Document:

ex10-9.htm

    EXHIBIT  10.9

    

    

    CONTINUING
      GUARANTY

    (Business
      Organization)

    New
      York

    

    GUARANTOR: 1725758
      ONTARIO INC. D/B/A THE OPTICAL GROUP

    Name

    

    100
      QUENTIN ROOSEVELT BOULEVARD, SUITE 508, GARDEN CITY, NEW
      YORK  11530

    Address
      of Chief Executive Office

    a
x
      corporation   o general
      partnership   o limited
      partnership   o limited liability
      company

    organized
      under the laws of the Province of Ontario, Canada

    

    BORROWER: EMERGING
      VISION, INC.

    Name

    

    100
      QUENTIN ROOSEVELT BOULEVARD, SUITE 508, GARDEN CITY, NEW
      YORK  11530

    Address

    

    
      	
              BANK:

            	
              Manufacturers
                and Traders Trust Company, One M&T Plaza, Buffalo, New York
                14240  Attention: Office of General
                Counsel.

            

    

    

    1)           Guaranty.

    

    (a)           Guarantor,
      intending to be legally bound, hereby unconditionally guarantees the full and
      prompt payment and performance of any and all of Borrower’s Obligations (as
      defined below) to the Bank when due, whether at stated maturity, by acceleration
      or otherwise.  As used in this Guaranty, the term “Obligations” shall
      mean any and all obligations, indebtedness and other liabilities of Borrower
      to
      the Bank now or hereafter existing, of every kind and nature and all accrued
      and
      unpaid interest thereon and all Expenses (as defined below) including without
      limitation, whether such obligations, indebtedness and other liabilities (i)
      are
      direct, contingent, liquidated, unliquidated, secured, unsecured, matured or
      unmatured; (ii) are pursuant to a guaranty or surety in favor of the Bank;
      (iii)
      were originally contracted with the Bank or with another party (including
      obligations under a guaranty or surety originally in favor of such other party);
      (iv) are contracted by Borrower alone or jointly with one or more other parties;
      (v) are or are not evidenced by a writing; (vi) are renewed, replaced, modified
      or extended; and (vii) are periodically extinguished and subsequently reincurred
      or reduced and thereafter increased.  Guarantor will pay or perform
      its obligations under this Guaranty upon demand.  This Guaranty is and
      is intended to be a con­tinuing guaranty of payment (not collection) of the
      Obligations (irrespective of the aggregate amount thereof and whether or not
      the
      Obligations from time to time exceeds the amount of this Guaranty, if limited),
      independent of, in addition and without modification to, and does not impair
      or
      in any way affect, any other guaranty, indorsement, or other agreement in
      connection with the Obligations, or in connection with any other indebtedness
      or
      liability to the Bank or collateral held by the Bank therefor or with respect
      thereto, whether or not furnished by Guarantor.  Guarantor understands
      that the Bank can bring an action under this Guaranty without being required
      to
      exhaust other remedies or demand payment first from other parties.

    

    (b)           Guarantor
      acknowledges the receipt of valuable consideration for this Guaranty and
      acknowledges that the Bank is relying on this Guaranty in making a financial
      accommodation to Borrower, whether a commitment to lend, extension, modification
      or replacement of, or forbearance with respect to, any Obligation, cancellation
      of another guaranty, purchase of Borrower’s assets, or other valuable
      consideration.

    

    2)           Continuing,
      Absolute, Unconditional. This Guaranty is irrevocable, absolute,
      continuing, unconditional and general without any limitation.  This
      Guaranty is unlimited in amount (the “Guaranteed Amount”).

    

    3)           Guarantor’s
      Waivers & Authorizations.

    

    (a)           Guarantor’s
      obligations shall not be released, impaired or affected in any way including
      by
      any of the following, all of which Guarantor hereby waives (i) any bankruptcy,
      reorganization or insolvency under any law of Borrower or that of any other
      party, or by any action of a trustee in any such proceeding; (ii) any new
      agreements or obligations of Borrower or any other party with the Bank; (iii)
      any adjustment, compromise or release of any Obligations of Borrower, by the
      Bank or any other party; the existence or nonexistence or order of any filings,
      exchanges, releases, impairment or sale of, or failure to perfect or continue
      the perfection of a security interest in any collateral for the Obligations;
      (iv) any failure of Guarantor to receive notice of any intended disposition
      of
      such collateral; (v) any fictitiousness, incorrectness, invalidity or
      unenforceability, for any reason, of any instrument or other agreement which
      may
      evidence any Obligation; (vi) any composition, extension, stay or other
      statutory relief granted to Borrower including, without limitation, the
      expiration of the period of any statute of limitations with respect to any
      lawsuit or other legal proceeding against Borrower or any person in any way
      related to the Obligations or a part thereof or any collateral therefor; (vii)
      any change in form of organization, name, membership or ownership of Borrower
      or
      Guarantor; (viii) any refusal or failure of the Bank or any other person prior
      to the date hereof or hereafter to grant any additional loan or other credit
      accommodation to Borrower or the Bank’s or any other party’s receipt of notice
      of such refusal or failure; (ix) any setoff, defense or counterclaim of Borrower
      with respect to the obligations or otherwise arising, either directly or
      indirectly, in regard to the Obligations; or (x) any other circumstance that
      might otherwise constitute a legal or equitable defense to Guarantor’s
      obligations under this Guaranty.

    

    (b)           The
      Guarantor waives acceptance, assent and all rights of notice or demand including
      without limitation (i) notice of acceptance of this Guaranty, of Borrower’s
      default or nonpayment of any Obligation, and of changes in Borrower’s financial
      condition; (ii) presentment, protest, notice of protest and demand for payment;
      (iii) notice that any Obligations has been incurred or of the reliance by the
      Bank upon this Guaranty; and (iv) any other notice, demand or condition to
      which
      Guarantor might otherwise be entitled prior to the Bank’s reliance on or
      enforcement of this Guaranty.  Guarantor further authorizes the Bank,
      without notice, demand or additional reservation of rights against Guarantor
      and
      without affecting Guarantor’s obligations hereunder, from time to
      time:  (i) to renew, refinance, modify, subordinate, extend, increase,
      accelerate, or otherwise change the time for payment of, the terms of or the
      interest on the Obligations or any part thereof;(ii) to accept and hold
      collateral from any party for the payment of any or all of the Obligations,
      and
      to exchange, enforce or refrain from enforcing, or release any or all of such
      collateral; (iii) to accept any indorsement or guaranty of any or all of the
      Obligations or any negotiable instrument or other writing intended to create
      an
      accord and satisfaction with respect to any or all of the Obligations; (iv)
      to
      release, replace or modify the obligation of any indorser or guarantor, or
      any
      party who has given any collateral for any of all of the Obligations, or any
      other party in any way obligated to pay any or all of the Obligations, and
      to
      enforce or refrain from enforcing, or compromise or modify, the terms of any
      obligation of any such indorser, guarantor or party; (v) to dispose of any
      and
      all collateral securing the Obligations in any manner as the Bank, in its sole
      discretion, may deem appropriate, and to direct the order and the enforcement
      of
      any and all indorsements and guaranties relating to the Obligations in the
      Bank’s sole discretion; and (vi) to determine the manner, amount and time of
      application of payments and credits, if any, to be made on all or any part
      of
      the Obligations including, without limitation, if this Guaranty is limited
      in
      amount, to make any such application to Obligations, if
      any,
      in excess of the amount of this Guaranty.

    

    (c)           Notwithstanding
      any other provision in this Guaranty, Guarantor irrevocably waives, without
      notice, any right he or she may have at law or in equity (including without
      limitation any law subrogating Guarantor to the rights of the Bank) to seek
      contribution, indemnification or any other form of reimbursement from Borrower
      or any other obligor or guarantor of the Obligations for any disbursement made
      under this Guaranty or otherwise.

    

    4)           Termination.  This
      Guaranty shall remain in full force and effect as to each Guarantor until actual
      receipt by the Bank officer responsible for Borrower’s relationship with the
      Bank of written notice of Guarantor’s intent to terminate (or Guarantor’s death
      or incapacity) plus the lapse of a reasonable time for the Bank to act on such
      notice (the “Receipt of Notice”);  provided, however, this Guaranty
      shall remain in full force and effect thereafter until all Obligations
      outstanding, or contracted or committed for (whether or not outstanding), before
      such Receipt of Notice by the Bank, and any extensions, renewals or replacements
      thereof (whether made before or after such Receipt of Notice), together with
      interest accruing thereon after such Receipt of Notice, shall be finally and
      irrevocably paid in full.  Discontinuance of this Guaranty as to one
      Guarantor shall not operate as a discontinuance hereof as to any other
      guarantor.  Payment of all of the Obligations from time to time shall
      not operate as a discontinuance of this Guaranty, unless a Receipt of Notice
      as
      provided above has been received by the Bank.  Guarantor agrees that,
      to the extent that Borrower makes a payment or payments to the Bank on the
      Obligations, or the Bank receives any proceeds of collateral to be applied
      to
      the Obligations, which payment or payments or any part thereof are subsequently
      invalidated, declared to be fraudulent or preferential, set aside or otherwise
      are required to be repaid to Borrower, its estate, trustee, receiver or any
      other party, including, without limitation, under any bankruptcy law, state
      or
      federal law, common law or equitable cause, then to the extent of such
      repayment, the obligation or part thereof which has been paid, reduced or
      satisfied by such amount shall be reinstated and continued in full force and
      effect as of the date such initial payment, reduction or satisfaction occurred,
      notwithstanding any contrary action which may have been taken by the Bank in
      reliance upon such payment or payments.  As of the date any payment or
      proceeds of collateral are returned, the statute of limitations shall start
      anew
      with respect to any action or proceeding by the Bank against Guarantor under
      this Guaranty.  Likewise, any acknowledgment, reaffirmation or
      payment, by Borrower or any third party, of any portion of the Obligations,
      shall be deemed to be made as agent for the Guarantor, strictly for the purposes
      of tolling the running of (and/or preventing the operation of) the applicable
      statute of limitations with respect to any action or proceeding by the Bank
      against Guarantor under this Guaranty.

    

    5)           Expenses.  Guarantor
      agrees to reimburse the Bank on demand for all the Bank’s expenses, damages and
      losses of any kind or nature, including without limitation costs of collection
      and actual attorneys' fees and disbursements whether for internal or external
      counsel incurred by the Bank in attempting to enforce this Guaranty, collect
      any
      of the Obligations including any workout or bankruptcy proceedings or other
      legal proceedings or appeal, realize on any collateral, defense of any action
      under the prior paragraph or for any other purpose related to the Obligations
      (collectively, “Expenses”).  Expenses will accrue interest at the
      highest default rate in any instrument evidencing the Obligations until payment
      is actually received by the Bank.

    

    6)           Financial
      and Other Information.  Guarantor shall promptly deliver to
      the Bank copies of all annual reports, proxy statements and similar information
      distributed to shareholders, partners or members and of all filings with the
      Securities and Exchange Commission and the Pension Benefit Guaranty Corporation
      and shall provide in form satisfactory to the Bank: (i) within sixty days after
      the end of each of its first three fiscal quarters, consolidating and
      consolidated statements of income and cash flows for the quarter, for the
      corresponding quarter in the previous fiscal year and for the period from the
      end of the previous fiscal year, with a consolidating and consolidated balance
      sheet as of the quarter end; and (ii) within ninety days after the end of each
      fiscal year, consolidating and consolidated statements of Guarantor’s income and
      cash flows and its consolidating and consolidated balance sheet as of the end
      of
      such fiscal year, setting forth comparative figures for the preceding fiscal
      year and to be:

    

    oaudited                          oreviewed                           ocompiled

    

    by
      an
      independent certified public accountant acceptable to the Bank; all such
      statements shall be certified by Guarantor’s chief financial officer or partner
      to be correct, not misleading and in accordance with Guarantor’s records and to
      present fairly the results of Guarantor’s operations and cash flows and if
      annual its financial position at year end in conformity with generally accepted
      accounting principles.  If no box is checked, Guarantor shall deliver
      financial statements and information in the form and at the times satisfactory
      to the Bank.  Guarantor represents that its assets are not subject to
      any liens, encumbrances or contingent liabilities except as fully disclosed
      to
      the Bank in such statements.  Guarantor authorizes the Bank from time
      to time to obtain, verify and review all financial data deemed appropriate
      by
      the Bank in connection with this Guaranty and the Obligations, including without
      limitation credit reports from agencies.  Guarantor understands this
      Guaranty and has satisfied itself as to its meaning and consequences and
      acknowledges that it has made its own arrangements for keeping informed of
      changes or potential changes affecting the Borrower including the Borrower’s
      financial condition.

    
      
              

                            
                        
              CLB-137-NY (8/05)                                                                                            
            
          
          
           
          ©
Manufacturers
            and Traders Trust
            Company, 2005              
    

         

      

      
         

        
          

        

      

      
         

      

    

    

    7)                 Security;
      Right of Setoff.  As further security for payment of the
      Obligations, Expenses and any other obligations of Guarantor to the Bank,
      Guarantor hereby grants to the Bank a security interest in all money, securities
      and other property of Guarantor in the actual or constructive possession or
      control of the Bank or its affiliates including without limitation all deposits
      and other accounts owing at any time by the Bank or any of its affiliates in
      any
      capacity to Guarantor in any capacity (collectively, “Property”).  The
      Bank shall have the right to set off Guarantor’s Property against any of
      Guarantor’s obligations to the Bank.  Such set-off shall be deemed to
      have been exercised immediately at the time the Bank or such affiliate elect
      to
      do so.  The Bank shall also have all of the rights and remedies of a
      secured party under the Uniform Commercial Code, as the same may be in effect
      in
      the State of New York, as amended from time to time, in addition to those under
      this Guaranty and other applicable law and agreements.

    

    8)                 No
      Transfer of Assets.  Guarantor shall not transfer, reinvest
      or otherwise dispose of its assets in a manner or to an extent that would or
      might impair Guarantor’s ability to perform its obligations under this
      Guaranty.

    

    9)                 Nonwaiver
      by the Bank; Miscellaneous.  This Guaranty is intended by
      Guarantor to be the final, complete and exclusive expression of the agreement
      between Guarantor and the Bank. This Guaranty may be assigned by the Bank,
      shall
      inure to the benefit of the Bank and its successors and assigns, and shall
      be
      binding upon Guarantor and his or her legal representative, successors and
      assigns and any participation may be granted by the Bank herein in connection
      with the assignment or granting of a participation by the Bank in the
      Obligations or any part thereof.  All rights and remedies of the Bank
      are cumulative, and no such right or remedy shall be exclusive of any other
      right or remedy.  This Guaranty does not supersede any other guaranty
      or security granted to the Bank by Guarantor or others (except as to Guarantor’s
      Waiver of Subrogation rights above).  No single, partial or delayed
      exercise by the Bank of any right or remedy shall preclude exercise by the
      Bank
      at any time at its sole option of the same or any other right or remedy of
      the
      Bank without notice. Guarantor expressly disclaims any reliance on any course
      of
      dealing or usage of trade or oral representation of the Bank including, without
      limitation, representations to make loans to Borrower or enter into any other
      agreement with Borrower or Guarantor.  No course of dealing or other
      conduct, no oral agreement or representation made by the Bank or usage of trade
      shall operate as a waiver of any right or remedy of the Bank.  No
      waiver or amendment of any right or remedy of the Bank or release by the Bank
      shall be effective unless made specifically in writing by the
      Bank.  Each provision of this Guaranty shall be interpreted as
      consistent with existing law and shall be deemed amended to the extent necessary
      to comply with any conflicting law.  If any provision nevertheless is
      held invalid, the other provisions shall remain in effect.  Guarantor
      agrees that in any legal proceeding, a copy of this Guaranty kept in the Bank’s
      course of business may be admitted into evidence as an
      original.  Captions are solely for convenience and not part of the
      substance of this Guaranty.  If this Guaranty is limited pursuant to
      Paragraph 2 hereof, until the Obligations are indefeasibly paid in full, the
      Guaranteed Amount shall not be reduced in any manner whatsoever by any amounts
      which the Bank may realize before or after maturity of the Obligations (by
      acceleration, demand or otherwise), as a result of payments made by or on behalf
      of Borrower or by or on behalf of any other person or entity other than
      Guarantor primarily or secondarily liable for the Obligations or any part
      thereof, or otherwise credited to Borrower or such person or entity, or as
      a
      result of the exercise of the Bank’s rights with respect to any collateral for
      the Obligations or any part thereof.  Payments made to the Bank by
      Guarantor (other than, directly or indirectly, from collateral or other persons
      or entities liable for any portion of the Obligations) after maturity of the
      Obligations, by acceleration or otherwise, shall reduce the Guaranteed
      Amount.

    

    10)                 Joint
      and Several.  If there is more than one Guarantor, each
      Guarantor jointly and severally guarantees the payment and performance in full
      of all obligations under this Guaranty and the term “Guarantor” means each as
      well as all of them.  Guarantor also agrees that the Bank need not
      seek payment from any source other than the undersigned
      Guarantor.  This Guaranty is a primary
      obligation.  Guarantor’s obligations hereunder are separate and
      independent of Borrower’s, and a separate action may be brought against
      Guarantor whether or not action is brought or joined against or with Borrower
      or
      any other party.

    

    11)                 Authorization.  Guarantor
      certifies that it is an entity in the form described above duly organized and
      in
      good standing under the laws of the State of its organization and duly
      authorized to do business in each State material to the conduct of its
      business.  Guarantor has determined that the execution of this
      Guaranty will be in its best interests, to its direct benefit, incidental to
      its
      powers, and in furtherance of its duly acknowledged purposes and
      objectives.  Execution of this Guaranty by the persons signing below
      has been authorized by all necessary corporate action, including directors’ and
      shareholder consent or (as appropriate) is authorized by its partnership
      agreement or governing instrument.  Guarantor’s chief executive office
      is located at the above address.

    

    12)Notices.  Any
      demand or notice hereunder or under any applicable law pertaining hereto shall
      be in writing and duly given if delivered to Guarantor (at its address on the
      Bank’s records) or to the Bank (at the address on page one and separately to the
      Bank officer responsible for Borrower’s relationship with the
      Bank).  Such notice or demand shall be deemed sufficiently given for
      all purposes when delivered (i) by personal delivery and shall be deemed
      effective when delivered, or (ii) by mail or courier and shall be deemed
      effective three (3) business days after deposit in an official depository
      maintained by the United States Post Office for the collection of mail or one
      (1) business day after delivery to a nationally recognized overnight courier
      service (e.g., Federal Express).  Notice by e-mail is not
      valid notice under this or any other agreement between Guarantor and the
      Bank.

    

    13)                 Governing
      Law and Jurisdiction. This Guaranty has been delivered to and accepted
      by the Bank and will be deemed to be made in the State of New
      York.  Unless provided otherwise under federal law, this Guaranty will
      be interpreted in accordance with the laws of the State of New York excluding
      its conflict of laws rules.  GUARANTOR HEREBY IRREVOCABLY
      CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT IN ANY
      JUDICIAL DISTRICT OR COUNTY IN THE STATE OF NEW YORK WHERE THE BANK MAINTAINS
      A
      BRANCH AND CONSENTS THAT THE BANK MAY EFFECT ANY SERVICE OF PROCESS IN THE
      MANNER AND AT GUARANTOR’S ADDRESS SET FORTH ABOVE FOR PROVIDING NOTICE OR
      DEMAND; PROVIDED THAT NOTHING CONTAINED IN THIS GUARANTY WILL PREVENT THE BANK
      FROM BRINGING ANY ACTION, ENFORCING ANY AWARD OR JUDGMENT OR EXERCISING ANY
      RIGHTS AGAINST GUARANTOR INDIVIDUALLY, AGAINST ANY SECURITY OR AGAINST ANY
      PROPERTY OF GUARANTOR WITHIN ANY OTHER COUNTY, STATE OR OTHER FOREIGN OR
      DOMESTIC JURISDICTION.  Guarantor acknowledges and agrees
      that the venue provided above is the most convenient forum for both the Bank
      and
      Guarantor.  Guarantor hereby waives any objection to venue and any
      objection based on a more convenient forum in any action instituted under this
      Guaranty.

    

    14)                 Waiver
      of Jury Trial.  GUARANTOR AND THE BANK HEREBY KNOWINGLY, VOLUNTARILY,
      AND INTENTIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY GUARANTOR AND THE BANK MAY
      HAVE IN ANY ACTION OR PROCEEDING, IN LAW OR IN EQUITY, IN CONNECTION WITH THIS
      GUARANTY OR THE TRANSACTIONS RELATED HERETO.  GUARANTOR REPRESENTS AND
      WARRANTS THAT NO REPRESENTATIVE OR AGENT OF THE BANK HAS REPRESENTED, EXPRESSLY
      OR OTHERWISE, THAT THE BANK WILL NOT, IN THE EVENT OF LITIGATION, SEEK TO
      ENFORCE THIS JURY TRIAL WAIVER.  GUARANTOR ACKNOWLEDGES THAT THE BANK
      HAS BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE
      PROVISIONS OF THIS SECTION.

    

    Acknowledgment.  Guarantor
      acknowledges that it has read and understands all the provisions of this
      Guaranty, including the Governing Law, Jurisdiction and
Waiver of Jury Trial, and has been advised by counsel as
      necessary or appropriate.

    

    

    GUARANTOR:

    

    DATE
      August 7,
      2007                                                                            1725758
      ONTARIO INC. D/B/A THE OPTICAL GROUP

    

    TIN
      #
      12-0982103                                                                           By:/s/Christopher
      G. Payan

                     Christopher
      G. Payan, CEO

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    FOR
      BANK
      USE ONLY

    

    Authorization
      Confirmed:                                                                                                                                                                

    Signature

    
      
              

                            
                        
              CLB-137-NY (8/05)                                                                                            
            
          
          
           
          ©
Manufacturers
            and Traders Trust
            Company, 2005ex10-10.htm

    EXHIBIT  10.10

    

    PLEDGE
      AGREEMENT AND ASSIGNMENT

    

    

    PLEDGE
      AGREEMENT (as amended, restated, supplemented or modified, from time to
      time, the “Agreement”) dated as of August 7, 2007 by and between and among each
      of the persons and entities identified on the signature page hereto under the
      heading “Pledgors” (each and collectively, “Pledgor” or the “Pledgors”) and
MANUFACTURERS AND TRADERS TRUST COMPANY, having an office at
One M&T Plaza,
      Buffalo, New
      York 14240  Attention: Office of General Counsel (the
“Pledgee”).

    

    RECITALS

    

    A.           Pursuant
      to a Revolving Line of Credit Note and Credit Agreement in the amount of
      $6,000,000.00 issued by Emerging Vision, Inc., a New York State corporation
      (the “Borrower”) in favor of Pledgee (as hereinafter amended, restated,
      supplemented, extended or otherwise modified, collectively, the “Note”), dated
      as of the date hereof, the Borrower will receive loans and other financial
      accommodations from the Pledgee and will incur Obligations (as defined in the
      Note and Guaranty).

    

    B.           Pursuant
      to a Continuing Guaranty of all Obligations of the Borrower to Pledgee executed
      and delivered by Pledgor, a subsidiary of Borrower, dated as of the date hereof,
      issued by the Pledgor in favor of the Pledgee (as hereinafter amended, restated,
      supplemented, extended or otherwise modified, the “Guaranty”), Pledgor has
      guaranteed the payment by the Borrower of all its Obligations (the obligations
      of such Pledgor under such Guaranty are hereinafter referred to, collectively,
      as the “Guaranty Obligations”).

    

    C.           Pledgor
      is the beneficial owner of that percentage of the issued and outstanding capital
      stock of 1725758 Ontario Inc.,
      d/b/a The Optical Group, a corporation governed under the laws of the Province
      of Ontario (the “Pledged Company”) as indicated on Schedule A
      attached hereto.

    

    D.           In
      order to induce the Pledgee to extend credit to the Borrower on and after the
      date hereof pursuant to the Note, Pledgor wishes to grant to the Pledgee
      security and assurance in order to secure the payment and performance of all
      its/his, as the case may be, Guaranty Obligations, and to that effect to pledge
      and assign to the Pledgee, all of the issued and outstanding capital stock
      of
      the Pledged Company (the “Pledged Shares” or the “Pledged Interests”) that is
      owned by such Pledgor, including, without limitation, the Pledged Interests
      listed opposite the name of such Pledgor as more particularly described on
      Schedule A and, with respect to the Pledged Shares, as represented by the stock
      certificates referenced thereon.

    

    Accordingly,
      the parties hereto agree as follows:

    

    1.           Security
      Interest.  As security for the Guaranty Obligations,
      including any and all renewals or extensions thereof, (each, if more than one)
      Pledgor hereby delivers, pledges and assigns to the Pledgee and creates in
      the
      Pledgee a first security interest in all of such Pledgor’s right, title and
      interest in and to all of the Pledged Interests, together with all rights and
      privileges of such Pledgor with respect thereto, all proceeds, income and
      profits thereof and all property received with respect to the Pledged Interests
      in addition thereto, in exchange thereof or in substitution therefor
      (collectively, the “Collateral”).  Each, if more than one, Pledgor has
      delivered to the Pledgee, with respect to the Pledged Shares existing on the
      date hereof, certificates evidencing such Pledged Shares, together with undated
      stock power(s) duly executed in blank by such Pledgor.

    

    

    2.           Dividends,
      Options, or Other Adjustments.  The Pledgee shall
      receive, as Collateral, any and all additional shares of stock or other property
      of any kind distributable on or by reason of the Collateral pledged hereunder,
      whether in the form of or by way of dividends, warrants, partial liquidation,
      conversion, prepayments or redemptions (in whole or in part), liquidation,
      or
      otherwise with the exceptions of cash dividends or other cash distributions
      to
      the extent permitted under Section 7(a) hereof.  If any additional
      shares of capital stock, instruments, or other property against which a security
      interest can only be perfected by possession by the Pledgee, which are
      distributable on or by reason of the Collateral pledged hereunder, shall come
      into the possession or control of a Pledgor, such Pledgor shall, hold or control
      in trust and forthwith transfer and deliver the same to the Pledgee subject
      to
      the provisions hereof.

    

    3.           Delivery
      of Share Certificates; Stock Powers; Documents.  Pledgor
      agrees to deliver all share certificates, undated stock powers duly executed
      in
      blank, documents, agreements, financing statements, amendments thereto,
      assignments or other writings as the Pledgee may request to carry out the terms
      of this Agreement or to protect or enforce the lien and security interest in
      the
      Collateral hereunder granted hereby to the Pledgee and further agrees to do
      and
      cause to be done, upon the Pledgee’s request, all things reasonably determined
      by the Pledgee to be necessary to perfect and keep in full force the lien in
      the
      Collateral hereunder granted hereby in favor of the Pledgee, including, but
      not
      limited to, the prompt payment of all documented out-of-pocket fees and expenses
      incurred in connection with any filings made to perfect or continue the lien
      and
      security interest in the Collateral hereunder granted hereby in favor of the
      Pledgee.  Pledgor agrees to make appropriate entries upon its books
      and records (including without limitation its stock record and transfer books)
      disclosing the lien against the Collateral hereunder granted hereby to the
      Pledgee hereunder.  Pledgor further agrees to promptly deliver to the
      Pledgee, or cause the corporation or other entity issuing the Collateral to
      deliver directly to the Pledgee, share certificates or other documents
      representing Collateral acquired or received after the date of this Agreement
      with an undated stock power duly executed by such Pledgor in
      blank.  If at any time the Pledgee notifies any Pledgor that
      additional stock powers endorsed in blank with respect to the Collateral are
      required, such Pledgor shall promptly execute in blank and deliver such stock
      powers as the Pledgee may request.

    

    4.           Power
      of Attorney.  The Pledgor hereby constitutes and
      irrevocably appoints the Pledgee, with full power of substitution and revocation
      by the Pledgee, as Pledgor’s true and lawful attorney-in-fact, to the full
      extent permitted by law, at any time or times when an Event of Default has
      occurred and is continuing to affix to certificates and documents representing
      the Collateral the stock power delivered with respect thereto, to transfer
      or
      cause the transfer of the Collateral, or any part thereof on the books of the
      corporation or other entity issuing the same, to the name of the Pledgee or
      the
      Pledgee’s nominee and thereafter to exercise as to such Collateral all the
      rights, powers and remedies of an owner.  The power of attorney
      granted pursuant to this Agreement and all authority hereby conferred are
      granted and conferred solely to protect the Pledgee ’s interest in the
      Collateral and shall not impose any duty upon the Pledgee to exercise any
      power.  Subject to Section 11 hereof, this power of attorney shall be
      irrevocable as one coupled with an interest.

    

    5.           Inducing
      Representations of the
Pledgor(s).  Each, if more than
      one, Pledgor makes the following representations and warranties to the Pledgee;
      each and all of which shall survive the execution and delivery of this
      Agreement:

    

                          (a)           The
      information concerning the Pledged Company and such Pledgor’s beneficial
      ownership of the Pledged Interests thereof that is contained in Schedule A
      is
      correct in all respects.

    

    

    

    (b)           Such
      Pledgor is the sole legal and beneficial owner of, and has good and indefeasible
      title to, the Pledged Interests pledged by such Pledgor, free and clear of
      all
      pledges, liens, security interests and other encumbrances and restrictions
      on
      the transfer and assignment thereof, other than the security interest created
      by
      this Agreement and has the unqualified right and authority to execute this
      Agreement and to pledge the Collateral to the Pledgee as provided for
      herein.

    

                          (c)           There
      are no outstanding options, warrants or other agreements to which the Pledged
      Company or such Pledgor is a party with respect to the Pledged Interests pledged
      by such Pledgor.

    

                          (d)           The
      Pledged Shares pledged by such Pledgor have been validly issued and are fully
      paid and non-assessable; the holder or holders of the Pledged Interests are
      not
      and will not be subject to any personal liability as such holder under any
      applicable law; and are not subject to any charter, by-law, statutory,
      contractual or other restrictions governing their issuance, transfer, ownership
      or control.

    

               (e)           Any
      consent, approval or authorization of or designation or filing with any
      authority on the part of such Pledgor which is required in connection with
      the
      pledge and security interest granted under this Agreement has been obtained
      or
      effected.

    

                          (f)           The
      execution and delivery of this Agreement by such Pledgor, and the performance
      by
      such Pledgor of its obligations hereunder, will not result in a violation of
      any
      mortgage, indenture, contract, instrument, judgment, decree, order, statute,
      rule or regulation to which such Pledgor is subject.

    

                          (g)           Such
      Pledgor has delivered to the Pledgee all instruments and stock certificates,
      if
      any, representing the Pledged Shares, duly endorsed in blank or accompanied
      by
      an assignment or assignments sufficient to transfer title thereto.

    

    6.           Obligations
      of the Pledgor.  Each Pledgor hereby covenants and agrees
      with the Pledgee as follows:

    

                          (a)           Such
      Pledgor will not sell, transfer or convey any interest in, or suffer or permit
      any lien or encumbrance to be created upon or with respect to, any of the
      Collateral (other than as created under this Agreement) during the term of
      the
      pledge established hereby.

    

                          (b)           Such
      Pledgor will, at its own expense, at any time and from time to time at the
      Pledgee’s request, do, make, procure, execute and deliver all acts, things,
      writings, assurances and other documents as may be required by the Pledgee
      to
      further enhance, preserve, establish, demonstrate or enforce the Pledgee’s
      rights, interests and remedies created by, provided in, or emanating from,
      this
      Agreement.

    

    7.           Rights
      of the Pledgor(s).  So long as no
      Event of Default has occurred and is continuing, and so long as the Pledgee
      has
      not transferred the Collateral to its own name under Section 8
      hereof:

    

               (a)           Pledgor
      shall be entitled to receive and retain any cash dividends and other cash
      distributions paid on its respective Collateral, in each case, solely to the
      extent permitted pursuant to the Note.

    

    

    

    

                          (b)           Pledgor
      shall be entitled to vote or consent or grant waivers or ratifications with
      respect to its respective Collateral in any manner not inconsistent with this
      Agreement, the Note or any other Loan Document.   Pledgor hereby
      grants to the Pledgee an irrevocable proxy,  which proxy shall be
      effective immediately upon the occurrence of and during the continuance of
      an
      Event of Default or registration of the Collateral in the name of the Pledgee
      pursuant to Section 8 hereof, to vote the Collateral.  Upon request of
      the Pledgee, Pledgor agrees to deliver to the Pledgee such further evidence
      of
      such irrevocable proxy or such further irrevocable proxy to vote the Collateral
      during the continuance of an Event of Default as the Pledgee may
      request.

    

    8.           Rights
      of the Pledgee.  At any time when an Event of Default has
      occurred and is continuing, the Pledgee may in its sole discretion:

    

                          (a)           Cause
      the Collateral to be transferred to its name or to the name of its nominee
      or
      nominees and thereafter exercise as to such Collateral all of the rights, powers
      and remedies of an owner.

    

               (b)           Collect
      by legal proceedings or otherwise all dividends, interest, principal payments,
      capital distributions and other sums now or hereafter payable on account of
      said
      Collateral, and hold the same as part of the Collateral, or apply the same
      to
      any of the Guaranty Obligations in such manner and order as the Pledgee may
      decide in its sole discretion.

    

               (c)           Enter
      into any extension, subordination, reorganization, deposit, merger, or
      consolidation agreement, or any other agreement relating to or affecting the
      Collateral, and in connection therewith deposit or surrender control of the
      Collateral thereunder, and accept other property in exchange therefor and hold
      and apply such property or money so received in accordance with the provisions
      hereof.

    

               (d)           Discharge
      any taxes, liens, security interests or other encumbrances levied or placed
      on
      the Collateral or pay for the maintenance and preservation of the Collateral;
      the amount of such payments, plus any and all fees, costs and expenses of the
      Pledgee (including reasonable attorneys’ fees and disbursements) in connection
      therewith shall, at the Pledgee’s option, be (i) reimbursed by the Pledgor(s) on
      demand, with interest thereon from the date paid by Pledgee at two percent
      (2%)
      per annum above the Base Rate or (ii) added to the Guaranty Obligations secured
      hereby; provided that recourse of the Bank with respect to reimbursement by
      Pledgor(s) of such fees, costs and expenses shall be limited as provided in
      Section 11 of the Guaranty.

    

    9.           Event
      of Default; Remedies.  Upon the occurrence and
      continuance of an Event of Default:

    

               (a)           In
      addition to all the rights and remedies of a secured party under applicable
      law,
      the Pledgee shall have the right, and without demand of performance or other
      demand, advertisement or notice of any kind, except as specified below, to
      or
      upon any Pledgor or any other Person (all and each of which demands,
      advertisements and/or notices are hereby expressly waived to the extent
      permitted by law), to proceed forthwith to collect, receive, appropriate and
      realize upon the Collateral, or any part thereof and to proceed forthwith to
      sell, assign, give an option or options to purchase, contract to sell, or
      otherwise dispose of and deliver the Collateral or any part thereof in one
      or
      more parcels at public or private sale or sales at any stock exchange or
      broker’s board or at any of the Pledgee’s offices or elsewhere at such prices
      and on such terms (including, without limitation, a requirement that any
      purchaser of all or any part of the Collateral shall be required to purchase
      any
      securities constituting the Collateral solely for investment and without any
      intention to make a distribution thereof) as the Pledgee in its sole and
      absolute discretion deems appropriate without any liability for any loss due
      to
      decrease in the market value of the Collateral during the period
      held.  The Pledgee agrees that if notice of sale shall be required by
      law such notification shall be deemed reasonable and properly given if mailed
      to
      the Pledgor(s), postage prepaid, at least five (5) days before any such
      disposition, to the address indicated in Section 13(d) below.  Any
      disposition of the Collateral or any part thereof may be for cash or on credit
      or for future delivery without assumption of any credit risk, with the right
      of
      the Pledgee to purchase all or any part of the Collateral so sold at any such
      sale or sales, public or private, free of any equity or right of redemption
      in
      any Pledgor, which right or equity is, to the extent permitted by applicable
      law, hereby expressly waived and released by the Pledgor(s).

    

               (b)           All
      of the Pledgee’s rights and remedies, including but not limited to the
      foregoing, shall be cumulative and not exclusive and shall be enforceable
      alternatively, successively or concurrently as the Pledgee may deem
      expedient.

    

               (c)           The
      Pledgee may elect to obtain (at the Pledgor’s expense) the advice of any
      independent investment banking firm with respect to the method and manner of
      sale or other disposition of any of the Collateral, the best price reasonably
      obtainable therefor, the consideration of cash and/or credit terms, or any
      other
      details concerning such sale or disposition.  The Pledgee, in its sole
      discretion, may elect to sell on such credit terms which it deems
      reasonable.  The sale of any of the Collateral on credit terms shall
      not relieve any Pledgor of its liability under any Loan Document until its
      Guaranty Obligations have been paid in full.  All payments received by
      the Pledgee in respect of a sale of Collateral shall be applied to the Guaranty
      Obligations in the manner provided in Section 10 hereof, as and when such
      payments are received; provided that recourse of the Bank with respect to such
      payment by any Pledgor shall be limited as provided in Section 11 of the
      Guaranty.

    

               (d)           Pledgor
      recognizes that the Pledgee may be unable to effect a public sale of all or
      a
      part of the Collateral by reason of certain prohibitions contained in any
      applicable securities law, but 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 the Collateral for their own account, for investment
      and not with a view for the distribution or resale thereof.  Pledgor
      agrees that private sales so made may be at prices and on other terms less
      favorable to the seller than if the Collateral were sold at public sale, and
      that the Pledgee has no obligation to delay the sale of any Collateral for
      the
      period of time necessary to permit the registration of the Collateral for public
      sale under the Securities Act of 1933, as amended.   Pledgor
      agrees that a private sale or sales made under the foregoing circumstances
      shall
      be deemed to have been made in a commercially reasonable manner.

    

               (e)           If
      any consent, approval or authorization of any state, municipal or other
      governmental department, agency or authority should be necessary to effectuate
      any sale or other disposition of the Collateral, or any partial disposition
      of
      the Collateral, Pledgor will execute all such applications and other instruments
      as may be required in connection with securing any such consent, approval or
      authorization, and will otherwise use its best efforts to secure such sale
      or
      other disposition of the Collateral as the Pledgee may reasonably deem necessary
      pursuant to the terms of this Agreement.

    

               (f)           Upon
      any sale or other disposition, the Pledgee shall have the right to deliver,
      assign and transfer to the purchaser thereof the Collateral so sold or disposed
      of.  Each purchaser at any such sale or other disposition (including
      the Pledgee) shall hold the Collateral free from any claim or right of
      Pledgor of whatever kind, including any equity or right of redemption of
      any Pledgor.  Pledgor specifically waives, to the extent permitted by
      applicable laws, all rights of redemption, stay or appraisal which it had or
      may
      have under any rule of law or statute now existing or hereafter
      adopted.

    

               (g)           The
      Pledgee shall not be obligated to make any sale or other disposition, unless
      the
      terms thereof shall be satisfactory to it.  The Pledgee may, subject
      to applicable laws, without notice or publication, adjourn any private or public
      sale, and, upon five (5) days’ prior notice to the applicable Pledgor, hold such
      sale at any time or place to which the same may be so adjourned.  In
      case of any sale of all or any part of the Collateral, on credit or future
      delivery, the Collateral so sold may be retained by the Pledgee until the
      selling price is paid by the purchaser thereof, but the Pledgee shall incur
      no
      liability in the case of the failure of such purchaser to take up and pay for
      the property so sold and, in case of any such failure, such property may again
      be sold as herein provided.

    

    10.           Disposition
      of Proceeds.

    

               (a)           The
      proceeds of any sale or disposition of all or any part of the Collateral shall
      be applied by the Pledgee in the following order:

    

    (i)           to
      the payment in full of the costs and expenses of such sale or sales,
      collections, and the protection, declaration and enforcement of any security
      interest granted hereunder including the reasonable compensation of the
      Pledgee’s agents and attorneys;

    

    (ii)           to
      the payment of the Guaranty Obligations; and

    

    (iii)           to
      the payment to the Pledgor(s) of any surplus then remaining from such proceeds,
      subject to the rights of any holder of a lien on the Collateral of which the
      Pledgee has actual notice.

    

               (b)           In
      the event that the proceeds of any sale or other disposition of the Collateral
      are insufficient to cover the principal of, and premium, if any, and interest
      on, the Guaranty Obligations secured thereby plus costs and expenses of the
      sale
      or other disposition, the Pledgor(s) shall remain liable for any
      deficiency.

    

    11.           Termination.  This
      Agreement shall continue in full force and effect until all of the Guaranty
      Obligations shall have been indefeasibly paid in full and satisfied, and the
      Note shall have been terminated.  Subject to any sale or other
      disposition by the Pledgee of the Collateral or any part thereof pursuant to
      this Agreement, the Collateral (together with the undated stock powers delivered
      by the Pledgor(s) to the Pledgee) shall be returned to the Pledgor(s) upon
      full
      payment, satisfaction and termination of all of the Guaranty
      Obligations.

    

    12.           Expenses
      of the Pledgee.  All expenses (including reasonable fees
      and disbursements of counsel) incurred by the Pledgee in connection with the
      perfection and continuation of the security interest granted hereunder and
      any
      actual or attempted sale or exchange of, or any enforcement, collection,
      compromise or settlement respecting, the Collateral, or any other action
      taken by the Pledgee hereunder whether directly or as attorney-in-fact pursuant
      to a power of attorney or other authorization herein conferred, for the purpose
      of satisfaction of the liability of the Pledgor(s) for failure to pay the
      Guaranty Obligations or as additional amounts owing by the Pledgor(s) to cover
      the Pledgee’s costs of acting against the Collateral, shall be deemed a Guaranty
      Obligation of the Pledgor(s) for all purposes of this Agreement and the Pledgee
      may apply the Collateral to payment of or reimbursement of itself for such
      liability.

    

    13.           General
      Provisions.

    

                          (a)           All
      capitalized terms used in this Pledge Agreement and not defined herein shall
      have the respective meanings assigned to them in the Note.

    

                          (b)           The
      Pledgee and its assigns shall have no obligation in respect of the Collateral,
      except to use reasonable care in holding the Collateral and to hold and dispose
      of the same in accordance with the terms of this Agreement.

                          (c)           All
      notices, requests and demands to or upon the respective parties hereto to be
      effective shall be in writing, and unless otherwise expressly provided herein,
      shall be conclusively deemed to have been received by a party hereto and to
      be
      effective on the day on which delivered to such party at the address set forth
      below, or if sent by registered or certified mail, on the third Business Day
      after the day on which mailed in the United States, addressed to such party
      at
      said address:

    

    (i)           if
      to the Pledgee, at:

    

    Manufacturers
      and Traders Trust
      Company

    401
      Broad
      Hollow Road

    Melville,
      New York 11747

    Attention:                      Tamra
      Postiglione

    Relationship
      Manager – Emerging
      Vision, Inc.

    Telecopy:                      (631)   501-4131

    

    With
      a
      copy to:

    

    Manufacturers
      and Traders Trust
      Company

    One
      M&T Plaza

    Buffalo,
      New York 14240

    Attention:                                Office
      of General
      Counsel

    

    

    (ii)           if
      to any Pledgor, at:

    

    OG
      Acquisition, Inc.

    100
      Quentin Roosevelt Boulevard, Suite
      508

    Garden
      City, New
      York  11530

    Attention:                      Christopher
      G. Payan, CEO

    Telecopy:                      (516)
      390-2110

    

    With
      a copy to:

    

    OG
      Acquisition,
      Inc.

    100
      Quentin Roosevelt Boulevard, Suite
      508

    Garden
      City, New
      York  11530

    Attention:                      General
      Counsel

    Telecopy:                      (516)
      465-6920

    

    (iii)           As
      to each party at such other address as such party shall have designated to
      the
      other in a written notice complying as to delivery with the provisions of this
      Section 13(d).

    

               (d)           No
      failure on the part of the Pledgee to exercise, and no delay in exercising,
      any
      right, power or remedy hereunder shall operate as a waiver thereof, nor shall
      any single or partial exercise by the Pledgee of any right, power or remedy
      hereunder preclude any other or future exercise thereof, or the exercise of
      any
      other right, power or remedy.  The remedies herein provided are
      cumulative and are not exclusive of any remedies provided by law or any other
      agreement.  The representations, covenants and agreements of the
      Pledgor(s) herein contained shall survive the date hereof.  Neither
      this Agreement nor the provisions hereof can be changed, waived or terminated
      orally.  This Agreement shall be binding upon and inure to the benefit
      of the parties hereto and their respective successors, legal representatives
      and
      assigns except that no Pledgor may assign or transfer any of its respective
      rights or obligations under this Agreement without the prior written consent
      of
      the Pledgee.

    

    SECTION
      14.  APPLICABLE LAW; CONSENT TO JURISDICTION; WAIVER OF JURY
      TRIAL.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
      GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
      PRINCIPLES OF CONFLICT OR CHOICE OF LAWS.  EACH PLEDGOR HEREBY
      IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE COURT IN THE
      STATE OF NEW YORK, COUNTY OF NEW YORK, COUNTY OF NASSAU OR COUNTY OF SUFFOLK
      IN
      ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN
      CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND
      TO
      THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PLEDGOR HEREBY WAIVES AND AGREES
      NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE IN ANY SUCH SUIT,
      ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
      JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT
      IN
      AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS
      IMPROPER, OR THAT THIS AGREEMENT OR ANY DOCUMENT OR ANY INSTRUMENT REFERRED
      TO
      HEREIN OR THE SUBJECT MATTER THEREOF MAY NOT BE LITIGATED IN OR BY SUCH
      COURTS.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PLEDGOR
      AGREES (i) NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT
      OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR JURISDICTION WHICH MAY
      BE
      CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT AND (ii) NOT TO ASSERT
      ANY
      COUNTERCLAIM IN ANY SUCH SUIT, ACTION OR PROCEEDING UNLESS SUCH COUNTERCLAIM
      CONSTITUTES A COMPULSORY OR MANDATORY COUNTERCLAIM UNDER APPLICABLE RULES OF
      CIVIL PROCEDURE. EACH PLEDGOR AGREES THAT SERVICE OF PROCESS MAY BE MADE UPON
      IT
      BY CERTIFIED OR REGISTERED MAIL TO THE ADDRESS FOR NOTICES SET FORTH IN THIS
      AGREEMENT OR ANY METHOD AUTHORIZED BY THE LAWS OF NEW YORK.  EACH
      PLEDGOR AND THE PLEDGEE EACH IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY
      IN
      ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
      AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
      OR
      THEREBY.

    

    SECTION
      15.  Several
      Agreements.  This Agreement shall
      constitute the several obligations and agreements of each Pledgor and may be
      amended, restated, supplemented or otherwise modified from time to time with
      respect to any Pledgor without the consent or approval of any other Pledgor,
      and
      no such amendment, restatement, supplement or modification shall be deemed
      to
      amend, restate, supplement or modify the obligations of any other Pledgor
      hereunder.

    

    SECTION
      16.  Severability.  Any
      provision of this Agreement held to be invalid, illegal or unenforceable in
      any
      jurisdiction shall, in such jurisdiction, be ineffective to the extent of such
      invalidity, illegality or unenforceability without affecting the validity,
      legality and enforceability of the remaining provisions hereof; and the
      invalidity of a particular provision in a particular jurisdiction shall not
      invalidate such provision in any other jurisdiction.

    

    SECTION
      17.                                Counterparts.  This
      Agreement may be executed in two or more counterparts, each of which shall
      constitute an original but all of which, taken together, shall constitute one
      and the same agreement.

    

    IN
      WITNESS WHEREOF, the parties hereto have executed and delivered this
      Agreement on the date first above written.

    

    

    PLEDGOR(S):

    

    OG
      ACQUISITION,
      INC.

    

    

    By:/s/Christopher
      G. Payan

    Name:
      Christopher G.
      Payan

    Title:    CEO

    

    

    

    PLEDGEE:

    MANUFACTURERS
      AND TRADERS
      TRUST

    COMPANY

    

    

    By:
      /s/Tamra Postiglione

    Name:                      Tamra
      Postiglione

    Title:                      Vice
      President

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      A

    

    

    
      	
              Pledgor:

            	
              Class:

            	
              No.
                of Shares:

            	
              Stock
                Cert. No.

            	
              %
                of issued and outstanding shares

            
	
              OG
                Acquisition, Inc.

            	
              Common

            	
              5120

            	 	
              100%

            
	
              OG
                Acquisition, Inc.

            	
              Class
                A Special Shares

            	
              2,000,000

            	 	
              100%

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