Common use of Release of Pledged Shares from Pledge Clause in Contracts

Release of Pledged Shares from Pledge. Upon the Company’s increase of its authorized shares of common stock to two hundred fifty million (250,000,000) and the delivery of one hundred million (100,000,000) shares of Common Stock by the Company to the Escrow Agent pursuant to that certain Pledge and Escrow Agreement dated January 9, 2006 by an among the Company, the Pledgee and the Escrow Agent, the Escrow Agent shall return to the Pledgor the Transfer Documents and the certificates representing the Pledged Shares (collectively the “Pledged Materials”), whereupon any and all rights of the Pledgee in the Pledged Materials shall terminate.