STOCK PLEDGE
AGREEMENT
STOCK PLEDGE AGREEMENT
(this “ Agreement
”), dated September 26, 2008 by and between interCLICK, Inc.,
a Delaware corporation (the “ Pledgor ”), GRQ
Consultants, Inc. 401(k) (“ GRQ ”) and Barry
Honig (“ Honig ” and together with GRQ, the
“ Pledgees ”);
WITNESSETH
:
WHEREAS , (i) GRQ will lend $650,000.00 to the Pledgor,
with such loan to be evidenced by a promissory note in the
principal amount of $650,000.00 (the “ GRQ Note
”) and (ii) Honig will lend $650,000.00 to the Pledgor, with
such loan to be evidenced by a promissory note in the principal
amount of $650,000.00 (the “ Honig Note ” and
together with the GRQ Note, the “ Notes
”);
WHEREAS, in order to induce the Pledgees to make the
above described loans and accept the Notes, the Pledgor has agreed
to secure all of the Pledgor’s obligations under the Notes
with the grant to the Pledgees of a first priority security
interest in the stock identified on Schedule A hereto;
NOW, THEREFORE , in consideration of the promises 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
.
The following terms shall have the following
meanings wherever used in this Agreement:
(a) “ Event of Default ” shall
have the meaning given thereto in the Notes.
(b) “ Obligations ” shall mean
all principal and interest and other amounts which may be due and
payable under the Notes, whether upon stated maturity, by
acceleration, or otherwise, outstanding at any time and any amounts
due and payable pursuant to this Agreement.
(c) “ Pledged Stock ” shall mean
all the stock of Options Media Group Holdings, Inc., a Nevada
corporation (“ OMGH ”), identified in Schedule A
and all other property at any time pledged to the Pledgees pursuant
to Section 2(a) of this Agreement.
(d) “ Satisfaction Date ” shall
mean that date on which all of the Obligations have been paid or
otherwise indefeasibly satisfied in full.
2.
Pledge of the Pledged
Stock/Additional Deposits .
(a)
As security for the due and timely
payment and performance of all of the Obligations, the Pledgor
hereby pledges to the Pledgees, and grants to the Pledgees a first
priority lien and security interest in all of: (i) the Pledged
Stock (as same are constituted from time to time), together with
all cash dividends, stock dividends, interest, profits, premiums,
redemptions, warrants, subscription rights, options, substitutions,
exchanges and other distributions now or hereafter made on the
Pledged Stock and all cash and non-cash proceeds thereof; and (ii)
all other property at any time pledged to the Pledgees hereunder or
in which the Pledgees are granted a security interest (whether
described herein or not) and all income therefrom and proceeds
thereof. in each case until the Satisfaction Date.
(b)
In furtherance of the pledge
hereunder, the Pledgor will deliver to the Pledgees not later than
October 2, 2008, the certificates representing all of the Pledged
Stock, each of which now remains in the name of the Pledgor and is
accompanied by appropriate undated stock powers duly endorsed in
blank by the Pledgor bearing “medallion” signature
guarantees.
(c)
If, while this Agreement is in
effect, the Pledgor becomes entitled to receive or receives any
stock certificate (including, without limitation, any certificate
representing a stock dividend or a distribution in connection with
any reclassification, increase or reduction of capital or issued in
connection with any reorganization), option or rights, whether as
an addition to, in substitution of, or in exchange for, any Pledged
Stock or otherwise, the Pledgor agrees to accept the same as agent
for the Pledgees, to hold the same in trust on behalf of and for
the benefit of the Pledgees, and to deliver the same promptly upon
receipt to the Pledgees in the exact form received, with the
endorsement of the Pledgor when necessary and/or appropriate
undated “medallion” stock or other powers duly executed
in blank, to be held by the Pledgees, subject to the terms hereof,
as additional collateral security for the Obligations. Any sums
paid on or in respect of the Pledged Stock on the liquidation or
dissolution of OMGH shall be paid over to the Pledgees, to be held
by the Pledgees, subject to the terms and conditions hereof, as
additional collateral security for the Obligations.
3.
Retention of the Pledged
Stock .
(a)
Except as otherwise provided herein,
the Pledgees shall have no obligation with respect to the Pledged
Stock, except to use reasonable care in the custody and
preservation thereof, to the extent required by law.
(b)
The Pledgees shall hold the Pledged
Stock in the form in which same are delivered herewith, unless and
until there shall occur an Event of Default.
4.
Rights of the Pledgor
. Throughout the term of this
Agreement, so long as no Event of Default has occurred and is
continuing, the Pledgor shall have the right to vote the Pledged
Stock in all matters presented to the stockholders of OMGH for vote
thereon, except in a manner inconsistent with the terms of this
Agreement or detrimental to the interests of the
Pledgees.
5.
Event of Default; Power of
Attorney .
(a)
Upon the occurrence and during the
continuance of any Event of Default, the Pledgees shall have the
right to: (i) exercise all voting and corporate rights of, and all
rights of conversion, exchange, subscription or any other rights,
privileges or options pertaining to, any Pledged Stock as if the
Pledgees were the absolute owners thereof, including (without
limitation) the right to exchange, at their discretion, any and all
of the Pledged Stock upon the merger, consolidation,
reorganization, recapitalization or other readjustment of OMGH or
upon the exercise by the Pledgor or the Pledgees of any right,
privilege or option pertaining to any of the Pledged Stock and, in
connection therewith, to deposit and deliver any and all of the
Pledged Stock with any committee, depository, transfer agent,
registrar or other designated agency on such terms and conditions
as the Pledgees may determine, all without liability except to
account for property actually received by them; (ii) apply any
funds or other property received in respect of the Pledged Stock to
the Obligations, and receive in their own name any and all further
distributions which may be paid in respect of the Pledged Stock,
all of which shall, upon receipt by the Pledgees, be applied to the
Obligations; (iii) transfer all or any portion of the Pledged Stock
(as determined by the Pledgees in their discretion) on the books of
OMGH to and in the name of the Pledgees or such other person or
persons as the Pledgees may designate; (iv) affect any sale,
transfer or disposition of all or any portion of the Pledged Stock
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 Pledged Stock;
(v) collect, sue for and give acquittance 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 Pledgees may reasonably deem necessary or
appropriate, in order to accomplish the purposes of this
Agreement.
(b)
In furtherance of the foregoing
powers of the Pledgees, the Pledgor hereby authorizes and appoints
each Pledgee, with full powers of substitution, as the true and
lawful attorney-in-fact of the Pledgor, in its name, place and
stead, to take any and all such action as each Pledgee, in his or
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 Pledgor or by
operation of law. Nothing herein contained, however, shall be
deemed to require or impose any duty upon a Pledgee to exercise any
of the rights or powers granted herein.
(c)
The foregoing rights and powers
granted to the Pledgees, and the foregoing power of attorney, shall
be fully binding upon any person who may acquire any beneficial
interest in any of the Pledged Stock or any other property held or
received by the Pledgees hereunder.
6.
Foreclosure; Sale of Pledged
Stock .
(a)
Without limitation of Paragraph 5
above, in the event that the Pledgees shall make any sale or other
disposition of any or all of the Pledged Stock following an Event
of Default, the Pledgees may also:
(i) offer and sell all or any portion of the
Pledged Stock publicly through a registered broker-dealer, or by
means of a private