Pledgor Shares means two million five hundred thousand (2,500,000) shares of the Common stock of Acacia Diversified Holdings, Inc. in the form of: (i) one million (1,000,000) shares on certificate number CS1-511; (ii) one million (1,000,000) shares on certificate number CS1-512; and, (iii) five-hundred thousand (500,000) shares on certificate number CS1-525. Section 2. Pledge.
Young, Senior Vice President 12 PII PLEDGE AND SECURITY AGREEMENT 13 EXHIBIT A Percentage Owned Certificate Number Number of Pledged Issuers by Pledgor Shares ------- ---------------- ------------------- ----------------- Packaged Ice Leasing, Inc.
Pledgee acknowledges that the Pledgor Shares are not registered under the Securities Act of 1933, as amended.
Beyond the exercise of reasonable care to assure the safe custody of the Pledgor Shares while held hereunder, the Pledgee shall have no duty or liability to preserve rights pertaining thereto and shall be relieved of all responsibility for the Pledgor Shares upon surrendering it or tendering surrender of it to the Pledgor in accordance with the terms hereof.
Within five days after Pledgee's determination to exercise its rights under the APA and the Right of First Refusal to purchase all or any portion of the Pledged Shares (the "Purchased Shares"), the Pledgee shall give notice of the pledge of the Pledgor Shares pursuant to the terms hereof, in the form of the Notice of Pledge attached hereto as Exhibit A, to the Company and the Company's stock registrar/transfer agent of record, currently Pacific Stock Transfer Company.
The Pledgee shall deliver to the Pledgor, upon termination of this Agreement, at the Pledgee's expense, such of the Pledgor Shares as shall not have been purchased by Pledgee pursuant to this Agreement.