Document:

Prepared and filed by St Ives Burrups

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Exhibit 10.22

     STOCK
      PLEDGE AGREEMENT dated as of September 3, 2004 (as amended, modified,
      supplemented or restated, the “Agreement”), executed in favor
      of AMERISTOCK CORP., a California corporation (the “Pledgee”)
      by each of LOUIS S. SLAUGHTER, an individual (“Slaughter” or
      a “Pledgor”) and BITTERSWEET HOLDINGS LLC, a Delaware
      limited liability company (“Bittersweet” or a “Pledgor”,
      and together with Slaughter, collectively, the “Pledgors”).

RECITALS

	
A.     GigaBeam Corporation, a Delaware corporation (“GigaBeam”) is entering into a certain Note Purchase Agreement dated as of September 3, 2004 (as amended, modified, supplemented or restated, the “Note Purchase Agreement”) with various investors party thereto (each an “Investor” and collectively the “Investors”), pursuant to which GigaBeam shall issue to each Investor a 10% Senior Notes due February 28, 2005 (each, as amended, modified, supplemented or restated, a “Note” and collectively the “Notes”) in the aggregate principal amount of $1,000,000.

	 
	
B.     The Pledgee has agreed to guarantee to each Investor the payment and performance by GigaBeam of the Note issued by GigaBeam to such Investor, pursuant to a Guaranty executed by the Pledgee in favor of the Investors, dated as of September 3, 2004 (as amended, modified, supplemented or restated, the “Guaranty”).

	 
	
C.     Each of the Pledgors owns, beneficially or of record, certain of the issued and outstanding shares of the common stock of GigaBeam.  The willingness of the Investors to purchase the Notes on a credit enhanced basis, by virtue of the execution and delivery of the Guaranty, will benefit the Pledgors.  Accordingly, the Pledgors have agreed, pursuant to the terms of this Agreement, to guaranty to the Pledgee, on a non-recourse basis, the obligation of GigaBeam to reimburse the Pledgee for amounts, if any, paid by it under the Guaranty, and to secure such guaranty of reimbursement with a collateral assignment by the Pledgors to the Pledgee of the Pledged Stock, as hereinafter defined.

     NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgors hereby agree as follows:

		
     1.     The Obligations.  Each of the Pledgors agrees, on a joint and several basis, to be liable to the Pledgee for any and all amounts paid by the Pledgee to the Noteholders on account of the Notes, pursuant to, and in accordance with the terms of, the Guaranty, for which the Pledgee has not received full and complete reimbursement from GigaBeam promptly following demand made by the Pledgee upon GigaBeam for same, provided, however, that the liability of each Pledgor hereunder shall be on a non-recourse basis to any Pledgor, personally (in the case of Slaughter) or to any assets or properties of any Pledgor (in all cases), other than the Pledged Stock, as hereinafter defined.  The
non-recourse liability of the Pledgors described in the previous sentence is hereinafter referred to as the “Obligations”.

		
     2.     Pledge; Grant of Security Interest.  To secure the prompt payment and performance of the Obligations, each Pledgor hereby grants to the Pledgee a continuing security interest in all of such Pledgor’s right, title and interest in and to all of the “Pledged Stock”, and all “Proceeds” thereof.  As used herein, the term “Pledged Stock” shall mean, as to each Pledgor, the number of issued and outstanding shares of common stock issued by GigaBeam to, and owned by, such Pledgor and identified on the Schedule annexed hereto, and the term “Proceeds” shall have the meaning provided in the Uniform Commercial Code adopted by the state, the laws of which shall
govern this Agreement, and, in any event, shall include, without limitation, (i) all dividends, interest and all other income derived from, or payable with respect to, or in exchange for, the Pledged Stock, (ii) all collections on the Pledged Stock and all distributions with respect to the Pledged Stock, (iii) all other property from time to time received, receivable or otherwise distributed with respect to, or in exchange for, the Pledged Stock, and (iv) any consideration received from  any sale, transfer, assignment, conveyance or disposition of any of the Pledged Stock.

		 
		
     3.     Delivery of Pledged Stock; Additional Actions.  On the date hereof, each Pledgor shall deliver to the Pledgee all of the certificates evidencing the Pledged Stock pledged by such Pledgor to the Pledgee, duly endorsed by such Pledgor to the Pledgee if necessary (and accompanied by any transfer tax stamps required in connection with the pledge of such Pledged Stock), together with undated stock powers covering such Pledged Stock, duly executed in blank by such Pledgor to the Pledgee, as collateral security for the Obligations.  Each Pledgor agrees that at any reasonable time at the reasonable request of the Pledgee and at the expense of such Pledgor, such Pledgor will promptly execute and
deliver, or cause to be executed and delivered, all stock certificates and powers, proxies, assignments, instruments and documents, and promptly take all further action, that the Pledgee reasonably determines is necessary or desirable to (i) perfect and protect any security interest granted or purported to be granted by this Agreement, (ii) enable the Pledgee to exercise and enforce its rights and remedies under this Agreement, and/or (iii) otherwise carry out the provisions and purposes of this Agreement.  

		 
		
     4.     Representations and Warranties.  Each Pledgor represents and warrants to the Pledgee, as to such Pledgor, that:

		 	 
		 	
          (a)     The Pledged Stock owned by such Pledgor has been duly authorized and validly issued and is fully paid and non-assessable.

		 	 
		 	
          (b)     Such Pledgor is the record and beneficial owner of such Pledged Stock, free and clear of any security interest, except for the security interest created under this Agreement, with full right to deliver, pledge, and collaterally assign such Pledged Stock to the Pledgee.  

		 	 
		 	
          (c)     This Agreement creates a valid security interest in such Pledged Stock, securing the payment of the Obligations.

		 	 
		 	
          (d)     No authorization, approval, or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the grant by such Pledgor of the security interest created hereunder or for the execution, delivery or performance of this Agreement by such Pledgor.

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          (e)     The execution, delivery and performance of this Agreement are, in the case of Bittersweet, within its limited liability company powers, have been duly authorized by all necessary limited liability company action, are not in contravention of law or the terms of its organizational documents, operating agreement or other applicable documents relating to its formation or to the conduct of its business or, in the case of each Pledgor, of any material agreement or undertaking to which such Pledgor is a party or by which such Pledgor is bound.

		 
		
     5.     Affirmative Covenants.  Each Pledgor covenants and agrees with the Pledgee that, from and after the effective date of this Agreement, such Pledgor shall (i) maintain the security interest created in favor of the Pledgee in the Pledged Stock owned by such Pledgor pursuant to this Agreement as a valid security interest free and clear of any competing claims or liens, and (ii) defend such security interest against claims and demands of all Persons whomsoever.

		 
		
     6.     Voting Rights; Dividends; Etc.

		 	 
		 	
          (a)     So long as no Event of Default (as defined in Section 13 hereof) shall have occurred and be continuing (i) each Pledgor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Pledged Stock or any part thereof for any purpose not inconsistent with the terms of this Agreement; (ii) each Pledgor shall be entitled to receive and retain any and all dividends and other distributions paid in respect of the Pledged Stock; and (iii) the Pledgee shall execute and deliver (or cause to be executed and delivered) to each Pledgor, all such proxies and other instruments as such Pledgor may reasonably request for the
purpose of enabling such Pledgor to exercise the voting and other rights which such Pledgor is entitled to exercise pursuant to clause (i) above and to receive the dividends and other distributions which such Pledgor is authorized to receive pursuant to clause (ii) above.

		 	 
		 	
          (b)     Upon the occurrence and during the continuance of an Event of Default (as defined in Section 13 hereof): 

		 	 	 
		 	 	
               (i)     All rights of the Pledgors to exercise or refrain from exercising the voting and other consensual rights which the Pledgors would otherwise be entitled to exercise pursuant to Section 6(a)(i) and to receive the dividends and other distributions which the Pledgors would otherwise be authorized to receive and retain pursuant to Section 6(a)(ii) shall cease, and all such rights shall thereupon become vested in the Pledgee, which shall thereupon have the sole right to exercise or refrain from exercising such voting and other consensual rights and to receive and hold as Pledged Stock such dividends and other distributions;

		 	 	 
		 	 	
               (ii)     All dividends and other distributions which are received by any Pledgor contrary to the provisions of this Section 6 shall be received in trust for the benefit of the Pledgee, shall be segregated from other funds of such Pledgor and shall be forthwith paid over to the Pledgee, as Pledged Stock in the same form as so received (with any necessary indorsements or assignments); and

		 	 	 
		 	 	
               (iii)     Each
Pledgor shall execute and deliver (or cause to be executed and delivered) to
the Pledgee, all such proxies and other instruments as the Pledgee may reasonably
request for the purpose of enabling it to exercise the voting and other rights
which it

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		is entitled to exercise pursuant to clause
      (i) above and to receive the dividends and other distributions which it
      is authorized to receive pursuant
to clause (ii) above.
		 
		
     7.     Transfers and Other Liens.  Each Pledgor agrees that it will not (i) sell, assign, transfer, convey, exchange, pledge or otherwise dispose of, or grant any option, warrant, right, contract or commitment with respect to, any of the Pledged Stock owned by such Pledgor, without the prior written consent of the Pledgee, which consent shall not be unreasonably withheld or delayed, or (ii) create or permit to exist any security interest with respect to any of the Pledged Stock owned by such Pledgee, except for the security interest created by this Agreement.

		 
		
     8.     Application of Proceeds of Sale or Cash Held as Pledged Stock.  All monies received by the Pledgee in respect of the Obligations and in respect of the enforcement of the security interest granted by the Pledgee hereunder, may, at the Pledgee’s discretion, be held as security for the Obligations or applied against the Obligations in any reasonable order or manner.

		 
		
     9.     The Pledgee Appointed Attorney-in-Fact.  After and during the continuance of an Event of Default (as defined in Section 13 hereof), each Pledgor hereby appoints the Pledgee as such Pledgor's attorney-in-fact, with full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time in the Pledgee's discretion to take any action and to execute any instrument which the Pledgee may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to receive, indorse and collect all drafts and other instruments made payable to such Pledgor representing any dividend, interest payment or other distribution in
respect of the Pledged Stock owned by such Pledgor or any part thereof and to give full discharge for the same.

		 
		
     10.     The Pledgee May Perform.  If a Pledgor fails to perform any agreement contained herein, the Pledgee may, but without any obligation to do so, itself perform, or cause performance of, such agreement.

		 
		
     11.     Reasonable Care.  The Pledgee shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Stock in its possession if the Pledged Stock is accorded treatment substantially equal to that which the Pledgee accords its own property, it being understood that the Pledgee shall not have any responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Stock, whether or not the Pledgee has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Stock; provided,
however, that upon a Pledgor’s instruction, the Pledgee shall use reasonable efforts to take such action as such Pledgor directs the Pledgee to take with respect to calls, conversions, exchanges, maturities, tenders, rights against other parties or other similar matters relative to the Pledged Stock owned by such Pledgor, but failure of the Pledgee to comply with any such request shall not of itself be deemed a failure to exercise reasonable care, and no failure of the Pledgee to preserve or protect any rights with respect to the Pledged Stock against prior parties, shall be deemed a failure to exercise reasonable care in the custody or preservation of the Pledged Stock.

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     12.     Subsequent Changes Affecting Pledged Stock.  Each Pledgor represents to the Pledgee that such Pledgor has made his or its own arrangements for keeping informed of changes or potential changes affecting the Pledged Stock owned by such Pledgor (including, but not limited to, rights to convert, rights to subscribe, payment of dividends, reorganization or other exchanges, tender offers and voting rights), and such Pledgor agrees that the Pledgee shall have no responsibility or liability for informing such Pledgor of any such changes or potential changes or for taking any action or omitting to take any action with respect thereto.

		 
		
     13.     Events of Default; Remedies upon an Event of Default.

		 	 
		 	
          (a)     Each of the following events shall constitute an “Event of Default” under this Agreement (i) the failure to pay any of the Obligations when due and payable, (ii) any representation or warranty made herein by any Pledgor shall be materially untrue or materially incorrect when made or (iii) the breach of any covenant contained herein by any Pledgor, and the failure to cure such breach within thirty (30) days after such Pledgor shall have received written notice thereof from the Pledgee.

		 	 
		 	
          (b)     If any Event of Default shall have occurred and be continuing, the Pledgee shall have all of the rights and remedies with respect to the Pledged Stock of a secured party under the applicable Uniform Commercial Code, and the Pledgee may, with prior notice and at its option, transfer or register the Pledged Stock or any part thereof on the books of GigaBeam into the name of the Pledgee, or its nominee(s), with or without any indication that such Pledged Stock is subject to the security interest hereunder.  In view of the fact that federal and state securities laws may impose certain restrictions on the method by which a sale of the Pledged Stock may be effected after an
Event of Default, each Pledgor agrees that upon the occurrence or existence of any Event of Default and during the continuance thereof, the Pledgee may, from time to time, attempt to sell all or any part of the Pledged Stock by means of a private placement, restricting the prospective purchasers to those who can make the representations and agreements required of purchasers of securities in private placements.  In so doing, the Pledgee may solicit offers to buy the Pledged Stock, or any part of it, for cash, from a limited number of investors deemed by the Pledgee in its judgment, to be responsible parties who might be interested in purchasing the Pledged Stock, and if the Pledgee solicits such offers from not less than three (3) such investors, then the acceptance by the Pledgee of the
highest offer obtained therefrom shall be deemed to be a commercially reasonable method of disposition of the Pledged Stock.  In addition, upon the occurrence of an Event of Default and during the continuance thereof, all rights of each Pledgor to exercise the voting and other rights which such Pledgor would otherwise be entitled to exercise and to receive cash dividends and interest payments, shall cease, and all such rights shall thereupon become vested in the Pledgee as provided in Section 6.

		 
		
     14.     Termination.
This Agreement shall terminate when all the Obligations have been fully paid
and performed, at which time the Pledgee shall reassign and redeliver (or cause
to be reassigned and redelivered) to the applicable Pledgor, or to such person
or persons as such Pledgor shall designate, against receipt, such of the Pledged
Stock (if any) as shall not have been sold or otherwise applied by the Pledgee
pursuant to the terms hereof and shall still be held by it hereunder, together
with appropriate instruments of reassignment and release. Any such reassignment
shall be without recourse upon or warranty by the Pledgee and at the expense
of such Pledgor. Upon termination of this Agreement, the Pledgee shall execute
and deliver to the

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		applicable Pledgor such documents as such Pledgor
      shall reasonably request to evidence such termination and the discharge
      and release of the Pledgee’s security interest in the Pledged Stock
    owned by such Pledgor.
		 
		
     15.     Amendments, Waivers and Consents.  Neither this Agreement nor any portion or provisions hereof may be changed, modified, amended, waived, supplemented, discharged, cancelled or terminated orally or by any course of dealing, or in any manner other than by an agreement in writing, signed by the party to be charged.

		 
		
     16.     Notices.  Any notice required or desired to be served, given or delivered hereunder shall be in writing (including facsimile transmission), shall be addressed and shall be deemed to have been validly served, given or delivered if so addressed and sent by overnight mail, as follows:

		 	 	 
		 	(a)	
If to the Pledgee, then to
Ameristock Corp.
P.O. Box 6919
Moraga, California 94570
Att:  Nicholas D. Gerber,
Director and Portfolio Manager

	 	 	 	 	 
	 	 	 	With a copy to:
                    
                    
                    

			 	 
			(b)	
If
to any Pledgor, then to
Louis S. Slaughter
195 Binney Street
Apt. 4601
Cambridge, Massachusetts  02142

	 	 	 	 	 
	 	 	 	With a copy to:
Blank Rome LLP
The Chrysler Building
405 Lexington Avenue
New York, New York  10174
Att:  Robert J. Mittman, Esq.

		 
		
     17.     Continuing Security Interest.  This Agreement shall create a continuing security interest in the Pledged Stock and shall (i) remain in full force and effect until payment in full of the Obligations; (ii) be binding upon each Pledgor, and the heirs, successors and assigns of each as applicable; and (iii) inure to the benefit of the Pledgee and its successors, transferees and assigns.

		 
		
     18.     Governing
Law; Terms.   THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK (the “Choice of Law State”).
Unless otherwise defined herein, terms defined in Articles 8

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		and 9 of the Uniform Commercial Code, as in
      effect in the Choice of Law State, are used herein as therein defined.
      Whenever 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 interpreted in such manner
      as to be ineffective or invalid under applicable law, such provisions shall
      be ineffective or invalid only to the extent of such prohibition or invalidity,
      without invalidating the remainder of such provision or the remaining provisions
    of this Agreement. 
		 
		
     19.     CONSENT TO JURISDICTION.  ANY JUDICIAL PROCEEDING BROUGHT BY OR AGAINST ANY PLEDGOR WITH RESPECT TO ANY OF THE OBLIGATIONS OR THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION LOCATED IN THE CHOICE OF LAW STATE, NEW YORK COUNTY, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PLEDGOR ACCEPTS FOR HIMSELF OR ITSELF AND IN CONNECTION WITH HIS OR ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY FINAL AND NON-APPLICABLE JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT.

		 
		
     20.     JURY TRIAL WAIVER.  EACH PLEDGOR, AND THE PLEDGEE, BY ITS ACCEPTANCE HEREOF (EACH INDIVIDUALLY A “PARTY” AND COLLECTIVELY, THE “PARTIES”), EACH 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 OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED 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 HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

		 
		
     21.     Definitions.  The singular shall include the plural and vice versa and any gender shall include any other gender as the text shall indicate.

		 
		
     22.     Section Headings.  The section headings herein are for convenience of reference only, and shall not affect in any way the interpretation of any of the provisions hereof.

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     IN WITNESS WHEREOF, the Pledgors have each caused this Agreement to be duly executed and delivered as of the date first above written.

	 	PLEDGORS:
	 	 
	 	/s/ Louis S. Slaughter                                   
	 	LOUIS S. SLAUGHTER
	 	 
	 	BITTERSWEET HOLDINGS, LLC
	 	 
	 	By: /s/Ronald Stanton Slaughter                                   
	 	Name: Ronald Stanton Slaughter
Title: Manager

Accepted:

PLEDGEE:

AMERISTOCK CORP.

By: /s/Nicholas D. Gerber                                   

Name: Nicholas D. Gerber

Title:   Director and Portfolio Manager

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SCHEDULE

Description of Pledged Stock

	NAME OF PLEDGOR	 	 	CERTIFICATE NO.	 	 	NUMBER OF SHARES	 
			
	
		
	
	
	Louis S. Slaughter	 	 	7	 	 	945,495	 
	Bittersweet Holdings LLC	 	 	6	 	 	150,000	 
	 	 	 	 	 	 	 	 

9<PAGE>

                                                                   EXHIBIT 10.23

                                    GUARANTY

                                                         Date: September 3, 2004

The Gutman Family Trust
900 Third Avenue, Suite 201
New York, NY 10022

Silverman Partners, L. P.
791 Park Avenue, Apt 5B
New York,  NY 10021-3551

Bud Koffman
Koffman Executive Officers
300 Plaza Drive
Vestal,  NY 13850

James Scoroposki
189 South Street
Oyster Bay, NY 11771-2223

Stuart Richer
2 Horatio Street
New York,  NY 10014-1608

Theodore Kesten
201 Lyncroft Road
New Rochelle,  NY 10804

                   Re:     GigaBeam Corporation (the "Company")

Ladies and Gentlemen:

         Reference is made to that certain Note Purchase Agreement dated
September 3, 2004 (herein the "Note Purchase Agreement") between you and the
Company. The undersigned ("Guarantor") hereby unconditionally guarantees and
agrees to be liable for the full and indefeasible payment and performance when
due of all now existing and future indebtedness, obligations or liabilities of
the Company to you, whether direct or indirect, absolute or contingent, secured
or unsecured, arising under the Note Purchase Agreement and the 10% Senior Notes
due February 28, 2005 ("Notes" - Exhibit C). Further, the Guarantor agrees to
pay to you on demand the amount of all expenses (including reasonable attorney's
fees and expenses) incurred by you in collecting or attempting to collect any of
the obligations of the Company to you, whether from the Company or from any
other obligor, or in realizing upon any collateral, even if such amount cannot
be collected from the Company. (All of the aforementioned obligations,
liabilities, expenses and interest are hereinafter collectively called the
"Obligations"). To the extent you receive payment on account of Obligations
guaranteed hereby, which payment is thereafter set aside or required to be
repaid by you in whole or in part, then, to the extent of any sum not finally
retained by you (regardless of whether such sum is recovered from you by the
Company, its trustee, or any other party acting for, on behalf of or through the
Company or its representative) the Guarantor's obligation to you under this
Guaranty, as amended, modified or supplemented, shall remain in full force and
effect (or be reinstated) until the Guarantor has made payment to you therefor,
which payment shall be due upon demand.

<PAGE>

         This Guaranty is executed as an inducement to you to make loans or
advances to the Company or otherwise to extend credit or financial
accommodations to the Company or to enter into or continue a financing
arrangement with the Company and is executed in consideration of your doing or
having done any of the foregoing. The Guarantor agrees that any of the foregoing
shall be done or extended by you in your sole discretion, and shall be deemed to
have been done or extended by you in consideration of and in reliance upon the
execution of this Guaranty, but that nothing herein shall obligate you to do any
of the foregoing.

         The Guarantor's obligations hereunder shall not arise unless you have
made presentment of the Note upon the Company and made demand for full
satisfaction of all Obligations due and same has not been fully satisfied by the
end of the fifth business day thereafter.

         This Guaranty is absolute, unconditional and continuing, regardless of
the validity, regularity or enforceability of any of the Obligations or the fact
that a security interest or lien in any collateral or security therefor may not
be enforceable by you or may otherwise be subject to equities or defenses or
prior claims in favor of others or may be invalid or defective in any way and
for any reason, including any action, or failure to act, on your part. The
liability of the Guarantor under this Guaranty shall be unaffected by the
dissolution of the Guarantor. Payment by the Guarantor shall be made to you at
your address stated above from time to time on demand as Obligations become due,
and one or more successive or concurrent actions may be brought hereon against
the Guarantor either in the same action or in separate actions. In the event any
claim or action, or action on any judgment, based on this Guaranty is made or
brought against the Guarantor, the Guarantor agrees not to assert against you
any set-off or counterclaim which the Company may have, and, further, the
Guarantor agrees not to deduct, set-off, or seek to counterclaim for or recoup,
any amounts which are or may be owed by you to the Guarantor. Furthermore, in
any litigation based on the Guaranty in which you and the Guarantor shall be
adverse parties, the Guarantor hereby waives the right to interpose any defense
based upon any statute of limitations or any claim of laches and waive the
performance of each and every condition precedent to which the Guarantor might
otherwise be entitled by law.

         All sums at any time to the credit of the Guarantor and any property of
the Guarantor on which you at any time have a lien or security interest, or of
which you at any time have possession, shall secure payment and performance of
all Obligations and any and all other obligations of the Guarantor to you
however arising. The Guarantor shall have no right of subrogation,
indemnification or recourse to any Obligations or collateral or guarantees
therefor.

                   Upon the occurrence of any of the following events:

                   1. any Event of Default under the Notes;

                   2. failure of the Guarantor to observe or perform any
                      agreement, warranty or covenant contained herein; or

                   3. (a) dissolution or cessation of the Guarantor's business;
                          or

                      (b) commencement by the Guarantor of any bankruptcy,
                          insolvency, arrangement, reorganization, receivership
                          or similar proceedings under federal or state law
                          (herein collectively "Insolvency Proceeding"); or

                                       2
<PAGE>

                      (c) commencement of any Insolvency Proceeding against
                          the Guarantor,

then, in the case of event (1) above the liability of the Guarantor for the
entire Obligations shall mature, and in the case of events (2) and (3) (a)
through (c) above the liability of the Guarantor with respect to which such
event relates for the entire Obligations shall mature even if the liability of
the Company therefor does not.

                  Your books and records showing the account between you and the
Company shall be admissible in evidence in any action or proceeding as prima
facie proof of the items therein set forth.

         This Guaranty embodies the whole agreement of the parties and may not
be modified except in writing, and no course of dealing between you and the
Guarantor shall be effective to change or modify this Guaranty. Your failure to
exercise any right hereunder shall not be construed as a waiver of the right to
exercise the same or any other right at any other time and from time to time
thereafter, and such rights shall be considered as cumulative rather than
alternative. No knowledge of any breach or other nonobservance by the Guarantor
of the terms and provisions of this Guaranty shall constitute a waiver thereof
or a waiver of any obligations to be performed by the Guarantor hereunder.

         This Guaranty may be assigned by you and shall be for your benefit and
for the benefit of any of your assignees or transferees, and shall cover any
Obligations owed to you at the time of assignment or transfer as well as any and
all future Obligations, loans, advances or extensions of credit made to the
Company by, or otherwise owed by the Company to, such assignee or transferee.

         This Guaranty is executed and given in addition to, and not in
substitution, reduction, replacement, or satisfaction of, any other endorsements
or guarantees of the Obligations, now existing or hereafter executed by the
Guarantor or others in your favor.

         When used in this Guaranty, all pronouns shall, wherever applicable, be
deemed to include the singular and plural as well as the masculine, feminine,
and neuter genders. This Guaranty shall inure to the benefit of you and any of
you, jointly and severally, your successors and assigns and any parent,
subsidiary or affiliate of yours; shall be binding upon the Guarantor and upon
the heirs, executors, administrators, successors and assigns of the Guarantor;
and shall pertain to the Company and its successors and assigns.

         This Guaranty shall be governed by and construed and enforced in
accordance with the internal law of the State of New York without giving effect
to principles of conflicts of law.

         THE GUARANTOR, IN ANY LITIGATION IN WHICH YOU OR ANY OF YOU SHALL BE AN
ADVERSE PARTY, WAIVES TRIAL BY JURY, WAIVES THE RIGHT TO CLAIM THAT A FORUM
SPECIFIED HEREIN IS AN INCONVENIENT FORUM AND WAIVES THE RIGHT TO INTERPOSE ANY
SETOFF, DEDUCTION OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION AND CONSENTS TO
THE JURISDICTION OF THE COURTS (CITY, STATE AND FEDERAL) LOCATED IN NEW YORK
CITY AND TO SERVICE OF PROCESS BY REGISTERED MAIL ADDRESSED TO THE GUARANTOR AT
THE ADDRESS SET FORTH BELOW OR SUCH OTHER ADDRESS AS THE GUARANTOR SHALL NOTIFY
YOU IN WRITING IS TO BE USED FOR SUCH PURPOSE.

                                       3
<PAGE>

         If any of the provisions of this Guaranty shall be or become illegal or
unenforceable under any law, the other provisions shall remain in full force and
effect.

[The next page is the signature page.]

                                       4
<PAGE>

         IN WITNESS WHEREOF the Guarantor has executed and delivered this
Guaranty effective as of the date above set forth.

                                           AMERISTOCK CORP.

                                           By: /s/ Nicholas D. Gerber
                                               -------------------------------
                                           Name: Nicholas D. Gerber
                                           Title: Director & Portfolio Manager

                                       5

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