PLEDGE AND SECURITY AGREEMENT
THIS PLEDGE AND SECURITY AGREEMENT (this "Agreement") is made and into, as reformed on June
19, 1998, by and between FX ENERGY, INC., a Nevada corporation (hereinafter referred to as "Creditor"),
and ANDREW W. PIERCE, an individual resident of the state of Utah (hereinafter referred to as "Debtor").
FOR AND IN CONSIDERATION of the mutual promises and covenants hereinafter set forth, it is agreed as
1. Creation of Security Interest. To secure the due and timely performance of the payment by Debtor to Creditor
of the obligation represented by a promissory note dated this date in the principal amount of $769,924 and
payable, together with interest thereon at the rate of 7.7% per annum, on or before December 31, 1999, a copy
of which is attached hereto as Exhibit A and incorporated herein by reference, and all accessions, renewals,
extensions, and modifications thereto (the "Note"), Debtor hereby pledges, hypothecates, assigns, transfers, sets
over, and grants a security interest in and to only 104,397 shares of common stock of Creditor included in and
represented by certificate(s) no. 1880 for 150,000 shares registered in the name of Debtor, herein called the
"Collateral." The Collateral shall be delivered as hereinafter provided to be held for and on behalf of Creditor and
to be disposed of in accordance with the terms hereof.
Unless otherwise defined, words used herein shall have the meanings given them in the Utah Uniform Commercial
Code as now adopted and as hereafter amended from time to time.
2. Delivery of Collateral. So long as any of the Note remains outstanding, Debtor, will, unless Creditor shall
otherwise consent in writing,
(a) at its expense, promptly deliver to Agent, as provided in paragraph 5 below, for holding on behalf of Creditor
such stock powers and other documents, satisfactory in form and substance to Agent, with respect to the
Collateral as Agent may reasonably request to preserve and protect, and to enable Agent to enforce, C