ASPEN GROUP, INC. - FORM 8-K - EX-10.12 - PLEDGE AGREEMENT LETTER - March 19, 2012

Attached files

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EXCEL - IDEA: XBRL DOCUMENT - ASPEN GROUP, INC.Financial_Report.xls
8-K - CURRENT REPORT - ASPEN GROUP, INC.aspu_8k.htm
EX-99.2 - UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS - ASPEN GROUP, INC.aspn_ex992.htm
EX-10.1 - MATHEWS EMPLOYMENT AGREEMENT - ASPEN GROUP, INC.aspu_ex101.htm
EX-10.10 - PLEDGE AGREEMENT - ASPEN GROUP, INC.aspu_ex1010.htm
EX-10.11 - PLEDGE AGREEMENT - ASPEN GROUP, INC.aspu_ex1011.htm
EX-10.13 - EQUITY INCENTIVE PLAN - ASPEN GROUP, INC.aspu_ex1013.htm
EX-10.15 - EMPLOYEE NON-QUALIFIED STOCK OPTION AGREEMENT - ASPEN GROUP, INC.aspu_ex1015.htm
EX-10.14 - EMPLOYEE NON-QUALIFIED STOCK OPTION AGREEMENT - ASPEN GROUP, INC.aspu_ex1014.htm
EX-10.17 - AMENDMENT OF MATHEWS EMPLOYMENT AGREEMENT - ASPEN GROUP, INC.aspu_ex1017.htm
EX-10.16 - STOCK PLEDGE AGREEMENT (2) - ASPEN GROUP, INC.aspu_ex1016.htm
EX-10.18 - AMENDMENT OF POWERD EMPLOYMENT AGREEMENT - ASPEN GROUP, INC.aspu_ex1018.htm
EX-10.2 - GARRITY EMPLOYMENT AGREEMENT - ASPEN GROUP, INC.aspu_ex102.htm
EX-10.3 - POWERS EMPLOYMENT AGREEMENT - ASPEN GROUP, INC.aspu_ex103.htm
EX-10.4 - SIEGEL EMPLOYMENT AGREEMENT - ASPEN GROUP, INC.aspu_ex104.htm
EX-10.5 - WILLIAMS EMPLOYMENT AGREEMENT - ASPEN GROUP, INC.aspu_ex105.htm
EX-10.6 - SPADA AGREEMENT - ASPEN GROUP, INC.aspu_ex106.htm
EX-10.8 - LOCK-UP SPADA - ASPEN GROUP, INC.aspu_ex108.htm
EX-10.7 - CONSULTING AGREEMENT - ASPEN GROUP, INC.aspu_ex107.htm
EX-10.9 - LOCK-UP - ASPEN GROUP, INC.aspu_ex109.htm
EX-16.1 - LAKE ASSOCIATES, CPA?S LLC - FORMER AUDITOR - ASPEN GROUP, INC.aspu_ex161.htm
EX-2.1 - EXHIBIT 2.1 - ASPEN GROUP, INC.aspu_ex21.htm
EX-2.2 - EXHIBIT 2.2 - ASPEN GROUP, INC.aspu_ex22.htm
EX-2.3 - AGREEMENT AND PLAN OF MERGER - ASPEN GROUP, INC.aspu_ex23.htm
EX-2.5 - CERTIFICATE OF MERGER - ASPEN GROUP, INC.aspu_ex25.htm
EX-2.4 - ARTICLES OF MERGER - ASPEN GROUP, INC.aspu_ex24.htm
EX-3.2 - BYLAWS - ASPEN GROUP, INC.aspu_ex32.htm
EX-3.1 - CERTIFICATE OF INCORPORATION - ASPEN GROUP, INC.aspu_ex31.htm
EX-3.3 - CERTIFICATE OF INCORPORATION - ASPEN GROUP, INC.aspu_ex33.htm
EX-3.4 - ARTICLES OF AMENDMENT - ASPEN GROUP, INC.aspu_ex34.htm
EX-99.1 - ASPEN UNIVERSITY INC. AND SUBSIDIARY INDEX TO CONSOLIDATED FINANCIAL STATEMENTS - ASPEN GROUP, INC.aspu_ex991.htm
Exhibit 10.12
 
Aspen University Inc.
224 W. 30th Street, Suite 604
New York, NY 10001



March 8, 2012


To the persons listed on Schedule A

Re: Pledge Agreement

Dear Sirs:

This letter agreement (this “Agreement”) relates to that certain pledge agreement (the “Pledge Agreement”) dated September 16, 2011 by and between Aspen University Inc., a Delaware corporation (the “Company”), and Higher Education Management Group, Inc., a Nevada corporation (“HEMG”), whereby HEMG pledged 772,793 shares of Series C preferred stock of the Company to the Company in order to secure repayment of those certain obligations in the aggregate amount of $772,793 (the “Obligation”) pursuant to those certain marketing agreements dated March 30, 2008 and December 1, 2008 by and between the Company and HEMG.

This Agreement documents your grant to the Company of a security interest in a number of shares of common stock of the Company set forth opposite your name on Schedule A (the “Pledged Shares”) as collateral security for the repayment of the Obligations. The terms and conditions of such pledge shall be governed by the same terms and conditions provided for in the Pledge Agreement, as it may be amended from time to time.

Nothing contained in this Agreement shall be deemed to imply that you are personally guaranteeing the Obligation or are personally liable for the Obligation, except to the extent of your Pledged Shares, as reflected on Schedule A.
 
If the foregoing is acceptable to you, please sign in the place indicated below and return an executed copy to us.
 
 
 
  Sincerely,
   
   
  /s/ David Garrity
 
David Garrity
Chief Financial Officer
 
 

 
 
 
 
 
March 8, 2012
Page 2
 
 
 
 

 
AGREED AND ACCEPTED:




/s/ Michael Mathews                                            
Michael Mathews




 
 
 

 
SCHEDULE A


 
 
Name   Number of Pledged Shares
     
     
Michael Mathews   117,943
     
     
TOTAL   117,943
 
 
 
 
 
 
 
 
                    

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