts are due and payable on the date(s)
         scheduled therefor, on the occurrence of an Early Termination Date (as
         defined in the Master Agreement), or otherwise.

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All of the indebtedness and obligations secured by this Agreement are
hereinafter collectively called the "Obligation."

4.    REPRESENTATIONS AND WARRANTIES OF PLEDGOR

      Pledgor hereby represents and warrants that:

      4.1 The execution, delivery and performance by Pledgor of this Agreement
and all other documents and instruments relating to the Obligation will not
result in any breach of the terms and conditions of, nor constitute a default
under, any agreement or instrument under which Pledgor is a party or is
obligated. Pledgor is not in default in the performance or observance of any
covenants, conditions or provisions of any such agreement or instrument.

      4.2 The address of Pledgor set forth at the beginning of this Agreement is
the chief executive office of Pledgor.

      4.3 The Pledged Securities are and shall be duly and validly issued and
pledged in accordance with applicable law, and this Agreement shall not
contravene any law, agreement or commitment binding Pledgor or the Company, and
Pledgor shall defend the right, title, lien and security interest of Secured
Party in and to the Pledged Securities against the claims and demands of all
persons and other entities whatsoever.

      4.4 Pledgor has the right, power and authority to convey good and
marketable title to the Pledged Securities; and the Pledged Securities and the
proceeds thereof are and shall be free and clear of all claims, mortgages,
pledges, liens, encumbrances and security interest of every nature whatsoever
other than as imposed hereby or as set forth, if at all, on Schedule "A"
attached hereto.

5.    IRREVOCABLE PROXY

      5.1 Pledgor irrevocably constitutes and appoints Secured Party, whether or
not the Pledged Securities have been transferred into the name of Secured Party
or its nominee, as Pledgor's proxy with full power, in the same manner, to the
same extent and with the same effect as if Pledgor were to do the same, in the
sole discretion of Secured Party:

         (a) To call a meeting of the shareholders of the Company and to vote
         the Pledged Securities, to seek the consent of such shareholders, to
         remove the directors of the Company, or any of them, and to elect new
         directors of the Company, who thereafter shall manage the affairs of
         the Company, operate its properties and carry on its business, and
         otherwise take any action with respect to the business, properties and
         affairs of the Company that such new directors shall deem necessary or
         appropriate, including, but not limited to, the maintenance, repair,
         renewal or alteration of any or all of the properties of the Company,
         the leasing, subleasing,


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      sale or other disposition of any or all of such properties, the borrowing
      of money on the credit of the Company (whether from Secured Party or
      others) that in the judgment of such new directors shall be necessary to
      preserve any of such properties or to discharge the obligations of the
      Company, and the employment of any or all agents, attorneys, counsel, or
      other employees as deemed by such new directors to be necessary for the
      proper operation or conduct of the business, properties and affairs of the
      Company;

      (b) To consent to any and all actions by or with respect to the Company
      for which consent of the shareholders of the Company is or may be
      necessary or appropriate; and

      (c) Without limitation, to do all things that Pledgor can do or could do
      as stockholder of the Company, giving Secured Party full power of
      substitution and revocation;

provided, however, that (i) the foregoing irrevocable proxy shall not be
exercisable by Secured Party, and Pledgor alone shall have the foregoing powers,
so long as there is no Event of Default hereunder, and (ii) this irrevocable
proxy shall terminate at such time as this Agreement is no longer in full force
and effect. The foregoing proxy is coupled with an interest sufficient in law to
support an irrevocable power and shall be irrevocable and shall survive the
death or incapacity of Pledgor. Pledgor hereby revokes any proxy or proxies
heretofore given to any person or persons and agrees not to give any other
proxies in derogation hereof until such time as this Agreement is no longer in
full force and effect.

6.    COVENANTS OF PLEDGOR

      6.1 Pledgor shall not sell, transfer, assign or otherwise dispose of any
of the Pledged Securities or any interest therein without obtaining the prior
written consent of Secured Party and shall keep the Pledged Securities free of
all security interests or other encumbrances except the lien and security
interests granted herein.

      6.2 Pledgor shall pay when due all taxes, assessments, expenses and other
charges which may be levied or assessed against the Pledged Securities.

      6.3 Pledgor shall give Secured Party immediate written notice of any
change in Pledgor's name as set forth above and of any change in the location of
Pledgor's chief executive office.

      6.4 Pledgor, at its cost and expense, shall protect and defend the Pledged
Securities, this Agreement and all of the rights of Secured Party hereunder
against all claims and demands of other parties. Pledgor shall pay all claims
and charges that in the opinion of Secured Party might prejudice, imperil or
otherwise affect the Pledged Securities. Pledgor shall promptly


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notify Secured Party of any levy, distraint or other seizure, by legal process
or otherwise, of all or any part of the Pledged Securities and of any threatened
or filed claims or proceedings that might in any way affect or impair the terms
of this Agreement.

      6.5 If Pledgor shall fail to pay any taxes, assessments, expenses or
charges, to keep all of the Pledged Securities free from other security
interests, encumbrances or claims, or to perform otherwise as required herein,
Secured Party may advance the monies necessary to pay the same or to so perform.

      6.6 All rights, powers and remedies granted Secured Party herein, or
otherwise available to Secured Party, are for the sole benefit and protection of
Secured Party, and Secured Party may exercise any such right, power or remedy at
its option and in its sole and absolute discretion without any obligation to do
so. In addition, if, under the terms hereof, Secured Party is given two or more
alternative courses of action, Secured Party may elect any alternative or
combination of alternatives at its option and in its sole and absolute
discretion. All monies advanced by Secured Party under the terms hereof, all
amounts paid, suffered or incurred by Secured Party under the terms hereof and
all amounts paid, suffered or incurred by Secured Party in exercising any
authority granted herein, including reasonable attorneys' fees, shall be added
to the Obligation, shall be secured hereby, shall bear interest at the highest
rate payable on any of the Obligation until paid, and shall be due and payable
by Pledgor to Secured Party immediately without demand.

      6.7 Secured Party shall use such reasonable care in handling, preserving
and protecting the Pledged Securities in its possession as it uses in handling
similar property for its own account. Secured Party, however, shall have no
liability for the loss, destruction or disappearance of any Pledged Securities
unless there is affirmative proof of a lack of due care; the lack of due care
shall not be implied solely by virtue of any loss, destruction or disappearance.
Secured Party shall not be required to take any steps necessary to preserve any
rights in the Pledged Securities against prior parties or to protect, perfect,
preserve or maintain any security interest given to secure the Pledged
Securities.

      6.8 Immediately upon demand by Secured Party, Pledgor shall execute and
deliver to Secured Party such other and additional applications, acceptances,
stock powers, authorizations, irrevocable proxies, dividend and other orders,
chattel paper, instruments or other evidences of payment and such other
documents as Secured Party may reasonably request to secure to Secured Party the
rights, powers and authorities intended to be conferred upon Secured Party by
this Agreement. All assignments and endorsements by Pledgor shall be in such
form and substance as may be satisfactory to Secured Party.

7.    EVENTS OF DEFAULT; REMEDIES

      7.1 The occurrence of any Event of Default under the Loan Agreement shall
constitute and is hereby defined to be an "Event of Default."

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      7.2 Upon the occurrence of any Event of Default and at any time while such
Event of Default is continuing, Secured Party shall have the following rights
and remedies and may do one or more of the following:

         (a) Declare all or any part of the Obligation to be immediately due and
         payable, and the same, with all costs and charges, shall be collectible
         thereupon by action at law;

         (b) Transfer the Pledged Securities or any part thereof into its own
         name or that of its nominee so that Secured Party or its nominee may
         appear of record as the sole owner thereof;

         (c) Vote any or all of the Pledged Securities and give all consents,
         waivers and ratifications in respect thereof and otherwise acting with
         respect thereto as though it were the absolute owner thereof;

         (d) Exercise any and all rights of conversion, exchange, subscription,
         or any other rights, privileges or options pertaining to any of the
         Pledged Securities including, but not limited to, the right to
         exchange, at its discretion, any or all of the Pledged Securities upon
         the merger, consolidation, reorganization, recapitalization or other
         readjustment of the Company or upon the exercise by Pledgor or Secured
         Party of any right, privilege or option pertaining to any of the shares
         of the Pledged Securities, and in connection therewith to deposit and
         deliver such shares of Pledged Securities with any committee,
         depository, transfer agent, registrar or any other agency upon such
         terms as Secured Party may determine without liability except to
         account for the property actually received by it;

         (e) Receive and retain any dividend or other distribution on account of
         the Pledged Securities; and

         (f) Sell any or all of the Pledged Securities in accordance with the
         provisions hereof;

but Secured Party shall have no duty to exercise any of the aforesaid rights,
privileges or options and shall not be responsible for any failure to do so or
delay in so doing. Pledgor waives all rights to be advised or to receive any
notices, statements or communications received by Secured Party or its nominee
as the record owner of all or any of the Pledged Securities. Any cash received
and retained by Secured Party as additional collateral hereunder may be applied
to payment in the manner provided in Subparagraph 7.3(c) below.

      7.3 In connection with Secured Party's right to sell any or all of the
Pledged Securities, upon the occurrence of any Event of Default and at any time
while such Event of Default is continuing:

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      (a) (i) Secured Party shall have the right at any time and from time to
      time to sell, resell, assign and deliver, in its discretion, all or any
      part of the Pledged Securities in one or more units, at the same or
      different times, and all right, title and interest, claim and demand
      therein, and right of redemption thereof, at private sale, or at public
      sale to the highest bidder for cash, upon credit or for future delivery,
      Pledgor hereby waiving and releasing to the fullest extent permitted by
      law any and all equity or right of redemption. If any of the Pledged
      Securities are sold by Secured Party upon credit or for future delivery,
      Secured Party shall not be liable for the failure of the purchaser to
      purchase or pay for same, and, in the event of any such failure, Secured
      Party may resell such Pledged Securities. In no event shall Pledgor be
      credited with any part of the proceeds of the sale of any Pledged
      Securities until cash payment thereof has actually been received by
      Secured Party.

      (ii) No demand, advertisement or notice, all of which are hereby expressly
      waived, shall be required in connection with any sale or other disposition
      of all or any part of the Pledged Securities that threatens to decline
      speedily in value or that is of a type customarily sold on a recognized
      market; otherwise Secured Party shall give Pledgor at least five (5) days'
      prior notice of the time and place of any public sale or of the time after
      which any private sale or other dispositions are to be made, which Pledgor
      agrees is reasonable, all other demands, advertisements and notices being
      hereby waived. Upon any sale, whether under this Agreement or by virtue of
      judicial proceedings, Secured Party may bid for and purchase any or all of
      the Pledged Securities and, upon compliance with the terms of the sale,
      may hold, retain, possess and dispose of such items in its own absolute
      right without further accountability, and as purchaser at such sale, in
      paying the purchase price, may turn in any note or notes held by Secured
      Party in lieu of cash up to the amount that would, upon distribution of
      the net proceeds of such sale in accordance with Subparagraph 7.3(c)
      hereof, be payable to Secured Party. In case the amount so payable thereon
      shall be less than the amount due thereon, the note or notes turned in (in
      lieu of cash) shall be returned to the holder thereof after being properly
      stamped to show the partial payment effected by such purchase.

  (b) Pledgor recognizes that Secured Party may be unable to effect a sale to
the public of all or a part of the Pledged Securities by reason of prohibitions
contained in applicable securities laws, but may be compelled to resort to one
or more sales to a restricted group of purchasers who will be obliged to agree,
among other things,

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      to acquire such Pledged Securities for their own account, for investment
      and not with a view to the distribution or resale thereof. Pledgor agrees
      that sales so made may be at prices and other terms less favorable to the
      seller than if such Pledged Securities were sold to the public, and that
      Secured Party has no obligation to delay sale of any such Pledged
      Securities for the period of time necessary to permit the issuer of such
      Pledged Securities to register the same for sale to the public under
      applicable securities laws. Pledgor agrees that negotiated sales made
      under the foregoing circumstances shall be deemed to have been made in a
      commercially reasonable manner.

      (c) In all sales of Pledged Securities, public or private, Secured Party
      shall apply the proceeds of sale as follows:

            (i) First, to the payment of all costs and expenses incurred
            hereunder or for the sale, transfer, or delivery, including broker's
            and attorneys' fees;

            (ii) Next to the payment of the Obligation; and

            (iii) The balance, if any, to Pledgor or to the person or persons
            entitled thereto upon proper demand.

      7.4 Secured Party shall have the right, for and in the name, place and
stead of Pledgor, to execute endorsements, assignments or other instruments of
conveyance or transfer with respect to all or any of the Pledged Securities and
any instruments, documents and statements that Pledgor is obligated to furnish
or execute hereunder. Pledgor shall execute and deliver such additional
documents as may be necessary to enable Secured Party to implement such right.

      7.5 Pledgor shall pay all costs and expenses, including without limitation
court costs and reasonable attorneys' fees, incurred by Secured Party in
enforcing payment and performance of the Obligation or in exercising the rights
and remedies of Secured Party hereunder. All such costs and expenses shall be
secured by this Agreement and by all other lien and security documents securing
the Obligation. In the event of any court proceedings, court costs and
attorneys' fees shall be set by the court and not by jury and shall be included
in any judgment obtained by Secured Party.

      7.6 In addition to any remedies provided herein for an Event of Default,
Secured Party shall have all the rights and remedies afforded a secured party
under the Uniform Commercial Code and all other legal and equitable remedies
allowed under applicable law. No failure on the part of Secured Party to
exercise any of its rights hereunder arising upon any Event of Default shall be
construed to prejudice its rights upon the occurrence of any other or subsequent
Event of Default. No delay on the part of Secured Party in exercising any such


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rights shall be construed to preclude it from the exercise thereof at any time
while that Event of Default is continuing. Secured Party may enforce any one or
more rights or remedies hereunder successively or concurrently. By accepting
payment or performance of any of the Obligation after its due date, Secured
Party shall not thereby waive the agreement contained herein that time is of the
essence, nor shall Secured Party waive either its right to require prompt
payment or performance when due of the remainder of the Obligation or its right
to consider the failure to so pay or perform an Event of Default.

8.    MISCELLANEOUS PROVISIONS

      8.1 The acceptance of this Agreement by Secured Party shall not be
considered a waiver of or in any way to affect or impair any other security that
Secured Party may have, acquire simultaneously herewith, or hereafter acquire
for the payment or performance of the Obligation, nor shall the taking by
Secured Party at any time of any such additional security be construed as a
waiver of or in any way to affect or impair the right and interest granted
herein; Secured Party may resort, for the payment or performance of the
Obligation, to its several securities therefor in such order and manner as it
may determine.

      8.2 Without notice or demand, without the necessity for any additional
endorsements, without affecting the obligations of Pledgor hereunder or the
personal liability of any person for payment or performance of the Obligation,
and without affecting the rights and interests granted herein, Secured Party,
from time to time, may: (i) extend the time for payment of all or any part of
the Obligation, accept a renewal note therefor, reduce the payments thereon,
release any person liable for all or any part thereof, or otherwise change the
terms of all or any part of the Obligation; (ii) take and hold other security
for the payment or performance of the Obligation and enforce, exchange,
substitute, subordinate, waive or release any such security; (iii) join in any
extension or subordination agreement; or (iv) release any part of the Pledged
Securities from this Agreement.

      8.3 Pledgor waives and agrees not to assert: (i) any right to require
Secured Party to proceed against any guarantor, to proceed against or exhaust
any other security for the Obligation, to pursue any other remedy available to
Secured Party, or to pursue any remedy in any particular order or manner; (ii)
the benefits of any statute of limitations affecting the enforcement hereof;
(iii) the benefits of any legal or equitable doctrine or principle of
marshalling; (iv) demand, diligence, presentment for payment, protest and
demand, and notice of extension, dishonor, protest, demand and nonpayment,
relating to the Obligation; and (v) any benefit of, and any right to participate
in, any other security now or hereafter held by Secured Party.

      8.4 The terms herein shall have the meanings in and be construed under the
Uniform Commercial Code. This Agreement shall be governed by and construed
according to the internal laws of the State of Arizona. Each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement


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is held to be void or invalid, the same shall not affect the remainder hereof
which shall be effective as though the void or invalid provision had not been
contained herein.

      8.5 No modification, rescission, waiver, release or amendment of any
provision of this Agreement shall be made except by a written agreement executed
by Pledgor and a duly authorized officer of Secured Party.

      8.6 This is a continuing agreement, which shall remain in full force and
effect until actual receipt by Secured Party of written notice of its revocation
as to future transactions and shall remain in full force and effect thereafter
until all of the Obligation incurred before the receipt of such notice, and all
of the Obligation incurred thereafter under commitments extended by Secured
Party before the receipt of such notice, shall have been paid and performed in
full.

      8.7 No setoff or claim that Pledgor now has or may in the future have
against Secured Party shall relieve Pledgor from paying or performing its
obligations hereunder.

      8.8 Time is of the essence hereof. All liability hereunder shall be joint
and several. This Agreement shall be binding upon, and shall inure to the
benefit of, the parties hereto and their heirs, personal representatives,
successors and assigns. The term "Secured Party" shall include not only the
original Secured Party hereunder but also any future owner and holder, including
pledgees, of the note or notes evidencing the Obligation. The provisions hereof
shall apply to the parties according to the context thereof and without regard
to the number or gender of words or expressions used.

      8.9 All notices required or permitted to be given hereunder shall be in
writing and may be given as permitted in the Loan Agreement.

      8.10 A carbon, photographic or other reproduced copy of this Agreement
and/or any financing statement relating hereto shall be sufficient for filing
and/or recording as a financing statement.

      IN WITNESS WHEREOF, these presents are executed as of the date indicated
above.

                                 CONTINENTAL CIRCUITS CORP., a Delaware
Witnessed by:                    corporation
(other than notary)


(Signatures of witness)          By: /s/ Frederick G. McNamee, III
                                     -------------------------------------------
                                     Its:  President and Chief Executive Officer


                                  PLEDGOR


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<PAGE>   12


STATE OF ARIZONA        )
                        ) ss.
County of Maricopa )

      The foregoing instrument was acknowledged before me this 25th day of July,
1997, by Frederick G. McNamee, III, the President of CONTINENTAL CIRCUITS CORP,
a Delaware corporation, on behalf of that corporation.

      IN WITNESS WHEREOF, I hereunto set my hand and official seal.


                                    (Signature of Notary)
                                     ----------------------
                                     Notary Public
My commission expires:

(Seal of Notary)
----------------

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<PAGE>   13
                                 SCHEDULE "A"


      All issued and outstanding shares of CCIR of Texas Corp., a Texas
corporation (the "Company"), now or hereafter owned by Pledgor, which as of the
date hereof consists of 100 shares.
<PAGE>   14
                       SCHEDULE "A" TO SECURITY AGREEMENTS


      All of Debtor's right, title and interest in and to the following
described personal property:

            (a) All accounts, general intangibles, instruments, documents and
      chattel paper, as those terms are defined in the Uniform Commercial Code
      (including all accounts receivable, notes, drafts, lease agreements and
      security agreements), and all goods, if any, represented thereby, whether
      now existing or hereafter acquired or created from time to time in the
      course of Debtor's business;

            (b) All inventory now owned or hereafter acquired, including all
      goods held for sale or lease in Debtor's business, as now or hereafter
      conducted, and all materials, work in process and finished goods used or
      to be consumed in Debtor's business (whether or not the inventory is
      represented by warehouse receipts or bills of lading or has been or may be
      placed in transit or delivered to a public warehouse);

            (c) All equipment now owned or hereafter acquired, including all
      furniture, fixtures, furnishings, vehicles (whether titled or non-titled),
      machinery, materials and supplies, wherever located, hereof, together with
      all parts, accessories, attachments, additions thereto or replacements
      therefor;

            (d) All instruments, documents, stock certificates and chattel paper
      now held by or hereafter delivered to Secured Party, together with all
      property rights and security interests evidenced thereby, all increases
      thereof (including, without limitation, stock dividends), all profits
      therefrom and all transformations thereof, including but not limited to
      such items described on the collateral schedule (if any) attached hereto
      and by this reference made a part hereof;

            (e) All other personal property of any kind, including without
      limitation all such property more particularly described as follows:

                  (i) Materials, supplies, fixtures, machinery, furniture and
            furnishings;

                  (ii) Income, receipts, revenues, rents, issues and profits;

                  (iii) Claims and causes of action, legal and equitable, in any
            form whether arising in contract or in tort, and awards, payments
            and proceeds due or to become due;

                  (iv) Sales agreements, escrow agreements, deposit receipts,
            and other documents and agreements for the sale or other
<PAGE>   15
            disposition of all or any of the personal property described herein,
            and deposits, proceeds and benefits arising from the sale or other
            disposition of all or any of the personal property described herein;

                  (v) Policies or certificates of insurance, contracts,
            agreements or rights of indemnification, guaranty or surety, and
            awards, loss payments, proceeds, and premium refunds that may be
            payable with respect to such policies, certificates, contracts,
            agreements or rights;

                  (vi) Contracts, agreements, permits, licenses, authorizations
            and certificates;

                  (vii) Trade names, trademarks, and service marks (subject to
            any franchise or license agreements relating thereto);

                  (viii)Replacements and substitutions for, modifications of,
            and supplements, accessions, addenda and additions to, all of the
            personal property described herein;

                  (ix) Books, records, correspondence, files and electronic
            media, and all information stored therein;

together with (i) all policies or certificates of insurance covering any of the
foregoing property, and all awards, loss payments, proceeds and premium refunds
that may become payable with respect to such policies; (ii) all property of
Debtor that is now or may hereafter be in the possession or control of Secured
Party in any capacity, including without limitation all monies owed or that
become owed by Secured Party to Debtor and (iii) all proceeds of any of the
foregoing property, whether due or to become due from any sale, exchange or
other disposition thereof, whether cash or non-cash in nature, and whether
represented by checks, drafts, notes or other instruments for the payment of
money, including, without limitation, all property, whether cash or non-cash in
nature, derived from tort, contractual or other claims arising in connection
with any of the foregoing property.


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