Document:

Exhibit 10.8

EXHIBIT
10.8

AMENDED
AND RESTATED STOCK PLEDGE AGREEMENT

This
Amended and Restated Stock Pledge Agreement (this “Agreement”), dated as of May
18, 2005, among Lee Harrison Corbin, Attorney in-Fact for the Trust Under the
Will of John Svenningsen (the “Pledgee”), Sequiam Corporation, a California
corporation (the “Company”), and each of the other undersigned pledgors (the
Company and each such other undersigned pledgor, a “Pledgor” and
collectively, the “Pledgors”).

BACKGROUND

WHEREAS,
the Pledgee has previously loaned to the Company $1,350,000 pursuant to a series
of notes (the “Unsecured Debt”);

WHEREAS,
The Company has requested and the Pledgee has agreed to advance an amount to
Laurus Master Fund Ltd (“Laurus”), sufficient to repay the remaining debt to
Laurus in accordance with the terms of the Assignment, Assumption and Release
with Laurus, and in connection therewith, Laurus has agreed to assign to the
Purchaser all of Laurus’ rights under that certain Securities Purchase
Agreement, dated April 27, 2004, by and between the Company and Laurus, as
amended and the Loan Documents, a defined in the Purchase Agreement (defined
below), which includes that certain Stock Pledge Agreement, dated as of April
27, 2004, between Laurus and the Pledgors (the “Original Agreement”), such that
the Pledgee shall stand in the place of Laurus thereunder; 

WHEREAS,
in consideration of the Pledgee agreeing to advance the funds to repay Laurus
and assume the place of Laurus under the Loan Documents, the Company has agreed
to amend and restate this Agreement and the other Loan Documents and to
consolidate the advance hereunder to Laurus with the Unsecured
Debt;

WHEREAS,
the Company has authorized the issuance to the Pledgee of an Amended, Restated
and Consolidated Senior Secured Term Note in the initial aggregate principal
amount of $3,450,000 (the “Note”), 

WHEREAS,
in further consideration of the additional loan, the Company wishes to issue a
warrant to the Pledgee to purchase up to 6,000,000 shares of the Company's
Common Stock (subject to adjustment as set forth therein) in connection with
Pledgee's acceptance of the Note;

WHEREAS,
the Company has entered into an Amended and Restated Securities Purchase
Agreement, of even date herewith (as amended, modified, restated or supplemented
from time to time, the “Purchase Agreement”) pursuant to which the Pledgee
provides or will provide certain financial accommodations to the
Company.

WHEREAS,
in order to induce the Pledgee to provide or continue to provide the financial
accommodations described in the Purchase Agreement, each Pledgor has agreed to
pledge and grant a security interest in the collateral described herein to the
Pledgee on the terms and conditions set forth herein.

WHEREAS,
the Pledgee and the Pledgor now wish to amend and restate the Original Agreement
as provided herein.

NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration the receipt of which is hereby acknowledged, the parties hereto
agree as follows:

1.    Defined
Terms. All
capitalized terms used herein which are not defined shall have the meanings
given to them in the Purchase Agreement.

2.    Pledge
and Grant of Security Interest. To
secure the full and punctual payment and performance of (the following clauses
(a) and (b), the “Indebtedness”) (a) the obligations under the Purchase
Agreement and (b) all other indebtedness, obligations and liabilities of each
Pledgor to the Pledgee whether now existing or hereafter arising, direct or
indirect, liquidated or unliquidated, absolute or contingent, due or not due and
whether under, pursuant to or evidenced by a note, agreement, guaranty,
instrument or otherwise (in each case, irrespective of the genuineness,
validity, regularity or enforceability of such Indebtedness, or of any
instrument evidencing any of the Indebtedness or of any collateral therefore or
of the existence or extent of such collateral, and irrespective of the
allowability, allowance or disallowance of any or all of such in any case
commenced by or against any Pledgor under Title 11, United States Code,
including, without limitation, obligations or indebtedness of each Pledgor for
post-petition interest, fees, costs and charges that would have accrued or been
added to the Indebtedness but for the commencement of such case), each Pledgor
hereby pledges, assigns, hypothecates, transfers and grants a security interest
to Pledgee in all of the following (the “Collateral”):

(a)    the
shares of stock set forth on Schedule
A annexed
hereto and expressly made a part hereof (together with any additional shares of
stock or other equity interests acquired by any Pledgor, the “Pledged Stock”),
the certificates representing the Pledged Stock and all dividends, cash,
instruments and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of the Pledged Stock;

(b)    all
additional shares of stock of any issuer (each, an “Issuer”) of the Pledged
Stock from time to time acquired by any Pledgor in any manner, including,
without limitation, stock dividends or a distribution in connection with any
increase or reduction of capital, reclassification, merger, consolidation, sale
of assets, combination of shares, stock split, spin-off or split-off (which
shares shall be deemed to be part of the Collateral), and the certificates
representing such additional shares, and all dividends, cash, instruments and
other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such shares;
and

(c)    all
options and rights, whether as an addition to, in substitution of or in exchange
for any shares of any Pledged Stock and all dividends, cash, instruments and
other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all such options and
rights.

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3.    Delivery
of Collateral. All
certificates representing or evidencing the Pledged Stock shall be delivered to
and held by or on behalf of Pledgee pursuant hereto and shall be accompanied by
duly executed instruments of transfer or assignment in blank, all in form and
substance satisfactory to Pledgee. Each Pledgor hereby authorizes the Issuer
upon demand by the Pledgee to deliver any certificates, instruments or other
distributions issued in connection with the Collateral directly to the Pledgee,
in each case to be held by the Pledgee, subject to the terms hereof. Upon an
Event of Default (as defined below) under the Note that has occurred and is
continuing beyond any applicable grace period, the Pledgee shall have the right,
during such time in its discretion and without notice to the Pledgor, to
transfer to or to register in the name of the Pledgee or any of its nominees any
or all of the Pledged Stock. In addition, the Pledgee shall have the right at
such time to exchange certificates or instruments representing or evidencing
Pledged Stock for certificates or instruments of smaller or larger
denominations.

4.    Representations
and Warranties of each Pledgor. Each
Pledgor jointly and severally represents and warrants to the Pledgee (which
representations and warranties shall be deemed to continue to be made until all
of the Indebtedness has been paid in full and the Purchase Agreement and each
agreement and instrument entered into in connection therewith has been
irrevocably terminated) that:

(a)    the
execution, delivery and performance by each Pledgor of this Agreement and the
pledge of the Collateral hereunder do not and will not result in any violation
of any agreement, indenture, instrument, license, judgment, decree, order, law,
statute, ordinance or other governmental rule or regulation applicable to any
Pledgor;

(b)    this
Agreement constitutes the legal, valid, and binding obligation of each Pledgor
enforceable against each Pledgor in accordance with its terms;

(c)    (i) all
Pledged Stock owned by each Pledgor is set forth on Schedule A hereto and (ii)
each Pledgor is the direct and beneficial owner of each share of the Pledged
Stock;

(d)    all of
the shares of the Pledged Stock have been duly authorized, validly issued and
are fully paid and nonassessable;

(e)    no
consent or approval of any person, corporation, governmental body, regulatory
authority or other entity, is or will be necessary for (i) the execution,
delivery and performance of this Agreement, (ii) the exercise by the Pledgee of
any rights with respect to the Collateral or (iii) the pledge and assignment of,
and the grant of a security interest in, the Collateral hereunder;

(f)     there are
no pending or, to the best of Pledgor’s knowledge, threatened actions or
proceedings before any court, judicial body, administrative agency or arbitrator
which may materially adversely affect the Collateral;

(g)    each
Pledgor has the requisite power and authority to enter into this Agreement and
to pledge and assign the Collateral to the Pledgee in accordance with the terms
of this Agreement.

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(h)    each
Pledgor owns each item of the Collateral and, except for the pledge and security
interest granted to Pledgee hereunder, the Collateral shall be, immediately
following the closing of the transactions contemplated by the Purchase
Agreement, free and clear of any other security interest, pledge, claim, lien,
charge, hypothecation, assignment, offset or encumbrance whatsoever
(collectively, “Liens”).

(i)     there are
no restrictions on transfer of the Pledged Stock contained in the certificate of
incorporation or by-laws (or equivalent organizational documents) of the Issuer
or otherwise which have not otherwise been enforceably and legally waived by the
necessary parties.

(j)     
none of
the Pledged Stock has been issued or transferred in violation of the securities
registration, securities disclosure or similar laws of any jurisdiction to which
such issuance or transfer may be subject.

(k)     the
pledge and assignment of the Collateral and the grant of a security interest
under this Agreement vest in the Pledgee all rights of each Pledgor in the
Collateral as contemplated by this Agreement.

(l)     The
Pledged Stock constitutes one hundred percent (100%) of the issued and
outstanding shares of capital stock of each Issuer.

5.    Covenants. Each
Pledgor jointly and severally covenants that, until the Indebtedness shall be
satisfied in full and the Purchase Agreement and each agreement and instrument
entered into in connection therewith is irrevocably terminated (but subject to
Section 18(i)):

(a)    No
Pledgor will sell, assign, transfer, convey, or otherwise dispose of its rights
in or to the Collateral or any interest therein; nor will any Pledgor create,
incur or permit to exist any Lien whatsoever with respect to any of the
Collateral or the proceeds thereof other than that created hereby. 

(b)    Each
Pledgor will, at its expense, defend Pledgee’s right, title and security
interest in and to the Collateral against the claims of any other
party.

(c)    Each
Pledgor shall at any time, and from time to time, upon the written request of
Pledgee, execute and deliver such further documents and do such further acts and
things as Pledgee may reasonably request in order to effect the purposes of this
Agreement including, but without limitation, delivering to Pledgee upon the
occurrence of an Event of Default irrevocable proxies in respect of the
Collateral in form satisfactory to Pledgee. Until receipt thereof, upon an Event
of Default that has occurred and is continuing beyond any applicable grace
period, this Agreement shall constitute Pledgor’s proxy to Pledgee or its
nominee to vote all shares of Collateral then registered in each Pledgor’s
name.

(d)    No
Pledgor will consent to or approve the issuance of (i) any additional shares of
any class of capital stock or other equity interests of the Issuer; or (ii) any
securities convertible either voluntarily by the holder thereof or automatically
upon the occurrence or nonoccurrence of any event or condition into, or any
securities exchangeable for, any such shares, unless, in either case, such
shares are pledged as Collateral pursuant to this Agreement.

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6.    Voting
Rights and Dividends. In
addition to the Pledgee’s rights and remedies set forth in Section 8 hereof, in
case an Event of Default shall have occurred and be continuing, beyond any
applicable cure period, the Pledgee shall (i) be entitled to vote the
Collateral, (ii) be entitled to give consents, waivers and ratifications in
respect of the Collateral (each Pledgor hereby irrevocably constituting and
appointing the Pledgee, with full power of substitution, the proxy and
attorney-in-fact of each Pledgor for such purposes) and (iii) be entitled to
collect and receive for its own use cash dividends paid on the Collateral. No
Pledgor shall be permitted to exercise or refrain from exercising any voting
rights or other powers if, in the reasonable judgment of the Pledgee, such
action would have a material adverse effect on the value of the Collateral or
any part thereof; and, provided,
further, that
each Pledgor shall give at least five (5) days’ written notice of the manner in
which such Pledgor intends to exercise, or the reasons for refraining from
exercising, any voting rights or other powers other than with respect to any
election of directors and voting with respect to any incidental matters.
Following the occurrence of an Event of Default, all dividends and all other
distributions in respect of any of the Collateral, shall be delivered to the
Pledgee to hold as Collateral and shall, if received by any Pledgor, be received
in trust for the benefit of the Pledgee, be segregated from the other property
or funds of any other Pledgor, and be forthwith delivered to the Pledgee as
Collateral in the same form as so received (with any necessary
endorsement).

7.    Event
of Default. An
Event of Default shall be deemed to have occurred and may be declared by the
Pledgee upon the happening of any of the following events:

(a)    An “Event
of Default” under the Purchase Agreement or any agreement or note related to the
Purchase Agreement shall have occurred and be continuing beyond any applicable
cure period;

(b)    Any
Pledgor shall default in the performance of any of its obligations under any
agreement between any Pledgor and Pledgee, including, without limitation, this
Agreement, and such default shall not be cured for a period of thirty (30)
business days after the occurrence thereof;

(c)    Any
representation or warranty of any Pledgor made herein, in the Purchase Agreement
or in any agreement, statement or certificate given in writing pursuant hereto
or thereto or in connection herewith or therewith shall be false or misleading
in any material respect and shall not be cured for a period of thirty (30)
business days after the occurrence thereof; 

(d)    Any
portion of the Collateral is subjected to levy of execution, attachment,
distraint or other judicial process; or any portion of the Collateral is the
subject of a claim (other than by the Pledgee) of a Lien or other right or
interest in or to the Collateral and such levy or claim shall not be cured,
disputed or stayed within a period of thirty (30) business days after the
occurrence thereof; or

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(e)    Any
Pledgor shall (i) apply for, consent to, or suffer to exist the appointment of,
or the taking of possession by, a receiver, custodian, trustee, liquidator or
other fiduciary of itself or of all or a substantial part of its property, (ii)
make a general assignment for the benefit of creditors, (iii) commence a
voluntary case under any state or federal bankruptcy laws (as now or hereafter
in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a petition
seeking to take advantage of any other law providing for the relief of debtors,
(vi) acquiesce to, or fail to have dismissed, within ninety (60) days, any
petition filed against it in any involuntary case under such bankruptcy laws, or
(vii) take any action for the purpose of effecting any of the
foregoing.

8.    Remedies. In case
an Event of Default shall have occurred and be declared by the Pledgee, the
Pledgee may: 

(a)    Transfer
any or all of the Collateral into its name, or into the name of its nominee or
nominees;

(b)    Exercise
all corporate rights with respect to the Collateral including, without
limitation, all rights of conversion, exchange, subscription or any other
rights, privileges or options pertaining to any shares of the Collateral as if
it were the absolute owner thereof, including, but without limitation, the right
to exchange, at its discretion, any or all of the Collateral upon the merger,
consolidation, reorganization, recapitalization or other readjustment of the
Issuer thereof, or upon the exercise by the Issuer  of any
right, privilege or option pertaining to any of the Collateral, and, in
connection therewith, to deposit and deliver any and all of the Collateral with
any committee, depository, transfer agent, registrar or other designated agent
upon such terms and conditions as it may determine, all without liability except
to account for property actually received by it; and

(c)    Subject
to any requirement of applicable law, sell, assign and deliver the whole or,
from time to time, any part of the Collateral at the time held by the Pledgee,
at any private sale or at public auction, with or without demand, advertisement
or notice of the time or place of sale or adjournment thereof or otherwise (all
of which are hereby waived, except such notice as is required by applicable law
and cannot be waived), for cash or credit or for other property for immediate or
future delivery, and for such price or prices and on such terms as the Pledgee
in its sole discretion may determine, or as may be required by applicable
law.

Each
Pledgor hereby waives and releases any and all right or equity of redemption,
whether before or after sale hereunder. At any such sale, unless prohibited by
applicable law, the Pledgee may bid for and purchase the whole or any part of
the Collateral so sold free from any such right or equity of redemption. All
moneys received by the Pledgee hereunder whether upon sale of the Collateral or
any part thereof or otherwise shall be held by the Pledgee and applied by it as
provided in Section 10 hereof. No failure or delay on the part of the Pledgee in
exercising any rights hereunder shall operate as a waiver of any such rights nor
shall any single or partial exercise of any such rights preclude any other or
future exercise thereof or the exercise of any other rights hereunder. The
Pledgee shall have no duty as to the collection or protection of the Collateral
or any income thereon nor any duty as to preservation of any rights pertaining
thereto, except to apply the funds in accordance with the requirements of
Section 10 hereof. The Pledgee may exercise its rights with respect to property
held hereunder without resort to other security for or sources of reimbursement
for the Indebtedness. In addition to the foregoing, Pledgee shall have all of
the rights, remedies and privileges of a secured party under the Uniform
Commercial Code of New York regardless of the jurisdiction in which enforcement
hereof is sought.

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9.    Private
Sale. Each
Pledgor recognizes that the Pledgee may be unable to effect (or to do so only
after delay which would adversely affect the value that might be realized from
the Collateral) a public sale of all or part of the Collateral by reason of
certain prohibitions contained in the Securities Act, and may be compelled to
resort to one or more private sales to a restricted group of purchasers who will
be obliged to agree, among other things, to acquire such Collateral for their
own account, for investment and not with a view to the distribution or resale
thereof. Each Pledgor agrees that any such private sale may be at prices and on
terms less favorable to the seller than if sold at public sales and that such
private sales shall be deemed to have been made in a commercially reasonable
manner. Each Pledgor agrees that the Pledgee has no obligation to delay sale of
any Collateral for the period of time necessary to permit the Issuer to register
the Collateral for public sale under the Securities Act.

10.   Proceeds
of Sale. The
proceeds of any collection, recovery, receipt, appropriation, realization or
sale of the Collateral shall be applied by the Pledgee as follows:

(a)    First, to
the payment of all costs, reasonable expenses and charges of the Pledgee and to
the reimbursement of the Pledgee for the prior payment of such costs, reasonable
expenses and charges incurred in connection with the care and safekeeping of the
Collateral (including, without limitation, the reasonable expenses of any sale
or any other disposition of any of the Collateral), the expenses of any taking,
attorneys’ fees and reasonable expenses, court costs, any other fees or expenses
incurred or expenditures or advances made by Pledgee in the protection,
enforcement or exercise of its rights, powers or remedies
hereunder;

(b)    Second,
to the payment of the Indebtedness, in whole or in part, in such order as the
Pledgee may elect, whether or not such Indebtedness is then due;

(c)    Third, to
such persons, firms, corporations or other entities as required by applicable
law including, without limitation, Section 9-504(1)(c) of the UCC;
and

(d)    Fourth,
to the extent of any surplus to the Pledgors or as a court of competent
jurisdiction may direct.

In the
event that the proceeds of any collection, recovery, receipt, appropriation,
realization or sale are insufficient to satisfy the Indebtedness, each Pledgor
shall be jointly and severally liable for the deficiency plus the costs and fees
of any attorneys employed by Pledgee to collect such
deficiency.

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11.   Waiver
of Marshaling. Each
Pledgor hereby waives any right to compel any marshaling of any of the
Collateral.

12.   No
Waiver. Any and
all of the Pledgee’s rights with respect to the Liens granted under this
Agreement shall continue unimpaired, and Pledgor shall be and remain obligated
in accordance with the terms hereof, notwithstanding (a) the bankruptcy,
insolvency or reorganization of any Pledgor, (b) the release or substitution of
any item of the Collateral at any time, or of any rights or interests therein,
or (c) any delay, extension of time, renewal, compromise or other indulgence
granted by the Pledgee in reference to any of the Indebtedness. Each Pledgor
hereby waives all notice of any such delay, extension, release, substitution,
renewal, compromise or other indulgence, and hereby consents to be bound hereby
as fully and effectively as if such Pledgor had expressly agreed thereto in
advance. No delay or extension of time by the Pledgee in exercising any power of
sale, option or other right or remedy hereunder, and no failure by the Pledgee
to give notice or make demand, shall constitute a waiver thereof, or limit,
impair or prejudice the Pledgee’s right to take any action against any Pledgor
or to exercise any other power of sale, option or any other right or
remedy.

13.   Expenses. The
Collateral shall secure, and each Pledgor shall pay to Pledgee on demand, from
time to time, all reasonable costs and expenses, (including but not limited to,
reasonable attorneys’ fees and costs, taxes, and all transfer, recording, filing
and other charges) of, or incidental to, the custody, care, transfer,
administration of the Collateral or any other collateral, or in any way relating
to the enforcement, protection or preservation of the rights or remedies of the
Pledgee under this Agreement or with respect to any of the
Indebtedness.

14.   The
Pledgee
Appointed Attorney-In-Fact and Performance by the Pledgee. Upon
the occurrence of an Event of Default, each Pledgor hereby irrevocably
constitutes and appoints the Pledgee as such Pledgor’s true and lawful
attorney-in-fact, with full power of substitution, to execute, acknowledge and
deliver any instruments and to do in such Pledgor’s name, place and stead, all
such acts, things and deeds for and on behalf of and in the name of such
Pledgor, which such Pledgor could or might do or which the Pledgee may deem
necessary, desirable or convenient to accomplish the purposes of this Agreement,
including, without limitation, to execute such instruments of assignment or
transfer or orders and to register, convey or otherwise transfer title to the
Collateral into the Pledgee’s name. Each Pledgor hereby ratifies and confirms
all that said attorney-in-fact may so do and hereby declares this power of
attorney to be coupled with an interest and irrevocable. If any Pledgor fails to
perform any agreement herein contained, the Pledgee may itself perform or cause
performance thereof, and any costs and expenses of the Pledgee incurred in
connection therewith shall be paid by the Pledgors as provided in Section 10
hereof.

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15.   Waivers.

(a)   EACH
PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER
INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH,
OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
PARTIES HERETO OR ANY OTHER AGREEMENT EXECUTED OR DELIVERED BY THEM IN
CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR
TORT OR OTHERWISE AND EACH PARTY HERETO HEREBY AGREES AND CONSENTS THAT ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT
A JURY, AND THAT ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH PARTY TO THE
WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

16.    Recapture.
Notwithstanding anything to the contrary in this Agreement, if the Pledgee
receives any payment or payments on account of the Indebtedness, which payment
or payments or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside and/or required to be repaid to a trustee,
receiver, or any other party under the United States Bankruptcy Code, as
amended, or any other federal or state bankruptcy, reorganization, moratorium or
insolvency law relating to or affecting the enforcement of creditors’ rights
generally, common law or equitable doctrine, then to the extent of any sum not
finally retained by the Pledgee, each Pledgor’s obligations to the Pledgee shall
be reinstated and this Agreement shall remain in full force and effect (or be
reinstated) until payment shall have been made to Pledgee, which payment shall
be due on demand.

17.    Captions. All
captions in this Agreement are included herein for convenience of reference only
and shall not constitute part of this Agreement for any other
purpose.

18.   Miscellaneous.

(a)   This
Agreement constitutes the entire and final agreement among the parties with
respect to the subject matter hereof and may not be changed, terminated or
otherwise varied except by a writing duly executed by the parties
hereto.

(b)   No waiver
of any term or condition of this Agreement, whether by delay, omission or
otherwise, shall be effective unless in writing and signed by the party sought
to be charged, and then such waiver shall be effective only in the specific
instance and for the purpose for which given.

(c)   In the
event that any provision of this Agreement or the application thereof to any
Pledgor or any circumstance in any jurisdiction governing this Agreement shall,
to any extent, be invalid or unenforceable under any applicable statute,
regulation, or rule of law, such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform to
such statute, regulation or rule of law, and the remainder of this Agreement and
the application of any such invalid or unenforceable provision to parties,
jurisdictions, or circumstances other than to whom or to which it is held
invalid or unenforceable shall not be affected thereby, nor shall same affect
the validity or enforceability of any other provision of this
Agreement.

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(d)   This
Agreement shall be binding upon each Pledgor, and each Pledgor’s successors and
assigns, and shall inure to the benefit of the Pledgee and its successors and
assigns.

(e)   Any
notice or other communication required or permitted pursuant to this Agreement
shall be given in accordance with the Purchase Agreement. 

(f)    This
Agreement shall be governed by and construed and enforced in all respects in
accordance with the laws of the State of New York applied to contracts to be
performed wholly within the State of New York.

(g)    EACH
PLEDGOR EXPRESSLY CONSENTS TO THE JURISDICTION AND VENUE OF EACH COURT OF
COMPETENT JURISDICTION LOCATED IN THE STATE OF NEW YORK FOR ALL PURPOSES IN
CONNECTION WITH THIS AGREEMENT. ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR
INDIRECTLY ANY MATTER OR CLAIM IN ANY WAY ARISING OUT OF, RELATED TO OR
CONNECTED WITH THIS AGREEMENT SHALL BE BROUGHT ONLY IN A STATE COURT LOCATED IN
THE COUNTY OF NEW YORK, STATE OF NEW YORK. EACH PLEDGOR FURTHER CONSENTS THAT
ANY SUMMONS, SUBPOENA OR OTHER PROCESS OR PAPERS (INCLUDING, WITHOUT LIMITATION,
ANY NOTICE OR MOTION OR OTHER APPLICATION TO EITHER OF THE AFOREMENTIONED COURTS
OR A JUDGE THEREOF) OR ANY NOTICE IN CONNECTION WITH ANY PROCEEDINGS HEREUNDER,
MAY BE SERVED INSIDE OR OUTSIDE OF THE STATE OF NEW YORK OR THE SOUTHERN
DISTRICT OF NEW YORK BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
OR BY PERSONAL SERVICE PROVIDED A REASONABLE TIME FOR APPEARANCE IS PERMITTED,
OR IN SUCH OTHER MANNER AS MAY BE PERMISSIBLE UNDER THE RULES OF SAID COURTS.
EACH PLEDGOR WAIVES ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION
INSTITUTED HEREON AND SHALL NOT ASSERT ANY DEFENSE BASED ON LACK OF JURISDICTION
OR VENUE OR BASED UPON FORUM NON CONVENIENS.

(h)    This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which when taken together shall constitute one and
the same agreement. Any signature delivered by a party by facsimile transmission
shall be deemed an original signature hereto.

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(i)     This
Agreement and the security interests granted by the Pledgors hereunder shall
terminate upon the provision by Laurus of written confirmation to the Company
that (x) all indebtedness obligations owed by any Pledgor to Laurus have been
repaid (including, without limitation, all principal, interest and fees related
to the Term Note, any indebtedness referred to in the Incremental Funding Side
Letter, any Additional Funding Agreements (as defined in the Master Security
Agreement) and any other indebtedness outstanding at such time and owed to the
Pledgee) and (y) all commitments by the Pledgee to fund any indebtedness have
been terminated in their entirety.

[Remainder
of Page Intentionally Left Blank]

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IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and
year first written above.

	 	
      SEQUIAM
      CORPORATION

	 	 	 
	 	
      By:
      
	
      /s/
      Nicholas VandenBrekel

	 	
      Name:
	
      Nicholas
      VandenBrekel

	 	
      Title:
	
      CEO

	 	 	 
	 	
      SEQUIAM
      SOFTWARE, INC.

	 	 	 
	 	
      By:
      
	
      /s/
      Nicholas VandenBrekel

	 	
      Name:
	
      Nicholas
      VandenBrekel

	 	
      Title:
	
      CEO

	 	
      SEQUIAM
      BIOMETRICS, INC.

	 	 	 
	 	
      By:
      
	
      /s/
      Nicholas VandenBrekel

	 	
      Name:
	
      Nicholas
      VandenBrekel

	 	
      Title:
	
      CEO

	 	
      SEQUIAM
      EDUCATION, INC.

	 	 	 
	 	
      By:
      
	
      /s/
      Nicholas VandenBrekel

	 	
      Name:
	
      Nicholas
      VandenBrekel

	 	
      Title:
	
      CEO

	 	
      SEQUIAM
      SPORTS, INC.

	 	 	 
	 	
      By:
      
	
      /s/
      Nicholas VandenBrekel

	 	
      Name:
	
      Nicholas
      VandenBrekel

	 	
      Title:
	
      CEO

	 	
      FINGERPRINT
      DETECTION TECHNOLOGIES, INC.

	 	 	 
	 	
      By:
      
	
      /s/
      Nicholas VandenBrekel

	 	
      Name:
	
      Nicholas
      VandenBrekel

	 	
      Title:
	
      CEO

 

12

 

	 	
      Lee
      Harrison Corbin, Attorney in-Fact for the Trust Under the Will of John
      Svenningsen

	 	 	 
	 	 	 
	 	
      By:
	
      /s/
      Lee Harrison Corbin

	 	
      Name:
	
        

	 	
      Title:
	
        

 

13

SCHEDULE
A 

 

Pledged
Stock

	Pledgor
	Issuer
	Class
      of Stock
	Stock
      Certificate Number
	Par
      Value
	Number
      of Shares

	Sequiam
      Corporation
	Sequiam
      Software, Inc.
	Common
	1
	$0.001
	2,000

	Sequiam
      Corporation
	Sequiam
      Biometrics, Inc.
	Common
	1
	NO
      PAR
	1,000

	Sequiam
      Corporation
	Sequiam
      Sports, Inc.
	Common
	10,000
	$0.0001
	12,153,261

	Sequiam
      Corporation
	Sequiam
      Education, Inc.
	Common
	1
	NO
      PAR
	1,000

	Sequiam
      Corporation
	Fingerprint
      Detection Technologies, Inc.
	Common
	2
	$0.01
	1,000

 

14Unassociated Document

EXHIBIT
10.9

SUBORDINATION
AGREEMENT

This
Subordination Agreement (this “Agreement”) is entered into as of the 18th day of
May, 2005, by and among Mark Mroczkowski and Nick VandenBrekel (Mark Mroczkowski
and Nick VandenBrekel are collectively referred to herein as the “Subordinated
Lenders” and each, a “Subordinated Lender”), and Lee Harrison Corbin,
Attorney-in-Fact for the Trust Under the Will of John Svenningsen (the “Senior
Lender”). Unless otherwise defined herein, capitalized terms used herein shall
have the meaning provided such terms in the Securities Purchase Agreement
referred to below.

BACKGROUND

WHEREAS,
the Senior Lender has to make a loan to Sequiam Corporation, a California
corporation (the “Company”) pursuant to, and in accordance with (i) that certain
Securities Purchase Agreement, dated as of May 18, 2005 (as amended, modified or
supplemented from time to time, the “Securities Purchase Agreement”), by and
between the Company and the Senior Lender and (ii) the Related Agreements
referred to in the Securities Purchase Agreement.

WHEREAS,
the Subordinated Lenders are senior officers of the Company and (I) the Company
currently owes (x) Mark Mroczkowski an aggregate amount of $708,021 in respect
of accrued and unpaid salaries earned by him and (y) Nick VandenBrekel an
aggregate amount of $761,771 in respect of accrued and unpaid salaries owed by
him (the
amounts set forth in the preceding clauses (x) and (y) of this clause (I),
together with any accrued and unpaid interest owed thereon, the “Accrued Salary
Amount”) and (II) (x) the Company has incurred a loan from Mark Mroczkowski,
which loan has an aggregate principal amount outstanding of $100,000 as of the
date hereof, plus accrued and unpaid interest of $4,000 as of the date hereof
and (y) the Company has incurred a loan from Nick VandenBrekel, which loan has
an aggregate principal amount of $372,450 as of the date hereof, plus accrued
and unpaid interest of $25,462 as of the date hereof (such amounts set forth in
this clause (II), together with the principal, interest and other fees
attributable to any other indebtedness owed by the Company to either Mark
Mroczkowski or Nick VandenBrekel, whether incurred prior to, on or after the
date hereof, (the “Outstanding Indebtedness”).

NOW,
THEREFORE, each Subordinated Lender and the Senior Lender agree as
follows:

TERMS

1.  All
obligations of each Subordinated Lender to the Senior Lender, howsoever created,
arising or evidenced, whether direct or indirect, absolute or contingent or now
or hereafter existing, or due or to become due are referred to as “Senior
Liabilities”. The Accrued Salary Amount and the Outstanding Indebtedness,
together with all obligations of the Company or any of its Subsidiaries to any
Subordinated Lender to pay the Accrued Salary Amount or any Outstanding
Indebtedness (in each case, including any interest, fees or penalties related
thereto), howsoever created, arising or evidenced, whether direct or indirect,
absolute or contingent or now or hereafter existing, or due or to become due are
referred to as “Junior Liabilities”. It is expressly understood and agreed that
the term “Senior Liabilities”, as used in this Agreement, shall include, without
limitation, any and all interest, fees and penalties accruing on any of the
Senior Liabilities after the commencement of any proceedings referred to in
paragraph 4 of this Agreement, notwithstanding any provision or rule of law
which might restrict the rights of the Senior Lender, as against any
Subordinated Lender or anyone else, to collect such interest, fees or penalties,
as the case may be.

2.  Except as
expressly otherwise provided in this Agreement or as the Senior Lender may
otherwise expressly consent in writing, the payment of the Junior Liabilities
shall be postponed and subordinated to the payment in full of all Senior
Liabilities. Furthermore, no payments or other distributions whatsoever in
respect of any Junior Liabilities shall be made, nor shall any property or
assets of any Subordinated Lender be applied to the purchase or other
acquisition or retirement of any Junior Liability.

3.  Each
Subordinated Lender hereby subordinates all security interests that have been,
or may be, created by any Subordinated Lender in respect of the Junior
Liabilities, to the security interests granted by each Subordinated Lender to
the Senior Lender in respect of the Senior Liabilities. 

4.  In the
event of any dissolution, winding up, liquidation, readjustment, reorganization
or other similar proceedings relating to any Subordinated Lender or to its
creditors, as such, or to its property (whether voluntary or involuntary,
partial or complete, and whether in bankruptcy, insolvency or receivership, or
upon an assignment for the benefit of creditors, or any other marshalling of the
assets and liabilities of any Subordinated Lender, or any sale of all or
substantially all of the assets of any Subordinated Lender, or otherwise), the
Senior Liabilities shall first be paid in full before any Subordinate Lender
shall be entitled to receive and to retain any payment or distribution in
respect of any Junior Liability.

5.  Each
Subordinated Lender will mark his books and records so as to clearly indicate
that their respective Junior Liabilities are subordinated in accordance with the
terms of this Agreement. Each Subordinated Lender will execute such further
documents or instruments and take such further action as the Senior Lender may
reasonably request from time to time request to carry out the intent of this
Agreement.

6.  Each
Subordinated Lender hereby waives all diligence in collection or protection of
or realization upon the Senior Liabilities or any security for the Senior
Liabilities.

7.  No
Subordinated Lender will without the prior written consent of the Senior Lender:
(a) attempt to enforce or collect any Junior Liability or any rights in respect
of any Junior Liability; or (b) commence, or join with any other creditor
in commencing, any bankruptcy, reorganization or insolvency proceedings with
respect to any Subordinated Lender.

8.  The
Senior Lender may, from time to time, at its sole discretion and without notice
to any Subordinated Lender, take any or all of the following actions: (a) retain
or obtain a security interest in any property to secure any of the Senior
Liabilities; (b) retain or obtain the primary or secondary obligation of any
other obligor or obligors with respect to any of the Senior Liabilities; (c)
extend or renew for one or more periods (whether or not longer than the original
period), alter or exchange any of the Senior Liabilities, or release or
compromise any obligation of any nature of any obligor with respect to any of
the Senior Liabilities; and (d) release their security interest in, or
surrender, release or permit any substitution or exchange for, all or any part
of any property securing any of the Senior Liabilities, or extend or renew for
one or more periods (whether or not longer than the original period) or release,
compromise, alter or exchange any obligations of any nature of any obligor with
respect to any such property.

9.  The
Senior Lender may, from time to time, whether before or after any discontinuance
of this Agreement, without notice to any Subordinated Lender, assign or transfer
any or all of the Senior Liabilities or any interest in the Senior Liabilities;
and, notwithstanding any such assignment or transfer or any subsequent
assignment or transfer of the Senior Liabilities, such Senior Liabilities shall
be and remain Senior Liabilities for the purposes of this Agreement, and every
immediate and successive assignee or transferee of any of the Senior Liabilities
or of any interest in the Senior Liabilities shall, to the extent of the
interest of such assignee or transferee in the Senior Liabilities, be entitled
to the benefits of this Agreement to the same extent as if such assignee or
transferee were the Senior Lender, as applicable; provided, however, that,
unless the Senior Lender shall otherwise consent in writing, the Senior Lender
shall have an unimpaired right, prior and superior to that of any such assignee
or transferee, to enforce this Agreement, for the benefit of the Senior Lender,
as to those of the Senior Liabilities which the Senior Lender has not assigned
or transferred.

10.     The
Senior Lender shall not be prejudiced in its rights under this Agreement by any
act or failure to act of any Subordinated Lender, or any noncompliance of any
Subordinated Lender with any agreement or obligation, regardless of any
knowledge thereof which the Senior Lender may have or with which the Senior
Lender may be charged; and no action of the Senior Lender permitted under this
Agreement shall in any way affect or impair the rights of the Senior Lender and
the obligations of any Subordinated Lender under this Agreement.

11.     No delay
on the part of the Senior Lender in the exercise of any right or remedy shall
operate as a waiver of such right or remedy, and no single or partial exercise
by the Senior Lender of any right or remedy shall preclude other or further
exercise of such right or remedy or the exercise of any other right or remedy;
nor shall any modification or waiver of any of the provisions of this Agreement
be binding upon the Senior Lender except as expressly set forth in a writing
duly signed and delivered on behalf of the Senior Lender. For the purposes of
this Agreement, Senior Liabilities shall have the meaning set forth in Section 1
above, notwithstanding any right or power of any Subordinated Lender or anyone
else to assert any claim or defense as to the invalidity or unenforceability of
any such obligation, and no such claim or defense shall affect or impair the
agreements and obligations of any Subordinated Lender under this
Agreement.

12.     This
Agreement shall be binding upon each Subordinated Lender and upon the heirs,
legal representatives, successors and assigns of each Subordinated Lender and
the successors and assigns of any Subordinated Lender.

13.     This
Agreement shall be construed in accordance with and governed by the laws of New
York without regard to conflict of laws provisions. Wherever possible each
provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement
shall be prohibited by or invalid under such law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Agreement.

14.     This
Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and, all of which taken together
shall constitute one and the same Agreement. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid binding
obligation of the party executing (or on whose behalf such signature is
executed) the same with the same force and effect as if such facsimile signature
were the original thereof.

[signature
page follows]

IN
WITNESS WHEREOF, this Agreement has been made and delivered this 18th day of
May, 2005.

 

	 	 	
      By:
	
       
      /s/ Mark Mroczkowski

	 	 	
      Name:
	
      Mark
      Mroczkowski

	 	 	
      Title:
	
       CFO

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
       
	
      By:
	
       
      /s/ Nick VandenBrekel

	 	 	
      Name:
	
      Nick
      VandenBrekel

	 	 	
      Title:
	
      CEO

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Lee
      Harrison Corbin, Attorney-in-Fact for the Trust Under the Will of John
      Svenningsen
	 	 	 	 
	 	 	
      By:
	
       
      /s/ Lee Harrison Corbin

	 	 	
      Name:
	 
	 	 	
      Title:
	 
	 	 	 	 
	 	 	 	 
	Acknowledged
      and Agreed to by:	 	 
	 	 	 	 
	SEQUIAM
      CORPORATION	 	 
	 	 	 	 
	
      By:
	
       
      /s/ Nicholas VandenBrekel
	 	 
	
      Name:
	
      Nicholas
      VandenBrekel
	 	 
	
      Title:
	
      CEO

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