Document:

Unassociated Document

    Exhibit
10.5.2

    

    ADDENDUM
TO LIMITED PLEDGE OF COLLATERAL FOR LOAN

    

    Services Share Holdings, LLC, f/k/a
Diligent Board Member Services, LLC, a Delaware limited liability company
(“SSH LLC”), hereby
pledges to Diligent Board
Member Services, Inc., a Delaware corporation (“DBMS Inc.”), ten million, six hundred seven
thousand, five hundred (10,607,500) DBMS Inc. voting common shares, par
value US $0.001, owned by SSH LLC, including all dividends and distributions
payable with respect thereto (collectively, the “January 2009 Collateral”), as
additional collateral for DBMS Inc.’s loan to SSH LLC in a principal amount up
to six million, eight hundred thousand US dollars (US $6,800,000.00) evidenced
by that certain promissory note executed effective October 1, 2007 by SSH LLC
and having DBMS Inc. as holder and payee (the “Note”).

    

    RECITALS

    

    A.           SSH
LLC delivered to DBMS Inc. a Limited Pledge of Collateral for Loan (referred to
hereinafter as the “SSH
Pledge”) on or about February 18, 2008.  The SSH Pledge
effected a pledge to the Note of 13,500,000 DBMS Inc. common shares (referred to
in the SSH Pledge as “Additional Collateral”).

    

    B.           DBMS
Inc. has again requested additional security for the SSH LLC’s obligations under
the Note, and SSH LLC hereby accedes to such request.  This instrument
(the “Addendum”) amends the SSH Pledge and supersedes the SSH Pledge to the
limited extent that the Addendum is inconsistent with the SSH
Pledge.  Capitalized terms not defined herein have the same meaning as
in the SSH Pledge.

    

    C.           Effective
January 14, 2009, Corcoran Consulting, LLC (“Corcoran”) pledged 892,500 DBMS
Inc. common shares against the Note, all on terms and conditions set forth in
the Limited Pledge of Collateral for Loan delivered on that date by Corcoran to
DBMS Inc.  Corcoran’s pledge shall be described hereinafter as the
“Corcoran Pledge.”  The Corcoran Pledge set forth certain priorities
in favor of Corcoran with respect to the release shares from the Corcoran
Pledge, as against the release of Additional Collateral from the
Pledge.  SSH, LLC consented to such priorities.  The total
number of “Direct Pledged Shares” as defined in section 1 of the Corcoran Pledge
is 892,500 DBMS Inc. common shares, as no person other than Corcoran and SSH,
LLC has pledged DBMS Inc. shares against the Note.

    

    D.           As
of January 1, 2009, DBMS Inc. has the right to the return to its treasury of the
14,000,000 DBMS Inc. common shares (referred to in the Pledge as “Pledged
Stock”) pursuant to the Shareholder Restriction Deed.  Accordingly,
the Pledged Stock shall be returned to DBMS Inc.’s treasury in due course after
the giving of certain notices, so that the Pledged Stock shall no longer be
pledged against the Note.

    

    Accordingly,
incorporating the above preamble and recitals as a part of the pledge set forth
in this Addendum, and for good and valuable consideration to SSH LLC, SSH LLC
undertakes as follows.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	
                Limited
      Pledge of Collateral for Loan

              	
                Page
      2 of 2

              

      

    

     

    TERMS
OF THIS ADDENDUM

    

    1.           SSH
LLC hereby pledges the January 2009 Collateral to DBMS Inc. as security for SSH
LLC’s obligations under the Note.  DBMS Inc. is hereby authorized to
file such financing statements in accordance with the Uniform Commercial Code as
DBMS Inc. deems necessary or desirable to perfect the security interest granted
hereby.

    

    2.           The
January 2009 Collateral shall be deemed added to the Additional Collateral as
set forth in the SSH Pledge.  The pledge set forth in this Addendum
shall be on the same terms and conditions as the pledge of Additional Collateral
set forth in the SSH Pledge, and the Additional Collateral as expanded to
include the January 2009 Collateral, and as reduced by the return of the Pledged
Stock to treasury, shall be administered as a single block of 25,000,000 DBMS
Inc. common shares under the SSH Pledge as amended by this
Addendum.

    

    3.           All
25,000,000 shares of Additional Collateral shall be subject to the priority
terms and conditions set forth in the Corcoran Pledge at section 2 and its
subsections.

    

    IN
WITNESS WHEREOF, SSH LLC has caused this pledge to be executed by its duly
authorized representative on this 14th day of
January, 2009.

     

     

    
      	 	      
              SERVICES
      SHARE HOLDINGS, LLC f/k/a

              Diligent
      Board Member Services, LLC

            	 
	 	 	 	 
	
               

            	
              By:
      

            	

	 
	 	 	Brian
      Henry, CEO and Co-managerUnassociated Document

    Exhibit
10.5.3

     

    LIMITED
PLEDGE OF COLLATERAL FOR LOAN

     

    

    Corcoran
Consulting, LLC, 11500 Northlake Drive, Suite 100, Cincinnati, Ohio 45249
(“Pledger”), hereby pledges (the “Pledge”) to Diligent Board Member Services,
Inc., a Delaware corporation (“DBMS Inc.”), eight hundred ninety-two thousand,
five hundred (892,500) DBMS, Inc. voting common shares, par value US $0.001,
owned by Pledger, including all dividends and distributions payable with respect
thereto (collectively, the “Pledger’s Shares”), as additional collateral for
DBMS Inc.’s loan to Services Share Holding, LLC (“SSH,” formerly known as
Diligent Board Member Services, LLC) in a principal amount up to six million,
eight hundred thousand US dollars (US $6,800,000.00) evidenced by that certain
promissory note executed effective October 1, 2007 by SSH and having DBMS Inc.
as holder and payee (the “Note”).

    

    Except as
otherwise set forth in this Pledge, the pledge of shares set forth herein shall
be on the same terms and conditions as the pledge of other DBMS Inc. shares
against the Note in accordance with that Limited Pledge of Collateral for Loan
dated February 18, 2008 and delivered by SSH to DBMS Inc., and as supplemented
and amended by that certain agreement of SSH to cause additional DBMS Inc.
shares to be pledged against the Note, set forth in a letter from SSH to DBMS
Inc. dated November 20, 2008.  Such February 18, 2008 pledge and
November 20, 2008 letter are attached hereto as Exhibit A and shall be
collectively referred to hereinafter as the “SSH Pledge.”

    

    Notwithstanding
anything to the contrary in the SSH Pledge, the Pledger’s Shares shall enjoy
certain priorities over the shares subject to the SSH Pledge, as
follows:

    

    1.           Other
constituent members of SSH [both direct members of SSH and members of SSH member
North American Financial Partners, LLC (“NACP,” formerly, Diligent Partners,
LLC)] have agreed to contribute DBMS Inc. shares held by them to SSH so that SSH
can pledge such shares against the Note.  One or more constituent
members of SSH, However – including the Pledger – prefer to retain their shares
and pledge them directly to DBMS Inc. against the Note.  All shares so
pledged directly to DBMS Inc. against the Note by constituent members of SSH
(other than NAFP) shall be referred to hereinafter as the “Direct Pledge
Shares.”

    

    
      	
              2.

            	
              For
      purposes of determining

            

    

    

    
      	
               
      

            	
              (a)

            	
              which
      shares to release from pledges against the Note,
  and

            

    

    
      	
               
      

            	
              (b)

            	
              which
      shares shall be taken first to satisfy sums payable under the
      Note,

            

    

    

    all
Direct Pledge Shares shall be treated at parity with one another and in priority
over the shares subject to the SSH Pledge, as set forth herein.

    

    2.1           In
the event DBMS Inc. releases any DBMS Inc. shares from any pledge against the
Note, the first shares so released shall be Direct Pledge Shares, and a portion
of Pledger’s Shares shall be released ratably with the same proportion of all
other Direct Pledge Shares.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	
                Limited
      Pledge of Collateral for Loan

              	
                Page
      2 of 2

              

      

    

     

    2.2           In
the vent DBMS Inc. exercises its rights in, and takes possession or control of
or disposes of (collectively, “takes”), any DBMS Inc. shares pledged against the
Note, the first shares that DBMS Inc. takes shall be the shares subject to the
SSH Pledge.  DBMS Inc. shall take Direct Pledge Shares only after it
has taken all the shares subject to the SSH Pledge.  In the event DBMS
Inc. takes any Direct Pledge Shares, Pledger shall suffer the taking
of  Pledger’s Shares ratably with the other pledges of Direct Pledge
Shares.

    

    2.3           Upon
request by Pledger from time to time, DBMS Inc. shall promptly provide Pledger a
report showing all activity of release and taking of SSH Pledge shares and
Direct Pledge Shares, including Pledger’s Shares.

    

    3.           Consistently
with section 6 of the February 18, 2008 pledge, prior to default under the Note
(and thereafter upon cure of any default), (a) Pledger shall retain all voting
rights of the Pledged Shares, and (b) Pledger shall have the right from time to
time to sell any or all shares of the Pledger’s Shares and tender to DBMS Inc.
the entire proceeds of the sale against the balance of the Note, and the amount
so tendered shall be applied against the balance of the Note.

    

    4.           This
pledge shall be binding upon Pledger and its successors and shall inure to the
benefit of DBMS Inc. and its successors, transferees and
assigns.  This pledge is made and executed under and shall e governed
by the internal laws of the State of Delaware.

    

    IN
WITNESS WHEREOF, Pledger and DBMS Inc. have caused this pledge to be executed by
their respective duly authorized representatives.

     

    Corcoran
Consulting, LLC

     

    
      	
              By: 

            	
              /s/ Daniel
      Kiley                                                      

            

    

    Daniel C. Kiley, Manager

    

    
      	
              Date:

            	
              11/24/08

            

    

    

    

    The
undersigned consents to the priority provisions of section 2 and its
subsections, above.

    

    Services Share Holding, LLC

    

    
      	
              By:

            	
              /s/ Brian
      Henry                                           

            

    

    Brian Henry, CEO

    

    
      	
              Date:

            	
               January
      14, 2009

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