PTEK HOLDINGS INC
STOCK PLEDGE AGREEMENT- PATRICK G. JONES
<DOCUMENT>
<TYPE>EX-10.59
<SEQUENCE>12
<FILENAME>dex1059.htm
<DESCRIPTION>STOCK PLEDGE AGREEMENT- PATRICK G. JONES
<TEXT>
<HTML><HEAD>
<TITLE>Stock Pledge Agreement- Patrick G. Jones</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
  <p align=right><font size="2" face="Times New Roman"><b>EXHIBIT 10.59</b></font></p> <p align="center"> <font size="2" face="Times New Roman"><b>STOCK PLEDGE AGREEMENT</b></font></p> <p> <font size="2"
face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS STOCK PLEDGE AGREEMENT</b> is made and entered into as of the 3rd day of January, 2002, by and between <b>PATRICK G. JONES </b>(the &#147;Pledgor&#148;) and
<b>PTEK HOLDINGS, INC.,</b> Georgia corporation (the &#147;Secured Party&#148;).</font></p> <p align="center"> <font size="2" face="Times New Roman"><b>W I T N E S S E T H:</b></font></p> <p> <font size="2"
face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</b> the Pledgor has been granted 96,000 shares of the $.01 par value common stock (the &#147;Shares&#148;) of Secured Party pursuant to that certain
Restricted Stock Award Agreement dated December 28, 2001 (the &#147;RSA Agreement&#148;); and</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>WHEREAS,</b> in connection with such
grant, Pledgor has delivered a Promissory Note of even date herewith (the &#147;Note&#148;) to the Secured Party in the principal amount of $68,846.46; and</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>WHEREAS,</b> to secure the payment of all obligations of the Pledgor under the Note, the Pledgor has agreed to pledge to the Secured Party, and to grant the
Secured Party a security interest in, all of the Shares;</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>NOW, THEREFORE,</b> for and in consideration of the premises and the
agreements and covenants contained herein, the parties hereto agree as follows:</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Interest.</b>&#160; The Pledgor hereby unconditionally grants and assigns to the Secured
Party, its successors and assigns, a continuing security interest in and security title to the Shares.&#160; The Pledgor has delivered to and deposited with the Secured Party certificates representing the Shares and stock powers endorsed in blank,
as security for payment of (i) all obligations of the Pledgor to the Secured Party under the Note, and any extension, renewal, amendment or modification thereof, and (ii) all obligations of the Pledgor to the Secured Party hereunder. Beneficial
ownership of the Shares, including, without limitation, all voting, consensual and dividend rights, shall remain in the Pledgor until the occurrence of a Default pursuant to Section 3 hereof.</font></p> <p><font size="2"
face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representation and Warranty.</b>&#160;&#160; The Pledgor hereby represents and warrants to the
Secured party that except for the security interest created hereby, the Pledgor owns the Shares free and clear of all liens, claims and encumbrances, and has the unencumbered right to pledge the Shares, subject to the terms and conditions of the RSA
Agreement. </font></p> <p> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Default.</b>&#160; Upon the occurrence of an Event of
Default under the Note, or if the Pledgor shall fail to perform or observe any provision of this Agreement and such failure shall continue for thirty (30) days after notice is given by the Secured Party to the Pledgor of such failure (any of such
occurrences being hereinafter referred to as a &#147;Default&#148;), the Secured Party shall be entitled, without limitation, to exercise the following rights, which the Pledgor hereby agrees to be commercially reasonable:</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to receive all amounts payable in respect of the
Shares otherwise payable to the Pledgor, and to exercise all of the rights, powers and remedies of the Pledgor with respect to such payments;</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to transfer all or any part of the Shares into the Secured Party&#146;s name or the name of its nominee
or nominees;</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to vote all or any part of the Shares (whether or not
transferred into the name of the Secured Party) and give all consents, waivers and ratifications in respect of the Shares and otherwise act with respect thereto as though it were the outright owner thereof;</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at any time or from time to time to sell, assign and deliver, or grant options to purchase, all or any
part of the Shares in one or more blocks, or any interest therein, at any public or private sale at any exchange or elsewhere, without demand of performance, advertisement or notice of intention to sell or of the time or place of sale or adjournment
thereof (all of which are hereby expressly and irrevocably waived by the Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on such terms as
the Secured Party in its sole discretion may determine; the Pledgor agrees that to the extent that notice of sale shall be required by law that at least five (5) business days&#146; notice to the Pledgor of the time and place of any public sale or
the time after which any private sale is to be made shall constitute reasonable notification; the Secured Party shall not be obligated to make any sale of the Shares regardless of notice of sale having been given; the Secured Party may adjourn any
public or private sale from time to time by announcement at the time and place fixed therefor, and any such sale may, without further notice, be made at the time and place to which it was so adjourned; the Pledgor hereby waives and releases to the
fullest extent permitted by law any right or equity of redemption with respect to the Shares, whether before or after sale hereunder, and all rights, if any, of marshalling the Shares; at any such sale, unless prohibited by applicable law, the
Secured Party may bid for and purchase all or any part of the Shares so sold free from any such right or equity of redemption; and the Secured Party shall not be liable for failure to collect or realize upon any or all of the Shares or for any delay
in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and</font></p> <p><font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;generally, to take all such other action as the Secured Party in its sole discretion may determined as
incidental or conducive to any of the matters or powers mentioned in the foregoing provisions of this Section&nbsp;3 and which the Secured Party may or can be do lawfully and to use the name of the Pledgor for the purposes aforesaid and in any
proceedings arising therefrom.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application of Proceeds.</b>&#160; The
proceeds of the public or private sale or other disposition shall be applied (a)&nbsp;to the costs incurred in connection with the sale; (b)&nbsp;to any unpaid interest which may have accrued on any obligations secured hereby; (c)&nbsp;to any unpaid
principal on any obligations secured hereby; and (d)&nbsp;to damages incurred by the Secured Party by reason of any breach secured against hereby, in such order as the Secured Party may determine, and any remaining proceeds shall be paid over to the
Pledgor or others as provided by law.&#160; In the event </font></p> <p align="center"> <font size="2" face="Times New Roman">2</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p> <font size="2" face="Times New Roman">the proceeds of the sale or other disposition of the Shares are insufficient to pay such expenses, interest, principal, obligations and damages, the Pledgor shall remain
liable to the Secured Party for any such deficiency.</font></p> <p> <font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Rights
of Secured Party.</b>&#160; In addition to its rights and privileges under this Agreement, the Secured Party shall have all the rights, powers and privileges of a secured party under the Georgia Uniform Commercial Code.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Shares to Pledgor.</b>&#160; Upon payment in full of all principal and interest on the
Note, this Agreement shall terminate and the Secured Party shall return to the Pledgor all of the then remaining Shares.</font></p> <p><font size="2"
face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Rights.</b></font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For so long as any of the obligations secured hereby remain unpaid, after a Default, (i)&nbsp;the
Secured Party may exercise all voting rights, and all other ownership or consensual rights of the Shares, but under no circumstances is the Secured Party obligated by the terms of this Agreement to exercise such rights, and (ii)&nbsp;the Pledgor
hereby appoints the Secured Party the Pledgor&#146;s true and lawful attorney-in-fact and IRREVOCABLE PROXY to vote the Shares in any manner the Secured Party seems advisable for or against all matters submitted or which nay be submitted to a vote
of shareholders.&#160; The power-of-attorney granted hereby is coupled with an interest and shall be irrevocable.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For so long as the Pledgor shall have the right to vote the Shares, the Pledgor covenants and agrees
that it will not, without the prior written consent of the Secured Party, vote or take any consensual action with respect to the Shares which would constitute a default under this Agreement.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment.</b>&#160; The Pledgor shall not transfer, assign or otherwise dispose of its beneficial
interest in any of the Shares without the prior written consent of the Secured Party.</font></p> <p> <font size="2"
face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices.</b>&#160; Any notices or other communications required or permitted by this Agreement shall
be in writing and shall be deemed to have been duly given and delivered when delivered in person, when mailed postage prepaid by registered or certified mail with return receipt requested, or when delivered by overnight delivery service to the
recipient at the address set forth below, or to such other address as to which the other party has been subsequently notified in writing by such recipient.</font></p> <p align="center"><font size="2" face="Times New Roman">3</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="49%" valign="top"> <p> <font size="2" face="Times New Roman">Pledgor:</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">Secured Party:</font></p> </td> </tr>
<tr>
<td width="49%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="50%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="49%" valign="top"> <p> <font size="2" face="Times New Roman">Patrick G. Jones</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">PTEK Holdings, Inc.</font></p> </td> </tr>
<tr>
<td width="49%" valign="top"> <p> <font size="2" face="Times New Roman">155 Helmsley Drive</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">3399 Peachtree Road</font></p> </td> </tr>
<tr>
<td width="49%" valign="top"> <p> <font size="2" face="Times New Roman">Atlanta, GA 30327</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">The Lenox Building, Suite 600</font></p> </td> </tr>
<tr>
<td width="49%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">Atlanta, GA 30326</font></p> </td> </tr>
<tr>
<td width="49%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="50%" valign="top"> <p> <font size="2" face="Times New Roman">Attention: Chief Legal Officer</font></p> </td> </tr> </table> <p> <font size="2"
face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable Law; Binding Agreement.</b>&#160; The provisions of this Agreement shall be construed and
interpreted, and all rights and obligations of the parties hereto determined, in accordance with the laws of the State of Georgia.&#160; This Agreement, together with all documents referred to herein, constitutes the entire agreement between the
Pledgor and the Secured Party with respect to the matters addressed herein and may not be modified except by a writing executed by the Secured Party and Pledgor.&#160; This Agreement may be executed in multiple counterparts, each of which shall be
deemed an original but all of which, taken together, shall constitute one and the same instrument.</font></p> <p><font size="2"
face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability.</b>&#160; If any Section or part thereof shall for any reason be held or adjudged to
be invalid, illegal or unenforceable by any court of competent jurisdiction, such Section or part thereof so adjudicated invalid, illegal or unenforceable shall be deemed separate, distinct and independent, and the remainder of this Agreement shall
remain in full force and effect and shall not be affected by such holding or adjudication.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>IN WITNESS WHEREOF,</b> the parties hereto
have caused this Agreement to be executed as of the day and year first above written.</font></p>
<table align="center" border=0 cellspacing=0 cellpadding=0 width="100%">
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <p> <font size="2" face="Times New Roman"><b>PLEDGOR:</b></font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman">/s/ P<small>ATRICK</small> G. J<small>ONES</small></font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Patrick G. Jones</b></font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <p align="center"><font size="2" face="Times New Roman"> &nbsp;</font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <p> <font size="2" face="Times New Roman"><b>SECURED PARTY:</b></font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <p><font size="2" face="Times New Roman">P<small>TEK</small> H<small>OLDINGS</small>, I<small>NC</small>.</font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="40%" colspan="2" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="bottom"> <p><font size="2" face="Times New Roman">By:</font></p> </td>
<td width="35%" valign="bottom"> <p align="center"><font size="2" face="Times New Roman">/s/ P<small>ATRICK</small> G. J<small>ONES</small></font></p> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="35%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> </tr>
<tr>
<td width="59%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="35%" valign="bottom"> <p align="center"><font size="1" face="Times New Roman"><b>Patrick G. Jones <br> Executive Vice President</b></font></p> </td> </tr> </table> <p align="center"><font size="2" face="Times New Roman">4</font></p>
</BODY></HTML>

</TEXT>
</DOCUMENT>
