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      EXHIBIT
        10.4

       

      STOCK
        PLEDGE AGREEMENT

       

      THIS
        STOCK PLEDGE AGREEMENT
        (this
“Agreement”)
        is
        made and entered into by and among James D. Burchetta, a natural person
        (“Burchetta”),
        Charles S. Brofman, a natural person (“Brofman”
and,
        together with Burchetta, the “Pledgors”),
        CAMOFI Master LDC, a Cayman Islands limited duration company (the “Agent”),
        and
        each of the purchasers set forth on the counterpart signature pages hereto
        (the
“Purchasers,”
and
        each a “Pledgee”
or
        together the “Pledgees”),
        is
        acknowledged by Debt Resolve, Inc., a Delaware corporation, with its principal
        executive offices located at 707 Westchester Avenue, Suite L7, White Plains,
        New
        York 10604 (the “Company”),
        and
        is dated with respect to each of the Purchasers as of the date noted on each
        such Purchaser’s counterpart signature page.

       

      WHEREAS,
        in
        connection with the Securities Purchase Agreement by and among the Company
        and
        the Purchasers of even date herewith (the “Securities
        Purchase Agreement”),
        the
        Company has agreed, upon the terms and subject to the conditions contained
        therein, to issue and sell to the Purchasers (i) 15% senior secured convertible
        promissory notes, or 15% senior secured promissory notes in the case of one
        Purchaser, of the Company in the aggregate principal amount of up to Four
        Million Dollars ($4,000,000), which includes a $1,000,000 over-allotment
        option
        (together with any note(s) issued in replacement thereof or as a dividend
        thereon or otherwise with respect thereto in accordance with the terms thereof,
        the “Notes”),
        a
        portion of which Notes is convertible into shares of common stock, par value
        $.001 per share, of the Company (the “Common
        Stock”),
        and
        (ii) warrants to purchase shares of Common Stock of the Company (the
“Warrants”);

       

      WHEREAS,
        the
        Pledgors are the co-chairmen of the Company and own 16,500,000 shares of
        Common
        Stock; and

       

      WHEREAS,
        in
        order to induce the Purchasers to purchase the Notes and Warrants, the Pledgors
        have agreed to pledge to the Pledgees all of the Securities (as such term
        is
        hereinafter defined) and all proceeds thereof as collateral security for
        the
        Secured Obligations (as such term is hereinafter defined).

       

      NOW,
        THEREFORE,
        in
        consideration of the premises and the mutual covenants herein contained,
        and for
        other good and valuable consideration, the receipt and sufficiency of which
        are
        hereby acknowledged, the parties hereby agree as follows:

       

      1. Definitions.

       

      In
        addition to those terms defined elsewhere in this Agreement, the following
        terms
        shall have the following meanings wherever used in this Agreement: 

       

      (a) “Event
        of Default”
shall
        have the same meaning ascribed thereto in the Security Agreement, except
        as
        modified by the terms of Section 5(b) hereof.

       

      (b) “Satisfaction
        Date”
shall
        mean that date on which all of the Secured Obligations have been paid in
        full.

       

      (c) “Secured
        Obligations”
shall
        have the same meaning ascribed thereto in the Security Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (d) “Securities”
shall
        mean, collectively, (i) an aggregate of 6,500,000 shares of Common Stock
        currently outstanding and held (beneficially and of record) by Burchetta
        (the
“Burchetta
        Shares”),
        (ii)
        an aggregate of 10,000,000 shares of Common Stock currently outstanding and
        held
        (beneficially and of record) by Brofman and Arisean Capital Ltd., an entity
        controlled by Brofman (the “Brofman
        Shares”
and
        together with the Burchetta Shares, the “Shares”),
        (iii)
        any and all securities which may hereafter be issued upon, in respect of
        or in
        exchange for such Shares (whether by reason of any stock split, stock dividend,
        recapitalization, merger, consolidation or otherwise), (iv) any dividends
        or
        distributions paid in respect of any Securities in contemplation of or in
        respect of the dissolution, liquidation or winding up of the Company or any
        other issuer of Securities (“Liquidating
        Distributions”),
        and
        (v) any and all dividends or distributions paid in respect of any Securities
        during the continuance of any Event of Default. 

       

      (e) “Security
        Agreement”
shall
        mean that certain Security Agreement, of even date herewith, by and among
        the
        Company, the Agent and the Purchasers.

       

      2. Pledge
        of the Securities; Appointment of Agent.

       

      (a) As
        security for the due and timely payment (whether upon maturity, by acceleration
        or otherwise) and performance of all of the Secured Obligations from time
        to
        time, the Pledgors hereby pledge to the Pledgees, and grant to the Pledgees
        a
        first priority lien and security interest in, all of the Securities (as same
        are
        constituted from time to time) and all proceeds thereof (other than dividends
        or
        distributions which do not constitute Liquidating Distributions and which
        are
        paid when no Event of Default exists), until the Satisfaction Date.

       

      (b) The
        Pledgees hereby irrevocably designate CAMOFI Master LDC (and its successors
        and
        assigns) as their agent and CAMOFI Master LDC hereby accepts such designation,
        in order to execute any and all instruments or other documents on behalf
        of the
        Pledgees and to do any and all other acts or things on behalf of the Pledgees
        that CAMOFI Master LDC (or its successors or assigns) in its sole discretion
        deems necessary or advisable or that may be required pursuant to this Agreement
        or otherwise, to exercise the Pledgees’ rights and remedies under this
        Agreement. None of the Pledgees may take any action or exercise any rights
        under
        this Agreement except through CAMOFI Master LDC as their agent. Each Pledgee
        hereby appoints the Agent the attorney-in-fact of such Pledgee solely for
        the
        purpose of carrying out the provisions of this Agreement and taking any action
        and executing any instrument which the Agent may reasonably deem necessary
        or
        advisable to accomplish the purposes hereof, which appointment is irrevocable
        so
        long as this Agreement has not been terminated and coupled with an
        interest.

       

      (c) In
        furtherance of the pledge hereunder, the Pledgors will, within ten business
        days, deliver to the Agent the certificate(s) representing all of the Shares,
        accompanied by appropriate undated stock powers duly endorsed in blank by
        the
        Pledgors. The Pledgors shall hereafter take similar action from time to time
        if,
        as and when additional Securities may be issued, created or arise, and shall
        promptly pay over to the Agent (for application to the Secured Obligations)
        any
        and all Liquidating Distributions received by the Pledgors at any time and
        from
        time to time. 

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      3. Retention
        of the Securities.

       

      (a) Except
        as
        otherwise provided herein, the Agent shall have no obligation with respect
        to
        the Securities or any other property held or received by the Agent hereunder,
        except to use reasonable care in the custody and preservation thereof, to
        the
        extent required by law.

       

      (b) The
        Agent
        shall hold the Securities and any other property held or received by the
        Pledgee
        hereunder in the form in which same are delivered herewith, unless and until
        there shall occur an Event of Default.

       

      4. Rights
        of the Pledgors.
        Throughout the term of this Agreement, so long as no Event of Default has
        occurred and is continuing, the Pledgors shall have the right (a) to vote
        the
        Securities in all matters, except in a manner inconsistent with the terms
        of
        this Agreement or in a manner which would frustrate or impair the provisions
        or
        intent of this Agreement, and (b) to receive and retain any and all dividends
        and distributions (other than Liquidating Distributions) in respect of the
        Securities which are paid at any time and from time to time when no Event
        of
        Default exists.

       

      5. Event
        of Default; Power of Attorney.

       

      (a) Upon
        the
        occurrence and during the continuance of any Event of Default, the Agent
        shall
        have the right to (i) vote the Securities in all matters, (ii) apply any
        funds
        or other property received in respect of the Securities to the Secured
        Obligations, and receive in the Pledgees’ name any and all further distributions
        which may be paid in respect of the Securities, all of which shall, upon
        receipt
        by the Agent, be applied to the Secured Obligations on a pro-rata basis,
        (iii)
        transfer all or any portion of the Securities (as determined by the Agent
        in its
        discretion) on the books of the issuer thereof to and in the name of the
        Pledgees or such other person or persons as the Pledgees may designate, (iv)
        effect any sale, transfer or disposition of all or any portion of the Securities
        in accordance with Paragraph 6 below, and in furtherance thereof, take
        possession of and endorse any and all checks, drafts, bills of exchange,
        money
        orders or other documents and instruments received on account of the Securities,
        and apply the net proceeds thereof to the Secured Obligations on a pro-rata
        basis, (v) collect, sue for and give acquaintance for any money due on account
        of any of the foregoing, and (vi) take any and all other action contemplated
        by
        this Agreement, or as otherwise permitted by law, or as the Agent may reasonably
        deem necessary or appropriate, in order to accomplish the purposes of this
        Agreement.

       

      (b) Notwithstanding
        anything to the contrary contained herein or in the Security Agreement, the
        liability and obligation of the Pledgors hereunder is a secondary and not
        a
        primary liability and obligation, and under no circumstances shall the Pledgors
        be responsible to pay or perform the Secured Obligations, or shall an Event
        of
        Default have or be deemed to have occurred, without recourse first being
        had
        against the Company. If the Company does not comply with the Secured
        Obligations, the Pledgors shall have no liability hereunder unless and until
        the
        Agent has obtained a final judgment against the Company, or an injunction
        compelling performance by the Company of the Secured Obligations under the
        Security Agreement, and despite its best efforts to (i) collect from the
        Company
        the amount of such judgment or (ii) compel performance of the injunction,
        the
        judgment remains unsatisfied and/or the injunction is not followed. Prior to any
        Event of Default hereunder, the Agent shall provide written notice to the
        Pledgors not less than 180 days prior thereto, stating the details of the
        Event
        of Default and the recourse previously taken against the Company, during
        which
        period the Pledgors shall have the right to cure any such Event of
        Default.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (c) In
        furtherance of the foregoing powers of the Agent, the Pledgors hereby authorize
        and appoint the Agent, with full powers of substitution, as the true and
        lawful
        attorney-in-fact of the Pledgors, in their name, place and stead, solely
        during
        the continuance of an Event of Default, to take any and all such action as
        the
        Agent, in its sole discretion, may deem necessary or appropriate in furtherance
        of the exercise of the aforesaid powers. Such power of attorney shall be
        coupled
        with an interest, and shall be irrevocable until the Satisfaction Date. Without
        limitation of the foregoing, such power of attorney shall not in any manner
        be
        affected or impaired by reason of any act of the Pledgors or by operation
        of
        law. Nothing herein contained, however, shall be deemed to require or impose
        any
        duty upon the Agent to exercise any of the rights or powers granted
        herein.

       

      (d) The
        foregoing rights and powers granted to the Agent, and the foregoing power
        of
        attorney, are granted for the benefit of the Pledgees and shall be fully
        binding
        upon any person who may acquire any beneficial interest in any of the Securities
        or any other property held or received by the Agent hereunder.

       

      6. Foreclosure;
        Sale of Securities.

       

      (a) In
        the
        event that the Agent shall make any sale or other disposition of any or all
        of
        the Securities following an Event of Default, the Agent may:

       

      (i) offer
        and
        sell all or any portion of the Securities by means of a (X) private placement
        restricting the offer or sale to a limited number of prospective purchasers
        who
        meet such suitability standards as the Agent and its counsel may deem
        appropriate, and who may be required to represent that they are purchasing
        Securities for investment and not with a view to distribution, (Y) pursuant
        to
        Rule 144 promulgated under the Securities Act of 1933 (the “Securities
        Act”,
        as
        amended, if a sale under Rule 144 is available, or (Z) pursuant to an effective
        registration statement under the Securities Act, if applicable; and the Pledgors
        hereby acknowledge, confirm and consent that (A) the requirement to effect
        the
        offer and sale of Securities in such manner may result in lower proceeds
        and/or
        less favorable terms than would otherwise obtain if the subject Securities
        were
        registered for public sale and sold by means of public offer and sale, (B)
        the
        Agent shall not be required to defer or delay any sale of Securities in order
        to
        effect any registration thereof under applicable securities laws, and (C)
        the
        sale of Securities in such manner shall not, by reason thereof, be deemed
        to
        have been made in a commercially unreasonable manner;

       

      (ii) sell
        all
        or any portion of the Securities to the Pledgees for the Pledgees’ own accounts
        at a price not less than the highest bona fide
        offer
        received therefor, which if effected in a manner in compliance with applicable
        law, shall be deemed to be a commercially reasonable disposition of the subject
        Securities; and

       

      (iii) receive
        and collect the net proceeds of any sale or other disposition of any Securities,
        and apply same first to costs, then to accrued interest and then to principal
        on
        the Secured Obligations.

       

      (b) The
        Agent
        shall give the Pledgor not less than ten (10) days’ prior written notice of the
        time and place of any sale or other intended disposition of any of the
        Securities, and the parties hereby agree that such notice constitutes
“reasonable notification” within the meaning of the Uniform Commercial Code.
        Such notice shall state the time and place fixed for such sale or disposition,
        and in the case of sale at a broker’s board or on a securities exchange, shall
        state the board or exchange at which such sale or disposition is to be made
        and
        the time and day on which the subject Securities will first be offered for
        sale
        at such board or exchange. Any such sale shall be held at such time or times
        within ordinary business hours and at such place or places as the Agent may
        fixed in the notice of such sale.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      (c) Upon
        any
        sale of any of the Securities in accordance with this Agreement, the Agent
        shall
        have the right to assign, transfer and deliver the subject Securities to
        the
        purchaser(s) thereof, and each such purchaser shall be entitled to hold such
        Securities absolutely free from any right or claim of the Pledgors and/or
        any
        other person claiming any beneficial interest in the Securities, including
        any
        equity of redemption (which right and all other such rights are hereby waived
        by
        the Pledgors to the fullest extent permitted by law).

       

      (d) Nothing
        herein contained shall be deemed to require the Agent to effect any sale
        or
        disposition of any Securities at any time, or to consummate any proposed
        public
        or private sale at the time and place at which same was initially called;
        and
        any such public or private sale may, without notice or publication, be adjourned
        from time to time by announcement at the time and place fixed for the sale,
        and
        such sale may be made at any time or place to which the same may be so
        adjourned. It is the intention of the parties hereto that the Agent shall,
        subject to any further conditions imposed by this Agreement, at all times
        during
        the continuance of an Event of Default, have the right to use or deal with
        the
        Securities as if the Pledgees were the outright owners thereof, and to exercise
        any and all rights and remedies, as a secured party in possession of collateral
        or otherwise, under any and all provisions of law. The Pledgors hereby waive
        any
        requirement for marshalling of assets, or for the Agent to proceed against
        any
        guarantor of the Secured Obligations or any other collateral for the Secured
        Obligations.

       

      7. Covenants,
        Representations and Warranties.

       

      In
        connection with the transactions contemplated by this Agreement, and knowing
        that the Pledgees are and shall be relying hereon, the Pledgors hereby covenant,
        represent and warrant that:

       

      (a) the
        Shares have been validly issued and are fully paid and nonassessable, are
        owned
        by the Pledgors free and clear of any and all Liens (as defined in the
        Securities Purchase Agreement) of any kind (other than the pledge to the
        Pledgees pursuant to this Agreement), and constitute, on the date hereof,
        55.55%
        of the issued and outstanding common stock of the Company;

       

      (b) this
        Agreement has been duly authorized, executed and delivered by the Pledgors,
        and
        constitutes the legal, valid and binding obligation of the Pledgors, enforceable
        against the Pledgors in accordance with its terms; 

       

      (c) neither
        the execution or delivery of this Agreement, nor the consummation of the
        transactions contemplated hereby, nor the compliance with or performance
        of this
        Agreement by the Pledgors, conflicts with or will result in the breach or
        violation of or a default under the terms of (i) any note, indenture, other
        evidence of indebtedness, mortgage, security agreement or other agreement,
        instrument, obligation or undertaking to which the Pledgors are a party or
        by
        which the Pledgors are bound, or (ii) any provision of law, any order of
        any
        court or administrative agency, or any rule or regulation applicable to the
        Pledgors; and there are no actions, suits or proceedings pending or threatened
        against or affecting either of the Pledgors that involve or relate to the
        Shares;

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (d) the
        Pledgors have not taken (and, during the effectiveness of this Agreement,
        will
        not take) any action to assign, transfer, encumber or place a Lien on any
        of the
        Securities or any interest therein, other than pursuant to this
        Agreement;

       

      (e) each
        Pledgor is the direct and beneficial owner of each of their respective
        Shares;

       

      (f) there
        are
        no pending or, to the best of each Pledgor's knowledge, threatened actions
        or
        proceedings before any court, judicial body, administrative agency or arbitrator
        which may materially adversely affect the Shares or the ownership interest
        of
        the Pledgor’s therein;

       

      (g) none
        of
        the Shares have been issued or transferred in violation of the securities
        registration, securities disclosure or similar laws of
        any
        jurisdiction to which such issuance or transfer may be subject;

       

      (h) the
        pledge and assignment of the Shares and the grant of a security interest
        under
        this Agreement vest in the Pledgees all rights of each Pledgor
        in the Shares as contemplated by this Agreement;
        and

       

      (i) the
        Pledgors have made no other representations or warranties with respect to
        the
        nature or value of the Shares or any other Securities.

       

      8. Value
        of the Collateral.
        Each Pledgee acknowledges that it is familiar with the Company or has
        independent access to information regarding the Company, and is not relying
        upon
        any representations of the Pledgors as to the value of the Securities being
        pledged hereunder or the present or future prospects or value of the
        Company.

       

      9. Satisfaction
        of Secured Obligations; Return of the Securities. 
        To the
        extent that the Agent shall not previously have taken, acquired, sold,
        transferred, disposed of or otherwise realized value on the Securities in
        accordance with this Agreement, the Agent shall release the lien hereunder,
        and
        return the Securities to and in the name of the Pledgors, at the Satisfaction
        Date. The foregoing notwithstanding, in the event and to the extent that
        any
        payment received by the Agent in respect of the Secured Obligations is reduced
        or rescinded or is required to be repaid to the Pledgors or to any trustee
        or
        other official on behalf of the Pledgors, then such Secured Obligations shall
        be
        restored and the Pledgees shall be restored to their collateral position
        with
        respect to any and all Securities theretofore returned hereunder.

       

      10. Expenses
        of the Pledgee. All
        expenses incurred by the Agent (including but not limited to reasonable
        attorneys’ fees) in connection with any actual or attempted sale or other
        disposition of Securities hereunder during the continuance of an Event of
        Default shall be reimbursed to the Agent by the Pledgor on demand, or, at
        the
        Agent’s option, such expenses may be added to the Secured Obligations and shall
        be payable on demand and may (in addition to any and all other means of
        collection) be recovered out of any proceeds of sale of Securities.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      11. Further
        Assurances. From
        time
        to time hereafter, each party shall take any and all such further action,
        and
        shall execute and deliver any and all such further documents and/or instruments,
        as the other party may request in order to accomplish the purposes of and
        fulfill the parties’ obligations under this Agreement, in order to enable the
        Pledgees to exercise any of their rights hereunder, and/or in order to secure
        more fully the Pledgees’ interest in the Securities.

       

      12. Miscellaneous.

       

      (a) Any
        notices required or permitted to be given under the terms hereof shall be
        sent
        by certified or registered mail (return receipt requested) or delivered
        personally or by courier (including a recognized overnight delivery service)
        or
        by facsimile and shall be effective five days after being placed in the mail,
        if
        mailed by regular United States mail, or upon receipt, if delivered personally
        or by courier (including a recognized overnight delivery service) or by
        facsimile, in each case addressed to a party. The addresses for such
        communications shall be:

       

      (i) If
        to the
        Pledgors:

       

      James
        D.
        Burchetta

      c/o
        Debt
        Resolve, Inc.

      707
        Westchester Avenue, Lobby Level

      White
        Plains, New York 10604

      Telephone:
        (914) 949-5500

      Facsimile:
        (914) 428-3044

       

      and

       

      Charles
        S. Brofman

      c/o
        Cybersettle, Inc.

      44
        South
        Broadway, Suite 510

      White
        Plains, New York 10601

      Telephone:
        (914) 286-5600

      Facsimile:
        (914) 286-5740

       

      (ii) If
        to the
        Agent:

       

      CAMOFI
        Master LDC

      c/o
        Centrecourt Asset Management

      350
        Madison Avenue, 8th
        Floor

      New
        York,
        New York 10017

      Attention:
        Keith D. Wellner, General Counsel

      Telephone:
        (646) 758-6755

      Facsimile:
        (646) 304-0500

       

      (i) If
        to the
        Company:

       

      Debt
        Resolve, Inc.

      707
        Westchester Avenue, Lobby Level

      White
        Plains, New York 10604

      Attention:
        James D. Burchetta

      
        Telephone:
          (914) 949-5500

        Facsimile:
          (914) 428-3044

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      With
        a
        copy to:

       

      Greenberg
        Traurig LLP

      MetLife
        Building

      200
        Park
        Avenue, 15th Floor

      New
        York,
        NY 10166

      Attention:
        Spencer G. Feldman, Esq.

      Telephone:
        (212) 801-9200

      Facsimile:
        (212) 801-6400

       

      
        	 	
                (iii)

              	
                If
                  to a Pledgee: To the address and fax number set forth immediately
                  below
                  such Pledgee’s name on the signature pages to this
                  Agreement.

              

      

       

      With
        copy
        to:

       

      Capital
        Growth Financial, Inc.

      225
        NE
        Mizner Boulevard, Suite #750 

      Boca
        Raton, FL 33432 

      Attention:
        Alan Jacobs

      Telephone:
        (561) 417-5680

      Facsimile:
        (561) 417-5680

      

      and

      

      Maxim
        Group LLC

      405
        Lexington Avenue

      New
        York,
        NY 10174 

      Attention:
        Clifford A. Teller

      Telephone:
        (212) 895-3500

      Facsimile:
        (212) 895-3783

       

      Each
        party shall provide notice to the other party of any change in
        address.

       

      (b) The
        laws
        of the State of New York shall govern the construction and enforcement of
        this
        Agreement and the rights and remedies of the parties hereto. The parties
        hereby
        consent to the jurisdiction of all courts (state and federal) sitting in
        the
        State of New York in connection with any action or proceeding under or relating
        to this Agreement, and waive trial by jury in any such action or
        proceeding.

       

      (c) This
        Agreement may be executed in counterparts and by facsimile. This Agreement
        shall
        be binding upon and shall inure to the benefit of the parties hereto and
        their
        respective successors and permitted assigns. The Pledgors shall not, however,
        assign any of their rights or obligations hereunder without the prior written
        consent of the Agent. Except as otherwise referred to herein, this Agreement,
        and the documents executed and delivered pursuant hereto, constitute the
        entire
        agreement between the parties relating to the specific subject matter
        hereof.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      (d) Neither
        any course of dealing between the Pledgors, the Agent and the Pledgees nor
        any
        failure to exercise, or any delay in exercising, on the part of the Agent
        or the
        Pledgees, any right, power or privilege hereunder shall operate as a waiver
        thereof; nor shall any single or partial exercise of any right, power or
        privilege operate as a waiver of any other exercise of such right, power
        or
        privilege or any other right, power or privilege.

       

      (e) The
        Pledgees’ rights and remedies, whether hereunder or pursuant to any other
        agreements or by law or in equity, shall be cumulative and may be exercised
        singly or concurrently

       

      (f) No
        change, amendment, modification, waiver, assignment of rights or obligations,
        cancellation or discharge hereof, or of any part hereof, shall be valid unless
        the Pledgees and the Agent (and, in the case of any change, amendment or
        modification, the Pledgors) shall have consented thereto in
        writing.

       

      (g) The
        captions and paragraph headings in this Agreement are for convenience of
        reference only, and shall not in any way define, limit or describe the
        construction, terms or provisions of this Agreement.

       

      (h) If
        any
        provision of this Agreement is held invalid or unenforceable, either in its
        entirety or by virtue of its scope or application to given circumstances,
        such
        provision shall thereupon be deemed modified only to the extent necessary
        to
        render same valid, or not applicable to given circumstances, or excised from
        this Agreement, as the situation may require, and this Agreement shall be
        construed and enforced as if such provision had been included herein as so
        modified in scope or application, or had not been included herein, as the
        case
        may be.

       

      [Remainder
        of page intentionally left blank; signature pages
        follow.]

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF,
        the
        parties have duly executed and delivered this Stock Pledge Agreement as of
        the
        date and year first written above.

       

      
        	 	 	 
	 	PLEDGORS:
	 
 	
                 
                  

                /s/James
                  D. Burchetta

                
                  

                

                James D.
                  Burchetta

              

      

      
         

        
          	 	 	 
	 
 	 /s/
                  Charles
                  S. Brofman
                  
Charles
                  S. Brofman

        

        
        

         

        
          	 	 	 
	 	AGENT:
	 
 	
                   

                   CAMOFI
                    MASTER LDC

                   

                
	 	By:  	/s/
                  Jeffrey M. Haas
	 	
                  
                    

                  

                  Name:
                    Jeffrey M. Haas

                  Title:
                    Authorized
                    Signatory

                

        

         

      

      
        	 	
                PLEDGEES:

                 

                The
                  Pledgees executing the Signature Page in the form attached hereto
                  as
                  Annex
                  A
                  and delivering the same to the Company or its agents shall be deemed
                  to
                  have executed this Agreement and agreed to the terms
                  hereof.

              

      

       

       

      
        
          	 ACKNOWLEDGEMENT
                  BY THE COMPANY:	 	 	 
	 	 	 	 
	 DEBT RESOLVE,
                  INC.	 	 	 
	 	 	 	 
	 By: 	/s/
                  James D. Burchetta	 	 	 
	 	
                  
                    

                  

                  Name:
                    James D. Burchetta

                  Title:
                    Co-chairman, President and CEO

                	 	 	 

        

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      Annex
        A

      

      Stock
        Pledge Agreement

      Pledgee
        Counterpart Signature Page

      

      The
        undersigned, desiring to enter into this Stock Pledge Agreement dated as
        of
        _________________ ___, 2006 (the “Agreement”),
        between the undersigned, James D. Burchetta, Charles S. Brofman, CAMOFI Master
        LDC, a Cayman Islands limited duration company (the “Agent”),
        and
        the other parties thereto, in or substantially in the form furnished to the
        undersigned, hereby agrees to join the Agreement as a party thereto, with
        all
        the rights and privileges appertaining thereto, and to be bound in all respects
        by the terms and conditions thereof.

       

      IN
        WITNESS WHEREOF,
        the
        undersigned has executed the Agreement as of _________________ ___,
        2006.

      
         

        
          	 	
                  
                    PLEDGEE: 

                  

                
	 	 
	 	
                  Name
                    and Address, Fax No. and Social 
Security No./EIN of
                    Purchaser: 

                
	 	
                
	 	
                  
  
	 	
                  
 
	 	
                  
 
	 	
                  
  
	 	Fax
                  No.:
                  __________________________________
	 	 
	 	
                  Soc.
                    Sec. No./EIN:
                    ___________________________

                
	 	 
	 	
                  If
                    a partnership, corporation, trust or other
                    business 
entity: 

                
	 	 	 
	 	 	 
	 	By:  	 
	 	 	
                  

                  Name:

                  
                    Title: 

                  

                
	 	 	 
	 	
                  If  an individual: 

                
	 	 
	 	 
	 	
                  

                  Signature  

                

        

      

       

      
        
          
          

        

        
          11Unassociated Document

    EXHIBIT
      10.5

    Debt
      Resolve, Inc.

    707
      Westchester Avenue, Suite L7

    White
      Plains, New York 10604

     

    Ladies
      and Gentlemen:

     

    The
      undersigned, an owner of a 15% senior secured convertible promissory note (the
      “Note”) of Debt Resolve, Inc., a Delaware corporation (the “Company”), in the
      principal face amount of $_______________________ and a warrant (the “Warrant”)
      to purchase __________________________ shares of common stock, par value $.001
      per share, of the Company (“Common Stock”), understands that the Company
      proposes to file with the U.S. Securities and Exchange Commission a registration
      statement for the registration of Common Stock of the Company (the “Registration
      Statement”) in connection with a proposed public offering of such Common Stock
      (the “Offering”). The undersigned further understands that the Company and Maxim
      Group LLC (the “Underwriter”) intend to enter into an underwriting agreement
      relating to the Offering upon the effectiveness of the Registration Statement
      (the “Underwriting Agreement”).

     

    In
      order
      to induce the Underwriter to proceed with the Offering, the undersigned agrees,
      for the benefit of the Company and the Underwriter, that should the Offering
      become effective, the undersigned will not, without the Underwriter’s prior
      written consent (and, if required by applicable state blue sky laws, the
      securities commissions in any such states), offer, sell, assign, hypothecate,
      pledge, transfer or otherwise dispose of, directly or indirectly, (i) any of
      the
      Notes, or any shares of Common Stock issued in connection with the conversion
      of
      the Notes, or by reason of any stock split or other distribution of stock,
      or
      grant of options, warrants or other rights with respect to any such options,
      all
      during the six-month period commencing on the date the Company’s Registration
      Statement is declared effective by the Securities and Exchange Commission)
      (the
“Effective Date”) and (ii) any of the Warrants, or any shares of Common Stock
      issued in connection with the exercise of the Warrants, or by reason of any
      stock split or other distribution of stock, or grant of options, warrants or
      other rights with respect to any such options, all during the six-month period
      commencing on the Effective Date; provided that the foregoing shall not apply
      to
      (1) securities of the Company acquired by the undersigned in the Offering
      or securities of the Company acquired by the undersigned in the after market
      after the Effective Date; and (2) the transfer without consideration to
      family members or a trust established for their benefit in connection with
      which
      the proposed transferee agrees in writing to be bound by all of the provisions
      of this agreement prior to the consummation of such transfer.

     

    Furthermore,
      the undersigned will permit all certificates evidencing any such securities
      to
      be endorsed with an appropriate restrictive legend reflecting the terms of
      this
      letter, and consents to the placement of appropriate stop transfer orders with
      the transfer agent for the Company. A copy of this letter will be available
      from
      the Company or the Company’s transfer agent upon request and without charge. The
      terms and conditions of this letter can be modified (including premature
      termination of this Agreement) only with the prior written consent of the
      Underwriter.

     

    
      	
               Dated:
                ___________ ___, 2006

               

               

            	 	 

              

              Printed
                Name

            
	 	 	 
	 	By:  	 
	 	
              

              Signature

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