Document:

exh109-033103

Exhibit 10.9

                                PLEDGE AGREEMENT

     THIS  PLEDGE  AGREEMENT  is entered  into on August  _30__,  2001,  between
Douglas A. Larson (the  "Pledgor"),  and Eldorado  Artesian  Springs,  Inc. (the
"Secured Party").

     Section 1. Pledge of Security  Interest.  Pledgor hereby pledges to Secured
Party a  security  interest  in, a minimum  of  250,000  shares of Common  Stock
("Pledged Collateral"),  all of which are now owned by Pledgor in Secured Party,
and all proceeds of the  foregoing.  The formula  used to calculate  the Pledged
Collateral  is two times the value of the loan  divided by the closing  price as
quoted by NASDAQ  ($400,000 / $1.60 = 250,000  shares).  The Pledged  Collateral
shall be held by an outside  director  ("Escrow  Agent") and shall have attached
thereto a stock power endorsed in blank by Pledgor, or at Pledgor's election, an
escrow may be  established at a local bank. The cost of the escrow shall be paid
by the Pledgor if Pledgor  elects to use a bank as the escrow agent.  Unless and
until an Event of Default  (as defined in Section 3 hereof)  has  occurred,  the
Pledged  Collateral  shall be held by the Escrow  Agent in  accordance  with the
terms of this Pledge Agreement.

     Section 2.  Indebtedness  Secured.  The  security  interest  in the Pledged
Collateral  granted  under  Section  1 hereof is  granted  as  security  for the
performance of, and the timely  repayment of a loan in the amount of Two Hundred
Thousand and no/100 Dollars  ($200,000.00)  made by Secured Party to Pledgor for
the purchase of real property  currently  owned by Secured  Party.  Said loan is
evidenced by a promissory note dated August _30__,  2001, payable to the Secured
Party (the "Note").

     Section 3. Events of Default.  For  purposes of this Pledge  Agreement,  an
"Event of Default" shall be deemed to have occurred if Pledgor shall fail to pay
any installment of principal or interest on the Note or any portion thereof when
due,  or if  there is a  breach  by  Pledgor  of any  representation,  warranty,
covenant or other agreement under this Pledge  Agreement,  and such event is not
cured  within ten (10)  business  days of delivery of written  notice by Secured
Party to Pledgor.

     Section 4.  Remedies  Upon  Default.  At any time after an Event of Default
shall have occurred,  Pledgor shall,  upon written notice by Secured Party,  (a)
register the Pledged  Collateral in Secured Party's name and Secured Party shall
(to the extent  permitted  by law) have the right to vote the  shares  which are
part of the  Pledged  Collateral  pending  disposition  thereof as  required  by
Section 4(c) hereof; (b) apply the cash (if any) then held as Pledged Collateral
hereunder  to the  payments  due on the Note;  and (c) if there shall be no such
cash or the cash so applied shall be insufficient to pay such Note in full, sell
the Pledged Collateral,  or any part thereof, on an additional ten (10) business
days'  written  notice to  Pledgor,  at public or  private  sale for cash,  upon
credit,  or for future  delivery,  as  Secured  Party  shall  deem  appropriate;
provided,  however,  that if such sale is a private sale,  Pledgor shall receive
written notice thereof at least five (5) business days prior to the consummation
of such sale,  which notice shall  describe  the material  terms and  conditions
thereof,  and Pledgor  may,  within such  five-day  period,  tender  payment and
consummate such purchase on the same terms and conditions.

     Section  5.  Dividends.  Unless  there is an Event of  Default  under  this
Agreement,  all dividends paid or payable on the shares shall be the property of
the Pledgor.

     Section 6. Further  Documentation,  etc. The Pledgor promises and agrees to
provide the Secured Party with any further,  additional or corrected  documents,
instruments or agreements reasonably required by the Secured Party to secure and
perfect the security  interest granted hereby in the Pledged  Collateral,  or in
any proceeds thereof.

     Section 7. Amendment to Agreements,  Etc.  Pledgor agrees and consents that
its  obligations,  and the rights of Secured Party under this Pledge  Agreement,
shall not be impaired if, at any time and from time to time:

     a.   The time of  repayment  of the Note shall be  extended  in whole or in
          part and/or shall be renewed in whole or in part;

     b.   The  maturity  of the Note  shall be  accelerated  and any  collateral
          security therefore  exchanged,  surrendered or otherwise dealt with in
          accordance with the terms of any present or future agreement  relating
          thereto, including this Pledge Agreement;

     c.   The time for the  performance  by  Pledgor or of  compliance  with any
          term, covenant or agreement on its part to be performed under the Note
          and/or any  present or future  agreement  between  Pledgor and Secured
          Party shall be extended or such performance or compliance waived;

     d.   The liability of Pledgor to pay the Note or to perform its obligations
          under any present or future  agreement  between them and Secured Party
          shall be settled or compromised.

     Any of the  foregoing  may occur from time to time without  affecting  this
pledge or the  obligations  of Pledgor  hereunder,  which shall continue in full
force and effect until the Note secured  hereby and all  obligations  of Pledgor
hereunder shall have been fully paid and performed.

     Section 8.  Relation  to Other  Documents.  The  provisions  of this Pledge
Agreement shall be in addition to those of the Note or any other evidence of any
liability held by the Secured Party.

     IN WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to
be executed as of the date first above written.

SECURED PARTY                             PLEDGOR

ELDORADO ARTESIAN SPRINGS, INC.

By:    /s/ Kevin Sipple                                /s/ Douglas A. Larson
Name:  Kevin Sipple                                    Douglas A. Larson
Title: VP/Secretaryexh1010-033103

Exhibit 10.10

                        SELLER CARRYBACK PROMISSORY NOTE

 $200,000.00
                                                             August 30, 2001

     This PROMISSORY NOTE (this "Note") is executed by KEVIN M. SIPPLE ("Maker")
whose address is, P.O. Box 244,  Eldorado  Springs,  Colorado  80025 in favor of
ELDORADO ARTESIAN SPRINGS, INC., a Colorado corporation ("Holder") whose address
is P.O. Box 445, Eldorado Springs, Colorado 80025.

     1. Promise to Pay. For value received,  Maker hereby promises to pay to the
order  of  Holder  the  principal  sum  of  Two  Hundred   Thousand  and  No/100
($200,000.00) (the "Principal Sum"),  together with interest thereon at the rate
as  hereinafter  specified,  all in lawful money of the United States of America
which constitutes legal tender for payment of debts,  public and private, at the
time of payment.

     2.  Interest.  Interest shall accrue on the unpaid balance of the Principal
Sum from the date hereof,  until paid The Principal Sum at the rate of seven and
50/100 percent (7.5%) per annum, which annual interest accrual shall be deferred
and paid annually (the "Interest Accrual").

     3. Maturity Date. If not sooner paid, the entire unpaid  principal  balance
of this Note,  together with all accrued and unpaid interest  thereon,  shall be
due and  payable  in full on the date that is sixty  (60)  months  from the date
hereof.

     4. Time and Place of  Payment.  Maker  shall pay the  Interest  Accrual  to
Holder in five (5) annual payments on the anniversary  date hereof  beginning on
the date that is the first  anniversary  of the date  hereof,  at the address of
Holder set forth above or at such other address as may be  designated  from time
to time by Holder by written notice to Maker,  in accordance  with the following
provisions. In the event Maker is paid a bonus by Holder during the term of this
Note,  such bonus amount,  if any,  shall first be credited  toward the Interest
Accrual due during the year of such bonus.  If the bonus amount is  insufficient
to cover the entire  amount of the Interest  Accrual (the  "Shortfall  Amount"),
such Shortfall Amount, if any, shall at Maker's option be (a) paid to Holder; or
(b) added to the Principal Sum and such unpaid  Interest  Accrual and the unpaid
Principal Sum shall  constitute  the unpaid  balance of the Principal Sum, which
shall accrue interest at the rate specified above.

     5.  Prepayment  Privilegee.  Maker  shall have the  right,  at any time and
without premium or fee, to prepay this Note in whole or in part.

     6. Related Documents.  "Related  Documents" shall mean the (a) that certain
Deed of Trust securing this Note ("Deed of Trust") of even date herewith,  which
encumbers  certain property in Boulder County,  Colorado  ("Property");  (b) all
other  documents   executed  or  delivered  by  Maker  in  connection  with  the
indebtedness   evidenced  by  this  Note;  and  (c)  any  and  all   amendments,
modifications,  extensions or renewals of any of the foregoing  documents  which
heretofore have been and hereafter may be executed from time to time.

     7.  Application  of  Payments.  In the  case of an  Event  of  Default,  as
hereinafter  defined, all payments hereunder shall be applied first to costs and
expenses  of  collection,  if any;  second  to the  repayment  of sums,  if any,
advanced by Holder under the provisions of the Related Documents, including sums
advanced  for  the  payment  of  taxes,   assessments,   insurance  premiums  or
maintenance with respect to any of the property encumbered by the Deed of Trust,
together with interest on the sums advanced at the Default Rate, as  hereinafter
defined,  such interest to accrue from the date of any advance until the advance
is repaid; third, to late charges on defaulted payments as hereinafter provided;
fourth,  to the payment of accrued and unpaid  interest on the principal of this
Note,  including  interest accrued at the Default Rate as hereinafter  provided;
and fifth, to the reduction of principal of this Note. So long as any default or
Event of Default  exists,  payments  may be applied in such manner as Holder may
elect in Holder's sole discretion.

     8.  Default  Interest  Rate and Late Charge on Defaulted  Pate.  Subject to
Paragraph  4 above,  any payment not made within five (5) days after the same is
due  hereunder,  and  including  sums,  if any,  advanced  by  Holder  under the
provisions of the Deed of Trust,  and including the entire balance of principal,
interest,  and other  sums due upon the  maturity  hereof,  by  acceleration  or
otherwise,  shall bear interest at eighteen percent (18%) ("Default Rate"), such
interest to accrue from the date due until paid in full,  and Holder  shall have
and may exercise any or all of the rights and remedies  provided herein,  in the
Deed of Trust and under applicable law or in equity. In addition,  a late charge
of four cents per dollar  shall be due and payable on all sums not paid when due
but not on any sums due by reason of acceleration.

     9.  Default.  Time is of the  essence of each and every  provision  of this
Note.  Each of the following  shall  constitute an "Event of Default" under this
Note:

     (a) Subject to  Paragraph 4 above,  the failure of Maker to pay in full any
amount due hereunder or under the Related  Documents within five (5) days notice
from  Holder  that  the  same is due,  as  provided  herein,  or in the  Related
Documents or upon maturity of this Note;

     (b) The failure of Maker to perform, satisfy and observe in full, when due,
any of the obligations,  covenants, conditions and restrictions under this Note,
or under the Related  Documents,  not involving  the payment of money,  and such
failure shall  continue for 30 days after written notice from Holder to Maker of
such failure,  or if said failure cannot  reasonably be cured within said 30-day
period,  if Maker shall not in good faith  commence to cure such failure  within
said 30-day period or shall not diligently proceed therewith to completion.

     10. Right to  Accelerate  on Event of Default.  Upon the  occurrence of any
Event of Default hereunder,  the entire balance of principal,  accrued interest,
any other  sums  owing  hereunder  or under the Deed of Trust,  at the option of
Holder, become at once due and payable without prior notice or demand.

     11.  Non-Recourse.  In the event of a default in the payment of any sum due
hereunder,  the sole  remedy of Holder  shall be to (a)  collect on the  Pledged
Collateral  pursuant to that certain Pledge Agreement dated August 30A, 2001, by
and between Holder and Maker and/or (b) foreclose on the property secured by the
Deed of Trust and Maker shall have no personal liability for payment of any sums
due hereunder.

     12. Waivers of Demand,  etc. Maker and all parties now or hereafter  liable
for the payment hereof,  primarily or secondarily,  directly or indirectly,  and
whether as endorser,  guarantor,  surety,  or  otherwise,  (a)  severally  waive
demand,  presentment,  notice of dishonor or  nonpayment,  protest and notice of
protest, and diligence in collecting,  (b) consent to substitution,  release, or
impairment of  collateral,  the taking of additional  collateral,  extensions of
time for  payment,  renewals  of this  Note and  acceptance  of late or  partial
payments, whether before, at, or after maturity, all or any of which may be made
without notice to any of said parties and without  affecting  their liability to
Holder, (c) agree that Holder's acceptance of one or more partial payments after
acceleration  of the maturity of this Note will not  constitute a waiver of such
acceleration,  regardless of any contrary notice or statement of condition which
may  accompany  any such  partial  payment,  and (d) waive any right to  require
Holder  to  proceed  against  any  security  for  this  Note  before  proceeding
hereunder.

     13. Costs of Collection.  Maker and all parties now or hereafter liable for
the payment  hereof agree to pay all costs and  expenses,  including  reasonable
attorneys'  fees,  incurred in  collecting  this Note or any part  thereof or in
preserving,  securing  possession  of, and realizing  upon any security for this
Note whether or not legal proceedings are commenced.

     14. No Usury  Payable.  The  provisions of this Note and of all  agreements
between Maker and Holder are hereby expressly  limited so that in no contingency
or event  whatsoever  shall the amount paid, or agreed to be paid, to Holder for
the use,  forbearance,  or retention of the Loan Amount  ("Interest") exceed the
maximum  amount  permissible  under  applicable  law. If, from any  circumstance
whatsoever,  the  performance or  fulfillment of any provision  hereof or of any
other  agreement  between Maker and Holder  shall,  at the time  performance  or
fulfillment  of such  provision  shall be due,  exceed  the limit  for  Interest
prescribed by law, then, ipso facto, the obligation to be performed or fulfilled
shall be reduced to such limit, and if, from any circumstance whatsoever, Holder
should ever receive as Interest an amount which would exceed the highest  lawful
rate,  the amount  which  would be  excessive  Interest  shall be applied to the
reduction of the principal  balance owing hereunder (or, at Holder's option,  be
paid over to Maker) and not to the payment of Interest.

     15.  Severability of Provisions.  If any provision  hereof or of any of the
Related  Documents  shall,  for any  reason  and to any  extent,  be  invalid or
unenforceable,  then the remainder of the  instrument in which such provision is
contained,  the  application  of the  provision  to other  persons,  entities or
circumstances, and any other instrument referred to herein shall not be affected
thereby but instead shall be enforceable to the maximum extent permitted by law.

     16.  Successors  to Maker or Holder.  The term "Maker" as used herein shall
include  the  original  maker of this Note and any  party  who may  subsequently
become primarily liable for the payment hereof. The term "Holder" as used herein
shall mean the original payee of this Note or, if this Note is transferred,  the
then holder of this Note,  provided that, until written notice is given to Maker
designating  another  party as Holder,  Maker may  consider the Holder to be the
original  payee or the party last  designated  as Holder in a written  notice to
Maker.

     17. Notices.  All notices,  consents or other instruments or communications
provided for under this Note shall be in writing, signed by the party giving the
same, and shall be deemed  properly  given and received when actually  delivered
and received or three  business  days after  mailed,  if sent by  registered  or
certified mail, postage prepaid, to the address set forth in the first paragraph
of this Note,  or to such  other  address  as a party may  designate  by written
notice to the other party.

     18. Captions for  Convenience.  The captions to the Sections hereof are for
convenience  only and shall not be considered  in  interpreting  the  provisions
hereof.

     19.  Governing  Law.  Regardless of the place of its  execution,  this Note
shall be  construed  and  enforced in  accordance  with the laws of the State of
Colorado.

                                     MAKER:

                                     /s/Kevin M. Sipple
                                     KEVIN M. SIPPLE

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