Document:

Exhibit 10.3

                             STOCK PLEDGE AGREEMENT

     This  Stock  Pledge  Agreement  made as of the  31st day of  October,  2001
between ILX Resorts  Incorporated,  an Arizona corporation ("ILX") whose address
is 2111 East  Highland  Avenue,  Suite 210,  Phoenix,  AZ 85016  ("Debtor")  and
Litchfield Financial Corporation,  a Massachusetts corporation having an address
at 13701 West Jewell Avenue,  Suite 200,  Lakewood,  CO 80228 and its affiliates
(collectively referred to hereinafter as "Secured Party").

                                    RECITALS

     A.  Secured  Party has agreed to make a loan to Debtor  which loan shall be
secured,  among other things, by Debtor's pledge of securities and the pledge of
personal property from Debtor's affiliated corporations.

     B.  Secured  Party and Debtor seek to have Secured  Party  retain  physical
possession of the securities for the sole benefit of Secured Party.

                                    AGREEMENT

     1. SECURITY  INTEREST.  The Debtor hereby grants,  assigns and transfers to
Secured  Party a continuing  security  interest in all of its rights,  title and
interest in the following described property (collectively, the "Collateral") to
secure  payment and  performance  of all of Debtor's  and  Debtor's  affiliates,
liabilities and obligations,  actual or contingent,  now or hereafter owing from
Debtor or its  affiliates  to Secured  Party,  including but not limited to, the
following obligations: (i) March 19, 1999 Secured Construction Loan Agreement in
original  principal  amount  of  $2,830,000.00,   Secured  Construction  Secured
Promissory Note of even date in original amount of $2,830,000.00,  as amended by
letter  agreements  dated as of May 7, 1999 and June 11,  1999,  and as  further
amended by Amendment To Loan  Documents of even date herewith (the "Kohl's Ranch
Loan")  pursuant  to  which  the  aforementioned  Secured  Construction  Secured
Obligations  was amended and increased to  $8,030,000.00,  by and between Lender
and ILX, Los Abrigados Partners Limited Partnership,  Premiere, ILE, VCA Tucson,
and VCA South Bend  (collectively,  the "ILX  Entities");  (ii) that Amended and
Restated Secured Line of Credit Lending  Agreement dated September 17, 1998, the
Amended  and  Restated  Secured  Line of  Credit  Promissory  Note  in  original
principal amount of $3,500,000.00 of even date therewith,  by and between Lender
and  ILX,  Los  Abrigados,  VCA  Tucson,  VCA  South  Bend,  and  Premiere  (the
"Non-Conforming  Loan");  (iii) that  Secured Line of Credit  Lending  Agreement
dated June 12, 1998 and the Secured Line of Credit  Promissory  Note in original
principal amount of $40,000,000.00 of even date executed in connection therewith
by and between  Lender and ILX, Los Abrigados and Premiere (the "Global  Loan");
(iv) that certain  November 24, 1998 Secured Loan  Agreement and the Amended and
Restated Secured  Promissory Note in original  principal amount of $2,485,000.00
executed in  connection  therewith by and between  Secured Party and ILX Resorts
Incorporated,   Los  Abrigados  Partners  Limited   Partnership,   and  Premiere
Development  Incorporated  (the  "Combination  Loan");  and (v) all other future
advances of every nature which may be loaned or advanced by Secured  Party to or
for the benefit of Debtor or to or for the benefit of the ILX  Entities,  or any
of them,  now or in the future,  pursuant to the Credit  Agreement,  the Note or
otherwise including,  without limitation,  those obligations and loaned proceeds
<PAGE>
associated  with and  pertaining  to all other  loans made by  Secured  Party to
Debtor or the ILX  Entities  or to the ILX  Entities  or any of them,  which are
contemplated  to be executed  after the date  hereof,  provided,  however,  that
nothing  herein shall be construed as a commitment  by Secured Party to make any
future loans to Debtor or the ILX Entities (collectively, the "Obligations"):

          a. PROPERTY.  The securities  listed on Exhibit A attached  hereto and
made a part hereof, together with all additions or substitutions thereto.

          b. ANCILLARY RIGHTS. Any and all property rights as may derive from or
accrue to such securities whether by natural increases or otherwise, e.g., stock
splits,  stock dividends,  conversion  rights, and the like. Secured Party shall
also have a security  interest in all securities and other  property,  rights or
interests of any  description  at any time issued or issuable as an addition to,
in  substitution or exchange for or with respect to such  securities,  including
without  limitation,  shares  issued  as  dividends  or as  the  result  of  any
reclassifications,  split-up or other  corporate  reorganization.  Debtor  shall
deliver  promptly  to  Secured  Party,  in the  exact  form  received,  all such
securities  or other  property  which  comes into the  possession,  custody,  or
control of Debtor.

          c.  PROCEEDS.  All proceeds  including  proceeds in the form of goods,
accounts,  chattel  paper,  documents,  instruments  and  the  proceeds  of  the
foregoing.

The term Collateral when used in this Agreement shall mean all of the foregoing.

     2.  DEBTOR'S   REPRESENTATIONS  AND  WARRANTIES.   The  Debtor  represents,
warrants, and agrees as follows:

          a. CORPORATE AUTHORITY. The Debtor, if a corporation, warrants that

               i.   It is duly  organized  and  existing  under  the laws of the
                    State of Arizona.

               ii.  The execution and performance of this Agreement:

                    (1)  Are within the Debtor's corporate powers;
                    (2)  Have been duly authorized; and
                    (3)  Are not in  contravention  of any  law or the  Debtor's
                         charter,  or any agreement or  undertaking of which the
                         Debtor is a party or by which it is bound.

          b.  RESIDENCE/NOTICES.  The Debtor's  principal  place of business and
address  for  notices is the address  shown in the  preamble to this  Agreement.
Should  there be any change of address,  the Debtor  shall  promptly  notify the
Secured Party in writing.

          c. TITLE TO COLLATERAL. The Debtor is the owner of the Collateral free
and  clear  from  any and all  liens,  restrictions,  adverse  claims,  pledges,
<PAGE>
security  interests,  claims,  or  encumbrances  of  whatever  kind and has full
authority  to use same as  Collateral.  The Debtor  will  defend the  Collateral
against all other persons who, at any time, may claim an interest in it.

          d. OUTSTANDING SECURITY INTERESTS.  The Debtor warrants that there are
no outstanding security interests in the Collateral.

          e. NEGATIVE PLEDGE CLAUSE. The Debtor warrants that during the term of
this Agreement and as long as the Obligations are outstanding, it will not grant
a security interest in the Collateral to any other person.

          f. ADVERSE LIEN.  During the term of this  Agreement,  the Debtor will
keep  the  Collateral  free  from  any and  all  liens,  encumbrances,  security
interests, attachments, adverse claims, and the like.

          g. TAXES. If the Debtor fails to pay any tax or assessment relating to
the  Collateral  as required and when due, the Secured Party may, at its option,
pay or discharge  same,  although it is not required to do so. Any payments made
by the Secured  Party under this  section  shall  become the  obligation  of the
Debtor and shall be secured by the Collateral.

          h. SHARES.  The shares of stock  covered by this  Agreement  are fully
paid and nonassessable.

     3. RIGHTS OF THE SECURED PARTY. The Secured Party, at its option, may:

          a.  Transfer  ownership of the  Collateral to its own name or into the
name of its nominee at any time.

          b.  Repledge the  Collateral  on terms that do not impair the Debtor's
right to redeem it.

          c. Assign or negotiate  any  liability or obligation of the Debtor and
transfer the Collateral to the assignee.  Such assignment  shall fully discharge
the  Secured  Party  from  any  liability  or  obligation  with  respect  to the
transferred Collateral.

          d. Demand payment on any Obligations,  drafts, or acceptances relative
to the  Collateral or make any  compromise or settlement of any claim or dispute
concerning the  Collateral.  Any money or property  received in exchange for any
Collateral shall be applied to reduce the Debtor's  obligation or may be held by
the Secured Party as additional Collateral under the term of this Agreement.

          e. Deal with the Collateral as registered owner.

          f. Secured Party shall be deemed to have exercised  reasonable care in
the custody and  preservation of the Collateral if it takes such action for that
purpose as Debtor shall request, but failure to honor any such request shall not
of itself be deemed a failure to  exercise  reasonable  care.  Further,  Secured
Party shall not be required to take any steps  necessary  to preserve any rights
<PAGE>
in the  Collateral  against  prior parties or to protect,  perfect,  preserve or
maintain any security interest given to secure the Collateral. The Secured Party
shall be under no duty to  exercise or to  withhold  the  exercise of any of the
rights,  powers,  privileges and options expressly or implicitly  granted to the
Secured Party in this Agreement, and shall not be responsible for any failure to
do so or to delay in so doing.

     4. VOTING,  DIVIDEND,  AND OTHER RIGHTS.  During the term of this Agreement
and except as limited in this  Agreement,  all rights and privileges to vote the
share of stock,  receive dividends,  and exercise other rights pertaining to the
Collateral shall be allocated to the Secured Party.

     5.  NECESSARY  DOCUMENTS  AND TRANSFER  INSTRUCTIONS.  The Debtor agrees to
execute and deliver to the Secured  Party,  on demand,  any proxy,  application,
power, instrument, or document or any endorsement or any transfer instruction or
other  writing that the Secured Party in its sole  discretion  requests as being
necessary to create, preserve, validate, or enforce its security interest in the
Collateral.

     6.  DEFAULT.  It is agreed that the  following  events  shall  constitute a
default under this Agreement:

          a.  NONPAYMENT.  Any  failure of the Debtor to perform or pay when due
the  Obligations or any other  obligations  between Debtor or its affiliates and
Secured Party shall constitute a default. This includes,  but is not limited to,
any  failure to pay  principal  or  interest  when due,  failure to pay taxes or
failure to pay insurance, as appropriate.

          b.  NONPERFORMANCE.  Any  failure  of the Debtor to perform or observe
fully and in a  satisfactory  manner  the terms of this  Agreement  or any other
agreement  between Debtor or its affiliates and Secured Party shall constitute a
default.

          c. WARRANTIES AND  REPRESENTATIONS  THAT PROVE FALSE.  Any warranty or
representation  made to the Secured  Party in order to induce the  extension  of
credit to the Debtor,  whether  made by the Debtor or by others on behalf of the
Debtor including agents, employees,  sureties,  guarantors,  co-signors, and the
like,  and whether such  representations  are contained in this  Agreement or in
related  materials,  such as financial  statements,  loan  applications,  pledge
agreements,  supporting  documentation,  and  guaranties,  or in  any  financial
instrument,  such as a  promissory  note,  executed  in  conjunction  with  this
Agreement, if incorrect in any material respect shall operate as a default under
this Agreement.

          d. LEVY AND ATTACHMENTS.  Seizure, attachment, or levy on any property
of the Debtor  whether or not such property is covered by this  Agreement  shall
operate as a default under this Agreement.

          e.  INSOLVENCY  AND THE LIKE. It shall operate as a default under this
Agreement if for any reason:
<PAGE>
               (1)  The Debtor becomes insolvent; or
               (2)  The  Debtor  becomes  subject  to any  proceeding  under the
                    bankruptcy or insolvency  laws,  including an assignment for
                    the benefit of creditors; or
               (3)  The Debtor has its  property  placed  under the custody of a
                    receiver or trustee.

          f. ALTERATION OF DEBTOR'S OPERATING CONDITIONS. Death, dissolution, or
any other  termination  of the existence of the Debtor or any  forfeiture of its
right to do  business,  as well as any merger,  consolidation,  or the like with
another, shall operate as a default under this Agreement.

          g. LOSS OF DESTRUCTION OF COLLATERAL.  The theft,  loss,  destruction,
substantial  damage to or  alteration of the  Collateral  whether in whole or in
part, or failure to return any Collateral to Secured Party following an event of
default under, shall operate as a default under this Agreement.

          h. UNAUTHORIZED USE OF COLLATERAL OR PROCEEDS.  The sale, transfer, or
use of the  Collateral or its proceeds  except as  authorized in this  Agreement
shall operate as a default hereunder.

     7. ACCELERATION. On the occurrence of an event of default,, or at any other
time the  Secured  Party  shall deem itself  insecure,  the  Secured  Party may,
without notice to the Debtor,  declare all or any of the Obligation  immediately
due and payable.

     8. OTHER REMEDIES ON DEFAULT. In addition to all other rights and remedies,
the rights and remedies of the Secured Party shall include,  without limitation,
the following rights and remedies:

          a. RIGHT TO SELL, ETC. The Secured Party shall have the right to sell,
assign, encumber, or otherwise dispose of any or all of the Collateral.

          b. DEBTOR'S COOPERATION. If the Secured Party decides to sell, assign,
encumber,  or  otherwise  dispose  of any or all of the  Collateral,  the Debtor
agrees to cooperate fully and as directed to do so by the Secured Party.

          c. NOTICE OF SALE. Unless the Collateral threatens to decline in value
quickly or is of a type  customarily  sold in a recognized  market,  the Secured
Party  shall  give  the  Debtor  notice  of the  time  and  place of the sale of
Collateral,  or of the time  after  which  any  private  sale or other  intended
disposition  is to be made,  by  sending a notice of such sale at least  fifteen
(15) days  before  the sale or  disposition,  which the Debtor  agrees  shall be
reasonable notice.

          d.  CHARGES.  In the event the  Collateral  is sold,  the resale price
shall be applied in the first instance to the  reasonable  expenses of retaking,
holding, preparing for the sale, assignment, or other disposition.

          e. ATTORNEY'S  FEES. The proceeds of the disposition may be applied in
the first instance to the Secured Party's attorney's fees and legal expenses.
<PAGE>
     9. MISCELLANEOUS. The following are also made a part of this Agreement:

          a. All rights and remedies of the Secured  Party or Debtor shall inure
to the benefit of their successors,  assigns,  representatives,  receivers,  and
trustees.

          b. In the event that any provision of this Agreement shall be found to
be unenforceable in any legal proceeding,  the remaining provisions shall remain
in force and effect.

          c. This  Agreement  shall be governed by and  construed in  accordance
with the laws of the State of Rhode Island.

          d. This Agreement becomes effective when signed and may be executed in
any number of counterparts, all of which shall constitute but one Agreement.

                                      DEBTOR

                                      ILX RESORTS INCORPORATED

                                      By:
                                          --------------------------------------
                                          Joseph P. Martori

                                      SECURED PARTY

                                      LITCHFIELD FINANCIAL CORPORATION

                                      By:
                                          --------------------------------------

                                      Title:
                                             -----------------------------------
<PAGE>
                                    EXHIBIT A

SECURITIES. The securities subject to this pledge are as follows:

(1)  Issuer:  Sedona Worldwide, Inc.
(2)  Number of Shares: 8,000,000
(3)  Type of security: Common Stock
(4)  CUSIP: _____________________________________________
(5)  Registered Owner: ILX Resorts Incorporated
(6)  Other information: ____________________________________<PAGE>

                                                                    EXHIBIT 4(d)

                                                   [WORTHINGTON INDUSTRIES LOGO]

                                        August 21, 2002

Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C.  20549

         Re:   Worthington Industries, Inc. - Form 10-K for the fiscal year
               ended May 31, 2002

Ladies and Gentlemen:

         Worthington Industries, Inc., an Ohio corporation, is today executing
and filing a Form 10-K, Annual Report for the fiscal year ended May 31, 2002
(the "Form 10-K").

         Pursuant to the instructions relating to the Exhibits in Item 601 of
Regulation S-K, Worthington Industries, Inc. hereby agrees to furnish to the
Commission, upon request, copies of instruments and agreements defining the
rights of holders of its long-term debt and of the long-term debt of its
consolidated subsidiaries, which are not being filed as exhibits to the Form
10-K. Such long-term debt does not exceed 10% of the total assets of Worthington
Industries, Inc. and its subsidiaries on a consolidated basis.

                                       Very truly yours,

                                       WORTHINGTON INDUSTRIES, INC.

                                       /s/  John T. Baldwin

                                       John T. Baldwin
                                       Vice President & Chief Financial Officer

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