PLEDGE OF SHARES OF STOCK KNOW ALL MEN BY THESE PRESENTS: This Pledge of Shares of Stock is executed this (insert date) by and between: (insert name), of legal age, Filipino and a resident of (state address), hereinafter referred to as the PLEDGOR; - and– (insert name), a corporation duly organized and existing in accordance with laws of the Republic of the Philippines, with principal offices at (state address), represented in this act by its President, (state name of representative), hereinafter referred to as the PLEDGEE. -WITNESSETH- WHEREAS, the Pledgor has secured a loan (hereinafter referred to as the “Debt”) from Pledgee in the amount of (state amount of loan), receipt of which is acknowledged and confirmed herein by the parties. WHEREAS, Pledgor, as security for said loan (hereinafter referred to as “Collateral”), hereby deposits, delivers to and pledges to Pledgee shares of stock in (state name of corporation), represented by the following stock certificates: Certificate Number No. of Shares Total Par Value NOW THEREFORE, the parties agree as follows: 1. Pledgee may assign or transfer said Debt and the Collateral pledged hereunder to any third party provided fifteen (15) days prior written notice is given to Pledgor and Pledgor is given an opportunity to redeem and pay the Debt within fifteen (15) days from notice. 2. In the event a stock dividend or further issue of stock in the Corporation is issued, Pledgor shall pledge said shares as additional collateral for the debt. 3. During the term hereof and as long as there is no default, Pledgor shall have full rights to vote said shares and be entitled to all dividends income, except that stock dividends shall be pledged. 4. During the pendency of this agreement, Pledgor shall not issue any proxy, voting trust agreement or assignment of rights to the pledged shares. 5. Pledgor warrants and represents good title to the shares which are free from liens and encumbrances or prior pledge with full authority to transfer said shares as collateral security. 6. Upon default of payment of the debt, or breach of this agreement, Pledgee or transferee shall have full rights to foreclose pursuant to law. 7. Pledgor understands that upon foreclosure the pledged shares may be sold at public auction or public sale with right to receive reasonable prior written notice of any said intended sale and with full rights to redeem said shares at any time prior to said sale upon payment of the balance due, and accrued costs of collection. In the event the shares shall be sold for less than the amount then owing, Pledgor shall be liable for any deficiency. 8. Upon payment of the debt, the shares shall be returned to Pledgor and this pledge agreement shall be terminated. 9. This pledge agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives. 10. Upon default the Pledgor shall pay all reasonable attorneys' fees and cost of collections. 11. This Deed shall be governed and constructed in accordance with the laws of the Philippines. 12. All expenses for notarization, Documentary Stamp Tax and other expenses incident to this contract shall be for the exclusive account of the Pledgee. 13. This Agreement constitutes the entire understanding between the parties and may only be modified, altered or amended only with the prior written consent of the party of or parties against whom, such modification, alteration, or amendment shall take effect. IN WITNESS WHEREOF, the parties have executed this Agreement on the date and place above specified. PLEDGOR PLEDGEE SIGNED IN THE PRESENCE OF: ________________ ___________________ ACKNOWLEDGMENT REPUBLIC OF THE PHILIPPINES) )S.S. BEFORE ME, this (insert date) in (insert place), personally appeared: Name CTC No. Issued at Issued on known to me to be the same persons who executed the foregoing instrument consisting (state number of pages) pages including this Acknowledgment, and who acknowledged to me that the same is their voluntary and free act and deed and those of the parties represented. IN WITNESS WHEREOF, I set my hand and affix my notarial sea on the date and place above written. Notary Public Doc. No. _____; Page No. _____; Book No. _____; Series of ______.