Common use of Pledge of Pledged Stock Clause in Contracts

Pledge of Pledged Stock. To secure performance of the obligations of the Pledgor under the Note, the Pledgor hereby pledges and grants, subject to Section 3 hereof, to ISBMD a first security interest in the following shares of Stock consisting of: (a) Fifty Thousand (50,000) shares of the common stock (and certificates representing such shares) of Lifecodes; and (b) All additional shares of stock acquired pursuant to a stock dividend or stock split on such shares; and (c) Any other or additional securities or property deliverable in respect of such stock or a result of a reorganization, spin-off or recapitalization, or as a result of an exchange of shares or merger in respect of such stock, as more fully described in Section 5(a)(ii) hereof. (all of the foregoing being hereinafter collectively called the "Pledged Stock"). Pledgor has delivered to ISBMD a certificate or certificates for the shares of common stock referred to in paragraph (a) above, registered in the name of the Pledgor and accompanied by proper instruments of assignment executed by the Pledgor so that the same shall be negotiable by ISBMD.