Document:

Exhibit 10.5

                          PLEDGE AND SECURITY AGREEMENT

                           DATED AS OF 28 APRIL 2005

                                     BETWEEN

                           SIBERIAN ENERGY GROUP INC.
                                   AS GRANTOR

                                       AND

                            BALTIC PETROLEUM LIMITED
                                AS SECURED PARTY

<PAGE>

                                TABLE OF CONTENTS
                                                                            PAGE
                                                                            ----
SECTION 1.      DEFINITIONS                                                    1
SECTION 2.      GRANT OF SECURITY                                              4
SECTION 3.      SECURITY FOR OBLIGATIONS                                       6
SECTION 4.      REPRESENTATIONS AND WARRANTIES AND COVENANTS                   6
SECTION 5.      DIVIDENDS, DISTRIBUTIONS AND VOTING                           10
SECTION 6.      FURTHER ASSURANCES                                            11
SECTION 7.      COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT, IRREVOCABLE
                POWER OF ATTORNEY                                             12
SECTION 8.      REMEDIES                                                      12
SECTION 9.      CONTINUING SECURITY INTEREST; TRANSFER OF SECURED
                OBLIGATIONS                                                   17
SECTION 10.     STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM                17
SECTION 11.     INDEMNITY AND EXPENSES                                        17
SECTION 12.     MISCELLANEOUS                                                 18

SCHEDULE I -    GENERAL INFORMATION
SCHEDULE II -   PLEDGED INTEREST
SCHEDULE III -  PROCEDURES FOR LEVY OF EXECUTION

<PAGE>

This PLEDGE AND SECURITY AGREEMENT, dated as of _____ April 2005 (this
"AGREEMENT"), is made between Siberian Energy Group Inc., a corporation
organized under the laws of the State of Nevada in the United States of America
(the "GRANTOR"), and Baltic Petroleum Limited, an English company with
registered number 05303991 (the "SECURED PARTY"; together with the Grantor, the
"PARTIES").

                                    RECITALS:

WHEREAS, reference is made to (i) that certain Guarantee, dated as of the date
hereof and issued by the Grantor to the Secured Party to guarantee the
obligations of the Company (as defined below) to the Secured Party under the
Loan Agreement (as defined below) (as such guarantee may be amended, restated,
supplemented or otherwise modified from time to time, the "GUARANTEE"), by and
between the Grantor and the Secured Party and (ii) that certain option agreement
as of the date hereof (as it may be amended, restated, supplemented or otherwise
modified from time to time, the "OPTION AGREEMENT") between the Grantor and the
Secured Party relating to a joint venture transaction concerning the Company (as
defined below); and

WHEREAS, in consideration of the provision of credit to the Credit Parties as
set forth in the Finance Documents, the Grantor has agreed to secure the
Obligations of the Credit Parties under the Finance Documents, including the
Obligations of the Grantor under the Guarantee;

NOW, THEREFORE, in consideration of the premises and the agreements, provisions
and covenants herein contained, the Grantor and the Secured Party, intending to
be legally bound, hereby agree as follows:

SECTION 1.   DEFINITIONS

(a)  General  Definitions. In this Agreement, the following terms shall have the
     following  meanings:

     "AGREEMENT" has the meaning set forth in the preamble.

     "AUTHENTICATE" means "authenticate" as defined in Article 9 of the UCC.

     "BANKRUPTCY CODE" means Title 11 of the United States Code entitled
     "Bankruptcy", as now and hereafter in effect, or any successor statute.

     "CASH PROCEEDS" means all proceeds of any Collateral consisting of cash,
     checks and other near-cash items.

     "CERTIFICATES" means all certificates and instruments evidencing,
     documenting or representing the Pledged Interest, if any.

     "COLLATERAL" has the meaning set forth in Section 2(a) hereof.

     "COLLATERAL DOCUMENTS" means this Agreement and all other instruments,
     documents and agreements delivered by any of the parties to the Finance
     Documents pursuant to this Agreement or any other Finance Document in order
     to grant, perfect and/or establish or maintain the priority of a security
     interest in favor of the Secured Party on any real, personal or mixed
     property of such party as security for the Secured Obligations or the
     obligations under the Finance Documents of any other party to the Finance
     Documents to the Secured Party.

<PAGE>

     "COLLATERAL RECORDS" means books, records, ledger cards, files,
     correspondence, customer lists, blueprints, technical specifications,
     manuals, computer software, computer printouts, tapes, disks and other
     electronic storage media and related data processing software and similar
     items that at any time evidence or contain information relating to any of
     the Collateral or are otherwise necessary or helpful in the collection
     thereof or realization thereupon.

     "COLLATERAL SUPPORT" means all property (real or personal) assigned,
     hypothecated or otherwise securing any Collateral and shall include any
     security agreement or other agreement granting a lien or security interest
     in such real or personal property.

     "COMPANY" means OOO Zauralneftegaz, a Russian limited liability company.

     "CREDIT PARTIES" means the Company and the Grantor, together or singly.

     "DISTRIBUTION" means:

     (1)  the payment or setting aside for payment of any distribution on or in
          respect of any of the Pledged Interest; and

     (2)  the redemption, retraction, purchase, retirement or other acquisition,
          in whole or in part, of any of the Pledged Interest;

     in each case whether in cash, shares, units, membership interests, options,
     warrants, rights or any other securities and equity interests, or money or
     property, received or receivable on or in respect of the Pledged Interest
     and the right to receive, use and enjoy any of the foregoing.

     "EVENT OF DEFAULT" means, as applicable, any one of:

     (1)  an Event of Default under and as defined in the Finance Documents;
          and/or

     (2)  if:

          (i)  the Grantor does not pay on the due date any amount payable by it
               pursuant to the Guarantee or this Agreement at the place and in
               the currency in which it is expressed to be payable unless:

               (A)  in the case of principal, its failure to pay is caused by
                    administrative technical error and payment is made within
                    five (5) days of the due date therefor; and

               (B)  in the case of amounts other than principal, payment is made
                    within ten (10) days of the due date therefor; or

          (ii) the Grantor does not comply with any provision of the Guarantee
               or this Agreement other than as referred to in paragraph (i)
               above unless that failure to comply is capable of remedy and is
               remedied within thirty (30) days of the earlier of the Secured
               Party giving notice to the Grantor or the Grantor becoming aware
               of the failure to comply; or

          (iii) any representation or warranty made or deemed to be made by the
               Grantor in this Agreement or the Guarantee is or proves to be
               incorrect or misleading in any material respect when made or
               deemed to be made unless:

                                        2
<PAGE>

               (A)  in the reasonable opinion of the Secured Party any loss
                    incurred as a result of that misrepresentation is capable of
                    being remedied within thirty (30) days; and

               (B)  that loss is remedied to the Secured Party's reasonable
                    satisfaction within that period.

     "FINANCE DOCUMENTS" means that certain loan agreement, of even date
     herewith, between the Secured Party and the Company, the Guarantee, the
     Collateral Documents, and all agreements, instruments and other documents
     delivered under any of the foregoing or in connection therewith.

     "GRANTOR" has the meaning set forth in the preamble.

     "GUARANTEE" has the meaning set forth in the recitals.

     "INDEMNITEE" means the Secured Party and its affiliates, officers,
     partners, directors, trustees, employees and agents.

     "LIEN" means any lien, mortgage, pledge, assignment, security interest,
     charge or encumbrance of any kind (including any agreement to give any of
     the foregoing, any conditional sale or other title retention agreement, and
     any lease in the nature thereof) and any option, trust or other
     preferential arrangement having the practical effect of any of the
     foregoing.

     "LOAN AGREEMENT" has the meaning set forth in section 2(c)(1).

     "MATERIAL ADVERSE EFFECT" means a material adverse effect on (i) the
     business, operations, properties, assets, condition (financial or
     otherwise) or prospects of the Grantor and its subsidiaries taken as a
     whole; (ii) the ability of the Grantor to fully and timely perform its
     Secured Obligations; (iii) the legality, validity, binding effect or
     enforceability against the Grantor of this Agreement or the Guarantee; or
     (iv) the rights, remedies and benefits available to, or conferred upon, any
     agent and Secured Party under any Secured Obligation.

     "OPTION AGREEMENT" has the meaning set forth in the recitals.

     "PERSON" means and includes natural persons, corporations, limited
     partnerships, general partnerships, limited liability companies, limited
     liability partnerships, joint stock companies, joint ventures,
     associations, companies, trusts, banks, trust companies, land trusts,
     business trusts or other organizations, whether or not legal entities, and
     governmental authorities.

     "PLEDGED INTEREST" means all of the following (regardless of whether
     classified as investment property under the UCC): (i) the Grantor's 100%
     participatory interest in the Company with a nominal value of 10,000
     Russian rubles that the Grantor now has or holds or hereafter has, holds,
     acquires, possesses or becomes entitled to, including, without limitation,
     those limited liability company interests as specified in Schedule II in
     more detail; (ii) all Certificates; (iii) all securities issued in
     substitution or replacement for or in addition to any of the foregoing, and
     any certificates representing or evidencing such securities; and (iv) all
     book-entries and securities entitlements relating to any of the foregoing.

     "PROCEEDS" means: (i) all "proceeds", as defined in Article 9 of the UCC,
     with respect to any Pledged Interest; (ii) payments made with respect to
     any Pledged Interest; (iii) all Distributions; and (iv) whatever is
     receivable or received when Collateral or proceeds are sold, exchanged,
     collected or otherwise disposed of, whether such disposition is voluntary
     or involuntary.

                                        3
<PAGE>

     "SECURED OBLIGATIONS" means, collectively and at any time and from time to
     time:

     (1)  all of the obligations, indebtedness and liabilities (present or
          future, absolute or contingent, matured or not) of the Grantor to the
          Secured Party under the Guarantee and the Option Agreement, whether or
          not any such obligations, indebtedness and liabilities are from time
          to time reduced or entirely extinguished; and

     (2)  any and all expenses and charges, legal or otherwise, suffered or
          incurred by the Secured Party in collecting or enforcing any of such
          obligations, indebtedness or liabilities or in realizing on or
          protecting or preserving any security therefor, including the Lien and
          security interest granted by this Agreement.

     "SECURED PARTY" has the meaning set forth in the preamble.

     "SUPPORTING OBLIGATION" shall mean all "supporting obligations" as defined
     in the UCC.

     "UCC" shall mean the Uniform Commercial Code as in effect from time to time
     in the State of Nevada in the United States of America.

(b)  Definitions; Interpretation. All capitalized terms used herein (including
     the preamble and recitals hereto) and not otherwise defined herein shall
     have the meanings ascribed thereto in the Collateral Trust Deed or, if not
     defined therein, in the UCC. With respect to terms defined in more than one
     article of the UCC, unless otherwise specified such terms shall have the
     meaning specified in Article 9 of the UCC. References to "Sections,"
     "Exhibits" "Annexes" and "Schedules" shall be to Sections, Exhibits,
     Annexes and Schedules, as the case may be, of this Agreement (as such
     Sections, Exhibits, Annexes and Schedules may be amended or supplemented
     from time to time in accordance with the terms of this Agreement), unless
     otherwise specifically provided. Section headings in this Agreement are
     included herein for convenience of reference only and shall not constitute
     a part of this Agreement for any other purpose or be given any substantive
     effect. Any of the terms defined herein may, unless the context otherwise
     requires, be used in the singular or the plural, depending on the
     reference. The use herein of the word "include" or "including", when
     following any general statement, term or matter, shall not be construed to
     limit such statement, term or matter to the specific items or matters set
     forth immediately following such word or to similar items or matters,
     whether or not nonlimiting language (such as "without limitation" or "but
     not limited to" or words of similar import) is used with reference thereto,
     but rather shall be deemed to refer to all other items or matters that fall
     within the broadest possible scope of such general statement, term or
     matter. If any conflict or inconsistency exists between this Agreement and
     the Collateral Trust Deed, the Collateral Trust Deed shall govern. All
     references herein to provisions of the UCC shall include all successor
     provisions under any subsequent version or amendment to any Article of the
     UCC.

SECTION 2.   GRANT OF SECURITY

(a)  Grant of Security. As a continuing security for the performance and
     discharge of the Secured Obligations, the Grantor hereby unconditionally
     and irrevocably grants to the Secured Party a first-ranking, non-possessory
     pledge, security interest and continuing lien on all of such Grantor's
     right, title and interest in, to and under the following personal property
     of the Grantor, in each case whether now owned or existing or hereafter
     acquired or arising and wherever located (all of which being hereinafter
     collectively referred to as the "Collateral"):

     (1)  the Pledged Interest;

                                        4
<PAGE>

     (2)  all other rights, benefits and privileges incident to the Grantor's
          interest in any of the foregoing;

     (3)  to the extent not otherwise included above, all Collateral Records,
          Collateral Support and Supporting Obligations relating to any of the
          foregoing; and

     (4)  to the extent not otherwise included above, all Proceeds in respect of
          any of the foregoing, including without limitation all cash and
          non-cash proceeds in respect of the foregoing, in whatever form, and
          all rights and interests of the Grantor in respect thereof or
          evidenced thereby including all money received or receivable from time
          to time by the Grantor in connection with the sale of any of the
          foregoing (including all proceeds received or receivable in connection
          with the redemption, retraction, retirement or purchase for
          cancellation or otherwise of any of the foregoing).

(b)  Subsequently Acquired Certificates. Any additional Certificates at any time
     or from time to time after the date hereof issued and registered in the
     name of or otherwise held by the Grantor (by purchase, Distribution or
     otherwise) shall form part of the Collateral and the Grantor will:

     (1)  forthwith deliver those Certificates to the Secured Party endorsed for
          transfer in blank and/or accompanied by transfer documents duly
          executed in blank by the Grantor; and

     (2)  ensure that any other actions required to perfect the security
          interest therein of the Secured Party under any requirement of law
          (including under the UCC or other applicable law) are promptly taken.

(c)  Term of the Secured Obligations. The Secured Obligations shall be fulfilled
     on the dates and in the amounts set forth in the Guarantee and in this
     Agreement. In particular:

     (1)  The Guarantee is a guarantee of the obligations owed by the Company
          under a separate loan facility agreement entered into on ___ April
          2005 between the Secured Party and the Company (the "LOAN AGREEMENT")
          pursuant to which the Secured Party has agreed to provide certain loan
          facilities to the Company for a principal amount of US$1,267,860 (the
          "LOAN").

     (2)  The Grantor hereby confirms that it has received an executed version
          of the Loan Agreement and agrees to cover the Secured Obligations
          given the terms and conditions of the Loan Agreement, which provide,
          inter alia, for the following:

          (i)  subject to the conditions precedent set forth in clause 10 of the
               Loan Agreement, the principal amount of the Loan shall be
               disbursed in the amounts, and applied in respect of the purposes,
               specifically detailed in section 8 of the Loan Agreement;

          (ii) the term of the Loan shall expire on 31 July 2005, following
               which the outstanding principal of the Loan together with
               interest and any other outstanding amounts (howsoever described)
               due by the Company to the Secured Party under or in connection
               with the Loan Agreement shall be payable by the Company to the
               Secured Party;

          (iii) the interest rate for the Loan is 12% per annum and is payable
               on repayment of the Loan; and

                                        5
<PAGE>

          (iv) the Company is required to pay all costs or expenses (including
               but not limited to legal fees) incurred by the Secured Party in
               the preparation or enforcement (or in seeking to enforce) of the
               Loan Agreement or in protecting or preserving (or attempting to
               protect or preserve) any of its rights thereunder.

SECTION 3.   SECURITY FOR OBLIGATIONS.

(a)  Security for Obligations. This Agreement secures, and the Collateral is
     collateral security for, the prompt and complete payment or performance in
     full when due, whether at stated maturity, by required prepayment,
     declaration, acceleration, demand or otherwise (including the payment of
     amounts that would become due but for the operation of the automatic stay
     under Section 362(a) of the Bankruptcy Code, 11 U.S.C. Sec.362(a) (and any
     successor provision thereof)), of all Secured Obligations.

(b)  Continuing Liability under Collateral. Notwithstanding anything herein to
     the contrary, (i) the Grantor shall remain liable for all obligations under
     the Collateral and nothing contained herein is intended or shall be a
     delegation of duties to the Secured Party; (ii) the Grantor shall remain
     liable under each of the agreements included in the Collateral to perform
     all of the obligations undertaken by it thereunder all in accordance with
     and pursuant to the terms and provisions thereof and the Secured Party
     shall not have any obligation or liability under any of such agreements by
     reason of or arising out of this Agreement or any other document related
     thereto nor shall the Secured Party have any obligation to make any inquiry
     as to the nature or sufficiency of any payment received by it or have any
     obligation to take any action to collect or enforce any rights under any
     agreement included in the Collateral; and (iii) the exercise by the Secured
     Party of any of its rights hereunder shall not release the Grantor from any
     of its duties or obligations under the contracts and agreements included in
     the Collateral.

(c)  The Value of the Pledged Interest. The Parties agree that, as of the date
     hereof, the estimated value of the Pledged Interest in the Company is equal
     to the Russian Ruble equivalent of US$2,717,860.

SECTION 4.   REPRESENTATIONS AND WARRANTIES AND COVENANTS.

(a)  Generally.

     (1)  Representations and Warranties. The Grantor hereby represents and
          ------------------------------
          warrants that:

          (i)  it owns the Collateral and, as to all Collateral whether now
               existing or hereafter acquired, will continue to own each item of
               the Collateral, in each case free and clear of any and all Liens,
               rights or claims of all other Persons;

          (ii) it has been duly organized as a corporation solely under the laws
               of the State of Nevada in the United States of America and
               remains duly existing as such. Such Grantor has not filed any
               certificates of domestication, transfer or continuance in any
               other jurisdiction;

          (iii) the execution and delivery of this Agreement by such Grantor and
               the performance by it of its obligations under this Agreement are
               within its corporate or other powers and have been duly
               authorized by all necessary corporate or other action;

                                        6
<PAGE>

          (iv) upon the filing of UCC financing statements naming the Grantor as
               debtor and the Secured Party as secured party and describing the
               Collateral in the filing offices set forth opposite such
               Grantor's name on Schedule I(E) hereof (as such Schedule may be
               amended or supplemented from time to time), the security
               interests granted to the Secured Party hereunder will constitute
               valid and perfected first priority Liens;

          (v)  other than the financing statements filed in favor of the Secured
               Party, no effective UCC financing statement, or other instrument
               similar in effect under any applicable law, covering all or any
               part of the Collateral is on file in any filing or recording
               office;

          (vi) no authorization, approval or other action by, and no notice to
               or filing with, any governmental authority or regulatory body is
               required for either (i) the pledge or grant by the Grantor of the
               Liens purported to be created in favor of the Secured Party
               hereunder or (ii) the exercise by Secured Party of any rights or
               remedies in respect of any Collateral (whether specifically
               granted or created hereunder or created or provided for by
               applicable law), except (A) for the filings contemplated by
               clause (iv) above and (B) as may be required, in connection with
               the disposition of any Pledged Interest, by laws generally
               affecting the offering and sale of securities;

          (vii) all actions and consents, including all filings, notices,
               registrations and recordings necessary or desirable for the
               exercise by the Secured Party of the voting or other rights
               provided for in this Agreement or the exercise of remedies in
               respect of the Collateral have been made or obtained;

          (viii) it has indicated on Schedule I(A) hereto (as such Schedule may
               be amended or supplemented from time to time): (w) the type of
               organization of such Grantor, (x) the jurisdiction of
               organization of such Grantor, (y) its organizational
               identification number, if any, and (z) the jurisdiction where the
               chief executive office or its sole place of business is, and for
               the one-year period preceding the date hereof has been, located;

          (ix) the full legal name of such Grantor is as set forth on Schedule
               I(A) and it has not done in the last five (5) years, and does not
               do, business under any other name (including any trade-name or
               fictitious business name) except for those names set forth on
               Schedule I(B) (as such Schedule may be amended or supplemented
               from time to time);

          (x)  except as provided on Schedule I(C), it has not changed its name,
               jurisdiction of organization, chief executive office or sole
               place of business or its corporate structure in any way (e.g. by
               merger, consolidation, change in corporate form or otherwise)
               within the past five (5) years;

          (xi) such Grantor has not within the last five (5) years become bound
               (whether as a result of merger or otherwise) as debtor under a
               security agreement entered into by another Person, which has not
               heretofore been terminated; and

          (xii) all information supplied by the Grantor with respect to any of
               the Collateral (in each case taken as a whole with respect to any
               particular Collateral) is accurate and complete in all material
               respects.

                                        7
<PAGE>

(2)  Covenants and Agreements. The Grantor hereby covenants and agrees that:
     ------------------------

     (i)  except for the security interest created by this Agreement, it shall
          not create or suffer to exist any Lien upon or with respect to any of
          the Collateral, and such Grantor shall defend the Collateral against
          all Persons at any time claiming any interest therein;

     (ii) without limiting any prohibitions or restrictions on mergers in the
          Finance Documents, it shall not change such Grantor's name, identity,
          corporate structure (e.g. by merger, consolidation, change in
          corporate form or otherwise), sole place of business, chief executive
          office, type of organization or jurisdiction of organization or
          establish any trade names without the prior written consent of the
          Secured Party;

     (iii) it shall pay promptly when due all property and other taxes,
          assessments and governmental charges or levies imposed upon, and all
          claims against, the Collateral, except to the extent the validity
          thereof is being contested in good faith; provided, such Grantor shall
          in any event pay such taxes, assessments, charges, levies or claims
          not later than five (5) days prior to the date of any proposed sale
          under any judgment, writ or warrant of attachment entered or filed
          against such Grantor or any of the Collateral as a result of the
          failure to make such payment;

     (iv) upon such Grantor or any officer of such Grantor obtaining knowledge
          thereof, it shall promptly notify the Secured Party in writing of any
          event that may materially and adversely affect the value of the
          Collateral or any portion thereof, the ability of the Grantor or the
          Secured Party to dispose of the Collateral or any portion thereof, or
          the rights and remedies of the Secured Party in relation thereto,
          including, without limitation, the levy of any legal process against
          the Collateral or any portion thereof;

     (v)  it shall not take or permit any action which could impair the Secured
          Party's rights in the Collateral;

     (vi) it shall not sell, transfer or assign (by operation of law or
          otherwise) any Collateral; and

     (vii) it shall create and maintain a corporate pledge book as required by
          the Russian Federation Federal Law # 2872-I (1992) within 10 days from
          the date hereof and issue an extract from the said corporate pledge
          book certifying that the Pledged Interest is pledged in favor of the
          Secured Party and forthwith on demand produce such certificates during
          the validity hereof.

(b)  Pledged Interest

     (1)  Representations and Warranties. The Grantor hereby represents and
          ------------------------------
          warrants that:

          (i)  Schedule II hereto (as such Schedule may be amended or
               supplemented from time to time) sets forth under the heading
               "Pledged Interest" all of the Pledged Interest owned by the
               Grantor;

          (ii) Grantor's grant of a security interest in the Pledged Interest as
               contemplated hereby, and the exercise by Secured Party of any or
               all of its rights hereunder in respect of the Collateral, will
               not constitute or give rise to a breach or violation of (A) any
               of the terms or provisions of the organic documents of the
               Company, including the operating agreement of the Company and any
               other agreement, instrument or document governing the rights and
               obligations of the members of the Company and their rights and
               obligations with respect to their interests in the Company or (B)
               the provisions of any law, rule or regulation pursuant to which
               the Company is organized or to which the Company is subject;

                                        8
<PAGE>

          (iii) all of such Pledged Interest has been duly authorized,
               authenticated or issued, and delivered and is the legal, valid
               and binding obligation of the Company;

          (iv) the Company has not opted to characterize its membership or
               limited liability interests as "securities" for purposes of
               Article 8 of the UCC; and

          (v)  the Pledged Interest constitutes a "general intangible" for
               purposes of Articles 8 and 9 of the UCC and neither the Company
               nor the Grantor has taken any action, or failed to take any
               action, that could cause the Pledged Interest to be characterized
               otherwise for purposes of the UCC.

     (2)  Covenants and Agreements. The Grantor hereby covenants and agrees
          ------------------------
          that:

          (i)  without the prior written consent of the Secured Party, it shall
               not vote to enable or take any other action to waive any default
               under or breach of any terms of any agreement governing the terms
               of any Pledged Interest;

          (ii) without the prior written consent of the Secured Party, it shall
               not vote in favor of or otherwise authorize any action on the
               part of the Company that would cause the Pledged Interest to be
               characterized other than as a "general intangible" for purposes
               of the UCC;

          (iii) it shall enforce all of its rights with respect to any Pledged
               Interest;

          (iv) it shall notify the Secured Party of any default under any
               Pledged Interest; and

          (v)  in the event it acquires rights in any Pledged Interest after the
               date hereof, it shall promptly deliver to the Secured Party
               notice thereof. It is understood and agreed that the security
               interest of the Secured Party shall attach to all Pledged
               Interest immediately upon the Grantor's acquisition of rights
               therein.

     (3)  Delivery and Control. The Grantor agrees that with respect to any
          -------------------
          Pledged Interest in which it currently has rights it shall comply with
          the provisions of this subsection (3) on or before the date hereof and
          with respect to any Pledged Interest hereafter acquired by such
          Grantor it shall comply with the provisions of this subsection (3)
          immediately upon acquiring rights therein, in each case in form and
          substance satisfactory to the Secured Party. With respect to any
          Pledged Interest that is represented by a certificate or that is an
          "instrument", it shall cause such certificate or instrument to be
          delivered to the Secured Party, indorsed in blank by an "effective
          indorsement" (as defined in Section 8-107 of the UCC), regardless of
          whether such certificate constitutes a "certificated security" for
          purposes of the UCC. With respect to any Pledged Interest that is an
          "uncertificated security" for purposes of the UCC, it shall cause the
          issuer of such uncertificated security to either (i) register the
          Secured Party as the registered owner thereof on the books and records
          of the issuer or (ii) execute an agreement, in form and substance
          satisfactory to the Secured Party, pursuant to which such issuer
          agrees to comply with the Secured Party's instructions with respect to
          such uncertificated security without further consent by such Grantor.
          If any issuer of any Pledged Interest is located in a jurisdiction
          outside of the United States of America, the Grantor shall take such
          additional actions, including, without limitation, causing the issuer
          to register the pledge on its books and records or making such filings
          or recordings, in each case as may be necessary or advisable, under
          the laws of such issuer's jurisdiction, to ensure the validity,
          perfection and priority of the security interest of the Secured Party.
          Upon the occurrence of an Event of Default, the Secured Party shall
          have the right, without notice to the Grantor, to transfer all or any
          portion of Pledged Interest to its name or the name of its nominee or
          agent. In addition, the Secured Party shall have the right at any
          time, without notice to the Grantor, to exchange any certificates or
          instruments representing any Pledged Interest for certificates or
          instruments of smaller or larger denominations.

                                        9
<PAGE>

(c)  Representations and Warranties Deemed Repeated. The representations and
     warranties set out in Sections 4(a)(1) and 4(b)(1) are made on the date of
     this Agreement and are deemed to be repeated on each date on which any of
     the representations and warranties set out in any of the Finance Documents
     are repeated, with reference to the facts and circumstances then existing.

SECTION 5.   DIVIDENDS, DISTRIBUTIONS AND VOTING

(a)  Distributions.

     (1)  Prior to the occurrence of an Event of Default or any event or
          circumstance that with the giving of notice or lapse of time or both
          would be an Event of Default, any Distribution payable on the Pledged
          Interest shall be paid to and held by the Secured Party as part of the
          Collateral.

     (2)  During the continuance of an Event of Default or any event or
          circumstance that with the giving of notice or the lapse of time or
          both would be an Event of Default that has not been waived or
          remedied, any Distribution payable on the Pledged Interest shall be
          paid exclusively to the Secured Party, which shall apply the same in
          accordance with the Finance Documents.

(b)  Voting.

     (1)  So long as no Event of Default shall have occurred and be continuing:

          (i)  except as otherwise provided under the covenants and agreements
               relating to Pledged Interest in this Agreement or elsewhere
               herein or in the Guarantee or any Finance Document, the Grantor
               shall be entitled to exercise or refrain from exercising any and
               all voting and other consensual rights pertaining to the Pledged
               Interest or any part thereof for any purpose not inconsistent
               with the terms of this Agreement or the Guarantee or the Finance
               Documents; provided, the Grantor shall not exercise or refrain
                          --------
               from exercising any such right if the Secured Party shall have
               notified such Grantor that, in the Secured Party's reasonable
               judgment, such action would have a Material Adverse Effect on the
               value of the Pledged Interest or any part thereof; and provided
                                                                      --------
               further, such Grantor shall give the Secured Party at least ten
               -------
               (10) days prior written notice of the manner in which it intends
               to exercise, or the reasons for refraining from exercising, any
               such right; and provided further that, unless agreed otherwise by
                               ----------------
               the Secured Party, the Grantor shall cast its votes arising in
               respect of the Pledged Interest at any members meeting of the
               Company against any proposal which is liable to result in a
               dilution of the rights attaching to the Pledged Interest or any
               adverse change to the terms of any of the Pledged Interest; and

                                        10
<PAGE>

          (ii) the Secured Party shall promptly execute and deliver (or cause to
               be executed and delivered) to the Grantor all proxies and other
               instruments as such Grantor may from time to time reasonably
               request for the purpose of enabling such Grantor to exercise the
               voting and other consensual rights when and to the extent which
               it is entitled to exercise pursuant to clause (i) above.

(2)  Upon the occurrence and during the continuation of an Event of Default:

     (i)  all rights of the Grantor to exercise or refrain from exercising the
          voting and other consensual rights which it would otherwise be
          entitled to exercise pursuant hereto shall cease and all such rights
          shall thereupon become vested in the Secured Party who shall thereupon
          have the sole right to exercise such voting and other consensual
          rights; and

     (ii) in order to permit the Secured Party to exercise the voting and other
          consensual rights which it may be entitled to exercise pursuant hereto
          and to receive all dividends and other distributions which it may be
          entitled to receive hereunder: (1) the Grantor shall promptly execute
          and deliver (or cause to be executed and delivered) to the Secured
          Party all proxies, dividend payment orders and other instruments as
          the Secured Party may from time to time reasonably request and (2) the
          Grantor acknowledges that the Secured Party may utilize the power of
          attorney set forth in Section 7.

SECTION 6.   FURTHER ASSURANCES.

(a)  The Grantor agrees that from time to time, at the expense of such Grantor,
     that it shall promptly Authenticate, execute and deliver all further
     instruments and documents, and take all further action, that may be
     necessary or desirable, or that the Secured Party may reasonably request,
     in order to create and/or maintain the validity, perfection or priority of
     and protect any security interest granted or purported to be granted hereby
     or to enable the Secured Party to exercise and enforce its rights and
     remedies hereunder with respect to any Collateral. Without limiting the
     generality of the foregoing, the Grantor shall:

     (1)  file such financing or continuation statements, or amendments thereto,
          and execute and deliver such other agreements, instruments,
          endorsements, powers of attorney or notices, as may be necessary or
          desirable, or as the Secured Party may reasonably request, in order to
          perfect and preserve the security interests granted or purported to be
          granted hereby;

     (2)  at any reasonable time, upon request by the Secured Party, exhibit the
          Collateral to and allow inspection of the Collateral by the Secured
          Party, or persons designated by the Secured Party for the purpose of
          inspecting the same, observing its use or otherwise protecting its
          interests therein; and

     (3)  at the Secured Party's request, appear in and defend any action or
          proceeding that may affect such Grantor's title to, or the Secured
          Party's security interest in, all or any part of the Collateral.

(b)  The Grantor hereby authorizes the filing of any financing statements or
     continuation statements, and amendments to financing statements, or any
     similar document in any jurisdictions and with any filing offices as the
     Secured Party may determine, in its sole discretion, are necessary or
     advisable to perfect or otherwise protect the security interest granted to
     the Secured Party herein. Such financing statements may describe the
     Collateral in the same manner as described herein or may contain an
     indication or description of collateral that describes such property in any
     other manner as the Secured Party may determine, in its sole discretion, is
     necessary, advisable or prudent to ensure the perfection of the security
     interest in the Collateral granted to the Secured Party herein. The Grantor
     shall furnish to the Secured Party from time to time statements and
     schedules further identifying and describing the Collateral and such other
     reports in connection with the Collateral as the Secured Party may
     reasonably request, all in reasonable detail.

                                        11
<PAGE>

SECTION 7.   COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT, IRREVOCABLE POWER OF
ATTORNEY.

The Grantor hereby irrevocably appoints the Secured Party (such appointment
being coupled with an interest) as such Grantor's attorney-in-fact, with full
authority in the place and stead of such Grantor and in the name of such
Grantor, the Secured Party or otherwise, from time to time in the Secured
Party's discretion to take any action and to execute any instrument that the
Secured Party may deem reasonably necessary or advisable to accomplish the
purposes of this Agreement, including, without limitation, the following:

(a)  upon the occurrence and during the continuance of any Event of Default, to
     ask for, demand, collect, sue for, recover, compound, receive and give
     acquittance and receipts for moneys due and to become due under or in
     respect of any of the Collateral;

(b)  upon the occurrence and during the continuance of any Event of Default, to
     receive, endorse and collect any drafts or other instruments, documents and
     chattel paper in connection with clause (a) above;

(c)  upon the occurrence and during the continuance of any Event of Default, to
     file any claims or take any action or institute any proceedings that the
     Secured Party may deem necessary or desirable for the collection of any of
     the Collateral or otherwise to enforce the rights of the Secured Party with
     respect to any of the Collateral;

(d)  to take or cause to be taken all actions necessary to perform or comply or
     cause performance or compliance with the terms of this Agreement,
     including, without limitation, access to pay or discharge taxes or Liens
     levied or placed upon or threatened against the Collateral, the legality or
     validity thereof and the amounts necessary to discharge the same to be
     determined by the Secured Party in its sole discretion, any such payments
     made by the Secured Party to become obligations of such Grantor to the
     Secured Party, due and payable immediately without demand; and

(e)  upon the occurrence and during the continuance of an Event of Default,
     generally to sell, transfer, pledge, make any agreement with respect to or
     otherwise deal with any of the Collateral as fully and completely as though
     the Secured Party were the absolute owner thereof for all purposes, and to
     do, at the Secured Party's option and such Grantor's expense, at any time
     or from time to time, all acts and things that the Secured Party deems
     reasonably necessary to protect, preserve or realize upon the Collateral
     and the Secured Party's security interest therein in order to effect the
     intent of this Agreement, all as fully and effectively as such Grantor
     might do.

SECTION 8.   REMEDIES.

(a)  Generally.

     (1)  If any Event of Default shall have occurred and be continuing, the
          Secured Party may exercise in respect of the whole Collateral or any
          part thereof, as provided in this Sections 8 (a) to (f), in addition
          to all other rights and remedies provided for herein or otherwise
          available to it at law or in equity, all the rights and remedies of
          the Secured Party on default under the UCC (whether or not the UCC
          applies to the affected Collateral) to collect, enforce or satisfy any
          Secured Obligations then owing, whether by acceleration or otherwise,
          and also may pursue any of the following separately, successively or
          simultaneously:

                                        12
<PAGE>

          (i)  require the Grantor to, and the Grantor hereby agrees that it
               shall at its expense and promptly upon request of the Secured
               Party forthwith, assemble all or part of the Collateral as
               directed by the Secured Party and make it available to the
               Secured Party at a place to be designated by the Secured Party
               that is reasonably convenient to both parties;

          (ii) enter onto the property where any Collateral is located and take
               possession thereof with or without judicial process;

          (iii) without notice except as specified below or under the UCC, sell,
               assign, lease, license (on an exclusive or nonexclusive basis) or
               otherwise dispose of the Collateral or any part thereof in one or
               more parcels at public or private sale, at any of the Secured
               Party's offices or elsewhere, for cash, on credit or for future
               delivery, at such time or times and at such price or prices and
               upon such other terms as the Secured Party may deem commercially
               reasonable; and

     (2)  The Secured Party may be the purchaser of any or all of the Collateral
          at any public or private (to the extent that the portion of the
          Collateral being privately sold is of a kind that is customarily sold
          on a recognized market or the subject of widely distributed standard
          price quotations) sale in accordance with the UCC and the Secured
          Party shall be entitled, for the purpose of bidding and making
          settlement or payment of the purchase price for all or any portion of
          the Collateral sold at any such sale made in accordance with the UCC,
          to use and apply any of the Secured Obligations as a credit on account
          of the purchase price for any Collateral payable by the Secured Party
          at such sale. Each purchaser at any such sale shall hold the property
          sold absolutely free from any claim or right on the part of the
          Grantor, and the Grantor hereby waives (to the extent permitted by
          applicable law) all rights of redemption, stay and/or appraisal which
          it now has or may at any time in the future have under any rule of law
          or statute now existing or hereafter enacted. The Grantor agrees that,
          to the extent notice of sale shall be required by law, at least ten
          (10) days notice to such Grantor of the time and place of any public
          sale or the time after which any private sale is to be made shall
          constitute reasonable notification. The Secured Party shall not be
          obligated to make any sale of Collateral regardless of notice of sale
          having been given. The Secured Party may adjourn any public or private
          sale from time to time by announcement at the time and place fixed
          therefor, and such sale may, without further notice, be made at the
          time and place to which it was so adjourned. The Grantor agrees that
          it would not be commercially unreasonable for the Secured Party to
          dispose of the Collateral or any portion thereof by using Internet
          sites that provide for the auction of assets of the types included in
          the Collateral or that have the reasonable capability of doing so, or
          that match buyers and sellers of assets. Notwithstanding any other
          provision hereof to the contrary, if the Event of Default that has
          occurred is an event of default under the Bond Indenture, the Secured
          Party will accept reasonable instructions from the Grantor regarding
          the exercise of remedies hereunder in that event to maximize the value
          of, and amounts realized from, the Pledged Interest. The Grantor
          hereby waives any claims against the Secured Party arising by reason
          of the fact that the price at which any Collateral may have been sold
          at such a private sale was less than the price which might have been
          obtained at a public sale, even if the Secured Party accepts the first
          offer received and does not offer such Collateral to more than one
          offeree. If the proceeds of any sale or other disposition of the
          Collateral are insufficient to pay all the Secured Obligations, the
          Grantor shall (to the extent permitted by applicable law) be liable
          for the deficiency and the fees of any attorneys employed by the
          Secured Party to collect such deficiency. The Grantor further agrees
          that a breach of any of the covenants contained in this Section will
          cause irreparable injury to the Secured Party, that the Secured Party
          has no adequate remedy at law in respect of such breach and, as a
          consequence, that each and every covenant contained in this Section
          shall be specifically enforceable against such Grantor, and such
          Grantor hereby waives and agrees not to assert any defenses against an
          action for specific performance of such covenants except for a defense
          that no default has occurred giving rise to the Secured Obligations
          becoming due and payable prior to their stated maturities. Nothing in
          this Section shall in any way alter the rights of the Secured Party
          hereunder.

                                        14
<PAGE>

     (3)  The Secured Party may in the exercise of its remedies under this
          Section 8 sell the Collateral without giving any warranties as to the
          Collateral. The Secured Party may specifically disclaim or modify any
          warranties of title or the like. This procedure will not be considered
          to adversely effect the commercial reasonableness of any sale of the
          Collateral.

     (4)  Secured Party shall not be under any obligation to marshal any assets
          in favor of the Grantor or any other Person or against or in payment
          of any or all of the Secured Obligations.

     (5)  The Secured Party shall in the exercise of its remedies under this
          Section 8 have the right to notify, or require the Grantor to notify,
          any obligors with respect to amounts due or to become due to such
          Grantor in respect of the Collateral of the existence of the security
          interest created herein, to direct such obligors to make payment of
          all such amounts directly to the Secured Party, and, upon such
          notification and at the expense of such Grantor, to enforce collection
          of any such amounts and to adjust, settle or compromise the amount or
          payment thereof, in the same manner and to the same extent as such
          Grantor might have done;

          (i)  all amounts and proceeds (including checks and other instruments)
               received by the Grantor in respect of amounts due to such Grantor
               in respect of the Collateral or any portion thereof shall be
               received in trust for the benefit of the Secured Party hereunder,
               shall be segregated from other funds of such Grantor and shall be
               forthwith paid over or delivered to the Secured Party in the same
               form as so received (with any necessary endorsement) to be held
               as cash Collateral and applied as provided by the Section in this
               Agreement relating to Cash Proceeds (Section 8(d) hereof); and

          (ii) the Grantor shall not adjust, settle or compromise the amount or
               payment of any such amount or release wholly or partly any
               obligor with respect thereto or allow any credit or discount
               thereon.

(b)  Application of Proceeds. Except as expressly provided elsewhere in this
     Agreement, all proceeds received by the Secured Party in respect of any
     sale, any collection from, or other realization upon all or any part of the
     Collateral shall be applied in full or in part by the Secured Party against
     the Secured Obligations in the following order of priority: first, to the
                                                                 -----
     payment of all costs and expenses of such sale, collection or other
     realization, including reasonable compensation to the Secured Party and its
     agents and counsel, and all other expenses, liabilities and advances made
     or incurred by the Secured Party in connection therewith, and all amounts
     for which the Secured Party is entitled to indemnification hereunder (in
     its capacity as the Secured Party) and all advances made by the Secured
     Party hereunder for the account of the applicable Grantor, and to the
     payment of all costs and expenses paid or incurred by the Secured Party in
     connection with the exercise of any right or remedy hereunder or under the
     Guarantee or any Finance Document, all in accordance with the terms hereof
     or thereof; second, to the extent of any excess of such proceeds, to the
                 ------
     payment of all other Secured Obligations; and third, to the extent of any
                                                   -----
     excess of such proceeds, to the payment to or upon the order of such
     Grantor or to whosoever may be lawfully entitled to receive the same or as
     a court of competent jurisdiction may direct.

                                        14
<PAGE>

(c)  Sales on Credit. If Secured Party sells any of the Collateral upon credit,
     the Grantor will be credited only with payments actually made by purchaser
     and received by Secured Party and applied to indebtedness of the Purchaser.
     In the event the purchaser fails to pay for the Collateral, Secured Party
     may resell the Collateral and the Grantor shall be credited with proceeds
     of the sale.

(d)  Cash and Cash Proceeds. If an Event of Default shall have occurred and be
     continuing all cash received by the Grantor in respect of the Collateral
     and Cash Proceeds shall be held by such Grantor in trust for the Secured
     Party, segregated from other funds of such Grantor, and shall, forthwith
     upon receipt by such Grantor, be turned over to the Secured Party in the
     exact form received by such Grantor (duly indorsed by such Grantor to the
     Secured Party, if required) and held by the Secured Party. All such cash
     and Cash Proceeds or any other money held by the Secured Party may, in the
     sole discretion of the Secured Party, (i) be held by the Secured Party as
     collateral security for the Secured Obligations (whether matured or
     unmatured) and/or (ii) then or at any time thereafter may be applied by the
     Secured Party against the Secured Obligations then due and owing.

(e)  Pledged Interest. In addition to the rights and remedies specified above,
     the following provisions shall also be applicable to Pledged Interest. The
     Grantor recognizes that, by reason of certain prohibitions contained in the
     Securities Act of 1933 and applicable state securities laws, the Secured
     Party may be compelled, with respect to any sale of all or any part of the
     Pledged Interest conducted without prior registration or qualification of
     such Pledged Interest under the Securities Act and/or such state securities
     laws, to limit purchasers to those who will agree, among other things, to
     acquire the Pledged Interest for their own account, for investment and not
     with a view to the distribution or resale thereof. The Grantor acknowledges
     that any such private sale may be at prices and on terms less favorable
     than those obtainable through a public sale without such restrictions
     (including a public offering made pursuant to a registration statement
     under the Securities Act) and, notwithstanding such circumstances, the
     Grantor agrees that any such private sale shall be deemed to have been made
     in a commercially reasonable manner and that the Secured Party shall have
     no obligation to engage in public sales and no obligation to delay the sale
     of any Pledged Interest for the period of time necessary to permit the
     issuer thereof to register it for a form of public sale requiring
     registration under the Securities Act or under applicable state securities
     laws, even if such issuer would, or should, agree to so register it. If the
     Secured Party determines to exercise its right to sell any or all of the
     Pledged Interest, upon written request, the Grantor shall and shall cause
     each issuer of any Pledged Interest to be sold hereunder from time to time
     to furnish to the Secured Party all such information as the Secured Party
     may request in order to determine the number and nature of instruments
     included in the Pledged Interest which may be sold by the Secured Party in
     exempt transactions under the Securities Act and the rules and regulations
     of the Securities and Exchange Commission thereunder, as the same are from
     time to time in effect.

(f)  Levy of Execution. In addition to the rights and remedies specified above,
     the following provisions shall also be applicable to any of the Collateral
     situated in the Russian Federation, including the Pledged Interest:

                                        15
<PAGE>

     (1)  At the choice of the Secured Party, the Secured Obligations may be
          satisfied from the value of the Pledged Interest without resort to the
          court. The Secured Party may (but will not be obliged to) levy
          execution on the Pledged Interest without any requirement to initiate
          any court or other proceedings or to obtain any court or other order
          or judgment, and may exercise its rights and powers under this
          Agreement cumulatively with all rights and powers permitted by
          applicable law and/or by this Agreement.

     (2)  The Secured Party may (but will not be obliged to) levy execution on
          the Pledged Interest and in such case the Secured Party shall give a
          notice to such party that indicating that it has elected to effect the
          sale of the Pledged Interest and shall be entitled:

          (i)  to sell all or any part of the Pledged Interest pursuant to the
               procedures set forth in SCHEDULE 3 or in any other manner
               permitted by applicable law;

          (ii) to set-off any and all of the Pledged Interest against any and
               all Secured Obligations;

          (iii) to bring or defend claims before any authority, submit to
               arbitration, conduct negotiations and terminate, withdraw and
               settle any suits, claims, disputes and other matters whether
               before any authority, arbitrator, or otherwise in respect of all
               or any of the Pledged Interest in the Grantor's name or
               otherwise;

          (iv) to collect, recover or compromise and to give a good discharge
               for any monies payable to the Grantor in respect of all or any
               portion of the Pledged Interest;

          (v)  to require an assignment or other effective transfer by the
               Grantor of its rights to all or any portion of the Pledged
               Interest; and

          (vi) to the extent necessary to enforce the rights of the Secured
               Party under this Agreement, give all consents, waivers and
               ratifications in respect of the Pledged Interest, do all acts and
               things and execute all documents which the Grantor could itself
               do in relation to any of the Pledged Interest.

     (3)  The Grantor hereby agrees that the Secured Party (or any trustee,
          agent or other person acting on its behalf) shall be entitled to
          proceed against or enforce any other rights or security or claim for
          payment from any person before proceeding to enforce its rights
          hereunder.

     (4)  Notwithstanding anything in this Agreement to the contrary, if the
          Secured Party elects, in its sole discretion, not to levy execution on
          the Pledged Interest as provided for above, then the Grantor hereby
          agrees and covenants with the Secured Party that, upon the request of
          the Secured Party, the Grantor shall enter into an agreement or
          agreements, including in the form of a novation, set-off, assignment
          or accord and satisfaction agreement, with the Secured Party or any
          person designated by the Secured Party for the purpose of transferring
          or otherwise disposing of the Pledged Interest (or a specified portion
          thereof), and any such agreement shall be in form and substance
          satisfactory to the Secured Party, provided that, for the purpose of
                                             -------------
          such arrangements, the value of the Pledged Interest shall be equal to
          the starting price determined pursuant to the procedure set forth in
          SCHEDULE 3 (unless the parties hereto agree in writing otherwise).

                                        16
<PAGE>

SECTION 9.   CONTINUING SECURITY INTEREST; TRANSFER OF SECURED OBLIGATIONS

This Agreement shall create a continuing security interest in the Collateral and
shall remain in full force and effect until the payment in full of all Secured
Obligations, the cancellation or termination of the commitments and any other
contingent obligation included in the Secured Obligations, be binding upon the
Grantor, its successors and assigns, and inure, together with the rights and
remedies of the Secured Party hereunder, to the benefit of the Secured Party and
its successors, transferees and assigns.  Without limiting the generality of the
foregoing, but subject to the terms of the Guarantee and the other Finance
Documents, the Secured Party may assign or otherwise transfer any Secured
Obligations held by it to any other Person, and such other Person shall
thereupon become vested with all the benefits in respect thereof granted to the
Secured Party herein or otherwise.  Subject to the terms of the Guarantee and
the Finance Documents, upon the payment in full of all Secured Obligations, the
cancellation or termination of the commitments and any other contingent
obligation included in the Secured Obligations, the security interest granted
hereby shall terminate hereunder and of record and all rights to the Collateral
shall revert to the Grantor.  Upon any such termination the Secured Party shall,
at the Grantor's expense, execute and deliver to the Grantor such documents as
the Grantor shall reasonably request to evidence such termination.

SECTION 10.   STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM.

The powers conferred on the Secured Party hereunder are solely to protect its
interest in the Collateral and shall not impose any duty upon it to exercise any
such powers.  Except for the exercise of reasonable care in the custody of any
Collateral in its possession and the accounting for moneys actually received by
it hereunder, the Secured Party shall have no duty as to any Collateral or as to
the taking of any necessary steps to preserve rights against prior parties or
any other rights pertaining to any Collateral.  The Secured Party shall be
deemed to have exercised reasonable care in the custody and preservation of
Collateral in its possession if such Collateral is accorded treatment
substantially equal to that which the Secured Party accords its own property.
Neither the Secured Party nor any of its directors, officers, employees or
agents shall be liable for failure to demand, collect or realize upon all or any
part of the Collateral or for any delay in doing so or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the request of
the Grantor or otherwise.  If the Grantor fails to perform any agreement
contained herein, the Secured Party may itself perform, or cause performance of,
such agreement, and the expenses of the Secured Party incurred in connection
therewith shall be payable by the Grantor and pending such payment shall be
included in the obligations secured hereby.

SECTION 11.   INDEMNITY AND EXPENSES.

(a)  The Grantor agrees:

     (1)  to defend (subject to the Indemnitees' selection of counsel),
          indemnify, pay and hold harmless each Indemnitee, from and against any
          and all claims, losses and liabilities in any way relating to, growing
          out of or resulting from this Agreement and the transactions
          contemplated hereby (including without limitation enforcement of this
          Agreement), except to the extent such claims, losses or liabilities
          result from such Indemnitee's gross negligence or willful misconduct;
          and

     (2)  to pay to the Secured Party promptly following written demand the
          amount of any and all reasonable costs and reasonable expenses,
          including the reasonable fees and expenses of its counsel and of any
          experts and agents in accordance with the terms and conditions of the
          Guarantee and any other Finance Document.

                                        17
<PAGE>

     (b)  Expenses. The Grantor agrees to pay promptly all the actual costs and
          reasonable expenses of creating and perfecting Liens in favor of
          Secured Party including search, filing and recording fees, expenses
          and taxes, stamp or documentary taxes, search fees, title insurance
          premiums and reasonable fees, expenses and disbursements of counsel to
          Secured Party and of counsel providing any opinions that Secured Party
          may request in respect of the Collateral or the Liens created pursuant
          to the Collateral Documents; all the actual costs and reasonable fees,
          expenses and disbursements of any auditors, accountants, consultants
          or appraisers; all the actual costs and reasonable expenses (including
          the reasonable fees, expenses and disbursements of any appraisers,
          consultants, advisors and agents employed or retained by Secured Party
          and its counsel) in connection with the custody or preservation of any
          of the Collateral; and after the occurrence of a Default or an Event
          of Default, all costs and expenses, including reasonable attorneys'
          fees (including allocated costs of internal counsel) and costs of
          settlement, incurred by Secured Party in enforcing any Secured
          Obligations of or in collecting any payments due from the Grantor
          hereunder or under the Guarantee or any other Finance Document by
          reason of such Default or Event of Default (including in connection
          with the sale of, collection from, or other realization upon any of
          the Collateral) or in connection with any refinancing or restructuring
          of the credit arrangements provided hereunder in the nature of a
          "work-out" or pursuant to any insolvency or bankruptcy cases or
          proceedings.

     (c)  The obligations of the Grantor in this Section 11 shall survive the
          termination of this Agreement and the discharge of such Grantor's
          other obligations under this Agreement, the Guarantee or any other
          Finance Document.

SECTION 12.   MISCELLANEOUS.

(a)  Notices. Unless otherwise specifically provided herein, any notice or other
     communication herein required or permitted to be given to a Grantor or
     Secured Party, shall be sent to the following addresses:

     If to the Grantor, to it at:

     Siberian Energy Group Inc.
     275 Madison Avenue, 6th Floor
     New York, New York 10016
     United States of America
     Attention:  Chairman & Chief Executive Officer
     Telecopier No.:     +1 (905) 771-9198

     If to the Secured Party, to it at:
     Baltic Petroleum Limited
     18b Charles Street
     London W1J 5DU
     United Kingdom
     Attention:  Simon Escott
     Telecopier No.:     +44 20 7667 6471

Each notice hereunder shall be in writing and may be personally served, telexed
or sent by telefacsimile or mail or courier service and shall be deemed to have
been given when delivered in person or by courier service and signed for against
receipt thereof, upon receipt of telefacsimile or telex, or seven (7) days after
depositing it in the mail with postage prepaid and properly addressed; provided,
no notice to Secured Party shall be effective until received by Secured Party.

                                        18
<PAGE>

(b)  Amendments and Waivers.

     (1)  Secured Party's Consent. No amendment, modification, termination or
          ----------------------
          waiver of any provision of this Agreement, or consent to any departure
          by the Grantor therefrom, shall in any event be effective without the
          written concurrence of the Secured Party.

     (2)  No Waiver; Remedies Cumulative. No failure or delay on the part of the
          ------------------------------
          Secured Party in the exercise of any power, right or privilege
          hereunder or under the Guarantee or any other Finance Document shall
          impair such power, right or privilege or be construed to be a waiver
          of any default or acquiescence therein, nor shall any single or
          partial exercise of any such power, right or privilege preclude other
          or further exercise thereof or of any other power, right or privilege.
          All rights, powers and remedies existing under this Agreement, the
          Guarantee and the other Finance Documents are cumulative, and not
          exclusive of any rights or remedies otherwise available. Any
          forbearance or failure to exercise, and any delay in exercising, any
          right, power or remedy hereunder shall not impair any such right,
          power or remedy or be construed to be a waiver thereof, nor shall it
          preclude the further exercise of any such right, power or remedy.

(c)  Successors and Assigns. This Agreement shall be binding upon the parties
     hereto and their respective successors and assigns including all persons
     who become bound as debtor to this Agreement. The Grantor shall not,
     without the prior written consent of the Secured Party, assign any right,
     duty or obligation hereunder.

(d)  Independence of Covenants. All covenants hereunder shall be given
     independent effect so that if a particular action or condition is not
     permitted by any of such covenants, the fact that it would be permitted by
     an exception to, or would otherwise be within the limitations of, another
     covenant shall not avoid the occurrence of a Default or an Event of Default
     if such action is taken or condition exists.

(e)  Survival of Representations, Warranties and Agreements. All
     representations, warranties and agreements made herein shall survive the
     execution and delivery hereof. Notwithstanding anything herein or implied
     by law to the contrary, the agreements of the Grantor set forth in Sections
     11 and 12 shall survive the payment of the Secured Obligations and the
     termination hereof.

(f)  Severability. In case any provision in or obligation hereunder shall be
     invalid, illegal or unenforceable in any jurisdiction, the validity,
     legality and enforceability of the remaining provisions or obligations, or
     of such provision or obligation in any other jurisdiction, shall not in any
     way be affected or impaired thereby.

(g)  Headings. Section headings herein are included herein for convenience of
     reference only and shall not constitute a part hereof for any other purpose
     or be given any substantive effect.

(h)  APPLICABLE LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
     PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
     IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEVADA IN THE UNITED
     STATES OF AMERICA.

(i)  JURISDICTION. ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS
     AGREEMENT, INCLUDING ANY QUESTION REGARDING ITS EXISTENCE, VALIDITY OR
     TERMINATION, OR THE LEGAL RELATIONSHIPS ESTABLISHED BY THIS AGREEMENT,
     SHALL BE REFERRED TO AND FINALLY RESOLVED BY ARBITRATION UNDER THE RULES OF
     THE LONDON COURT OF INTERNATIONAL ARBITRATION, WHICH RULES ARE DEEMED TO BE
     INCORPORATED BY REFERENCE INTO THIS CLAUSE. ALL ARBITRATION PROCEEDINGS
     SHALL BE CONDUCTED IN ENGLISH BEFORE A SINGLE ARBITRATOR IN LONDON.
     JUDGMENT ON ANY RESULTING AWARD MAY BE ENTERED IN ANY COURT HAVING
     JURISDICTION OVER THE AFFECTED PARTY, AND MAY BE EXECUTED AGAINST THE
     ASSETS OF THE AFFECTED PARTY IN ANY JURISDICTION. THE ARBITRATOR SHALL HAVE
     JURISDICTION TO AWARD, AND SHALL AWARD, THE PREVAILING PARTY ITS REASONABLE
     ATTORNEYS FEES, COSTS AND EXPENSES.

                                        19
<PAGE>

(j)  WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS
     RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
     UPON OR ARISING HEREUNDER OR UNDER THE GUARANTEE OR ANY OTHER FINANCE
     DOCUMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF
     ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
     SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS,
     BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH
     PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO
     ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS
     WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY
     ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER
     WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
     COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
     FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE,
     MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN
     BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 12(j) AND
     EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY
     SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN
     THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT
     TO A TRIAL BY THE COURT.

(k)  Counterparts. This Agreement may be executed in any number of counterparts,
     each of which when so executed and delivered shall be deemed an original,
     but all such counterparts together shall constitute but one and the same
     instrument.

(l)  Effectiveness. This Agreement shall become effective upon the execution of
     a counterpart hereof by each of the parties hereto and receipt by the
     Grantor and the Secured Party of written or telephonic notification of such
     execution and authorization of delivery thereof.

(m)  Entire Agreement. This Agreement, the Guarantee and the other Finance
     Documents embody the entire agreement and understanding between the Grantor
     and the Secured Party and supersede all prior agreements and understandings
     between such parties relating to the subject matter hereof and thereof.
     Accordingly, the Guarantee and the other Finance Documents may not be
     contradicted by evidence of prior, contemporaneous or subsequent oral
     agreements of the parties. There are no unwritten oral agreements between
     the parties.

                                       20
<PAGE>

     IN WITNESS WHEREOF, the Grantor and the Secured Party have caused this
Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above.

                                     SIBERIAN ENERGY GROUP INC.,
                                     as Grantor

                                     By: /s/ David Zaikin
                                        -----------------------------
                                        Name: David Zaikin
                                        Title: Chairman & CEO

                                     BALTIC PETROLEUM LIMITED,
                                     as Secured Party

                                     By: /s/ Simon L. Escott
                                        -----------------------------
                                        Name: Simon L. Escott
                                        Title: CEO

<PAGE>

                                                                      SCHEDULE I
                                                TO PLEDGE AND SECURITY AGREEMENT

                               GENERAL INFORMATION

          (a)  Full Legal Name, Type of Organization, Jurisdiction of
               Organization, Chief Executive Office/Sole Place of Business and
               Organizational Identification Number of Grantor:

       GRANTOR          ISSUER       ISSUE DATE     NOMINAL VALUE    PERCENTAGE
  Siberian Energy         OOO        November 10,  10,000 Russian    OWNERSHIP
      Group Inc.     Zauralneftegaz     2001            rubles         100 %
                   (a Russian limited
                   liability company)

          (b)  Other Names (including any Trade-Name or Fictitious Business
               Name) under which each Grantor has conducted business for the
               past five (5) years:

                 Name of Grantor          Other name forms
                 ---------------          ----------------
             Siberian Energy Group Inc.          SEG

          (c)  Changes in Name, Jurisdiction of Organization, Chief Executive
               Office or Sole Place of Business and Corporate Structure within
               past five (5) years:

           Full Legal Name     Trade Name or Fictitious Business Name
           ---------------     --------------------------------------
     Siberian Energy Group Inc.              See below

NAME CHANGES:

The  Company  was  incorporated  in  the  State of Nevada on August 13, 1997, as
ADVANCED  REHAB  TECHNOLOGY  CORPORATION,  and previously provided comprehensive
outpatient  rehabilitation  services.  All  activities  related to the Company's
previous  business  ventures  were  essentially discontinued prior to January 1,
2000.  Subsequently,  on  March 9, 2001, the Company changed its name to TALKING
CARDS,  INC.;  on  February 12, 2002, the Company changed its name to OYSTERKING
INCORPORATED;  on  December  3,  2002,  the  Company  changed  its name to 17388
CORPORATION  INC.,  at  which  point the controlling interest of the Company was
sold  and  a  new  board of directors was appointed; on May 5, 2003, the Company
changed  its  name  to  TRANS  ENERGY  GROUP  INC.; and on December 3, 2003, the
Company  changed  its  name  to  SIBERIAN  ENERGY  GROUP  INC.

JURISDICTION  OF  ORGANIZATION:

The  jurisdiction  of  organization  remains  in  the  state  of  Nevada.

                                      S-I-1
<PAGE>

CHIEF  EXECUTIVE  OFFICES:

1997-2003     1600  Steels  Street  West, #400, Concord, Ontario, Canada L4K 4M2

2003          1270  Finch  Avenue  West,  Suite  14, Toronto, Ontario, M3J  3J7

2004-2005     275  Madison  Avenue,  6th  Floor,  New  York,  NY,  10016

          (d)  Agreements pursuant to which any Grantor is found as debtor
               within past five (5) years:

     All activities related to the Company's business were essentially
discontinued prior to January 1, 2000. No debts were left over from previous
business, except for immaterial amounts (approximately $40,000) payable to the
stockholders. These liabilities were partly discharged on purchase of ZNG,
partly are present in the current balance sheet of SEG (aprx $20,000).

No loan agreements have been signed by SEG within past 5 years.

          (e)  Financing Statements:

                   Name of Grantor     Filing Jurisdiction(s)
                   ---------------     ----------------------
                        None                    None

                                      S-I-2
<PAGE>

                                                                     SCHEDULE II
                                                TO PLEDGE AND SECURITY AGREEMENT

                                PLEDGED INTEREST

     Pledged Interest:

    GRANTOR           ISSUER         ISSUE DATE     NOMINAL VALUE     PERCENTAGE
                                                                       OWNERSHIP
===============  ==============     ============   ==============     ==========
Siberian Energy        OOO           November 10,  10,000 Russian        100%
   Group Inc.     Zauralneftegaz        2001          rubles
               (a Russian limited
                liability company)

                                      B-1
<PAGE>

                                                                    SCHEDULE III
                                                TO PLEDGE AND SECURITY AGREEMENT

                        PROCEDURES FOR LEVY OF EXECUTION

1.   The  Secured  Party may (as specified in Section 8(f)) sell all or any part
     of  the  Pledged Interest at public auctions organised by the Secured Party
     or  by  an  organisation  that specializes in coordinating such auctions (a
     "SPECIALISED ORGANISATION") in accordance with applicable law. In the event
     that all of the Pledged Interest is not sold at the first such auction, the
     Secured  Party  may in its sole discretion enter into an agreement with the
     Grantor  to  acquire  the  Pledged  Interest  or initiate a second auction.

2.   The  Secured  Party or the Specialised Organisation, upon prior approval of
     the  Secured  Party, shall be entitled (in such manner as the Secured Party
     may  in  its  absolute  discretion  see  fit,  subject  to applicable law):

     (a)  to  determine  the  date,  time  and  place  of  each  public auction;

     (b)  to  establish  the  procedure  for the holding of each public auction;

     (c)  to  make  all  arrangements  for  the  holding of each public auction,
          including,  without limitation, such arrangements as the Secured Party
          or  the  Specialised Organisation consider appropriate for advertising
          with  a view to obtaining the best price reasonably achievable for the
          Pledged  Interest;

     (d)  to approve the results of the public auction(s) and notify the Grantor
          and  any  other  interested  persons  of  the  same;

     (e)  to  appoint a pledge manager to assist the Secured Party in exercising
          the  powers  contained  in (a) to (d) above and delegate its powers to
          such  pledge  manager;

     (f)  to  engage  professional  advisers,  including  valuers,  lawyers  and
          accountants  in connection with the auction(s) and the exercise of the
          Secured  Party's  rights;  and

     (g)  to  incur and pay the costs and expenses of holding the auction(s) and
          of  its  advisers engaged pursuant to (e) and (f) above, together with
          notarisation, registration and other costs and expenses in relation to
          the  transfer  of the Pledged Interest to the purchaser or the Secured
          Party.

3.   For  the purpose of compliance with Article 350(3) of the Civil Code of the
     Russian Federation, the Grantor and Secured Party shall promptly, following
     an  appropriate Secured Party's request to the Grantor, agree on a starting
     price  for  the  first  and  any  subsequent  public auction which shall be
     determined  on  the basis of prevailing market conditions. In the event the
     Grantor  and  the  Secured Party fail to reach an agreement with respect to
     such  starting  price  within  a  reasonable  time, the Secured Party shall
     determine  a starting price for the first and any subsequent public auction
     based  on  prevailing  market  conditions.

4.   The  Secured  Party  or  the  Specialised Organisation may sell the Pledged
     Interest  at  either  public  auction  for less than the price specified in
     Section  3  (c)  of  the  Agreement.  The  Secured Party or the Specialised
     Organisation  shall  not  be  obliged  to  delay either auction in order to
     receive  a  better  price.

                                      B-2
<PAGE>

5.   The  Secured Party or the Specialised Organisation shall be entitled in its
     own  name  as a representative for and on behalf of the Grantor to transfer
     the  Pledged  Interest  to  any  purchaser free and clear of all rights and
     interests of the Secured Party and the Grantor, and to give valid discharge
     to  any purchaser for payment of the purchase price, and the minutes of the
     results  of  the  public  auction  signed  by  the  Secured  Party  or  the
     Specialised  Organisation  shall  suffice for such purposes. Such purchaser
     shall  be  entitled  to register its title to the Pledged Interest with all
     relevant  authorities  by  evidencing  to  the  authorities  the  Agreement
     together  with  the  minutes of the results of the public auction signed by
     the  Secured  Party  or  the  Specialised  Organisation  stating  that such
     purchaser  has  become the owner of the Pledged Interest. The Grantor shall
     ensure  that  the  title  of such purchaser to the Pledged Interest is duly
     documented.

6.   The  Secured  Party  may  in  its  sole discretion either (i) enter into an
     agreement  with  the  Grantor  to  acquire  the  Pledged  Interest; or (ii)
     initiate  a  second  auction  if  the  Secured  Party  or  the  Specialised
     Organisation  (each  in  its absolute discretion) consider the first public
     auction  to  have  failed.

7.   If  the  Secured  Party  or  the  Specialised  Organisation  (each in their
     absolute discretion) consider the second public auction to have failed, the
     Secured  Party or the Specialised Organisation shall be entitled, by notice
     to  the  Grantor,  to  declare  the  public auction to have failed, and the
     Secured  Party  shall  assume  ownership  of  the Pledged Interest and upon
     service  of  that notice shall have good title to the Pledged Interest free
     and clear of all rights and interests of the Grantor without any additional
     agreements.  The  Secured  Party shall be entitled to register its title to
     the  Pledged  Interest  with  all relevant authorities by evidencing to the
     authorities  the  Agreement together with the minutes of the results of the
     public  auction signed by the Secured Party or the Specialised Organisation
     stating  that  the first and the second public auction have failed and that
     the  Secured  Party  has  assumed  ownership  of  the Pledged Interest. The
     Grantor  shall use its reasonable endeavour to ensure that the title of the
     Secured  Party  to  the  Pledged  Interest  is  duly  documented.

                                      B-3
<PAGE>Exhibit 10.1

 

EXHIBIT
10.1 2005 NON-QUALIFIED STOCK COMPENSATION PLAN

2005
NON-QUALIFIED STOCK COMPENSATION PLAN

1. Purpose
of Plan

1.1 This 2005
NON-QUALIFIED STOCK
COMPENSATION PLAN (the “Plan”) of Worldwide Biotech & Pharmaceutical
Company, a Delaware corporation (the “Company”) for employees, directors,
officers, consultants, advisors and other persons associated with the Company,
is intended to advance the best interests of the Company by providing those
persons who have a substantial responsibility for its management and growth with
additional incentive and by increasing their proprietary interest in the success
of the Company, thereby encouraging them to maintain their relationships with
the Company. Further, the availability and offering of stock options and common
stock under the Plan supports and increases the Company's ability to attract and
retain individuals of exceptional talent upon whom, in large measure, the
sustained progress, growth and profitability of the Company
depends.

2. Definitions

2.1 For Plan
purposes, except where the context might clearly indicate otherwise, the
following terms shall have the meanings set forth below:

“Board”
shall mean the Board of Directors of the Company.

“Committee”
shall mean the Compensation Committee, or such other committee appointed by the
Board, which shall be designated by the Board to administer the Plan, or the
Board if no committees have been established. The Committee shall be composed of
three
or more persons as from
time to time are appointed to serve by the Board. Each member of the Committee,
while serving as such, shall be a disinterested person with the meaning of Rule
16b-3 promulgated under the Securities Exchange Act of 1934.

“Common
Shares” shall mean the Company's Common Shares, $.001 par value per share, or,
in the event that the outstanding Common Shares are hereafter changed into or
exchanged for different shares of securities of the Company, such other shares
or securities.

“Company”
shall mean
Worldwide Biotech & Pharmaceutical Company, a Delaware corporation,
and any parent or subsidiary corporation of WWBP, as such terms are defined in
Sections 425(e) and 425(f), respectively, of the Code.

“Fair
Market Value” shall mean, with respect to the date a given stock option is
granted or exercised, the average of the highest and lowest reported sales
prices of the Common Shares, as reported by such responsible reporting service
as the Committee may select, or if there were not transactions in the Common
Shares on such day, then the last preceding day on which transactions took
place. The above withstanding, the Committee may determine the Fair Market Value
in such other manner as it may deem more equitable for Plan purposes or as is
required by applicable laws or regulations.

 

1

 

“Optionee”
shall mean an employee of the company who has been granted one or more Stock
Options under the Plan.

“Common
Stock” shall mean shares of common stock which are issued by the Company
pursuant to Section 5, below.

“Common
Stockholder” means the
employee of, consultant to, or director of the Company or other person to whom
shares of Common Stock are issued pursuant to this Plan.

“Common
Stock Agreement” means an agreement executed by a Common Stockholder and the
Company as contemplated by Section 5, below, which imposes on the shares of
Common Stock held by the Common Stockholder such restrictions as the Board or
Committee deem appropriate.

“Stock
Option” or “Non-Qualified Stock Option” or “NQSO” shall mean a stock option
granted pursuant to the terms of the Plan.

“Stock
Option Agreement” shall mean the agreement between the Company and the Optionee
under which the Optionee may purchase Common Shares hereunder.

3. Administration
of the Plan

3.1 The
Committee shall administer the Plan and accordingly, it shall have full power to
grant Stock Options and Common Stock, construe and interpret the Plan, establish
rules and regulations and perform all other acts, including the delegation of
administrative responsibilities, it believes reasonable and proper.

3.2 The
determination of those eligible to receive Stock Options and Common Stock, and
the amount, type and timing of each grant and the terms and conditions of the
respective stock option agreements and Common Stock Agreements shall rest in the
sole discretion of the Committee, subject to the provisions of the
Plan.

3.3 The
Committee may cancel any Stock Options awarded under the Plan if an Optionee
conducts himself in a manner which the Committee determines to be inimical to
the best interest of the Company, as set forth more fully in paragraph 8 of
Article 11 of the Plan.

3.4 The
Board, or the Committee, may correct any defect, supply any omission or
reconcile any inconsistency in the Plan, or in any granted Stock Option, in the
manner and to the extent it shall deem necessary to carry it into
effect.

 

2

 

3.5 Any
decision made, or action taken, by the Committee or the Board arising out of or
in connection with the interpretation and administration of the Plan shall be
final and conclusive.

3.6 The
Committee shall, in its discretion, have the power to issue Common Shares to
holders of non-qualified incentive stock option agreements which are outstanding
as of the date hereof , pursuant to the terms of those option
agreements.  

3.7 Meetings
of the Committee shall be held at such times and places as shall be determined
by the Committee. A majority of the members of the Committee shall constitute a
quorum for the transaction of business, and the vote of a majority of those
members present at any meeting shall decide any question brought before that
meeting. In addition, the Committee may take any action otherwise proper under
the Plan by the affirmative vote, taken without a meeting, of a majority of its
members.

3.8 No member
of the Committee shall be liable for any act or omission of any other member of
the Committee or for any act or omission on his own part, including, but not
limited to, the exercise of any power or discretion given to him under the Plan,
except those resulting from his own gross negligence or willful
misconduct.

3.9 The
Company, through its management, shall supply full and timely information to the
Committee on all matters relating to the eligibility of Optionees, their duties
and performance, and current information on any Optionee's death, retirement,
disability or other termination of association with the Company, and such other
pertinent information as the Committee may require. The Company shall furnish
the Committee with such clerical and other assistance as is necessary in the
performance of its duties hereunder.

4. Shares
Subject to the Plan

4.1 The total
number of shares of the Company available for grants of Stock Options and Common
Stock under the Plan shall be 5,000,000 Common Shares, subject to adjustment in
accordance with Article 7 of the Plan, which shares may be either authorized but
unissued or reacquired Common Shares of the Company.

4.2 If a
Stock Option or portion thereof shall expire or terminate for any reason without
having been exercised in full, the unpurchased shares covered by such NQSO shall
be available for future grants of Stock Options.

5. Award
Of Common Stock

5.1 The Board
or Committee from time to time, in its absolute discretion, may (a) award Common
Stock to employees of, consultants to, and directors of the Company, and such
other persons as the Board or Committee may select, and (b) permit Holders of
Options to exercise such Options prior to full vesting therein and hold the
Common Shares issued upon exercise of the Option as Common Stock. In either such
event, the owner of such Common Stock shall hold such stock subject to such
vesting schedule as the Board or Committee may impose or such vesting schedule
to which the Option was subject, as determined in the discretion of the Board or
Committee.

 

3

 

5.2 Common
Stock shall be issued only pursuant to a Common Stock Agreement, which shall be
executed by the Common Stockholder and the Company and which shall contain such
terms and conditions as the Board or Committee shall determine consistent with
this Plan, including such restrictions on transfer as are imposed by the Common
Stock Agreement.

5.3 Upon
delivery of the shares of Common Stock to the Common Stockholder, below, the
Common Stockholder shall have, unless otherwise provided by the Board or
Committee, all the rights of a stockholder with respect to said shares, subject
to the restrictions in the Common Stock Agreement, including the right to
receive all dividends and other distributions paid or made with respect to the
Common Stock.

5.4. Notwithstanding
anything in this Plan or any Common Stock Agreement to the contrary, no Common
Stockholders may sell or otherwise transfer, whether or not for value, any of
the Common Stock prior to the date on which the Common Stockholder is vested
therein.

5.5 All
shares of Common Stock issued under this Plan (including any shares of Common
Stock and other securities issued with respect to the shares of Common Stock as
a result of stock dividends, stock splits or similar changes in the capital
structure of the Company) shall be subject to such restrictions as the Board or
Committee shall provide, which restrictions may include, without limitation,
restrictions concerning voting rights, transferability of the Common Stock and
restrictions based on duration of employment with the Company, Company
performance and individual performance; provided that the Board or Committee
may, on such terms and conditions as it may determine to be appropriate, remove
any or all of such restric-tions. Common Stock may not be sold or encumbered
until all applicable restrictions have terminated or expire. The restrictions,
if any, imposed by the Board or Committee or the Board under this Section 5 need
not be identical for all Common Stock and the imposition of any restrictions
with respect to any Common Stock shall not require the imposition of the same or
any other restrictions with respect to any other Common Stock.

5.6 Each
Common Stock Agreement shall provide that the Company shall have the right to
repurchase from the Common Stockholder the unvested Common Stock upon a
termination of employment, termination of directorship or termination of a
consultancy arrangement, as applicable, at a cash price per share equal to the
purchase price paid by the Common Stockholder for such Common
Stock.

5.7 In the
discretion of the Board or Committee, the Common Stock Agreement may provide
that the Company shall have the a right of first refusal with respect to the
Common Stock and a right to repurchase the vested Common Stock upon a
termination of the Common Stockholder's employment with the Company, the
termination of the Common Stockholder's consulting arrangement with the Company,
the termination of the Common Stockholder's service on the Company's Board, or
such other events as the Board or Committee may deem appropriate.

5.8 The Board
or Committee shall cause a legend or legends to be placed on certificates
representing shares of Common Stock that are subject to restrictions under
Common Stock Agreements, which legend or legends shall make appropriate
reference to the applicable restrictions.

4

 

6. Stock
Option Terms and Conditions

6.1 Consistent
with the Plan's purpose, Stock Options may be granted to non-employee directors
of the Company or other persons who are performing or who have been engaged to
perform services of special importance to the management, operation or
development of the Company.

6.2 All Stock
Options granted under the Plan shall be evidenced by agreements which shall be
subject to applicable provisions of the Plan, and such other provisions as the
Committee may adopt, including the provisions set forth in paragraphs 2 through
11 of this Section 6.

6.3 All Stock
Options granted hereunder must be granted within ten years from the earlier of
the date of this Plan is adopted or approved by the Company's
shareholders.

6.4 No Stock
Option granted to any employee or 10% Shareholder shall be exercisable after the
expiration of ten years from the date such NQSO is granted. The Committee, in
its discretion, may provide that an Option shall be exercisable during such ten
year period or during any lesser period of time.

The
Committee may establish installment exercise terms for a Stock Option such that
the NQSO becomes fully exercisable in a series of cumulating portions. If an
Optionee shall not, in any given installment period, purchase all the Common
Shares which such Optionee is entitled to purchase within such installment
period, such Optionee's right to purchase any Common Shares not purchased in
such installment period shall continue until the expiration or sooner
termination of such NQSO. The Committee may also accelerate the exercise of any
NQSO. However, no NQSO, or any portion thereof, may be exercisable until thirty
(30) days following date of grant (“30-Day Holding Period.”).

6.5 A Stock
Option, or portion thereof, shall be exercised by delivery of (i) a written
notice of exercise of the Company specifying the number of common shares to be
purchased, and (ii) payment of the full price of such Common Shares, as fully
set forth in paragraph 6 of this Section 6.

No NQSO
or installment thereof shall be exercisable except with respect to whole shares,
and fractional share interests shall be disregarded. Not less than 100 Common
Shares may be purchased at one time unless the number purchased is the total
number at the time available for purchase under the NQSO. Until the Common
Shares represented by an exercised NQSO are issued to an Optionee, he shall have
none of the rights of a shareholder.

 

5

 

6.6 The
exercise price of a Stock Option, or portion thereof, may be paid:

A. In United
States dollars, in cash or by cashier's check, certified check, bank draft or
money order, payable to the order of the Company in an amount equal to the
option price; or

B. At the
discretion of the Committee, through the delivery of fully paid and
nonassessable Common Shares, with an aggregate Fair Market Value on the date the
NQSO is exercised equal to the option price, provided such tendered Shares have
been owned by the Optionee for at least one year prior to such exercise;
or

C. By a
combination of both A and B above.

The
Committee shall determine acceptable methods for tendering Common Shares as
payment upon exercise of a Stock Option and may impose such limitations and
prohibitions on the use of Common Shares to exercise an NQSO as it deems
appropriate.

6.7 With the
Optionee's consent, the Committee may cancel any Stock Option issued under this
Plan and issue a new NQSO to such Optionee.

6.8 Except by
will or the laws of descent and distribution, no right or interest in any Stock
Option granted under the Plan shall be assignable or transferable, and no right
or interest of any Optionee shall be liable for, or subject to, any lien,
obligation or liability of the Optionee. Stock Options shall be exercisable
during the Optionee's lifetime only by the Optionee or the duly appointed legal
representative of an incompetent Optionee.

6.9 If the
Optionee shall die while associated with the Company or within three months
after termination of such association, the personal representative or
administrator of the Optionee's estate or the person(s) to whom an NQSO granted
hereunder shall have been validly transferred by such personal representative or
administrator pursuant to the Optionee's will or the laws of descent and
distribution, shall have the right to exercise the NQSO for one year after the
date of the Optionee's death, to the extent (i) such NQSO was exercisable on the
date of such termination of employment by death, and (ii) such NQSO was not
exercised, and (iii) the exercise period may not be extended beyond the
expiration of the term of the Option.

No
transfer of a Stock Option by the will of an Optionee or by the laws of descent
and distribution shall be effective to bind the Company unless the Company shall
have been furnished with written notice thereof and an authenticated copy of the
will and/or such other evidence as the Committee may deem necessary to establish
the validity of the transfer and the acceptance by the transferee or transferee
of the terms and conditions by such Stock Option.

In the
event of death following termination of the Optionee's association with the
Company while any portion of an NQSO remains exercisable, the Committee, in its
discretion, may provide for an extension of the exercise period of up to one
year after the Optionee's death but not beyond the expiration of the term of the
Stock Option.

 

6

 

6.10 Any
Optionee who disposes of Common Shares acquired on the exercise of a NQSO by
sale or exchange either (i) within two years after the date of the grant of the
NQSO under which the stock was acquired, or (ii) within one year after the
acquisition of such Shares, shall notify the Company of such disposition and of
the amount realized upon such disposition. The transfer of Common Shares may
also be Common by applicable provisions of the Securities Act of 1933, as
amended.

7. Adjustments
or Changes in Capitalization

7.1 In the
event that the outstanding Common Shares of the Company are hereafter changed
into or exchanged for a different number or kind of shares or other securities
of the Company by reason of merger, consolidation, other reorganization,
recapitalization, reclassification, combination of shares, stock split-up or
stock dividend:

A. Prompt,
proportionate, equitable, lawful and adequate adjustment shall be made of the
aggregate number and kind of shares subject to Stock Options which may be
granted under the Plan, such that the Optionee shall have the right to purchase
such Common Shares as may be issued in exchange for the Common Shares
purchasable on exercise of the NQSO had such merger, consolidation, other
reorganization, recapitalization, reclassification, combination of shares, stock
split-up or stock dividend not taken place;

B. Rights
under unexercised Stock Options or portions thereof granted prior to any such
change, both as to the number or kind of shares and the exercise price per
share, shall be adjusted appropriately, provided that such adjustments shall be
made without change in the total exercise price applicable to the unexercised
portion of such NQSO's but by an adjustment in the price for each share covered
by such NQSO's; or

C. Upon any
dissolution or liquidation of the Company or any merger or combination in which
the Company is not a surviving corporation, each outstanding Stock Option
granted hereunder shall terminate, but the Optionee shall have the right,
immediately prior to such dissolution, liquidation, merger or combination, to
exercise his NQSO in whole or in part, to the extent that it shall not have been
exercised, without regard to any installment exercise provisions in such
NQSO.

7.2 The
foregoing adjustments and the manner of application of the foregoing provisions
shall be determined solely by the Committee, whose determination as to what
adjustments shall be made and the extent thereof, shall be final, binding and
conclusive. No fractional Shares shall be issued under the Plan on account of
any such adjustments.

7

 

8. Merger,
Consolidation or Tender Offer

8.1 If the
Company shall be a party to a binding agreement to any merger, consolidation or
reorganization or sale of substantially all the assets of the Company, each
outstanding Stock Option shall pertain and apply to the securities and/or
property which a shareholder of the number of Common Shares of the Company
subject to the NQSO would be entitled to receive pursuant to such merger,
consolidation or reorganization or sale of assets.

8.2 In the
event that:

A. Any
person other than the Company shall acquire more than 20% of the Common Shares
of the Company through a tender offer, exchange offer or otherwise;

B. A change
in the “control” of the Company occurs, as such term is defined in Rule 405
under the Securities Act of 1933;

C. There
shall be a sale of all or substantially all of the assets of the
Company;

any then
outstanding Stock Option held by an Optionee, who is deemed by the Committee to
be a statutory officer (“Insider”) for purposes of Section 16 of the Securities
Exchange Act of 1934 shall be entitled to receive, subject to any action by the
Committee revoking such an entitlement as provided for below, in lieu of
exercise of such Stock Option, to the extent that it is then exercisable, a cash
payment in an amount equal to the difference between the aggregate exercise
price of such NQSO, or portion thereof, and, (i) in the event of an offer or
similar event, the final offer price per share paid for Common Shares, or such
lower price as the Committee may determine to conform an option to preserve its
Stock Option status, times the number of Common Shares covered by the NQSO or
portion thereof, or (ii) in the case of an event covered by B or C above, the
aggregate Fair Market Value of the Common Shares covered by the Stock Option, as
determined by the Committee at such time.

8.3 Any
payment which the Company is required to make pursuant to paragraph 8.2 of this
Section 8 shall be made within 15 business days, following the event which
results in the Optionee's right to such payment. In the event of a tender offer
in which fewer than all the shares which are validly tendered in compliance with
such offer are purchased or exchanged, then only that portion of the shares
covered by an NQSO as results from multiplying such shares by a fraction, the
numerator of which is the number of Common Shares acquired pursuant to the offer
and the denominator of which is the number of Common Shares tendered in
compliance with such offer shall be used to determine the payment thereupon. To
the extent that all or any portion of a Stock Option shall be affected by this
provision, all or such portion of the NQSO shall be terminated.

8.4 Notwithstanding
paragraphs 8.1 and 8.3 of this Section 8, the Committee may, by unanimous vote
and resolution, unilaterally revoke the benefits of the above provisions;
provided, however, that such vote is taken no later than ten business days
following public announcement of the intent of an offer or the change of
control, whichever occurs earlier.

9. Amendment
and Termination of Plan

9.1 The Board
may at any time, and from time to time, suspend or terminate the Plan in whole
or in part or amend it from time to time in such respects as the Board may deem
appropriate and in the best interest of the Company.

9.2 No
amendment, suspension or termination of this Plan shall, without the Optionee's
consent, alter or impair any of the rights or obligations under any Stock Option
theretofore granted to him under the Plan.

9.3 The Board
may amend the Plan, subject to the limitations cited above, in such manner as it
deems necessary to permit the granting of Stock Options meeting the requirements
of future amendments or issued regulations, if any, to the Code.

9.4 No NQSO
may be granted during any suspension of the Plan or after termination of the
Plan.

8

 

10. Government
and Other Regulations

10.1 The
obligation of the Company to issue, transfer and deliver Common Shares for Stock
Options exercised under the Plan shall be subject to all applicable laws,
regulations, rules, orders and approval which shall then be in effect and
required by the relevant stock exchanges on which the Common Shares are traded
and by government entities as set forth below or as the Committee in its sole
discretion shall deem necessary or advisable. Specifically, in connection with
the Securities Act of 1933, as amended, upon exercise of any Stock Option, the
Company shall not be required to issue Common Shares unless the Committee has
received evidence satisfactory to it to the effect that the Optionee will not
transfer such shares except pursuant to a registration statement in effect under
such Act or unless an opinion of counsel satisfactory to the Company has been
received by the Company to the effect that such registration is not required.
Any determination in this connection by the Committee shall be final, binding
and conclusive. The Company may, but shall in no event be obligated to, take any
other affirmative action in order to cause the exercise of a Stock Option or the
issuance of Common Shares pursuant thereto to comply with any law or regulation
of any government authority.

11. Miscellaneous
Provisions

11.1 No person
shall have any claim or right to be granted a Stock Option or Common Stock under
the Plan, and the grant of an NQSO or Common Stock under the Plan shall not be
construed as giving an Optionee or Common Stockholder the right to be retained
by the Company. Furthermore, the Company expressly reserves the right at any
time to terminate its relationship with an Optionee with or without cause, free
from any liability, or any claim under the Plan, except as provided herein, in
an option agreement, or in any agreement between the Company and the
Optionee.

11.2 Any
expenses of administering this Plan shall be borne by the Company.

11.3 The
payment received from Optionee from the exercise of Stock Options under the Plan
shall be used for the general corporate purposes of the Company.

11.4 The place
of administration of the Plan shall be in the State of Delaware, and the
validity, construction, interpretation, administration and effect of the Plan
and of its rules and regulations, and rights relating to the Plan, shall be
determined solely in accordance with the laws of the State of
Delaware.

11.5 Without
amending the Plan, grants may be made to persons who are foreign nationals or
employed outside the United States, or both, on such terms and conditions,
consistent with the Plan's purpose, different from those specified in the Plan
as may, in the judgment of the Committee, be necessary or desirable to create
equitable opportunities given differences in tax laws in other
countries.

 

9

 

11.6 In
addition to such other rights of indemnification as they may have as members of
the Board or the Committee, the members of the Committee shall be indemnified by
the Company against all costs and expenses reasonably incurred by them in
connection with any action, suit or proceeding to which they or any of them may
be party by reason of any action taken or failure to act under or in connection
with the Plan or any Stock Option granted thereunder, and against all amounts
paid by them in settlement thereof (provided such settlement is approved by
independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in any such action, suit or proceeding, except a
judgment based upon a finding of bad faith; provided that upon the institution
of any such action, suit or proceeding a Committee member shall, in writing,
give the Company notice thereof and an opportunity, at its own expense, to
handle and defend the same, with counsel acceptable to the Optionee, before such
Committee member undertakes to handle and defend it on his own
behalf.

11.7 Stock
Options may be granted under this Plan from time to time, in substitution for
stock options held by employees of other corporations who are about to become
employees of the Company as the result of a merger or consolidation of the
employing corporation with the Company or the acquisition by the Company of the
assets of the employing corporation or the acquisition by the Company of stock
of the employing corporation as a result of which it becomes a subsidiary of the
Company. The terms and conditions of such substitute stock options so granted
may vary from the terms and conditions set forth in this Plan to such extent as
the Board of Directors of the Company at the time of grant may deem appropriate
to conform, in whole or in part, to the provisions of the stock options in
substitution for which they are granted, but no such variations shall be such as
to affect the status of any such substitute stock options as a stock option
under Section 422A of the Code.

11.8 Notwithstanding
anything to the contrary in the Plan, if the Committee finds by a majority vote,
after full consideration of the facts presented on behalf of both the Company
and the Optionee, that the Optionee has been engaged in fraud, embezzlement,
theft, insider trading in the Company's stock, commission of a felony or proven
dishonesty in the course of his association with the Company or any subsidiary
corporation which damaged the Company or any subsidiary corporation, or for
disclosing trade secrets of the Company or any subsidiary corporation, the
Optionee shall forfeit all unexercised Stock Options and all exercised NQSO's
under which the Company has not yet delivered the certificates and which have
been earlier granted to the Optionee by the Committee. The decision of the
Committee as to the cause of an Optionee's discharge and the damage done to the
Company shall be final. No decision of the Committee, however, shall affect the
finality of the discharge of such Optionee by the Company or any subsidiary
corporation in any manner.

12. Written
Agreement

12.1 Each
Stock Option granted hereunder shall be embodied in a written Stock Option
Agreement which shall be subject to the terms and conditions prescribed above
and shall be signed by the Optionee and by the President or any Vice President
of the Company, for and in the name and on behalf of the Company. Such Stock
Option Agreement shall contain such other provisions as the Committee, in its
discretion shall deem advisable.

 

10

 

Number of
Shares:                                   Date of
Grant:               

FORM OF
NON-QUALIFIED STOCK OPTION AGREEMENT

AGREEMENT
made
this           day of
   
2005, between      
(the “Optionee”), and Worldwide Biotech & Pharmaceutical Company (the
“Company”).

1. Grant
of Option

The
Company, pursuant to the provisions of the 2005 Non-Qualified Stock Compensation
Plan (the “Plan”), adopted by the Board of Directors on May 20, 2005, the
Company hereby grants to the Optionee, subject to the terms and conditions set
forth or incorporated herein, an option to purchase from the Company all or any
part of an aggregate of   
shares of its $.001 par value common stock, as such common stock is now
constituted, at the purchase price of $  per
share. The provisions of the Plan governing the terms and conditions of the
Option granted hereby are incorporated in full herein by reference.

2. Exercise

The
Option evidenced hereby shall be exercisable in whole or in part on or after
_________
and on or before ______ ,
provided that the cumulative number of shares of common stock as to which this
Option may be exercised (except in the event of death, retirement, or permanent
and total disability, as provided in paragraph 6.9 of the Plan) shall not exceed
the following amounts:

Cumulative
Number   Prior to
Date

of
Shares                      
(Not
Inclusive of)

The
Option evidenced hereby shall be exercisable by the delivery to and receipt by
the Company of (i) written notice of election to exercise, in the form set forth
in Attachment B hereto, specifying the number of shares to be purchased; (ii)
accompanied by payment of the full purchase price thereof in cash or certified
check payable to the order of the Company, or by fully paid and nonassessable
common stock of the Company properly endorsed over to the Company, or by a
combination thereof, and (iii) by return of this Stock Option Agreement for
endorsement of exercise by the Company on Schedule I hereof. In the event fully
paid and nonassessable common stock is submitted as whole or partial payment for
shares to be purchased hereunder, such common stock will be valued at their Fair
Market Value (as defined in the Plan) on the date such shares received by the
Company are applied to payment of the exercise price.

11

 

3. Transferability

The
Option evidenced hereby is not assignable or transferable by the Optionee other
than by the Optionee's will or by the laws of descent and distribution, as
provided in paragraph 6.9 of the Plan. The Option shall be exercisable only by
the Optionee during his lifetime.

Worldwide
Biotech & Pharmaceutical Company

By:

Name:

ATTEST:                                                         Title:

Secretary                                                

Optionee
hereby acknowledges receipt of a copy of the Plan, attached hereto and accepts
this Option subject to each and every term and provision of such Plan. Optionee
hereby agrees to accept as binding, conclusive and final, all decisions or
interpretations of the of the Board of Directors administering the Plan on any
questions arising under such Plan. Optionee recognizes that if Optionee's
employment with the Company or any subsidiary thereof shall be terminated
without cause, or by the Optionee, prior to completion or satisfactory
performance by Optionee (except as otherwise provided in paragraph 6 of the
Plan) all of the Optionee's rights hereunder shall thereupon terminate; and
that, pursuant to paragraph 6 of the Plan, this Option may not be exercised
while there is outstanding to Optionee any unexercised Stock Option granted to
Optionee before the date of grant of this Option.

Dated:         

Optionee

                                                                       
                                                                         

 

Print
Name

                                                                       
                                                                         

 

 

Address

                                                                       
                                                                         

 

                                                                       
Social Security No.

                                                                                                                                                

 

12

 

ATTACHMENT
B

NOTICE OF
EXERCISE

To: Worldwide
Biotech & Pharmaceutical Company

(1)  The
undersigned hereby elects to purchase ________ shares of Common Shares (the
“Common Shares”), of Worldwide Biotech & Pharmaceutical Company pursuant to
the terms of the attached Non-Qualified Stock Option Agreement, and tenders
herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any.

 

(2)  Please
issue a certificate or certificates representing said shares of Common Shares in
the name of the undersigned or in such other name as is specified
below:

 

_______________________________

(Name)

_______________________________

(Address)

_______________________________

Dated:

______________________________

Signature

Optionee:                                                                    
Date of
Grant:                                                       
  

13

 

SCHEDULE
I

	
      DATE
	
      SHARES
      PURCHASED
	
      PAYMENT
      RECEIVED
	
      UNEXERCISED
      

      SHARES

      REMAINING
	
      ISSUING

      OFFICER

      INITIALS

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]