LIQUITEK ENTERPRISES INC
EX-10.12
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>5
<FILENAME>j3978_ex10d12.htm
<DESCRIPTION>EX-10.12
<TEXT>
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<title>Merrill Note:  this material is an insert in Item 7 under the heading

&#147;Results of Operations</title>



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<h2 style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT

10.12</font></b></h2>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLEDGE AGREEMENT</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">THIS PLEDGE

AGREEMENT</font></b> is entered into as of this 9th day of August, 2001, by and

between LIQUITEK ENTERPRISES, INC., a Nevada corporation (&#147;LEI&#148;), Draper, Utah

84020&#160; (the &#147;<u>Pledgor</u>&#148;), and BRUCE

H. HAGLUND, ESQ., of Gibson, Haglund &amp; Paulsen, #2 Park Plaza, Suite 450,

Irvine, California&#160; 92614 (the &#147;<u>Agent</u>&#148;),

and BART C. WARNER REVOCABLE TRUST, whose address is 2240 South 5370 West, West

Valley City, Utah&#160; 84120&#160; (the &#147;Lender&#148;).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">W</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <u>I</u>  <u>T</u>  <u>N</u>  <u>E</u>  <u>S</u>  <u>S</u>  <u>E</u>

<u>T</u>  <u>H</u>:</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b><font size="2" style="font-size:10.0pt;">, pursuant to a Secured Promissory Note

dated as of the date hereof (the &#147;<u>Note</u>&#148;) between the Pledgor and the

Lender (the &#147;<u>Lender</u>&#148;), a copy of which is attached hereto as Exhibit &#147;A&#148;

and incorporated by reference herein, the Lender is simultaneously herewith

loaning to LEI $1,200,000.00 aggregate principal amount due August 9, 2002; and</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS</font></b><font size="2" style="font-size:10.0pt;">, as set forth in the Note, the Pledgor

has granted a security interest to the Lender in 1,932,300 shares of common

stock (the &#147;Thermoflow Shares&#148;) of Thermoflow Corporation (&#147;Thermoflow&#148;), which

represent all of the issued and outstanding shares of Thermoflow; and</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b><font size="2" style="font-size:10.0pt;">, as a condition to the loan by the

Lender and to facilitate its conversion privilege hereunder, the Pledgor has

agreed to deposit the Thermoflow Shares with the Agent for the benefit of the

Lender, as more fully set forth herein;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW</font></b><font size="2" style="font-size:10.0pt;">, <b><font style="font-weight:bold;">THEREFORE</font></b>,

in consideration of the foregoing and other good and valuable consideration,

receipt of which is hereby acknowledged, the parties hereto hereby agree as

follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions</u>.&#160; For the purposes hereof unless the context

otherwise requires, the following terms shall have the meanings indicated:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;<u>Collateral</u>&#148; shall mean

(i)&nbsp;the Thermoflow Shares (hereinafter jointly referred to as the &#147;Pledged

Securities&#148;), (ii) all proceeds of the Pledged Securities, and (iii) all other

monies, securities or other property at any time and from time to time

receivable or otherwise distributed in respect of, or in exchange for, any of

the Pledged Securities or such additional securities.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;<u>Event of Default</u>&#148; shall mean

an Event of Default as defined in the Note.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;<u>Obligations</u>&#148; shall mean the

obligations of the Pledgor under the Purchase Agreement, the Note and this

Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Pledge</u>.&#160; As security for the payment and performance

in full of all of the Obligations, the Pledgor hereby grants and pledges to the

Agent for the benefit of the Lender, and hereby grants to the Lender a security

interest in, the Collateral.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Delivery of

Collateral to Agent</u>. The Agent hereby acknowledges the prior delivery of

certificates representing all shares of the Pledged Securities, accompanied by

stock powers or instruments of transfer, as the case may be, duly executed in

blank by the Pledgor.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Registration in

Nominee Name; Denomination</u>. The Agent shall have the duty (i) to hold the

certificates or other instruments or documents representing any of the

Collateral in its own name, the name of its nominee or in the name of the

Pledgor, endorsed or assigned in blank or in favor of the Agent, and (ii) at

the election of the Lender to exercise its conversion privilege or upon the

occurrence and during the continuation of an Event of Default, to exchange the

certificates or other instruments or documents representing the Collateral for

certificates of smaller or larger denominations for any purpose consistent with

this Pledge Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations,

Warranties and Covenants of the</u>  <u>Pledgor</u>.&#160; The Pledgor hereby represents and warrants to, and/or covenants

and agrees with, the Agent as follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this Pledge Agreement constitutes the

legal, valid and binding obligation of the Pledgor, enforceable in accordance

with its terms, subject (i) as to the enforcement of remedies, to applicable

bankruptcy, reorganization, insolvency and other laws affecting creditors

rights generally and to moratorium laws from time to time in effect, and (ii)

to general equitable principles;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Pledgor has good title to the

Collateral;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Collateral is not subject to any

other liens, security interests or encumbrances;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Pledgor has the right to pledge

and to grant the security interest in the Collateral free of any encumbrances,

and without the consent of the creditors of the Pledgor or any other person or

any governmental authority whatsoever;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.5&#160; there is no material pending legal or

governmental proceeding to which the Pledgor is a party or to which any of its

properties is subject, which proceeding will materially affect (i) the

Pledgor&#146;s ability to perform its obligations hereunder or (ii)&nbsp;the

Collateral;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this Pledge Agreement creates in

favor of the Lender a valid, binding and enforceable security interest in, and

lien upon, all right, title and interest of the Pledgor in the Collateral and,

upon delivery of the Collateral to the Agent, the Lender will have a fully

perfected first and prior security interest in and lien upon all right, title

and interest of the Pledgor in the Collateral; and</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Pledgor will not create or permit

to exist any lien, security interest or encumbrance on the Collateral except as

permitted by this Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Voting Rights; Dividends; Etc</u>.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Pledgor shall be entitled to

exercise any and all voting and/or consensual rights and powers accruing to

owners of the Pledged Securities or any part thereof for any purpose not

inconsistent with the terms hereof, at all times, except as expressly provided

in Section 6.3 below.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any dividends or distributions of any

kind whatsoever (in cash or otherwise) received by the Pledgor, whether

declared on a regular, periodic basis or resulting from a subdivision,

combination, or reclassification of the outstanding capital stock of the

issuer, in respect of the Pledged Securities, or received in exchange for the

Pledged Securities, or other Collateral or any part thereof or as a result of

any merger, consolidation, acquisition, or other exchange of assets to which

the issuer may be a party, or otherwise, shall, be and become part of the

Collateral pledged hereunder and shall immediately be delivered to the Agent to

be held subject to the terms hereof.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon the occurrence and during the

continuance of an Event of Default, all rights of the Pledgor to exercise the

voting and/or consensual rights and powers which it is entitled to exercise

pursuant</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to Section 6.1

shall cease, and all such rights shall thereupon become vested in the Agent,

which shall have the sole and exclusive right and authority to exercise such

voting and/or consensual rights and powers.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Remedies Upon

Default</u>.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If an Event of Default shall have

occurred and be continuing, the Lender may take possession of the Collateral,

or any part thereof, at public or private sale or at any broker&#146;s board or on

any securities exchange, for cash, upon credit or for future delivery as the

Agent shall deem appropriate subject to the terms hereof or as otherwise

provided in the Utah Uniform Commercial Code.&#160;

The Lender shall be authorized at any such sale (if it deems it advisable

so to do) to restrict to the full extent permitted by applicable law the

prospective bidders or the Lender to persons who will represent and agree that

they are purchasing the Collateral for their own account for investment and not

with a view to the distribution or sale thereof, and upon consummation of any

such sale the Agent shall have the right to assign, transfer, and deliver to

the the Lender or the Lender thereof the Collateral so sold.&#160; Each such the Lender at any such sale shall

hold the property sold absolutely, free from any claim or right on the part of

the Pledgor.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Lender shall give the Pledgor ten

calendar days written notice of its intention to make any such public or

private sale, or sale at any broker&#146;s board or on any such securities exchange,

or of any other disposition of the Collateral.&#160;

Such notice, in the case of public sale, shall state the time and place

for such sale and, in the case of sale at a broker&#146;s board or on a securities

exchange, shall state the board or exchange at which such sale is to be made

and the day on which the Collateral, or portion thereof, will first be offered

for sale at such board or exchange.&#160; Any

such public sale shall be held at such time or times within ordinary business

hours and at such place or places as the Lender may fix and shall state in the

notice of such sale.&#160; At any such sale,

the Collateral, or portion thereof, to be sold may be sold in one lot as an

entirety or in separate parcels, as the Lender may (in its sole and absolute

discretion) determine.&#160; The Lender shall

not be obligated to make any sale of the Collateral if it shall determine not

to do so, regardless of the fact that notice of sale of the Collateral may have

been given.&#160; The Lender may, without

notice or publication, adjourn any public or private sale or cause the same to

be adjourned from time to time by announcement at the time and place fixed for

sale, and such sale may, without further notice, be made at the time and place

to which the same was so adjourned.&#160; In

case the sale of all or any part of the Collateral is made on credit or for

future delivery, the Collateral so sold shall be retained by the Agent until

the sale price is paid by the the Lender or the purchasers thereof, but the

Agent shall not incur any liability in case any such if the Lender or the

purchaser shall fail to take up and pay for the Collateral so sold and, in case

of any such failure, such Collateral may be sold again upon like notice.&#160; At any sale or sales made pursuant to this

Section 7, the Lender may bid for or purchase, free from any claim or right of

whatsoever kind, including any equity of redemption, of the Pledgor, any such

demand, notice, claim, right or equity being hereby expressly waived and

released, any or all of the Collateral offered for sale, and may make any

payment on the account thereof by using any claim for moneys then due and

payable to the Lender by the Pledgor as a credit against the purchase price;

and the Agent, upon compliance with the terms of sale, may hold, retain and

dispose of the Collateral without further accountability therefor to the

Pledgor or any, third party.&#160; The Agent

shall in any such sale make no representations or warranties with respect to

the Collateral or any part thereof and shall not be chargeable with any of the

obligations or liabilities of the Pledgor with respect thereto.&#160; As an alternative to exercising the power of

sale herein conferred upon it, the Lender may proceed by a suit or suits at law

or in equity to foreclose upon the Collateral under this Pledge Agreement and

to sell the Collateral, or any portion thereof, pursuant to a judgment or

decree of a court or courts having competent jurisdiction.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Application of

Proceeds of Sale</u>.&#160; The proceeds of

sale of the Collateral sold pursuant to Section 7 hereof shall be distributed

by the Agent (after deduction of all costs and expenses incurred by the Agent

while acting pursuant to this Pledge Agreement, including, without limitation,

reasonable attorneys&#146; fees and expenses) to the holder of the Note, to be

applied by the holder to the Obligations in such manner as it may deem

appropriate.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Agent Appointed

Attorney-in-Fact</u>. Upon the occurrence and during the continuance of an

Event of Default, the Pledgor hereby appoints the Agent its attorney-in-fact

for the purpose of carrying out the provisions of this Pledge Agreement and the

pledge of, and the grant of a security interest in, the Collateral hereunder

and the taking of any action and the execution of any instrument which the

Agent may deem necessary or advisable to accomplish the purposes hereof, which

appointment is irrevocable and coupled with an interest.&#160; Without limiting the generality of the

foregoing, the Agent shall have the right and power to receive, endorse and

collect all checks and other orders for the payment of money made payable to

the Pledgor representing any dividend or other distribution payable in respect

of the Collateral or any part thereof and to give full discharge for the same.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Federal

Securities Laws</u>.&#160; In view of the

position of the Pledgor in relation to the Collateral, or because of other

present or future circumstances, a question may arise under the Securities Act

of 1933, as amended, as now or hereafter in effect, or any similar statute

hereafter enacted analogous in purpose or effect (such Act and any such similar

statute as from time to time in effect being hereinafter called the &#147;<u>Federal

Securities Laws</u>&#148;), with respect to any disposition of the Collateral

permitted hereunder.&#160; The Lendor

understands that compliance with the Federal Securities Laws may very strictly

limit the course of conduct of the Agent if the Agent were to attempt to

dispose of all or any part of the Collateral, and may also limit the extent to

which or the manner in which any subsequent transferee of any Collateral may

dispose of the same.&#160; Similarly, there

may be other legal restrictions or limitations affecting the Agent in any

attempt to dispose of all or any part of the Collateral under applicable blue

sky or other state securities laws, or similar laws analogous in purpose or

effect.&#160; Under applicable law, in the

absence of an agreement to the contrary, the Agent may perhaps be held to have

certain general duties and obligations to the Pledgor to make some effort

towards obtaining a fair price even though the Obligations may be discharged or

reduced by the proceeds of a sale at a lesser price.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Financing

Statements</u>.&#160; So long as the

Obligations are outstanding and the security interest hereunder shall not have

terminated in accordance with Section 13 hereof, the Pledgor agrees to execute

and deliver to the Agent such UCC financing statements and any amendments

thereto or continuations thereof and any other documents or instruments and to

give such notices as the Lender may deem necessary or desirable to perfect the

lien of the Lender on the Collateral.&#160;

If the Pledgor does not execute and deliver to the Lender any such

financing statement, amendment or other document or instrument or give such

notice within five calendar days after requested by the Lender, then the Lender

is hereby authorized by the Pledgor to file such items or give such notice,

without the signature of the Pledgor or require the Agent to execute such items

as attorney-in-fact for the Pledgor.&#160;

The Pledgor further authorizes the Agent, upon the occurrence and during

the continuation of an Event of Default, to notify any obligors on instruments

that all sums payable to the Pledgor relating to the collateral shall be paid

directly to the Lender.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Further

Assurances</u>.&#160; Upon the request of the

Lender, the Pledgor hereby agrees duly to execute and deliver, or cause to be

duly executed and delivered, from time to time, at the cost and expense of the

Pledgor, such further instruments as may be necessary or proper, in the

reasonable judgment of the Lender, to carry out the provisions and purposes of

this Pledge Agreement and to do all things necessary or advisable, in the

judgment of the Lender, to perfect and preserve the pledge and the security

interests of the Lender hereunder and in the Collateral or any portion thereof.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Release of

Collateral</u>.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 13.1 &#160;&#160;&#160;&#160;&#160;&#160;&#160; The pledge and grant of the security

interest in all of the Collateral hereunder shall terminate upon payment in

full of the Obligations or conversion, redemption or prepayment in full of all

of the Notes pursuant to Section 2 of the Purchase Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 13.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At such time as the pledge and security

interest hereunder shall terminate, the Lender shall, if requested by the

Pledgor, execute such UCC termination statements or other documents as Pledgor</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may reasonably

request, and assign and deliver to the Pledgor, or to such person or persons as

the Pledgor shall designate, against receipt, such of the Collateral (if any)

as shall not have been sold or otherwise applied by the Lender pursuant to the

terms hereof, together with appropriate instruments of reassignment and release

and share certificates representing the Collateral and any stock power or

instrument of transfer executed in blank, as the case may be, then remaining in

the possession or under the control of the Lender or the Agent.&#160; Any such reassignment shall be without

recourse upon or warranty by the Lender (other than as to such Collateral being

free of any lien or encumbrance created by the Lender) and at the expense of

the Pledgor.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u>.&#160; Notices and other communications provided

for herein shall be in writing and shall be delivered by hand or shall be sent

by telecopy (and if sent by telecopy, shall be confirmed by registered mail,

return receipt requested, or by overnight mail or courier, postage and delivery

charges prepaid), to the following addresses:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if to the Pledgor:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liquitek Enterprises, Inc.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Chief Executive

Officer</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1350 East Draper Parkway</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Draper, Utah 84020</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phone Number:&#160;&#160;&#160;&#160; (801) 553-8753</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax Number:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (801)

552-8768</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if to the Agent:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bruce H. Haglund, Esq.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gibson, Haglund &amp; Paulsen</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2 Park Plaza, Suite 450</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Irvine, California&#160; 92614</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phone Number:&#160;&#160;&#160;&#160; (949) 752-1100</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax Number:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (949)

752-1144</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if to the Lender:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bart C. Warner Revocable Trust</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2240 South 5370 West</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">West Valley City, Utah&#160; 84120</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phone Number:&#160;&#160;&#160;&#160; (801) 978-8016</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax Number:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (801)

978-8010</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a copy to:</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark S. Swan, Esq.</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richer, Swan &amp;

Overholt</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6925 South Union Park

Center, Suite 450</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Midvale, Utah&#160; 84047</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phone Number:&#160;&#160;&#160;&#160; (801) 561-4750</font></p>



<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax Number:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (801)

561-4744</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever any

notice is required to be given hereunder, such notice shall be deemed given and

such requirement satisfied only when such notice is delivered or, if sent by

telecopy, when received.&#160; Addresses may

be changed upon notice of such change given as provided in this Section 14.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='5',FILE='C:\C2\tchan\3978_3\t_660140\j3978_ex10d12.htm',USER='tchan',CD='May 17 03:58 2002' -->
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</font>



<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Survival of

Representations and Warranties</u>.&#160; All

covenants, agreements, representations and warranties made herein and in any

certificates delivered pursuant hereto shall survive the purchase by the

Lender, and the execution and delivery, of the Notes pursuant to the Purchase

Agreement, and shall continue in full force and effect until the payment in

full of the Obligations or the, conversion, redemption or prepayment of all of

the Notes pursuant to Section 2 of the Purchase Agreement, regardless of the

release of part or all of the Collateral pursuant to the provisions of Section

13 hereof.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors</u>.&#160; Whenever in this Pledge Agreement any of the

parties hereto is referred to such reference shall be deemed to include the

successors and assigns of such party, and all covenants, promises and

agreements by or on behalf of the parties which are contained in this Pledge

Agreement shall bind and inure to the benefit of the successors and assigns of

all other parties.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Reimbursement of

Agent</u>.&#160; The Pledgor agrees to pay

all costs and fees of the Agent resulting from this Pledge Agreement and to

indemnify and hold the Lender harmless from and against any and all such costs.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Indemnification

by Pledgor</u>.&#160; The Pledgor hereby

indemnities and holds harmless the Lender (to the fullest extent permitted by

applicable law) from and against, and agrees that the Lender shall have no

liability or obligation arising out of, any and all claims, demands, losses,

judgments, liabilities, penalties and expenses (including, without limitation,

reasonable attorneys&#146; fees and disbursements) of any nature whatsoever, arising

out of or related to this Pledge Agreement or the Collateral, including with

respect to the Collateral any such claims (i) asserted before the taking of

actual possession or control of the relevant Collateral by the Lender pursuant

to this Pledge Agreement, (ii) arising out of any act of, or omission to act on

the part of, any party prior to such taking of actual possession or control by

the Lender (whether asserted before or after such taking of possession or

control), or (iii) arising out of any act on the part of the Pledgor, its

agents or affiliates before or after the commencement of such actual possession

or control by the Lender.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All indemnities contained in this Section 18 shall survive the

expiration or earlier termination of this Pledge Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>.&#160; This Pledge Agreement shall be governed by,

and construed in accordance with, the laws of the State of Utah (other than any

conflict of laws rule which might result in the application of the laws of any

other jurisdiction).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Failure to Act

Not a Waiver</u>.&#160; Neither any failure

to exercise, nor any delay on the part of the Agent in exercising, any right,

power or privilege hereunder shall operate as a waiver thereof, nor shall a

single or partial exercise thereof preclude any other or further exercise of

any right, power or privilege.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Modification</u>.&#160; No modification, amendment or waiver of any

provision of this Pledge Agreement, and no consent to any departure by the

Pledgor herefrom, shall in any event be effective unless the same shall be in

writing and signed by the Agent, and then such waiver or consent shall be

effective only in the specific instance and for the purpose for which given.&#160; No notice to or demand on the Pledgor in any

case shall entitle the Pledgor to any other or further notice or demand in the

same, similar or other circumstances.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u>.&#160; In case any one or more of the provisions

contained in this Pledge Agreement should be invalid, illegal or unenforceable

in any respect, the validity, legality and enforceability of the remaining

provisions contained herein shall not in any way be affected or impaired

thereby.&#160; To the extent permitted</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by applicable law,

the parties hereby waive any provision of law that may render any provision

hereof invalid, illegal or unenforceable in any respect.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; This Pledge Agreement may be executed by the

parties hereto in separate counterparts, each of which when so executed and

delivered shall be an original, but all such counterparts shall together

constitute one and the same instrument, and all signatures need not appear on

any one counterpart.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Headings</u>.&#160; The headings and captions of this Pledge

Agreement are for convenience of reference only and shall not define, limit or

otherwise affect any of the terms or provisions hereof.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(The remainder of this page is

intentionally blank.&#160; The signature page

follows.)</font></i></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN

WITNESS WHEREOF,</font></b><font size="2" style="font-size:10.0pt;">

the Pledgor and the Agent have caused this Secondary Pledge Agreement to be

executed by their respective duly authorized officers, all as of day and year

first above written.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Pledgor:</font></p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LIQUITEK ENTERPRISES, INC.</font></p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lester W.B. Moore, President/CEO</font></p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent:</font></p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="39%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:39.8%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="39%" colspan="3" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:39.8%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BRUCE H. HAGLUND</font></p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Lender:</font></p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BART C. WARNER REVOCABLE TRUST</font></p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="35%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:35.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="28%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:28.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">, Trustee</font></p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.26%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr height="0">

  <td width="89" style="border:none;"></td>

  <td width="162" style="border:none;"></td>

  <td width="24" style="border:none;"></td>

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  <td width="24" style="border:none;"></td>

  <td width="31" style="border:none;"></td>

  <td width="88" style="border:none;"></td>

  <td width="168" style="border:none;"></td>

  <td width="40" style="border:none;"></td>

  <td width="26" style="border:none;"></td>

  <td width="24" style="border:none;"></td>

  <td width="23" style="border:none;"></td>

 </tr>

</table>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>





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