Document:

Full-Recourse Promissory Note and Pledge and Security Agreement with T Conley

Exhibit 10.19 
 
FULL-RECOURSE SECURED PROMISSORY NOTE 
 

	 $24,750.00 (fill in amount)
	  	 3/6/00 (fill in date)

	 	  	 Mountain View, California

 
For
value received, the undersigned promises to pay ValiCert, Inc., a Delaware corporation (the “Company”), at its principal office the principal sum of $24,750.00 with interest from the date hereof at a rate of 6% per annum, compounded
annually, on the unpaid balance of such principal sum. Such principal and interest shall be due and payable on the date which is five (5) years from the date hereof, except as set forth below. 
 
This Note evidences the undersigned’s payment for the
purchase of certain shares of the Company’s Common Stock. In the event the undersigned sells any such shares prior to payment in full of this Note, a pro rata portion of the principal and interest under this Note shall be due and payable within
five (5) days following such sale. 
 
If the
undersigned’s employment or consulting relationship with the Company is terminated for any reason (including death or disability) prior to payment in full of this Note, this Note shall be immediately due and payable. 
 
Principal and interest are payable in lawful money of the
United States of America. AMOUNTS DUE UNDER THIS NOTE MAY BE PREPAID AT ANY TIME WITHOUT PREMIUM OR PENALTY. 
 
Should suit be commenced to collect any sums due under this Note, such sum as the Court may deem reasonable shall be added hereto as
attorneys’ fees. The undersigned waives presentment for payment, protest, notice of protest and notice of nonpayment of this Note. 
 
This Note, which is full recourse, is secured by a pledge of certain shares of Common Stock of the Company and is subject to the terms of
a Pledge and Security Agreement between the undersigned and the Company of even date herewith. 
 

	 /s/    TIMOTHY G.
CONLEY        

	 Timothy G. Conley

	
	 /s/    JOAN C.
CONLEY        

	 Joan C. Conley

 
FULL-RECOURSE SECURED PROMISSORY NOTE 
 

	 $140,250.00 (fill in amount)
	  	 3/6/00 (fill in date)

	 	  	 Mountain View, California

 
For
value received, the undersigned promises to pay ValiCert, Inc., a Delaware corporation (the “Company”), at its principal office the principal sum of $140,250.00 with interest from the date hereof at a rate of 6% per annum,
compounded annually, on the unpaid balance of such principal sum. Such principal and interest shall be due and payable on the date which is five (5) years from the date hereof, except as set forth below. 
 
This Note evidences the undersigned’s payment for the
purchase of certain shares of the Company’s Common Stock. In the event the undersigned sells any such shares prior to payment in full of this Note, a pro rata portion of the principal and interest under this Note shall be due and payable within
five (5) days following such sale. 
 
If the
undersigned’s employment or consulting relationship with the Company is terminated for any reason (including death or disability) prior to payment in full of this Note, this Note shall be immediately due and payable. 
 
Principal and interest are payable in lawful money of the
United States of America. AMOUNTS DUE UNDER THIS NOTE MAY BE PREPAID AT ANY TIME WITHOUT PREMIUM OR PENALTY. 
 
Should suit be commenced to collect any sums due under this Note, such sum as the Court may deem reasonable shall be added hereto as
attorneys’ fees. The undersigned waives presentment for payment, protest, notice of protest and notice of nonpayment of this Note. 
 
This Note, which is full recourse, is secured by a pledge of certain shares of Common Stock of the Company and is subject to the terms of
a Pledge and Security Agreement between the undersigned and the Company of even date herewith. 
 

	 /s/    TIMOTHY G.
CONLEY        

	 Timothy G. Conley

	
	 /s/    JOAN C.
CONLEY        

	 Joan C. Conley

 
PLEDGE AND
SECURITY AGREEMENT 
 
This Pledge And Security
Agreement (this “Agreement”) is entered into as of March 6, 2000 between ValiCert, Inc., a Delaware corporation (the “Company”), and Timothy Conley (“Purchaser”). 
 
RECITALS 
 
A. Purchaser is obligated to the Company under a Full-Recourse
Secured Promissory Note of even date herewith (the “Note”). 
 
B. The Company is willing to advance/loan money in reliance in part upon this Agreement by Purchaser. 
 
AGREEMENT 
 
1. Grant of Security Interest. Purchaser hereby assigns, pledges and grants to the Company, a lien on and first priority
security interest in all of Purchaser’s right, title and interest in and to all of the property described in Section 2 below (the “Collateral”) to secure the full payment and performance of the obligations of Purchaser to the
Company under the Note and all amendments, extensions, or renewals of the Note (the “Obligations”). Purchaser shall execute all documents and take all actions reasonably necessary to perfect the Company’s security interest in
the Collateral. 
 
2. Collateral. The
Collateral shall consist of all shares of the Company’s Common Stock purchased by Purchaser pursuant to the exercise of Purchaser’s option to purchase the Company’s Common Stock. In the event that Purchaser prepays all or a portion of
the Note in accordance with the provisions thereof, Purchaser intends, unless written notice to the contrary is delivered to the Company, that the Collateral represented by the portion of the Note so repaid, including annual interest thereon, shall
continue to be so held by the Company to serve as independent collateral for the outstanding portion of the Note for the purpose of commencing the holding period set forth in Rule 144(d) promulgated under the Securities Act of 1933, as amended.

 
3. Delivery of Collateral.
Concurrently with Purchaser’s delivery to the Company of the Note, Purchaser shall deliver the Collateral to the Company. The Company or its legal counsel shall hold the Collateral as security for Purchaser’s obligations under the Note and
shall not release the Collateral until such obligations are discharged in full to the satisfaction of the Company. 
 
4. Covenants. Purchaser hereby covenants and agrees as follows: 
 
(a) Purchaser will do all acts that may be
necessary to maintain, preserve, and protect the Collateral. 
 

3 

 
(b) Purchaser will keep the Collateral free of all other liens or charges except those provided herein. 
 
(c) Purchaser will not sell, transfer, redeem, exchange, convey, pledge or otherwise dispose or surrender (other than to
the Company) the Collateral or any interest therein. 
 
(d) Purchaser will defend any proceeding which may affect its title to or the Company’s interest in the Collateral. 
 
5. Authorized Action by the Company. Purchaser hereby irrevocably appoints the Company as its attorney-in-fact to do at any
time prior to or subsequent to an Event of Default (as defined below) any act which Purchaser is obligated by this Agreement to do (but the Company shall not be obligated to nor shall it incur any liability to Purchaser or any third parties for
failure so to do). In addition, at any time after the occurrence of an Event of Default, the Company is authorized: 
 
(a) to exercise such rights and powers as Purchaser might exercise with respect to the Collateral; 
 
(b) to make any compromise and take any
action the Company deems advisable with respect to the Collateral; and 
 
(c) to transfer the Collateral to its own name or its nominee’s name in accordance with applicable law. 
 
The appointment granted herein is irrevocable and coupled with an interest. 
 
6. Voting Rights. In the absence of an Event of Default, Purchaser shall be entitled to
exercise all voting and or consensual powers pertaining to the Collateral for all purposes not inconsistent with this Agreement. 
 
7. Event of Default. At the option of the Company, the following shall constitute an “Event of Default” under this
Agreement: 
 
(a) If Purchaser
fails to pay when due any amount owed under the Note. 
 
(b) If Purchaser breaches of any provision of this Agreement. 
 
(c) If any representation or warranty given by Purchaser herein is false or inaccurate in any material respect at the time
given. 
 
(d) If Purchaser makes
an assignment for the benefit of creditors. 
 
(e) If Purchaser (i) becomes insolvent or (ii) files any application or petition in any tribunal for the appointment of a trustee or receiver, or (iii) commences any proceeding under any bankruptcy or reorganization statute, or under
any provision of the United States Bankruptcy Code, or under any insolvency law, or under any dissolution or liquidation law whether now or hereafter in effect. 
 
8. Remedies Upon Default. Upon the occurrence of any Event of Default, the Company shall have
the rights specified in Articles Eight and Nine of the California Commercial 

Code and any other rights provided by law by virtue of this Agreement or by virtue of any judgment obtained by the Company. Purchaser shall
remain obligated for any deficiency remaining after foreclosure upon the Collateral. 
 
9. Application of Proceeds. The proceeds of any sale or other disposition of the Collateral following the occurrence of an Event of Default shall be applied by the Company as follows:

 
(a) First, to the reasonable
expenses of redeeming, collecting, retaking, holding, preparing for sale, selling and the like and the reasonable attorneys’ fees and legal expenses incurred by the Company. 
 
(b) Thereafter, to the satisfaction of the Obligations. 
 
(c) Thereafter, any remaining proceeds shall
be delivered to Purchaser. 
 
10.
Termination. This Agreement, except for the representations and warranties herein, shall terminate when all the Obligations have been fully paid. 
 
11. No Waiver. the Company shall not by any act or omission be deemed to have waived any rights, powers or remedies
hereunder unless such waiver be in writing and signed by the Company and then only to the extent specifically set forth therein; a waiver of one event shall not be construed as a bar to or waiver of such right or remedy on a subsequent event.

 
12. Binding Agreement; Assignment.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors and assigns, except that Purchaser shall not be permitted to assign this Agreement herein or any obligation hereunder. 
 
13. Governing Law. This Agreement and all acts
and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law.

 
14. Amendment. This Agreement may
be altered, amended or repealed, in whole or in part, only by the written consent of all the parties to this Agreement at the time of such amendment. 
 
15. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and
all of which together shall constitute one instrument. 
 
[Signature Page Follows] 

 
The parties
have as caused this Pledge and Security Agreement to be duly executed and delivered as of the date first above written. 
 

	 	 	 	 	 VALICERT, INC. 

	
	 /s/    TIMOTHY
CONLEY        

	 	 	 	 By:
	 	 /s/    JOSEPH
AMRAM        

	 Timothy Conley
	 	 	 	 Name:
 Title:
	 	 Joseph Amram
 President

	
	 /s/    JOAN
CONLEY        

	 	 	 	 	 	 
	 Spouse of Timothy Conley (if applicable)Amendment Number 2, dated as of April 14, 2003, to Credit Agreement

 
Exhibit 10.1.2

 
AMENDMENT NO. 2 TO CREDIT AGREEMENT

 
This AMENDMENT NO. 2 TO CREDIT AGREEMENT
(this “Amendment”), dated as of April 14, 2003 is entered into by and among WEST MARINE FINANCE COMPANY, INC., a California corporation (“Borrower”), each lender whose name is set forth on the signature pages hereof
or which may hereafter execute and deliver an Assignment and Acceptance with respect to the Credit Agreement pursuant to Section 11.8 of the Credit Agreement (collectively, the “Lenders” and individually, a
“Lender”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender and an Arranger, with respect to the following: 
 
A.    Borrower, Wells Fargo Bank, National Association and Union Bank of California, N.A. have previously entered into
that certain Credit Agreement dated as of January 14, 2003 (as the same may be amended, restated, supplemented or otherwise modified from time to time, including, but not limited to, by this Amendment, the “Credit Agreement”).
Capitalized terms are used in this Amendment as defined in the Credit Agreement, unless otherwise defined herein. 
 
B.    Section 5.14 provides for certain post-closing items to be completed and for certain provisions to take effect
to the extent such post-closing items are not completed. 
 
C.    Borrower and the Administrative Agent have determined that it would be in the best interest of the parties to provide a 60 day extension to allow more time to work on completing such post-closing matters.

 
D.    In light of the
foregoing, Borrower, the Administrative Agent and the Requisite Lenders wish to amend the Credit Agreement as set forth in this Amendment. 
 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows: 
 
1.    Section 5.14. 
 
(a)    Section 5.14 of the Credit Agreement is hereby amended by deleting “90” wherever it appears and substituting “150” in lieu thereof in each
instance. 
 
(b)    Section 5.14(a)(ii)(3) of the Credit Agreement is hereby amended by deleting “180” and substituting “240” in lieu thereof. 
 
2.    Representations
and Warranties in the Credit Agreement.    Borrower hereby confirms that the representations and warranties contained in the Credit Agreement are (before and after giving effect to this Amendment) true and correct in all
material respects and no Default or Event of Default has occurred and is continuing. 
 
3.    Conditions Precedent.    The amendments in Section 1 of this
Amendment shall be effective upon the Administrative Agent’s receipt of (a) counterparts of this Amendment executed by Borrower, the Administrative Agent and the Requisite Lenders and executed counterparts of the Guarantors’ consent to
this Amendment, sufficient in number for distribution to the Administrative Agent, the Lenders and Borrower. 
 
4.    Reaffirmation.    Except as amended by the terms herein, the Credit
Agreement and each other Loan Document remains in full force and effect and Borrower hereby reaffirms and ratifies the Credit Agreement and each other Loan Document. This Amendment contains the entire agreement of the parties hereto and supersedes
any and all prior agreements or understandings between the parties, written or oral, respecting the subject matter hereof. If there is any conflict between the terms and provisions of this Amendment and the terms and provisions of the Credit
Agreement or any other Loan Document, the terms and provisions of this Amendment shall govern. 
 
5.    Counterparts.    This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

 
6.    Governing Law.    THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND PERFORMED IN
CALIFORNIA. 
 
7.    Waiver of Right to Trial by Jury.    EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER
THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTY HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND 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 AMENDMENT MAY FILE AN
ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 
8.    Attorneys’ Fees and Other
Costs.    Borrower agrees to pay, on demand, all reasonable attorneys’ fees and costs (and allocated costs of attorneys employed by the Administrative Agent ) incurred in connection with the negotiation, documentation
and execution of this Amendment. 
 
9.    Miscellaneous.    This Amendment is a Loan Document as defined in the Credit Agreement, and the provisions of the Credit Agreement generally applicable to Loan Documents are
applicable hereto and incorporated herein by this reference. 
 
[This Space Intentionally Left Blank] 
 

2 

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

	 WEST MARINE FINANCE COMPANY, INC.,
 a California corporation

	
	 By
	 	 /S/    ERIC
NELSON        

	 	 	

	 	 	 Name: Eric Nelson
 Title: CAO, VP—Finance

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Administrative Agent

	
	 By
	 	 /S/    PATRICK
BISHOP        

	 	 	

	 	 	 Patrick Bishop
 Vice President

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as a Lender, the Issuing Lender and
 the Swing Line Lender

	
	 By
	 	 /S/     PATRICK
BISHOP        

	 	 	

	 	 	 Patrick Bishop
 Vice President

	
	 UNION BANK OF CALIFORNIA, N.A.,
 as a Lender

	
	 By
	 	 /S/    WILLIAM E.
HINCH        

	 	 	

	 	 	 Name: William E. Hinch
 Title: Vice President

	
	 FLEET RETAIL FINANCE INC.,
 as a Lender

	
	 By
	 	 /S/    ALEXIS
GRIFFIN        

	 	 	

	 	 	 Name: Alexis Griffin
 Title: Vice President

 

	 LASALLE BANK,
 as a Lender

	
	 By
	 	 /S/    MARK
MITAL        

	 	 	

	 	 	 Name: Mark Mital
 Title: Vice President

	
	 GUARANTY BANK,
 as a Lender

	
	 By
	 	 /S/    SCOTT L.
BREWER        

	 	 	

	 	 	 Name: Scott L. Brewer
 Title: Vice President

	
	 WASHINGTON MUTUAL BANK,
 as a Lender

	
	 By
	 	 /S/    TONY
YEE        

	 	 	

	 	 	 Name: Tony Yee
 Title: Assistant Vice President

	
	 ALLIED IRISH BANKS PLC,
 as a Lender

	
	 By
	 	 /S/    JOHN
FARRACE        

	 	 	

	 	 	 Name: John Farrace
 Title: Senior Vice President

	
	 By
	 	 /S/    RIMA
TERRIDISTA        

	 	 	

	 	 	 Name: Rima Terridista 
 Title: Senior Vice President

	
	 U.S. BANK NATIONAL ASSOCIATION,
 as a Lender

	
	 By
	 	 /S/    JAMES W.
HENKEN        

	 	 	

	 	 	 Name: James W. Henken
 Title: Vice President

 

	 WEST COAST BANK,
 as a Lender

	
	 By
	 	 /S/    TIM
JOHNSON        

	 	 	

	 	 	 Name: Tim Johnson
 Title: Vice President

	
	 BANK OF THE WEST,
 as a Lender

	
	 By
	 	 /S/    GREG
TALLERICO        

	 	 	

	 	 	 Name: Greg Tallerico
 Title: Vice President

	
	 BANK LEUMI USA,
 as a Lender

	
	 By
	 	 /S/    BOAZ
BLUMOVITZ        

	 	 	

	 	 	 Name: Boaz Blumovitz
 Title: Vice President

 
Each of the
undersigned hereby acknowledges and consents to the foregoing Amendment and confirms and agrees that the Guaranty Agreement dated as of January 14, 2003 or Guarantee Agreement dated as of January 14, 2003 (as applicable) executed by it in favor of
the Administrative Agent and the Lenders remains in full force and effect in accordance with its terms and is hereby reaffirmed and ratified by each of the undersigned and each of the undersigned hereby confirms that the representations and
warranties contained in the Guaranty Agreement dated as of January 14, 2003 or Guarantee Agreement dated as of January 14, 2003 (as applicable) (including any incorporated by reference to the Credit Agreement) are (before and after giving effect to
this Amendment) true and correct in all material respects. 
 

	 WEST MARINE, INC.,
 a Delaware corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson
 Title: CAO & Vice President—Finance

	
	 WEST MARINE PRODUCTS, INC.,
 a California corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 WEST MARINE PUERTO RICO, INC.,
 a California corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 W MARINE MANAGEMENT COMPANY, INC.,
 a California corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 WEST MARINE LBC, INC.,
 a California corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

 

	 WEST MARINE IHC I, INC.,
 a California corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson
 Title: CAO & Vice President—Finance

	
	 E&B MARINE INC.,
 a Delaware corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 E & B MARINE LBC, INC.,
 a California corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 E & B MARINE IHC I, INC.,
 a California corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 E & B MARINE SUPPLY, INC.,
 a New Jersey corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 E & B MARINE SUPPLY, INC.,
 a Maryland corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

 

	 GOLDBERGS’ MARINE DISTRIBUTORS, INC.,
 a Delaware corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson
 Title: CAO & Vice President—Finance

	
	 JAMES BLISS & CO., INC.,
 a Massachusetts corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 SEA RANGER MARINE INC.,
 a Delaware corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 KRISTA CORPORATION,
 a Delaware corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 CENTRAL MARINE SUPPLY, INC.,
 a New Jersey corporation

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

	
	 WEST MARINE CANADA CORP.,
 a Nova Scotia unlimited liability company

	
	 By:
	 	 /S/    ERIC
NELSON        

	 	 	

	 Name: Eric Nelson 
 Title: CAO & Vice President—Finance

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