ASPEN GROUP, INC. - FORM 8-K - EX-10.16 - STOCK PLEDGE AGREEMENT (2) - March 19, 2012

Attached files

file filename
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-10.12 - PLEDGE AGREEMENT LETTER - ASPEN GROUP, INC.aspu_ex1012.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-10.18 - 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 10.16
 
Aspen University Inc.
224 W. 30th Street, Suite 604
New York, NY 10001



March 16, 2012


VIA EMAIL[mike@aspen.edu]
Michael Mathews
224 West 30th Street, Suite 604
New York, NY 10001

 
Re: Pledge Agreement

Mr. Mathews:

This letter agreement (this “Agreement”) relates to that certain pledge agreement (the “Pledge Agreement”) dated March 13, 2012 by and between Aspen University Inc., a Delaware corporation (the “Company”), and Michael D. Mathews, Michael D’Anton, MD, and John Scheiblehoffer, MD (collectively, the “Pledgor”), whereby the Pledgor pledged 2,161,785 shares of common stock of the Company to the Company in order to secure repayment of those certain obligations in the aggregate amount of $2,161,785.  As a result of further investigation, it was determined that the total aggregate amount of obligations is $2,209,960, a difference of $48,175 (the “Obligations”).

Because the amount of the Obligations increased as a result of the audit, you agree to pledge 48,175 additional shares of common stock of Aspen Group, Inc. (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 Obligations or are personally liable for the Obligations, except to the extent of your Pledged Shares.
 
 
 
 
 
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  
 
 
AGREED AND ACCEPTED:

 
/s/ Michael Mathews  
Michael Mathews
 
 


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