Document:

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                                                                   Exhibit 10.46

                            STOCK PLEDGE AGREEMENT
                            ----------------------

     THIS STOCK PLEDGE AGREEMENT dated as of February 23, 1999 is made and
entered into by and between Big V Holding Corp., a Delaware corporation
("Holding") and Mark S. Schwartz (the "Pledgor").

                                   RECITALS
                                   --------

     A.   The Pledgor has entered into a certain Management Stock Subscription
Agreement dated as of even date herewith by and between Holding and the Pledgor
(the "Subscription Agreement") whereby Holding has agreed to issue and sell an
aggregate of 20,000 shares of its common stock, par value $0.01 per share (the
"Common Stock") to the Pledgor. Capitalized terms used herein and not otherwise
defined shall have the same meanings ascribed to them in the Employment
Agreement.

     B.   On the date hereof the Pledgor is delivering a note or notes of
Pledgor payable to Holding in the principal amount of $700,000 dated as of the
date hereof (the "Indebtedness"), which Indebtedness is being incurred in
connection with the sale of 20,000 shares of Common Stock to the Pledgor.

     C.   The Pledgor wishes to grant further security and assurance to Holding
in order to secure the payment of the principal and interest on the Indebtedness
and to pledge to Holding all shares of Common Stock to be held by such Pledgor.

                                   AGREEMENT
                                   ---------

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

     1.   Pledge.  As collateral security for the full and timely payment of the
          ------
principal of and interest on the Indebtedness, the Pledgor hereby delivers,
deposits, pledges, transfers and assigns to Holding, in form transferable for
delivery, and creates in Holding a security interest in 20,000 shares of Common
Stock held by the Pledgor and all certificates or other instruments or documents
evidencing the same now or hereafter owned by the Pledgor (together with any
securities or property to be delivered to the Pledgor pursuant to Section 2(c)
hereof, the "Pledged Securities").

          The Pledgor hereby delivers to Holding appropriate undated security
transfer powers duly executed in blank for the Pledged Securities set forth
above and will deliver appropriate undated security transfer powers duly
executed in blank for the Pledged Securities to be pledged hereunder from time
to time hereafter.
<PAGE>

     2.   Administration of Security.  The following provisions shall govern the
          --------------------------
administration of the Pledged Securities:

          (a)  So long as an Event of Default has not occurred and is continuing
with respect to any Indebtedness (as used herein, "Event of Default" shall mean
the occurrence of any event of default under any instrument evidencing any
Indebtedness), the Pledgor shall be entitled to act with respect to the Pledged
Securities in any manner not inconsistent with this Stock Pledge Agreement, the
Subscription Agreement, the Amended and Restated Shareholders' Agreement dated
as of December 17, 1993 by and among the Holding and its stockholders (the
"Shareholders' Agreement") or any instrument evidencing any Indebtedness,
including voting the Pledged Securities and receiving all cash distributions
thereon and giving consents, waivers and ratifications in respect thereof;

          (b)  If at any time, the Pledgor receives any proceeds from the sale
by the Pledgor or any of the Pledgor's Permitted Transferees (as that term is
defined in the Shareholders' Agreement) of any Common Stock to anyone, the Net
Proceeds (as defined below) from such sale of Common Stock shall be applied to
the prepayment first of the accrued and unpaid interest on any Indebtedness and
then to the unpaid principal of any Indebtedness. The term "Net Proceeds" shall
mean the total proceeds received from the sale of Common Stock, minus an amount
                                                                -----
equal to the sum of (i) the federal income tax liability that would be payable
in respect of the gain recognized upon such sale, after giving effect to any
state income tax liability described in clause (ii) below, assuming a tax rate
equal to the maximum federal income tax rate on long-term capital gains in
effect at the time of sale, and (ii) any state income tax liability that would
be payable in respect of such gain, assuming the maximum applicable state income
tax rate on sales of such securities.

          (c)  If, while this Stock Pledge Agreement is in effect, the Pledgor
(or any of the Pledgor's Permitted Transferees) shall become entitled to receive
or shall receive any debt or equity security certificate (including, without
limitation, any certificate representing a stock dividend or a distribution in
connection with any reclassification, increase or reduction of capital, or
issued in connection with any reorganization), option or right, whether as a
dividend or distribution in respect of, in substitution of, or in exchange for
any Pledged Securities, or otherwise, the Pledgor and each of the Pledgor's
Permitted Transferees agree to accept the same as Holding's agent and to hold
the same in trust on behalf of and for the benefit of Holding and to deliver the
same forthwith to Holding in the exact form received, with the endorsement of
the Pledgor and the Pledgor's Permitted Transferees when necessary and/or
appropriate undated security transfer powers duly executed in blank, to be held
by  Holding, subject to the terms of this Stock Pledge Agreement, as additional
collateral security for the Indebtedness.  Notwithstanding the foregoing, it is
agreed that the Pledgor or any of the Pledgor's Permitted Transferees may
exercise any option or right received as contemplated in the preceding sentence,
and Holding will exercise any such option or right upon receipt of written
instructions to that effect and any required payments or documents from the
Pledgor or the Pledgor's Permitted Transferees and the securities received upon
such exercise of any such option or right shall thereafter be held by Holding as
contemplated by the preceding sentence.

                                      -2-
<PAGE>

          (d)  The Pledgor and each of the Pledgor's Permitted Transferees shall
immediately upon request by Holding and in confirmation of the security
interests hereby created, execute and deliver to Holding such further
instruments, deeds, transfers, assurances and agreements, in form and substance
as Holding shall request, including any financing statements and amendments
thereto, or any other documents, as required under Delaware law and any other
applicable law to protect the security interests created hereunder and to enable
Holding to exercise its rights hereunder.

          (e)  If at any time, Holding exercises its right as set forth in the
Shareholders' Agreement to purchase the Pledged Securities, or the Pledgor
exercises his right as set forth in the Shareholders' Agreement to require
Holding to purchase the Pledged Securities, then the cash payable for the
Pledged Securities so purchased shall be the difference between the Put Price or
the Call Price, as applicable (as those terms are defined in the Shareholders'
Agreement), and the outstanding principal balance and accrued but unpaid
interest then due in respect of the Indebtedness.

          (f)  Subject to any sale by Holding or other disposition by Holding of
the Pledged Securities or other property pursuant to this Stock Pledge Agreement
and subject to Section 5 below, the Pledged Securities shall be returned to the
Pledgor or such Pledgor's Permitted Transferees upon payment in full of the
unpaid principal of, accrued interest on and any other amounts due in respect of
the Indebtedness.

     3.   Remedies in Case of an Event of Default.
          ---------------------------------------

          (a)  In case of an Event of Default shall have occurred and be
continuing, Holding shall have in each case all of the remedies of a secured
party under the Delaware Uniform Commercial Code, and, without limiting the
foregoing, shall have the right, in its sole discretion, to sell, resell, assign
and deliver all or, from time to time, any part of the Pledged Securities, or
any interest in or option or right to purchase any part thereof, on any
securities exchange on which the Pledged Securities or any of them may be
listed, at any private sale or at public auction, with or without demand of
performance or other demand, advertisement or notice of the time or place of
sale or adjournment thereof or otherwise (except that Holding shall give ten
days' notice to the Pledgor of the time and place of any sale pursuant to this
Section 3), for cash, on credit or for other property, for immediate or future
delivery, and for such price or prices and on such terms as Holding shall, in
its sole discretion, determine, the Pledgor and the Pledgor's Permitted
Transferees hereby waiving and releasing any and all right or equity of
redemption whether before or after sale hereunder.  At any such sale Holding may
bid for and purchase the whole or any part of the Pledged Securities so sold
free from any such right or equity of redemption.  Holding shall apply the
proceeds of any such sale first to the payment of all costs and expenses,
                          -----
including reasonable attorneys' fees, incurred by Holding in enforcing its
rights under this Stock Pledge Agreement, second to the payment of accrued and
                                          ------
unpaid interest on and then of unpaid principal of the Indebtedness of the
Pledgor and third to any other amounts due on the Indebtedness.
            -----

                                      -3-
<PAGE>

          (b)  The Pledgor and the Pledgor's Permitted Transferees recognize
that Holding may be unable to effect a public sale of all or a part of the
Pledged Securities by reason of certain prohibitions contained in the Securities
Act of 1933, as amended (the "Act"), or in the rules and regulations promulgated
thereunder, or in applicable state securities or "blue sky" laws, 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
Pledged Securities for their own account, for investment and not with a view to
the distribution or resale thereof. The Pledgor and the Pledgor's Permitted
Transferees agree that private sale so made may be at prices and on other terms
less favorable to the seller and that Holding has no obligation to delay the
sale of the Pledged Securities for the period of time necessary to permit the
registration of the Pledged Securities for public sale under the Act and under
applicable state securities or "blue sky" laws. The Pledgor and the Pledgor's
Permitted Transferees agree that a private sale or sales made under the
foregoing circumstances shall be deemed to have been made in a commercially
reasonable manner.

          (c)  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 disposition by Holding pursuant to this Section 3 of the
Pledged Securities, the Pledgor and each of the Pledgor's Permitted Transferee
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 their best efforts to secure the same.

          (d)  Neither failure nor delay on the part of Holding to exercise any
right, remedy power or privilege provided for herein or by statute or at law or
in equity shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, remedy, power or privilege preclude any other right,
remedy, power or privilege.

     4.   Pledgor's Obligations Not Affected. The obligations of the Pledgor and
          ----------------------------------
each of the Pledgor's Permitted Transferees under this Stock Pledge Agreement
shall remain in full force and effect without regard to, and shall not be
impaired or affected by:  (a) any subordination, amendment or modification of or
addition or supplement to the Employment Agreement, the Shareholders' Agreement,
or the Indebtedness or any assignment or transfer thereof; (b) any exercise or
non-exercise by Holding of any right, remedy, power or privilege under or in
respect of this Stock Pledge Agreement, the Shareholders' Agreement or any
instrument evidencing any Indebtedness, or any waiver of any such right, remedy,
power or privilege; (c) any waiver, consent, extension indulgence or other
action or inaction in respect of this Stock Pledge Agreement, the Employment
Agreement, the Shareholders' Agreement or any instrument evidencing any
Indebtedness, or any assignment or transfer of any thereof; or (d) any
bankruptcy, insolvency, reorganization arrangement, readjustment, composition,
liquidation or the like, of Holding, whether or not the Pledgor and the
Pledgor's Permitted Transferees shall have notice or knowledge of any of the
foregoing.

     5.   Transfer by Pledge.  The Pledgor and the Pledgor's Permitted
          ------------------
Transferees will not sell, assign, transfer or otherwise dispose of, grant any
option with respect to, or mortgage, pledge or otherwise encumber the Pledged
Securities or any interest therein except as provided in

                                      -4-
<PAGE>

the Employment Agreement and the Shareholders' Agreement. In the event of a
sale, assignment, transfer or other disposition of or mortgage, pledge or other
encumbrance of Pledged Securities pursuant to the Subscription Agreement or the
Shareholders' Agreement, the Common Stock so sold, assigned, transferred or
otherwise disposed of or mortgaged, pledged or otherwise encumbered shall remain
subject to the provisions of this Stock Pledge Agreement and of the
Shareholders' Agreement and the purchaser, assignee, transferee or other
acquirer, mortgagee or pledgee shall agree in writing, in form and substance
satisfactory to Holding, to be bound by all the terms of this Stock Pledge
Agreement and of the Shareholders' Agreement with the same force and effect as
if such transferee were a party hereto.

     6.   Attorney-in-Fact.  Holding is hereby appointed the attorney-in-fact of
          ----------------
the Pledgor and the Pledgor's Transferees for the purpose of carrying out the
provisions of this Stock Pledge Agreement and taking any action and executing
any instrument which Holding reasonably may deem necessary or advisable to
accomplish the purposes hereof, including without limitation, the execution of
the applications and other instruments described in Section 3(c) hereof, which
appointment as attorney-in-fact is irrevocable as one coupled with an interest.

     7.   Termination.  Upon payment in full of the unpaid principal of, accrued
          -----------
interest on and all other amounts payable in respect of the Indebtedness, this
Stock Pledge Agreement shall terminate and the Pledgor or the Pledgor's
Permitted Transferees shall be entitled to the return of such of the Pledged
Securities as have not theretofore been sold or otherwise applied pursuant to
the provisions of this Stock Pledge Agreement.

     8.   Notices.  All notices or other communications required or permitted to
          -------
be given hereunder shall be deemed delivered when delivered by hand or when sent
by first class, certified mail, postage and fees prepaid, as follows:

     (i)  If to Holding:           Big V Holding Corp.
                                   c/o Thomas H. Lee Company
                                   75 State Street
                                   Boston, Massachusetts 02109

          Copy to:                 Charles W. Robins, Esquire
                                   Hutchins, Wheeler & Dittmar
                                   101 Federal Street
                                   Boston, Massachusetts 02110

     (ii) If to the Executive:     To the address set forth below
                                   unless and until notice of another
                                   or different address shall be
                                   given as provided herein.

     9.   Binding Effect, Successors and Assigns.  This Stock Pledge Agreement
          --------------------------------------
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns and nothing herein is intended or shall be
construed to give any other person any right,

                                      -5-
<PAGE>

remedy or claim under, to or in respect of this Stock Pledge Agreement. No
transfer of Pledged Securities of the Pledgor to the Pledgor's Permitted
Transferees shall be permitted hereunder, and any such transfer shall be null
and void, unless and until each such Permitted Transferee agrees in writing, in
form and substance satisfactory to Big V Supermarkets, Inc. and Holding, to
become bound by this Stock Pledge Agreement with respect to the Pledged
Securities so transferred.

     10.  Miscellaneous.  Holding and its assigns shall have no obligation in
          -------------
respect of the Pledged Securities, except to hold and dispose of the same in
accordance with the terms of this Stock Pledge Agreement.  Neither this Stock
Pledge Agreement nor any provision hereof may be amended, modified, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the amendment, modification, waiver,
discharge or termination is sought.  The provisions of this Stock Pledge
Agreement shall be binding upon the successors and assigns of the Pledgor and
each of the Pledgor's Permitted Transferees.  The captions in this Stock Pledge
Agreement are for convenience of reference only and shall not limited the
provisions hereof.  This Stock Pledge Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware,
without regard to the conflicts of law rules thereof.  This Stock Pledge
Agreement may be executed simultaneously in counterparts, each of which is an
original, but all of which together shall constitute one instrument.

                                      -6-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Stock Pledge
Agreement to be executed and delivered on the date first above written.

                              BIG V HOLDING CORP.

                              By: /s/ David G. Bronstein
                                 ---------------------------------
                              Title:  Chairman of the Board and Interim Chief
                                      Executive Officer

                              /s/ Mark S. Schwartz
                              ------------------------------------
                              Name:  Mark S. Schwartz

                              Address:  3422 Hidden River View
                                        Annapolis, MD 21403

                                      -7-<PAGE>

                                                                   Exhibit 10.47

$700,000                                          February 23, 1999

                            SECURED PROMISSORY NOTE
                            -----------------------

          FOR VALUE RECEIVED, the undersigned (the "Obligor"), promises to pay
to the order of Big V Holding Corp., a Delaware corporation, with its principal
executive offices located at 75 State Street, Boston, Massachusetts 02109 (the
"Company"), the principal sum of SEVEN HUNDRED THOUSAND DOLLARS ($700,000.00)
(the Principal Amount"), together with any amounts which are deemed to be
converted to principal in accordance with the terms hereof ("Converted Amounts",
and collectively with the Principal Amount, sometimes referred to herein as the
"Aggregate Principal Amount") in lawful money of the United States of America,
together with all accrued but unpaid interest, on December 31, 2003 (the
"Maturity Date"), subject to mandatory prepayment and/or acceleration as set
forth herein.

          Interest shall accrue on the Principal Amount outstanding from time to
time, and to the extent permitted by applicable law, on the Converted Amounts
outstanding from time to time, at a rate equal to 5.24% per annum (the "Stated
Rate"), until the date of payment of the Aggregate Principal Amount.  Interest
shall be payable hereunder annually on each Interest Payment Date (as defined
below), in an amount equal to the aggregate federal, state and local income tax
liability incurred by the Company as a result of all interest accrued hereunder
for the preceding fiscal year of the Company, as conclusively determined by the
Company, and as set forth in the Interest Notice (as defined below).  All
interest accrued hereunder and not required to be paid on the next succeeding
Interest Payment Date in accordance with the terms hereof shall be deemed for
all purposes hereunder converted to principal hereunder and shall be deemed to
be a Converted Amount and shall be due and payable on the Maturity Date, subject
to mandatory prepayment and/or acceleration as set forth below.

          If the date set for payment of principal or interest hereunder is a
Saturday, Sunday or legal holiday, then such payment shall be made on the next
succeeding business day.

          The terms below shall have the following definitions:

          (a)  "Interest Notice" as used herein shall mean a written notice sent
by the Company to the Obligor specifying the aggregate amount of federal, state
and local income tax liability incurred by the Company as a result of all
interest accrued hereunder for the preceding fiscal year of the Company.

          (b)  "Interest Payment Date" as used herein shall mean a date ten days
after the Obligor receives the Interest Notice.  For purposes hereof, the
Obligor shall conclusively be deemed to have received the Interest Notice (i)
three days after the Company sends such notice by certified or registered mail
or the day after the Company sends such notice by certified or registered mail
or the day after the Company sends such notice by a nationally recognized
overnight courier, to the address of the Obligor set forth below the Obligor's
signature hereon or
<PAGE>

such other address that the Obligor specifies in writing to the Company at its
address set forth above, or (ii) the day the Company delivers such notice by
hand.

          (c)  "Obligations" as used herein shall mean the Aggregate Principal
Amount outstanding from time to time, all accrued but unpaid interest hereunder
and all other amounts  hereunder, whether principal, interest, fees or
otherwise.

     Payment of the principal of and interest on this Note is secured pursuant
to the terms of a Stock Pledge Agreement dated as of the date hereof, between
the Obligor and the Company (the "Pledge Agreement"), reference to which is made
for a description of the collateral provided thereby and the rights of the
Company and the holder of this Note in respect of such collateral.

     This Note is subject to the following further terms and conditions:

     1.   Payment and Prepayment.
          -----------------------

          (a)  All payments and prepayments of principal of and interest on this
Note shall be made to the Company or its order, or to the legal holder of this
Note or such holder's order, in lawful money of the United States of America at
the principal offices of the Company (or at such other place as the holder
hereof shall notify the Obligor in writing) upon final payment of principal of
and interest on this Note it shall be surrendered for cancellation. Concurrently
with any prepayment of any portion of the Aggregate Principal Amount of this
Note pursuant to this Section 1, the Company (or other holder of this Note)
shall make a notation of such payment hereon. Any partial prepayment shall be
applied first to accrued and unpaid interest hereof and then to the unpaid
Aggregate Principal Amount.

          (b)  Voluntary Prepayment. The Obligor may, at its option, prepay this
               --------------------
Note in whole or in part at any time or from time to time without penalty or
premium. Any prepayments of any portion of the Aggregate Principal Amount of
this Note shall be accompanied by payment of all interest accrued but unpaid
hereunder.

          (c)  Mandatory Prepayment.
               --------------------

               (i)   Pursuant to Section 2.2 of the Employment Agreement between
the Company and the Obligor, the Company is required to pay under certain
conditions an Initial Bonus to the Obligor equal to at least $200,000. Upon
payment to the Obligor of the Initial Bonus, the Company may withhold up to
$50,000 from such bonus, which amount shall be applied to the Aggregate
Principal Amount due to the Company hereunder.

               (ii)  If at any time, or from time to time, after the date hereof
and following the occurrence and during the continuance of an Event of Default
(as that term is defined below) the Obligor or any of the Obligor's Permitted
Transferees (as that term is defined in an Amended and Restated Shareholders'
Agreement dated as of December 17, 1993 among the Company and its shareholders
(the "Shareholders' Agreement")) shall receive or shall otherwise become
entitled to receive from the Company (or other holder of this Note) any cash
payments, cash dividends or other cash distributions in respect of the Company's
Common

                                      -2-
<PAGE>

Stock, then and in each case the Obligor and any of the Obligor's Permitted
Transferees shall, upon the receipt thereof, return to the Company (or other
holder of this Note) such payments, dividends and distributions, and the Company
(or other holder of this Note) shall apply such amount to the prepayment of the
Obligations in the manner set forth in Section 1(b), and the Company (or other
holder of this Note) shall not be obligated to make any such payment, cash
dividend or other cash distribution not theretofore made to which the Obligor
and any of the Obligor's Permitted Transferees are otherwise entitled in respect
of their Common Stock and may, instead, in lieu thereof, set off the amount of
such cash payment, cash dividend or other cash distribution against the
Obligations.

               (iii) If at any time, the Obligor receives any proceeds from the
sale by the Obligor or any of the Obligor's Permitted Transferees of any Common
Stock to anyone, the Net Proceeds (as defined in the Stock Pledge Agreement
dated as of the date hereof between the Obligor and the Company) from such sale
of Common Stock shall be applied to the prepayment of this Note in the manner
provided in the Stock Pledge Agreement.

               (iv)  In addition to the provisions of subsections (c)(ii) and
(c)(iii) above:

               (A)   If the Obligor voluntarily terminates his employment with
the Company, of if the Company terminates the employment of the Obligor for
Cause (as such term is defined in the Employment Agreement), then the Obligor
shall, without the necessity of any notice or demand by the Company of any kind,
immediately make a mandatory prepayment hereunder in an amount equal to the then
outstanding Obligations.

               (B)   If the Obligor dies, suffers a disability in accordance
with Section 3.02 of the Employment Agreement or if the Company terminates his
employment without Cause (as such term is defined in the Shareholders'
Agreement) (each an "Involuntary Termination"), then the Obligor shall, without
the necessity of any notice or demand by the Company of any kind, immediately
make a mandatory prepayment hereunder in an amount equal to the then outstanding
Obligations; provided, however, that the Converted Amounts due hereunder may be
payable by the Obligor through the sale of Company's capital stock owned by the
Obligor, at a per share price calculated using the Put Share Price Formula set
forth in Section IV of Schedule I of the Obligor's Employment Agreement with the
Company, dated February 23, 1999. Any Converted Amounts that remain outstanding
thereafter shall not be immediately due and payable but shall be due and payable
in equal monthly installments ("Converted Amount Installments") payable on the
first day of each month from the date of the Involuntary Termination until the
Maturity Date. The Converted Amount shall bear interest hereunder at the Stated
Rate and such interest shall be payable with each Converted Amount Installment.

          2.   Events of Default. Upon the occurrence of any of the following
               -----------------
events ("Events of Default"):

               (a)  Failure to pay any principal of this Note, including any
          prepayments required hereunder, when due;

                                      -3-
<PAGE>

               (b)  Failure to pay any interest installment due under this Note
          which shall remain unremedied for ten days following the date when
          such installment was originally due hereunder;

               (c)  Failure to pay any Converted Amount Installment when due;

               (d)  Failure of the obligor to perform his obligations under the
          terms of his employment with the Company; or

               (e)  The filing of a voluntary or involuntary petition for an
          order of relief under the Bankruptcy Code by or against the Obligor,
          or any filing for relief under any statue or federal insolvency
          statute by or against the Obligor;

then, and in any such event, the holder of this Note may declare, by notice of
default given to the Obligor, the entire unpaid Aggregate Principal Amount of
the Note, all Converted Amount Installments, if any, and all accrued and unpaid
interest thereon to be forthwith due and payable whereupon the entire Aggregate
Principal Amount of this Note outstanding, all Converted Amount Installments, if
any, and any accrued and unpaid interest hereunder shall become due and payable
without presentment, demand, protest, notice of dishonor or other demands and
notices of any kind, all of which are hereby expressly waived.  Upon the
occurrence of an Event of Default, the accrued and unpaid interest hereunder
shall thereafter bear the same rate of interest as on the Principal Amount
hereunder, but in no event shall such interest be charged which would violate
any applicable usury law.  If an Event of Default shall occur hereunder, the
obligor shall, subject to Section 3 hereof, pay costs of collection, including
reasonable attorneys' fees, incurred by the holder in the enforcement hereof.

     No delay or failure by the holder of this Note in the exercise of any right
or remedy shall constitute a waiver thereof, and no single or partial exercise
by the holder hereof

of any right or remedy shall preclude other or future exercise thereof or the
exercise of any other right or remedy.

     3.   Miscellaneous.
          --------------

          (a)  The provisions of this Note shall be governed by and construed in
     accordance with the laws of the State of Delaware, without regard to the
     conflicts of law rules thereof.

          (b)  Notwithstanding the terms set forth above, in no event shall the
     interest rate on this Note exceed the maximum interest rate permitted by
     law.

          (c)  All notices and other communications (other than the Interest
     Notice) hereunder shall be in writing and will be deemed to have been duly
     given if delivered or mailed in accordance with the Shareholders'
     Agreement.

                                      -4-
<PAGE>

               IN WITNESS WHEREOF, this Note has been duly executed and
delivered by the Obligor on the date first above written.

/s/  Mark S. Schwartz
----------------------------
Name of Obligor: Mark S. Schwartz
Address: 3422 Hidden River View, Annapolis, MD 21403

                                      -5-

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