Document:

Prepared by MerrillDirect

PLEDGE
AGREEMENT

             THIS PLEDGE AGREEMENT, dated as of
June 29, 2001 (the “Agreement”),  by and
between Fargo Electronics, Inc., a Delaware corporation (the “Pledgor”), and
LaSalle National Bank National Association, as Agent for the Lender Parties
(the “Secured Party”).

RECITALS:

             A.         Pledgor
has requested extensions of credit from the Lender Parties pursuant to the
terms of that certain that certain Loan Agreement, dated as of September 15,
2000, between Pledgor and the Secured Party, as amended by an Amendment No. 1
to Credit Agreement and Waiver (“First Amendment”) dated as of April 20, 2001
(such Credit Agreement as so amended and as it may be further amended,
modified, supplemented, increased or restated from time to time being referred
to herein as the “Loan Agreement”).

             B.          As
a condition subsequent to the First Amendment, and as a condition to the
granting of further Revolving Loans under the Credit Agreement, the Secured
Party and the Lender Parties require that Pledgor enter into this Agreement.

             C.          Pledgor
has determined that the execution, delivery and performance of this Agreement
is in Pledgor’s best business and pecuniary interest.

             NOW, THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by each of the parties hereto,
it is agreed as follows:

             1.          ­Definitions.

             As used herein, the following terms
shall have the meanings set forth in this Section:

             “Collateral”
shall mean all property in which a security interest is granted hereunder.

             “Loan
Agreement” shall have the meaning provided in the recitals hereto.

“Pledged Account” shall mean Pledgor’s
account no. with Wells Fargo Brokerage Services, LLC. (the “Custodian”).

             “Pledged
Assets” shall mean the Pledged Account and all cash, credit balances,
securities, other financial assets and investment property and all other
property now or hereafter held in the Pledged Account, all present and future
dividends and other distributions on any Pledged Assets, all of the Pledgor’s
other present and future rights relating to any Pledged Assets, any other
assets pledged by the Pledgor to Secured Party, and all Proceeds.

             "Pledgor"
shall have the meaning set forth in the preamble hereto.

             "Proceeds"
shall mean whatever is received upon the sale, exchange, collection or other
disposition of Collateral or Proceeds.

             “Secured
Party” shall have the meaning set forth in the preamble hereto.

             “UCC”
shall mean the Uniform Commercial Code as enacted in the State of Minnesota, as
amended from time to time, including, without limitation, on and after the
effective date of Minn. Laws 2000, Chapter 399, substantially adopting Revised
Article 9 of the Uniform Commercial Code as approved by the National Conference
of Commissioners on Uniform State Laws in July, 1998 (as so adopted being
sometimes hereinafter referred to as “Revised Article 9”) by Revised Article 9.

             Other terms defined herein shall
have the meanings ascribed to them herein. 
All capitalized terms used herein and not specifically defined herein
shall have the meaning ascribed to them in the Loan Agreement.  

             2.          ­Pledge.  To secure payment of the Obligations,
Pledgor hereby pledges to the Secured Party and grants to the Secured Party a
security interest in the Pledged Account and the Pledged Assets.

             3.          ­Representations
and Warranties.  Pledgor represents
and warrants that:

             a.          Pledgor is, or at the time of any
future delivery, pledge, assignment or transfer will be, the legal and
beneficial owner of all of the Collateral with full right to deliver, pledge,
assign and transfer the Collateral to the Secured Party as Collateral hereunder
free of any pledge, mortgage, hypothecation, lien, charge, encumbrance or
security interest in such shares or the proceeds thereof except for that
granted hereunder; 

             b.          Upon delivery of the Collateral to the
Secured Party or upon other perfection of the Secured Party’s security interest
in the Collateral pursuant to applicable law, this Agreement shall create a
valid first lien upon and a perfected security interest in the Collateral and
the proceeds thereof, subject to no prior security interest, lien, charge or
encumbrance or agreement purporting to grant a security interest in Collateral
or any part thereof.

             4.          ­Covenants.  Pledgor hereby agrees as follows:

             a.          Except as otherwise provided in this
Agreement, Pledgor shall accept the following as the Secured Party’s agent, in
trust for the Secured Party, and shall deliver such forthwith (but in no event
later than 10 days after Pledgor acquires any stock or trust certificates or other
instrument representing or evidencing any of the Collateral) to the Secured
Party in the exact form received with, as applicable, such party’s endorsement
when necessary, or appropriate stock powers duly executed in blank, to be held
by the Secured Party, subject to the terms hereof, as part of the Collateral:

             (i)          Stock and trust certificates
representing the Collateral or notes, bonds, debentures, or other instruments
constituting Collateral;

             (ii)         Options, warrants, or rights, whether
as an addition to or in substitution or in exchange for any of the Collateral,
or otherwise;

             (iii)        Principal and interest payments,
dividends or distributions relating to the Collateral payable or paid in
property, including securities issued by a person other than the issuer of any
of the Collateral; and

             (iv)       Principal and interest payments,
dividends or distributions relating to the Collateral payable or paid in cash
except as provided in subsection 4.b. below.

Pending such delivery, all of the Collateral not
delivered to the Secured Party on the date hereof shall be held in trust for
the Secured Party, separate and distinct from any other property of Pledgor and
free of all liens and claims whatsoever other than the security interest of the
Secured Party created hereunder.

             b.          So long as no Default or Event of
Default shall have occurred and be continuing: 

             (i)          all 
dividends and other distributions with respect to the Pledged Assets
shall be retained in the Pledged Account and re-invested in Pledged Assets; and

             (ii)         Pledgor shall be entitled to exercise
any and all voting and/or consensual rights and powers relating or pertaining
to the Pledged Assets or any part thereof for any purpose not inconsistent with
the terms of this Agreement.  

Immediately and without further notice, upon the
occurrence of any Event of Default, the Secured Party or its nominee shall have
the right to require the Custodian to comply with any order originated by
Secured Party to sell, transfer, redeem or reinvest the proceed of, any or all
of the Pledged Assets, including any order to transfer any or all of the
Pledged Assets to Secured Party, all without the consent of Pledgor and to
exercise all rights pertaining to the Pledged Assets as if the Secured Party
were the absolute owner thereof, including without limitation, the right to
exercise all conversion, exchange, subscription or other rights, privileges or
options, pertaining to any of the Pledged Assets, and, in connection therewith,
to deliver any of the Pledged Assets to any committee, depository, transfer
agent, registrar or other designated agency upon such terms and conditions as
it may determine. all without liability except to account for property actually
received by it; but the Secured Party shall not have any duty to exercise any
of the aforesaid rights, privileges or options and shall not be responsible for
any failure to do so or delay in so doing. 

             c.          Upon the occurrence of an Event of
Default, the Secured Party may, upon at least ten (10) days prior written
notice to Pledgor given in accordance with Section 4.i. hereof, but
without any other demand of performance or other demand or advertisement to or
upon Pledgor or any other person (all of which are, to the extent permitted by
law, hereby expressly waived), forthwith realize upon the Collateral or any
part thereof, or interest therein, in one or more parcels at public or private
sale or sales, at any exchange, broker’s board or at any of the Secured Party’s
offices or elsewhere, at such prices and on such terms as the Secured Party may
deem best, for cash or on credit, or for future delivery without assumption of
any credit risk, with the right to the Secured Party, the Secured Party or any
purchaser to purchase upon any such sale the whole or any part of the Collateral
free of any right or equity of redemption in Pledgor, which right or equity is
hereby expressly waived and released. 
Any disposition made in accordance with the provisions of this paragraph
shall be deemed to have been commercially reasonable.  Pledgor agrees that if any Collateral is sold at any public or
private sale, the Secured Party may elect to sell only to a buyer who will give
further assurances, satisfactory in form and substance to the Secured Party,
respecting compliance with the requirements of the Securities Act of 1933, as
amended (the “Securities Act”), and applicable state laws and regulations
(“Blue Sky Laws”), and a sale subject to such condition shall be deemed
commercially reasonable.

If at any time when the Secured Party shall
determine to exercise its right to sell all or any part of the Collateral
pursuant to this Section 4.c., such Collateral or the part thereof to be sold
shall not, for any reason whatsoever, be effectively registered under the
Securities Act or registered or qualified under applicable Blue Sky Laws, as
then in effect, Pledgor further agrees that in any sale of any of the
Collateral, the Secured Party is hereby authorized to comply with any
limitation or restriction in connection with such sale as they may be advised by
counsel is necessary in order to avoid any violation of applicable law
(including, without  limitation,
compliance with such procedures as may restrict the number of prospective
bidders and purchasers and/or further restrict such prospective bidders or purchasers
to persons who will represent and agree that they are purchasing for their own
account for investment and not with a view to the distribution or resale of
such Collateral), or in order to obtain any required approval of the sale or of
the purchaser by any governmental regulatory authority or official, and Pledgor
further agrees that such compliance shall not result in such sale being
considered or deemed not to have been made in a commercially reasonable manner,
nor shall the Secured Party be liable or accountable to Pledgor for any
discount allowed by reason of the fact that such Collateral is sold in
compliance with any such limitation or restriction.

             d.          In addition to the foregoing, whenever
an Event of Default shall exist hereunder, the Secured Party may, at its
option, upon at least ten (10) days prior written notice to Pledgor given in
accordance with Section 4.i. hereof, but without any other demand,
exercise any of the rights and remedies of a secured party under the Uniform
Commercial Code or any other applicable law.

             e.          Pledgor hereby covenants that, until
all of the Obligations have been satisfied in full, Pledgor will not, without
the prior written consent of the Secured Party, sell, convey, or otherwise
dispose of any of Pledgor’s interest in the Collateral or any interest therein
or create, incur, or permit to exist any pledge, mortgage, lien, charge,
encumbrance or any security interest whatsoever in or with respect to any of
the Collateral or the proceeds thereof, other than  that created hereby.

             f.           Pledgor warrants and will, at
Pledgor’s own expense, defend the Secured Party’s right, title, special
property and security interest in and to the Collateral against the claims of
any person, firm, corporation or other entity.

             g.           Beyond the exercise of reasonable
care to assure the safe custody of the Collateral while held hereunder, the
Secured Party shall not have any duty or liability to preserve rights
pertaining thereto and shall be relieved of all responsibility for the Collateral
upon surrendering it or tendering surrender of it to Pledgor.

             h.          Pledgor, by entering into this
Agreement and negotiating the terms hereof, hereby waives any rights Pledgor
may have to demand any notices other than those provided for herein and any
right to a hearing as a condition precedent to the Secured Party’s exercise of
its rights hereunder.

             i.           If any notification of intended
disposition of any of the Collateral is required by law, such notification
shall be deemed reasonably and properly given if given in accordance with the
notice provisions of the Loan Agreement at least ten (10) days before such
disposition.

             j.           No delay or failure by the Secured
Party in the exercise of any right or remedy shall constitute a waiver thereof,
and no single or partial exercise by the Secured Party of any right or remedy
shall preclude other or further exercise thereof or the exercise of any other
right or remedy.

             k.          Pledgor agrees to take any action
which the Secured Party may reasonably request in order to obtain and enjoy the
full rights and benefits granted to the Secured Party by this Agreement.

             l.           Except as otherwise expressly
permitted in writing by the Secured Party, any amount deposited into the
Pledged Account shall be invested in Pledged Assets that are of a type of
Pledged Security includable in the Borrowing Base.

             5.          Application
of Proceeds.  All Proceeds of
Collateral received by the Secured Party, at the Secured Party’s election, may
be held by the Secured Party as cash collateral or may be applied to the
payment of the Obligations in such order as the Secured Party may elect; provided,
however, that after the occurrence of an Event of Default, the Secured
Party shall apply such Proceeds: (a) prior to the effective date of Revised
Article 9 of the UCC, in accordance with Minnesota Statutes Section 336.9–504;
or (b) on and after the effective date of Revised Article 9, in accordance with
Minnesota Statutes Section 336.9-609.

             6.          Termination.  Upon payment or prepayment of all
Obligations after the termination of any Revolving Loan Commitment under the
Loan Agreement, this Agreement shall be terminated.  Upon such termination, the Secured Party shall deliver to Pledgor
the original of all stock certificates, forms of stock certificate assignments,
notes and any other Collateral received by it pursuant to the terms hereof.

             7.          Power–of–Attorney.  Pledgor hereby irrevocably appoints the
Secured Party or any other person whom the Secured Party may from time to time
designate as Pledgor’s attorney–in–fact, with full authority in the
place and stead of Pledgor and in the name of Pledgor or otherwise, from and
after the occurrence and continuance of an Event of Default, to take any action
and to execute any instrument that the Secured Party may deem necessary or
advisable to accomplish the purposes of this Agreement, including, without
limitation, to assign, pledge, convey or otherwise transfer title in or
dispose  of any of the Collateral to any
third person after the occurrence of an Event of Default and obtain any
regulatory approvals in connection therewith. 
Pledgor ratifies and approves all acts of the attorney taken within the
scope of the authority granted.  The
Secured Party, nor the attorney will be liable for any acts of commission or
omission nor for any error in judgment or mistake of fact or law, except that
nothing in this sentence shall relieve or discharge any such Person from
liability for its gross negligence or willful misconduct.  This power, being coupled with an interest,
is irrevocable so long as any Obligation remains unpaid.

             8.          Costs
and Expenses.  Pledgor hereby agrees
to reimburse the Secured Party, on demand, for all reasonable and necessary
costs and expenses incurred by the Secured Party in connection with the
enforcement of this Agreement (including costs and expenses incurred by any sub–agent
employed by the Secured Party) and agrees to indemnify and hold harmless the
Secured Party, and/or any such sub–agent, from and against any and all
liability incurred by the Secured Party (or such sub–agent) hereunder or
in connection herewith, unless such liability shall be due to willful
misconduct or gross negligence on the part of such person.

             9.          Notices.  Any notice or other communication to any
party in connection with this Agreement shall be in writing and shall be sent
by manual delivery, telegram, telex, facsimile transmission, overnight courier
or United States mail (postage prepaid) addressed to such party at the address
specified on the signature page hereof, or at such other address as such party
shall have specified to the other party hereto in writing.  All periods of notice shall be measured from
the date of delivery thereof if manually delivered, from the date of sending
thereof if sent by telegram, telex or facsimile transmission, from the first
Business Day after the date of sending if sent by overnight courier, or from
four days after the date of mailing if mailed. 
Either party may change its address for notices by a notice given not less
than five (5) Business Days prior to the effective date of the change.

             10.        Binding
Agreement; Assignment.  This
Agreement, and the terms, covenants and conditions hereof, shall be binding
upon and inure to the benefit of the parties hereto, and their respective
successors and assigns, except Pledgor shall not be permitted to assign this
Agreement or any interest herein or in the Collateral, or any part thereof, or
otherwise grant any option with respect to the Collateral, or any part thereof.
The obligations of Pledgor hereunder are joint and several.

             11.        Miscellaneous
Provisions.  Neither this Agreement
nor any provision hereof may be amended, modified, waived, discharged or
terminated nor may any of the Collateral be released or the pledge or the
security interest created hereby extended, except by an instrument in writing
duly signed by or on behalf of the Secured Party.  The section headings used herein are for convenience of reference
only and shall not define or limit the provisions of this Agreement. The
recitals hereto are incorporated herein by reference.

             12.        Governing
Law.  THIS AGREEMENT HAS BEEN MADE
AND DELIVERED AT MINNEAPOLIS, MINNESOTA, AND SHALL BE GOVERNED BY THE INTERNAL
LAWS OF THE STATE OF MINNESOTA BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA,
WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, BUT GIVING EFFECT
TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS. Wherever
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 prohibited by or invalid under such law, such provision
shall be ineffective to the extent  of
such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

             13.        Waiver
of Jury Trial.  PLEDGOR AND  SECURED PARTY WAIVE ANY RIGHT TO A TRIAL BY
JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (a) UNDER
THIS AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED
OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH, OR
(b) ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS
AGREEMENT, AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

             Executed and delivered as of the
day and year first above written.

 

	 	Fargo Electronics, Inc.
	 	 
	 	By:	/s/ Jeffrey D. Upin
	 	 	

	 	Its:	VP Admin& General Counsel
	 	 	

	Subscribed and sworn to before me

  this  29th 
   day of   June  , 2001.	 	 
	 	 	 
	 	 	 
	/s/ Maria Hoffman	 	 
	

	 	 
	Notary Public	 	 

 

Accepted as of
the day and year first above written.

	LaSalle Bank National Association, as Agent
  for the Lender Parties
	 
	By:	/s/ Ann Pifer
	 	

	Its:	First Vice PresidentForm of Stock Certificate

	
      

      Number

      NV_______
	
      

      NATIONAL VISION INC.

      Common Stock
	
      INCORPORATED UNDER THE LAWS
      OF THE STATE OF GEORGIA

      
      SHARES

      _________

			
      

      SEE REVERSE FOR CERTAIN DEFINITIONS

 

THIS CERTIFIES THAT
_______________________________

Is the owner of
________________________________________

 

FULLY PAID AND NON-ASSESSABLE
SHARES OF THE PAR VALUE OF ONE CENT ($.01) EACH OF THE COMMON STOCK OF

NATIONAL VISION, INC.

transferable in person or by duly
authorized attorney on the books of the Corporation upon surrender of this
certificate properly endorsed. This certificate and the shares represented herby
are subject to all the terms, conditions and limitations of the Articles of
Incorporation and all amendments thereto. This certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.

WITNESS the
facsimile seal of the Corporation and the facsimile signatures of its duly
authorized officers.

 

	
      Dated:
	
      /s/ James W. Krause

      CHAIRMAN

  
    
      
        
          
            NATIONAL VISION,
            INC.

            CORPORATE SEAL

            1990

            GEORGIA

        

      

    

  

 

COUNTERSIGNED AND REGISTERED:

          FIRST
UNION NATIONAL BANK

                    (CHARLOTTE,
NC)

                              TRANSFER
AGENT AND REGISTRAR

 

	
      
	
      AUTHORIZED
      SIGNATURE
	
      /s/ Mitchell Goodman

      SECRETARY

 

 

 

 

(back of certificate)

NATIONAL VISION, INC.

The
following abbreviations, when used in the Inscription on the face of this
certificate, shall be construed as through they were written out in full
according to applicable laws or regulations:

 

	
      TEN COM ― as
      tenants in common
	
      UNIF GIFT MIN ACT
      ―
	 ................Custodian................
	TEN ENT ― as
      tenants by the entireties		(Cust)                  (Minor)
	JT TEN ― as
      joint tenants with the right of		under Uniform Gifts to
      Minors
	Survivorship and not
      as tenants		Act.......................................................
	in common		
      (State)

			
		UNIF TRF MIN ACT
      ―	................Custodian.................
			(Cust)
			.............under Uniform
      Transfers
			(Minor)
			to Minors
      Act.....................
			
      (State)

 

Additional abbreviations may also
be used though not in the above list.

 

For value received,
____________ hereby sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR
OTHER

    IDENTIFYING
NUMBER OF ASSIGNEE

	 

 

 

PLEASE PRINT OR TYPEWRITE NAME
AND ADDRESS

 

                                                                                                                                                           
   Shares
of the capital stock represented by
the within Certificate, and do hereby irrevocably constitute and appoint
_______________________________________________________Attorney
to transfer the said stock on the books of the within-named Corporation with
full power of substitution in the premises.

 

Dated                                                   

 

	
      NOTICE:
	_______________________________________

      THE SIGNATURE
TO THIS ASSIGMENT MUST CORRESPOND

      WITH THE NAME AS WRITTEN UPON THE
FACE OF THE

      CERTIFCATE IN EVERY PARTICULAR, WITHOUT ALTERATION

      OR ENLARGEMENT OR ANY CHANGE
WHATEVER.

	
  SIGNATURE(S)
GUARANTEED:
	THE SIGNATURE(S) SHOULD BE
GUARANTEED BY AN

  ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS,

  SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH

  MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE

  MEDALLION PROGRAM), PURSUANT TO
S.E.C. RULE 17A-15.

KEEP THIS CERTIFICATE IN A SAFE
PLACE. IF IT IS LOST, STOLEN, MUTILATED OR DESTROYED, THE CORPORATION WILL
REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT
CERTIFICATE.

 

 

 

 

(this is located on the left side
of the back of the certificate)

 

This certificate also evidences
certain Rights as set forth in a Rights Agreement between National Vision, Inc.
and First Union National Bank dated as of January 17, 1997, as amended (the
"Rights Agreement"), the terms of which are hereby incorporated herein
by reference and a copy of which is on file at the principal office of the
Company. The Company will mail to the holder of this certificate a copy of the
Rights Agreement without charge promptly after receipt of a written request
therefore. Under certain circumstances, as set forth in the Rights Agreement,
such Rights may be evidenced by separate certificates and no longer be evidenced
by this certificate, may be redeemed or exchanged or may expire. As set forth in
the Rights Agreement, Rights issued to, or held by, any Person who is, was or
becomes an Acquiring Person or an Affiliate or Associate thereof (as such terms
are defined in the Rights Agreement), whether currently held by or on behalf of
such Person or by an subsequent holder, may be null and void.

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