Document:

Exhibit 4.3

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, ASSIGNED OR TRANSFERRED, IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR UNLESS THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY THAT REGISTRATION UNDER SAID ACT IS NOT REQUIRED.

No.
   ------------
                                                       Dated: September 30, 2004

                                  LANGER, INC.

                      WARRANT TO PURCHASE _______ SHARES OF
                     COMMON STOCK, PAR VALUE $0.02 PER SHARE

         For VALUE RECEIVED, ____________________ ("Holder"), is entitled to
purchase, subject to the provisions of this Warrant, from Langer, Inc., a
Delaware corporation ("Company"), from and after the earlier of (i) six months
after the refinancing or prepayment of the Company's series of 7% Senior
Subordinated Notes due September 30, 2007 or (ii) September 30, 2005 until 5:00
P.M., Eastern time, on September 30, 2009 (the "Warrant Expiration Date"), at an
exercise price per share equal to $0.02 (the exercise price in effect being
herein called the "Warrant Price"), ______ shares ("Warrant Shares") of the
Company's Common Stock, par value $0.02 per share ("Common Stock").
Notwithstanding anything to the contrary contained herein, in no event shall
this Warrant be exercisable, and the Company shall have no obligation to issue
the Warrant Shares, until such time as the Company's stockholders shall have
approved issuance of Common Stock in an amount exceeding twenty percent (20%) of
the Common Stock outstanding on the date of this Warrant (which amount shall
include the Warrant Shares) in satisfaction of Nasdaq Marketplace Rule
4350(i)(1)(D); provided, however, that the Company shall be permitted to waive
such requirement if it determines that such stockholder approval is not required
by Nasdaq Marketplace Rule 4350(i)(1)(D). The number of Warrant Shares
purchasable upon exercise of this Warrant and the Warrant Price shall be subject
to adjustment from time to time as described herein. From and after the
Expiration Date, this Warrant shall be of no further force and effect.
Capitalized terms used herein without definition shall have the respective
meanings given such terms in the Note and Warrant Purchase Agreement, dated
September 30, 2004, between the Company and the Purchasers named therein (the
"Purchase Agreement").

         Section 1. Registration. The Company shall maintain books for the
transfer and registration of the Warrant. Upon the initial issuance of this
Warrant, the Company shall issue and register the Warrant in the name of the
Holder. The Company may deem and treat the registered Holder of this Warrant as
the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to
the contrary.

         Section 2. Transfers. As provided herein, this Warrant may be
transferred only pursuant to a registration statement filed under the Securities
Act of 1933, as amended (the "Securities Act"), or an exemption from such
registration. Subject to such restrictions, the Company shall transfer this
Warrant from time to time upon the books to be maintained by the Company for
that purpose, upon surrender thereof for transfer properly endorsed or
accompanied by appropriate instructions for transfer and such other documents as
may be reasonably required by the Company, including, if required by the
Company, an opinion of its counsel to the effect that such transfer is exempt
from the registration requirements of the Securities Act, to establish that such
transfer is being made in accordance with the terms hereof, and a new Warrant
shall be issued to the transferee and the surrendered Warrant shall be canceled
by the Company.

         Section 3. Exercise of Warrant. Subject to the provisions hereof, the
Holder may exercise this Warrant in whole or in part at any time prior to its
expiration upon surrender of the Warrant, together with delivery of the duly
executed Warrant exercise form attached hereto as Appendix A (the "Exercise
Agreement") and payment by cash, certified check or wire transfer of funds for
the aggregate Warrant Price for that number of Warrant Shares then being
purchased, to the Company during normal business hours on any business day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the Holder). The Warrant Shares so
purchased shall be deemed to be issued to the Holder or the Holder's designee,
as the record owner of such shares, as of the close of business on the date on
which this Warrant shall have been surrendered (or evidence of loss, theft or
destruction thereof and security or indemnity satisfactory to the Company), the
Warrant Price shall have been paid and the completed Exercise Agreement shall
have been delivered. Certificates for the Warrant Shares so purchased,
representing the aggregate number of shares specified in the Exercise Agreement,
shall be delivered to the Holder within a reasonable time, not exceeding three
(3) business days, after this Warrant shall have been so exercised. The
certificates so delivered shall be in such denominations as may be requested by
the Holder and shall be registered in the name of the Holder or, subject to the
transfer restrictions contained herein, such other name as shall be designated
by the Holder. If this Warrant shall have been exercised only in part, then,
unless this Warrant has expired, the Company shall, at its expense, at the time
of delivery of such certificates, deliver to the Holder a new Warrant
representing the number of shares with respect to which this Warrant shall not
then have been exercised. As used herein, "business day" means a day, other than
a Saturday or Sunday, on which banks in New York City are open for the general
transaction of business. Each exercise hereof shall constitute the
re-affirmation by the Holder that the representations and warranties contained
in Section 5 of the Purchase Agreement are true and correct in all material
respects with respect to the Holder as of the time of such exercise.

         Section 4. Compliance with the Securities Act of 1933. Except as
provided in the Purchase Agreement, the Company may cause the legend set forth
on the first page of this Warrant to be set forth on each Warrant or similar
legend on any security issued or issuable upon exercise of this Warrant, unless
counsel for the Company is of the opinion as to any such security that such
legend is unnecessary.

                                      -2-

         Section 5. Payment of Taxes. The Company will pay any documentary stamp
taxes attributable to the initial issuance of Warrant Shares issuable upon the
exercise of the Warrant; provided, however, that the Company shall not be
required to pay any tax or taxes which may be payable in respect of any transfer
involved in the issuance or delivery of any certificates for Warrant Shares in a
name other than that of the Holder in respect of which such shares are issued,
and in such case, the Company shall not be required to issue or deliver any
certificate for Warrant Shares or any Warrant until the person requesting the
same has paid to the Company the amount of such tax or has established to the
Company's reasonable satisfaction that such tax has been paid. The Holder shall
be responsible for income taxes due under federal, state or other law, if any
such tax is due.

         Section 6. Mutilated or Missing Warrants. In case this Warrant shall be
mutilated, lost, stolen, or destroyed, the Company shall issue in exchange and
substitution of and upon cancellation of the mutilated Warrant, or in lieu of
and substitution for the Warrant lost, stolen or destroyed, a new Warrant of
like tenor and for the purchase of a like number of Warrant Shares, but only
upon receipt of evidence reasonably satisfactory to the Company of such loss,
theft or destruction of the Warrant, and with respect to a lost, stolen or
destroyed Warrant, reasonable indemnity or bond with respect thereto, if
requested by the Company.

         Section 7. Reservation of Common Stock. The Company hereby represents
and warrants that there have been reserved, and the Company shall at all
applicable times keep reserved until issued (if necessary) as contemplated by
this Section 7, out of the authorized and unissued shares of Common Stock,
sufficient shares to provide for the exercise of the rights of purchase
represented by this Warrant. The Company agrees that all Warrant Shares issued
upon due exercise of the Warrant shall be, at the time of delivery of the
certificates for such Warrant Shares, duly authorized, validly issued, fully
paid and non-assessable shares of Common Stock of the Company.

         Section 8. Adjustments. Subject and pursuant to the provisions of this
Section 8, the Warrant Price and number of Warrant Shares subject to this
Warrant shall be subject to adjustment from time to time as set forth
hereinafter.

             (a) If the Company shall, at any time or from time to time while
this Warrant is outstanding, pay a dividend or make a distribution on its Common
Stock in shares of Common Stock, subdivide its outstanding shares of Common
Stock into a greater number of shares or combine its outstanding shares of
Common Stock into a smaller number of shares or issue by reclassification of its
outstanding shares of Common Stock any shares of its capital stock (including
any such reclassification in connection with a consolidation or merger in which
the Company is the continuing corporation), then the number of Warrant Shares
purchasable upon exercise of the Warrant and the Warrant Price in effect
immediately prior to the date upon which such change shall become effective,
shall be adjusted by the Company so that the Holder thereafter exercising the
Warrant shall be entitled to receive the number of shares of Common Stock or
other capital stock which the Holder would have received if the Warrant had been
exercised immediately prior to such event upon payment of a Warrant Price that
has been adjusted to reflect a fair allocation of the economics of such event to
the Holder. Such adjustments shall be made successively whenever any event
listed above shall occur.

                                      -3-

             (b) If any capital reorganization, reclassification of the capital
stock of the Company, consolidation or merger of the Company with another
corporation in which the Company is not the survivor, or sale, transfer or other
disposition of all or substantially all of the Company's assets to another
corporation shall be effected, then, as a condition of such reorganization,
reclassification, consolidation, merger, sale, transfer or other disposition,
lawful and adequate provision shall be made whereby each Holder shall thereafter
only have the right to purchase and receive upon the basis and upon the terms
and conditions herein specified and in lieu of the Warrant Shares immediately
theretofore issuable upon exercise of the Warrant, such shares of stock,
securities or assets as would have been issuable or payable with respect to or
in exchange for a number of Warrant Shares equal to the number of Warrant Shares
immediately theretofore issuable upon exercise of the Warrant, had such
reorganization, reclassification, consolidation, merger, sale, transfer or other
disposition not taken place, and in any such case appropriate provision shall be
made with respect to the rights and interests of each Holder to the end that the
provisions hereof (including, without limitation, provision for adjustment of
the Warrant Price) shall thereafter be applicable, as nearly equivalent as may
be practicable in relation to any shares of stock, securities or assets
thereafter deliverable upon the exercise hereof. The Company shall not effect
any such consolidation, merger, sale, transfer or other disposition unless prior
to or simultaneously with the consummation thereof the successor corporation (if
other than the Company) resulting from such consolidation or merger, or the
corporation purchasing or otherwise acquiring such assets or other appropriate
corporation or entity shall assume the obligation to deliver to the Holder, at
the last address of the Holder appearing on the books of the Company, such
shares of stock, securities or assets as, in accordance with the foregoing
provisions, the Holder may be entitled to purchase, and the other obligations
under this Warrant. The provisions of this paragraph (b) shall similarly apply
to successive reorganizations, reclassifications, consolidations, mergers,
sales, transfers or other dispositions.

             (c) In case the Company shall fix a payment date for the making of
a distribution to all holders of Common Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the
continuing corporation) of evidences of indebtedness or assets (other than cash
dividends or cash distributions payable out of consolidated earnings or earned
surplus or dividends or distributions referred to in Section 8(a)), or
subscription rights or warrants, the Warrant Price to be in effect after such
payment date shall be determined by multiplying the Warrant Price in effect
immediately prior to such payment date by a fraction, the numerator of which
shall be the total number of shares of Common Stock outstanding multiplied by
the Market Price (as defined below) per share of Common Stock immediately prior
to such payment date, less the fair market value (as determined by the Company's
Board of Directors in good faith) of said assets or evidences of indebtedness so
distributed, or of such subscription rights or warrants, and the denominator of
which shall be the total number of shares of Common Stock outstanding multiplied
by such Market Price per share of Common Stock immediately prior to such payment
date. "Market Price" as of a particular date (the "Valuation Date") shall mean
the following: (a) if the Common Stock is then listed on a national stock
exchange, the closing sale price of one share of Common Stock on such exchange
on the last trading day prior to the Valuation Date; (b) if the Common Stock is
then quoted on The Nasdaq Stock Market, Inc. ("Nasdaq"), the National
Association of Securities Dealers, Inc. OTC Bulletin Board (the "Bulletin
Board"), the National Quotation Board "Pink Sheets" (the

                                      -4-

"NQB") or such similar exchange or association, the closing sale price of one
share of Common Stock on Nasdaq, the Bulletin Board or such other exchange or
association on the last trading day prior to the Valuation Date or, if no such
closing sale price is available, the average of the high bid and the low asked
price quoted thereon on the last trading day prior to the Valuation Date; or (c)
if the Common Stock is not then listed on a national stock exchange or quoted on
Nasdaq, the Bulletin Board or such other exchange or association, the fair
market value of one share of Common Stock as of the Valuation Date, shall be
determined in good faith by the Board of Directors of the Company and the
Holder. If the Common Stock is not then listed on a national securities
exchange, the Bulletin Board, the NQB or such other exchange or association, the
Board of Directors of the Company shall respond promptly, in writing, to an
inquiry by the Holder prior to the exercise hereunder as to the fair market
value of a share of Common Stock as determined by the Board of Directors of the
Company. In the event that the Board of Directors of the Company and the Holder
are unable to agree upon the fair market value in respect of subpart (c) hereof,
the Company and the Holder shall jointly select an appraiser, who is experienced
in such matters. The decision of such appraiser shall be final and conclusive,
and the cost of such appraiser shall be borne equally by the Company and the
Holder. Such adjustment shall be made successively whenever such a payment date
is fixed.

             (d) An adjustment to the Warrant Price shall become effective
immediately after the payment date in the case of each dividend or distribution
and immediately after the effective date of each other event which requires an
adjustment.

             (e) In the event that, as a result of an adjustment made pursuant
to this Section 8, the Holder shall become entitled to receive any shares of
capital stock of the Company other than shares of Common Stock, the number of
such other shares so receivable upon exercise of this Warrant shall be subject
thereafter to adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to the Warrant Shares
contained in this Warrant.

             (f) Anything herein to the contrary notwithstanding, the Company
shall not be required to make any adjustment of the Warrant Price in the case of
the issuance of (A) capital stock, options or convertible securities issued to
directors, officers, employees or consultants of the Company in connection with
their service as directors of the Company, their employment by the Company or
their retention as consultants by the Company pursuant to an equity compensation
program approved by the Board of Directors of the Company or the compensation
committee of the Board of Directors of the Company, (B) shares of Common Stock
issued upon the conversion or exercise of options or convertible securities
granted or issued prior to the date hereof, (C) securities issued pursuant to
the Purchase Agreement and securities issued upon the exercise of those
securities, and (D) shares of Common Stock issued or issuable by reason of a
dividend, stock split or other distribution on shares of Common Stock (but only
to the extent that such a dividend, split or distribution results in an
adjustment in the Warrant Price pursuant to the other provisions of this
Warrant) (collectively, "Excluded Issuances").

             (g) Notwithstanding any provision of this Section 8, no adjustment
of the Warrant Price shall be required if such adjustment is less than $0.01;
provided, however, that any

                                      -5-

adjustments which by reason of this Section 8(g) are not required to be made
shall be carried forward and taken into account for purposes of any subsequent
adjustment.

         Section 9. Fractional Interest. The Company shall not be required to
issue fractions of Warrant Shares upon the exercise of this Warrant. If any
fractional share of Common Stock would, except for the provisions of the first
sentence of this Section 9, be deliverable upon such exercise, the Company, in
lieu of delivering such fractional share, shall pay to the exercising Holder an
amount in cash equal to the Market Price of such fractional share of Common
Stock on the date of exercise.

         Section 10. Benefits. Nothing in this Warrant shall be construed to
give any person, firm or corporation (other than the Company and the Holder) any
legal or equitable right, remedy or claim, it being agreed that this Warrant
shall be for the sole and exclusive benefit of the Company and the Holder.

         Section 11. Notices to Holder. Upon the happening of any event
requiring an adjustment of the Warrant Price, the Company shall promptly give
written notice thereof to the Holder at the address appearing in the records of
the Company, stating the adjusted Warrant Price and the adjusted number of
Warrant Shares resulting from such event and setting forth in reasonable detail
the method of calculation and the facts upon which such calculation is based.
Failure to give such notice to the Holder or any defect therein shall not affect
the legality or validity of the subject adjustment.

         Section 12. Identity of Transfer Agent. The Transfer Agent for the
Common Stock is Registrar and Transfer Company. Upon the appointment of any
subsequent transfer agent for the Common Stock or other shares of the Company's
capital stock issuable upon the exercise of the rights of purchase represented
by the Warrant, the Company will mail to the Holder a statement setting forth
the name and address of such transfer agent.

         Section 13. Notices. Unless otherwise provided, any notice required or
permitted under this Warrant shall be given in writing and shall be deemed
effectively given as hereinafter described (i) if given by personal delivery,
then such notice shall be deemed given upon such delivery, (ii) if given by
telex or facsimile or electronic mail, then such notice shall be deemed given
upon receipt of confirmation of complete transmittal, (iii) if given by mail,
then such notice shall be deemed given upon the earlier of (A) receipt of such
notice by the recipient or (B) three days after such notice is deposited in
first class mail, postage prepaid, and (iv) if given by an internationally
recognized overnight air courier, then such notice shall be deemed given one
business day after delivery to such carrier. All notices shall be addressed as
follows: if to the Holder, at its address as set forth in the Company's books
and records and, if to the Company, at the address as follows, or at such other
address as the Holder or the Company may designate by ten days' advance written
notice to the other:

                                      -6-

                           If to the Company:

                           Langer, Inc.
                           450 Commack Road
                           Deer Park, NY 11729
                           Facsimile: (631) 667-1203
                           Attention: Chief Executive Officer

                           with a copy to:
                           Kane Kessler, P.C.
                           1350 Avenue of the Americas
                           New York, NY 10019
                           Fax: (212) 245-3009
                           Attention: Robert L. Lawrence, Esq.

         Section 14. Registration Rights. The initial Holder is entitled to the
benefit of certain registration rights with respect to the shares of Common
Stock issuable upon the exercise of this Warrant as provided in the Registration
Rights Agreement, and any subsequent Holder may be entitled to such rights.

         Section 15. Successors. All the covenants and provisions hereof by or
for the benefit of the Holder shall bind and inure to the benefit of its
respective successors and assigns hereunder.

         Section 16. Governing Law; Consent to Jurisdiction; Waiver of Jury
Trial. This Warrant shall be governed by, and construed in accordance with, the
internal laws of the State of New York, without reference to the choice of law
provisions thereof. The Company and, by accepting this Warrant, the Holder, each
irrevocably submits to the exclusive jurisdiction of the courts of the State of
New York located in New York County and the United States District Court for the
Southern District of New York for the purpose of any suit, action, proceeding or
judgment relating to or arising out of this Warrant and the transactions
contemplated hereby. Service of process in connection with any such suit, action
or proceeding may be served on each party hereto anywhere in the world by the
same methods as are specified for the giving of notices under this Warrant. The
Company and, by accepting this Warrant, the Holder, each irrevocably consents to
the jurisdiction of any such court in any such suit, action or proceeding and to
the laying of venue in such court. The Company and, by accepting this Warrant,
the Holder, each irrevocably waives any objection to the laying of venue of any
such suit, action or proceeding brought in such courts and irrevocably waives
any claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum. EACH OF THE COMPANY AND, BY ITS
ACCEPTANCE HEREOF, THE HOLDER HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY
IN ANY LITIGATION

                                      -7-

WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED
SPECIFICALLY AS TO THIS WAIVER.

         Section 17. No Rights as Stockholder. Prior to the exercise of this
Warrant, the Holder shall not have or exercise any rights as a stockholder of
the Company by virtue of its ownership of this Warrant.

         Section 18. Amendment; Waiver. This Warrant is one of a series of
Warrants of like tenor issued by the Company pursuant to the Purchase Agreement
and initially covering an aggregate of 110,000 shares of Common Stock
(collectively, the "Company Warrants"). Any term of this Warrant may be amended
or waived (including the adjustment provisions included in Section 8 of this
Warrant) upon the written consent of the Company and the holders of Company
Warrants representing at least 50% of the number of shares of Common Stock then
subject to all outstanding Company Warrants (the "Majority Holders"); provided,
that (x) any such amendment or waiver must apply to all Company Warrants; and
(y) the number of Warrant Shares subject to this Warrant, the Warrant Price and
the Warrant Expiration Date may not be amended, and the right to exercise this
Warrant may not be altered or waived, without the written consent of the Holder.

         Section 19. Section Headings. The section headings in this Warrant are
for the convenience of the Company and the Holder and in no way alter, modify,
amend, limit or restrict the provisions hereof.

         Section 20. Warrant Agent. The Company shall serve as warrant agent
under this Warrant. Upon not less than 30 days' notice to the Holder, the
Company may appoint a new warrant agent, which shall be reasonably satisfactory
to the Majority Holders. Any Person into which any new warrant agent may be
merged, any Person resulting from any consolidation to which any new warrant
agent shall be a party or any Person to which any new warrant agent transfers
substantially all of its corporate trust or shareholders services business shall
be a successor warrant agent under this Warrant without any further act. Any
such successor warrant agent shall promptly cause notice of its succession as
warrant agent to be mailed (by first class mail, postage prepaid) to the Holder
at the Holder's last address as shown on the Warrant register.

         Section 21. Severability. Any provision of this Warrant that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof but shall be interpreted as if it
were written so as to be enforceable to the maximum extent permitted by
applicable law, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other
jurisdiction. To the extent permitted by applicable law, the Company, and by its
acceptance hereof, the Holder, hereby waive any provision of law which renders
any provision hereof prohibited or unenforceable in any respect.

                  [Remainder of page intentionally left blank]

                                      -8-

         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed, as of the 30th day of September, 2004.

                                        LANGER, INC.

                                        By:
                                           ------------------------------
                                           Name:
                                           Title:

                                      -9-

                                   APPENDIX A
                                  LANGER, INC.
                              WARRANT EXERCISE FORM

To Langer, Inc.:

         The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the within Warrant ("Warrant") for, and to purchase
thereunder by the payment of the Warrant Price and surrender of the Warrant,
_______________ shares of Common Stock ("Warrant Shares") provided for therein,
and requests that certificates for the Warrant Shares be issued as follows:

               --------------------------------
               Name
               --------------------------------
               Address
               --------------------------------

               --------------------------------
               Federal Tax ID or Social Security No.

         and delivered by (certified mail to the above address, or
(electronically (provide DWAC Instructions:___________________), or (other
(specify): __________________________________________).

and, if the number of Warrant Shares shall not be all the Warrant Shares
purchasable upon exercise of the Warrant, that a new Warrant for the balance of
the Warrant Shares purchasable upon exercise of this Warrant be registered in
the name of the undersigned Holder or the undersigned's Assignee as below
indicated and delivered to the address stated below.

Dated:              ,
       ------------- ------

Note:  The signature must correspond with
       Signature:______________________________
the name of the Holder as written
on the first page of the Warrant in every            ---------------------------
particular, without alteration or enlargement        Name (please print)
or any change whatever, unless the Warrant
has been assigned.                                   ---------------------------

                                                     ---------------------------
                                                     Address

                                                     ---------------------------
                                                     Federal Identification or
                                                     Social Security No.

                                                     Assignee:

                                                     ---------------------------

                                                     ---------------------------

                                                     ---------------------------

                                       11STOCK PLEDGE AND AGENCY AGREEMENT

         THIS STOCK PLEDGE AND AGENCY AGREEMENT (this "Agreement"), is made
effective the 30th day of September, 2004, by and among Langer, Inc., a Delaware
corporation ("Pledgor"), SSL Holdings, Inc., a Delaware corporation (the
"Payee") and Pepper Hamilton LLP (the "Agent").

                                   BACKGROUND

         WHEREAS, Pledgor and the Payee are parties to that certain Stock
Purchase Agreement dated September 22, 2004 (the "Purchase Agreement"), whereby
Pledgor has agreed to purchase all of the issued and outstanding shares of
Silipos, Inc., a Delaware corporation (the "Company"), consisting of three
hundred (300) shares of Class A Common Stock and fifteen (15) shares of Class B
Common Stock (collectively, the "Shares") of the common stock of the Company,
from the Payee and the Payee desires to sell the Shares to Pledgor;

         WHEREAS, concurrently with the execution of this Agreement, Pledgor is
purchasing the Shares from the Payee pursuant to the terms and conditions set
forth in the Purchase Agreement;

         WHEREAS, in consideration for the sale of the Shares by the Payee to
Pledgor, Pledgor has issued agreed to (i) pay to the Payee Five Million Dollars
($5,000,000) in cash, (ii) issue a Promissory Note in favor of the Payee in the
original principal amount of Seven Million Five Hundred Thousand Dollars
($7,500,000), a copy of which is attached hereto as Exhibit A (the "Note"),
(iii) issue a Promissory Note in favor of the Payee in the original principal
amount of Three Million Dollars ($3,000,000) (the "Additional Note"), and (iii)
execute and deliver this Agreement to the Payee;

         WHEREAS, as security for the prompt satisfaction of the Secured
Obligations (as defined in Section 2.2 below) under the Note, Pledgor has agreed
to pledge the Shares and execute and deliver this Agreement to the Payee; and

         WHEREAS, it is a condition to the effectiveness of the transactions
contemplated in the Purchase Agreement, including, without limitation, the sale
and transfer of the Shares by the Payee to Pledgor, that Pledgor execute and
deliver this Agreement.

                                      TERMS

         NOW, THEREFORE, for and in consideration of the foregoing premises and
for the other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby covenant and agree as follows:

                                   ARTICLE 1
                                  DEFINITIONS

         Section 1.1 Definitions. Unless otherwise defined herein, capitalized
terms used herein shall have the respective meanings assigned to such terms in
the Note.

         Section 1.2 UCC Terms. All terms defined in the Applicable UCC and used
herein shall have the same definitions herein as specified in the Applicable
UCC, provided, if a term is defined in Article 9 of the Applicable UCC
differently than in another Article of the Applicable UCC, the term has the
meaning specified in Article 9 of the Applicable UCC. "Applicable UCC" shall
mean the Uniform Commercial Code as in effect in the State of New York on the
date of this Agreement and as amended from time to time hereafter, and any new
version thereof or new legislation adopted to replace the provisions thereof;
provided, however, in the event that, by reason of mandatory provisions of law,
any or all of the attachment, perfection or priority of the Secured Party's
security interest in any Collateral is governed by the Uniform Commercial Code
as enacted and in effect in a jurisdiction other than the State of New York, the
term "Applicable UCC" shall mean the Uniform Commercial Code as enacted and in
effect in such other jurisdiction solely for purposes of the provisions hereof
relating to such attachment, perfection or priority and for purposes of
definitions related to such provisions.

                                    ARTICLE 2
                             THE SECURITY INTERESTS

         Section 2.1 The Security Interests. As security for the payment and
performance in full of all of the Secured Obligations (as hereinafter defined in
Section 2.2), Pledgor hereby pledges to the Payee, and grants to the Payee, a
security interest in all of the following, in each case whether now or hereafter
existing or in which such Pledgor now has or hereafter acquires an interest and
wheresoever located (collectively, the "Collateral"):

                  (i) The Shares and all additional shares of capital stock of
the Company now or hereafter owned or held by Pledgor (collectively, the
"Pledged Shares"), including, without limitation, those shares described on
Exhibit B attached hereto; and

                  (ii) The certificates representing the Pledged Shares, and any
interest of Pledgor in the entries on the books of any financial intermediary
relating to the Pledged Shares, and all dividends or distributions of property
(specifically excluding cash), warrants, rights, instruments and other property
(specifically excluding cash) from time to time received, receivable or
otherwise made upon or distributed in respect of (specifically excluding cash)
or in exchange for or upon conversion of any or all of the Pledged Shares; and

                  (iii) To the extent not otherwise included in the foregoing,
all cash and non-cash proceeds of the foregoing.

         Section 2.2 Security for the Secured Obligations. This Agreement
secures, and the Collateral is collateral security for, the prompt payment and
performance in full when due (whether at stated maturity, by required
prepayment, acceleration, demand or otherwise) of all of the indebtedness,
obligations and liabilities of Pledgor to the Payee, now existing or hereafter
incurred, absolute or contingent, direct or indirect, secured or unsecured, due
or to become due

                                      -2-

under the Note and, in the event of the occurrence of an Event of Default under
the Note (collectively, the "Secured Obligations"). Pledgor hereby covenants
that, until all of the obligations under the Note have been satisfied in full,
it will not agree or purport to sell, convey, or otherwise dispose of any of the
Pledged Shares or any interest therein, or create, incur, or permit to exist any
claim, 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 and, , will not do or suffer any act or failure
to act which would impair the lien on or the value of the Collateral, except as
otherwise permitted herein and under the Note.

         Section 2.3 Delivery of Certificated Collateral. All certificates or
instruments representing or evidencing the Collateral shall be delivered to and
held by or on behalf of the Payee pursuant hereto and shall be in suitable form
for transfer by delivery, or shall be accompanied by duly executed stock powers
or other instruments of transfer or assignment in blank. The Payee shall have
the right, upon the occurrence of an "Event of Default" as defined under the
Note (any such Event of Default being, for purposes of this Agreement, a
"Default"), to cause any or all of the Collateral to be validly and irrevocably
transferred of record into the name of the Payee or its nominee.

         Section 2.4 Termination of Security Interests; Release of Collateral.
This Agreement shall continue in force and effect until the indefeasible payment
of the Secured Obligations. If the Payee receives any payment or payments on
account of the Secured Obligations which payment or payments or any part thereof
are subsequently invalidated, declared to be fraudulent or preferential, set
aside and/or required to be repaid to a trustee, receiver, or any other party
under the Bankruptcy Code, 11 U.S.C. ss.101 et seq., as amended, or any other
state or federal law, common law or equitable doctrine, then to the extent of
any sum not finally retained by the Payee, Pledgor's obligations to the Payee
shall be reinstated and this Agreement, and any security therefor, shall remain
in full force and effect (or be reinstated) until payment shall have been made
to the Payee, notwithstanding termination of this Agreement or the cancellation
of the Note or any other note, instrument or agreement evidencing the Secured
Obligations, and such payment shall be due on demand by the Payee. Upon the
full, final and irrevocable payment and performance of all the Secured
Obligations, the security interests in the Collateral shall terminate and all
rights to the Collateral shall irrevocably revert to Pledgor. Payee agrees that
upon such termination it shall execute and deliver to the Pledgor such documents
as the Pledgor shall reasonably request to evidence such termination.

                                   ARTICLE 3
                CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS

         Pledgor represents and warrants as follows:

                  (i) This Agreement constitutes a valid and binding agreement
of Pledgor, enforceable against Pledgor in accordance with its terms;

                  (ii) Except to the extent caused solely by a breach of the
Payee of its representations and warranties in Sections 3.2, 3.3 and 3.28 of the
Purchase Agreement, Pledgor legally and beneficially owns all of the Pledged
Shares free and clear of any Liens other than the security interest granted
hereby;

                                      -3-

                  (iii) Pledgor is not and will not become a party to, otherwise
be bound by, any agreement, other than this Agreement, which restricts in any
manner the rights of any present or future holder of any of the Collateral with
respect thereto except with respect to the extent the Note and the rights to the
Collateral are subordinate to the Senior Debt (as such term is defined in the
Note);

                  (iv) Except to the extent caused solely by a breach of the
Payee of its representations and warranties in Sections 3.2, 3.4, 3.5 and 3.28
of the Purchase Agreement, the execution and delivery of this Agreement, and the
performance of its terms, will not violate or constitute a default under the
terms of any agreement, indenture or other instrument, license, judgment,
decree, order, law, statute, ordinance or other governmental rule or regulation,
applicable to Pledgor or any of his property;

                  (v) Upon delivery of the Collateral to Payee or its agent,
this Agreement shall create a valid first lien (except to the extent that the
Payee breaches its representations and warranties set forth in Section 3.28 of
the Purchase Agreement) upon and perfected security interest in the Collateral
and the proceeds thereof, subject to no prior security interest, lien, charge,
hypothecation, or encumbrance of any kind, or agreement purporting to grant to
any third party a security interest or lien in or against the property or assets
of Pledgor which would include the Collateral;

                  (vi) Pledgor warrants and will, at its own expense, preserve,
defend and protect the Collateral and Payee's right, title, special property and
security interest in and to the Collateral against the claims of any person,
firm, corporation or other entity whatsoever; provided, that in the event that
the Payee has breached its representations and warranties set forth in Section
3.28 of the Purchase Agreement and the basis of such breach is the basis of the
claim of any person, firm, corporation or other entity with respect to the
Collateral, the Pledgor shall only be required to use its commercially
reasonable efforts to preserve, defend and protect the Collateral and Payee's
right, title, special property and security interest in and to the Collateral
against such claim(s);

                  (vii) Pledgor will promptly deliver to Payee all written
notices, and will promptly give Payee written notice of any other notices,
received by him with respect to any event or condition which may impair the
condition of the Collateral.

                                   ARTICLE 4
                       DISTRIBUTIONS ON COLLATERAL; VOTING

         Section 4.1 No Default. So long as no Default shall have occurred and
be continuing:

                  (i) Pledgor shall be entitled to exercise any and all voting
and other consensual rights pertaining to the Collateral or any part thereof for
any purpose not inconsistent with the terms of this Agreement;

                  (ii) Pledgor shall be entitled to receive and retain any and
all dividends, interest and other payments and distributions made upon or with
respect to the Collateral, provided, however, that any and all:

                                      -4-

                           (A) dividends and interest paid or payable other than
in cash in respect of any Collateral, and instruments and other property
received, receivable or otherwise distributed in respect of, or in exchange for,
any Collateral; and

                           (B) cash paid, payable or otherwise distributed in
respect of principal of, in redemption of, or in exchange for, any Collateral,
except with respect to dividends or distributions of cash,

                  shall be, and shall be forthwith delivered to the Agent, on
behalf of the Payee to hold as, Collateral and shall, if received by Pledgor, be
received in trust for the benefit of the Payee, be segregated from the other
property or funds of Pledgor and be forthwith delivered to the Payee as
Collateral in the same form as so received (with any necessary endorsement).

         Section 4.2 After Occurrence of a Default. Upon the occurrence and
during the continuance of a Default:

                  (i) All rights of Pledgor to receive the payments which it
would otherwise be authorized to receive and retain pursuant to Section 4.1(ii)
shall cease, and all such rights shall thereupon become vested in the Payee
which shall thereupon have the sole right to receive and hold as Collateral such
dividends and interest payments;

                  (ii) All payments which are received by Pledgor contrary to
the provisions of paragraph (i) of this Section 4.2 shall be received in trust
for the benefit of the Payee, shall be segregated from other funds of Pledgor
and shall be forthwith paid over to the Payee as Collateral in the same form as
so received (with any necessary endorsement); and

                  (iii) All rights of Pledgor to exercise the voting and other
consensual rights which it would otherwise be entitled to exercise pursuant to
Section 4.1(i) shall cease, and all such rights shall thereupon become vested in
the Payee, who shall thereupon have the sole right to exercise such voting and
other consensual rights.

         Section 4.3 Subordination.

             (a) Notwithstanding anything else in this Agreement to the
contrary, (i) the Payee hereby subordinates to any holder ("Senior Creditor") of
Senior Indebtedness (as defined in the Note), solely with respect to such Senior
Indebtedness, any and all of its liens, claims, demands, rights or interests
that Payee now has or hereafter acquires in, on or to the Collateral and all
additions thereto and replacements and substitutions therefor, including without
limitation any right to levy, distrain, take possession of, sell or otherwise
take any action with respect to, the Collateral pursuant to this Agreement, and
(ii) the Senior Creditor's security interest, solely with respect to the Senior
Indebtedness, if any, in and to the Collateral shall be senior to all other
liens, claims and interests of the Payee in the Collateral. In the event the
Collateral is pledged to secure any Senior Indebtedness, (i) the Payee will
cause the Agent to promptly deliver the Collateral to any such Senior Creditor
in accordance with the reasonable provisions of the Senior Indebtedness and (ii)
f the Payee shall receive any payment or distribution of any Collateral while
any Senior Indebtedness is outstanding, it shall hold such payment or
distribution in trust

                                      -5-

for the benefit of the Senior Creditor and shall immediately pay or transfer the
same over to the Senior Creditor for application in payment of the Senior
Indebtedness.

             (b) The Payee acknowledges and agrees that, regardless of the time
of loans, advances or extensions of credit made by the Senior Creditor to the
Pledgor or the relative times or order of attachment, perfection or creation of
any liens, claims, demands, rights or interests on Pledgor's assets or
properties securing the Senior Indebtedness or the Note, or the actual
possession of the Collateral, or the order of filing or recording of financing
statements, mortgages or other documents, if any, or any defect, deficiency,
error or omission contained in any of the financing agreements thereof, or
anything in this Agreement to the contrary, as between the Payee and the Senior
Creditor, any liens, claims, demands, rights or interests that may be granted
from time to time pursuant to this Agreement or otherwise, solely to the extent
that the Collateral is pledged to secure any Senior Indebtedness, shall in all
respects be subordinate and junior in priority and right of enforcement to the
liens, claims, demands, rights or interests granted to the Senior Creditor in
the Collateral. The Payee shall not directly or indirectly contest or take any
action that questions the validity, priority, perfection or enforceability of
the liens, claims, demands, rights or interests granted to the Senior Creditor
in the Collateral.

                                   ARTICLE 5
                           GENERAL AUTHORITY; REMEDIES

         Section 5.1 General Authority. Pledgor hereby irrevocably appoints the
Agent on behalf of the Payee, with full power of substitution, as its true and
lawful attorney-in-fact, in the name of Pledgor or its own name, for the sole
use and benefit of the Payee, but at Pledgor's expense, at any time and from
time to time only after the occurrence and during the continuance of a Default,
subject to the terms of Article 6 of this Agreement, to take any and all
appropriate action and to execute any and all documents and instruments which
may be necessary or desirable to carry out the terms of this Agreement and,
without limiting the foregoing, Pledgor hereby gives the Payee the power and
right on its behalf, without notice to or further assent by Pledgor to do the
following:

                  (i) to receive, take, endorse, assign and deliver any and all
checks, notes, drafts, acceptances, documents and other negotiable and
non-negotiable instruments taken or received by Pledgor as, or in connection
with, the Collateral;

                  (ii) to demand, sue for, collect, receive and give acquittance
for any and all monies due or to become due upon or in connection with the
Collateral;

                  (iii) to commence, settle, compromise, compound, prosecute,
defend or adjust any claim, suit, action or proceeding with respect to, or in
connection with, the Collateral;

                  (iv) to sell, transfer, assign or otherwise deal in or with
the Collateral or any part thereof, as fully and effectually as if the Payee
were the absolute owner thereof; and

                  (v) to do, at its option, but at the reasonable expense of
Pledgor, at any time or from time to time, all acts and things which the Payee
deems necessary to protect or preserve the Collateral and to realize upon the
Collateral.

                                      -6-

         Section 5.2 UCC Rights. If a Default shall have occurred, the Payee may
in addition to all other rights and remedies granted to it in this Agreement and
in any other agreement securing, evidencing or relating to the Secured
Obligations, exercise (i) all rights and remedies of a secured party under the
UCC (whether or not in effect in the jurisdiction where such rights are
exercised) and (ii) all other rights available to the Payee at law or equity.

         Section 5.3 Application of Cash; Sale of Collateral. Subject to the
terms of Article 6 of this Agreement, Pledgor expressly agrees that if a Default
shall occur and be continuing, the Payee may forthwith (i) apply the cash, if
any, then held by it as Collateral as specified in Section 5.8 and (ii) if there
shall be no such cash or if such cash shall be insufficient to pay the Secured
Obligations in full, to collect, receive, appropriate and realize upon the
Collateral, and/or sell, assign, give an option or options to purchase or
otherwise dispose of and deliver the Collateral (or contract to do so) at public
or private sale, as the Payee may deem best, for cash or on credit or for future
delivery without assumption of any credit risk.

         Section 5.4 Rights of Purchasers. Upon any sale of the Collateral
(whether public or private), the Payee shall have the right to deliver, assign
and transfer to the purchaser thereof the Collateral so sold. Each purchaser
(including the Payee) at any such sale shall hold the Collateral so sold
absolutely free from any claim or right of whatever kind, including any equity
or right of redemption of Pledgor or the Company.

         Section 5.5 Securities Act, Etc.

             (a) In view of the position of Pledgor in relation to the
Collateral, or because of other present or future circumstances, a question may
arise under the Securities Act of 1933 or the Securities Exchange Act of 1934,
as either is now or hereafter in effect, or any similar statute hereafter
enacted analogous in purpose or effect (such acts and any such similar statute
as from time to time in effect being herein called the "Federal Securities
Laws") with respect to any disposition of the Collateral permitted hereunder.
Pledgor understands that compliance with the Federal Securities Laws might very
strictly limit the course of conduct of the Payee if the Payee were to attempt
to dispose of all or any part of the Collateral, and might also limit the extent
to which or the manner in which any subsequent transferee of any Collateral
could dispose of the same. Similarly, there may be other legal restrictions or
limitations affecting the Payee in any attempt to dispose of all or part of the
Collateral under applicable Blue Sky or other state securities laws or similar
laws analogous in purpose or effect. Under applicable law, in the absence of an
agreement to the contrary, the Payee may be held to have certain general duties
and obligations to Pledgor to make some effort toward obtaining a fair price
even though the obligations of Pledgor may be discharged or reduced by the
proceeds of a sale at a lesser price. Pledgor clearly understands that the Payee
is not to have any such general duty or obligation to Pledgor, and Pledgor will
not attempt to hold the Payee responsible for selling all or any part of the
Collateral at any inadequate price even if the Payee shall accept the first
offer received or does not approach more than one possible purchaser. Without
limiting the generality of the foregoing, the provisions of this Section would
apply if, for example, the Payee were to place all or any part of the Collateral
for private placement by an investment banking firm, or if such investment
banking firm purchased all of any part of the Collateral for its own account, or
if the Payee placed all or any part of the Collateral privately with a purchaser
or purchaser.

                                      -7-

             (b) Accordingly, Pledgor expressly agrees that the Payee is
authorized, in connection with any sale of the Collateral, in its reasonable
discretion, to do, (i) to restrict the prospective bidders on or purchasers of
any of the Collateral to a limited number of sophisticated investors who will
represent and agree that they are purchasing for their own account for
investment and not with a view to the distribution or sale of any of such
Collateral, (ii) to cause to be placed on certificates for any or all of the
Collateral or on any other securities pledged hereunder a legend to the effect
that such security has not been registered under the Federal Securities Laws and
may not be disposed of in violation of the provision of said Federal Securities
Laws and (iii) to impose such other limitations or conditions in connection with
any such sale as the Payee deems reasonably necessary or advisable in order to
comply with said Federal Securities Laws or any other law. Pledgor covenants and
agrees that it will execute and deliver such documents and take such other
action as the Payee deems necessary or advisable in order to comply with said
Federal Securities Laws or any other law. The Payee shall be under no obligation
to delay a sale of any Collateral for a period of time necessary to permit the
issuer of any securities contained therein to register such securities under the
Federal Securities Laws, or under applicable state securities laws, even if the
issuer would agree to it. Nothing contained herein shall require the Pledgor to
register such securities under the Federal Securities Laws, or under applicable
state securities laws.

         Section 5.6 Other Rights of the Payee.

             (a) The Payee: (i) shall have the right and power to institute and
maintain such suits and proceedings as it may deem appropriate to protect and
enforce the rights vested in it by this Agreement and (ii) may proceed by suit
or suits at law or in equity to enforce such rights and to foreclose upon the
Collateral and to sell all, or from time to time, any of the Collateral under
the judgment or decree of a court of competent jurisdiction.

             (b) Upon a Default, the Payee shall, to the extent permitted by
applicable law, without regard to the solvency or insolvency at such time of any
Person then liable for the payment of any of the Secured Obligations, without
regard to the then value of the Collateral and without requiring any bond from
any complainant in such proceedings, be entitled as a matter of right to the
appointment of a receiver or receivers (who may be the Payee) of the Collateral
or any part thereof, and of the profits, revenues and other income thereof,
pending such proceedings, with such powers as the court making such appointment
shall confer, and to the entry of an order directing that the profits, revenues
and other income of the property constituting the whole or any part of the
Collateral be segregated, sequestered and impounded for the benefit of the
Payee.

             (c) In no event shall the Payee have any duty to exercise any
rights or take any steps to preserve the rights of the Payee in the Collateral,
nor shall the Payee be liable to Pledgor or any other Person for any loss caused
by Payee's failure to meet any obligation imposed by Section 9-207 of the UCC or
any successor provision. Without limiting the foregoing, the Payee shall be
deemed to have exercised reasonable care in the custody and preservation of the
Collateral in its possession if the Collateral is accorded treatment
substantially equal to that which the Payee accords its own property, it being
understood that the Payee shall not have any duty or responsibility for (i)
ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relative to any Collateral, whether or not
the

                                      -8-

Payee 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
Collateral.

         Section 5.7 Waiver and Estoppel.

             (a) Pledgor, to the extent it may lawfully do so, on behalf of
itself and all who claim through or under it, including without limitation any
and all subsequent creditors, vendees, assignees and lienors, waives and
releases all rights to demand or to have any marshaling of the Collateral upon
any sale, whether made under any power of sale granted herein or pursuant to
judicial proceedings or under any foreclosure or any enforcement of this
Agreement, and consents and agrees that all of the Collateral may at any such
sale be offered and sold as an entirety.

             (b) Pledgor waives, to the extent permitted by law, presentment,
demand, protest and any notice of any kind (except the notices expressly
required hereunder) in connection with this Agreement and any action taken by
the Payee with respect to the Collateral.

         Section 5.8 Application of Moneys. The proceeds of any sale of, or
other realization upon all or any part of the Collateral shall be applied by the
Payee in the following order of priority:

                  (i) first, to payment of the expenses of such sale or other
realization, including reasonable compensation to the Payee and its agents and
counsel, and all reasonable expenses, liabilities and advances incurred or made
by the Payee, its agents and counsel in connection therewith or in connection
with the care, safekeeping or otherwise of any or all of the Collateral, and any
other unreimbursed expenses for which the Payee is to be reimbursed pursuant to
Section 7.3;

                  (ii) second, to payment of the Secured Obligations; and

                  (iii) finally, any surplus then remaining shall be paid to
Pledgor, or its successors or assigns, or to whomsoever may be lawfully entitled
to receive the same or as a court of competent jurisdiction may direct.

                                   ARTICLE 6
                                  PLEDGE AGENT

         Section 6.1 Deposit of Pledged Shares In Escrow. The Pledgor will cause
the Pledged Shares to be delivered to the Agent for deposit in escrow with the
Agent upon execution of this Agreement.

         Section 6.2 Duties of the Agent.

             (a) The Agent will hold the Collateral in escrow and:

                  (i) will deliver such Collateral to the Pledgor when it has
received joint written instructions from the Pledgor and Payee requesting such
delivery; or

                                      -9-

                  (ii) Subject to the provisions of paragraphs (e) and (f) of
this Section 6.2, will deliver the Collateral to the Payee ten (10) business
days after the occurrence of a Default and receipt of notice from the Payee,
which notice the Payee agrees to simultaneously send to the Pledgor, stating
that a Default has occurred; or

                  (iii) will deliver the Collateral to the Payee ten (10)
business days after satisfaction of all Secured Obligations and receipt of
notice from the Pledgor, which notice the Pledgor agrees to simultaneously send
to the Payee, stating that such Secured Obligations have been satisfied.

             (b) The obligations of the Agent are limited to those specifically
provided in this Agreement and no other, and the Agent shall have no liability
under, and no duty to inquire into the terms and provisions of, any agreement
between the parties hereto. The Agent is acting hereunder as an accommodation to
the parties hereto. The duties of the Agent are purely ministerial in nature,
and it shall not incur any liability whatsoever, except for its willful
misconduct or gross negligence. The Agent may consult with counsel of its choice
(which may be a member of its own firm), and shall not be liable for following
the advice of such counsel. The Agent may act on the advice of counsel but will
not be responsible for acting or failing to act on the advice of counsel.

             (c) The Payee and the Pledgor jointly and severally covenant and
agree from time to time and at all times hereafter well and truly to save,
defend and hold harmless and fully indemnify the Agent, its successors, and
assigns, from and against all loss, costs, charges, suits, demands, claims,
damages, fees and expenses (including reasonable attorney's fees and expenses
either paid to retained attorneys or amounts representing the fair value of
legal services, based on its customary billing rates, rendered to itself) (all
of the foregoing, "Losses") which the Agent, its successors or assigns may at
any time of times hereafter bear, sustain, suffer or be put unto for or by
reason arising out of or in connection with the performance of its obligations
in accordance with the provisions of this Agreement or anything in any manner
relating thereto or by reason of the Agent's compliance with the terms hereof.
The foregoing indemnities in this Article VI shall survive the resignation or
substitution of the Agent and the termination of this Agreement. The Pledgor and
Payee shall pay any Losses of the Agent as incurred by the Agent.

             (d) In case proceedings should hereafter be taken in any court
respecting any of the Collateral, the Agent will not be obligated to defend any
such action or submit its rights to the court until it has been indemnified by
other good and sufficient security in addition to the indemnity given in Section
6.2(c) against its costs of such proceedings.

             (e) If protest is made to any action, contemplated by the Agent
under this Agreement, the Agent will (without thereby increasing its obligations
hereunder) continue to hold the Collateral until the rights to the Collateral is
legally determined by a court of competent jurisdiction or otherwise.

             (f) If written notice of protest is made by the Payee or the
Pledgor to the Agent to any action contemplated by the Agent in connection with
this Agreement, and such notice sets out reasons for such protest, the Agent
will continue to hold the Collateral until the rights to the Collateral are
legally determined by a court of competent jurisdiction or otherwise.

                                      -10-

             (g) The obligations of the Agent may be terminated at any time by
and upon the receipt by the Agent of ten days' written notice of termination
executed by the Payee and the Pledgor, directing the distribution of all
property then held by the Agent under and pursuant to this Agreement. The Agent
shall have the sole and absolute right to resign in accordance with the
provisions of this Section 6.2(m). The Agent may resign and be discharged from
its duties hereunder at any time by giving at least ten days' prior written
notice of such resignation to the Payee and Pledgor and specifying a date upon
which such resignation shall take effect. Upon receipt of such notice, the Payee
and Pledgor shall jointly appoint a successor agent and such successor agent
shall become the Agent hereunder on the resignation date specified in such
notice. If no successor Agent is appointed prior to the date specified, the
Agent shall have the right at any time to deposit all the Collateral then held
by the Agent with a court of competent jurisdiction, and the Agent shall have no
further obligation with respect thereto. The Payee and Pledgor, acting jointly,
may at any time substitute a new agent by giving ten days' notice thereof to the
Agent then acting and paying all fees and expenses of such Agent. In the
alternative, in the event of a dispute in relation to the release of all or any
portion of the Collateral held by the Agent, the Agent may resign fifteen days
after giving written notice of such resignation to the parties hereto and
depositing such Collateral with an appropriate court, and the Agent shall have
no further obligation with respect hereto or under this Agreement, in any
manner. This Agreement shall automatically terminate as to the Agent if and when
all of the Collateral shall have been distributed by the Agent in accordance
with the terms of this Agreement.

             (h) If any dispute should arise with respect to the ownership or
right of possession of all or any portion of the Collateral, or if the Agent, in
its sole judgment, receives conflicting instructions with respect to any matter
covered by this Agreement or with respect to any distribution of the Collateral,
the Agent is authorized and directed to retain in its possession, without
liability to anyone, all or any portion of the Collateral until such dispute
shall have been settled either by agreement of the parties concerned by filing
of written directions signed by the Payee and Pledgor to the Agent or by a final
decree, but the Agent shall be under no duty whatsoever to institute or defend
any such proceedings. Notwithstanding anything to the contrary contained herein,
in the event of any dispute arising between the Payee and the Pledgor or between
any other persons, including, without limitation, the Agent, with respect to all
or any portion of the Collateral or upon the election of the Agent, in its sole
discretion, the Agent may in its sole discretion deliver and interplead the
Collateral into court, and such delivery and interpleading will be an effective
discharge to the Agent.

             (i) The Agent shall be promptly reimbursed, jointly and severally
by the Payee and Pledgor, for reasonable expenses incurred by the Agent in the
performance of services pursuant to this Agreement including, but not limited
to, legal fees, including all fees and expenses incurred in connection with its
resignation pursuant to this Section 6.2.

             (j) The Payee and Pledgor shall jointly and severally reimburse the
Agent for any costs incurred by the Agent in connection with any dispute arising
under this Agreement. The Payee and Pledgor shall jointly and severally
reimburse the Agent for any costs incurred in the performance of its duties
hereunder.

         Section 6.3 Waiver of Conflicts. The Pledgor hereby acknowledges that
Pepper Hamilton LLP has represented and been legal counsel to the Payee and its
Affiliates previously

                                      -11-

and in connection with the negotiation and execution of this Agreement, the
Purchase Agreement and the consummation of the transactions contemplated hereby
and thereby. Each of the Pledgor and the Payee further acknowledge that it has
requested that Pepper Hamilton LLP be the Agent for purposes of this Agreement.
EACH OF PLEDGOR AND PAYEE HEREBY WAIVES ANY AND ALL CONFLICTS OF INTEREST OR
OTHERWISE WHICH MAY EXIST OR OTHERWISE BE ASSERTED WITH RESPECT TO OR IN
CONNECTION WITH PEPPER HAMILTON LLP'S ROLE AS AGENT UNDER THIS AGREEMENT AND ITS
PAST, PRESENT OR FUTURE REPRESENTATION OF THE PAYEE OR ANY OF ITS AFFILIATES.
FURTHER, THE PLEDGOR HEREBY WAIVES ANY AND ALL CLAIMS, RIGHTS AND DEFENSES
AGAINST OR WITH RESPECT TO PEPPER HAMILTON LLP AS AGENT UNDER THIS AGREEMENT OR
AS COUNSEL TO THE PAYEE OR ITS AFFILIATES WHICH IT MAY HAVE OR OTHERWISE ASSERT.
PLEDGOR HEREBY SPECIFICALLY AGREES AND ACKNOWLEDGES THAT PEPPER HAMILTON LLP MAY
ACT AS COUNSEL TO THE PAYEE OR ITS AFFILIATES IN CONNECTION WITH ANY CLAIM,
PROCEEDING OR LITIGATION ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT,
THE PURCHASE AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN OR
THEREIN.

                                   ARTICLE 7
                                 MISCELLANEOUS

         Section 7.1 Notices. All notices, requests and other communications to
any party hereunder shall be in writing and mailed, faxed or delivered, to the
address or facsimile number set forth below or to such other address or
facsimile number as such party may hereafter specify for the purpose by notice
to the other. All such notices, requests and communications shall, when
transmitted by overnight delivery, or faxed, be effective when delivered for
overnight (next-day) delivery, or transmitted in legible form by facsimile
machine (subject to confirmation immediately by telephone call to the recipient
and followed promptly by delivery of a hard copy original thereof),
respectively, or if mailed, be effective upon the second Business Day after the
date deposited into the U.S. mail, or if delivered, be effective upon delivery.
Rejection or refusal to accept, or the inability to deliver because of a changed
address of which no notice was given shall not affect the validity of notice
given in accordance with this Section 7.1.

    If to the Payee:           SSL Americas, Inc.
                               3585 Engineering Drive, Suite 200
                               Norcross, Georgia 30092
                               Attention: Robert Kaiser, Vice President and
                               General Counsel
                               Facsimile: (770) 582-2226

    With a copy to:            Pepper Hamilton LLP
                               400 Berwyn Park
                               899 Cassatt Road
                               Berwyn, Pennsylvania 19312-1183
                               Attention: James D. Rosener, Esquire

                                      -12-

                               Facsimile: 610-640-5480

    If to the Pledgor          Langer, Inc.
                               450 Commack Road
                               Deer Park, New York 11729
                               Attention: Chief Executive Officer
                               Facsimile: (631) 667-1203

    With a copy to:            Kane Kessler, P.C.
                               1350 Avenue of the Americas
                               New York, New York 10019
                               Attention: Robert L. Lawrence, Esq.
                               Facsimile: (212) 245-3009

    If to the Agent:           Pepper Hamilton LLP
                               400 Berwyn Park
                               899 Cassatt Road
                               Berwyn, Pennsylvania 19312-1183
                               Attention: James D. Rosener, Esquire
                               Facsimile: 610-640-5480

         Section 7.2 Waivers, Non-Exclusive Remedies. No failure on the part of
the Payee to exercise, and no delay in exercising, no course of dealing with
respect to, any right under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise by the bank of any right under this
Agreement preclude any other or further exercise thereof or the exercise of any
other right. The rights of the Payee under this Agreement are cumulative and are
not exclusive of any other remedies provided by law.

         Section 7.3 Expenses; Documentary Taxes. Pledgor shall forthwith on
demand pay all out-of-pocket expenses incurred by the Payee, including fees and
disbursements of its counsel and agents, in connection with the preparation and
administration of this Agreement or the administration, sale or other
disposition of the Agreement or the administration, sale or other disposition of
the Collateral or the preservation, protection or defense of the rights of the
Payee in and to the Collateral. Pledgor shall forthwith pay on demand the amount
of any taxes which the Payee may have been required to pay by reason of the
security interests granted in the Collateral (including any applicable transfer
taxes) or to free any of the Collateral from the lien thereof.

         Section 7.4 Successors and Assigns. This Agreement is for the benefit
of the Payee and its successors and assigns, and in the event of an assignment
of all or any of the Secured Obligations, the rights hereunder, to the extent
applicable to the indebtedness so assigned, may be transferred with such
indebtedness. This Agreement shall be binding upon Pledgor and its successors
and assigns.

                                      -13-

         Section 7.5 Amendments and Waivers. Any provision of this Agreement may
be amended or waived, if, but only if, such amendment or waiver is in writing
and is signed by Pledgor and the Payee.

         Section 7.6 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York without giving
effect to the principles of conflict of laws of the State of New York or any
other jurisdiction.

         Section 7.7 Limitation by Law; Severability.

             (a) All rights, remedies and powers provided in this Agreement may
be exercised only to the extent that the exercise thereof does not violate any
applicable provision of law, and all the provisions of this Agreement are
intended to be subject to all applicable mandatory provisions of law which may
be controlling and be limited to the extent necessary so that they will not
render this Agreement invalid, unenforceable in whole or in part, or not
entitled to be recorded, registered or filed under the provisions of any
applicable law.

             (b) If any provision hereof is invalid and unenforceable in any
jurisdiction, then, to the fullest extent permitted by law, (i) the other
provisions hereof shall remain in full force and effect in such jurisdiction and
shall be liberally construed in favor of the Payee in order to carry out the
intentions of the parties hereto as nearly as may be possible, and (ii) the
invalidity or unenforceability of any provision hereof in any jurisdiction shall
not affect the validity or enforceability of such provision in any other
jurisdiction.

         Section 7.8 Counterparts; Effectiveness. This Agreement may be signed
in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement shall become effective when the Payee shall have received
counterparts hereof signed by itself and Pledgor. Delivery by telecopy of an
executed counterpart of a signature page to this Agreement or any notice,
communication, agreement, certificate, document or other instrument in
connection with this Agreement, the Note or the Purchase Agreement shall be
effective as delivery of an executed original counterpart thereof.

         Section 7.9 Consent to Jurisdiction. Pledgor consents to the
commencement and maintenance of any action or proceeding against it in any court
within the State of New York or in the United States District Court for the
Eastern District of New York, and Pledgor further consents to service of process
in any such action by the mailing of copies of such process to Pledgor at the
address specified in this Agreement for delivery of notice to Pledgor. Pledgor
agrees that the courts of the State of New York and the United States District
Court for the Eastern District of New York shall have exclusive jurisdiction for
any action or proceeding commenced by or through it with respect to this
Agreement and hereby waives any claim that New York, New York is an inconvenient
forum and that any action or proceeding arising out of or relating to this
Agreement and commenced in any state or federal courts sitting in New York, New
York lacks proper venue

         Section 7.10 Waiver of Jury Trial. PLEDGOR AND THE PAYEE HEREBY
EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OR ANY CLAIM, DEMAND,

                                      -14-

ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR THE NOTE; AND
PLEDGOR AND THE PAYEE HEREBY AGREE AND CONSENT 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 CONSENT OF PLEDGOR AND
THE PAYEE HERETO TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

      [SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -15-

         IN WITNESS WHEREOF, the parties hereto have caused this Stock Pledge
and Agency Agreement to be duly executed by their respective authorized officers
or partners, as applicable, as of the day and year first above written.

                                   PAYEE
                                   SSL HOLDINGS, INC.

                                   By: /s/ Robert Kaiser

                                   Name: Robert Kaiser

                                   Title: Vice President

                                   PLEDGOR
                                   LANGER, INC.

                                   By: /s/ Andrew H. Meyers
                                       --------------------

                                   Name: Andrew H. Meyers

                                   Title: Chief Executive Officer and President

                                   AGENT
                                   PEPPER HAMILTON LLP

                                   By: /s/ James D. Rosener
                                       --------------------
                                           James D. Rosener, a Partner

              [signature page to Stock Pledge and Agency Agreement]

                                    EXHIBIT A

                                      NOTE
                                      ----

See Exhibit 4.5

                                    EXHIBIT B

                                 PLEDGED SHARES
                                 --------------

----------------------------------------------------------------------------------------------------------
         Issuer                  No. and Type of Shares               Date of Transfer     Certificate No
----------------------------------------------------------------------------------------------------------

Silipos, Inc.            300 shares of Series A Common Stock         September 30, 2004          A-9
----------------------------------------------------------------------------------------------------------
Silipos, Inc.            15 shares of Series B Common Stock          September 30, 2004          B-3
----------------------------------------------------------------------------------------------------------

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