PLEDGE AND SECURITY AGREEMENT
THIS PLEDGE AND SECURITY AGREEMENT (“ Agreement ”) is made as of February 17, 2009, by the
undersigned (“Pledgor”) in favor of Comerica Bank (“ Bank ”).
Bank has issued the letters of credit with Pledgor as the applicant described on Exhibit B hereto (each, a “
Letter of Credit ” and collectively, the “ Letters of Credit ”) pursuant to letter of credit applications and
agreements dated the dates set forth on Exhibit B and the Promissory Note executed by Pledgor to the order of
Bank in the original principal amount of $1,000,000 dated March 28, 2007, having a current principal amount of
$457,926 77 as amended by Amendment to Note dated June 13, 2007 (the “Equipment Note”) (the Equipment
Note and the other said agreements as they may hereafter be amended from time to time, being collectively the
‘Master Agreement). Pledgor has agreed to secure certain of its obligations with the account(s) described on
attached Exhibit A (collectively, the “ Collateral Account ”). Unless specifically defined in this Agreement, all
capitalized terms used herein shall have the meaning set forth in the Master Agreement.
NOW, THEREFORE, Pledgor and Bank agree as follows:
1. Pledge of Collateral .
(a) Pledgor hereby pledges to Bank and grants to Bank a security interest in the Collateral Account,
together with all proceeds and substitutions thereof, all interest paid thereon, and all other cash and noncash
proceeds of the foregoing (all hereinafter called the “ Pledged Collateral ”), as security for the prompt
performance of all of Pledgor’s obligations (the “ Obligation(s) ”) with respect to, or arising out of, the Master
Agreement. Bank’s security interest hereunder will terminate upon expiry of the Letters of Credit, payment to
Bank of all fees and commissions and any amounts for which Borrower has indemnified Bank with respect
thereto, and repayment of the indebtedness evidenced by the Equipment Note. Pledgor and Bank